Bank shares will be in focus after the Reserve Bank of India (RBI) on Thursday, 27 March 2014, extended the timeline for full implementation of the Basel III capital regulations to 31 March 2019.
The RBI, in a notification, said that the implementation of Basel III capital regulations may necessitate some lead time for banks to raise capital within the internationally agreed timeline for full implementation of the Basel III capital regulations. Accordingly, the transitional period for full implementation of Basel III capital regulations in India is extended up to 31 March 2019, instead of as on 31 March 2018.
The central bank also said the extension will align full implementation of Basel III in India closer to the internationally agreed date of 1 January 2019.
Basel III is a comprehensive set of reform measures, developed by the Basel Committee on Banking Supervision, to strengthen the regulation, supervision and risk management of the banking sector.
Infosys said its US-based subsidiary, Infosys Public Services, Inc., has been selected by Prime Therapeutics LLC (Prime Therapeutics), a leading pharmacy benefit manager (PBM), to set up a testing center of excellence (COE) and consolidate the delivery of its application testing services as part of a new three-year contract.
Prime Therapeutics will streamline and optimize its quality assurance (QA) and testing services as well as enhance its competitiveness with Infosys Public Services' expertise and world-class delivery model. Prime Therapeutics also expects to expand the capabilities of its QA organization and gain efficiencies in managing a large scale QA department, the company said in a statement.
"We look forward to bringing our deep experience in the health care industry and pharmacy benefit management in particular as well as globally benchmarked QA and testing service delivery to Prime Therapeutics," said Eric Paternoster, President and CEO, Infosys Public Services, Inc. "This agreement will allow us to help the company sharpen its focus on providing better care and services to their members."
Prime Therapeutics selected Infosys Public Services for its health care and pharmacy benefit management expertise, proven experience with QA and testing COEs, and service delivery capabilities. As part of the contract, Infosys Public Services will consolidate and standardize Prime Therapeutics' QA and testing services, currently provided by multiple service providers. Infosys Public Services will support Prime Therapeutics' QA organization as they deliver across all lines of the business and increase the agility of the QA department.
Prime Therapeutics will be able to improve application and service quality, and reduce IT costs with Infosys Public Services' range of QA and testing frameworks, techniques, tools and accelerators.
"The rapidly evolving health care industry demands faster response and improved information technology quality to ensure Prime Therapeutics' competitiveness, said Jim Graham, Vice President Application Development, Prime Therapeutics. Transforming our testing and QA services will help us achieve that and better meet the needs of health plans, employers, and government programs."
Tech Mahindra and United Spirits will be in focus as these two stocks will replace Jaiprakash Associates and Ranbaxy Laboratories in the 50-unit CNX Nifty index effective today, 28 March 2014, as per the changes in Nifty constituents announced by NSE earlier.
Castrol India will be transferred from trade-for-trade segment to rolling segment on the National Stock Exchange (NSE) with effect from today, 28 March 2014.
Colgate Palmolive (India) said after market hours on Thursday, 27 March 2014, that the board of directors of the company at its meeting held on 27 March 2014, has declared a third interim dividend of Rs 9 per share for the financial year ending 31 March 2014. The said interim dividend will be paid on the paid-up equity share capital of Rs 13.60 crore involving a total pay-out of Rs 143.20 crore [including dividend distribution tax]. Further, the company has informed that, the said interim dividend declared by the board will be paid on 16 April 2014 to those shareholders whose names appear on the Register of Members of the company on 3 April 2014. Including the first and second interim dividend of Rs 9 per share each paid in November 2013 and December 2013, respectively, the company has declared a total interim dividend of Rs 27 per share for the year ending 31 March 2014.
Canara Bank said after market hours on Thursday, 27 March 2014 that the Tier-II Bonds (Series - II) issue opened and closed on Thursday, 27 March 2014. The Bank has successfully raised Rs 1000 crore under BASEL-III Complaint Tier-II Bonds (Series-II).
Arshiya International said its board at the meeting held on March 27, 2014, took cognizance of the restructuring package and accepted the contents of the letter dated March 21, 2014 issued by CDR cell including condition of Rs 221.61 crore required to be brought in by the promoters of the company as promoters contribution under CDR Scheme. Out of above, Rs 37.44 crore to be towards contribution of conversion of warrants by promoters at Rs 145 per share, and balance amount of Rs 184.17 crore towards contribution of shares as per Sebi guidelines in compliance with extant regulatory guidelines.
Hitech Plast said after market hours on Thursday, 27 March 2014 that the manufacturing unit of the company situated at Pondicherry has been shifted and merged with the company's unit situated at Sriperumbudur as a part of the company's consolidation initiative.
OK Play India said after market hours on Thursday, 27 March 2014 that the board of directors has allotted 10 lakh warrants on preferential basis on 4 February 2013 to Promoters Group under Securities and Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulation 2009 @ Rs 25 per share. As per SEBI Regulation, the Promoters have paid 25% of the purchase price at the time of allotment of warrants.
Pennar Industries India said after market hours on Thursday, 27 March 2014 that the company along with its subsidiaries Pennar Engineered Building Systems (PEBS Pennar) and Pennar Enviro Ltd PEL) have received orders to the tune of Rs 102 crore. The companies received orders from L&T, HCC, Firestone TVS, Yamaha Electronics, Schindler India Pvt Ltd, UltraTech Cement, Orion Projects, Kohinoor, NSL and others.
Commenting on the development Vice Chairman and Managing Director Mr Aditya Rao said, Pennar is pleased to announce receipt of orders worth Rs 102 crore from such prestigious customers. PIL and its subsidiaries have improved order inflows and we are confident of beginning the next fiscal on a strong footing. Coupled with our stronger cash flow position, and our low debt levels, we are well placed to scale revenue and profitability in the next few quarters.
Everonn Education's board has approved preferential allotment of 10.91 lakh equity shares to The Concorde Residential Schools (Kerala), forming part of the promoter group upon conversion of loan amount Rs 4.33 crore. The board also approved preferential allotment of 1 Optionally Convertible Debenture worth Rs 4.33 crore to The Concorde Residential Schools (Kerala), forming part of the promoter group upon conversion of loan amount Rs 4.33 crore.
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