Kotak Mahindra Bank announced that it has revised its base rate downwards by 10 basis points (bps) to 9.4% per annum with effect from 7 October 2016. All categories of loans (other than the exceptions permitted by RBI) will be priced with reference to the revised base rate. The announcement was made after market hours yesterday, 6 October 2016.
Canara Bank announced that the bank has effected downward revision in the base rate by 5 basis points (bps) from 9.65% to 9.6% effective from 11 October 2016. The announcement was made after market hours yesterday, 6 October 2016.
Reliance Industries (RIL) before market hours today, 7 October 2016 said that Reliance Jio Infocomm (RJIL) has successfully acquired the right to use 269.2 MHz (UL+DL) spectrum across all 22 service areas in India in the recently concluded spectrum auction conducted by DOT, Government of India. Through this acquisition, RJIL's total spectrum footprint has increased to 1,108 MHz (UL+DL) with an average life of over 16 years, further strengthening its leadership position in liberalized spectrum holdings. RJIL's spectrum footprint ensures availability of spectrum in all the three bands across the country and enhances its network capacity at negligible incremental capital and operating expenditure.
Bharti Airtel before market hours today, 7 October 2016 announced that it has acquired 173.8 Mhz spectrum across 1800/2100/2300 MHz bands for a total consideration of Rs 14244 crore in the latest spectrum auction conducted by the Department of Telecom, Government of India. Airtel said it has further strengthened its pan-India spectrum portfolio and secured its spectrum requirements for the next 20 years. The company now has 4G and 3G spectrum in all circles, giving it the widest mobile broadband footprint across the country.
Idea Cellular announced before market hours today, 7 October 2016 that the company has successfully completed its pan-India mobile broadband footprint and significantly boosted its capacity spectrum portfolio in the recently concluded spectrum auction conducted by DOT, Government of India. Idea is now well equipped to offer 4G services on its own spectrum across 20 service areas including 9 new service areas. It has also procured 3G spectrum in Bihar & Rajasthan extending its capability to offer 3G services to 15 service areas.
Tata Steel announced that its hot metal production rose 17% to 3.12 million tonnes in Q2 September 2016 over Q2 September 2015. Crude steel production rose 13% to 2.82 million tonnes in Q2 September 2016 over Q2 September 2015. Saleable steel production increased by 11% to 2.71 million tonnes in Q2 September 2016 over Q2 September 2015. The company's sales rose 12.44% to 2.62 million tonnes in Q2 September 2016 over Q2 September 2015. The announcement was made after market hours yesterday, 6 October 2016.
Fiem Industries announced that it has signed a technology license and assistance agreement (TAA) with Aisan Industry Co., Ltd., Japan and Toyota Tsusho Corporation, Japan for manufacturing of 'Canister'. The announcement was made after market hours yesterday, 6 October 2016. Fiem Industries see this as a big opportunity of diversification into new product line. The company aims to supply the Canister to all its existing original equipment manufacturers (OEM) as well as target new customers. Canister is an emission control system product which will have huge market in India due to implementation of stricter emission norms for two-wheelers and three-wheelers as it will become mandatory from 1 April 2017. The Canister will be manufactured by Fiem Industries with the technical support of Aisan Industry Co., Ltd for two-wheelers and three-wheelers in Indian market.
SREI Infrastructure Finance announced that the company has allotted 29.33 lakh non convertible debentures (NCDs), aggregating to Rs 293.36 crore on 6 October 2016. The announcement was made after market hours yesterday, 6 October 2016.
Jaiprakash Associates announced that the board of directors of Jaiprakash Power Ventures (JPVL), a subsidiary of the company, in a meeting held on 6 October 2016 approved the sale of Nigrie Cement Grinding Unit located in Madhya Pradesh to Orient Cement for an enterprise value of Rs 500 crore on slump sale basis. The announcement was made after market hours yesterday, 6 October 2016. The 2 million tonne per annum unit clocked turnover of Rs 90.70 crore in financial year ended 31 March 2016 and contributed 2.33% to turnover of JPVL. The definitive agreement is yet to be executed. The expected date of completion of sale is 6 months.
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