Corporate News: # Siemens Ltd has won two contracts worth Rs 144 crore for improving power distribution in Bangladesh. The projects are funded by Japan Bank for International Cooperation Agency (JICA) and are to be delivered on a turnkey basis and the plants would be located in the Rajshahi Barisal zones in western Bangladesh. The projects involve installing new and improving existing distribution facilities in the rural region west of Jamuna river. # Five trade unions controlling a majority of the workforce of Coal India Ltd have served a strike notice to the company’s management and the central government, the largest shareholder, against a proposed 5% stake sale. The three-day strike will begin 23 September and erode output worth Rs 510 crore for CIL. It also spells trouble for the government’s plan to efforts to meet the current financial year’s disinvestment target of Rs 40,000 crore. # Indiabulls Real Estate has bought back 49% stake each held by US-based private equity firm Farallon Capital Management in its seven realty projects for Rs 1,172 crore. Farallon had invested Rs 847.48 crore in seven projects of Indiabulls during 2006-08 and has exited at 38% higher price. # Ramky Infrastructure reported Rs 34 crore loss for the quarter ended June 30, 2013 due to higher provisioning. The company had posted a net profit of Rs 51 crore during the corresponding quarter of last fiscal. The company’s net sales were down by 21% at Rs 699.45 crore for the quarter under review as compared to Rs 881.97 crore in the same period last year. # Axis Bank hiked its base rate or the minimum lending rate to 10.25% from 10% earlier. The new base rate will be effective from August 19, 2013.
Posted on: Tue, 20 Aug 2013 03:45:14 +0000
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