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Wednesday, February 19, 2014

TOP CORPORATE NEWS

·        Fin Tech jumps 5% as Tech Mah, L&T Infotech eye stake in co

Shares of Financial Technologies are locked at 5 percent upper circuit on buzz that  Tech Mahindra and L&T Infotech are eyeing stake in the company. Financial Technologies is in talks with investors for out of court settlement and may pay more than Rs 1,100 crore to investors.

·        Coal India units to increase output in FY15

Coal India unit Western Coalfields expects to increase its production by 10% to 44 million tonnes in the next fiscal year. In the Interim Budget, Finance Minister P Chidambaram said that India’s coal production seen at 554 million tonne.

·        Hero Motocorp falls 1% on price cut of up to Rs 4,500

Shares of Hero MotoCorp fell over 1 percent as the auto major slashed price rates by up to Rs 4,500. Following excise duty cut announced by Finance Minsiter P Chidambaram in the Vote on Account 2014-15, both Honda Motorcycle & Scooter India (HMSI) and Hero MotoCorp reduced product prices.

·        Canara Bank plans to sell NPAs of Rs10bn

Canara Bank is planing to sell its non-performing assets or bad loans worth Rs. 10 billion by the end of this financial year. Gross NPAs of the bank, at the end of third quarter ending December 31, 2013, were Rs. 80.73 billion as against Rs. 60.90 billion in the same period last year. The gross NPA ratio stood at 2.79 per cent compared with 2.77 last year


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