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SBI in focus as board approves divestment of stake in SBI Life

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(SBI) said that the Executive Committee of the Central Board (ECCB) at its meeting held on 14 October 2016 has approved to dilute upto 5% stake of in Life to a non-promoter entity. The announcement was made after market hours on Friday, 14 October 2016.

Shares of PSU OMCs will be in focus after Indian Oil Corporation (IOCL) increased petrol and diesel prices with effect from midnight 15 October 2016/16 October 2016. IOCL announced increase in selling price of petrol by Rs 1.34/litre (excluding State levies) and increase in selling price of diesel by Rs 2.37/litre (excluding State levies). The current level of international product prices of petrol and diesel and INR-USD exchange rate warrant decrease in price of petrol and increase in price of diesel, the impact of which is being passed on to the consumers with this price revision, IOCL said. The movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes, it added.

Among corporate news, UltraTech Cement is scheduled to announce its Q2 September 2016 results today, 17 October 2016.

HDFC after market hours on Friday, 14 October 2016 announced that it has closed the issue of rupee denominated bonds to overseas investors aggregating to an amount up to Rs 500 crore. The yield to investor is 7.25% per annum payable semi-annually. Maturity date is 9 January 2020.

Mahindra & Mahindra (M&M) announced on 15 October 2016 regarding the transfer of Franchisee Division of Mahindra Retail, a subsidiary of the company on a slump sale basis to BrainBees Solutions. The total lump sum consideration for the transfer of Franchisee Division on a slump sale basis is Rs 362.10 crore. The two largest retail players in the largely unorganised $12 billion baby and kids market in India, FirstCry.com (BrainBees Solutions) and Mahindra Retail (BabyOye), have consolidated their business activities to create a dominant presence in this segment. In terms of the structure of the transaction, Mahindra Retail and FirstCry have consolidated their operations, with Mahindra Retail selling its Franchise business to FirstCry, and operating all company stores under a FirstCry master franchisee agreement. FirstCry additionally raises $34 million of new equity capital from the Mahindra Group, Adveq (a large private equity fund), Kris Gopalakrishnan and participation from all existing shareholders.

announced after market hours on Friday, 14 October 2016 that the board of directors of the bank at its meeting held 14 October 2016, approved the appointment of Anup Bagchi, presently Managing Director & CEO, ICICI Securities, as Executive Director of subject to regulatory approvals for a period of five years effective 1 February 2017 or the date of approval of his appointment by the Reserve (RBI), whichever is later. Anup Bagchi has been with the ICICI Group since 1992 and has worked in the areas of retail banking, corporate banking and treasury. During his tenure at ICICI Securities, he has led the growth and development of the retail broking, retail financial product distribution and wealth management businesses, said. Bagchi is not related to any other director of the bank, it added.

The board also took on record, the resignation of Rajiv Sabharwal, Executive Director consequent to his decision to pursue opportunities outside the ICICI Group, effective 31 January 2017. The board also took note of other incidental changes to the senior management positions across the ICICI Group.

said that the majority of the directors have taken note of the contents and the recommendations of the bank in the circular note and consented to raise Additional Tier-I Capital Funds through BASEL-III Compliant Additional Tier-I Perpetual Bonds in rupee terms domestically for an amount not exceeding Rs 2500 crore in single tranche or in tranches depending on the market conditions to maintain healthy CRAR during the current financial year. A bond committee will be constituted to determine the structure of the issue size, tenor, coupon, timing of the issue, date of allotment, listing and other matters connected to the issue. The announcement was made after market hours on Friday, 14 October 2016.

DCB Bank's net profit rose 31.3% to Rs 48.49 crore on 22.16% rise in total income to Rs 567.89 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours on Friday, 14 October 2016.

CRISIL's consolidated net profit rose 3.86% to Rs 79.84 crore on 8.22% rise in total income to Rs 404.73 crore in Q3 September 2016 over Q3 September 2015. The result was announced after market hours on Friday, 14 October 2016.

Hatsun Agro Product said that CRISIL has re-affirmed upon renewal the company's Long Term Rating as CRISIL A / Stable for the bank loan facilities and Commercial Paper rating for Rs 150 crore as "CRISIL A1". The announcement was made after market hours on Friday, 14 October 2016.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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SBI in focus as board approves divestment of stake in SBI Life

State Bank of India (SBI) said that the Executive Committee of the Central Board (ECCB) at its meeting held on 14 October 2016 has approved to dilute upto 5% stake of SBI in SBI Life to a non-promoter entity. The announcement was made after market hours on Friday, 14 October 2016.

(SBI) said that the Executive Committee of the Central Board (ECCB) at its meeting held on 14 October 2016 has approved to dilute upto 5% stake of in Life to a non-promoter entity. The announcement was made after market hours on Friday, 14 October 2016.

Shares of PSU OMCs will be in focus after Indian Oil Corporation (IOCL) increased petrol and diesel prices with effect from midnight 15 October 2016/16 October 2016. IOCL announced increase in selling price of petrol by Rs 1.34/litre (excluding State levies) and increase in selling price of diesel by Rs 2.37/litre (excluding State levies). The current level of international product prices of petrol and diesel and INR-USD exchange rate warrant decrease in price of petrol and increase in price of diesel, the impact of which is being passed on to the consumers with this price revision, IOCL said. The movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes, it added.

Among corporate news, UltraTech Cement is scheduled to announce its Q2 September 2016 results today, 17 October 2016.

HDFC after market hours on Friday, 14 October 2016 announced that it has closed the issue of rupee denominated bonds to overseas investors aggregating to an amount up to Rs 500 crore. The yield to investor is 7.25% per annum payable semi-annually. Maturity date is 9 January 2020.

Mahindra & Mahindra (M&M) announced on 15 October 2016 regarding the transfer of Franchisee Division of Mahindra Retail, a subsidiary of the company on a slump sale basis to BrainBees Solutions. The total lump sum consideration for the transfer of Franchisee Division on a slump sale basis is Rs 362.10 crore. The two largest retail players in the largely unorganised $12 billion baby and kids market in India, FirstCry.com (BrainBees Solutions) and Mahindra Retail (BabyOye), have consolidated their business activities to create a dominant presence in this segment. In terms of the structure of the transaction, Mahindra Retail and FirstCry have consolidated their operations, with Mahindra Retail selling its Franchise business to FirstCry, and operating all company stores under a FirstCry master franchisee agreement. FirstCry additionally raises $34 million of new equity capital from the Mahindra Group, Adveq (a large private equity fund), Kris Gopalakrishnan and participation from all existing shareholders.

announced after market hours on Friday, 14 October 2016 that the board of directors of the bank at its meeting held 14 October 2016, approved the appointment of Anup Bagchi, presently Managing Director & CEO, ICICI Securities, as Executive Director of subject to regulatory approvals for a period of five years effective 1 February 2017 or the date of approval of his appointment by the Reserve (RBI), whichever is later. Anup Bagchi has been with the ICICI Group since 1992 and has worked in the areas of retail banking, corporate banking and treasury. During his tenure at ICICI Securities, he has led the growth and development of the retail broking, retail financial product distribution and wealth management businesses, said. Bagchi is not related to any other director of the bank, it added.

The board also took on record, the resignation of Rajiv Sabharwal, Executive Director consequent to his decision to pursue opportunities outside the ICICI Group, effective 31 January 2017. The board also took note of other incidental changes to the senior management positions across the ICICI Group.

said that the majority of the directors have taken note of the contents and the recommendations of the bank in the circular note and consented to raise Additional Tier-I Capital Funds through BASEL-III Compliant Additional Tier-I Perpetual Bonds in rupee terms domestically for an amount not exceeding Rs 2500 crore in single tranche or in tranches depending on the market conditions to maintain healthy CRAR during the current financial year. A bond committee will be constituted to determine the structure of the issue size, tenor, coupon, timing of the issue, date of allotment, listing and other matters connected to the issue. The announcement was made after market hours on Friday, 14 October 2016.

DCB Bank's net profit rose 31.3% to Rs 48.49 crore on 22.16% rise in total income to Rs 567.89 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours on Friday, 14 October 2016.

CRISIL's consolidated net profit rose 3.86% to Rs 79.84 crore on 8.22% rise in total income to Rs 404.73 crore in Q3 September 2016 over Q3 September 2015. The result was announced after market hours on Friday, 14 October 2016.

Hatsun Agro Product said that CRISIL has re-affirmed upon renewal the company's Long Term Rating as CRISIL A / Stable for the bank loan facilities and Commercial Paper rating for Rs 150 crore as "CRISIL A1". The announcement was made after market hours on Friday, 14 October 2016.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
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SBI in focus as board approves divestment of stake in SBI Life

(SBI) said that the Executive Committee of the Central Board (ECCB) at its meeting held on 14 October 2016 has approved to dilute upto 5% stake of in Life to a non-promoter entity. The announcement was made after market hours on Friday, 14 October 2016.

Shares of PSU OMCs will be in focus after Indian Oil Corporation (IOCL) increased petrol and diesel prices with effect from midnight 15 October 2016/16 October 2016. IOCL announced increase in selling price of petrol by Rs 1.34/litre (excluding State levies) and increase in selling price of diesel by Rs 2.37/litre (excluding State levies). The current level of international product prices of petrol and diesel and INR-USD exchange rate warrant decrease in price of petrol and increase in price of diesel, the impact of which is being passed on to the consumers with this price revision, IOCL said. The movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes, it added.

Among corporate news, UltraTech Cement is scheduled to announce its Q2 September 2016 results today, 17 October 2016.

HDFC after market hours on Friday, 14 October 2016 announced that it has closed the issue of rupee denominated bonds to overseas investors aggregating to an amount up to Rs 500 crore. The yield to investor is 7.25% per annum payable semi-annually. Maturity date is 9 January 2020.

Mahindra & Mahindra (M&M) announced on 15 October 2016 regarding the transfer of Franchisee Division of Mahindra Retail, a subsidiary of the company on a slump sale basis to BrainBees Solutions. The total lump sum consideration for the transfer of Franchisee Division on a slump sale basis is Rs 362.10 crore. The two largest retail players in the largely unorganised $12 billion baby and kids market in India, FirstCry.com (BrainBees Solutions) and Mahindra Retail (BabyOye), have consolidated their business activities to create a dominant presence in this segment. In terms of the structure of the transaction, Mahindra Retail and FirstCry have consolidated their operations, with Mahindra Retail selling its Franchise business to FirstCry, and operating all company stores under a FirstCry master franchisee agreement. FirstCry additionally raises $34 million of new equity capital from the Mahindra Group, Adveq (a large private equity fund), Kris Gopalakrishnan and participation from all existing shareholders.

announced after market hours on Friday, 14 October 2016 that the board of directors of the bank at its meeting held 14 October 2016, approved the appointment of Anup Bagchi, presently Managing Director & CEO, ICICI Securities, as Executive Director of subject to regulatory approvals for a period of five years effective 1 February 2017 or the date of approval of his appointment by the Reserve (RBI), whichever is later. Anup Bagchi has been with the ICICI Group since 1992 and has worked in the areas of retail banking, corporate banking and treasury. During his tenure at ICICI Securities, he has led the growth and development of the retail broking, retail financial product distribution and wealth management businesses, said. Bagchi is not related to any other director of the bank, it added.

The board also took on record, the resignation of Rajiv Sabharwal, Executive Director consequent to his decision to pursue opportunities outside the ICICI Group, effective 31 January 2017. The board also took note of other incidental changes to the senior management positions across the ICICI Group.

said that the majority of the directors have taken note of the contents and the recommendations of the bank in the circular note and consented to raise Additional Tier-I Capital Funds through BASEL-III Compliant Additional Tier-I Perpetual Bonds in rupee terms domestically for an amount not exceeding Rs 2500 crore in single tranche or in tranches depending on the market conditions to maintain healthy CRAR during the current financial year. A bond committee will be constituted to determine the structure of the issue size, tenor, coupon, timing of the issue, date of allotment, listing and other matters connected to the issue. The announcement was made after market hours on Friday, 14 October 2016.

DCB Bank's net profit rose 31.3% to Rs 48.49 crore on 22.16% rise in total income to Rs 567.89 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours on Friday, 14 October 2016.

CRISIL's consolidated net profit rose 3.86% to Rs 79.84 crore on 8.22% rise in total income to Rs 404.73 crore in Q3 September 2016 over Q3 September 2015. The result was announced after market hours on Friday, 14 October 2016.

Hatsun Agro Product said that CRISIL has re-affirmed upon renewal the company's Long Term Rating as CRISIL A / Stable for the bank loan facilities and Commercial Paper rating for Rs 150 crore as "CRISIL A1". The announcement was made after market hours on Friday, 14 October 2016.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

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