Axis Bank in focus after announcing reduction in MCLR

Axis Bank said that the bank has reduced its lending rates based on marginal cost of funds based lending rate (MCLR) by 5 basis points across all tenors effective from 18 October 2016. Axis Bank said that the bank's MCLR for overnight loans will be 8.8%, the rate for one month will be 8.85% and for three months it will be 9.05%. The MCLR on 6-month loans will be 9.15% and for one-year loans the rate will be 9.2%, the bank said. MCLR on two-year loans will be 9.3% and for three-year loans the rate will be 9.35%. The announcement was made after market hours yesterday, 17 October 2016. Separately, Axis Bank announced that it has received request for redemption of $46 million - 7.167% Callable Hybrid Tier I Notes. The Notes were issued on 15 November 2006. The announcement was made after market hours yesterday, 17 October 2016.

Bharat Financial Inclusion said it issued commercial papers of an aggregate amount of Rs 100 crore on 17 October 2016, which have been rated 'A1+' by a leading rating agency. Instruments with the aforesaid rating are considered to have 'a very strong degree of safety regarding timely payment of financial obligations'. Such instruments carry the lowest credit risk. The aggregate commercial papers outstanding as on date is Rs. 450 crore. The announcement was made after market hours yesterday, 17 October 2016.

Petronet LNG announced that the part facilities of the expansion of Dahej LNG Terminal from 10 to 1.5 MMTPA i.e. regasification facility has been commissioned and under stabilization. As such the additional gas send-out from Dahej LNG terminal has commenced. The balance part of the expansion i.e. two LNG storage tanks are likely to be completed by October 2016. The announcement was made after market hours yesterday, 17 October 2016.

Shriram EPC announced that it has been awarded contract of over Rs 61 crore from K.U.W.S. & D. Board (KUWSD), Bengaluru for providing water supply scheme to Robertsonpet (KGF) City under AMRUT. Scope of work includes providing water supply scheme to Robertsonpet (KGF) City under AMRUT. The project is to be executed over a period of 36 months. The announcement was made after market hours yesterday, 17 October 2016.

Aarti Industries said that the board of directors of the company approved the buyback up to 12 lakh shares representing up to 1.44% of paid-up capital of the company at Rs 800 per share. The announcement was made after market hours yesterday, 17 October 2016.

Indian Hume Pipe Company said that its board of directors will meet on 26 October 2016 to consider the proposal for issuing bonus shares by capitalization of free reserves. The announcement was made after market hours yesterday, 17 October 2016.

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