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18-Aug2017

Power Grid, IOC and Raymond to see some action today

Power Grid Corporation of India has received an investment approval for 'HVDC Bipole link between Western Region (Raigarh, Chhattisgarh) and Southern Region (Pugalur, Tamil Nadu) - North Trichur (Kerala) – Scheme 2: AC System Strengthening at Pugalur end' at an estimated cost of Rs 1,931.39 crore with commissioning schedule of 30 months from the date of investment approval. Further, the company has also received an approval for raising Rupee Term Loan (Facility) of up to Rs 3,270 crore from ICICI Bank at 3 month MCLR of Bank (Presently 7.90% p.a.) with reset every 3 months from the date of first disbursement.

Raymond has acquired Ansell's stake in a joint venture entity known as JK Ansell. With this transaction, the Sexual Wellness and Personal care business will continue to remain in JK Ansell which will become a wholly owned subsidiary of JK Investo Trade (India) (JKIT). As per the proposed deal, JKIT sells its stake in the gloves business to Pacific Dunlop Holdings (Singapore). This acquisition will pave the way for Raymond to further scale up the FMCG Business and unlock the immense potential of Brand KamaSutra globally.

Indian Oil Corporation (IOC) has signed a Memorandum of Understanding (MoU) with Energy Efficiency Services (EESL), under the Ministry of Power, for distribution of energy efficient appliances under the flagship UJALA scheme.  According to the agreement, the company will take up distribution of LED Bulbs, LED Tubelights and energy efficient Fans from select retail outlets across the country. The distribution of these energy efficient appliances will be conducted in a phased manner across these select outlets. The consumer can purchase high quality 9W LED Bulbs for Rs 70, 20W LED Tubelight for Rs 220 and Five-Star Rated Ceiling Fan for Rs 1,200.

Somany Ceramics' associate company - Sudha Somany Ceramics is setting up a facility in Andhra Pradesh to produce about 5.00 million square meters of vitrified tiles. The same is expected to be commissioned in the last quarter of financial year 2018-19. Somany Ceramics is a pioneering manufacturer, supplier and exporter of Floor Tiles, Wall Tiles, Sanitary Ware including urinals, basins, etc.

HDFC will sell 9.57 per cent holding in the insurance arm HDFC Standard Life Insurance Company, while its partner Standard Life will sell 5.43 per cent in the same. HDFC Life is likely offload 15 per cent of existing shares through its proposed Initial Public Offering (IPO) in the coming months.

Maruti Suzuki has launched a sporty version of its mid-sized sedan Ciaz with petrol variant tagged at Rs 9.39 lakh (ex-showroom Delhi). The diesel smart hybrid trim of the 'Ciaz S' version, which comes with all new premium black interiors with grey chrome finishing, is priced at Rs 11.55 lakh. Introduction of Ciaz S will further strengthen the position of Ciaz in the market by catering to the requirements of a younger yet premium customer who believes in the sporty spirit of life.

ATP, the governing body of men's professional tennis, in association with Infosys, has launched a new 'PlayerZone' app and website. The revamped PlayerZone, an extranet portal for ATP players, their support teams, coaches, and others in the ecosystem, allows users to engage with each other and access information across a wide range of operational aspects related to life on Tour. The new app will increase engagement with the next generation of players, provide a central portal of information as players' progress through different stages of their career, as well as offer a forum to engage with the players' support teams in a private and secure digital environment.



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