Corporate Buzz
Ø Jaguar Land Rover reported a 22% jump in global retail sales to a record 2,91,556 units in the first half this year riding on robust demand in Europe and the UK.
Ø Zydus Cadila signed a non-exclusive, royalty free agreement with the Medicines Patent Pool (MPP) for the generic production of Bristol-Myers Squibb'sdaclatasvir, a novel direct-acting antiviral that is proven to help cure multiple genotypes of the Hepatitis-C Virus.
Ø Indian Overseas Bank is on a recovery mode with the bank reporting that INR 7.94bn was recovered in small value NPA accounts and INR 3.01bn from accounts of over INR 1mn and up to INR 10mn. The Bank also recovered INR 21.91bn from corporates. Its gross NPA stood at INR 300.49bn with a gross NPA ratio of 17.4%.
Ø The construction arm of L&T won orders worth INR 35.98bn across various business segments. Its heavy civil infrastructure business along with its partner, PES Engineers Pvt Ltd won a major order worth INR 18.49bn from the Irrigation and Command Area Development Department of the Telangana government.
Ø BGR Energy Systems received a Letter of Intent from Andhra Pradesh Power Generation Corporation (APGENCO) whereby it has awarded a contract for execution of Balance of Plant equipment/systems on EPC basis. The total lump sum price of the contract is INR 23bn and the completion period is 36 months.
Ø Bank of Baroda plans to offer rating-based lending to retail mortgage loan seekers, which involves giving loans based on credit scores. With this move, the customers with a good loan repayment track record and strong financials may end up availing loans at cheaper rate than a customer with a bad credit score.
Ø ICICI Bank seeks shareholders' nod in AGM to be held on July 11, 2016 to raise INR 250bn by way of issue of non-convertible debentures including but not limited to bonds and non-convertible debentures on a private placement basis.
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