Singhi Advisors Buy 15 Per Cent Stake In Uk’s Banking Network
Investment banking firm Singhi Advisors has acquired 15% stake in the UK-based global investment banking network Mergers-Alliance. The deal makes the Mumbai-based investment bank an equal partner in the global alliance along with its five other founding partners. “We have been a member of the alliance from 2007. The status of an equal partner helps us to drive strategies. Our new role underscores the growing importance of Asia in the global M&A business. The alliance plans to tap opportunities in Korea, Indonesia and Malaysia and the Middle East,” said Mahesh Singhi, MD, Singhi Advisors. Mergers-Alliance is a major global network of independent investment banking advisors engaged in mid-market deals.
ICICI Bank Plans Rs 2,500-Crore Loan Support For Women SHG
ICICI Bank is planning to double its reach and support to over two million women with cumulative loan disbursements of Rs 2,500 crore under its programme for self-help groups (SHG). “Over the next year, we intend to double our reach and support over two million women with cumulative loans disbursements of Rs 2,500 crore,” Chanda Kochhar, managing director & CEO of the bank, said. The SHG programme aims at empowering less-privileged women to become self-reliant. SHG is a term used for a group of 10-20 less-privileged women, primarily from rural and semi- urban areas, who pool resources on a periodic basis and use the money for income-generating activities.
CIL Yet To Sign 15 Fuel Supply Pacts With Power Plants
State-owned Coal India Ltd (CIL) is yet to enter into fuel supply pacts with 15 power units as certain issues related to them, such as change in ownership and extension of supplies, are being considered separately. The Cabinet Committee on Investment (CCI) had earlier stated that the timelines for signing of fuel supply pacts for power projects of 78,000 MW capacity should be met. “157 FSAs (Fuel Supply Agreements) have been signed so far. In the remaining 15 cases some issues related to the change in ownership, extension of coal supplies beyond the period admissible under the tapering linkage policy, etc are involved,” said an official. These issues are being considered separately, the official added.
Vascon Engineers Bagged Two Projects Worth Rs 245 Crore
Vascon Engineers is locked in upper circuit, up 20 per cent after the company said it has bagged two projects worth Rs 245 crore. Out of the total, a contract worth of Rs 130 crore is from UP Housing and Development Board, Lucknow for construction of multi-storied flats at Lucknow, the realty firm said in a statement. The second contract worth about Rs 115 crore is from Sheth Creators for construction of residential building at Mumbai, it added.
Spicejet Appoints Kaneswaran Avili As CCO
SpiceJet announced the appointment of Kaneswaran Avili as its new Chief Commercial Officer. Prior to this, Avili was serving TigerAirways in Singapore as its Commercial Director, a company statement said. “His deep domain knowledge on airline commercial across sales and distribution, revenue management, marketing, network planning would be key in transforming SpiceJet commercial capability and airline profitability…,” SpiceJet Chief Operating Officer Sanjiv Kapoor said. Avili holds 12 years of experience in Asia and was part of the start up team of Malaysia-based low cost airliner AirAsia in 2001, it said.
SAIL Records 7 Per Cent Sales Growth In Feb
Steel Authority of India Ltd (SAIL) said its sales grew by seven per cent in February to 1.04 million tonnes on higher off-take from domestic and export markets. The country’s largest steel maker had clocked sales of 0.974 MT (million tonnes) in the same month last year. “For the cumulative 11-month period, SAIL’s concerted effort in increasing domestic sales as well as exports paid off as these grew by 8 per cent and 33 per cent respectively,” SAIL said in statement. “Consistent growth in sales over the last few months has given us the confidence of reporting a better outcome in the coming months, which will further pick-up with the expected strengthening of the market,” SAIL Chairman C S Verma said.
L&T Wins Rs 2,935-Cr Orders
Larsen & Toubro said it had won orders worth Rs 2,935 crore across various business segments in February and March. “In the transportation and infrastructure business, new orders worth Rs 1,035 crore have been won,” L&T said in a statement. These include a major engineering, construction and procurement (EPC) order from Rail Vikas Nigam for building roadbed, major and minor bridges, track linking, outdoor signalling and electrical works in connection with doubling of Sambalpur-Barpali, Barpali-Bolangir, Bolangir-Titalgarh sections, part of Sambalpur-Titalgarh doubling of East Coast Railway project in Odisha, it said.
Engineers India Gains On Interim Dividend Plan
Engineers India is trading higher by 4 per cent at Rs 173 after the company announced that its board will meet to consider interim dividend. A meeting of the Board of Directors of the Company will be held on March 15, 2014, inter alia, to consider the declaration of interim dividend on the equity shares of the company for the financial year 2013-14, Engineers India said in a BSE filing. The company had paid total dividend of Rs 6 per share, include interim dividend of Rs 3 per share on face value of Rs 5 per share during the previous financial year 2011.