TOP CORPORATE NEWS - 30 MAR 2016

PSU banks to get Rs2,375-cr capital infusion

As many as three public sector lenders including Bank of India and Central Bank of India received the approval from government for capital infusion of up to Rs2,375 crore. The government of India has conveyed their approval to infuse capital funds to the tune of Rs1, 150 crore in the banks by way of preferential allotment of equity shares in favour of government of India.

This is part of the government's plans to infuse Rs5, 050 crore in the public sector banks. Besides, Allahabad Bank will get Rs690 crore while another public sector lender Central Bank of India will get fund infusion of Rs535 crore by way of preferential allotment of equity in favour of the government of India.

ZEEL to reorganize channel distribution, advertisement sales functions

Zee Entertainment Enterprise Ltd (ZEEL) will reorganize its channel distribution and advertisement sales functions.

The board of the company has in-principle approved the proposal of reorganization of channel distribution function, which is presently handled by its wholly-owned subsidiary Taj Television.

Tata Steel puts entire UK biz for sale; stk gains

Shares of Tata Steel rose nearly 7%, touching to Rs325, after the company said it was exploring options to restructure its portfolio, including the potential divestment of Tata Steel UK, in whole or in parts.

The company said it had incurred heavy losses on the UK business in the past 12 months and the recent transformation plan prepared by the European subsidiary, Strip Products UK, was unaffordable as it demanded 'material funding' support in the next two years.

Cadila Healthcare gets USFDA nod for dextroamphetamine sulfate

Cadila Healthcare’s US subsidiary Nesher Pharma gets USFDA nod for dextroamphetamine sulfate used to treat hyperactivity disorders and narcolepsy – Positive for Cadila.

TVS Motor gains on launching new product in 4 states

TVS Motor surged over 3%, touching to Rs326.1, after company had launched its new four strokes TVS XL 100 in Madhya Pradesh, Andhra Pradesh, Telangana and Maharashtra during the current month.

On March 16, the company announced that it has made an arrangement with e-commerce major Snap deal to sell its two-wheelers online.

                              

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