TOP CORPORATE NEWS - 07 JULY 2016

Vakrangee ties up with Religare Health Insurance

Vakrangee Softwares rose nearly 5%, touching to Rs206.9, after the company tied up with Religare Health Insurance Company to distribute the latter's health insurance products through Vakrangee distribution network.

Vakrangee has announced corporate agency tie up with Religare Health Insurance Company ( Religare) to distribute Religare's health insurance products through Vakrangee distribution network. Vakrangee said in a statement that citizens, especially in un-served and undeserved areas shall be able to access health insurance products and services offered/to be offered by Religare through Vakrangee distribution network.

PFC transfers Warora-Kurnool Transmission to Essel Infraprojects

Power Finance Corporation ( PFC) has announced that it has transferred Warora-Kurnool Transmission to Essel Infraprojects (the successful bidder) on July 06, 2016.

Warora-Kurnool Transmission has been established for development of transmission system for additional inter-Regional AC link for import into Southern Region i.e. Warora - Warangal and Chilakaluripeta - Hyderabad - KurnooI 765 kV link Common Transmission System.

Axis Bank gets nod to raise foreign shareholding to 74%

Private sector lender Axis Bank has received the go-ahead from the government to hike the foreign shareholding limit to 74% from the existing 62%, paving the way for a foreign investment of about Rs12,973 crore.

Axis Bank’s proposal to raise the foreign shareholding cap was cleared by the Cabinet Committee on Economic Affairs ( CCEA) headed by the country’s Prime Minister Narendra Modi.

Currently, private banks in Asia’s third biggest economy have a total foreign limit of 74%, out of which FII limit is 49%.

Petronet LNG to set up LNG import terminal in Bangladesh

Country’s biggest gas importer Petronet LNG is planning to set up Rs5,000 crore LNG import terminal in Bangladesh as it seeks to build terminals to feed demand in the neighbouring countries, as per reports.

Commenting on the development, Petronet, Managing Director & CEO, Prabhat Singh said that, the company have proposed to construct a 5 MT p.a. capacity Liquefied Natural Gas (LNG) import terminal at Kutubdia islands off Cox's Bazar.

NBCC rises on order winning

NBCC surged nearly 14%, touching to Rs222.15, after the company said that it has secured a total business of about Rs587.47 crore in June 2016.

Over the last year, National Buildings Construction Corporation (NBCC) has secured some big-ticket projects including redevelopment of exhibition centre of ITPO for Rs2, 149 crore and AIIMS redevelopment works project worth Rs5, 828 crore.

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