UBI, DSP Merrill in alliance
Union Bank of India (UBI) has tied up with DSP Merrill Lynch Mutual Fund for distribution of the latter’s mutual fund products through the bank’s network in the country. “We have formed an alliance with DSP Merill Lynch to increase our fee-based income and have set a target to distribute their MF products of Rs 100 crore for the next 12 months,” UBI chairman and managing director V. Leeladhar said. Initially, the state-owned bank would distribute MF products through 23 branches in Mumbai and later expand the network in phases, Leeladhar said.
PSL Holdings Limited, manufacturers of steel pipe, has bagged orders worth Rs 400 crore. It has bagged the New Tirupur Area Development project, the Chennai Water Supply Augmentation project and the Narmada Main Canal to Dharoi Reservoir pipeline project.
BPL Telecom has unveiled cordless caller ID phones CLT (8001). The model is priced at Rs 2,750, a release said.
Targeting to meet the growing needs of senior citizens, LIC Housing Finance has launched Care Homes. Residential complexes would be built for senior citizens under the scheme, a press release said.
Sterling Biotech has bagged a Rs 5.5-crore order from US-based Cardinal Health Inc for supply of gelatin, a company release said.
Icra has reaffirmed the highest short-term safety A1 rating to the Rs 15-crore commercial paper programme of Biological E. The company’s fixed deposit programme has also been revised to MA from MA+ indicating adequate safety in medium terms.
Crisil has reaffirmed Hindalco Industries Ltd and Indian Aluminium Co Ltd’s (Indal) non-convertible debenture (NCD), commercial paper, fixed deposits and short-term debt to highest safety.
Vijaya Bank has tied up with Life Insurance Corporation to offer life insurance cover to all its existing as well as new savings/current/term/ deposit customers, a release said.
Vocaltec Communications and Data Access have finalised an agreement under which Data Access has committed to place purchase orders for Vocaltec equipment and related services in the estimated amount of $ 8 million.
State Bank of Patiala has achieved 100 per cent computerisation with its Dehar Tiwana branch going online, a press release said.
Goodcare Pharma (P) Ltd has received GMP certification for its Gurgaon unit.