SAIL to hasten recast
The government has asked state-owned Steel Authority of India Ltd (SAIL) to expedite its business restructuring packages riding on conducive market conditions. “SAIL should take advantage of the favourable market conditions in India and make all out attempts to improve its performance for a turnaround this year,” steel minister Braja Kishore Tripathy said. The steel major posted Rs 346 crore operating profit and raised sales by Rs 985 crore in the first quarter. It also achieved lowest ever energy consumption level and substantially reduced consumption of refractories.
ICICI Bank has launched mobile banking alerts for its customers whereby they would receive alerts on their mobile phones on transactions, including deposits, withdrawals and salary credit. Subscription to these alerts can be done by logging to the internet banking account or by calling up the call centre.
The public sector Bhel unit has bagged a turnkey switchyard contract for a nuclear power plant. The order worth Rs 41 crore was the first ever order given to Bhel by the Nuclear Power Corporation of India for its Kaiga atomic power plant in Karnataka.
Ion Exchange India has introduced its first water treatment and dispensing unit in Calcutta. The unit seeks to expand the Rs 1,000-crore purified water market by providing an alternative source of pure drinking water to the common man. The unit has been tested in Rajasthan for the last six months and will be installed at Sealdah station. The Zero-B water vending machines — Water Stations — will make pure water available at Rs 2 per glass and Rs 3 per litre per refill bottle.
Kotak Mahindra Mutual Fund has declared dividend of Re 0.066 per unit and Re 0.0129 per unit under the dividend option of the K-Gilt Savings Plan and K-Liquid respectively, a release said.
CTVs with FM
National Panasonic India, a wholly-owned subsidiary of Matsushita Electric Industrial Company, has launched a series of CTVs with built in digital FM receiver.
Westside, the Tata lifestyle store, has signed cricketer Yuvraj Singh as their brand ambassador. Through this three-year contract he will promote Westside stores in Bangalore, Chennai, Hyderabad, Calcutta, Mumbai, Pune and Delhi, a press release said.
Sun F&C Mutual Fund has declared a total dividend of 0.091394 per cent (or Re 0.0091394 per unit on face value of Rs 10) under the daily dividend plan for the week ended August 22, a release said.
Larsen & Toubro has built the largest hydrogen unit and refinery offsites and utilities project at Barauni in Bihar for Indian Oil Corporation Limited. This has enabled an expansion of capacity to 6 million tonnes per year from 4.2 million tonnes per year. The project value was around Rs 450 crore and was secured under international competitive bidding.