EVENTS TO WATCH OUT FOR TODAY: 23.12.2013

ICICI Bank, the country’s largest private-sector lender, would offer home loans at a 15-basis-point lower rate till the end of January 2014. The private lender has introduced a ‘special scheme’ for new borrowers and will charge interest at the rate of 10.25 percent for home loans of up to Rs 75 lakh (10.40 percent earlier), and 10.50 percent for those above Rs 75 lakh (10.65 percent earlier). As at the end of September 2013, home loans’ share in ICICI Bank’s retail advances had improved to 54.8 percent (from 53.2 percent a year earlier). The bank’s retail loan book had grown 19.6 percent year-on-year to Rs 1,15,100 crore as at the end of July-September quarter.

Wipro, a leading global information technology, consulting and outsourcing company has entered into a partnership with Tele2 AB (Tele2) to jointly develop solutions around Machine-to-Machine (M2M) and the Internet of Things (IoT). Wipro and Tele2 have formed a strategic partnership to provide business customers with M2M/IoT solutions that will help them reduce cost and open up new revenue streams. The agreement will help customers implement solutions that will reduce time-to-market as well as the cost of development and operations. Wipro is a leading provider of analytics and information management solutions - enabling customers to derive actionable business insights from data to drive growth, enhance cost management and strengthen risk management.

GMR Infrastructure’s arm - GMR Energy has signed a Joint Development Agreement (JDA) with the International Finance Corporation (IFC), the private sector lending arm of the World Bank, to jointly develop the prestigious Upper Marsyangdi-2 hydropower project (600 MW) in Nepal. The 600 MW Upper Marsyangdi-2 Project is located on the Marsyangdi River, in the Manang and Lamjung districts of Nepal, which is in an advanced stage of development. The project is currently being undertaken by Himtal Hydro Power Company, a subsidiary of GMR Energy. The Government of Nepal has identified the proposed Upper Marsyangdi-ll as one of the National Priority Projects and it is being facilitated by the Investment Board of Nepal (IBN). The project has completed all survey and investigation works, finalized the feasibility studies and has already received a majority of clearances from the Government of Nepal. The Project Development Agreement is expected to be signed early next year.

ITC is likely to increase the prices of some of its cigarette brands by up to 15 percent. While the company is yet to raise the prices officially, it appears dealers and retailers have already been informed of the move. As a result, many shopkeepers are asking customers to pay more than the maximum retail price printed on cigarette packs. Currently, a 10-stick packet of the Navy Cut brand is priced at Rs 60. But retailers are now selling these packets at Rs 69-70. Earlier this year, the company had increased cigarette prices by up to 20 percent, after the government had raised the excise duty on cigarettes in Budget 2013-14. A few states, including West Bengal, had raised tobacco taxes in their state budgets.

Larsen & Toubro’s (L&T) subsidiary - L&T Infrastructure Development Projects (L&T IDPL) has submitted an application to the Foreign Investment Promotion Board (FIPB) seeking approval in relation to the proposed Foreign Direct Investment (FDI) in L&T IDPL. The company is engaged in discussions with a large global institutional investor for a proposed acquisition of a stake in L&TIDPL. Subject to completion of due diligence processes and necessary agreement on governance and other terms of the transaction with the investors, there is a contemplation of an initial infusion of Rs 1,000 crore into L&TIDPL, followed by a second tranche of Rs 1,000 crore (or such other higher amount as may be agreed between the company and the investor) after twelve months from the date of the initial investment, subject to further regulatory approvals at such time where required. The proposed transactions are subject to various factors including necessary regulatory and authority approvals, and market conditions, and may or may not be completed, and parties have not yet entered into any agreements.

NTPC officials have accused Coal India (CIL) of mixing stones with coal. Two mounds made of stone and boulders that are about 20 feet high each have arisen suddenly next to NTPC’s Farakka Thermal Power Station in West Bengal. The officials at the plant say they have been building these mounds, each containing at least 100 tonnes of stones, for some months now. NTPC’s other thermal power plants such as Dadri and Unchar, West Bengal Power Development Corporation and CESC are also finding large quantities of stones in the coal they get from the state-run supplier. The officials at NTPC’s Farakka plant say they have been getting stones with coal for years.

State-run explorer Oil and Natural Gas Corporation (ONGC) may evacuate its executives from the strife-torn South Sudan, the world's youngest nation, where it holds stakes in four oil blocks. ONGC is considering the move as its Chinese partner CNPC has begun pulling out its workers from the oilfields. CNPC is ONGC's partner in Greater Nile Petroleum Operating Company (GNPOC), the consortium that holds three oil blocks in South Sudan. According to reports, several Sudanese oilfield workers and two Indian peacekeepers have been killed in the violence, which has claimed about 500 lives in the past week. The company is in touch with the government of South Sudan regarding safety of its staff.

Ashok Leyland’s UK arm, Optare, would focus more on exports, taking advantage of its parent's global network. Hinduja Group's flagship company Ashok Leyland holds 75 percent stake in the bus & coach maker. Optare has appointed a new export distributor in Australia via the parent’s network to take advantage of the increased market demand. Recently, Optare won orders in Australia for the whole single-deck product range. Further sizeable orders are expected in 2014 through its dealers in Australia. The company also received funding from a regional growth fund of £1.5 million linked to developing new products for exports. In November, Optare had secured a £23-million refinancing from Barclays.

Lakshmi Machine Works, textile machinery major, has marked its foray into the real estate sector. The company has joined hands with Sobha Developers to launch a unique residential project called ‘elan’ at Parasakthi Nagar, Ganapathy in Coimbatore. The project signifies elegance, energy and style. The 4.76 acre development offers 236 units of 1 BHK, 2 BHK and 3 BHK configurations ranging from 800 - 1700 sq feet, priced between Rs 45 lakh to Rs one crore. élan is designed in such a way whereby, 20% of its units will go in accommodating 1 BHK; 50% will accommodate 2 BHK and the rest will be 3 BHK. Lakshmi Machine Works, founded in the year 1962 is a global player and among the top three manufacturers of the entire range of Textile Spinning Machinery ranging from Blow Room to Ring Spinning.

Andhra Bank inaugurated its first electronic banking zone in Visakhapatnam to ensure hassle-free 24x7 banking transactions for its customers at the Seetammadhara branch. The facility, rolled out under the Nav Shakthi programme of the bank, would also be available at Maharanipeta, Gajuwaka and Steel Plant branches in a couple of weeks. The zone enables a customer to complete 70 percent of banking transactions without being limited by the banking hours or waiting in the queue at counters. With routine transactions being taken care of in the e-banking zone, the bank employees would be able to pay greater personal attention to customers. The e-banking zone has a cash deposit machine that is operated using the ATM debit card. Once the customer punches in the PIN on a shielded keypad, a slot opens for the customers to deposit up to 200 pieces of currency notes of denominations Rs 50 and above.