Banking operations to hit on Aug 22 due to nationwide strike

CHENNAI: Banking operations across the country will be affected on Tuesday with around 10 lakh bankers going on strike pressing various demands. "All India State Bank Officers' Federation and All India State Bank of India Staff Federation, being part of UFBU (United Forum of Bank Unions), will also participate in the strike. It is likely that our bank would also be impacted by the said strike," the State Bank of India (SBI) had said earlier in a regulatory filing in the BSE. According to union leaders, around 10 lakh bankers working in around 132,000 branches will be on strike on Tuesday.

Dena Bank cuts savings rate by 0.5% on deposits up to Rs 25 lakh

NEW DELHI: Public sector Dena Bank Monday cut interest rate on savings account deposits up to Rs 25 lakh by 0.5 per cent to 3.50 per cent. Those having deposits over Rs 25 lakh in their savings bank accounts will continue to get the existing interest of 4 per cent. "Dena Bank has reduced the interest rate on savings bank account for balance up to Rs 25 lakh to 3.50 per cent per annum from the existing rate of 4 per cent per annum," Dena Bank said in a statement. For deposits above Rs 25 lakh, the interest rate will remain unchanged at 4 per cent per annum, it said. With this, Dena Bank has joined a host of peer banks after the industry leader SBI started paying less on certain savings deposits.

Tata Motors to pump in Rs 4,000 crore this fiscal to launch products

MUMBAI: Homegrown auto major Tata Motors Monday said it will invest Rs 4,000 crore in the current fiscal to bring new passenger and commercial vehicles to the market as part of its turnaround strategy. The company also expects to save over Rs 1,500 crore and add to the bottom line in its domestic business through various cost optimisation exercises and hopes return to the black in 2017-18. Besides, it is looking at "temporary hibernation" of some of its production lines across different plants in order to optimise manufacturing. Tata Motors Managing Director Guenter Butschek said the company has embarked on a turnaround programme with the next 6-9 months being critical.

Trai's discussion paper on spectrum auction likely this week

NEW DELHI: The Telecom Regulatory Authority of India (Trai) is likely to release a discussion paper on spectrum auction this week, chairman R S Sharma said Monday. The consultation paper of spectrum auction and pricing is "ready" and the telecom regulator hopes to release it this week, Sharma told reporters on the sidelines of ITUTRAI Asia Pacific Regulators Roundtable. Earlier this year, the Department of Telecom (DoT) sought Trai's views on spectrum price for various frequencies, including premium airwaves in the 700 MHz band which remained unsold in the last auctions in October 2016. During the last auction, the government had put airwaves worth Rs 5.66 lakh crore for sale.

Aurobindo Pharma gets USFDA nod for anti-HIV drug

NEW DELHI: Aurobindo Pharma has received tentative approval from the USFDA for dolutegravir, lamivudine and tenofovir disoproxil fumarate tablets, used for the treatment of HIV, in the US market. In a BSE filing, Aurobindo Pharma said it has received "tentative approval from the US Food and Drug Administration (USFDA) under the US President's Emergency Plan For AIDS Relief (PEPFAR) for its new drug application for dolutegravir, lamivudine and tenofovir disoproxil fumarate tablets. The approval has been granted in strength of 50mg/ 300mg/ 300mg. Aurobindo Pharma said the triple combination product is expected to be launched in sub-Saharan Africa.

Indian Hotels to raise up to Rs 1,500 crore via rights issue

NEW DELHI: Tata Group hospitality arm Indian Hotels Company Monday said its board has approved raising up to Rs 1,500 crore through a rights issue. Funds are being raised to "meet the company's long-term financing needs for capital expenditure, growth plans and debt repayment", Indian Hotels Company Ltd (IHCL) said in a filing to the BSE. The board of directors of the company at its meeting held Monday has considered and approved issue of equity shares by way of a rights issue to the existing shareholders of the company on a record date for an amount not exceeding Rs 1,500 crore, it added. This is subject to the relevant regulatory approvals, IHCL said.

BookASmile with RTI mobilised 13,626 kids watch Toilet-Ek Prem Katha

MUMBAI: BookASmile (BAS), the charity initiative of India’s largest online entertainment ticketing platform BookMyShow, in collaboration with Round Table India(RTI) has organized pan-India screenings of the movie Toilet- Ek Prem Katha for 13,626 kids from lesser fortunate background. Building toilets is one of the focal points of improving our country’s sanitation standards. The motive to showcase this movie was to inculcate right hygiene habits in kids. RTI also shares the vision our Prime Minister,‘To make India open Defecation Free.’

LANXESS continues to expect record earnings for 2017

MUMBAI: Following a good second quarter 2017, specialty chemicals company LANXESS continues to expect the highest earnings in the company’s history for the current financial year. Global sales of the company increased by almost 30 percent to EUR 2.5 billion, up from EUR 1.9 billion a year earlier. EBITDA pre exceptionals improved by around 25 percent to EUR 367 million, compared with EUR 293 million in the prior-year quarter. This increase was primarily due to the earnings contribution from the newly acquired Chemtura businesses as well as to higher volumes and selling prices. The EBITDA margin pre exceptionals in the second quarter of 2017 stood at 14.6 percent.

Honda Motorcycle eyes to sell 6 million units in FY17-18

CHENNAI: Japanese two-wheeler major Honda, backed by additional capacity at its Karnataka factory, has set a target to sell six million units in the current fiscal, a top official said Monday. The country's second largest twowheeler sold about 50.08 lakh units during the corresponding period last year. Early this month, the company ramped up production at the Narsapura factory in Karnataka by adding 0.6 million units, Honda Motorcycle and Scooter, Senior Vice-President, Sales and Marketing, Yadvinder Singh Guleria said. "Against the industry growth, we have been growing rapidly. Compared to last year this year we have set a target of six million units, he told PTI.