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Canara Bank to raise Rs 570 crore via Preferential shares

Canara Bank will be raising 570 crore through preferential allotment of shares to the government to fund its business growth.  The bank will issue 1.39 crore fresh shares on preferential basis to the government of India. Currently, the government owns 60 per cent in the bank. The objective of the issuance is to augment Tier I capital of the bank, ie capital raised would be utilised to improve the capital adequacy and business needs of the bank.

TCS partnered with iRise to widen VaaS offerings

Country's largest software exporter TCS partnered with iRise, to launch business process innovation and visualisation as a service. According to TCS, this partnership will help enterprises achieve business agility through integration of rapid simulation and visualisation capability into company's (TCS) already established software development processes. Through this step, Customers can collaborate globally on application design, user scenarios and specifications that drive development of business requirements.

Odisha Mining scraps joint venture with Rio Tinto

Odisha Mining Corporation has terminated its joint venture with global mining giant Rio Tinto in Odisha, in a bid to focus its efforts on mining independently. Rio Tinto holds a 51 per cent stake in the joint venture, which had proposed an integrated iron ore project with a production capacity of 15 million tonnes a year. According to reports, Odisha Mining has also issued notices to Hindalco Industries and miner Sesa Sterlite regarding scrapping of its bauxite mining joint ventures with the two companies.

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RBI’S EARLY POST BUDGET RATE CUT

In a surprising move on 4th March, Reserve Bank of India has cut its key policy rate by 25 basis points. According to the RBI governor Raghuram Rajan, the fiscal consolidation was far better than what the numbers show. The Indian companies welcomed the RBI’s move to cut interest rates as it will boost the demand for home and auto loans. This move will certainly help the banks to drop the interest rates on cars and home loans. This 25 basis points cut in home loans will bring down EMI’s, improve market sentiments and also will help economy growth to get a momentum. The decision to cut the repo rate may finally convince large lenders to pare their lending rates.

Petronet LNG been awarded with the Global HR Awards

Global HR Skill Development Awards organised by the Energy And Environment Foundation recognise and honour outstanding organisations that are taking responsibility for defining a social and business commitment by adding value based on the best HR skill development practices for enhancing higher skill development, life cycle skill up gradation and promoting sustainability and excellence that delivers a shared future for all stakeholders through corporate and social commitment. Petronet LNG Ltd has been awarded with the Global HR Awards.