GACL commissions bleaching powder project

Gujarat Alkalies and Chemicals has commissioned a project to manufacture 15,000 TPA stable bleaching powder in Dahej

Gujarat Alkalies and Chemicals (GACL) has commissioned a project to manufacture 15,000 TPA stable bleaching powder in Dahej. The unit will convert chlorine into value-added products.

"This is the first large scale plant of stable bleaching powder in Gujarat. The project will help increase captive use of chlorine and sustain the operation of the company's caustic soda plant," a GACL spokesman said.

Bleaching powder is a strong oxidising, bleaching and disinfecting agent. It is widely used as bleaching agent in paper, textile, soap, handloom and powerloom Industries.

It is used for disinfection, de-odorisation and bleaching of residential premises, swimming pools, public conveniences, waste water treatment and sewage disposal. It also finds applications in food processing, beverages and sugar industries.

On Monday, GACL ended 2.43% down at Rs955.45 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.97 to 19,262.54.

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JSW Steel posts highest-ever quarterly crude steel production in Q4 FY-11

JSW Steel has recorded its highest-ever quarterly crude steel production of 1.72-million tonnes in Q4 FY 11

Steel major, JSW Steel said that it has recorded its highest-ever quarterly crude steel production of 1.72-million tonnes in Q4 FY 11.

The company also said that it has clocked its highest-ever quarterly production of 1.32-million tonnes of rolled flat products.

According to the company press release, its crude steel production stood at 1.72-million tonnes in Q4 FY 11, up 8% as against the year-ago period.
Production of its rolled products flat grew 36% at 1.32-million tonnes compared to the year-ago period while its rolled products long production stood at 0.28-million tonnes, the release said.

In FY11, the company's crude steel production stood at 6.51-million tonnes, up 9% over the year-ago period.

Its rolled products flat production grew 33% at 4.94-million tonnes compared to the year-ago period while its rolled products long production expanded 18% at 1.13-million tonnes.

During the quarter, the company has commenced operation of its sinter plant-3, converter-4, castor-3 and heating of balance two blocks out of four blocks of Coke Oven-4 as a part of its 3.2-mtpa expansion project at Vijayanagar Works, while blast furnace-4 is in the final stage of completion and testing, the release said.

On Monday, JSW Steel ended 2.43% down at Rs955.45 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.97 to 19,262.54.

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IndusInd Bank signs agreement to acquire Deutsche Bank’s credit card business in India

IndusInd Bank has entered an agreement with Deutsche Bank to buy its credit card business in India

IndusInd Bank Ltd has entered an agreement with Deutsche Bank to buy its credit card business in India. The entry of IndusInd Bank in the credit card business will significantly enhance its bouquet of product offerings to its customers. With this acquisition, IndusInd Bank is planning to expand its customer-centric financial products and become a full service bank.

Under the agreement, IndusInd Bank will get access to close to 200,000 card customers and the entire operating platform of the cards franchise including talent and technology.  

Romesh Sobti, MD & CEO, IndusInd Bank said, "We are happy to have come to an agreement with Deutsche Bank on acquiring this business. This will accelerate the launch of credit cards which we consider a critical link in our suite of consumer banking products."

Sumant Kathpalia, head consumer banking, IndusInd Bank said, "The strategic intent behind this acquisition is to offer targeted credit card products for chosen client segments. Cards are an important element in our segmented offering. Deutsche Bank has a stable cards portfolio and the acquisition gives us a head start in building the cards business."

On Monday, IndusInd Bank ended 1.05% up at Rs274.30 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.97 to 19,262.54.

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