Usha Martin has raised $125 million through external commercial borrowing to part finance its expansion activities
Steel wire rope manufacturer Usha Martin said it has raised $125 million through external commercial borrowing (ECB) to part finance its expansion activities.
"The company has arranged $125 million via ECB from State Bank of India as sole mandated lead arranger and bookrunner with DBS Bank, State Bank of India (Canada) and The Bank of Tokyo-Mitsubishi UFJ as other participating lenders," the company said in a filing to the Bombay Stock Exchange (BSE).
It added that the money will be used to part finance its capital expenditure of Rs1,200 crore to strengthen its cost competitiveness in steel business and maintaining global leadership position in the wire and wire rope industry.
In January also, the company had raised Rs468.15 crore by selling 54.5 million shares to financial institutions at Rs85.90 each.
According to the company website, the Rs3,000 crore group is expanding its business to iron ore and coal mines, sinter plant, pellet plant, power plants, while also enhancing its steel making and value added products capacity.
On Friday, Usha Martin ended 5.46% up at Rs59.90 on the Bombay Stock Exchange, while the benchmark Sensex gained 2.53% to 18,815.64.
Tata Consultancy Services has received a contract from Shanghai Rural Commercial Bank for deploying TCS’ BaNCS Core Banking solution
IT major Tata Consultancy Services (TCS) said it has received a contract from Shanghai Rural Commercial Bank for deploying TCS' BaNCS Core Banking solution. No financial details were provided.
Shanghai Rural Commercial Bank selected TCS BaNCS Core Banking to swiftly introduce new products to market and efficiently manage transformation across its overall business lines, TCS said in a statement.
The solution will cover the organisation's core banking, deposits, loans, payments and card modules, it added.
On Friday, TCS ended 2.26% up at Rs1,118.20 on the Bombay Stock Exchange, while the benchmark Sensex gained 2.53% to 18,815.64.
Tata Motors has become the first Indian company to produce 1 lakh commercial vehicles in a financial year
Tata Motors said it has become the first Indian company producing 1 lakh commercial vehicles in a financial year.
"It is really a proud moment for the company as Tata Motors has become the country's first automobile company to produce one lakh commercial vehicles in a financial year," Ravi Pisharody, president, commercial vehicle business unit (CVBU), Tata Motors, said.
Mr Pisharody said he hopes the growth rate of commercial vehicle sector would depend on the interest rate though it has not affected the sector as yet.
The interest rate has to be maintained to achieve the growth rate, which was registered at 20% to 22% this fiscal, he said adding that the growth rate in the next fiscal is likely to be 10% to 15%.
On the performance of the Tata Motors World Truck, the company official said the sale has been increasing significantly in the last few months.
The response for the world truck, which had started its production in the first quarter of the current fiscal, was good and would further improve in view of the increasing demand as well as the improving road condition in the country.
Presently, we are producing two models of the world truck at Jamshedpur plant and likely to introduce two more models soon, he said, adding, the company was expecting to produce around 6-8 models by the next fiscal-end.
Mr Pisharody expressed confidence that the company would utilise the maximum capacity of the world truck (55,000 per annum) in next five years in view of its increasing demand.
On Friday, Tata Motors ended 2.28% up at Rs1,181.85 on the Bombay Stock Exchange, while the benchmark Sensex gained 2.53% to 18,815.64.