Nifty Key Indices
Bank of Maharashtra gained
close to 14% on news of cost saving strategy. The bank may merge some
of its loss making branches and cut zonal offices in the next fiscal.
This will boost its operating profit by cutting operating expenditure
and ease capital. Currently there are around 1,940 branches and close to
300 are in losses.
US FDA inspection at Aurobindo Pharma’s unit-11
in Srikulam, Andhra Pradesh was successfully completed with zero
observations. The Unit-11 plant produces non-antibiotic active
ingredients, is used for both the captive purpose of Aurobindo’s
formulation manufacturing and for supplies to external customers. The US
formulation business contributes 45 percent of Aurobindo’s total
revenue.
Siemens announced
partnership with Siemens Rail Automation S.A.U. Spain for a Nagpur
Metro order worth Rs. 287 Cr. For the first two metro lines of Nagpur
Metro i.e. the North-South and the East-West Corridors, the companies
are going to supply state-of-the-art signaling technology.
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