Karnataka Bank - the lead banker of Ortel Communications - in a consortium meeting with other bankers on June 22, has agreed to reduce the rate of interest of the existing loans availed by Ortel Communications from 14.25 per cent per annum to 13.50 per cent. This will strengthen the company’s balance sheet and lead to notable savings in interest costs, said the company in a statement to the exchanges. Besides, the company said it is actively working towards further reduction in overall interest costs. Shares of Ortel Communications fell 3.4 per cent at ₹167 on the BSE.

Blue Dart Express has acquired an additional 21 per cent stake in Blue Dart Aviation raising its holding in the latter to 70 per cent. Consequently, Blue Dart Aviation becomes a subsidiary of Blue Dart Express from June 22. Last week, the board had approved a proposal to increase Blue Dart’s stake in the aviation subsidiary to 74 per cent from 49 per cent. The stock of Blue Dart Express gained 1.4 per cent at ₹6,074.85 on the NSE.

The committee of the board of directors of Hindusthan Safety Glass Industries has approved a proposal to change the company’s name to Viaan Corporation Ltd or any other such name as may be approved by shareholders of the company subject to availability with the Registrar of Companies, Kolkata. The board also approved to shift the registered office of the company to Circular Court, HM Plaza Business Centre, 8 AJC Bose Road, Ground Floor, Kolkata - 700017. Shares of Hindusthan Safety Glass closed at ₹115.95, up 3.3 per cent on the NSE.

AI Champdany Industries has informed the BSE that due to low productivity the company has declared temporary suspension of work at its Yarn Unit—Rishra with effect from June 20. Earlier, the company had announced the temporary suspension of work at its weaving unit - Rishra (from May 23) and at its Anglo India Jute Mill (Middle Mill) - Jagatdal from May 26. Shares of AI Champdany crashed 4.73 per cent at ₹16.10 on the BSE.

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