Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Google
Web www.equitybulls.com
Stock Report

| More

Hero Cycles partners with Satin Creditcare Network Limited towards empowering Rural India

Posted On: 2019-04-24 00:35:22

Hero Cycles, a recognized global cycle maker has entered into a strategic partnership with Satin Creditcare Network Limited ("SCNL"), one of the largest microfinance companies in the country to provide bicycles to lower income households in Uttar Pradesh.

Through this partnership, SCNL's 560,000 clients across 28 districts in Western Uttar Pradesh will have access to affordable mobility through Hero cycles. Separate bicycle models have been made available for women, men, youth & children.

Speaking on the initiative, Mr. Dev Verma, COO, Satin Creditcare Network Limited said,"We are extremely delighted to tie-up with world's largest manufacturer of bicycles. Together we aim to empower our clients with access to mobility. SCNL has been fostering a spirit of entrepreneurship by providing timely credit to more than 3.5 million women across India and with this partnership we are enabling clients to earn their livelihood."

He further added, "With this initiative we aim to empower our clients and especially for whom affording a bicycle continues to remain a dream. We aim to finance men, women and kids bicycles to ensure we meet all the family members' requirement."

"Making bicycles easily accessible to a large number of rural Indians can bring about a significant improvement in the state of their livelihoods and earnings. A recent study undertaken by TERI and All India Cycle Manufacturers' Association estimated that for marginal unskilled workers who walk to work every day, a 50% substitution of walking trips above the average distance of 3.5 km can result in travel time savings worth Rs 112 billion collectively. Making bicycles more accessible to the rural and urban poor can have remarkable positive effects on our economy at large. At the same time bicycle accessibility has also shown to improve girls enrolment and attendance in schools. We are happy to be part of this unique endeavour that is empowering the rural households in India,"said Mr Pankaj M Munjal, Chairman & Managing Director, HMC, a Hero Motors Company.

Both the partners are already working together in Bihar, Assam and Eastern Uttar Pradesh providing similar solutions to over17,80,000 clients. SCNL and Hero Cycles has already financed more than 16,000 cycle loans in a short span of one year. With expansion in Western Uttar Pradesh, this partnership would be another stepping stone to ensure mobility for all.

Shares of Satin Creditcare Network Ltd was last trading in BSE at Rs.335.1 as compared to the previous close of Rs. 346.75. The total number of shares traded during the day was 304 in over 25 trades.

The stock hit an intraday high of Rs. 348.9 and intraday low of 330.55. The net turnover during the day was Rs. 103448.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

Gujarat Borosil Ltd starts trial production of new furnace

Infosys announces strategic partnership with Toyota Material Handling Europe

SRG Housing Finance Ltd receives term loan from OBC of Rs. 15 crores

Prime Industries Ltd Board to consider Sub-division of equity shares

NTPC signs JV agreement with Power Grid

Facor Alloys Ltd enters into OTS with Bank of India

Forwardis signs Logistics Digital Transformation program with Ramco Systems

Future Enterprises Ltd approves NCD issue of Rs. 900 crore

Lakshmi Machine Works Ltd board to announce Q1 results on July 22, 2019

RITES Ltd board recommends 1:4 bonus issue

Bank of Mongolia drives digital transformation vision with Intellect Quantum Central Banking

HOV Services Ltd appoints Mr. Harjit Singh Anand as director of HOVS LLC

Omkar Speciality forays into CRAMS business

Alembic Pharmaceuticals receives USFDA Approval for Bromfenac Ophthalmic Solution 0.09%.

Tata Communications Bags Seven Awards at Frost & Sullivan's 2019 India ICT Awards

L&T Wins 2x660 MW power project order in Bihar

Glenmark to partner with Novartis to promote, commercialize and distribute three respiratory products in Brazil

Inox Wind Commissions Common Power Evacuation Systems with ISTS network at Dayapar, Gujarat

JMC secures new orders of Rs. 514 Crores

Dewan Housing Finance Corporation Ltd board to consider Q4 results on June 29, 2019

BHEL wins Rs.840 Crore Emission Control equipment order

Dr. Reddy's Laboratories launches Phytonadione Injectable Emulsion USP, 10 mg/ml Single-Dose Ampules in the U.S. Market

Network18 to sell stake in HSN Cyprus

Ind-Ra moves ratings of Reliance Infrastructure Ltd to IND D

Dr Reddys Laboratories Ltd receives 2 observations from US FDA audit for Vizag Plants

Confidence Petroleum India Ltd allots 33,50,000 warrants

Zuari Global Ltd to consider issue of NCDs

MBL Infra receives completion certificate for project

Glenmark Pharmaceuticals Limited updates on Ryaltris™

Bingo! calls out to all Cricket fans with its iconic cheer - Come on India Dikhado!

IndiGo and EkPrana Foundation launch 'Seat is the New Mat' campaign

Mercure Hyderabad KCP celebrated the International Yoga Day

Indian Overseas Bank celebrates International Yoga Day

United Van Der Horst Ltd to consider fund raising on June 29, 2019

CARE Ratings Ltd announces resignation of CFO

Neuland Laboratories Ltd gets 5 observations from US FDA for Hyderabad facility

Radiant Life Care Completes Acquisition of 49.7% Stake in Max Healthcare from Life Healthcare

Cipla announces resignation of Mr. Peter Lankau

SUN TV Network Ltd appoints Mrs. Mathipoorana Ramakrishnan as additional director

Shristi Infrastructure Development Corporation Ltd announces 'Vision 2022'

Mindteck recognized as a Niche and Emerging player by Zinnov

Star Cement Ltd board approves buy-back at Rs. 150

CRISIL updates ratings of Kabra Extrusiontechnik Limited

Emami Paper Mills Ltd accorded status of One Star Export House

Reliance Capital Ltd announces reduction in outstanding Commercial Papers to Rs. 75 crore

A2Z Infra Engineering Ltd announces OTS with DBS Bank Ltd

Nila Infrastructures Ltd receives work order from Ahmedabad Municipal Corporation on PPP basis

CARE revises credit rating of Ardent Steel Limited

Maruti Suzuki and Bank of Baroda join hands to support Dealer Inventory Financing

Thomas Cook India inspires travellers to join the Yoga Revolution







Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019