Corporate Action

An expert panel set up for suggesting revised bidding norms for ultra mega power projects will submit its report to the government by this month-end.

The government has mopped up Rs 770 bn from the sale of telecom spectrum, surpassing the amount grossed in last year's sale, as top carriers Bharti Airtel, Vodafone India, and Idea Cellular shed caution and made competitive bids on day three of the auctions to secure airwaves in circles where their licences are due to expire.

The coal block auction has garnered a sum of more than Rs.1.52 trillion so far, strengthening the national auditor's claims that allocation of mines over the years had caused substantial losses to the exchequer.

While the government seeks to reform the land acquisition law this week, it has decided to fast-track 10 power projects worth Rs 900 bn planned by state-owned companies led by NTPC, which have been held up by land-related issues, identified in the Economic Survey as the biggest hurdle for stalled public sector investments.

The government is set to make it mandatory for pharmaceutical firms to report side effects of drugs to the regulator.

Lenders have agreed to file a complaint with the Central Bureau of Investigation (CBI) against REI Agro Ltd, alleging cheating and misappropriation of funds, capping months of failed efforts to rescue loans in excess of Rs.42 bn by rescheduling repayment.

Gulf Oil Lubricants aims to be a rising player in the lubricants business. The company has undertaken capacity expansion, that includes capex in a new plant and expansion of current allocation.

Reliance Entertainment has announced that its film production and distribution business in India has formed a joint venture partnership with Phantom Films.

India's largest realty firm DLF plans to monetise properties worth about Rs 150 bn under various projects to boost its cash flow and reduce debt. DLF plans to sell mid range apartments worth Rs.33-65 Lakh online on SnapDeal.

Ambuja Cements and Jaypee Cement emerged winners in the ongoing coal block auctions for the ready-to-produce blocks on Sunday.

BEML has rolled out the country's first Electric Drive Rear Dump Truck for large-scale coal mining applications.

ONGC, IOC and OIL are among the five global companies named by the US administration for having energy ties with Iran, for which they can face sanctions by America.

Cairn India has obtained the regulator's nod to commercially produce gas in its prolific Rajasthan block, making it eligible to seek a longer extension after the contract for the block expires in 2020.

Suzlon Energy, is keen to sell its forging and foundry company, in which it invested Rs 10 bn, and component units and office complexes worth about Rs 10 bn as it exits non-core areas and continues its fund-raising drive.

Tata Motors-owned Jaguar Land Rover (JLR) is set to build its first electric car in Austria.

Infosys will continue to have a lean board with only two executive directors to ensure faster

decision making, part of a larger strategy that underpins the software maker's attempts to regain growth momentum.

 

JSW Steel plans to invest Rs.800 Cr to Rs.1,000 Cr at its Salem unit in Tamil Nadu. The facility will soon start catering to the aerospace sector. 

HCL Technologies has tied up with European telecom firm Tele 2 to tap market opportunities for Machine-to-Machine and Internet of Things solutions in the continent.

Apollo Hospitals has entered the tier-II town of Andhra Pradesh with the launch of a 200 bedded Apollo Specialty Hospital (ASH) in Nellore.

 

Power Grid Corporation said its board has approved total investment of Rs 1,481 crore in its various projects to be commissioned in the next 2-3 years. 

Govt shortlists L&T & Pipavav for a Rs.6000 Cr submarine contract.

 

The Competition Commission has refused charges against Indian Oil Corporation and Mahanagar Gas that they indulged in unfair business practices with respect to distribution of CNG.

Axis Bank raises USD 250 Mn through 3.25% Senior Unsecured Notes due May 21, 2020

 

FIIs/RFPIs can now invest up to 34 per cent under PIS in Container Corporation of India Ltd.

 

FTSE adds Bosch, Aurobindo, YES BANK, Eicher Motors, Motherson Sumi, Zee Ent, Godrej Cons, Shree Cements & Cadila Health to key Asia Pacific index w.e.f. March 23. 

US nonfarm payrolls increased 295,000 last month after rising 239,000 in January; the unemployment rate dropped two-tenths of a percentage point to 5.5%, the lowest since May 2008.

US average hourly earnings rose by three cents in January, leaving the YoY gain at 2%. Overall, private payrolls increased 288,000 in January, with construction employment rising 29,000.

US trade deficit narrowed by US$3.8bn to US$41.8bn in January.

Germany industrial production was up 0.6%MoM in January. The main driver was construction with a 5.0% jump amidst mild winter

Jaypee Cement bags mine in Madhya Pradesh for an estimated INR 24.7bn (INR 1852/ tonne); has extractable reserves of 13.35MT

Crompton Greaves bags three orders from Energy Efficiency Services for the supply of four million LED (light emitting diode) lamps.

Eye on future, Wipro aims for 1,000 patents a year. In FY15, the company had 240 patent filings compared to just 40 three years ago.

Airtel to double 4G network by next fiscal with an investment of USD 3bn a year; the company has 20,000 base stations and will be doing another 20,000 by FY16.

Reliance Entertainment’s film production and distribution business will collaborate in a 50:50 JV with Phantom Films, a company formed by leading directors.