In 2015-16, the Government will for the first time, use bonds (Government Securities) with a 40-year maturity period for its borrowing. Currently, the bonds have a maturity period of up to 30 years. Will tap market for Rs3.60- trn, or 60% of Budget target, in first half of 2015-16.
The government is all set to auction another set of 15-20 coal blocks next month following passage of the coal mines bill in Parliament. In addition, the government is also likely to allot 43 mines to central and state PSUs this week.
The Naveen Jindal-promoted Jindal Steel and Power Ltd (JSPL) had filed a petition in the court against the government's decision to cancel its bids. The government's decision not to approve bids for four coal blocks was then questioned by the high court. The court ordered status quo on the Tara block and asked the government to file a reply in the case of the Gare Palma IV/2 and IV/3 blocks.
The Bengaluru-based multinational, the country's third largest information technology (IT) services company Wipro, has launched an independent business unit called Wipro Digital. It is looking at acquiring companies in areas such as 'design competency' and 'process utility' to expand its bouquet of services in the digital space.
The Competition Commission of India (CCI) has given its approval to divest seven brands by Sun Pharmaceutical Industries and Ranbaxy Laboratories to Pune-based Emcure Pharmaceuticals. With this, Sun Pharma and Ranbaxy have reached the finishing line for the proposed $4- billion merger deal.
Geometric's principal shareholders - the Godrej family and CEO Manu Parpia - have mandated JM Financial to sell their 39% stake in the company. Ace investors Rakesh and Rekha Jhunjhunwala, who hold 19% stake in Geometric, are backing the move, kicking off a $350-million, or Rs 20 bn, M&A deal in the Mumbai-listed company.
Wind-energy-turbine maker Suzlon received a shareholder approval for the sale of its subsidiary Senvion SE to US-based private investment firm Centerbridge Partners. It also got a nod for Sun Pharmaceutical promoter Dilip Shanghvi's Rs 18 bn equity infusion.
Air-conditioner manufacturer Blue Star is planning to set up a unit in South India at an expected investment of Rs 1.50 bn by December 2016, a company official said here. Company is going to choose a place by September and start work to commission the project by Dec 2016.
The Japanese utility vehicle manufacturer Isuzu, which is setting up a greenfield manufacturing unit in Sri City in Andhra Pradesh, expects to commission its plant by April 2016, while hinting that a number of ancillary units are keen to come up there.
Hetero Drugs Ltd has licensed Dr. Reddy's Laboratories Ltd to distribute and market Sofosbuvir, a drug used in the treatment of Hepatitis C, under a different brand name in India.
MRF Ltd will invest over Rs 45 bn in two of its tyre factories in Tamil Nadu, said the company in an announcement on the BSE. The investment will be made at its factories in Perambalur and Arakonam over the next seven years as part of its expansion plan.
An Irish aircraft leasing company has agreed to withdraw court proceedings and moves to seek deregistration of aircraft against SpiceJet Ltd, India's second largest low-fare airline said. In a filing to the BSE, SpiceJet said it entered a settlement agreement with lessor Wilmington Trust SP Services (Dublin) Ltd with regard to aircraft operated by the Indian company.
State-run Power Grid Corporation of India Ltd (PGCIL) has threatened to snap power supply to two BSES discoms if they fail to pay dues of around Rs 2.20 bn.
Hero MotoCorp, which is planning to set up a Rs. 1,600 Cr plant in Andhra Pradesh, has been allotted 592 acres for the project.
Africa’s Distell group in talks with Tilaknagar Industries to buy a couple of its brands. Company expects Rs. 250 - 300 Cr from the sale.
Bharat Forge Co’s SEZ in Khed, Pune faces farmers’ protest over setting up of the SEZ.
ZEEL has launched a general entertainment channel ‘Zee Hiburan’ in Indonesia.
GMR Infrastructure has secured Rs. 1,250 Cr funding to subscribe to the proposed rights issue.
Tech Mahindra, HCL Technologies eye USD 350 million stakes in Geometric.
HDIL eyes Rs. 750 Cr from sale of noncore assets.
NTPC Simhadri unit in Vizag eyes capacity expansion.
CCI approves merger of Shasun Pharma with Strides Arcolab.
US existing home sales rose 1.2% to an annual rate of 4.88mn units, failing to reverse January's 4.9% plunge.
Euro zone consumer confidence jumped much more than expected in March to -3.7 points from -6.7 points in February.
Confederation of British Industry survey's total order book balance fell to zero in March, a five-month low, from +10 in February.
REC to grant INR 240bn for power projects in Telangana; includes 800 Mw at KTPS, 1,080 Mw at Bhadradri and 4,400 Mw at Damaracherla, totaling 6,280 Mw.
USFDA releases import alert against Aarti Industries for drugs from Palghar facility.
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