In a big vote of confidence, rating agency Moody's has raised India's credit outlook to 'positive', while Fitch projected faster growth raising hopes for an upgrade in its sovereign rating in the next 12-18 months.
The Telecom Regulatory Authority of India (TRAI) has reduced ceiling tariffs for national roaming calls and SMS and has mandated telecom service providers (TSPs) to offer special roaming tariff plans.
Widespread opposition to the proposal of toll collection has prompted the Maharashtra government to cancel three sea link projects worth Rs 160 Bn. Former government in the state had proposed these sea links - Worli-Haji Ali sea link, Bandra-Versova sea link and Nariman Point-Haji Ali Sea Link as part of the Western Freeway Sea Link.
As GMR Infrastructure Ltd concludes its Rs. 14 Bn rights issue of equity with oversubscription, it is resolved to bring down corporate debt by about 50 per cent over the next 12-18 months. Apart from divesting some assets, it proposes to unlock value and raise capital by listing energy and airport verticals.
Cipla Ltd has entered into an agreement to acquire 100 per cent stake in Brazil's Duomed Produtos Farmaceuticos Ltda for about Rs. 26 mn. The acquisition is part of Cipla's front-end strategy and will expedite its product registrations in Brazil.
The board of directors of Mangalore Refinery and Petrochemicals Ltd (MRPL) has approved the resolution to set up an empowered committee of directors (ECoD) to explore and evaluate options available for the restructuring and integration of the company and ONGC Mangalore Petrochemicals Ltd (OMPL). This has been done to bring about better synergy across the group and to ensure that the businesses of these entities are operated in a cost-effective manner.
Aurobindo Pharma has said that Plethico will pay it $23.3 million to settle a dispute related to the acquisition of US-based Natrol. Aurobindo Pharma Ltd's 100 per cent subsidiary Aurobindo Pharma USA completed acquisition of Natrol LLC from Plethico for $132.5 million on December 5, 2014. On April 6, 2015, Natrol LLC had approached the Delaware Bankruptcy Court with certain discrepancies and non-performance of obligations by erstwhile owner Plethico with regard to the deal.
Biocon has received approval for its insulin Glargine from the Mexican health authority. The company's insulin Glargine has been approved by Cofepris, the Mexican health authority, through its Mexican partner PiSA Farmaceutica (PiSA). Galactus by PiSA is the first insulin Glargine to be approved in Mexico as per the bio comparable approvals pathway defined in 2012.
The Madras High Court has appointed arbitrator to adjudicate on the dispute between the wind turbine manufacturer Suzlon and the Chennai based wind power company Indowind Energy Ltd. the dispute arose when Suzlon's machines did not perform up to the guaranteed level, and as such Indowind felt that in accordance with the agreement, it was entitled to deduct performance guarantee penalty.
Global rating agency Moody's has downgraded the local currency bank deposit ratings and the senior unsecured ratings of three Indian private sector banks Axis Bank, HDFC Bank and ICICI Bank citing a change in their rating methodology. The ratings of these private-sector banks were changed to Baa3/P-3, which is the sovereign rating of India, from the earlier Baa2/P-2.
Adani Group brushed aside a decision by three leading French banks not to fund huge coal industry projects in Australia's Galilee Basin near the Great Barrier Reef, saying it had “no bearing“on the company.
A magistrate's court in Mumbai has ordered investigation against EIH, which operates the Trident and Oberoi Group of hotels, and its board of directors after some employees approached the court alleging that the hotel had wrongly deducted taxes from tips received by them.
Indian Hotels has approved the proposed acquisition of the remaining stake in Lands End Properties Rs. 17 Cr.
Govt. of India has paved the way for IFCI Ltd to become a government company with effect from April, 2015 by acquiring 6 Cr Preference Shares of Rs. 10 each from certain Public Sector Banks.
Reliance Jio Infocomm, part of Reliance Industries has launched its first product a messaging app called Jio Chat for iOS and Android cell phones, and is lining up more ancillary offerings as company prepares to roll out its high-speed network.
Jaypee Infratech / JP Associates looking at Rs. 10,300 Cr loans refinanced under RBI’s 5/25 scheme.
BSE Says SPARC to be included into S&P BSE 200 & Balkrishna Industries into S&P BSE 500 effective April 16.
Neyveli Lignite says unit II of 500 MW Tuticorin power project synchronised with grid today.
Apollo PE to sell 3% stake in Dish TV via block deal tomorrow, price range is Rs. 81 - 85/share.
Tata Steel is likely to miss April deadline to commission its Kalinganagar plant in Odisha
IndiGo & Jet Airways have revised ticket cancellation penalties on passengers.
Bharti Airtel announced the launch of Airtel Platinum 3G in Kolkata.
BSE will drop ING Vysya Bank from BSE 200 and BSE 500 indices from April 16.
CCI approves Max India demerger plan
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