Corporate Announcement

India's wholesale inflation slipped deeper into the negative zone at -2.33% in March to touch a nine-year low, raising hopes of another rate cut soon after data showed consumer inflation also eased unexpectedly despite heavy rains causing an uptick in vegetable prices.

Oil marketing companies announced an 80p a litre cut in the retail price of petrol and Rs 1.3 a litre cut in diesel prices from Wednesday night, to align the deregulated domestic prices with international rates.

Minister of state for finance, Jayant Sinha has batted for full capital account convertibility of the rupee.

Food Minister Ramvilas Paswan has said his department would soon recommend increasing the import duty on sugar to 40 per cent from the current 15 per cent to bring down the surplus, which has pushed up sugarcane dues to over Rs 19,000 crore.

Pension regulator might increase National Pension System equity exposure cap for private sector beyond 50 per cent of their corpus.

Sun Pharmaceutical Industries and the Technion-Israel institute of technology have entered into an exclusive worldwide research and licence agreement for the development of novel anti-cancer drugs. The Technion and Sun Pharma alliance will advance this project through pre-clinical development process. 

Aurobindo Pharma has received approval by the USFDA is for strengths of 100 mg/5 ml and 200 mg/5 ml and the product is ready for launch. The approved solutions are bio-equivalent and therapeutically equivalent to the reference listed drug product Suprax Oral Suspension USP 100 mg/5 mL and 200 mg/5 mL, respectively of Lupin Pharmaceuticals. The product has an estimated market size of USD123 million for the twelve months ended February 2015.

BHEL has signed a Memorandum of Understanding (MoU) with a Russian company INTMA, to set up a gas-based power project in Kazakhstan. The MoU will further help BHEL in consolidating its presence in the CIS countries. The MoU, aims to set forth a path to combine the BHEL's competence in design and manufacturing of power plants and INTMA's strength in handling EPC contracts so as to bid and execute projects of mutual interest in Russia and Kazakhstan.

BASF India Ltd launched its largest construction chemicals plant in India at Nellore in Andhra Pradesh. BASF's construction chemicals division offers advanced chemicals solutions for new construction, maintenance, repair and renovation of structures. At the new plant, BASF is now producing its Master range of concrete admixtures and construction systems. The unit also houses a multiple tank storage facility and a well-equipped concrete lab.

Tech Mahindra has inked a USD150-200 million deal with telecom solutions provider Comverse, a move that will help the country's fifth largest software services firm beef up its operations in Israel. As part of the deal, Tech Mahindra will develop digital solutions for Comverse and focus on engineering and R&D services. The programme is expected to be implemented starting June 1, 2015. The move will help Tech Mahindra expand its presence in Israel and neighbouring markets.

L&T Infrastructure Finance Co., is looking to raise Rs 1bn through a private placement. The company intends to issue unsecured, redeemable, non-convertible debentures amounting to Rs250mn with an option to retain over subscription of Rs750mn on private placement basis. The bonds will be issued in the nature of subordinated Tier-II debt with a face value of Rs.1 mn each.

Nestle in exclusive talks to sell its frozen food unit Davigel to Brakes Group. 

Hero Motocorp says US company Erik Buell Racing in which company had invested USD 25 million, will cease its operations w.e.f today.

 

RBI says FIIs can now invest up to 49 percent in Eicher Motors.

 

Coal India's arm gets environment nod for 2 coal projects in Maharashtra.

 

Food Ministry said, would recommend increasing import duty on sugar from 15 percent to 40 percent to bring down surplus. Sugar stocks in focus.

 

Deepak Fertilisers sells additional 5.2 percent stake in Mangalore Chemicals via block deal.

 

Bharti Retail and Kishore Biyani-led Future Group are said to be in advanced discussions for a possible merger of their retail businesses in what could lead to the biggest consolidation in the sector by a wide margin. 

With its long-time JV partner GE Capital deciding to exit the financing business globally, SBI Card has started a valuation exercise for a possible new investor or a public offer.

 

Government cuts petrol price by 80 paise per litre and diesel by Rs 1.30 per litre.

 

Ashoka Buildcon aim to raise Rs 500 Cr via QIP to pare debt.

 

Tata Motors March group global wholesales up 9 percent at 1.04 lakh units versus 95,668 units (YoY). March global wholesales for JLR up 16 percent at 50,093 units versus 43,311 vehicles (YoY).

 

DLF gets interim reprieve from SEBI's Rs 26 Cr penalty order.

 

Gammon India bags 2 orders worth Rs 840.65 Cr.