Corporate Announcement

According to the latest data from the Reserve bank of India, the share of commercial banks in government bonds has dipped to 42.77 per cent in December 2014 from 44.73 per cent a year earlier.

The Coal Ministry has signed a Memorandum of Understanding (MoU) with Ministry of Railways and Odisha for development of rail infrastructure for evacuation of coal through formation of a Joint Venture.

As the government gears up to roll out Goods and Services tax (GST) by April 2016, the Centre and the states are working on a new revenue neutral rate, which is currently pegged at 27 per cent.

Sniffing a major scam of at least Rs 40 Bn in the railways, CBI is likely to file a case soon into alleged under-reporting of the actual weight of loaded goods wagons through the manipulation of software by officials.

Investments into Indian markets through participatory notes (P-Notes) has surged to the highest level in over seven years at Rs 2.72 trn (over US$ 43 bn) at the end of March 2015.

Daiichi Sankyo will exit from Sun Pharma by selling its 9% stake in India's largest drugmaker by market value for roughly Rs. 180 bn in block trades in the stock market.

Havells India Ltd said it will acquire a majority stake of 51% in Bangalore-based Promptec Renewable Energy Solutions Pvt Ltd for Rs.650 mn.

The government is considering selling five per cent in Coal India in this financial year.

Reliance Industries has said it will shut down non-profitable outlets belonging to its retail chain Reliance Retail.

State-owned power equipment maker BHEL has commissioned a 250-mw coal-based thermal power plant in Gujarat.

Oil and Natural Gas Corporation will take over a part of the abandoned assets of the western offshore Tapti gas field from its joint venture partners Reliance Industries (RIL) and BG after the output dropping to zero.

On the earnings front, cross-currency headwinds are likely to keep HCL Tech's dollar revenues muted. Wage hikes and high investments are likely to hit the software services exporters' margins by 115 basis points.

JMT Auto has approved stock split in ratio of 1:5.

Deepak Fertilisers sold additional 2 per cent stake in Mangalore Chemicals via block deal.

Indian Hotels Company Ltd (IHCL), which runs the iconic Taj Group of hotels, is restructuring its operations to reign in high debt, while continuing to expand its presence in India and abroad.

Ricoh India is looking to grow its revenues from India four-fold by FY17-end, from Rs 1,047 crore it reported in FY14 on the back of its recent wins in the government space and increasing traction of its IT services business in the domestic market.

 

Power Finance Corporation plans to raise up to Rs 60,000 crore through short- and long-term borrowings in the current financial year to primarily meet the funding requirements of power sector units and projects.

 

Lanco Infratech has completed the divestment of its 1,200-MW Udupi thermal power plant to Gujarat-based Adani Power, making it one of the largest acquisitions in India’s therma power space. 

Axis Bank MD &CEO Shikha Sharma says - Suvidhaa is one of the likely candidates for company's payments bank foray and in talks with many players including Suvidhaa for payments bank partnership.

 

GVK Power & Infrastructure said its promoter Vertex Projects has hiked stake in the firm to 10.88% by acquiring additional shares worth RS. 29.69 crore.

 

Lupin has launched anti bacterial Zaxine tablets, under a licensing pact with Salix Pharmaceuticals, in the Canadian market.