Corporate Announcement

The Centre might consider bringing back the release order (RO) mechanism for domestic sugar sales. It could also consider creation of a buffer stock of about three million tonnes, to help mills clear their sugarcane payment dues to farmers. The dues, over Rs 190bn as on March 31, might spiral further unless sugar prices stop falling. 

The Maharashtra government has scrapped the Mumbai Development Plan 2034, prepared by the municipal corporation, in the face of stiff opposition from political parties, non-government organisations (NGO) and leading personalities. The Brihan Mumbai Municipal Corporation (BMC) has been asked to draft a fresh development plan within four months. The Bharatiya Janata Party (BJP) and the Shiv Sena are in a majority in the

BMC, which is slated to go for elections in February 2017. 

State-run oil producers would not have to bear the subsidy burden in the current year if global oil prices continue to show a downward trend, said Petroleum Minister Dharmendra Pradhan on Tuesday.

The monsoon is expected to be early this year, around 27 May as opposed to the normal onset date of 1 June, said Skymet Weather Services Pvt. Ltd on Thursday. The weather forecaster also reiterated its April prediction of a normal monsoon in 2015-despite the high probability of an El Niño effect this year. 

Century Textiles will carve out its cement business and merge it in an all share deal with India's largest cement maker Ultratech, owned by grandson Kumar Mangalam Birla. 

Japanese pharmaceuticals giant Daiichi Sankyo has sold its entire 8.9 per cent stake in Sun Pharmaceutical Industries for $3.2 billion (about Rs 200Bn), at an average price of Rs 931.60 a share to a clutch of foreign institutional investors (FIIs) led by Goldman Sachs, the government of Singapore and Aranda Investments.

Credit rating agency Moody's has said Reliance Communications (RCom), which has 66 per cent of its total debt in US dollars, does not have sufficient cushion against the risks from the possibility of the rupee depreciating up to 20 per cent from March 31 this year.

Wipro has announced the appointment of Rishad Premji to its board, a move which was widely anticipated to happen sooner than later. His appointment will be effective from May.

The Adani Group is in advanced talks with the Exim Bank of Korea and some Chinese banks to raise over $1 billion for building a $10 billion coal project in Australia. 

Bajaj Finance Ltd said its board has cleared raising up to Rs.14Bn in a qualified institutional placement (QIP), subject to shareholder approval.

UP government has allowed Bajaj Hindusthan to export alcohol to other countries in the 2014-15 season. The order would be applicable to its four units located in Lakhimpur Kheri, Saharanpur and Meerut districts of UP, a state government communique said here on Tuesday.

Infrastructure funding major IDFC and telecom company Tata Communications are the latest on the government's radar to sell stakes to raise funds for social-sector programmes while keeping fiscal deficit under check. To monetize its minority holding in these two and several blue chips, the Centre is considering floating an exchange-trade fund, in the same lines of an ETF it launched last year for public sector enterprises.

Coal India is in talks with the Indian Railways for an investment of Rs.5,000 Cr to procure wagons that carry coal. This could end up being the single largest investment by a railway customer for procuring wagons.

 

Godrej Consumer Products Limited proposes to increase its African turnover six times in five years from around Rs 1,200 crore now through aggressive acquisition of local brands. The endeavour is to increase its presence in personal and home care, segments where Godrej Consumer is strong in India.

 

FIPB to consider FDI proposals of IIFL Holdings, Kotak Mahindra Bank and Blue Dart.

 

Dena Bank and Union Bank of India signed agreements with United India Insurance and Star Union Dai-Ichi Life New India Insurance, respectively, for insurance cover under the social schemes announced in the Budget.

Cimmco gets licence for manufacturing defence equipment

 

Gitanjali Gems board approves merger of arm Gitanjali Exports with company

 

Pabrai Investment Fund buys 51.1 lakh shares of Rain Industries at Rs 35.4/share