Corporate Announcement

The commerce ministry has notified the decision to do away with restrictions on imports of industrial and technical grade urea, a move aimed at improving ease of doing business and checking diversion of urea.

The government will create a favorable environment to prevent any future stress in the power, steel, roads and ports sectors, top government officials said after a meeting with top bankers. The officials met bankers at the Reserve Bank of India (RBI) headquarters to discuss about 85 large projects worth about Rs.3.5 trillion. 

Bharat Forge and Punj Lloyd have emerged as the only contenders for a Rs 168 bn mega contract to replace the ageing anti-aircraft guns of the Indian Army.

Coal India subsidiary Eastern Coalfields has proposed raising the prices of lower grades of coal by at least 10% and cutting those of higher grades to match imports. The CIL board has to accept the proposal before it can be put into effect and any price revision may be uniform for coal produced by all subsidiaries.

Reliance Power Ltd, a part of Anil Ambani's Reliance Group, said that it had terminated its agreement to set up the 3,960 megawatt (MW) Tilaiya power plant in Jharkhand, in a setback to India's quest to create large power generation capacities. Reliance Power cited a more than five-year delay in land acquisition for the plant and a related coal block for scrapping the project.

Homegrown auto major Mahindra & Mahindra has slashed the price of its electric small car 'e2o' by Rs 92,000 following the launch of a central government scheme offering incentives on electric and hybrid vehicles.

Tata Steel has come one step closer to facing a strike in the UK, with the unions giving the steel company official notice about their intention to begin balloting thousands of members for industrial action next month.

NTPC Ltd's board of directors approved an investment of Rs 17.8 bn for the Anantapur Solar PV Project, Stage-I (5x50MW) in Andhra Pradesh.

Wockhardt Ltd will recall medicines manufactured at its Chikalthana and Waluj factories in Aurangabad, Maharashtra, from the US market ahead of a potential import alert by that country's drugs regulator.

State owned Bank of India has raised 750 million by selling offshore bonds at a yield of 3.218% with five year maturity.

Singapore's sovereign wealth fund GIC said it is acquiring 63.9% stake in the Mumbai-based realty firm Nirlon Ltd for Rs12.80 bn.

The Union Ministry of Environment and Forests has given green clearance to Petronet's proposed liquefied natural gas terminal at Gangavaram Port in Andhra Pradesh. The project is likely to see an investment of about Rs 45 bn.

Sun Pharma gets US FDA nod for painkiller Oxymorphone hydrochloride.

 

PTC India Financial Services & International Finance Corporation collaborate to boost financing for renewable energy projects. 

Bajaj Auto Limited is planning to roll out higher cc bikes going up to 500-cc to consolidate its market share.

 

Puravankara Group and private equity firm ASK Investment Advisors have acquired a land parcel here for the former’s affordable housing arm ‘Provident’.

 

Kumar Birla set to takeover’s as chairman on Century Textile, Enka; board meet on May 5. 

Kalpataru Power bags new orders worth Rs 765 crore.

 

CRISIL’s board approves buyback of equity shares up to Rs 102 Cr. Buyback of equity shares will be done at maximum Rs 2,310/share.