Corporate Announcement

India's top iron ore producing state Odisha is likely to renew the licences of 18 iron ore mines shut since 2014, a state official said on Saturday, in a boost for local steel producers.

The auction and allotment of 67 coal blocks so far has unlocked a total value of nearly Rs. 4 Tn, coal Secretary Anil Swarup said. "Out of 67 blocks auctioned or allotted, a total benefit of Rs. 3.35 Tn is for states and another Rs. 690 Bn will be unlocked by way of tariff benefit to the consumers," Swarup said at the Coal Consumers Association of India

interactive session.

The government said it has released over Rs 374 Bn to states for 2015-16 as the first instalment of devolution as per the 14th Finance Commission recommendations, with Uttar Pradesh getting the highest share.

Troubled shipbuilder ABG Shipyard is looking for a white knight and it's now pinning hopes on India's richest man Dlilip Shanghvi for a bailout.

TVS Motors, is in talks with the Andhra Pradesh government to set up one of its largest forging units close to Krishnapatnam port on the state's southern coast.

Dr Reddy's Laboratories Ltd is entering into a definitive agreement to acquire a select portfolio of Belgium-based pharmaceutical firm UCB in India for Rs 8 Bn.

Mahindra & Mahindra Ltd has stopped selling pick-up trucks and sports utility vehicles in Brazil, seven years after it entered the market, due to factors including changes in local regulations, an executive said.

GMR Infrastructure Ltd will acquire shares from investors in its subsidiary GMR Airports as the company looks to consolidate its holdings. GMR is a diversified group with presence in airports, power and other sectors.

Shree Renuka Sugar's Contract workers at Haldia sugar refinery facility of Shree Renuka Sugars Ltd staged protest following non-renewal of their service contracts.

Tata Steel said its joint venture Tata Steel Minerals Canada has acquired the remaining 49 per cent stake in the Howse iron ore deposit in Canada for close to Rs 250 Mn.

Bosch hit by sluggish demand has decided to suspend production of various equipment, including diesel products, at its Bangalore facility in order to minimize operating cost.

Adlabs Entertainment which recently concluded its initial public offer (IPO), will make its debut on the stock market.

Oil and Natural Gas among three dozen global energy majors vying for oil and gas blocks in Mexico's maiden licensing round. 

Cairn India plans to treble natural gas production from its predominantly oil-rich Rajasthan block to 3 mn standard cubic meters per day by mid- 2018.

Mangalore Refinery and Petrochemicals Ltd is now ready to cater to the demand for polypropylene, used in the automobile, the textile and the plastic manufacturing industry, in the south Indian market after the Union Minister of State for Petroleum and Natural Gas Dharmendra Pradhan commissioned its polypropylene manufacturing unit.

Piramal Enterprises (PEL) stated it had entered into an agreement to sell its Hyderabad-based clinical research division, Piramal Clinical Research (PCR) (formerly known as Wellquest), to Indoco Remedies Limited (Indoco) on a going concern basis for cash.

 

Abbott has rolled out its professional version of the Flash Glucose Monitoring System. A glucose assessment tool, it takes a more focused approach to diabetes management by putting the doctor in charge.

L&T has secured an order worth Rs.5,580 Cr from NTPC to set up a 1,320-MW greenfield thermal power plant in the Khargone district of Madhya Pradesh.

 

Apollo Tyres will consider listing its international assets abroad, and look at entering China as it ramps up ambitions to be one of the world’s top 10 tyre manufacturers. 

US economy added 126,000 non farm payroll jobs in March, the slowest monthly increase since December 2013 (109k).

US jobless rate held at 5.5% as companies sought to bring U.S. headcounts in line with an economy that throttled back at the start of the year. Labor force participation rate (LFPR) declined by 0.1% to 62.7%.

HSBC/ Markit China Services PMI inched higher to 52.3 in March compared with 52.0 in February. 

Titagarh Wagons seeks shareholders' nod for raising INR 2.5bn through equity placements with qualified institutional investors.

Amara Raja Batteries commission’s 4-wheeler automotive battery plant with an installed capacity of 2.25mn per annum, total capacity reaches 8.25mn per annum

Dena Bank plans lower price to sell around INR 5bn NPAs. As of Dec-14, gross NPAs stood at 5.61%, while net NPA was at 3.97%.

Lloyd Electric to hike ad spends, eyes 10% market share of AC market; to set up another AC manufacturing plant at Ranipet near Chennai with capacity 0.2 mnpa.

Diageo to buy Mallya's remaining 50% stake in United National Breweries for an initial payment of US$ 22mn and a potential earn-out payment of up to US$14mn.