Corporate Announcement

Finance Minister Arun Jaitley said the proposal to allow railways and highways to issue tax-free bonds has been cleared. He, however, did not disclose details about the bonds.

The government has allowed pharmaceutical companies to hike rates of 509 essential medicines used for treating various ailments like diabetes, hepatitis and cancer by 3.84 per cent with effect from April 1.

The Reserve Bank of India (RBI) notified the increase in foreign direct investment (FDI) limit in the insurance sector to 49%, following government approval for the same last month. 

The Reserve Bank of India on Tuesday moved in to liberalize the bond market, permitting companies to sell rupee-denominated bonds in overseas markets, which essentially shifts the exchange rate risk from the bond seller to the buyer.

Income Tax collections are expected to fall short by an estimated Rs 90bn because of a huge shortfall in the overall TDS mop up in the just concluded 2014-15 fiscal.

Government has acquired IFCI's 60mn Preference shares of Rs 10 each from certain scheduled commercial banks and has consequently increased its holding from 47.93 per cent to 51.04 per cent of the paid-up share capital.

A group of investors led by bulge-bracket private equity firm Advent International along with Temasek, the investment company of the government of Singapore, are set to buy the consumer business of Crompton Greaves, said multiple sources who are directly involved in the deal.

The Rs 15.5bn share sale in Rural Electrification Corporation (REC) was subscribed more than 5.5 times due to demand from domestic institutions and investors.

Paving the way for the proposed merger of Sesa Sterlite Ltd with its unlisted subsidiary Sterlite Infra Ltd, the Madras high court gave its nod to the proposed Scheme of Amalgamation of the two companies, the company said. 

Cadila Healthcare plans to seek "an enabling approval" from its shareholders to raise up to Rs 100bn via issue of different securities.

Electrosteel Castings Ltd has informed that they have handed over the Parbatpur coal block along with other assets with effect from April 01, 2015.

GMR Group has approached the Reserve Bank of India for approval to allow its foreign investors to transfer compulsorily convertible preference shares of GMR Airports to the company at fixed return rates.

GVK Power & Infrastructure Ltd today said one of its promoters, Vertex Projects Ltd, will increase its stake in the company to 15.24 per cent. The promoter will buy 100 mn equity shares or 6.33 per cent stake, in the company at market price.

Gujarat NRE Coke announced the Company has considered and approved the allotment of 11,77,004 equity shares of Rs. 10 each at Rs. 11.01/- under CDR package. 

IOC is set to spend about Rs. 45,000 Cr over three years to build petrochemicals plants and LNG terminal, lay pipelines and upgrade its refineries, aided by a deregulation of fuel sales and oil price crash that have helped slash its debt. 

Infosys is set to permanently scrap providing quarterly revenue guidance and stick to annual forecasts.

Axis Bank has cut base rate by 20 basis points (bps), from 10.15 per cent to 9.95 per cent with effect from April 13. As a result, all loan rates will reduce by 20 bps.

Astra Microwave incorporates wholly owned subsidiary "Aelius Semiconductors Singapore" to carry on business in areas of high end microwave integrated chip business. 

RBI Notifies 49% FDI in India Insurance Sector (Max India, Reliance Capital etc in focus).

SREI Equipment Finance to raises up to Rs. 500 Cr.

DLF challenges SEBI order imposing Rs. 26 Cr fine.

Tata Motors Says No Plans To Sell Majority/Strategic Stake In Tata Technologies.