Corporate Announcement

After setting up a committee to examine past cases of minimum alternate tax (MAT) on foreign institutional investors (FIIs), the Income Tax Department put on hold all fresh notices in these cases.

Sensing the hostile mood of Opposition parties, the government has agreed to send the constitutional amendment Bill for a goods and services tax (GST) to a committee of the Rajya Sabha. It is also likely to send the contentious Bill on land acquisition to a panel of members from both chambers of Parliament.

Amidst din over demand by Congress MPs seeking resignation of Union Minister Nitin Gadkari, the Coal Mines (Special Provisions) Bill 2014 was withdrawn by the government from the Rajya Sabha.

Royal Enfield, a subsidiary of Eicher Motors, acquired UK based Harris Performance Products Ltd, a motorcycle design and engineering firm for an undisclosed amount. Royal Enfield will acquire all assets, employees, trade names, technical know-how and intellectual property of Harris Performance Products Ltd.

IVRCL, won turnkey engineering, procurement and construction (EPC) order worth Rs 36.24bn from the Ministry of Interior, Kingdom of Saudi Arabia. IVRCL said that the work would require construction of 513 buildings which will include work such as execution of civil, structural, architectural, electrical, sanitary, air-conditioning and mechanical works.

Anticipating easing of Western sanctions against it, Iran is acting tough over giving state- owned ONGC the rights to develop the Farzad-B gas field in the Persian Gulf.

Larsen & Toubro has signed a technology transfer agreement with South Korea's Hyundai Heavy Industries to build carriers for liquefied natural gas (LNG) at its shipyard at Kattupalli, near Chennai.

Even as global iron ore prices have shown some upturn in recent times, state-run NMDC has decided not to increase the rates for the current month due to sluggish demand from domestic steelmakers. The company has decided to move ahead with the existing prices of Rs.3,050 per tonne for lumps and Rs.1,960 a tonne for fines for May. 

Tata Steel has signed supplementary lease deeds for six iron and manganese ore mines falling under Joda circle in Keonjhar district. After the execution of lease deeds, the six mines that are poised to restart operation are Joda West, Joda East, Manmora, Khandabandh, Tiringpahad and Bamebari. All these six mines were affected by the Supreme Court order in May 2014.

Orient Cement Ltd is on the look-out for buying a cement plant of about two or three million tonnes. The idea behind scouting for acquisition was to ramp up the total production capacity to about 10 million tonnes. 

Lanco Infratech, GMR Energy, Torrent Power, GVK Power and Ratnagiri Thermal Power are among companies that have applied for supply of imported gas for their power plants that have stopped production due to non-availability of the fuel.

Private equity giant Tiger Global offloaded 2.1% stake in local search Rs 161 Cr engine Just Dial for a little over through an open market transaction.

The government has issued a gazette notification to cancel allocation of one of the coal mines attached to Reliance Power's Sasan ultra mega power project (UMPP) and has withdrawn the permission to use excess coal in two other mines to fire another power plant of the company.

 

Adani Enterprises said Gujarat High Court has approved restructuring of the group’s businesses involving ports, power, mining and transmission assets.

 

IVRCL bags Rs 3624 cr project in Saudi Arabi to construct residential complexes. 

Eveready Industries is betting big on the LED lighting business, which it expects to account for at least 30 per cent of its turnover, or around Rs. 700 Cr, in three years.

 

Gulf Oil International (Mauritius) Inc, a promoter group entity of Gulf Oil Lubricants, has increased its stake in the company to 64.94 % from 62.5 % by acquiring shares in the open market through block deals.