Corporate Announcement

The Narendra Modi government is considering a "painless" revamp of the kerosene subsidy to complete the fuel pricing reforms that have resulted in significantly reducing the burden on the exchequer. A plan prepared by the Expenditure Management Commission (EMC) is being examined as one of many options, a senior government official told. 

The civil aviation ministry has dropped its plan to regulate airfares. The decision, which spells a relief for airlines, came after the ministry's analysis of lowest and highest fares showed fares have come down or only marginally increased in the past few years. 

State-run monopoly Coal India plans to cut its workforce by nearly a third and reduce the average age of executives from 47 to 30 in five years, as it seeks to get nimble and more efficient to face competition from the private sector amid falling international prices of thermal coal. 

NRI billionaire Lakshmi Mittal-led ArcelorMittal partnered PSU giant SAIL to set up an automotive steel plant with an estimated Rs 50 bn investment, taking a fresh shot at entering India after nearly a decade-long wait for its earlier projects to take off. 

Bharat Petroleum Corporation announced that BPCL has entered into a term loan agreement with State Bank of India to set-up a rupee loan facility. The facility will be used to finance capital expenditure on the Company's ongoing and new projects. Under the facility, BPCL can avail a loan of up to Rs. 40 bn which can be drawn over a period of 3 years. The loan carries a floating rate of interest linked to base rate and has a door to door maturity of 10 years. 

Fair trade regulator CCI has rejected allegations of unfair business practices against Bombay Dyeing & Manufacturing Company and two real estate developer groupings. The complaints were filed against Bombay Dyeing & Manufacturing Company, Confederation of Real Estate Developers Association of India (CREDAI) and Maharashtra Chamber of Housing Industries-CREDAI.

Fair trade regulator Competition Commission of India (CCI) has ordered a probe against realty firm Jaypee Greens for alleged violation of the competition norms in a housing project in Greater Noida. 

At a time when its offline sales are facing rough weather, two-wheeler major Hero MotoCorp has clocked sales of 100,000 motorcycles and scooters on online marketplace Snapdeal. At an average of Rs 50,000 for each unit, the value of the sales achieved online would be approximately Rs 5 bn.

After developing cold feet over the proposed $10.8 billion steel, power and mining project in Afghanistan, conceived in November 2011, the SAIL led consortium of leading Indian steelmakers has now decided to scrap the project altogether, expressing doubt over its technical and economic feasibility and citing security concerns.

After announcing solar parks in Gujarat and Rajasthan, Adani Power has firmed up plans to set up a 1,000-megawatt (Mw) one in Tamil Nadu. The proposed energy park is likely to attract around Rs 70 bn investment.

Reliance Retail, part of Reliance Industries plans to borrow Rs. 4,500 Cr through term loans and debentures to build its ecommerce business and accelerate store openings in select formats as rivals intensify their efforts to expand market share also Reliance Industries plans to fully resume its petrol pump network by March 2017.

 

French energy company Total is in preliminary talks with Mangalore Refinery and Petrochemicals (MRPL) for partnership in fuel retailing in India.

 

NBCC has approved a sale of 10 percent stake through public offer that will help the company raises over Rs 900 Cr to fund business expansion. 

Camlin Fine Sciences plans to set up a new facility at Dahej Special Economic Zone for manufacturing 9,000 tonnes per annum of hydroquinone and 6,000 tonnes per annum of vanillin at an estimated investment of Rs. 185 Cr.

 

BSE announces reconstitution of benchmark Sensex Index w.e.f June 22. BSE will add Lupin to Sensex index and remove Tata Power from the index.

 

Kernex Microsystems signs MoU with MRT signals to combine their strengths, resources & professional capabilities.

 

ED takes action against Electrosteel Castings in coal block allocation case.