Corporate Announcement

Finance minister Arun Jaitley indicated that the proposed goods and services tax (GST) will be much lower than the 27% figure that has been mentioned, as the government won Lok Sabha approval for a constitutional amendment bill to roll out the indirect tax reform starting next year.

With an aim to expedite FDI clearance process, the government enhanced FIPB's powers to recommend foreign investment proposals of up to Rs.30bn, more than double of Rs12bn limit at present.

The Modi government has radically enhanced and transformed top bureaucracy's role in project implementation and potentially reduced ministerial involvement, secretaries from different, in some cases widely different, ministries have been teamed up into eight working groups and each group has been tasked with getting fast results on crucial projects.

The Union Cabinet gave approval to three mega social security initiatives - - one pension and two insurance schemes -- to be launched by Prime Minister Narendra Modi on May 9.

To help lenders deal with defaulting borrowers, Sebi has notified new norms for banks to convert their debt into equity in distressed companies -- a move that may lead to a sharp rise in restructuring of bank loans.

Notwithstanding US objections, India went ahead with the signing of an agreement with Iran for the development of the strategically important Chabahar port which will give India sea-land access route to Afghanistan bypassing Pakistan.

The coal ministry is considering a proposal to de-allocate a surplus coal block attached to Reliance Power's 4,000-Mw Sasan Ultra Mega Power Project (UMPP) and is working on modalities to cancel possible diversion of another four million tonnes per annum in the project's other two mines that are now operational.

NTPC will raise USD 1 billion through foreign currency bonds this year to expand its power generation capacity, particularly in renewable energy segment.

Suprajit Engineering has decided to acquire 51 per cent in Phoenix Lamps for about Rs1.25 bn and will soon make an open offer to acquire an additional 26 per cent.

Sujana Towers Limited has decided to divest its towers business to Agarwal Steel Structures (India) Private Limited, a Hyderabad-based company.

Zuari Agro Chemicals Ltd is in the midst of raising up to $900 million to fund its ambitious plan to set up a fertilizer plant in the United Arab Emirates (UAE), two people familiar with the development said.

Shoppers Stop is planning to invest Rs.500mn in its e-commerce business in the next two years, expecting the new channel to generate 10 per cent of its annual turnover.

Sahyadri Industries Limited plans to invest Rs1.4bn to set up an ultramodern non-asbestos flat sheets integrated plant at Vijaywada.

Life Insurance Corporation of India has upped its stake by 2% in NMDC. With the purchase of additional 79.83 million shares, the LIC's shareholding in the company rose to 10.124% from the previous 8.111%.

Amara Raja Batteries Ltd is considering another manufacturing plant with a capacity of over 11 million units per annum, more than doubling the current installed capacity for two-wheelers.

Infosys has proposed a significant expansion of its operations in Bengaluru, adding about 21,500 seats at the Electronics City software hub by spending around Rs. 2,000 Cr.

Deepak Fertilisers has sold 25.56 lakh shares of Mangalore Chemicals and Fertilzers (MCFL) in last 15 days through open market transactions for Rs. 22 Cr. 

The government is not considering restoring nearly 8,000 square km to Cairn India that the firm had surrendered in the prolific Rajasthan oil block. 

Grasim Industries will seek shareholders nod for merger of Aditya Birla Chemicals with company on June 10.

Opto Circuits India’s US arm Cardiac Science has received US health regulator's clearance to market its new automated external defibrillator (AED) in the American market.

Federal Bank enters pact with New India Assurance to provide cheaper accident coverage to its savings account holders.

7 more scrips to trade in F&O segment from May 29. Amara Raja Batteries, Castrol India, Ceat Tyre, Bajaj Finance, Pidilite Industries, Page Industries, SRF.