Corporate Announcement

Declining for the second month in a row, the output of eight core industries contracted by 0.4 per cent in April on poor performance of electricity, cement, refinery products and fertilizer sectors. Coal and steel were only two sectors that saw some growth, while crude oil and natural gas also recorded lower output in April. The overall growth of eight core industries in the entire 2014-15 fiscal stood at 3.5 per cent against 4.2 per cent in the previous fiscal.

The government has withdrawn a critical preference given to PSU entities that manufacture defence goods, a measure that will help attract private capital to the sector and boost job creation by creating a level playing field. The government has issued a notification to withdraw the excise and customs duty exemptions enjoyed by the Ordnance Factory Board and public sector units in defence sector.

The country's overall exports of textiles and clothing stood at $41.4 bn in FY15 but fell short of the target of $45 bn, according to the Textiles Export Promotion Council (Texprocil). Last year, the exports of textiles and clothing stood at $39.31 bn against the export target of $43 bn.

Reliance Industries has sold its entire 49.9 per cent interest in a US shale oil and gas pipeline joint venture to New York-listed Enterprise Products Partners for USD 1.073 bn. 

Lupin Ltd and Cipla Ltd are among the companies bidding for top Belgian drug maker UCB SA's US generic drugs business, citing unnamed people with knowledge of the matter.

Reliance Communications is pursuing multiple deleveraging options, especially in non-core assets, which should help it lower net debt-to EBITDA ratio to almost 3.5 by March 2017.

German agrochemical firm Bayer CropScience has acquired Hyderabad based SeedWorks India Pvt Ltd, which specialises in breeding, production, and marketing of hybrid seeds of tomato, hot pepper, okra and gourds. In FY14, the company generated sales of Rs 1.04 Bn (Euro 12 mn).

Travel services provider Thomas Cook India's subsidiary Quess Corp entered into a pact with Qatar-based Transfield Services (Qatar) WLL to acquire 49 per cent stake for an undisclosed amount.

The Reserve Bank has allowed foreign investors to invest up to 40 per cent of the paid up capital in Adani Ports and Special Economic Zone Ltd (APSEZ) under the Portfolio Investment Scheme (PIS).

Hero MotoCorp said its sales for the month of May fell 5.4 percent from a year earlier.

Oil and Natural Gas Corporation will explore four of its coal bed methane blocks on its own. This will require an investment of Rs 50 Bn.

Aurobindo Pharma has received approval of the US Food and Drug Administration (FDA) to manufacture and market Metronidazole tablets in the American market. 

Bharat Heavy Electricals Limited and Telangana State Power Generation Corporation Limited have signed up to set up a 4,000 MW ultra mega power project at Damarcharla in Nalgonda district of Telangana.

Tata Steel has bought a portion of the first steel rail track rolled out from its Jamshedpur unit in 1912 at an auction at the Sotheby in UK.

 

Reliance Capital may spin off its health insurance unit into a separate company and amalgamate it with Cigna TTK, a move aimed at boosting the performance of its general insurance business.

 

Amtek Auto has completed acquisition of the iron & aluminum casting, forging and machining business of Japanese company Asahi Tec Corporation

 

Sadbhav Engineering says Maharashtra government exempts LMVs & state buses from toll fee on Aurangabad - Jalna toll way.

 

Bajaj Auto plans to bring in some action in the ageing middle segment of its motorcycle portfolio in the second half of the current fiscal.

 

State Bank of India has reduced interest rates on car loans by 25 basis points for its women home loan borrowers. 

Bank of India will re-enter the investment banking space with the aim to tap more fee based income.

 

IOC halves 2015 - 16 term crude import deal with Kuwait to 1 lakh bp.

 

Reliance Communications to monetize non-core assets to bring down debt

 

BHEL says the price for Yadadri TPS project finalized at Rs. 17,950 Cr between TSGENCO & Co.