Economic Survey projected India's GDP growth rate at 8% plus in FY16. As per the survey, the new political authority, policy reforms, low inflation leading to low interest rates, and the prospects of a good monsoon are together likely to accelerate India's growth rate to 8.5% growth in FY16.
Telephone Regulatory Authority of India (TRAI) in its latest draft amendment has proposed to cut the highest charges that can be imposed on local calls during roaming. TRAI has proposed reduction in tariff of about 35% for call and up to 80% for texts for roaming services on cell phones.
Tata Motors has announced a Voluntary Retirement Scheme (VRS) for its workmen. The company will offer "generous benefits" to personnel opting for the scheme, its second such since January 2014. The benefits include payout (basic + DA), ensuring a monthly income as opposed to one-time payment. The company will also offer medical insurance cover for 10 years, after the separation. This is in addition to normal retirement benefits such as provident fund, gratuity, encashment of availed leaves and leave travel allowance
Power Grid Corporation of India won the Rs 6,000-crore Gadarwara A & B project in Madhya Pradesh. The project would evacuate the power generated from the upcoming 1600 MW thermal power project of NTPC. There were 11 players in the fray with two European firms as well. Only four companies, including Power Grid, submitted bids. Power Grid won by submitting the lowest bid - 25 per cent lower than the average of bids made by the other three bidders. Power Grid order book is over Rs 1.3 lakh crore of central- and state-funded projects.
National Buildings Construction Corporation (NBCC) signed an agreement with the Delhi Development Authority (DDA) to develop a 30-hectares mega project that will also house the tallest tower in the capital. The project is accepted to complete within three years, post getting the statutory approvals. This would be the first project based on Transit Oriented Development (TOD) norms and Smart City features. NBCC will be paid project management consultancy and marketing fee.
Aditya Birla Nuvo's Ammonia/ Urea Plant in Uttar Pradesh has been shut down due to policy of the Government of India for production beyond 100% quantity as permissible under the Pricing mechanism. The company will took maintenance activities during the shutdown. The Plant will remain under shut down till first week of April, 2015.
ABB, the first company to reach sales with a cumulative capacity of 1 Gw (gigawatt) solar inverters. The company marked the same with the roll out of an order for Tata Power Solar's project for Kiran Energy Solar Power at its manufacturing facility in Nelamangala. ABB is among the largest suppliers of solar photovoltaic inverters that play a key role in converting sun's energy into electric current.
Coal India Ltd (CIL) approved 207% interim dividend (Rs20.7/share) for FY2014. This would result a total outgo of Rs130.7bn, of which Centre would receive Rs10.4bn. The government will also get an additional Rs25.3bn as dividend distribution tax. This is the second highest dividend payout of the company after 290% for 2013-14.
Magma Fincorp Ltd, decided to raise funds by way of issuance of preference shares worth Rs.1.5 bn. The instruments would be issued on private placement basis for seven years.
Canara Bank will raise Rs. 570 Cr through preferential allotment of shares to the government to fund its business growth. The issue price for the preferential allotment would not be less than Rs. 408.95 per share of the face value of Rs. 10 each.
Alstom T&D India flagged off the country’s first ‘Made in India’ 800 kV High-Voltage Direct Current (HVDC) convertor transformer for the Champa-Kurukshetra UHVDC link, from its Vadodara-based transformer manufacturing facility in Gujarat.
Bhushan Steel has entered into sale & lease back arrangements of its oxygen plants situated at its steel division, at Meramandali in Odisha.
Dewan Housing Finance Ltd (DHFL) QIP issue closes, issue price at Rs. 478.18/Share. The QIP issue price at discount of 3.39% to floor price of Rs. 494.95/Share.
SKS Microfinance completes 5th Securitisation in FY15 of Rs. 89.57 Cr. SKS Micro total sum of securitisation done in FY15 at Rs. 864.70 Cr.
Mahindra CIE automotive to shut down 1 manufacturing plant in Germany as part of a turnaround strategy in Europe.
Karnataka Bank signs MoU with INTECH for financing electronic weigh bridges & other automation projects
Siti Cable launches QIP issue, floor price set at Rs. 36.41/Share.
Electrosteel Castings have delisted company's GDRs from London Stock Exchange.
US GDP expanded at a 2.2% annual pace in 2QCY14, revised down from the 2.6% pace estimated earlier.
University of Michigan's final February reading on the overall index on US consumer sentiment was 95.4, higher than the initial reading of 93.6.
National Association of Realtors showed contracts to purchase previously owned homes in US rose 1.7% in January to their highest level in 1-1/2 years.
Euro zone consumer prices fell 0.1% in February, but the drop was not as marked as last month when prices fell by 0.5%, preliminary data.
Sadbhav Engineering wins INR 4.6 bn project from NHAI for four-laning a section of NH-65 in Haryana; company has 3,500 lane km under construction.
Minda Industries enters JV with Japan's Kosei worth INR 3 bn to manufacture aluminum alloy wheels with capacity 1 mn pieces per annum.
Tech Mahindra aims to become a 'design house' in aerospace sector and defence sector in the next 3-4 years.
The Forward Markets Commission (FMC) allows Reliance and Axis mutual funds (MFs) to hold up to 5% stake each in MCX.
Sirpur Paper Mills referred to BIFR following a reference made by the company as its net worth had eroded.
Nippon Life completed its acquisition of 9% additional stake in Reliance Capital Asset Management (RCAM) for INR 6.57bn, taking its totaled equity to 35%
Tata Motors announced a Voluntary Retirement Scheme (VRS) for its workmen.
TVS Motors’ inks pact with Kangra Co-operative Central Bank in Himachal Pradesh to finance purchase of two-wheeler.
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