Corporate Announcement

The Fertiliser Ministry has allowed swapping of natural gas from the KGD6 reserve being supplied to Rashtriya Chemicals and Fertilizers (RCF) units located in Maharashtra with regasified liquefied natural gas (R-LNG), thereby facilitating an additional supply of 2.2 mscmd to Andhra Pradesh and Telangana, according to an official release.

The indefinite strike announced by port and dock workers from March 16 against corporation of major ports has been called off.

Stepping up its pressure, regulator Sebi has asked all listed companies to mandatorily appoint at least one woman director on their boards by the end of this month, failing which they would face regulatory action.

Government will allow commercial mining of coal by private companies after allocating mines to public sector companies and auction to specific end users.

With most State-level clearances in place after several years of wait, ITC is now waiting for the Environment Ministry's approval for the Rs. 35 bn expansion of its mill in Andhra Pradesh.

Quashing of the Securities and Exchange Board of India (Sebi)'s order against DLF, which banned the property giant from accessing the capital market, has opened new avenues for raising funds and reducing of its debt.

The Forward Markets Commission (FMC) has sought clarification from the Multi Commodity Exchange (MCX) on the proposal to appoint Balasubramaniam Venkataramani as managing director and chief executive officer.

The State Bank of India (SBI) is likely to turn down a $1-billion loan request from Adani Enterprises for a $7-billion coal project in Australia, scrapping a preliminary deal signed last year. SBI fixed Rs 295.59 per share as price for its forthcoming over Rs.2900 Cr preferential issue to government as part of its capital infusion plan this fiscal.

Buoyed by recovery in the medium and heavy segments and an uptick in the economy, Tata Motors expects about 10-15 per cent growth in its commercial vehicles sales during next fiscal.

The government has put on hold the award of five nonoperational coal blocks bagged by companies like Hindalco Industries, Jindal Steel & Power and Jaypee Cement at close to the ceiling prices during an auction last week.

Mafatlal Industries has served a legal notice on over 300 business concerns, including fabric manufacturers, distributors and dealers, for trademark infringement.

Mangalore Refinery and Petrochemicals Ltd (MRPL) plans to shut a 120,000 barrel per day crude distillation unit (CDU) for about 10 days from early April for planned maintenance.

Larsen & Toubro expects to bag at least two thermal projects out of the 12 which are likely to come up for bidding over the next one year.

Shakti Pumps is aiming to clock revenue of Rs 50 bn within next five years with the help of overseas acquisitions to strengthen its global footprint.

Standard Life may raise its stake in Indian joint venture HDFC Standard Life to 35%, with Parliament having approved legislation that lifts the ceiling on overseas investment in the sector. The British company may buy a 9% stake from partner HDFC Ltd, at Rs.105 a share.

 

Cairn India has received an order from the Income Tax Department seeking Rs.20,495 Cr for alleged failure to deduct withholding tax on purported capital gains arising in 2006-07 to its former parent, Cairn UK Holdings. 

Wipro Infotech is planning to launch business process outsourcing (BPO) services in India with a  focus on transaction processing.

 

Fortis plan to divest a stake in its Singapore asset, RadLink-Asia Pte Ltd, and its subsidiaries to  Medi-Rad Associates has hit a wall, with the country’s Competition Commission ruling against the deal.

 

Union Bank of India opened its British subsidiary, with plans for a balance sheet of up to $1 billion in the next few years, and the potential for further expansion into Europe.

 

Natco Pharma has received approval for the generic hepatitis C medicine sofosbuvir tablets of 400 mg from the Drugs Controller General-India (DCGI). The company would market the product through strategic partners in India.

 

Power distribution utilities in Bihar, Haryana, Madhya Pradesh and Uttarakhand have sought tariff hikes ranging from 15% to 26% from April 1, while those in Andhra, Gujarat, Maharashtra and Telangana have asked for 3% to 8% increase.

 

Dena Bank runs the risk of negative rating action if the government, its major owner with 58 per cent stake, does not infuse additional equity capital in 2015-16, according to India Ratings.

 

Govt allows swapping of KG-D6 gas being supplied to RCF units in Maharashtra with RLNG.

 

McNally Bharat allots 30 Lakh warrants to promoter Williamson Magor.

 

REC incorporates 3 Project Specific SPVs as subsidiary company of REC.