Corporate Announcement

To bring states on board for rollout of Goods and Services Tax (GST) by 2016-17, the Cabinet has approved the release of Rs.330 bn in tranches to states and Union Territories to compensate them for revenue loss on account of cut in Central Sales Tax (CST) for three financial years up to 2012-13.

The environment ministry on Tuesday revoked a three-year-old order that resulted in a ban on mining in Goa, paving the way for resumption of iron ore extraction in the coastal state. The move comes amid a slump in commodity prices to a 12-year low, slackening demand and a global glut in iron ore, muting industry reaction to the possible resumption of mining and exports.

The Union Cabinet on Tuesday approved a Bill that seeks harsh penalties and rigorous imprisonment for those having unaccounted money abroad. The Bill, seeking to tighten the noose even on banks and financial institutions abetting such offenders, may even be tabled before Parliament goes for a recess from Saturday for a month.

Government has decided to bring down its holding in public sector banks (PSBs) to 52 per cent in a phased manner to ensure that capital needs of banks are taken care of. The government will continue to support those banks with alternative strategies which will still not be able to raise capital," Minister of State for Finance Jayant Sinha said in a written reply to the Rajya Sabha.

India's current account deficit will "hopefully" be less than 1% of gross domestic product (GDP) in the fiscal year that begins in April, finance minister Arun Jaitley told lawmakers on Tuesday.

The government's assured revenue from the auction of telecom spectrum stood at Rs.1070 bn at the end of the 74th round, on the 12th day of bidding. On Monday, bids stood at Rs1030 bn. The auction will continue on Wednesday.

Ahmedabad-based pharma major Cadila Healthcare (Zydus Cadila) has announced that it launched an oral therapy called 'SoviHep' to treat Hepatitis C that would be marketed by the specialty division of the group, Zydus Heptiza.

Kept waiting by the government on the allocation of two coal blocks for which Jindal Power emerged the winning bidder, Ravi Uppal, managing director and chief executive of Jindal Steel & Power, the holding company, has said the government should respect the outcome of its own auctioning process.

Delhi International Airport Ltd (DIAL), a subsidiary of GMR Infrastructure, has exited from cargo services at the Delhi airport by selling its entire stake to India Infrastructure Fundfor Rs 290 mn. 

Madhucon Projects Ltd has informed BSE that the company received the letter of award from National Highway Authority of India (NHAI) for a Rs.3.97 bn road project in Tamil Nadu.

India's third largest software exporter Wipro has picked up a minority stake in US-based cloud solutions startup Drivestream Inc for $5 million - its first venture investment in a startup after it launched a $100-million corporate venture last year.

In a major setback to Financial Technologies, parent of the scam-hit National Spot Exchange (NSEL), the Bombay High Court on Tuesday dismissed its motion seeking to restrain the government from moving the Company Law Board to supersede its board of directors.

IRB Infrastructure Developers has tied up finances of Rs.1,756 Cr to fund a project with a total cost of Rs 3,177 Cr.

 

Future Consumer Enterprise plans to Rs.100 Cr through issuance of secured raise ` nonconvertible redeemable debentures (NCDs) on a private placement basis.

 

Jet Airways will become the first private carrier in the country to launch dedicated freighter operations.

 

Granules India has requested Luxembourg Stock Exchange for de-listing of GDR since there are no outstanding GDR following the conversion into equity shares.

 

Aarti Drugs board to meet on March 26th to consider & approve allotment of 1.2 Cr Equity shares as Bonus issue in proportion of 1 new share for every 1 held.

 

GSFC to invest Rs.100 Cr in nylon fibres manufacturing.

 

TCS sets up 1000-seater unit in Singapore to focus on BFS space. 

Supreme Court adjourns hearing in DLF Vs CCI case indefinitely objects to DLF's plea being taken up out of turn seeks explanation from registry for plea's out of turn listing.

 

Infosys open to bigger buys of upto $700million. Looks to gain a firmer foothold in Japan.

 

Wockhardt fails to get patent for osteoarthritis drug.