The Power Ministry expects the empowered pool management committee to be in place within a month to enable stranded gas-based power plants get imported gas at affordable rates.
Ford Motor Company's Indian arm has inaugurated its second factory in this country at Sanand near Ahmedabad. The company said it had planned to establish India as an export hub. Also, it wanted to triple its exports from here over five years.
NTPC has launched its Rs 103 Bn issue of bonus debentures. A replica of the bonus debenture certificate was presented to finance minister and power and coal minister by the NTPC management. The government received 6.2 Bn debentures amounting to Rs 77.3 Bn.
Gayatri Projects has won a new order worth Rs1.75bn from Hyderabad Growth Corridor Limited. The project entails the construction of balance work of eight lane access controlled express way as Outer Ring Road to Hyderabad City, India, in the stretch from Shamirpet to Keesara with the loan assistance of Japan International Cooperation Agency (JICA).
Pig iron exports by MMTC controlled Neelachal Ispat Nigam Ltd (NINL) are expected to pick up steam within a year mainly on the back of revival in US economy and steady GDP growth rate posted by China. Though MMTC has been floating tenders to export pig iron produced by NINL, it has been struggling to find buyers due to tepid demand in the export market.
In the new mechanism for gas-based power plants, key suppliers GAIL and Gujarat State Petronet (GSPL) might have to forgo 50 per cent of their transmission rate and 75 per cent of marketing margin in supplying imported regassified liquefied natural gas.
Ultratech Cement has said the Rajasthan High Court has “quashed and set aside” a state government order relating to cancellation of a limestone mine owned by a subsidiary of the company named Gotan Limestone Khanij Udyog Private Limited (GKUPL). The company had received an order from the Mines Department of the state government in December last year about cancellation of “transfer and mining lease of the limestone mines.
Lenders to Pipavav Defence & Offshore Engineering have finally approved the much-delayed CDR (corporate debt restructuring) package. They have a loan exposure of close to Rs. 75 Bn to the company.
IL&FS Transportation Networks Limited, signed the Concession Agreement with the Roads & Building Department, Government of Gujarat for development of 8 Railway Over Bridges (ROBs) in the State of Gujarat under PPP Mode on Annuity basis through a subsidiary of the Company. The Project has a Concession Period of 17.5 years (incl. construction period of 2.5 years) at a total project cost of Rs2.51bn.
Coal India will more than double its capital expenditure next fiscal to over Rs 100 Bn to spruce up infrastructure and meet its production target of 1 billion tonnes. For 2015-16, Coal India Ltd (CIL) has firmed up plans to invest close to Rs 50 Bn in infrastructure.
Delhi High Court has observed that the rejection of winning bids of Jindal Power & Steel Ltd (JSPL) for two coal blocks in Chhattisgarh was `prima facie' wrong as the government was making a mistake in comparing the bids with quotes received for other blocks. The government rejected the bids, which were much lower than the price quoted for other blocks, on the ground that they did not reflect the fair value of the blocks. The court in the course of hearings has observed that this did not seem fair, and amounted to comparing apples with oranges.
Dr Reddy's Laboratories is expanding its US offerings from basic generic pills to higher-end products like generic inject able drugs and could make acquisitions of as much $1 billion as it seeks to boost growth.
Insurance Australia Group (IAG) will raise its stake to the maximum allowed 49% in a general insurance joint venture with State Bank of India.
Tata Communications and Indonesia's telecom major Indosat have entered into a partnership for providing communication solutions to business houses in the island nation.
Reliance Communications has lost airwaves in three of the seven circles where its permits are up for renewal, ending the auctions in a weaker shape.
Indiabulls Housing Finance has raised $150 million (Rs. 940 Cr) from Qatar National Bank Group (QNB Group) under external commercial borrowings for low-cost and affordable housing.
Aditya Birla Group will start an e-commerce web site for Pantaloons in the coming weeks to explore the booming online business in India.
Power Grid board approves 4 investment proposals worth Rs. 2,066.45 Cr.
IRB Infra to allot 1.91 Cr shares worth Rs. 440 Cr to QIB’s at issue price of Rs. 230.54 / Share.
Cadila Healthcare acquires 50% stake in Zydus BSV Pharma from Bharat Serums & Vaccines.
Nifty Indices change from today DLF & JSPL excluded while Idea & Yes Bank included.
L&T eyeing acquisitions in IT, Tech services.
SBI raises $100 million from 5-year offshore bonds.
TCS launches app for UK Polls called ElectUK.
US initial claims for state unemployment benefits dropped 9,000 to a seasonally adjusted 282,000 for the week ended March 21
US preliminary or flash Purchasing Managers Index for the service sector rose to 58.6 in March, the highest reading since September, from 57.1 in February.
GfK market research group consumer sentiment indicator, based on a survey of 2,000 Germans, rose to 10.0 going into April from 9.7 in March.
UK Retail sales rose 0.7% in February, their best growth since November and up from 0.1% in January.
Euro zone loans to the private sector fell by 0.1% on the year in February after downwardly revised drop of 0.2% in January.
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