Corporate Announcement

Locally produced gas in India will cost 8 percent less during April September, the government said in a statement, due to a decline in global prices. Prices will be cut to $4.66 per million British thermal units (mmBtu) in the first half of next fiscal year from April on gross heat value basis. It will cost about $5.18/mmbtu on a net heat value basis compared with $5.61/mBtu now.

The growth in output of eight core industries, which has a weight of nearly 38 per cent in the Index of Industrial Production, stood at 1.4 per cent in February, a 17-month low. The cumulative growth of core sectors during April-February stood at 3.8 per cent.

The Cabinet Committee on Economic Affairs approved a policy under which gas would be supplied at a uniform delivered price to all fertiliser plants on the gas grid for production of urea through a pooling mechanism. It was expected the cost of urea production at the pooled price would be less than the price of imported urea, which would encourage existing urea units to produce beyond their reassessed capacity.

The union cabinet has decided to recommend re-promulgation of the land acquisition ordinance originally issued on 29 December that is set to lapse on Sunday, according to a Press Trust of India report citing unidentified government officials. 

Larsen & Toubro (L&T) said it has bagged orders worth Rs 21.01 bn across various segments in March from Public Works Department, Delhi and from Uttar Pradesh Jal Nigam. 

Indian biotechnology firm Biocon Ltd could file a prospectus for a share listing for its research services business arm Syngene International within the next two months.

Neyveli Lignite Corporation Ltd., a Navratna PSU under Ministry of Coal., paid an Interim Dividend of 18% i.e Rs.1.80 per share of Rs 10 each for the financial year 2014-15 to the Central Government. Last year, the company paid an interim dividend of 10% in March 2014.

Videocon d2h Ltd, the satellite television arm of Videocon Group, will have to file a new draft prospectus for an initial public offering in domestic markets after fund raising via American depositary shares (ADS), Saurabh Dhoot, director of the company, told Reuters.

Sajjan Jindal looks set to raise about Rs 20 bn from the sale of a 10-15% stake in JSW Energy to wealthy investors through a qualified institutional placement, said two people with direct knowledge of the plan.

Debt-laden Jaiprakash Power Ventures Ltd has delayed repayment of foreign currency convertible bonds (FCCBs) worth of $200 million by a year, following approvals from bondholders and the Reserve Bank of India (RBI).

The Supreme Court allowed Adani Power to argue its case in the Appellate Tribunal for Electricity. Adani's case is for a higher rate for the power supplied to Haryana's distribution companies.

RIL has signed a production-sharing contract with Myanmar's state-owned Myanmar Oil & Gas Enterprise for two offshore blocks that it bagged through competitive bidding in 2013 also RIL in talks with PE & VC firms to invest in eCom start ups from Israel & Silicon valley.

Bajaj Auto ready to forgo some land in Chakan, to retain the plot. Company to use the “use-by” option, to retain larger plot.

ONGC has reversed the seven-year slump in crude oil output and reported slightly higher supply in the fiscal year that ended yesterday.

JSW Steel drew down $250 million from its existing line of credit with Axis Bank of Rs. 2,200 Cr in the last week of March for expanding its steel-making facility at Dolvi, Maharashtra. 

CCI approves Zuari’s open offer to acquire additional stake in Mangalore Chemicals & Fertilizers.

Shares of Ranbaxy to stop trading on BSE & NSE from today as Co merges with Sun Pharma.

Australian Environmental lobby dragged Adani Ent to court for Charmichael Coal mine project.

Clariant Chemicals acquires Carbon Black business from Lanxess India for Rs. 13.5 Cr.

Cabinet approves gas pooling for fertiliser sector (RCF & NFL etc in focus).

EClerx Services to acquire Italian Co CLX Europe for max 25 million Euros in all-cash deal.

Gammon Infra misses principal payments as port project costs rise.

SKS Micro allots NCDs worth Rs. 200 Cr on private placement basis.

Canara Bank to raise funds from LIC.

Government cuts Apr-Sep local gas prices to $4.66/mmBtu from $5.05/mmBtu. 

US Conference Board index of consumer attitudes rose to 101.3 in March from 98.8 in February.

S&P Case Shiller composite index of 20 metropolitan areas gained 4.6%YoY in January after rising 4.4 percent in December.

Institute for Supply Management-Chicago said its Business Barometer edged up to 46.3 in March from 45.8 in February.

Euro zone consumer prices fell 0.1%YoY in March, compared with a 0.3% drop in February and a 0.6 % fall in January.

UK GDP between October and December grew by a quarterly 0.6%.