Corporate Announcement

The Reserve Bank of India (RBI) has allowed banks additional time for classifying a restructured asset as non-performing by extending the date of commercial commencement (DCCO) by up to two years for projects in case the ownership of the project changes.

The Telecom Regulatory Authority of India (Trai) has started a review of accounting reporting systems of operators on concerns over products and network licences, among others, raised by the industry.

As per the survey, released a day before the Reserve Bank of India is due to review its monetary policy, the HSBC Services Purchasing Managers' Index (PMI) fell to 53 points during March, from 53.9 in the previous month, marking the fifth straight month of expansion after stagnating in October 2014.

The Union finance ministry said there'd be no dilution of government stake in public sector banks (PSBs) for now, given the implications for valuation due to the high level of bad loans.

Initial numbers suggest direct tax collection is short of the revised target by Rs.190.2 bn, but the income tax (I-T) department is hopeful of meeting the target once figures from across the country come.

Life Insurance Corporation of India (LIC) is planning to tie up with Bandhan and United Bank of India (UBI) as bancassurance partners.

Auto component major Bosch has declared a lockout at its Jaipur plant due to ongoing worker unrest in the facility. The plant, which has a history of labor issues, was also shut for a day last month on account of a daylong strike by the labor union over wages.

The government is likely to launch its record asset-sale plan for the current fiscal on Wednesday, seeking to raise about Rs.35 bn this fortnight from the divestment of stakes in Rural Electrification Corp. Ltd (REC) and Power Finance Corp. Ltd (PFC).

A GMR Infrastructure-led consortium has bagged an order for construction of 417 km-long eastern dedicated freight corridor railway project which is estimated to cost Rs.50.8 bn.

In a first indication of a mega-restructuring plan for its retail companies, the Aditya Birla group has proposed to merge Madura Garments, MGL Retail Undertaking, and Aditya Birla Retail with listed Pantaloons Fashion & Retail in a share-swap deal.

Vedanta group company Cairn India has filed a petition in the Delhi High Court here against a Rs.205 bn tax demand, seeking quashing of the order. The company argued the tax proceedings were initiated more than six years from the end of 2006-07 and should be quashed. The Delhi High Court and other courts have held any tax proceeding should be initiated within four years.

NTPC is looking at bringing its coal import bill to 'zero' in the next five years and will rely on the fossil fuel made available by Coal India and the company's own mines. The company has been allotted 10 coal blocks including Chatti-Bariatu, Chatti-Bariatu (South) and Kerandari in Jharkhand, Dulanga in Odisha and Talaipalli in Chhattisgarh.

Tata Motors and the Tata group's private equity (PE) fund Tata Capital are looking to sell their 90% stake in Pune based auto designer Tata Technologies.

Future Retail raised Rs 600 Cr through an issue of non-convertible debentures (NCDs) on private placement basis.

 

Omkar Realtors & Developers has got the mandatory majority consent from eligible tenants to redevelop the iconic Dhobi Ghat.

 

Srei Equipment Finance and Muthoot Finance are tapping the retail bond market to raise funds without waiting for the Reserve Bank of India's next rate cut move.

 

Century Plyboards (India) Ltd has set up a timber processing unit in Laos for import of raw material into India. 

Hinduja Automotive Ltd, promoter of Ashok Leyland, has reduced its encumbered shares from 16.66% of its total shareholding of 50.38%, to 4.93% releasing over 330 million shares from HSBC.

 

Bombay HC approves scheme of arrangement between Man Industries & MAN Infra Projects.

 

IDBI Bank may tap markets to raise capital this year.

 

Oil ministry allows ONGC & Oil India to sell gas from small fields through bids.

 

Tata Power Solar commissions 1.25 MW plants at Tamil Nadu varsity.

 

Canara Bank looking to raise Rs. 1,520 Cr from LIC via preferential allotment of 40 million shares.

 

Kotak Mahindra exits investment in MCX. Company held Rs. 459 Cr worth stake in MCX.