Corporate Announcement

RBI is likely to slash the benchmark interest rate by 0.25 per cent to stimulate demand, with retail inflation at 4.87 per cent in April, much below the apex bank's target of 6 per cent by January 2016, according to Assocham. The industry body also estimated that the RBI may cut the benchmark interest rate by another 0.50 per cent in the two quarters post the June 2 monetary policy review.

According to RBI data, Scheduled commercial banks' credit grew at 10.16 per cent to Rs 66.3 tn in the fortnight ended May 15. Deposits of the banks increased by 11.85 per cent to Rs 87.4 tn in the period under review.

Vedanta, will buy up to a 5.33% stake in subsidiary Cairn India at Rs 220.40 per share. Up to 100 million shares were to be bought from Cairn India's promoter Twin Star Mauritius Holdings. After the sale, Twin Star Mauritius Holdings will hold 34.08% in Cairn India.

Claris Lifesciences' plans to sell its generic sterile injectables business might hit a block as its site here has recently received an adverse observation letter from the US Food and Drug Administration (FDA).

With the Centre's assurance to extend coal linkage to Katwa Thermal Power Plant, the NTPC, which is setting up the project, would be able to float tender for equipment soon.

Tanzania's government has agreed a deal to buy back a 35% stake in a state-run telecoms company from the local subsidiary of India's top mobile carrier Bharti Airtel for US$7.07 million.

Lanco Infratech, which has been in the market to sell assets across businesses to reduce debt, has decided to put on hold all divestment plans in India by another two years on hopes of better valuation as it believes the business environment is improving.

NTPC has initiated due diligence of Damodar Valley Corporation's Ragunathpur thermal plant (two units of 600 MW each, one of which is ready), which it is likely to take over.

The Reserve Bank of India allowed foreign investment up to 49 % in Gammon Infrastructure Projects. Earlier, the company had received board and shareholders' approval for enhancing the FII/FPI limit for the purchase of equity shares and convertible debentures.

Buoyed by strong financial performance in the last fiscal, Max Life Insurance has announced its embedded value at Rs .52.32bn, significantly higher than the previous year, implying that company's valuation stands at around Rs 160.bn.

Odisha government has recommended to the Centre for allotment of two bauxite deposits, Kutrumali and Sijimali in south Odisha, to engineering & construction giant Larsen & Toubro. Since L&T holds a PL, it is eligible to get the ML under the amended Mines and Minerals - (Development & Regulation) Act, 2015.

Cipla in pact with Serum Institute to develop and manufacture vaccine TCS Announces Collaboration With Red Hat.

GAIL enters into agreement with Shell to sell its US LNG. 

Jet Airways is offering a million tickets at a 25 per cent discount each to 51 domestic destinations, in a four-day offer beginning Wednesday. These are for travel between June 15 and October 15. 

Tech Mahindra has created a special team to scout for investments in the Silicon Valley, Israel and London, a hub for financial technology entrepreneurs, as the company joins the startup gold rush that has taken hold of the industry.