Corporate Announcement

Dropping the provision for mandatory disclosure of foreign trips and dormant bank accounts, the Finance Ministry has notified the watered down, new three-page Income-Tax Return (ITR) forms, extending the last date for filing returns to August 31, against July 31.

Encouraged by Prime Minister Narendra Modi's call to set up 100,000 megawatt (100 gigawatt) of solar plants in the country by 2022, foreign solar cell makers are setting up shop in India in partnership with local players.

Established companies in the Indian fuel retail market, including Indian Oil Corp. Ltd (IOC) and Hindustan Petroleum Corp. Ltd(HPCL), are considering a differential pricing option in the wake of increasing competition.

A board of directors could be in the driver's seat at the proposed National Investment and Infrastructure Fund (NIIF), announced by Finance Minister Arun Jaitley in the Budget.

Maruti Suzuki is upbeat that his company will continue to register double-digit sales growth in 2015-16, despite a rise in fuel prices, monsoon concerns and increasing competition for entry-segment cars.

The government plans to sell another five per cent stake in Container Corporation of India (Concor) which will yield another Rs 13 bn to the government.

Adani Enterprises is considering bidding for the now-shut Sindri urea plant in Jharkhand as the $ 9.4 billion group plans to foray into the fertilizer sector.

In fresh troubles for Nestle over safety standards of its famous Maggi noodles brand, the Uttarakhand Food Safety Department has collected samples of the 'two-minute' noodles from the company's Pantnagar plant and other places in the State.

The Securities Appellate Tribunal (SAT) has stayed SEBI's directive to Vijay Mallya-backed UB Holdings for re-stating the company's accounts for two previous years.

Indian energy multinational Essar Oil is in the process of ramping up production of coal bed methane by four times.

EIH Ltd, is looking to make operational three hotels in the first six months of next year (calendar year 2016).

With 57 per cent of its sales already coming from non-metros, consumer durables player Blue Star is expanding its distribution network and reworking its advertising strategy to tap the booming market.

Mahindra & Mahindra, India's largest utility vehicle and tractor maker, has set up a new business unit to focus entirely on emerging opportunity in Africa that the group says has the potential to grow 10 times to a $1 billion (about Rs 65 bn) business in five-seven years.

Telecom operator Reliance Communication will invest about Rs 15-20 bn in the current fiscal to increase its data business.

AstraZeneca Pharma India and Dr Reddy's Laboratories today entered into a distribution agreement for two drugs -- Riax and Riax-M -- used for treatment of diabetes in India.

Reliance Industries is set to sell its 45 per cent stake in a shale gas joint venture with Pioneer Natural Resources at Eagle Ford, US, by next week at a far lower valuation than its initial expectation of $4.5 billion.

 

Infosys, India’s second-largest information technology services company, said it was comfortably placed to achieve revenue growth guidance for 2015-16 on a better deal pipeline and increasing interest in its offerings. 

Wockhardt has received four minor regulatory observations on its plant in Waluj, Maharashtra, from the US Food and Drug Administration.

 

BPCL Acquires Additional 20% Stake In Petronet CCK

 

Zomato's majority shareholder Info Edge signalled it may not have the appetite to participate in the firm's future fundraising rounds, as the online restaurant guide begins to overshadow its primary investor. 

HDFC Bank has decided to discontinue issuing slips after cash withdrawals at ATMs and will alert the customers through SMSes.

 

Vijay Mallya said his UB Group intended to increase its shareholding in the Mangalore Chemicals and Fertilizers (MCF), currently only 22 per cent. It plans to buy back shares from the Saroj Poddar-led Zuari Group, to equalise the shareholding of both companies in MCF.