Corporate Announcement

US index provider MSCI Inc said it will hold off including China A shares in one of its key benchmarks, but expects them to be included once outstanding market accessibility issues are resolved.

For the first time ever, direct tax arrears have surpassed what the country collects annually through income and corporate tax, prompting officers to draw up a strategy to recover dues of as much as Rs 500 bn in FY15.

Direct tax arrears are now estimated at Rs 8.3 trn, far more than the Rs 7.97 trn budgeted from direct taxes in the current financial year.

The Union government will not ease foreign direct investment (FDI) rules for electronic commerce.

The Reserve Bank of India (RBI) unveiled a proposal to allow companies to sell rupee-denominated bonds overseas, at a coupon not exceeding 500 basis points than that offered by Indian government bonds of similar maturity.

Hindustan Unilever's Chinese range of Knorr instant noodles may come under the scanner of FSSAI as the product is not in the approved list of items of the central food safety regulator.

Zuari Cement, part of the Italcementi group, has developed autoclaves aerated concrete block (Zuari Superlite). This has become the first green product in the country certified by CII's Indian Green Building Council. The company has received green product certification.

Mahindra Holidays & Resorts has decided to increase its stake in Holiday Club Resorts of Finland from 23.3 per cent to 88 per cent for Rs.2.0 bn. The balance 12 per cent stake will be owned by the management of the Finnish company.

The $10-billion Adani group is tapping the global debt market with its maiden dollar bond issuance for the flagship Adani Ports and SEZ(APSEZ). The company is looking to raise $1-1.5 billion from investors, said multiple sources aware of the matter.

PVR has agreed to acquire the cinema exhibition business of DLF Utilities, which operates under the DT Cinemas brand. It proposes to buy DT Cinemas on a slump sale basis - where the buyer does not assign a specific value to individual assets and liabilities - for Rs.5.0 bn.

Larsen & Toubro has formed a new unit to cater to smart cities, security solutions and communication projects, expecting the business to grow to $1 billion in three to four years, driven by the government's push in these areas.

TCS launched a product to cater specifically for American retail banks to help them get more digital. TCS' BaNCS Digital is designed for financial institutions in North America and will allow for integration of various stakeholders in the financial supply chain and its ecosystem.

M.A.M Ramaswamy, the 84-year-old industrialist, promoter and former chairman of the Chettinad Group, pledged his assets and some properties to two charitable trusts on Tuesday, following a prolonged power struggle with his adopted son M.A.M.R. Muthiah.

Wipro is looking at acquiring Equiniti, UK-based back-office services provider that manages pensions of millions of UK civil servants. The value of the deal could be well over £1 billion (around Rs. 9,779 Cr). 

IDFC has set the ball rolling in the transformation of how Indian banks treat defaulters as it threw out the promoters of SV Power and brought in a new equity investor to revive the foundering utility following missed payment schedules.

MCX's investment worth about Rs. 100 Cr in Metropolitan Stock Exchange is likely to be wiped off with Sebi rejecting the commodity bourse's proposal to hike stake by conversion of existing warrants.

DB Realty Co in talks with Piramal Realty, a part of Piramal Enterprise to sell 2.2 acre plot in Marine Lines (Mumbai). The sea facing land parcel valued at Rs. 1000 Cr.

SPARC licenses XelprosTM (Latanoprost BAK-free Eye Drops) to Sun Pharma. SPARC says in addition to $3 million upfront payment, SPARC will receive $16 million from Sun Pharma.

Bosch plans to realign starter motors & generators division and finding a JV partner or buyer for the same.

GSK Consumer says Co have not received any communication from FSSAI regarding foodles.

Bain Capital frontrunner to buy minority stake in L&T Finance Holdings.

UltraTech Cement shareholders approves scheme of arrangement between JP Assocciates.

Cabinet to soon consider converting Rs. 5,000 Cr loan by ONGC to OVL into equity.

Tata Power plugs into 5/25 scheme. Nears deal for Rs. 10000 Cr refinance.

Cadila Healthcare to delist shares of co from Ahmedabad Stock Exchange (ASE).