Corporate Announcement

FDI in India declined by 40 per cent year-on-year to $2.11 bn in March 2015, the lowest in the last four months of 2014-15 financial year. However, during the 2014-15 financial year, foreign fund inflows grew 27 per cent, year-on-year, to $30.93 bn as against $24.29 bn in 2013-14, according to the data of DIPP.

The country's services activities fell for the first time in 13 months in May as demand remained subdued, showed the widely-tracked HSBC Purchasing Managers' Index (PMI). PMI was down to 49.6 points in May from 52.4 in April. May was the third month in a row to have witnessed a fall in PMI m-o-m, though in March and April, it was above 50 points.

The Centre and the Maharashtra government would on Monday decide on granting environment clearance for the 35-km coastal road connecting south and north Mumbai. The Centre wanted the state government to enact a law to ensure reclamation of sea would be done for the road and no real estate development would be allowed.

Volvo AB is exiting its seven-year-long investment in Eicher Motors, the maker of Royal Enfield motorcycle. The Swedish major has launched a sale of its 3.7% shareholding in Eicher. In March, Volvo had sold 4.6% stake. Volvo is selling the residual stake at 0-6% discount based on Wednesday's price at a price band of Rs 17,190 to Rs 18,190 a share.

RBI has allowed foreign investors to buy further shares in private lender Axis Bank as the stipulated limit has gone below the threshold. For the quarter ended March 2015, FIIs held 46.64 per cent in Axis Bank.

Maruti Suzuki has launched the diesel variant of its 14-month-old Celerio hatchback at an entry price of Rs.0.46 mn (ex-showroom, Delhi). The top end diesel model of Celerio will sell for Rs.0.57 mn. The variant, however, will not have the auto gear shift option available in the petrol version.

Delhi imposed a 15-day ban on Nestle's Maggi noodles and other state governments were awaiting test results even as the country's biggest retailers began taking Maggi off their shelves.

The UTI has picked up voting rights for eight per cent stake worth Rs.19.5 bn in United Breweries, the beer joint venture between the Scottish & Newcastle and UB group, following a default to term loans.

The Ministry of Coal has asked Reliance Power Ltd to revise the production plan from two mines allocated to the Sasan ultra mega power project to 16 mn tonne per annum and present a new mining plan for the same.

Bharat Electronics Ltd (BEL) is embarking on an expansion-cum modernization drive to explore new areas in the defence and non-defence sectors. In the next four to five years, the company plans to invest at least Rs.20 bn, to equip itself for new business opportunities.

Bharti Airtel has raised $1 bn by selling 10-year bonds to investors across the globe. In a notice to local stock exchanges, the firm said the money raised will be used for capital expenditure. This is the company's first such foreign bond sale this year. The issue, which opened earlier on Wednesday, was priced at 210 basis points (bps) above the 10-year US treasury. 

Bayer CropScience has announced a buyback proposal to purchase 1.26 mn shares at a price of Rs.4,000 per share aggregating to Rs.5.1 bn. 

Vedanta Ltd, formerly known as Sesa Sterlite, has acquired additional 4.98% stake in Cairn India for around Rs 20.6 bn, the company said.

Gujarat International Finance Tec-City (GIFT) alloted 5 lakh sq ft space to Reliance Capital to set up their global commodity exchange as well as for other international financial businesses. 

Cipla has received approval from US health regulator USFDA for Lopinavir and Ritonavir oral pellets used for treating AIDS in infants and young children. 

BPCL said the robust gross refining margin of $8 a barrel reported in the fourth quarter of 2014- 15 is not sustainable.

 

Axis Bank cuts deposit rates by 10-20 bps effective June 9 also RBI says FII’s can investment in Axis Bank as shareholding is below threshold limit.

 

Government has asked IOC, HPCL to procure oil from Iraq for Indian Strategic Petroleum Reserves Co acted as facilitator for import.

 

Just Dial Ltd board of directors meeting will be held on today to consider the proposal to buyback the fully paid-up equity shares of the Company. 

Michelin has entered into an agreement with TVS Group Company, TVS Srichakra for the manufacture of two-wheeler bias tires.