Corporate Announcement

Greece has postponed a payment to the International Monetary Fund, underlining how urgently it needs its creditors to release more bailout funds to avoid default and possible exit from the eurozone.

Finance Minister Arun Jaitley has said government's disinvestment programme will continue as planned. Government has set a target of Rs 695 Bn from PSU disinvestment for the current fiscal. Of this, Rs 410 Bn is to come from minority share sale in PSUs and Rs 285 Bn from strategic stake sale.

The states have come out with a fresh set of demands regarding the structure of the proposed tax under GST as well as the transitory compensation arrangement.

The government will auction 10 coal blocks with over 350 million tonnes of reserves exclusively to unregulated sectors like steel and cement. The auction process begins on 8th June, while the online auction of coal mines is expected to take place between August 11 and August 17.

The government is planning to save $2 billion in four years by cutting down on energy usage by 10,000 MW during peak hours by promoting LED lights, power, coal and renewable energy.

The government is set to overhaul annual targets for public sector banks this month, ending a focus on size that has long encouraged banks to inflate their loans and deposits at the year-end to hit growth objectives.

Nestle India said that it has decided to take Maggi noodles off the shelves, stressing that the snack is safe and promising it will be back soon. Maggi noodles has been under country-wide scrutiny for high lead content and mono-sodium glutamate or MSG, a taste enhancer.

United Bank of India has slashed interest rates on fixed deposits by up to 0.5 per cent on select maturities, a move that is being seen as precursor to a cut in lending rate. The bank has revised its interest rates on its retail term deposits for 1 year to 8 per cent and above 1 year to 7.75 per cent.

Aditya Birla Nuvo Ltd (ABNL) has inked a joint venture agreement with South Africa-based MMI Holdings to foray into health insurance and wellness business in India. Company will hold 51 per cent share in the joint venture, Aditya Birla Health Insurance Co Ltd (ABHICL), subject to regulatory approvals. For setting up a standalone health insurance company, the minimum capital requirement, as per extant laws, is Rs. 1 Bn.

NMDC has decided to keep prices unchanged this month.The previous revision was on April 18, when the company had reduced ore prices by six per cent to Rs 3,050 a tonne for lumps from Rs 3,250, and by 20 per cent for fines to Rs 1,960 from Rs 2,460 a tonne in the month of March. The prices will possibly be reviewed next month.

Just Dial has shelved plans to raise Rs 10 Bn. It will instead buy back shares. Buy-back shall be up to 25% of the aggregate of paid-up capital and free reserves of the Company at a maximum price Rs. 1,550 per Equity Share.

Infosys gets shareholder nod for issue of bonus shares / Dividend in ratio of 1:1 and Increase in authorized share capital to Rs. 1,200 Cr. Infosys has completed a $120 million acquisition deal with Kallidus (Skava) and its affiliate, a leading provider of digital experience solutions.

 

Maruti Suzuki is planning to bring new green technologies, which could include parent Suzuki's mild hybrid system and downsized direct-injection turbo petrol engine to cut emissions by enhancing fuel efficiency. 

Kotak Mahindra Bank plans to launch general insurance may be delayed. Government deliberates on implications of its directive on foreign ownership of insurers.

 

GVK Power & Infrastructure has acquired 100% stake in GVK Airport Services, which provides technical services at airports in India.

 

Central Bank of India will cut its minimum lending rate, by 30 bps to 9.95% with effect from June 8. Indian Bank has also decided to cut its base rate for loans by 30 bps with effect from June 8 and SKS Microfinance reduced its lending rate by 1.55%-22%.

 

Bajaj Finance approves raising up to Rs. 1,400 Cr via QIP & sets QIP floor price at Rs. 4,407.34/Share.

 

Glenmark Pharma shareholders approve preference issue of up to 1.08 Cr shares for approx Rs.945 Cr to Aranda Investments.

 

Dabur Group co Burman Hospitality signs franchisee deal with Yum! Restaurants.

 

Mount Everest Mineral Water Ex date for amalgamation with Tata Global Beverages.

 

Cera Sanitaryware board to meet to consider entering a JV for Sanitaryware and / or Tiles Mfg.

 

OVL, subsidiary arm of ONGC pulls out of Brazil block.

 

Jindal Steel & power’s Africa arm to build $400mn power plant in Mozambique.

 

Idea Cellular hikes mobile data rates by up to 100% in NCR.