TOP CORPORATE NEWS
RBI puts bans purchase
of IPCA labs’ shares by FIIs
RBI says
restrictions placed on purchase of IPCA labs’ shares by FIIs withdrawn
with immediate effect FIIs can now invest up to 35% in IPCA laboratories,
positive read-thru
Cabinet notes prepared for
road projects
As per media
reports, government is getting ready to unveil an ambitious project aimed at
making a vast improvement to the country’s roads. The cabinet notes have
been prepared for programmes like Sethu Bharatam (150 railway over-bridges
& 204 level crossings), Rashtriya Rajmarg Zila Sanjoyukta Pariyojana (5,600
km highways linking 123 district headquarters to NH network) and Backward area
highways (2000 km project linking underdeveloped areas in non-Naxal belt to the
national highway network).
Coal India plans to cut
workforce by nearly a third
Coal India plans to cut its workforce by nearly a third and reduce the
average age of executives from 47 to 30 in five years, as the management
indicated that the mammoth workforce of 3.4 lakh is expected to fall to 2.4
lakh in five years and further to 1 lakh by 2025. Hence, it is expected that if
this is achieved, the cost of manpower will fall from 53% to 35% in five years,
and to 25% in the next phase – Positive for Coal India.
BHEL adds 736 MW Hydro
Electric Capacity in the Country in 2014-15
Bharat Heavy
Electricals Ltd ( BHEL) announced that the company adds 736 MW Hydro Electric
Capacity in the Country in 2014-15; Accounts for 100% of India's Hydro Capacity
addition in the Fiscal.
Lupin to replace Tata
Power in Sensex
Lupin shares
gained after after the Bombay Stock Exchange on Friday announced that, Lupin
will replace Tata Power on its 30-shrae benchmark- Sensex from June 22. Shares
of Lupin rose 1.41% to Rs 1,760.05. The stock hit a high of Rs 1,768.60 and a
low of Rs 1,750 so far during the day. Shares of Tata Power Company fell 0.99%
to Rs 75. The stock hit a high of Rs 75.75 and a low of Rs 74.80 so far during
the day.
RBI to conduct overnight repo
auction for Rs 10,000 cr today
The Reserve Bank
of India (RBI) will conduct overnight variable rate repo auction for a notified
amount of Rs 10,000 crore today. The auction will be conducted between 3.45 pm
and 4.15 pm as per the revised guidelines on Term Repo Auctions issued on
February 13, 2014, RBI said in a notification. Successful bidders will get the allotment at their
respective bid rates. Bids at or below the repo rate will be rejected, it
added. The reversal of the overnight variable rate repo will take place on May
26, 2015.
BPCL enters into term loan
agreement with SBI
Bharat Petroleum
Corporation Ltd ( BPCL) has announced that the company has entered into a term
loan agreement with State Bank of India ( SBI) to set-up a rupee loan facility.
The facility will
be used to finance capital expenditure on the company's ongoing and new
projects, BPCL said. Under the facility, BPCL can avail a loan of up to Rs4000
crore which can be drawn over a period of three years. The loan carries a
floating rate of interest linked to base rate and has a door to door maturity
of ten years.
Grasim Inds inks BTA with
Future Consumer Enterprise
Grasim
Industries announced that the Company has signed a Business Transfer Agreement
(BTA) with Future Consumer Enterprise for the sale of its Consumer Products
Division, on a slump sale basis.
The Division is
presently engaged in the manufacture of face care wipe, baby wipes and other
products in Baby/House care segments and for the Financial year 2014-15, its
Net Sales was at Rs9.52 crore, against the total Net Sales of Rs 6,252.34 crore
at standalone level and Rs32,437.63 crore at consolidated level.
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