TOP CORPORATE NEWS
GMR Infra arm signs MoU
with Oman Airport
GMR
Infrastructure announced that its subsidiary, GMR Airport Developers has signed
a Memorandum of Understanding ( MoU) with Oman Airport Management Company
(OAMC) for providing training and consultancy services. As per the MoU, GMR
subsidiary will provide services ranging from program management, testing and
commissioning of airport systems to development of aeronautical and
non-aeronautical revenue streams.
ACC starts limestone mining
operations at Bargarh
ACC announced
that the Company has resumed limestone mining operations at Bargarh with effect
from June 17, 2015. The impact of the closure was not material since cement
grinding continued with transfer of clinker from sister works/purchase of
clinker.
Glenmark Pharma surges post
USFDA nod
Shares of Glenmark Pharmaceuticals surged over 6% at Rs981, extending its
previous day’s 4% rally on the NSE, after the company said it has
received final nod from the United States Food & Drug Administration (
USFDA) for generic oral contraceptive Levonorgestrel/Ethinyl Estradiol tablets
and plans to commence shipping of the product immediately.
BPCL drops on stake sale
proposal by Govt
Shares of BPCL
dropped 2% to Rs805.70 on NSE post stake sale proposal by the Government which
could be sentimentally negative, stock down in trade post the news
The government
plans to sell 3% stake in Bharat Petroleum Corp Ltd (BPCL), the nation's second
largest state oil firm in FY2016 to raise around Rs1,800 crore. Finance
Ministry has moved a Cabinet note for inter-ministerial consultations for this
divestment. At the current trading price, the stake sale will fetch the
government over Rs1,778 crore.
RIL plans to reopen 1,400
fuel outlets by March 2016
Reliance
Industries plans to go slow and reopen all its 1,400 fuel retail outlets by
next March, 400 filling stations working now.
PTC India raises money
through NCDs
PTC India
Financial Services has raised money through issue of Non-Convertible Debentures
( NCDs) - Series 5 by way of private placement for Rs150 crore. The debentures
are redeemable over a period of 7 years. The issue has been fully subscribed by
FMO, Dutch Development Bank. The NCDs shall augment the long term resources of
the Company and will help in lowering the cost of funds for the Company.
Tata Steel workers begin
action ahead of planned strike in UK
Tata Steel
workers begin action ahead of planned strike in UK; however, Members of four
trade unions are also refusing to work overtime before the 24-hour complete
strike action on June 22.
We believe the
stock would continue to feel pressure until some concrete outcome emerge with
mutual understanding between the company and labour union.
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