Corporate News of the Day --- IIFL IJK Infosys is facing a class‐action lawsuit in the US for alleged racial discrimination in hiring. (BL) ONGC has signed a crude oil sale agreement with Mangalore Refinery and Petrochemicals Ltd. The approximate value of the crude oil envisaged to be supplied from ONGC over a five‐year period is Rs385bn. (BL) The National Spot Exchange Ltd has stopped trading in e‐series contracts. With this, all trading activity on the exchange has been stopped. (BL) Wockhardt’s regulatory woes are this time closer home, with the Maharashtra Food and Drug Administration alleging that the company sold pain‐drug dextropropoxyphene even after it was banned. (BL) SpiceJet is in active discussions with Singaporebased budget carrier Tigerair for a stake sale. According to sources, SpiceJet promoter Kalanithi Maran may offload up to 24% to Tigerair. (BS) With Comptroller & Auditor General of India alleging Reliance Industries was delaying furnishing of records for audit, the oil ministry has ordered the firm to provide records “as early as possible”. (BS) A consortium of Siemens, Siemens AG and Siemens China has won an order for a turnkey project worth approximately €70mn from IL&FS Rail. Siemens’ share of the order is Rs1.84bn. (BS) Adani Group is understood to have firmed up plans to take part in the auction of US$800mn assets of Stemcor India, joining the likes of Tata Steel, JSW and JSPL. (ET) A group of ministers in charge of reviving staterun telecom companies BSNL and MTNL is considering taking over their entire debt and also waive off their licence fees and spectrum charges for three financial years, according to an internal telecom department document. (ET) Coal India has not taken a final decision on continuing with International Coal Ventures Ltd (ICVL) as it has sought certain clarifications from the PSU consortium. (ET) Other News Raghuram Rajan, now Chief Economic Advisor to the Government and a former chief economist of the International Monetary Fund, is named successor to RBI Governor D. Subbarao.(BL) The Government has approved 12 foreign direct investment proposals worth Rs3.43bn. (BL) A panel constituted by the government to probe the recall of Tavera by General Motors is set to evaluate the conformity‐ of‐ production (CoP) processes followed by testing agencies and automobile companies and recommend measures to tighten those. (BS) The government is finalising anotification empowering the commodity futures market regulator, the Forward Markets Commission, to resolve the National Spot Exchange Ltd payment crisis. (BS)
Posted on: Wed, 07 Aug 2013 03:27:56 +0000
Trending Topics
Recently Viewed Topics
© 2015