Corporate News of the Day -- IIFL IJK Commodity market regulator Forward Markets Commission has instructed the National Spot Exchange to repay small investors with exposure of less than Rs1mn first. (BL) Educomp Solutions has reportedly not paid salaries to over 6,000 employees for a number of months. (BL) Bajaj Auto seems ready to emulate Tata Motors and relocate some production from its strikebesieged Chakan plant to its other facilities if there is no significant progress in talks with workers in the next one week. (BL) Jindal Steel and Power Ltd plans to buy back its shares. The scheme is expected to be rolled out by the end of August. (BL) The SEBI is likely to write to the management of Holcim in India expressing concern over the recent group‐level restructuring, which will result in a cash transfer of Rs35bn from Ambuja Cements to Holcim. (ET) Infosys has no immediate plans to surrender the 50‐acre land allotted to them for the proposed software development centre in West Bengal. (ET) HUL subsidiary Unilever India Exports has been dragged to the industrial tribunal by the labour union after the company sought mass resignations of its contractual employees at its unit in Kandla SEZ, earlier this year. (ET) The demerger of Spencer’s, the RP Sanjiv Goenka Group’s retail arm, from CESC would not be carried out before the third quarter of 2013‐14. (ET) Trade unions controlling a majority of the workforce of Coal India Ltd have decided to go on a strike against the government proposal to offload a 5% stake in the company. (BS) Boeing has booked its first order for its fuelefficient 737 Max aircraft from India, following Jet Airways decision to acquire 50 such planes. (BS) The Supreme Court dismissed a suit challenging Coal India’s intial public offering saying it would not interfere in economic policy. (BS) Tata Consultancy Services announced it had hired 174 college graduates this year in the US. (BS) The disinvestment department has shelved plans to sell a stake in power equipment maker BHEL, citing valuation concerns and a depleting order book. (BS) Other News The Government may soon make the vehiclerecall policy mandatory and is working on an interim report on the guidelines expected in the next two months. (BL) In July, the services sector, contracted for the first time since October 2011, according to the HSBC Purchasing Managers’ Index. The index dived to 47.9 points from 51.7 points in June, the steepest fall since April 2009, (BS) The Government has decided to grant more powers to the Forward Markets Commission (FMC) to tide over the crisis that has arisen out of the National Spot Exchange Ltd imbroglio. (BL) Rising automation and low attrition in IT sector may act as a dampener for job seekers with industry body Nasscom expecting hiring to decline by up to 17% to 1,50,000 in the current fiscal. (ET)
Posted on: Tue, 06 Aug 2013 03:30:13 +0000
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