Corporate News of the Day -- IIFL IJK Ranbaxy Laboratories has once again recalled some batches of its generic version of cholesterol‐lowering Lipitor drug in the US after a dosage mix‐up was detected. (BS) Infotech Enterprises, through its US arm, will buy the US‐based Softential, Inc., which provides service management and service assurance solutions for telecom firms and cable operators. (BL) Making its foray into North America, Indian Oil Corporation has signed a deal to buy a 10% stake in natural gas assets and a linked liquefied natural gas project in North East British Columbia, Canada, for about US$900mn. (BL) SBI plans to raise Rs12bn by issuing shares to staff. (BL) BP is working with Reliance Industries to extend the life of producing gas fields in the Bay of Bengal KG‐D6 block. (ET) The telecom department has sought the view of the attorney general over granting startup GSM spectrum to Tata Teleservices in the Delhi circle, according to an internal government document. (ET) Tata Steel is hopeful of operating its Kalinganagar and Gopalpur units at Odisha in 2015‐16. While the first phase of the 6 mtpa steel unit at Kalinganagar will be operational by the end of FY‐15, construction of the ferro‐alloy unit at Gopalpur will be completed in another 18 months. (BL) Apollo Hospitals Enterprise has postponed plans to list a business trust on the Singapore Stock Exchange, expecting to improve its rating with completion of some of its projects before a foreign listing. (BS) Engineers India has won its largest ever foreign consultancy contract, for a 20mn ton oil refinery in Nigeria. (BS) The government has decided to give firms, including JSPL and Tata Steel, more time to seek clearances from environment ministry and furnish proof on the same to coal ministry by December 1, failing which their mines would be deallocated. (ET) Bosch plans to earn more revenue from its energy solutions business as it prepares to make it among the three leading players in the country by 2020 and help the company expand its nonauto business. (ET) Under pressure from the MCX board and possibly prodded by some of its shareholders to divest its stake, Financial Technologies (India) will invite bids as early as this week from parties interested in buying up to 24% of its holding. (ET) Other News The price of domestic natural gas is set to double to around US$8.4 a unit from April 1, with the government coming out with a notification on this by the end of this month. This is in spite of political pressure and speculation in the past few months over the exact amount of increase. (BS) The government will issue a joint interpretative statement spelling out the intent behind the provisions of the bilateral investment promotion agreements (BIPAs) retroactively that could have a much wider implication than the controversial retrospective change in the law that is the basis of a tax dispute with Vodafone. (ET) The government plans to hire independent monitors to assess the quality of construction of national highway stretches following complaints of poor project work and delays. (BS)
Posted on: Mon, 10 Mar 2014 03:36:57 +0000
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