Corporate News of the Day -- IIFL IJK Reliance Industries telecommunications unit, which holds nationwide 4G permits, has agreed to lease mobile phone masts from infrastructure provider Viom Networks, the companies said. (BS) Infosys said it has signed a multi‐year contract with Volvo Car Corporation (Volvo Cars) to provide application development services to the latters global operations. (BS) Upstream regulator DGH has backed ONGCs demand for appointment of an international expert to assess if Reliance Industries was drawing out any of its gas in the KG basin. (BS) SpiceJet said it has been ranked as the best airline in terms of on‐time performance in February, as per DGCA data. The airline notched an on‐time performance score of 79.9% across Delhi, Mumbai, Bangalore, and Hyderabad. (BS) State Bank of India, which had reported 5.73% of its assets as bad loans in the December quarter, is going all out to stem the rot by offloading around Rs50bn of its Rs678bn dud assets to ARCs before the end of the month. (BS) Federal Bank launched its Namma Metro Transitcum‐Debit Card in partnership with Bangalore Metro Rail Corporation Ltd. The Flash Transitcum‐Debit Card will entitle cardholders to get discounts of 15 to 21% on fares. (BL) Infosys said the District of Columbia in the US has extended its IT contract to implement the next phase of health insurance and medicaid modernization programme. (BL) GlaxoSmithKline Consumer Healthcare has run into trouble with the drug regulator in Maharashtra over the company’s popular fever and pain medicine Crocin. The medicine has not been available at local chemists after the Maharashtra Food and Drug Administration sent GSK a notice for over‐charging on the drug, and stopped supplies. (BL) Toyota Kirloskar Motor said that there was a production loss of about 2,000 car units during the last 25 days because of its workers’ agitation. The company had declared a lockout at its two manufacturing plants at Bidadi near Bangalore, following the failure of talks between the management and the union over wage negotiation. (BL) Etihad Etisalat Company (Mobily) and Bharti Airtel have signed a master carrier services agreement to interconnect each others MPLS, IPLC and IP transit services. (ET) Indian Oil Corp plans to invest Rs76.5bn in setting up a petrochemical complex at its almost complete Paradip refinery in Odisha in the next 3‐4 years, a company executive said. (ET) A 22‐member lenders consortium led by ICICI Bank has failed to agree on a proposal from ABG Shipyard to recast its Rs115bn loan, a majority of which turned into dud assets on their books. (ET) Other News Outward foreign direct investment from the country, which was on slippery road during the past two fiscals, has seen some signs of recovery in the current fiscal with the total deal value touching US$29.34bn so far, says a report by CARE Ratings. (BL) The Reserve Bank of India has placed Rs44bn of 30‐year government bonds with the Employees Provident Fund Organisation in lieu of securities maturing in the short term to help the government reduce bond redemption pressure through a mechanism called switch. (ET) The government has hiked the import tariff value on gold to US$445 per 10 grams from US$433 earlier. However, the import tariff value in case of silver has been reduced to US$694 per kg from US$699 earlier, a notification by the Central Board of Excise and Customs said. (ET) India needs to scale up investment in transport infrastructure projects from around Rs4trn per annum at present to Rs14trn by 2032 to achieve over 7% economic growth, according to a report by the National Transport Development Policy Committee. (ET)
Posted on: Tue, 18 Mar 2014 03:32:51 +0000
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