Corporate News of the Day -- IIFL IJK Tata Sons and Singapore Airlines announced that they have signed a Memorandum of Understanding to set up a full‐service airline. (BL) US‐based Ohm Laboratories, currently Ranbaxy’s only facility making medicines for the American market, is also learnt to be under surveillance of the US Food and Drug Administration. (BS). Oil India plans to borrow US$1.15bn to finance the purchase of a stake in a Mozambique natural gas field from Videocon Industries. The one‐year, dollar‐denominated facility will have a size of US$900mn, with an option for the company to borrow US$250m more. (BS) Godrej Properties has raised Rs7bn by selling fresh shares to existing shareholders through a rights issue. (ET) ONGC Videsh Ltd is considering a new model to finance its foreign acquisitions. Soon, the company may fund such acquisitions by giving pre‐selling rights of crude oil to refineries and marketing companies. (BS) Titan has said it would use its direct import licence to procure the yellow metal. (BS) A group of independent agents, who helped Bharti Walmart procure numerous licences and whose services were stopped in December, have threatened to take legal action against the retailer for allegedly not settling their dues. (ET) Prism Cement has sold its entire stake in LSElisted Norcros for Rs2.64bn. (ET) Infosys has received partial relief in a lawsuit that was filed against the company by Versata Software three years ago in a US court. In a summary judgement issued earlier this month, a Texas district court dropped some parts of the claims made by the Versata Software. (BS) The Foreign Investment Promotion Board approved a proposal of Axis Bank to increase the limit on foreign holdings in the lender to more than 49%. (BS) State Bank of India increased its base rate by 10 basis points to 9.80%. (ET) The Gujarat High Court ordered that the deal involving transfer of a cement plant in the Kutch from Jaypee to UltraTech would be subject to the outcome of a public suit filed by local villagers of Abdasa taluka in the region. (BS) Other News RBI has allowed banks to open branches, including in big cities, without its permission if they fulfill certain conditions. (ET) The Centre has asked the Empowered Committee of State Finance Ministers to consider bringing petroleum and liquor within the Goods and Services Tax. (BL) Government increased the minimum export price on onion to US$900 a ton from US$650 a ton to boost domestic supplies as its prices rose to Rs60‐70 a kg. (ET)
Posted on: Fri, 20 Sep 2013 03:30:06 +0000
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