Corporate News of the Day -- IIFL IJK Wockhardt has appointed a US‐based consultant for its Waluj facility to address quality issues raised by the US Food and Drug and Administration. (BL) GAIL (India) Ltd may abandon the Tamil Nadu portion of the Kochi‐Koottanad‐Bangalore‐Mangalore natural gas pipeline if the State Government does not take a decision on the project within a month. (BL) Jet Airways has responded to concerns raised by the Foreign Investment Promotion Board (FIPB) on its proposed stake sale to Etihad, in an attempt to persuade the apex inter‐ministry to clear the proposal. The FIPB, which has circulated the response of Jet Airways to stakeholder ministries, will consider the proposal on Monday, along with Sebi’s views on the deal. (ET) Standard & Poor’s Ratings Services revised its outlook on Tata Motors to stable from positive and affirmed its BB long‐ term corporate credit rating. It also affirmed the BB long‐ term issue ratings on the company’s senior unsecured notes. (BS) The SEBI is examining the terms of the agreement between Ambuja Cements and Holcim to ensure that interests of minority shareholders are protected. (ET) Dewan Housing Finance Corporation purchased DLF’s 74% stake in life insurer DLF Pramerica Life Insurance Company for Rs2.20bn. (ET) Wipro Chairman Azim Premji said the US market seemed much better than what it was three to four months ago, reinforcing the positive outlook reported by information technology companies. He, however, said the Indian market continued to be a concern.(BS) Intensifying its drive against firms sitting idle on mines, an inter‐ministerial group has recommended serving explanatory memos to allocatees of 21 captive coal blocks, including companies like Coal India, NTPC, Tata Steel and Reliance Power for slow progress in developing these mines. (ET) Other News Domestic oil production in the April‐June quarter declined 1.4% against the same period last year, while natural gas production dipped 17.6% yearon‐year. In June, crude oil output dropped marginally by 0.6% year‐on‐year. (BL) The Reserve Bank of India conducted the auction of cash management bills, most of which got subscribed at high‐cut off yields. (BS) Mauritius is mulling measures to allay India’s concerns over the misuse of the bilateral tax avoidance agreement between the two nations by third country investors. The measures could include listing in Mauritius bourses for companies that are using the country to invest in India. (ET) The government has instituted a committee to plug loopholes in the manufacturing practices of the auto industry to check the authenticity of its quality parameters following the increasing number of technical snags and recalls. (ET)
Posted on: Fri, 26 Jul 2013 03:27:31 +0000
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