Corporate News of the Day -- IIFL IJK The deadlock at Bajaj Auto’s Chakan plant near Pune continues for the third week as the meeting with Maharashtra Labour Minister did not lead to any conclusion. (BL) Tata Motors‐owned Jaguar Land Rover reported global sales of 33,739 units in June, a 7% increase from the same month last year. The company sold 6,574 Jaguar vehicles in June, a 34% increase from a year earlier, JLR said in a statement. (BL) Tata Capital Innovation Fund, a venture capital managed by Tata Capital, has infused Rs150mn in Delhi‐based Pluss Polymers. The fund will be used for research, development and manufacturing initiatives. (BL) BGR Energy Systems has bagged a Rs15.73bn contract from the Odisha electricity utility to provide balance of plant for a 1,320‐MW super thermal power project. (BL) The GMR Group has commissioned the second 350 MW coal‐based thermal power plant at Kamalanga in Odisha’s Dhenkanal district. (BL) Reliance Communications has completed securitisation of proceeds from the Rs12bn fibre agreement signed with Reliance Jio Infocomm. The company has used the proceeds to repay high‐cost rupee debt which has resulted in “significant” interest cost savings for the company. (BL) Rolta India has been awarded a multimillion dollar contract from Sadara Chemical Company to implement a comprehensive engineering system at its complex in Saudi Arabia. (BL) Bharti Airtel has said it will legally challenge the Rs6.5bn penalty imposed by the telecom department on the company for allegedly flouting licensing norms a decade ago. (ET) Coal India and NTPC signed two model fuel supply agreements breaking the deadlock of nearly one year over it. (ET) Britain’s drug regulator MHRA has recalled 16 medicines of Wockhardt after finding deficiencies in its Waluj plant near Maharashtra, three days after it issued an import alert. (ET) GVK Power has asked the government to consider its request for tapering linkages, which is a short‐term linkage, to meet the coal requirement of its 540 MW thermal power plant in Punjab, saying that if allocation is done the company can begin generation next month. (ET) Zuari Fertilisers hiked its stake to 16% in Mangalore Chemicals & Fertilisers, within days of rival Deepak Fertilisers buying nearly 24.5% stake in the same company. (ET) Other News The Union Cabinet approved the proposal to form a company — National Capital Region Transport Corporation Limited — to construct rail corridors in regions around the National Capital Region. (BL) The rupee depreciation is likely to hurt the inflation fight and restrict the Reserve Bank from cutting its policy rates at the forthcoming monetary policy review by month end, says ratings agency Crisil. (ET) Finance Minister invited US firms to establish manufacturing plants in India, as he defended the economic policies as growth‐oriented and WTOcomplaint. (ET) The government has drawn up a plan to remove bottlenecks holding back investment in manufacturing at the state level, a move aimed at revitalising the flagging sector by aligning states’ approach with the long‐term strategy of the Centre. (ET)
Posted on: Fri, 12 Jul 2013 03:28:32 +0000
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