Monday, June 8, 2009

Corporate News

Supreme Court dismissed the Mukesh Ambani-promoted Mumbai SEZ plea for staying the land acquisition process for its project in Raigad, Maharashtra.(BL)

Citigroup to raise fresh capital via sale of its 11.73% stake in HDFC. (ET)

ONGC to invest $350m more in Cairn India oilfields.(FE)

Tax issue may delay Cairn India's crude oil output from Barmer in Rajasthan.(BL)

Reliance Communications intends to raise funds from qualified institutional investors either through a share sale or an issue of financial instruments.(BL)

Infosys plans to open a software development and back office centre in Brazil. (ET)

Tech Mahindra extends open offer date for Satyam shares.(FE)

BPCL open to Oman Oil hiking stake in Bina refinery.(BL)

Jain Irrigation has bagged a World Bank project worth Rs778mn for execution this year.(BL)

NTPC is currently working on various new projects which will together add a new capacity of 18,000MW.(FE)

NTPC has lined up funding of nearly Rs220bn from Power
Corporation, LIC, domestic banks and financial institutions to finance its capital expenditure for the current fiscal. (ET)

City plans to raise up to US$500mn through the qualified institutional placement route. (ET)

Michelin sells 3.3% stake in Apollo
Tyres for around Rs450-500mn in the open market. (ET)

Apollo Group plans to invest Rs1.5bn in Hyderabad to fund its expansion plans. (ET)

Agro plans to raise US$150mn through fresh issuance of shares. (ET)

Apollo Hospitals Group has sealed a deal with International Finance Corporation for a funding of $50mn.(BL)

Tamil Nadu government gives approval to the Toshiba-JSW JV for setting up a supercritical power equipment manufacturing facility near Chennai. (BS)

Twelve financial institutions sanction ~Rs16bn to Reliance Power to part-finance the first phase of a 600MW Group Captive Power Project (GCPP) at Butibori in Maharashtra. (ET)

GMR Infrastructure is readying a capital expenditure of Rs70bn for this fiscal to fund its existing and new projects.(DNA)

JSW Steel reported a growth of 33% in crude steel production for May 2009 as compared with the year-ago period.(FE)

Siemens plans to open a factory in Aurangabad this fiscal to produce industrial goods for the transportation sector.(BL)

Steel and Jindal
Power are considering increasing prices of their products following the firming global cues and the improvement in domestic demand. (BS)

Reliance Life Insurance to enter the capital market to mop up Rs15-20bn through an IPO. (BS)

Infotech to set up wholly owned business process outsourcing subsidiary. (BS)

Wockhardt to sell hospitals to raise Rs10bn.(FE)

Suzlon completes buy of Martifier's stake in REpower.(BL)

Tata Steel's India operations show a 23% yoy increase in production of saleable steel in May.(FE)

Power Grid plans Rs50bn bond issues this fiscal.(DNA)

BSNL invited bids afresh from private players to roll out WiMax services on a franchisee basis.(BL)

Vedanta Aluminium believed to be in talks with banks, including SBI, to raise Rs 100bn debt to part fund its Orissa project.(TOI)

Areva, the world's biggest maker of atomic reactors, has offered India stakes in African uranium mines to ensure supplies for fuel starved plants.(TOI)

Aban Offshore seeks Rs140bn debt recast.(TOI)

Finance Ministry has appointed Dr K.C Chakrabarty, CMD of Punjab National Bank, as a Deputy Governor of the Reserve Bank of India.(BL)

Indraprastha Gas plans to invest Rs16bn to expand its retail outlets and PNG network in and around the metropolis. (BS)

Wipro plans to expand its Eco-eye programme which works for the cause of ecological sustainability. (BS)

Cairn India is anticipating over 1.3mn tonnes of crude oil production from the Ravva field in the KG-basin during the current financial year. (BS)

Government plans to list only two stateowned companies, Oil India and NHPC this financial year through IPOs. (ET)


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