Tuesday 9 December 2014

Top corporate news of the day - December 09, 2014

In a big boost to ONGC, the Oil Ministry is reworking the fuel subsidy sharing formula to cut its payout by a quarter through adjustment of statutory oil cess against its share.
 
Competition Commission of India (CCI) has approved the merger of Sun Pharma and Ranbaxy, with riders. The competition watchdog has said in its report had said that it evaluated 49 drugs of both the companies and they will have to sell assets of 7 drugs in order to not have a monopoly. 
 
Mahindra and Mahindra's farm equipment sector is all set to offer an air-conditioned variant for their newly launched Arjun Novo tractor. 
 
Oil minister Dharmendra Pradhan held a meeting with South Korean ambassador Joon-gyu Lee seeking his assistance to sort out a technology-transfer issue that had been holding up progress on GAIL (India)'s plan to charter hire nine Liquefied Natural Gas (LNG) vessels. 
 
BHEL said it has commissioned a hydro power project in African country Rwanda. 
 
The Kerala High Court directed the state government to demolish the parts of DLF's apartment complex near Chilavannoor backwaters in Kochi that have been built in alleged violation of the Coastal Regulation Zone [CRZ] Act. 
 
ICICI Bank has announced a hike in its ATM charges for saving accountholders from January 1 next year.Under the new method, the number of free transactions in a month is fixed at five using own ATMs, while it has been capped at three for other banks' machines. 
 
Networking giant Cisco has partnered IL&FS Technologies to jointly develop digital solutions to tap into the multi-billion dollar opportunity in the smart city space in India. 
 
Shriram Life Insurance Co Ltd said it expects to grow between 15 - 20 % in the current financial year in terms of premium collection. 
 
Coal India has signed an agreement with Solar Energy Corporation of India for setting up of solar power plants of total 1000 MW capacity in different parts of the country. 
 
L&T Infrastructure Finance Company today said it plans to raise up to Rs4.5bn through debentures to fund its business expansion. 

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