Thursday, 29 January 2015

Top corporate news of the day - January 29, 2015

SpiceJet is offering 0.5mn discounted seats in a three day sale beginning, with tickets priced from Rs 1,499 onwards. Discount tickets are available for travel from February 15-June 30. 
 
Jaiprakash Power Ventures Ltd said it was likely to default on payments for convertible bonds worth US$200mn due on Feb 13 this year, as it could not generate enough revenue from its operations.
 
Bharat Petroleum Corporation Limited is planning to raise US$2bn through medium-term notes to finance its capex initiatives. Fitch Ratings has assigned a 'BBB-' rating to the notes.
 
Oil and Natural Gas Corp said its natural gas output will jump 81% to 116 mscmd by 2019 after it bring newer fields in western and eastern offshore into production. 
 
Targeting revenue of up to US$5bn from the digital vertical in the next few years, TCS has hired 1,500 experienced hands in the segment so far this fiscal.
 
Reliance Industries and its partner BP plc of UK will invest about Rs60bn by 2016 to help sustain and improve recovery from the two main gas fields in the eastern offshore KG-D6 block. 
 
Amara Raja Batteries Limited is set to commission its greenfiled expansion of four-wheeler automotives batteries facility in Andhra Pradesh shortly.
 
Persistent Systems has created an M&A team as it looks for acquisitions to push it past the US$1bn revenue mark. 
 
Larsen & Toubro hopes to build nuclear reactors in partnership with Westinghouse Electric Company and is exploring other partnerships after India and the US cleared the way for implementing a bilateral agreement signed in 2008.
 
The government will sell up to 10% stake in the Coal India Ltd through offer for sale on Friday and is expected to mop up around Rs240bn at current market price.
 
Japan's Suzuki group plans to set up three plants in Gujarat's Hansalpur, which will exclusively supply to Maruti Suzuki India Limited
 
Reliance Industries Ltd and Essar Oil Ltd are competing with state refiners to sell diesel to Indian Railways, after the government's control over diesel pricing ended last year.
 
Redington (India) Limited has expressed confidence that Apple’s plans to enhance its business in India would benefit the company and it would maintain the "leadership position in future as well".
 
The board of directors of Granules India has approved fund-raising by issue of equity shares to qualified institutional buyers to the extent of Rs2.5bn with applicable green shoe option through a qualified institutions placement.

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