Tuesday, 26 May 2015

Top corporate news of the day - May 26, 2015

The Delhi High Court asked Coal India Ltd how it was offering coal from two Chhattisgarh mines to NTPC when it had cited production issues to cancel an e-auction of 49,000 MT of the mineral, mined from the same area, which was won by JPL. 

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The Delhi High Court asked Coal India Ltd how it was offering coal from two Chhattisgarh mines to NTPC when it had cited production issues to cancel an e-auction of 49,000 MT of the mineral, mined from the same area, which was won by JPL.

NMDC said it has charted out a growth plan to take its iron ore production to 100mn tonnes by 2022.

Strides Arcolab has said its deal with Aspen Pharmacare to buy the latter's Australia assets will help the Indian drug company rebuild its business in that country and also get a product pipeline that was under development by Aspen. 

TVS Srichakra, tyre manufacturing arm of TVS Group which sells tyres under the brand TVS Tyres, is in the process of developing radial tyres for the TVS Motor-BMW joint venture two wheeler products, which are expected to be revealed in 2016. 

Chennai Petroleum Corporation Ltd, a group company of Indian Oil Corporation, will raise around Rs10bn from its parent to strengthen its net worth. This, in turn, is expected to help the company borrow more to complete its Rs.31bn upgradation project to improve profitability. 

JSW Steel reported a 2% growth in crude steel production for April at 1.01mn tonnes. 

Bharat Heavy Electricals said it commissioned six hydro sets with a combined 736 MW capacity in 2014-15. 

National Thermal Power Corporation assured the Telangana Government that the entire power generated from the proposed 4000 mw thermal power project would be fully dedicated to the State. 

JK Tyre & Industries has launched its new Steel Wheels showroom at Karimnagar in Telangana. 

McDonald’s India has chalked out plans to reach out to newer markets by adding as many as 175-250 outlets in the West and South in the next 3-5 years. 

Ford Motor Company has decided to invest another Rs40bn to Rs.50bn in an R&D centre in Chennai, after investing a billion dollars in a second plant in Sanand, Gujara. 

Cairn Energy of UK has named former Bulgarian minister and lawyer Stanimir A Alexandrov as its arbitrator for resolution of the Rs.102bn tax demand the Indian government had slapped on it using retrospective taxation. 

Grasim Industries will sell its consumer products business to Future Consumer Enterprise Ltd on a slump sale basis.

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