Wednesday 10 June 2015

Top corporate news of the day-June 10, 2015

Rajesh Exports has bagged an export order worth Rs13bn from an UAE-based company for gold and diamond studded jewellery.

Corporate News
Rajesh Exports said that the company has bagged an export order worth Rs13bn from an UAE-based company for gold and diamond studded jewellery. 

The online arm of Eros International, ErosNow, has announced exclusive content acquisition deal with Pakistan’s on-air and digital content company HUM TV. Under the deal, registered users of ErosNow can access HUM TV’s entire library, including the current shows at no extra subscription cost. 

Singapore has allowed the sale of Nestle’s Maggi noodles manufactured in India after safety tests by food authorities here found that the popular instant snack does not pose any health risk to consumers. 

The Maggi fiasco has forced leading packaged food companies ITC and Hindustan Unilever (HUL) to conduct additional voluntary tests on their noodles range from external NABL-accredited and FSSAI-certified laboratories. ITC and HUL — which together control around Rs80bn of the packaged foods market — are conducting additional tests as a move to reassure consumers on the quality of their products. 

Allaying concern over possible power shortage in eastern India due to labour issues at NTPC's Farakka unit in West Bengal, the state-owned power major said normalcy has restored in the plant after state administration's intervention.

Mahindra Holidays & Resorts, the country's leading leisure hospitality provider, approved increasing its stake in Finland-based Holiday Club Resorts, Oy, to about 88%. Last year MHRIL had picked up 19% in the European company, which has 30 resorts in Finland, Sweden and Spain, through its wholly-owned subsidiary Covington Sarl, Luxembourg.

Coal India is likely to increase its production by over 60 million tonne in the current financial year since it recently acquired 2,000 hectares and also received 41 mine clearances. Consequent to this, its subsidiary Western Coalfields will be opening one new mine every month for the next two years. 

In line with its strategy to divest non-core assets, country’s largest real estate player DLF has entered into an agreement with PVR Ltd to sell off its exhibition business DT Cinemas on a slump sale basis for about Rs.5bn. 

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