Friday 12 June 2015

Top corporate news of the day-June 12, 2015

BHEL has commissioned a 82.5-megawatt unit at Shrinagar Hydro Electric Project in Uttarakhand.

Corporate News
Bharat Heavy Electricals Ltd (BHEL) said it has commissioned a 82.5-megawatt unit at Shrinagar Hydro Electric Project in Uttarakhand.

The government is likely to raise the price of natural gas produced from Cairn India’s eastern offshore Ravva field by 20% to USD4.2 with effect from June 2010, the date from which GAIL has been selling Ravva Contract Area-1 gas at rates similar to the one fixed for state-owned ONGC.

Glenmark Pharmaceuticals has received final approval from the US health regulator for the generic Calcipotriene cream used for the treatment of plaque psoriasis.

Nestle India said that it has approached the Bombay High Court to seek judicial review of the orders passed by Food and Drug Administration in Maharashtra and the Food Safety and Standards Authority of India.

Jagran Prakashan Ltd said it has completed the acquisition of Music Broadcast Pvt Ltd, which operates the popular Radio City FM stations.

Tata Motors, India's largest automobile company and its long standing Italian partner Fiat are holding strategic talks over product and investment plans to be finalised for production at the Pune-based facility jointly owned by the two companies. They are poised to take their product plans to the next level and have lined up series of new launches over the next 2-3 years. These include compact sports utility vehicles, hatchbacks and compact sedans developed by them independent of each other.

Future Retail plans to raise fresh funds of up to Rs15bn through non-convertible debentures (NCDs) on private placement basis to replace high cost loans and to invest in brand building as well as marketing.

Mumbai Metro One Private Limited (MMOPL), a subsidiary of Reliance Infrastructure Ltd., has completed the refinancing of project borrowings of Rs16.50bn, achieving substantial benefits through extension of maturity and reduction of interest costs.

Realty firm Unitech plans to raise about Rs.2 bn from private equity players to part finance its ongoing housing projects as real estate market continues to remain sluggish.

NTPC said Talcher in Odisha will become a power hub with the PSU planning around 3,000 MW of capacity addition there.

Electrosteel Steels said it has received an indication for investment in the company from Tata Group as well as from a Singapore-based financial investor.

FMCG major Hindustan Unilever Limited (HUL) has decided to recall its Chinese range of 'Knorr' instant noodles from the market pending product approval from the central food safety regulator FSSAI. 

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