Tuesday 16 June 2015

Top corporate news of the day-June 16, 2015

India's largest telecom service provider Bharti Airtel will start trials of its 4G services in Delhi from June 18. 

Corporate News
Life Insurance Corporation (LIC), which is a minority shareholder in Cairn India with 9.06% stake, has sought higher dividend on the redeemable preference shares that the oil producer plans to offer as a part of its merger plan with parent Vedanta Ltd
 
Private sector lender IndusInd Bank has now decided to focus on the real estate business, after a gap of almost six years. The lender has decided to focus on financing construction of projects and the Loan Against Property (LAP) business. 
 
Nestle India is in the process of destroying Maggi instant noodles worth Rs3.2bn after it was banned by central food safety regulator FSSAI due to presence of lead and taste enhancer monosodium glutamate (MSG) beyond permissible limits. 
 
India's largest telecom service provider Bharti Airtel will start trials of its 4G services in Delhi from June 18. 
 
Adani Group has decided to invest Rs50bn in Tamil Nadu to set up a 700 mega watt (MW) power generation capacity based on solar. This is part of Adani Group's plan to set 10,000 mega watt (MW) of solar power by 2022 across the country. 
 
The Ruias of the Essar group are set to sell 49% stake in Essar Oil to Russian oil and gas giant Rosneft for close to Rs105bn. 
 
Aurobindo Pharma has received the final approval from the US Food & Drug Administration (US FDA) to manufacture and market extended Phenytoin Sodium Capsules, an anti-epileptic drug for controlling seizures. 
 
Reliance Communications (RCOM) and AFK Sistema have entered into exclusive discussions on a potential merger between the Indian telecom business of Sistema Shyam TeleServices and Reliance Communications through a stock swap. 
 
A detailed project report (DPR) on the proposed Rs50bn steel plant to be set up under a joint Venture (JV) between ArcelorMittal and state-run SAIL will be completed by August. 
 
Glenmark Pharmaceuticals has received final nod from the US health regulator for generic oral contraceptive Levonorgestrel/Ethinyl Estradiol tablets and plans to commence shipping of the product immediately. 
 
State-owned BHEL said it has commissioned NTPC's 800-MW Koldam hydro power project in Mandi district of Himachal Pradesh.
 
The Street may be cautious about Reliance Industries’ (RIL) telecom and retail businesses, but the Mukesh Ambani-controlle    d firm says Jio and retail will place Reliance in a select group of most valuable companies in the world. 
 
An inter-ministerial panel deferred decision for the second time on Kotak Mahindra Bank's proposal for raising foreign investment limit in the bank to 55%. 

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