Wednesday 17 June 2015

Top corporate news of the day-June 17, 2015

Notwithstanding the criticism of minority shareholders of Cairn India getting a raw deal, billionaire Anil Agarwal ruled out his debt-ridden mining firm Vedanta Ltd raising the offer to absorb the cash rich oil firm.

Corporate News
Notwithstanding the criticism of minority shareholders of Cairn India getting a raw deal, billionaire Anil Agarwal ruled out his debt-ridden mining firm Vedanta Ltd raising the offer to absorb the cash rich oil firm.

Pramerica mutual Fund is likely to acquire India's assets of Deutsche Asset Management Company (AMC) for Rs. 4bn. According to sources, YES Bank, which was in the race to acquire the German financial firm's Indian mutual fund arm, could not ink the deal as it had offered less

After the Odisha government ticked off Wipro for going slow on its development centre here, the company has committed a massive expansion of the facility, which would house 28,000 employees 

The Income Tax Department will defend the Rs204.9bn tax claim it has made on Cairn India even after the company is merged with its parent Vedanta Ltd.

Technology major Dell announced it has entered into a strategic distribution partnership with HCL Infosystems Ltd to distribute Dell's entire Hardware & Software Products.

IT services, consulting and business solutions company Tata Consultancy Services Limited (TCS) launched a new next-generation technology soutions centre of excellence (CoE) at its Hyderabad campus.

With the ban on Maggi noodles production in India, flour millers have started dumping maida into the market with a loss. In the process, prices of maida have declined by Rs. 2-3 a kg to Rs. 16-19 a kg in the vicinity of Nestle factories across the country.

Diversified business conglomerate ITC would remove the disclaimer "no added MSG" from packets of its instant noodles sold under Sunfeast Yippee brand following recent directions by the central food safety regulator FSSAI.

The government plans to sell 3% stake in Bharat Petroleum Corp Ltd, the nation's second largest state oil firm, this fiscal to raise around Rs.18 bn.

World's largest two-wheeler manufacturer Hero MotoCorp launched a new model of 100cc bike Passion Pro, priced at Rs. 47.9k (ex-showroom Delhi).

State-owned BHEL said it has commissioned NTPC's 800-MW Koldam hydro power project in Mandi district of Himachal Pradesh. 

State-run BSNL will set up 40,000 wi-fi hotspots across the country, entailing an investment of about Rs. 60bn.

Software major Infosys' CEO Vishal Sikka is mulling changes to the existing performance management process in the company. 

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