Thursday 18 June 2015

Top corporate news of the day-June 18, 2015

Bharti Airtel said its agreement with Helios Towers Africa for sale of tower assets in Tanzania and Tchad signed last year has been terminated.

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Bharti Airtel said its agreement with Helios Towers Africa for sale of tower assets in Tanzania and Tchad signed last year has been terminated.

Private sector HDFC Bank has cut base rate or minimum lending rate by 0.15%, a move which will lower EMIs for its borrowers.

The government's resolve to defend its position in the Rs. 204bn retrospective taxation case with Cairn India, even as it has stopped pursuing similar cases with other multinational companies including Vodafone and Shell, highlights the issues facing the petroleum explorer.

ONGC Videsh Limited (OVL), the external arm of state-run explorer Oil and Natural Gas Corporation, will invest up to USD400mn for exploration activities in Kazakhstan.

After launching a new brand, budget carrier, SpiceJet put up 50,000 tickets on sale for four days to popular international destinations such as Colombo, Bangkok and Dubai.

Cipla Ltd, India's fourth-largest drugmaker by sales, is planning to enter Latin America and Eastern Europe to tap into growing demand for generic drugs in emerging markets, Chief Executive Subhanu Saxena said.

Nestle India said it's investigating the complaint of live beetles reportedly found in a baby milk food supplement produced by it and is fully cooperating with the authorities on the matter.

After setting up 1,500 fuel retail outlets and having 1,400 under implementation, Essar Oil is planning to set up another 2,100 retail outlets, taking the total tally to 5,000 retail outlets. This will make Essar Oil largest private fuel retailer in the country. 

Mahindra First Choice Wheels, the multi-brand pre-owned cars division of Mahindra & Mahindra, has set a target of selling around 7,000 units of small commercial vehicles (SCVs) this financial year.

State-run NTPC said that it has entered into an agreement with Jammu and Kashmir State Power Development Corporation Ltd (JKSPDCL) to form a joint venture company for mining at Kudanali-Luburi coal block in Odisha. 

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