Top Corporate news of the day - September 28, 2015

Check out the most important news stories which captured the headlines at the corporate level in India and internationally.

Videocon Industries said that it has no plans to convert its loans into equity and is, in fact, paying all its loans in time. The company had sought shareholders’ approval for a conversion of loans into equity in an Extraordinary General Meeting (EGM) to be held in October as an enabling provision which led to speculation that it is converting its loans. 

Bharat Heavy Electricals Ltd (BHEL) said it has commissioned a 250 MW coal-based thermal power unit at Sikka in Gujarat. 

Essar Ports (EPL) said shareholders have approved its proposal to raise up to USD1bn through securities from domestic and international markets to fund expansion plans. 

Castex Technologies Ltd, which is being investigated by capital market regulator Sebi over possible rigging of share price, said it has completed conversion of its USD70mn FCCB into equity. 

Capital First Ltd (CFL) plans to raise Rs3.50bn from International Finance Corporation (IFC) through subscription to the company's secured non-convertible debentures (NCD). 
Sun Pharma said the US Food and Drug Administration has denied its application for approval to launch a new anti-epilepsy drug, citing manufacturing quality issues at its production site.

Sterling Holiday Resorts Limited, a wholly owned independently managed subsidiary of Thomas Cook (India) Limited (TCIL), has won a bid to build a 3-star resort property at the proposed eco-tourism hub in Jalpaiguri, West Bengal. The company plans to build a 50-70 room eco-resort spread over a three-acre land with an investment of about Rs250-300mn. 

Buoyed by its 106% jump in profit, aluminium giant Nalco is all set to invest over Rs650bn to launch projects in the country and abroad, besides undertaking expansion and diversification into power and mining sectors in a big way. 

NTPC's 4,000-MW Lara thermal project in Chhattisgarh will go on stream by March 2017, with a likely commissioning of its first 800-MW unit.

As it prepares to launch its banking services, IDFC Bank is contemplating not having its own ATMs and making transactions at rivals' ATMs free for customers, a senior official said. 

ITC Ltd has announced launching of grease-resistant paper boards. The paper boards and specialty papers division of the company announced that it developed the foodgrade paper board variety (without use of plastic film) targeting the food industry particularly the quick service restaurant chains and sweet shops.

IndianOil has embarked on a programme to ensure that all its fuel outlets in the country are fully automated in five years. The Corporation has about 25,000 petrol pumps of which 8,800 are automated. 

Jaypee Infratech, the developer and operator of the Yamuna Expressway, has defaulted on its payment to lenders. Following the delay in payment, ratings firm Care has downgraded the rating on the company's Rs13bn bonds and a term loan of Rs65.50bn to Care D, or default category.

Lanco Infratech Ltd has entered into two power purchase agreements and restructured financials for three other projects. According to T Adibabu, Chief Operating Officer, Finance, Lanco Infratech, “These are significant developments giving clear visibility to the completion of projects costing almost Rs400bn. With the commissioning of these plants, the company will have a consolidated operating power capacity of around 8000 MW by FY18”.