Top Corporate news of the day - September 8, 2015

Credit rating of Gulf Oil Lubricants India, a Hinduja Group Company, has been upgraded by rating agency ICRA.

Reliance Infrastructure arm Reliance Defence has signed MOU with Abu Dhabi Ship Building (ADSB) for the production of naval, military and commercial vessels. Under this MOU, both the companies will investigate the opportunity to set up a strategic partnership for the construction of naval ships including frigates, destroyers and other specialized vessels to address the Gulf Cooperation Council (GCC) over the next 10 years. 

Credit rating of Gulf Oil Lubricants India Limited, a Hinduja Group Company, has been upgraded by rating agency ICRA. 

Britannia Industries Limited has expressed its interest in setting up an agro-processing facility in Chittoor district of Andhra Pradesh. The company plans to commission the Phase I of the project in Chittoor district with an investment of Rs1.25bn by the end of 2016.

Tata Power plans to give a fillip to rooftop solar power generation and smart grids to manage peak demand in Delhi. Tata Power Delhi Distribution Ltd (TDPPL) expects to manage peak-hour demand up to 500 MW in the next five years through its new initiatives without the need for signing new contracts for power procurement.

Indraprastha Gas Limited has unleashed an intensive marketing campaign to chase a government-set target of adding 300,000 households in the current fiscal, more than half of what it has achieved in 16 years of existence, but it is up against a messy urban planning and a sluggish property market.

Buoyed by government's target of electrifying the entire 65,000 km railway route, Shilpi Cable Technologies plans to enter the railways segment by manufacturing catenary wires to meet the demand, a senior company official said.

Mahindra & Mahindra (M&M) is looking to enhance its market share in the utility vehicles segment with the upcoming compact SUV, TUV300 which is expected to be priced around Rs0.7-0.9mn.

Maruti Suzuki is planning a major overhaul of its bestsellers - Swift and Swift Dzire, in an altogether new avatar. In its new generation both Swift and Dzire will get an all new body and a new engine at the heart. Maruti Suzuki is also trying to advance commencement of Gujarat production facility by three to six months since the Gurgaon and Manesar plant in NCR region will reach optimum capacity by the middle of next year. 

Tata Motors’ JLR India is hopeful of more than trebling its sales in the country on the back of "a tremendous response" for its SUV hatchback Discovery Sport. 

JSW Energy Limited is all set to acquire Bina thermal power from Jaiprakash Power Ventures Limited for Rs35bn. The thermal power plant has installed capacity of 500 MW and have sufficient infrastructure to ramp it up to 1500 MW with marginal investment, two people familiar with the development told ET.