IIFL-Corporate Front Page

Corporate Front Page:

- Reliance Industries is finalising a new alliance with engineering and project management partner Bechtel Corporation, as it prepares to enter the power sector. (BS)

- The Jharkhand government has rejected forest clearance for a railway link being planned for evacuation of coal from the North Karanpura coalfield operated by Coal India. (BS)

- Israel-based pharma company, SoluBest, has entered into collaboration with Dr Reddy's Laboratories to develop a technological platform for solving the problem of drug insolubility. (BL)

- Bajaj Auto may hike prices of its two and three-wheeler range. (BL)

- Tata Motors is starting open sales of its people's car, the Nano, following the wrapping-up of deliveries to select customers. (BL)

- To grab a share of the Rs12bn instant noodle category, the tobacco to FMCG major ITC plans to venture into the segment with Sunfeast Yippee, instant noodles. (BL)

- In the first half of the current fiscal, SAIL's Rourkela Steel Plant produced 0.98mt of saleable steel recording 2% growth over the same period of last year and 1.049mt of crude steel. (BL)

- Axis Bank plans to sell as much as US$200mn of commercial paper. (FE)

- GlaxoSmithKline Consumer Healthcare has revamped its flagship Horlicks brand and expects to maintain its leadership position at 52% (market share) this fiscal. (ET)

- GlaxoSmithkline Consumer Healthcare is in the process of finalising the quantum of price hike in the health food drinks segment. (FE)

- IVRCL Assets & Holdings Ltd has approved issue of equity shares on a preferential basis for cash at a price of Rs129 a share, aggregating Rs1.5bn to Unit Trust of India Investment Advisory Services Ltd, for its Ascent India Fund III. (BL)

- A tax demand of Rs5.7bn has been raised on Mahindra Satyam for illegally claiming tax credit on fictitious income during 2003-04 to 2008-09. (FE)

- Government approved the divestment of its 10% stake in Shipping Corporation of India and allowed the company to issue fresh equity of 10% of the paid-up capital. (FE)

- JSL Stainless said it has increased the proposed investment on phase-II development of its Orissa plant to Rs64bn to augment production capacity to 1 mt per annum. (ET)

- Ansal Properties and Infrastructure Ltd has raised US$52mn through private placement of shares to institutional investors. (FE)

- Godrej Properties has signed a development agreement for a 1.35-acre plot in Chembur. (ET)

- Vedanta Resources has won the bauxite mining bid for Gujarat Mineral Development Corporation. (ET)