TOP CORPORATE NEWS-30 APRIL 2015

·Cabinet approves Rs1 lakh crore for urban renewal plan
The Union Cabinet on Wednesday cleared a project to develop 100 smart cities and rejuvenate another 500 in the country allocating close to Rs1 lakh crore for a period of five years. While Rs48000 crore has been allowed for 100 smart cities and another Rs50,000 crore for Atal Mission for Rejuvenation and Urban Transformation (AMRUT). Each city would get Rs100 crore every year from the centre balance being from the states, urban bodies and the consortium that they form with corporate entities.
·RBI's external committee in favoured rate cuts
As per the RBIs technical advisory report ,four members out of total 7 members had recommended the RBI cut interest rates again (ahead of April 7 policy meeting), with two members suggesting easing by 50 basis points because of slowing economic growth. While TAC does not have any voting powers on rate decisions there is overwhelming bias towards further reduction in rates. This is sentimentally positive for banking sector.
· SKS Micro issues commercial papers amounting Rs200 cr
SKS Microfinance has announced that Company has issued Commercial Papers of an aggregate amount of Rs200 crore on April 29, 2015, which has been rated 'A1+' by a leading rating agency. Instruments with the aforesaid rating are considered to have a very strong degree of safety regarding timely payment of financial obligations. Such instruments carry lowest credit risk.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  ·Supreme Infra bags EPC work from Damodar Valley
Supreme Infrastructure India has announced that the Company has bagged the EPC work of Rs134.22 crores from Damodar Valley Corporation ( DVC) for the Construction of Bridge on River Konar along with its approach road etc. including Road over Bridge (ROB) on Gomoh-Barkakana Railways line at BTPS, DVC, Bokaro.
·Govt hikes import duty on Sugar to 40%
The Union Cabinet chaired by the Prime Minister, Narendra Modi, on April 29, 2015, gave its approval to increase import duty on sugar from 25% to 40%.In order to improve the price sentiments relating to sugar, the Government has decided to increase the duty on import of sugar under the Open General License (OGL) to 40%, as against the current level of 25%. This would prevent any imports in case international prices of sugar were to depress further.
· Govt raises defence industrial licence validity to 7 yrs
Government raises licence validity in defence to 7 years with a provision for further extension of 3 years this is line with government commitment to ease of doing business and boost defence manufacturing.
Government has also consider long gestation period of defence contracts to mature. Earlier, the validity of such licence for the defence sector was for three years, and extendable up to seven years.
· Bosch to replace IDFC in CNX Nifty
The Index Maintenance Sub-Committee of the NSE yesterday, (April 29, 2015) announced exclusion of IDFC as a constituent from the 50-unit CNX Nifty Index and inclusion of Bosch in its place as a constituent in the index. The Index Maintenance Sub-Committee of the NSE said these changes shall become effective from May 29, 2015.
·ONGC strikes oil, gas in KG Basin: + for the stock
State Owned Oil and Natural Gas Corporation (ONGC) said it has made another significant oil and gas discovery in its Krishna Godavari basin deepwater block KG-D5, which sits next to Reliance Industries' flaging KG-D6 area. During testing, the well flowed oil at a rate of about 3,160 barrels per day and gas at a rate of about 3.19 lakh cubic meters a day.

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