·RBI puts bans purchase of IPCA labs’ shares by FIIs
RBI says restrictions placed on purchase of IPCA labs’ shares by FIIs withdrawn with immediate effect FIIs can now invest up to 35% in IPCA laboratories, positive read-thru
·Cabinet notes prepared for road projects
As per media reports, government is getting ready to unveil an ambitious project aimed at making a vast improvement to the country’s roads. The cabinet notes have been prepared for programmes like Sethu Bharatam (150 railway over-bridges & 204 level crossings), Rashtriya Rajmarg Zila Sanjoyukta Pariyojana (5,600 km highways linking 123 district headquarters to NH network) and Backward area highways (2000 km project linking underdeveloped areas in non-Naxal belt to the national highway network).
·Coal India plans to cut workforce by nearly a third
Coal India plans to cut its workforce by nearly a third and reduce the average age of executives from 47 to 30 in five years, as the management indicated that the mammoth workforce of 3.4 lakh is expected to fall to 2.4 lakh in five years and further to 1 lakh by 2025. Hence, it is expected that if this is achieved, the cost of manpower will fall from 53% to 35% in five years, and to 25% in the next phase – Positive for Coal India.
·BHEL adds 736 MW Hydro Electric Capacity in the Country in 2014-15
Bharat Heavy Electricals Ltd ( BHEL) announced that the company adds 736 MW Hydro Electric Capacity in the Country in 2014-15; Accounts for 100% of India's Hydro Capacity addition in the Fiscal.
·Lupin to replace Tata Power in Sensex
Lupin shares gained after after the Bombay Stock Exchange on Friday announced that, Lupin will replace Tata Power on its 30-shrae benchmark- Sensex from June 22. Shares of Lupin rose 1.41% to Rs 1,760.05. The stock hit a high of Rs 1,768.60 and a low of Rs 1,750 so far during the day. Shares of Tata Power Company fell 0.99% to Rs 75. The stock hit a high of Rs 75.75 and a low of Rs 74.80 so far during the day.
·RBI to conduct overnight repo auction for Rs 10,000 cr today
The Reserve Bank of India (RBI) will conduct overnight variable rate repo auction for a notified amount of Rs 10,000 crore today. The auction will be conducted between 3.45 pm and 4.15 pm as per the revised guidelines on Term Repo Auctions issued on February 13, 2014, RBI said in a notification. Successful bidders will get the allotment at their respective bid rates. Bids at or below the repo rate will be rejected, it added. The reversal of the overnight variable rate repo will take place on May 26, 2015.
·BPCL enters into term loan agreement with SBI
Bharat Petroleum Corporation Ltd ( BPCL) has announced that the company has entered into a term loan agreement with State Bank of India ( SBI) to set-up a rupee loan facility.
The facility will be used to finance capital expenditure on the company's ongoing and new projects, BPCL said. Under the facility, BPCL can avail a loan of up to Rs4000 crore which can be drawn over a period of three years. The loan carries a floating rate of interest linked to base rate and has a door to door maturity of ten years.
·Grasim Inds inks BTA with Future Consumer Enterprise
Grasim Industries announced that the Company has signed a Business Transfer Agreement (BTA) with Future Consumer Enterprise for the sale of its Consumer Products Division, on a slump sale basis.
The Division is presently engaged in the manufacture of face care wipe, baby wipes and other products in Baby/House care segments and for the Financial year 2014-15, its Net Sales was at Rs9.52 crore, against the total Net Sales of Rs 6,252.34 crore at standalone level and Rs32,437.63 crore at consolidated level.
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