TOP CORPORATE NEWS-16 JULY 2015

 
·Siemens secures turnkey order worth Rs123 cr
Siemens announced that it has won a turnkey order worth approximately Rs123 crore from Power Grid Company of Bangladesh (PGCB), the country's leading transmission utility. The scope of the work includes design, procurement, supply, installation, testing and commissioning of 230/132 kV GIS Substation at Shyampur and 132/33 kV GIS substation at Dhamrai- both sites located at Dhaka.
·Bharti Infratel in talks to buy Idea & Vodafone towers for $1.6 bn
Bharti Infratel is in advanced talks with British telecom major Vodafone and the Aditya Birla Group's Idea Cellular to buy out their telecom towers at a valuation of up to $1.6 billion (Rs10,080 crore).
Bharti Airtel, Vodafone and Idea, India's top three cellular service providers, jointly own stakes in unlisted telecom tower company Indus Towers, apart from having their own tower arms. Banking sources said Vodafone might sell 11,000-12,000 towers and Idea Cellular 9,000 to Bharti Infratel.  
·Ramco identified as a Leader on multiple parameters
Ramco Systems announced that it has been named as a ' Leader' in Nelson Hall's NEAT Vendor Evaluation & Assessment Tool for Payroll Outsourcing 2015.The report identified Ramco as a Leader on multiple parameters including overall capability, multi country, HR cloud integration focus and analytics and reporting focus.
·RIL starts selling diesel to railways
As per media flash, Reliance Industries has started selling diesel to railways, also co's oil product exports flowing more to Asian markets (positive read-thru)
·Adani Power bags 3 transmission projects
Adani Power bags 3 transmission projects Sipat - Rs863 crore, Chhattisgarh (A) - Rs823 crore and Chhattisgarh (B) - Rs823 crore while Sterlite Grid bagged a transmission project Maheshwaram worth Rs396 crore
·IOC shuts crude unit of 300,000 barrels-per-day
Indian Oil Corp shut the crude unit of its 300,000 barrels-per-day Paradip plant in May and will restart the same in August                                                                                                                                                  ·Essar Oil will shut 400,000 barrels-per-day
Essar Oil Ltd will shut its 400,000 barrels-per-day (bpd) Vadinar refinery from mid September for a month, while Chennai Petroleum Corp Ltd will put a 1.85 million tonnes-per-year hydrocracker plant on maintenance from July 19 for a month.
·Delhi Govt increases VAT on Petrol and Diesel
Delhi government increases VAT on petrol from 20% to 25% and on diesel from 12.5% to 16.6% thus resulting increase in the price of petrol by Rs2.78 per liter and in the price of diesel Rs1.83 per liter.
Thus Delhi will not benefit from price cut by OMC’s but will actually see a rise in petrol prices by 78 paise while decrease in diesel  would be limited to 50 paise.
·Petrol and Diesel prices cut by Rs2 per litre 

Petrol and diesel prices cut by Rs 2 per litre, excluding local levies, second reduction of rates this month by oil companies.
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