TOP CORPORATE NEWS - 09 SEP 2015

· ITNL signs concession agreement for Rs2,288 crore project

IL&FS Transportation Networks has signed the Concession Agreement for development of 4-laning of Amravati-Chikhli (Package-I) section of NH-6 in the State of Maharashtra from Km. 166.000 to Km. 360.000 with National Highways Authority of India on Build Operate Transfer basis on September 08, 2015. The Project is on Toll basis with a Concession Period of 19 years including Construction Period of 910 days and the estimated cost of the Project is Rs2,288.18 Crores. The Company had quoted a grant of Rs183.05 Crores for Project.

                                                                                                                                                                      

·   FM first batch e-auction ends: Govt earns Rs1,157 crore

The government has received bids worth Rs1,156.9 crore for 97 channels in 56 cities in the e-auction of the first batch of private FM Radio Phase 3 channel. The aggregate reserve price for these channels is Rs459.8 crore.The e-auction ended today after 125 rounds of bidding. The e-auction for 135 channels in 69 cities had commenced on July 27. Cities like Guwahati, Bhubaneshwar and Jodhpur witnessed robust bidding activity with the provisionally winning bid being as high as 800 percent over reserve price for their channels.

                                                                                

· JSW Energy buys JP Power's projects for Rs9,700 crore

JSW Energy buys JP Power's 2 hydro projects for Rs9,700 crore - Positive for JSW Energy.JSW Energy bought two hydro power projects of Jaiprakash Power for Rs9,700 crore. The two projects are 300 MW Baspa-II and 1,091 MW Karcham Wangtoo in Himachal Pradesh. Besides, JSW Energy has also entered into a binding agreement with JPVL to acquire 500 MW Bina thermal power plant in Madhya Pradesh. This will increase capacity of JSW Energy while helping JP Power to reduce its debt.

· M&M close to buy Italian design firm Pininfarina

Mahindra & Mahindra ( M&M) is close to buying Italian design firm Pininfarina as per media reports. The Indian company is in talks with the Pininfarina’s creditor banks.

·  Tara Jewels announces new orders worth Rs 53.44 crore

Tara Jewels Ltd’ announces new orders worth $8 million (Rs53.44 crore) for delivery to Walmart U.S.A., for the supply of diamond studded jewellery.                                                                                                                                                                                                                                         

· M&M inks MoU with Govt. of Tamil Nadu

Mahindra & Mahindra( M&M) has announced that the Company is signing an MOU with the Government of Tamil Nadu wherein it commits to invest Rs2,000 crore including its investments in Mahindra Research Valley ( MRV), a new Test track for MRV and an automotive plant to meet the Company's future needs over the next 5 years.

                                                    

·Hero MotoCorp up on launching first global manufacturing facility

Hero MotoCorp rose over 2%, touching to Rs2369.8, after the company said that its first global manufacturing facility at Villa Rica, in Colombia became operational yesterday, September 08, 2015.

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