TOP CORPORATE NEWS - 08 JAN 2016

Government mulls part stake sale in Axis Bank

As per media reports, the Government is considering a plan to sell part or all of its stake in Axis Bank Ltd, valued at $1.7 billion, to bolster its efforts to narrow the country’s fiscal deficit.

The government has 11.59% stake it holds in Axis Bank through the Specified Undertaking of the Unit Trust of India (SUUTI).

Sun Pharma receives tentative approval from USFDA for Lacosamide

Sun Pharma receives tentative approval from USFDA for Lacosamide (gVimpat), used in treatment of epilepsy – Positive for the stock.

The stock opened at Rs795 marking days low at Rs790.85 and hit an intraday high of Rs805.80 on NSE so far.

Technocraft Industries to form JV partnership

Technocraft Industries (India) Ltd, drum closures, steel tubes and garments manufacturer, on Thursday said it has decided to form a Joint Venture (JV) in the form of LLP, under the name ‘Technocraft Garments LLP’ with Rangappa Ramaraj, who is the other partner.

Bajaj Finance gets Rs309 crore tax notice for ‘0% scheme’

Bajaj Finance gets Rs309 crore tax notice for ‘0% scheme’ – sentimentally negative for Bajaj Finance and Bajaj Finserv

The Directorate General of Central Excise Intelligence (DGCEI) has slapped a show cause notice of over Rs309 crore against Bajaj Finance (BFL), for allegedly evading service tax on receiving 'commercial consideration' as subvention charges from consumer durable manufacturers for promoting their business.

Government declines RPower's request to reconsider restrictions

Government has declined Reliance Power's request to reconsider restrictions on output from its mines in Moher and Moher Amlohri Extension blocks - linked to its Sasan UMPP as the case is in the court. – Sentimentally Negative for Reliance Power.

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