Rating agency Standard and Poor's (S&P) upgraded the long term corporate credit rating of Wipro from BBB (outlook positive) to BBB+ (outlook stable).
Hindustan Unilever (HUL) and entities of Piramal Realty (Ajay Piramal Group) have signed an agreement for assignment of HUL's leasehold rights of the land and building named Gulita situated at Worli Sea Face, Mumbai, for a transaction value of Rs 452.5 crore. The consideration includes both fixed and variable components.
Reliance Industries (RIL) and its British partner BP have reportedly submitted to the government a revised field development plan for enhancing gas production from MA field in the block with KG-D6 output hitting an all- time low. RIL-BP propose to drill one gas production well on the MA oilfield in the eastern offshore or KG-D6 block besides intervention of jobs in at least two of the existing six wells on the fields, reports added.
Tata Power Company is reportedly in talks with energy company Sekoko Resources to acquire stake in a coal project in South Africa, even as another partner in the African venture said that the Indian firm's bid has been rejected.
Coal India is reportedly likely to enter into fuel supply agreements (FSAs) with as many as 50 firms, including NTPC, Reliance Power and DVC, for a total capacity of 28,000 megwatt. The proposed move follows the 3 April 2012 Presidential directive to the state-run coal miner to sign FSAs with the power producers assuring them of at least 80% of the committed coal delivery.
The Supreme Court on Wednesday, 4 April 2012 dismissed the review petitions moved by seven telecom companies impacted by its February 2012 decision canceling 122 licences issued in January 2008. The telecom companies are Uninor, Sistema Shyam, Idea Cellular, Etisalat, S Tel, Tata Teleservices and Videocon. However, the review petition of the central government has been separated from the others and will be heard in open court in the afternoon of 13 April 2012. The petition, filed by the department of telecom (DoT), had raised questions on the function of policy-making but did not challenge the licence cancellation. The DoT had also filed a clarificatory petition in the Supreme Court, asking its views on the indicative timeline of 400 days for the auction of 2G spectrum after the cancellation of 122 licences. On Wednesday, the court also dismissed former telecom minister A Raja's review petition in the 2G scam case. A review petition moved by Prime Minister Manmohan Singh was also dismissed, with the observation that there was no ground for reconsideration. The original petition against him was moved by Janata Party leader Subramanian Swamy.
Mahindra Satyam has informed that a claim form addressed to the company's branch office at UK, as filed before the High Court of Justice, Queen's Bench Division, Commercial Court, UK, for an amount to be accessed, has been received from Aberdeen Global and others. It's alleged in the claim for an estimated loss in excess of $150 million, opportunity loss and interest at 8%, due to investment made in Mahindra Satyam's stock and/or ADSs.
Marico's board of directors has approved the proposal to allot 2.94 crore equity shares at Rs 170 per share on preferential basis to two foreign investors to raise Rs 500 crore. The company will issue 2.2 crore shares to Indivest Pte and 73.52 lakh shares to Baring India Private Equity Fund III Listed Investments.
Essar Oil said after market hours on Wednesday. 4 April 2012 that the Supreme Court of India has disallowed the company's review petition in relation to deferred sales tax. This order has no new impact on the business. The company said that it has already recognised the liability in the quarterly accounts of the quarter ended 31 December 2011. The company is in discussion with Gujarat Government for finalising the terms of Repayment of sales tax liabilities. Simultaneously, the company is also in discussions with banks for meeting the repayment obligations as may be finalised with Gujarat Government.
Essar Oil, 87% owned by Essar Energy, had deferred a tax benefit provided by the western state of Gujarat, where the company's Vadinar refinery is located. On January 17, the court ruled against Essar Energy, saying its India-listed business Essar Oil will no longer be able to defer payment of the sales tax. A month later, Essar Oil filed a petition asking the Supreme court to review its judgement.
Unitech is reportedly in talks with various financial institutions to raise around Rs 1,100 crore through lease rent discounting of office buildings in its Gurgaon special economic zone, which is a part of AIM-listed Unitech Corporate Parks.
Suzlon Energy is reportedly studying options for its German Repower Systems SE subsidiary, including a sale or listing a stake.
State-owned Hindustan Copper is reportedly planning to raise $250 million in the current quarter through overseas borrowings to part-finance its expansion activities.
Filatex India informed that the commercial production of partially oriented yarn at its plant at Plot No. D-2/6, Jolva Village, GIDC, Dahej, District Bharuch, Gujarat has been commenced.
Inventure Growth & Securities board of directors recommended three bonus shares for each held.
Orchid Chemicals & Pharmaceuticals has informed BSE that the Hon'ble High Court of Madras has sanctioned the scheme of amalgamation for merger of Orchid Research Laboratories with itself.
Sadbhav Engineering has secured contract for excavation and cement concreting lining of Baitarani Left Bank Canal from RD 0.00km to RD 9.00km including construction of structures and service road from The Chief Construction Engineer, Anandapur Barrage Project, Salapada, Odisha worth Rs 79.24 crore
Gammon Infrastructure Projects has received the letter of award (LOA) for the four laning of the Sidhi - Singrauli stretch of 102.6 kilometres (km) of NH 75E from km 83.4 to km 195.8 in the State of Madhya Pradesh from the Madhya Pradesh Road Development Corporation (MPRDC) on build-operate-transfer basis. The project cost as estimated by MPRDC is Rs 871.15 crore.
The business transfer agreement (BTA) entered into by Tata Metaliks with Fomento (Karnataka) Mining Company on 28 September 2011, for sale/transfer of its REDI business unit situated in Sindhudurg Maharashtra could not be consummated by the long stop date (i.e. 28 March 2012) due to some irreconcilable issues and that both parties have decided to terminate the BTA by mutual consent on 30 March 2012. The board of directors of the company continues to evaluate other strategic options of REDI business unit.