Corporate News of the Day -- IIFL IJK The Competition Commission of India has approved Etihad’s investment in Jet Airways, marking the final clearance in the first‐ever investment by foreign airline in an Indian carrier. (ET) Hero MotoCorp will roll out its two‐wheelers in the United States and Canada next summer, in perhaps the most ambitious move in the Indian bike‐maker’s race to become a global player. (ET) Future Lifestyle Fashion, part of Future Group, said it has divested minority stakes in ethnic wear firm Biba Apparels and designer Anita Dongreowned AND for Rs4.5bn. (ET) Tata Motors told the Supreme Court that it wanted to keep the leasehold rights over the 997 acre land, allotted by the Left Front government at Singur in West Bengal as it is keen on returning to the state with next phase of expansion of the Nano car project. (ET) Power Finance Corporation, the nodal agency for implementing ultra mega power projects, has extended the deadline for the first UMPP in Odisha to November 25 from November 11 scheduled earlier. (BS) Indian Overseas Bank said it planned to raise Rs16.26bn from the government of India and Life Insurance Corporation of India this financial year, via a preferential allotment of equity shares. (BS) Vodafone Plc has earmarked an additional investment of Rs70bn in India primarily to upgrade its mobile data network and buy fresh spectrum. (BL) United Spirits Ltd has declared a lock‐out at one of the company’s bottling unit at Palakkad in Kerala. The company said it does not expect the lock out to have any material impact on the operations. (BL) L&T Infrastructure Development Projects Ltd has been awarded a BOT contract by the Odisha government to develop a road project estimated at Rs12.93bn. (BL) Indiareit Fund Advisors, the real estate private equity arm of Piramal Enterprises, said its Domestic Scheme V had crossed the basic fund size of Rs7.5bn last week and had exercised the green shoe option to achieve the target size of Rs10bn. (BL) In an attempt to further increase mobile broadband in India, Idea Cellular has slashed 2G data tariffs by 90% by all its circles. Similarly, it has also reduced 3G data charges by 33%. (BL) CESC Ltd will make operational the 300 MW first phase of its Rs33bn Chandrapur project next month. The second phase, with another 300 MW capcity, will be operational by April next year. (BL) Other News Growth in factory output as measured by the Index of Industrial Production rose 2% in September, from a year ago, data released showed. IIP growth for August was 0.4%, revised down from the 0.6% estimated initially. (ET) Driven by high food prices, consumer price inflation rose to 10.09% in October from 9.84% in September, raising chances that the Reserve Bank of India may lift interest rates further in its December 18 policy review. (ET) Continuing with this years trend of declining automobile sales, passenger vehicle sales stood at 239,137 units in October, a two per cent fall from to the year‐ago period. (BS) SEBI’s mutual fund advisory committee’s meeting in Mumbai has recommended that fund houses with assets under management of over Rs10bn should have a net worth of Rs250mn. (BL) The Government will set up a joint task force for the services sector together with the industry to prepare an action plan for the development of the sector and increase services exports, according to Commerce and Industry Minister. (BL) The Finance Ministry has raised its expectation on fund mobilization by banks through the special window to US$25bn against US$20bn earlier. (BL)
Posted on: Wed, 13 Nov 2013 03:32:02 +0000
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