• Punj Lloyd bags project from NHAI
Punj Lloyd has announced that the Company has secured a 41 km long, Rs541.84 crore road project from National Highways Authority of India ( NHAI) in Bihar. The scope of the work for the project includes Four laning from 360.915 km to 402.000 km of the Gorakhpur – Gopal gang section of NH-28 in Bihar.
• Adani Enterprises fixes record date for scheme of arrangement, demerger
Adani Enterprises has announced that the company has fixed June 04, 2015, as the record date for the purpose of scheme of arrangement & demerger. In January 2015, the company had announced a plan to demerge the group’s port and power operations into Adani Ports & Special Economic Zone ( SEZ) and Adani Power. The group’s transmission company will be listed on the stock exchanges and mining company merged with Adani Enterprises.
• Corporation Bank cuts base lending rate by 25 bps
Corporation Bank has announced that the Bank has revised the Base Rate for lending from 10.25% p.a. to 10.00% p.a. with effect from June 01, 2015.
• Govt confident of achieving direct tax collection target
The Indian Government has said that the Direct Tax collection target of Rs7.98 lakh crore for the current financial year is likely to be met due to the improvement in economic growth. Further reports added that, Revenue Secretary Shaktikanta Das says that the target of Rs7.98 lakh crore that has been set for 2015-16 is very much achievable. It is a very realistic target, aligned with the kind of GDP growth which has been forecast in the economic survey and it is also based on our internal analysis and past and historical trends; Revenue Secretary Shaktikanta Das as saying this.
• CESC eyes acquisition of generation assets
CESC is eyeing acquisition of power assets and ensuring fuel security for new plants. Further, CESC's revival of its long planned 1320 mw project at Balagarh in West Bengal depends on the ability of the company to win coal linkages in the upcoming e-auction. Apart from thermal power, renewable would be another focus area- it is adding 17 mw solar power capacity in Tamil Nadu in next couple of months taking total renewable capacity to 75 mw.
• Grasim sells consumer products business to Future Group
Grasim Industries, will sell its consumer products business to Future Consumer Enterprise Ltd on a slump sale basis. Grasim’s consumer products division makes face care wipes, baby wipes and other products in baby/house care segments under brands including Kara, Puretta, Handys and Prim.
• Metals and Mining: States to start auction of 200 mines next month
States to start auction of 200 mines next month, positive for Sesa Goa among others, could be sentimentally negative for NMDC as it will reduce it competitive advantage for supply of Iron ore Beginning next month, eight mineral-rich states will start the e-auction of 200 mines with iron ore, limestone and bauxite deposits. The states have been empowered by the centre to auction mines with these three mineral resources. These 200 mines are mainly concentrated in Rajasthan, Jharkhand, Madhya Pradesh, Chhattisgarh, Karnataka, Gujarat and Odisha.
•GMR Infra subsidiary increases stake in DIAL
GMR Airports Limited, a subsidiary of GMR Infrastructure has acquired 10% equity stake in Delhi International Airport Pvt. Limited ( DIAL) from Malaysia Airports Private Limited for a revised consideration of $80 million. With the acquisition of stake GMR Airports equity stake in DIAL has increased to 64%.
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