Hindustan Unilever (HUL) announced that it has completed the acquisition of Masons Group flagship hair oil brand Indulekha. The announcement was made after market hours yesterday, 7 April 2016. It may be recalled that in December 2015, HUL had announced signing an agreement with Masons Group for acquisition of its flagship Indulekha brand.
State Bank of India and ICICI Bank yesterday, 7 April 2016 reportedly announced reduction in home loan interest rates following implementation of a new interest rate calculation regime mandated by RBI. SBI cut its lending rate for home loans by 0.20% at 9.4% for women customers and at a rate 0.25% to 9.45% for others under the Marginal Cost of Funds based Lending Rate (MCLR) system effective retrospectively from 1 April 2016. ICICI Bank's minimum home loan rates are also at par with SBI as both the 1-year MCLR and the spread over it are same, reports indicated. However ICICI Bank's effective rate of interest will reportedly go up to 9.65% for loans above Rs 5 crore taken by women borrowers under floating interest rate.
National Buildings Construction Corporation (NBCC) said that the company has secured a total business of about Rs 226.96 crore in the month of March 2016 under the Project Management Consultancy (PMC) segment and the total work secured during the financial year ended 31 March 2016 amounted to about Rs 17516.53 crore. The announcement was made after market hours yesterday, 7 April 2016.
Tata Power announced after trading hours yesterday, 7 April 2016, that the Appellate Tribunal for Electricity (APTEL) has decided against providing compensatory tariff to the company's 100% subsidiary, Coastal Gujarat Power (CGPL). CGPL controls the 4,000 MW Ultra Mega Power Project (UMPP) at Mundra, Gujarat.
APTEL, while pronouncing the order, also remarked that Central Electricity Regulatory Commission (CERC) has no power to grant compensatory tariffs. However, APTEL, has thrown back the case to CERC. It has asked the commission to decide the tariff as per power purchase agreements (PPAs) and under 'force majeure' or 'change in law'. CERC has also been directed to conclude the exercise as expeditiously as possible, but certainly within a period of 3 months from 7 April 2016.
The case was being fought in APTEL between Tata Power and Adani Power with state utilities of Gujarat, Rajasthan, Maharashtra, Punjab and Haryana. The three-year-old tariff pertains to pass through of cost escalation due to change in imported coal prices and regulations in the Indonesian coal market. Both Tata Mundra UMPP and Adani power plant run on imported coal.
In an order dated February 2014, CERC decided a compensatory tariff to be paid by the states procuring power to the two power companies with effect from the commissioning date of the units. The compensatory tariff was over and above the tariff agreed in the power purchase agreement.
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Tata Power's Mundra UMPP in Mundra was awarded compensatory tariff at 52 paise per unit over the remaining life of the project.
Indian Oil Corporation (IOC) will be watched. Media reports suggested that IOC is looking at buying equity stake in Nagarjuna Group's six million tonnes a year Cuddalore refinery in Tamil Nadu. IOC, however, clarified after trading hours yesterday, 7 April 2016, that there is no such proposal under consideration by the company at present and the news item is speculative in nature.
Separately, Nagarjuna Oil Refinery clarified after trading hours yesterday, 7 April 2016, that various prospective investors, including public sector companies such as IOC have sought information on the project. These prospective investors have been provided with the information from time to time, it added.
Simplex Projects said it sold 16.31 lakh shares, or 51.21% equity, in its wholly-owned subsidiary, Simpark Infrastructure on 31 March 2016. The announcement was made after trading hours yesterday, 7 April 2016.
Zee Media Corporation (ZMCL) announced after trading hours yesterday, 7 April 2016, that Rohit Gandhi who is heading ZMCL's English News Channel - WION as Editor-in-chief, will additionally take over the role of Editor-in-Chief of DNA, its leading English mainline daily. Additionally, Shreyasi Goenka, who has been mentoring the content at DNA for a while, will now take the responsibility of Content Advisor and will guide all functions of DNA. Uday Nirgudkar who has been heading DNA along with Zee 24 Taas, will now continue to lead Zee 24 Taas as its Business Head. The new appointments will come into effect from 7 April 2016. All editorial functions will henceforth report into Rohit Gandhi.
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