NTPC has entered into a commercial interest reference rate-based fixed interest rate facility for 52 million euros with KfW, the German government developmental financial institution on 12 September 2013. The loan facility, which has a door-to-door maturity of 15 years, will be utilised to part finance the capital expenditure on Mouda stage-II project, NTPC said.
Sugar stocks will be in focus after the Minister for Consumer Affairs, Food and Public Distribution K.V. Thomas on Thursday, 12 September 2013, said that the Ministry of Food in principle does not have any objection to permit further export of sugar as it will help faster clearance of cane price arrears and help the country to earn some precious foreign exchange. He said that government policies, including, the ones relating to sugar exports, are aimed at balancing the interest of consumers, farmers and the industry. Thomas assured that while reviewing sugar export policy, his ministry will be fair to all stakeholders.
Idea Cellular will be watched on media reports that the Bombay High Court has stayed a Rs 1500-crore tax demand on the company raised in 2010-11 relating to the transfer of some assets by the telecom company to its unit, Aditya Birla Telecom (ABTL).
In April this year, the IT department had slapped tax notice on Idea Cellular and its subsidiary, Aditya Birla Telecom respectively, in relation to transfer of assets and licences between the two companies in 2009. While Idea was given a Rs 1500 crore notice, ABTL received Rs 2400 crore tax notice. The IT department had claimed that licence, asset and liability transfers resulted in capital gains to the companies, reports added.
Aurobindo Pharma said its board has approved to acquire Andhra Pradesh-based Hyacinths Pharma, from its existing shareholders. The board has decided to acquire 100% of the equity stake in Hyacinths Pharma, a company incorporated to manufacture active pharmaceutical ingredients (APIs) from the existing shareholders, Aurobindo Pharma said in a filing to BSE.
The company's board also approved the to acquire 25% stake in Silicon Life Sciences from the existing shareholder, ABS Mercantiles, it added. Post this acquisition, the equity holding of the company would increase to 100%, thereby making Silicon a wholly-owned subsidiary of the company, it said. The acquisition will help the company consolidate its operations, Aurobindo Pharma said.
The company, however, did not disclose financial details of the deals. The Aurobindo Pharma's board also approved the transfer of injectables business to its wholly-owned subsidiary Curepro Parenterals pursuant to a scheme of arrangement, it added.
Shares of public sector oil marketing companies -- BPCL, HPCL and Indian Oil Corporation -- will be in focus on media reports that petrol prices may be cut by as much as Rs 1-1.50 per litre next week on falling international oil rates and appreciating rupee, but a one-time hike in diesel and possibly LPG rates is still under consideration.
Jindal Steel & Power turns ex-dividend today, 13 September 2013, for dividend of Rs 1.60 per share for the financial year ended 31 March 2013.
Hindustan Copper turns ex-dividend today, 13 September 2013, for dividend of Rs 1 per share for the financial year ended 31 March 2013.
Federal Bank said after market hours on Thursday, 12 September 2013, that the investment and capital raising committee of the board, proposed to meet on 14 September 2013, to consider the record date for 5-for-1 stock split.
Tata Consultancy Services (TCS), announced after market hours on Thursday, 12 September 2013, that it has partnered with the Foreign & Commonwealth Office (FCO) of the UK Government to create the Chevening-TCS Scholarship on Cyber Policy for professionals in diverse fields from India. This will be the world's first cyber security and public policy education program.
This program builds on considerable bilateral interaction at various levels between India and the UK on the subject of cyber security and is intended to develop expertise and skills in the areas of cyber security, information assurance and online governance challenges. The program will be taught by Cranfield University, an organization with significant expertise in the areas of cyber security and global security, on its campus at the Defense Academy of the United Kingdom at Shrivenham.
The program is targeted at outstanding mid-career professionals from India that have the potential to be leaders in their chosen fields. In the first year, six Indian nationals will be selected to undergo a 12 week program in the UK. The program will run for an initial period of three years, with the first course expected to start in February 2014. The curriculum for the Chevening-TCS Scholarship on Cyber Policy has been conceptualized by TCS and the FCO. The detailed course will be developed by Cranfield University.
MTNL will be in focus on reports that the Group of Ministers (GoM), headed by Finance Minister P. Chidambaram, on Thursday, 12 September 2013, decided to refund over Rs 11000 crore to MTNL and unlisted BSNL, the two state-run players, for returning broadband wireless access (BWA) spectrum. These decisions would now be taken to the Cabinet for approval, reports added.
According to reports, both the state-run players had requested the government to refund the amount they paid in 2010 for the BWA spectrum after they surrendered the airwaves as this had seriously depleted their cash reserves. MTNL had paid about Rs 4500 crore in 2010, while BSNL had paid over Rs 6500 crore.
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