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Govt mulls Rs 1-lakh-cr road financing corp
Posted on 25th June 2014
The government plans to set up a finance corporation with a corpus of Rs 1 lakh crore, in partnership with Japanese investors, to fund projects in the road sector. The Japanese partners are likely to have a 26 per cent stake in the corporation, with assured returns of nine per cent, according to a highly-placed road ministry source.

YES Bank to hand over AGM recording to HC
Posted on 25th June 2014
The high court on Tuesday directed YES Bank to give it a video recording of the bank's AGM held on June 14 by Wednesday morning. The order pertains to a plea filed by Madhu Kapur, wife of the bank's late co-promoter, Ashok Kapur. In the plea, Madhu Kapur claimed her right as co-promoter was violated, adding she wasn't consulted before the lender had appointed directors on its board.

CCI orders fresh probe against DLF
Posted on 25th June 2014
Fair trade regulator Competition Commission of India (CCI) has ordered a probe against a DLF group company for allegedly imposing unfair and unreasonable conditions on office buyers at one of its commercial projects in Gurgaon. Some other group entities of the real estate major have already faced probe by the CCI with regard to various other cases of anti-competitive practices.

Merc woos first-time luxury buyers
Posted on 25th June 2014
One out of every five Mercedes-Benz sold in India is either an ‘A Class’ or ‘B Class’. The German luxury giant is confident of growing in double digits this year, on the back of a lowered entry price for the two new hatchbacks.

Priced at Rs 25 lakh-26 lakh and launched a year ago, more than 2,500 units of the A and B Class are running on Indian roads. A major chunk of the buyers are those who have never bought a luxury car before, followed by those who already have a Mercedes car in the family.

Sebi smells rat in AstraZeneca India arm's delisting bid
Posted on 25th June 2014
Capital market regulator Securities and Exchange Board of India (Sebi) has put a spoke in the wheel of AstraZeneca Pharma India's plan to take the company private.

It has said AstraZeneca can purchase shares in the delisting offer only after seeking approval of the stock exchanges. And, directed the two exchanges, BSE and the National Stock Exchange, to "closely monitor the entire delisting process…and allow the final delisting of its shares only after satisfying themselves that the process has been fair and transparent," said Rajeev Kumar Agarwal, wholetime member of Sebi in an order on Tuesday.

No decision taken on privatising Air India: Gajapathi Raju
Posted on 25th June 2014
The Centre is close to finalising a short-term strategy to strengthen the burgeoning civil aviation sector, including slashing taxes on jet fuel, civil aviation minister P Ashok Gajapathi Raju said on Tuesday. The minister also formally announced Air India's membership into Star Alliance and added that the partnership is expected to boost the country's national carrier's revenue by five per cent. Air India passengers will enjoy alliance benefits from July 11.

DLF puts Pune IT park on the block, eyes Rs 300 cr from deal
Posted on 25th June 2014
Property giant DLF, which missed its debt reduction target in 2013-14, wishes to sell more properties and land parcels it considers “non-core”, said sources in the know.

As part of the plan, the company is selling its upcoming information technology park in Hinjewadi, Pune, aiming at Rs 300 crore from the sale, they said. DLF wants to use the proceeds to reduce its debt, of Rs 18,500 crore as of March-end. The two million sq ft IT park is under construction and DLF wants to sell as it is a “non-core asset”, said sources.

RCom raises over Rs 4,800 crore through sale of shares
Posted on 25th June 2014
Reliance Communications Ltd, India's fourth-largest telecom operator, has raised over $800 million from sale of shares to institutional investors.

The company got total bids of more than Rs 12,000 crore, half of which it has decided to retain. About Rs 4,800 crore (over $800 million) came from sale of shares to institutional investors, sources said.

Essar Oil board approves delisting from BSE and NSE
Posted on 24th June 2014
MUMBAI: Refiner Essar Oil Ltd on Monday said its board had approved delisting of shares from the BSE Ltd and National Stock Exchange of India Ltd.

Essar Oil, a unit of the diversified Essar Group, said its board met on Sunday to decide on the proposal.

Sebi issues fresh notice to HDFC Mutual Fund
Posted on 24th June 2014
MUMBAI: The Securities and Exchange Board of India (Sebi) has issued a fresh show-cause notice to HDFC Mutual Fund, the country's largest asset management company, alleging front-running by a former employee.

Four years ago, the capital markets regulator had banned HDFC Mutual's equities dealer Nilesh Kapadia from trading in the stock market after preliminary investigation revealed he had leaked information about the fund's trades to three market participants in advance.

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