TOP CORPORATE NEWS
TVS Motors launches special edition TVS XL Super
In celebration of crossing the milestone 1 crore mark in sales, TVS Motors Company has introduced a special edition of its legendary TVS XL Super. The new variant will come in two never before colours of Silver Grey and Titanium Grey, which have been specially created for the occasion. In addition TVS XL Super will have special graphics, a dual texture seat with stich lines, chrome plated grab ribs and silencer guard and will carry a specially designed 1 crore celebration sticker.
BHEL successfully modernises Unit-7 at Harduaganj Thermal Power Station
Bharat Heavy Electricals Ltd (BHEL) has announced the successful renovation and modernisation of 110 MW Unit-7 at Harduaganj Thermal Power Station ( TPS) Plant of Uttar Pradesh Rajya Vidyut Utpadan Nigam. After successfully running for 30 years, this unit, originally supplied and commissioned by BHEL, was undertaken for renovation and modernisation. Following the R&M, not only was the working life of the machine extended by another 15-20 years, the capacity was also uprated to 120 MW from its original capacity of 110 MW.
RIL to gain from likely price cut in some Saudi crudes
Saudi Arabia is reported to be considering a cut in prices of the medium and heavy grades of crude used by complex refiners, while leaving price of its most popular export, light crude, unchanged. According to industry sources the Arab Heavy crude price could fall as much as 70 cents a barrel in August, while Arab Light could post a small drop of up to 20 cents. Reliance imports more than 15% of its oil from Saudi Arabia hence it will benefit.
PGCIL in talk with ADB and WB for Rs12000 crore of loan
PGCIL in talk with ADB and WB for Rs 12000 crore of loan to support strong capex plan; positive read thru for T&D EPC players like L&T, Kalpataru power, KEC International. The World Bank and the Asian Development Bank ( ADB) are in talks with the Indian government for providing a loan of around Rs12000 crore ($2 billion) to Power Grid Corporation of India Ltd (PGCIL).
Infosys Invests in Ireland on the Back of Strategic Partnership with AIB
Infosys announced that it has been selected as a strategic partner by Allied Irish Bank, p.l.c. ( AIB), a financial services group operating predominantly in the Republic of Ireland and the UK. Leveraging the momentum of this partnership, Infosys will also make significant investments in the Republic of Ireland.
GSFC to invest Rs10,000 crore for 4 new projects at Dahej
The Gujarat State Fertilisers & Chemicals Ltd (GSFC) will invest Rs10,000 crore for setting up four new projects at Dahej. These new projects are urea, ammonia, caprolactam (raw material for manufacturing of nylon) and MMA. The work on the new nylon plant with a capacity of 15,000 tonne per annum is over and will be commissioned later this month. It has come up at a cost of Rs125 crore.
HPCL plans to raise $200 million for expansion
Hindustan Petroleum Corporation is planning to raise $200 million (Rs1,260 crore) by this August, which would be used for its expansion of ongoing four pipeline project and new as well.
Govt decides new kerosene subsidy sharing formula
The government has decided upon a new kerosene subsidy sharing formula for FY2016. According to the formula, the finance ministry will now bear Rs12 per litre of kerosene as a subsidy for FY2016. Currently, loss per ?litre of kerosene is around Rs18.50. During FY2015, the loss per ?litre of kerosene was Rs28 and the total kerosene subsidy was Rs24,800 crore (a third of total oil subsidy burden).
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