Coal India to invest Rs5000 crore to procure wagons
Coal India is in talks with the Indian Railways for an investment of Rs 5,000 crore to procure wagons that carry coal. Coal India had approved a plan to acquire 2,000 railway wagons in December, with a total plan to procure 9,500 wagons. This would be positive for the Coal India in long run, as the supply of coal could improve as wagon availability has been mentioned as one of the constraint several times. Apart from that it’s a good news for wagon players like Texmaco.
Godrej Consumers expects 6x increase in Africa business
Godrej Consumer Products expects 6x increase in Africa business revenues 15% of consolidated revenues) by 2020 through strategic acquisitions and new product launches – augurs well for GCPL from long term perspective. Godrej Consumer Products Limited (GCPL) proposes to increase its African business revenues (15% of consolidated revenues and 30% of international business revenues) six times by 2020 from around Rs1,200 crore now through aggressive acquisition of local brands. Mahindra Reva slashes prices for electric car e2o to Rs1.77 lakh
Mahindra Reva has slashed the prices for its electric car e2o by up to Rs1.77 lakh. The price reduction is on account of the incentive available from the Central government under the FAME (Faster Adoption and Manufacture of Electric vehicles) initiative and is expected to spur some demand for the product and hence is positive for M&M.
ITC in talks to buy Century's paper business
India's largest cigarette maker, is in talks with Century Textile and Industries to buy its paper division in a bid to diversify revenue to non-tobacco businesses, as per reports. In separate transactions, Century's textile division will be merged with Aditya Birla Nuvo and the cement unit will be merged with UltraTech Cement, as part of the company's restructuring, reports. Axis Bank is advising Century Textile on the restructuring process, reports.
Government clears pending urea subsidy of Rs27477 crore
The Government has cleared pending subsidy payments of Rs 27477 crore to indigenous urea manufacturers for 2014-15. There was an estimated shortage of funds for payment of subsidy on indigenous urea to the tune of Rs27477 crore in 2014-15 due to carried-over liability. However, after allocation of funds the pending subsidy claims on indigenous urea are being cleared. Government is not considering to revise the Nutrient-Based Subsidy Scheme.
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