Oil Ministry rejects Reliance Industries' arbitration notice
The Oil Ministry has rejected Reliance Industries' (RIL) latest arbitration notice challenging the government decision to take away 814 sq km of its KG-D6 gas block, as the ministry believes it was misconceived and untenable in law. Sentimentally negative for RIL.
Coal Ministry may cap number of bids corporate can make for mine
As per media reports, in the next round of coal auctions, the Coal Ministry may cap the number of bids a corporate can make for a mine at one. In the first round of auctions, one group could not only put in more than bids but all or many could make it to the final list. Now, it will be just one bid from one group. Maruti surges as Q4 profit beats estimates on strong margins
Maruti Suzuki stock extends gains to over 3% to Rs3662 on NSE as Q4 profit is announced higher than forecast, up about 61%. The company says net sales 132.73 bln rupees vs 118.18 bln rupees yr ago Maruti Suzuki says higher volumes, material cost reduction initiatives, favourable foreign exchange and lower sales promotion expenses contributed to the bottom-line during the quarter.
Bank of Baroda reduces term deposit rates by 15-30 bps
Bank of Baroda has decided to revise the rates of interest payable on Term Deposits, applicable to the renewal of existing deposits and fresh deposits, with effect from April 27, 2015. The reduction is in range of 15- 30 bps across several maturities which will help to reduce incremental cost of funds and increase margins. However focus in near term will be on asset quality trends in upcoming quarterly results.
Cipla backed-Stempeutics Research gets Chinese Patent
Bengaluru-based Stempeutics Research, which is backed by Cipla and Manipal Education and Medical Group, has been granted a process patent for its stem-cell based drug Stempeucel by the State Intellectual Property Office of the People's Republic of China. Stempeutics becomes the first company in the world to be granted a patent by the Chinese patent office. Stempeutics makes stem cell-based drugs or regenerative medicine and has so far invested Rs180 crore develop this drug. In March, Stempeutics was granted a US process patent for its stem-cell based drug Stempeucel. Cipla committed Rs50 crore investments initially in this research program and it is likely to get marketing right for this product in key markets.
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