Hyderabad High Court orders notice to Reliance Industries
Hyderabad High Court ordered notices to Reliance Industries and Mukesh Ambani yesterday, in connection to a land acquisition case in Godavari district – sentimentally negative.
Godrej Consumer Products is in buyout mode in Africa
Godrej Consumer Products is in buyout mode in Africa; acquired five companies in the region over the span of 10 years and is scouting for more strategic buyouts to enhance the growth synergies – sentimentally positive for the stock.
Wockhardt drops on recall of drugs from US market
Wockhardt dipped over 11%, touching to Rs1181, after the company decided to recall all the remaining batches in the US market that were manufactured from two of its plants prior to the US FDA import alerts issued to these plants. Wockhardt announced that during the last US FDA cGMP inspection of the facilities at L1- Chikalthana and Waluj in Aurangabad, Maharashtra, some observations were reported pertaining to batches of some products manufactured prior to the US FDA Import Alerts.
Power Grid acquires two transmission units
Power Grid Corporation of India announced that pursuant to its selection as the successful bidder under the Tariff based competitive bidding, has on 24 April 2015 acquired Gadarwara (A) Transco and Gadarwara (B) Transmission, the respective project SPVs to establish transmission system with Gadarwara STPS (2x800MW) of NTPC (Part A) and transmission system with Gadarwara STPS (2x800MW) of NTPC (Part B), on build, own, operate and maintain basis from REC Transmission Projects Company.
RBI rejects banks request to extend regulatory forbearance
As per media sources RBI has rejected a proposal by top bankers to extend the date of forbearance for provisions on restructured loans by another year. The withdrawal of the regulatory forbearance on restructured advances could lead to a sharp increase in banks’ gross NPAs resulting in higher provisioning. However RBI has clarified several times that it would not extend regulatory forbearance ( which ended in FY15 end) and hence it is factored by markets.
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