• L&T Finance acquires 26% stake in Grameen Capital
L&T Finance has acquired 26% stake in Grameen Capital for an undisclosed amount. Grameen Capital provides capital market access and advisory services to firms involved in social development, microfinance institutions, low cost heathcare, education providers, etc which are serving the lower segment through innovative debt and equity solutions, credit enhancement and strategic advisory services. The company has other investors like Citicorp Finance, Amit and Arihant Patni etc.
• Sun TV gets rejection on Security clearance of radio channels
As per media reports, there is likely exclusion of radio channels promoted by the Sun Group in the FM phase-III auction was possible though a final view will be taken by I&B minister Arun Jaitley.
The home ministry's refusal to give security clearance to the companies was discussed. It is likely that we will have to exclude the companies as it is not possible to delay the FM auctions any further.
• Oil Ministry reverts back to promoters selecting CEO of Petronet
The Oil Ministry has reverted back to the mechanism of promoters selecting CEO of Petronet LNG. It has scrapped an ad-hoc search committee formed under the previous Petroleum Secretary.A new Search Committee comprising representatives of all Petronet's four promoter PSUs - GAIL, IOCBSE 3.36 %, ONGC and BPCL - as well as GdF of France has been formed to select the new chief executive officer (CEO)
• Jet Airways expands network on high demand routes
Jet Airways expanding network on high demand routes - positive for the stock .It increased its daily seat deployment on the domestic network by 1,000 seats along with the addition of new services to enhance the connectivity within the country.
• GVK Power looking to raise funds for airport business
As per media reports, GVK Power & Infrastructure is looking to raise funds for its airports business, mainly to repay debt. The development is positive for GVK Power & Infrastructure.
• ONGC draws Rs 53,000 crore plan for KG block
ONGC will drill a total of 45 development wells in the Krishna-Godawari deepwater block KG-DWN-98/2, at a Rs 53,085 crore, which also includes setting up a floating, production, storage and offloading (FPSO) system and a fixed offshore platform. The field development plan (FDP) for the KG block was yet to be finalized. ONGC has a deadline to submit the FDP to the Directorate General of Hydrocarbon by September.
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