Public sector oil companies (Oil PSUs) will be in focus after the government unexpectedly raised petrol and diesel prices by as much as 10% late on Wednesday, 1 July 2009. The hike will aid margins for Oil PSUs forced to sell at government-set prices.
Aditya Birla Group said cement shipments in June 2009 rose 21.7% to 3.14 million tonnes. Production rose 20.6% to 3.08 million tonnes, the company said in a statement. The group's cement business includes flagship Grasim Industries and unit UltraTech Cement, with a combined production capacity of 42 million tonnes a year.
Ambuja Cements said June 2009 shipments rose 8.2% to 1.59 million tonnes from a year earlier. The company, in which Swiss cement maker Holcim holds about 46%, said production climbed to 1.6 million tonnes in June 2009from 1.48 million tonnes in June 2008.
ICICI Bank has reportedly put on sale real estate properties worth Rs 200 crore. Seperately, ICICI Bank reportedly plans to set up a service centre in Hyderabad to house its call centres, back offices and training facilities, as part of an exercise to rationalise costs.
Tata Motors and Ashok Leyland are reportedly considering a 1-2% price hike in July 2009, mainly due to a sharp rise in input costs over the past few months.
Steel prices could reportedly go up by 2-5% in July 2009, with large steel producers such as SAIL, Ispat Industries and Jindal Steel contemplating price hikes.
Hindalco Industries has reportedly decided to trim its overseas operations and is restructuring its capital expenditure in India. As part of this effort, Novelis, which Hindalco acquired in 2007, is closing its sheet mill at Rogerstone in the UK, involving 440 job losses.
Jubilant Pharmaceuticals, a unit of Jubilant Organosys, has reportedly been asked by UK Medicines & Health Regulatory Authority to recall batches of its product, amlodipine besylate, from the UK market following deficiencies' found during an inspection of its contract manufacturer, Mumbai-based MJ Bio Pharma.
IFCI is reportedly looking at forming a holding company that will apply for a banking licence by April 2010.
Punj Lloyd's unit got an order worth Rs 1263 crore to construct two metro train stations in Singapore. The project takes Punj Lloyd's order book to Rs 22070 crore, it said in a statement.
Gitanjali Gems will acquire 70%stake in unlisted MobileNXT Teleservices, a mobile retail chain, through its unit Gitanjali Lifestyle. Bangalore-based MobileNXT, which has 21 stores across the country, will display a range of fashion jewellery, watches, eyewear as well as mobile phones and accessories, the jewellery maker said in a statement.
Bajaj Hindustan raised Rs 723 crore by issuing 3.54 crore equity shares to institutional buyers. The company opened the issue to qualified institutional buyers on 29 June 2009.
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