Corporates

The Foreign Investment Promotion Board (FIPB) has rejected a proposal by Sistema Shyam TeleServices for exit of resident shareholders in the company and transfer of their holdings to existing foreign shareholders.

Adani Power on Wednesday said it has received approval of its shareholders to raise up to Rs 10,000 crore through equity shares or other instruments like GDRs and debentures.

The Cabinet on Wednesday approved a new pension scheme and post-retirement medical services to about 35,000 employees of state-run Food Corporation of India (FCI), which would cost Rs 134.4 crore annually.

AstraZeneca has invested another $140 million in Moderna Therapeutics, the US biotech "unicorn" which already has a cash pile of around $1 billion and is developing drugs based on a molecule known as messenger RNA.

GAIL India Ltd, the country's biggest natural gas transporter, on Wednesday said it has placed orders for purchase of 315 km steel pipes to carry fuel to shut fertiliser plants in Bihar.

The government has extended by one month the tenure of A P Shah Committee looking into the dispute over natural gas migrating from state-owned Oil and Natural Gas Corporation's idle blocks in the KG basin to neighbouring fields of Reliance Industries.

Realty firm Tata Housing is in advance stage of discussions with private equity fund Macquarie to set up a joint platform with a corpus of about Rs 2,500 crore for developing luxury housing projects across major cities.

L&T Finance Holdings said three of its wholly owned subsidiaries have entered into an amalgamation agreement in which two of the units will merge into the third one - Family Credit.

UltraTech Cements said fair trade regulator Competition Commission of India (CCI) has approved the merger of the cement maker with Jaiprakash Associates Ltd (JAL), Jaypee Cement Corporation Ltd (JCCL).

Mahindra Group Chairman Anand Mahindra lamented that Indians scan the skies for rains anxiously even in the second decade of 21st century as their forefathers did two centuries ago.

Mukesh Ambani-led Reliance Jio hit back by saying the claims are "malicious, unfounded, ill-informed and frivolous" and have been made with "ulterior motive" of promoting vested interests of incumbent operators.

State-owned term lender IFCI on Wednesday cut its benchmark lending rate by 0.1 per cent to 9.3 per cent making lending cheaper.

Homegrown consumer electronics firm Micromax on Wednesday announced its foray into the smart TV space and is looking to capture a five per cent market share in the segment and 12 per cent in the overall panel market by the end of this fiscal year.

Capital market regulator has relaxed exposure norms for debt mutual funds investing in housing finance companies for better supply of funds to the low-cost housing sector.

American conglomerate GE said it has signed a pact with engineering firm Larsen & Toubro to manufacture subsea equipment for future deep water projects in Krishna-Godavari basin on the eastern coast of India.

Tata Motors chairman Cyrus Mistry asked his unhappy shareholders to be patient as the company is passing through a tough turnaround amidst global uncertainty which may even impact its highly successful British operations under the JLR brand.

SpiceJet has announced "Great Independence Day Sale", offering base fares starting as low as Rs 399 on select domestic routes.

Tata Chemicals announced sale of its urea business to Yara Fertilisers India Pvt Ltd for Rs 2,670 crore.

IndiGo, India's biggest airline, has announced a promotional offer with all-inclusive fares starting as low as Rs 806. IndiGo's offer - valid for travel between August 18 and September 30 - is applicable only on domestic routes.

Indiabulls Housing Finance Ltd will raise Rs 400 crore by issuing debentures on a private placement basis.