TOP CORPORATE NEWS - 17 FEB 2016

BPCL up after getting nod from environmental clearance

The Bharat Petroleum Corporation’s Kochi refinery has received environmental clearance for its heat-traced pipeline project, which is part of the Rs20,000 crore integrated refinery expansion and upgradation project currently under way.

The pipeline from Kochi port to the Ambalamugal premises of the refinery will carry vacuum residue from BPCL’s Mumbai refinery.

Adani Ports raises Rs750 cr via NCDs

Adani Group’s arm Adani Ports and Special Economic Zone (APSEZ) said it has raised Rs750 crore through non-convertible debentures ( NCDs) on a private placement basis.

APSEZ said, the company has raised Rs750 crore by allotment of 7,500 rated, listed, taxable, secured, redeemable, NCDs of the face value of Rs10,00,000 each on private placement basis.

HCL Tech buys Volvo group's external IT business

HCL Technologies confirmed today that it has acquired Volvo group's external IT business and has signed a five-year outsourcing deal with the commercial vehicles maker.

The acquisition will add 40 new customers in the Nordic and France regions and 2,500 highly skilled employees from 11 countries to HCL's portfolio. The transaction will bring in revenue upwards of $1.8 billion (cumulatively) over the next five years to the Indian firm.

Glenmark gets tentative approval for Azelaic Acid Gel

Leading pharma company, Glenmark Pharmaceuticals has said that its US arm has been granted tentative approval by the United States Food & Drug Administration ( USFDA) for its Azelaic Acid Gel, 15%, the generic version of Finacea® Topical Gel, 15% of Bayer Healthcare.

BoI declines after S&P revises outlook

Shares of Bank of India declined over 6%, touching to Rs80.1, after S&P Ratings revised the outlook on the bank to negative.

The rating agency sees the asset quality of the state-run lender weakening over 12-18 months, straining its profitability.

                                                     

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