Indian Oil CorporationBSE 0.96 % (IOC): The Cabinet on Wednesday approved sale of state-owned Indian OilBSE 0.96 % Corp’s (IOC) 24 per cent stake in Lubrizol India Pvt Ltd to Lubrizol Corporation, USA for an undisclosed sum.
SBI: State Bank of IndiaBSE 1.13 % said it will hike its stake in its two credit card joint ventures with General Electric Company to 74 per cent. Country’s largest lender SBI will also tap capital markets to raise Rs 15,000 crore in the next fiscal by way of institutional placement, rights issue or FPO.
HCL Technologies: The Board of HCL TechnologiesBSE 2.16 % will meet next week to consider stock buyback, joining the growing roster of IT companies that have opted for the route to make use of huge piles of cash lying idle with them.
NTPC: State-owned power giant NTPCBSE 0.66 % is weighing the option of snapping power supplies to BSES Yamuna Power Ltd (BYPL), which distributes electricity in Delhi, for delay in payment of its dues.
NBCC: State-owned NBCCBSE 0.70 % (India) Ltd on Wednesday said that Maharashtra government has allotted the balance work of irrigation project in Vidarbha valuing Rs 6,000 crore.
Bharti Airtel: Telecom operator Bharti AirtelBSE -0.65 % has shelved plans to sell controlling stake in its mobile tower arm Bharti Infratel but has decided to monetise 21.63 per cent equity in the company.
Godrej Properties: Realty firm Godrej PropertiesBSE -0.45 % said it has added a new housing project in Bengaluru comprising eight lakh sq ft of developable area. Godrej Properties said in a statement that “it will develop a 7.5 acres land parcel on Bellary road (NH-7) in North Bangalore”.
Coromandel InternationalBSE 2.68 % & Nagarjuna Fertilizers: The Murugappa Group’s Coromandel International, India’s biggest private-sector Phosphatic fertiliser company, is in talks to buy key urea producer Nagarjuna Fertilizers and Chemicals in one of the largest such buyouts in the sector, two persons aware of the negotiations told ET.
Idea Cellular: Vodafone Group Plc is nearing an initial agreement to merge its Indian operations with Idea Cellular Ltd in a deal that would create the largest telecom company in one of the world’s most competitive markets, people with knowledge of the matter said.
Tata Communications: Tata CommunicationsBSE -0.14 %, which transmits a 10th of the global voice traffic through its network and provides the infrastructure on which internet giants Google, Microsoft and Skype move their content, is weighing options for its “non-core“ ATM business.