Ø Tata Steel to hold board meeting in Mumbai on Friday where the management will be discussing bidders' proposals received for the UK unit. It secured seven bids for its 4.5mn tonne unit of which three have been shortlisted.
Ø The government raised INR 2bn from the employees of NTPC by selling shares of the power utility under the offer for sale (OFS) route. A total of 20.6 million shares were sold at Rs 115.9 apiece to NTPC employees between June 26 and July 5.
Ø Mumbai Metro Rail Corporation announced the commencement of the Mumbai Metro Line 3 project to be executed by L&T Construction, along with its partner, STEC of China, for a value worth INR 52.73bn.
Ø Axis Bank got the approval of the Cabinet Committee on Economic Affairs (CCEA) to raise its foreign shareholding to 74% from 62%. This 12% hike of foreign shareholding is likely to bring in investments of INR 130bn.
Ø Essar Projects bagged a contract for replacing 141 km of pipeline of 18-inch diameter in the Koyali-Viramgam section of Indian Oil Corporation's (IOCL) Koyali-Sanganer pipeline. Valued at over INR 850mn, the contract is exclusive of the cost of pipes, which are being supplied by IOCL.
Ø Vedanta Ltd becomes the first primary aluminium producer in the country to roll out a special category of billets. These can be used in air conditioning heat exchangers, an automotive application. Such billets are predominantly imported to manufacture end products, which in turn were supplied to auto manufacturers.
Ø Reliance Industries (RIL) received approval from the Ministry of Environment & Forests (MoEF) to drill eight additional exploratory wells in Tamil Nadu. It is a conditional approval as the Ministry listed several conditions in the order. The company is planning to invest about INR 8bn to drill these new wells.
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