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TOP CORPORATE NEWS 26 August 2014
By : Simran Shah
· ONGC slumps on reports of disinvestment
ONGC fell nearly 4%, on reports of disinvestment. Government has decided to disinvest 5% stake in the company via offer for sale mechanism. The procedure of disinvestment is expected to be completed by the end of the month of September.
· Havells India rises after stock split
Havells India jumped over 12% and after stock split. Havells India split each equity share of face value Rs5 each into five equity shares of Re1 each., with trading starting as of today, (August 26, 2014).
· Reliance Power opts out of gas-fired power plant in Dadri
Reliance Power told the Supreme Court that it wasn't interested in setting up gas-fired power plant in Dadri, Uttar Pradesh, any more and would return about 956 acres of land acquired for the company to the state government.
· L&T signs contract for 225 Mw
Bangladesh Power Development Board and Larsen & Toubro (L&T) have signed a contract to set up a 225 megawatt, gas-based power plant in sikalbaha, Chittagong in Bangladesh. The contract, which is valued at about $200 million, was secured by L&T in May, 2014.
