Moody’s upgrade hangover and other things to watch for in markets today1 min read . Updated: 10 Apr 2015, 07:54 AM IST
Stocks rose as energy companies gained amid rise in crude prices
Global equities gain on energy, Greece
Moody’s upgrades outlook for 12 PSUs
Moody’s Investors Service upgraded its outlook for 12 government-owned financial institutions to positive. The rating agency downgraded the ratings of three private sector banks citing the Indian government’s limited capacity to support these banks.
Tata Steel’s Kalinganagar plant delayed again
Tata Steel Ltd is set to miss an April deadline to commission its Kalinganagar plant in Odisha, after missing several earlier targets, as the company awaits clearances from the state and the central governments, reports Mint. The first phase of the project was expected to be commissioned by the end of March, the report says.
Mexico approves Biocon insulin
Biocon Ltd’s bio-similar insulin glargine has been approved by Cofepris, the Mexican health authority. Insulin glargine helps control blood glucose.
Mangalore Refinery eyes petchem plant
The board of Mangalore Refinery and Petrochemicals Ltd set up a committee to explore the possibility of taking over a ₹ 1 billion petrochemical plant adjacent to its refinery, reports PTI. ONGC Mangalore Petrochemicals Ltd is setting up an aromatic complex adjacent to the Mangalore Refinery.
Plethico to compensate Aurobindo Pharma
Plethico Pharmaceuticals Ltd, the former owner of Natrol Inc., has agreed to pay Aurobindo Pharma Ltd $23.3 million in cash in addition to certain global intellectual property rights to settle financial fraud accusations levelled by Aurobindo. Aurobindo acquired Natrol from Plethico group in November. Read more.
The company also received approval from the US Food and Drug Administration to manufacture and market Atracurium Besylate injection in the US market.
Max India demerger plan gets CCI nod
The Competition Commission of India approved Max India Ltd’s proposed corporate restructuring plan, reports PTI. The plan proposes to demerge the company into three separate listed firms, including one for life insurance.
Mobile roaming charges to drop
Mobile phone roaming charges could drop from next month. The Telecom Regulatory Authority of India (Trai) has reduced the ceiling tariff for outgoing local calls during roaming. Read more.