Following are the important reports carried by leading financial dailies and post market business news:
Business Standard
NMDC devises short-term plan for Tanzania gold project
State-run iron ore miner NMDC has devised a short-term strategy, which includes a small-scale mining and setting up of a minor processing plant, for its gold project in Tanzania. ''A short-term strategy has been finalised for development of the mine by small-scale mining and setting up of a small - scale modular processing plant,'' a senior NMDC official said. Tanzania's Ministry of Energy and Minerals had granted NMDC four mining leases at the Bulyang/'Ombe gold prospect in 2012 having a total area of 38.83 sq km for 10 years.
Hindustan Copper yet to secure NBWL nod for mine expansion
Expansion plans of state-owned Hindustan Copper's have been delayed further as the company is yet to secure the National Board for Wildlife's approval for expanding its flagship Malanjkhand mine in Madhya Pradesh. Expansion of the Malanjkhand mine, which is the single largest copper deposit of India with nearly 70% of the country's reserves, has already been delayed by about two years due to want of various regulatory approvals.
Tata Sons raising funds for new businesses, rights issues
Tata Sons, the holding company of the Tata group, is on a fund-raising spree for new businesses such as aviation and infrastructure, investment in rights issues of group companies and debt reduction. Since January, the company has raised Rs 19.15 billion through non-convertible debentures, say bankers.
Sun Pharma continues to outglow its peers
Performance is built into the DNA of Sun Pharma. The company has consistently outperformed peers and the market and 2013-14 was no exception. Last year, the company added Rs 350 billion, or 44%, to the wealth of its shareholders.
Business Line
Jet Airways sacks 40 employees in Delhi
Jet Airways has terminated the services of close to 40 employees from various departments, including cargo and human resources. All those whose services were terminated were based in Delhi.
Ranbaxy's journey as a company to end after merger with Sun
Ranbaxy Laboratories will cease to exist as a company after completion of the USD 4 billion merger with Sun Pharmaceuticals, although its brands will be kept alive in over 100 markets. ''The Ranbaxy entity will be merged into Sun Pharma and Sun Pharma will be the surviving entity post-merger,'' a Sun Pharma spokesperson told PTI.
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