🇮🇳News - Nov 24, 2014🇮🇳 Corporate Snippet Ø The finance ministry has put the sale of stakes in blue chips such as Larsen and Toubro and ITC, held by the Specified Undertaking of Unit Trust of India, on the backburner because its calculating this wont be needed to meet the governments fiscal deficit target thanks to savings in expenditure as global commodity prices have dropped.( ET ) Ø Australias Queensland state will pick up a substantial stake to fund the port and rail road projects to evacuate coal from the Galilee basin as part of the $7-billion project promoted by Adani Enterprises, Indias biggest importer of the fuel, chairman Gautam Adani said in an interview.9 ET ) Ø Adani Power is all set to acquire Avantha groups Korba West Power, a wholly owned subsidiary of Avantha Power that has an installed generation capacity of 600 MW in Chhattisgarh and is implementing another600 MW in the second phase for an enterprise value of about Rs 4,200 crore, two persons familiar with the development told.( ET ) Ø Axis Bank,is firming up plans to raise at least 2,500 crore for 10 years by issuing ` infrastructure bonds. The issue has been priced at 8.85%, less than what ICICI Bank and L&T Infrastructure had paid a few months ago.( ET ) Ø Reliance Industries has contested CAGs draft observations on some payments the company made to contractors of KG-D6 fields, saying the auditor had not considered the contract requirement of factoring consequences of delays in procurement of goods and services on the project.( BS ) Ø Tata Motors plans to introduce several new technologies, including the automated manual transmission (AMT), in its commercial vehicles in a bid to consolidate its position in the segment.( BS ) Ø The civil aviation ministry is looking to scrap restrictions on Indian carriers that want to start overseas services, a move that will benefit new entrants such as TataSIA joint venture Vistara but may displease existing airlines IndiGo, Jet Airways and others.( ET ) Ø CCI has put another mega merger deal -- between Holcim and Lafarge -- under public scrutiny after prima facie finding it could hurt competition in Indian cement market.( BS ) Ø The newly constituted Public Accounts Committee of Parliament has asked the Centre to explain its role in the implementation of the production sharing contracts signed for hydrocarbon discovery and production including with Reliance Industries Ltd for the East Coast block – KG D6.( bl ) Ø Major trade unions representing state-runCoal Indias (CIL) workers have called off a strike planned for today to protest a stake sale and e-auction of cancelled coal blocks proposed by an ordinance with a provision for commercial mining by private companies.( BS ) Ø Reviving up the throttle on its expansion plans following huge demand, premium motorcycle manufacturer Royal Enfield is looking at ramping up production at its two facilities here besides setting up a third plant, a top official said.Royal Enfield currently has two manufacturing facilities inTiruvottiyur and Oragadam.( BS ) Ø Prem Watsa, known as the Warren Buffet of Canada, plans to invest at least $1 billion in India as part of a consortium, enthused by the economic opportunities he sees in the country under the leadership of Prime Minister Narendra Modi.( ET ) Ø Sebi bars Transgene CMD and 5 officials from capital markets.The company allegedly transferred $29.92 mn through a subsidiary for undisclosed and ulterior purposes.( BS ) Ø German engineering major Bosch wants to position itself as an ‘energy services company’, or ESCO — an area it feels is beginning to take off in India.( BL ) Ø Sebi is proposing to shrink the time taken for initial public offer ( IPO) process to six-seven days from about 12 days now, as part of its plan to make capital raising easier for companies.( ET ) Ø Public sector LPG providers have set a target to cover 90 % of the total 65 lakh domestic customers in Gujarat under theDirect Benefit Transfer of LPG (DBTL) by January 15.So far, only 10 % of the domestic LPG customers are covered under the DBTL, informed top official of Indian Oil Corporation here.( BL ) Ø Retail level traders and professional speculators have been raising wagers on crude oil on the domestic commodity bourse MCX as volatility increases ahead of theOrganisation of Petroleum Exporting Countries (OPEC) meeting on November 27 in Vienna where the 12-member cartel will decide on the crude output.( ET ) Economic Snippet Ø Finance Minister Arun Jaitley pitched for an interest rate cut, expressing confidence that the RBI will move in the direction of making the cost of capital reasonable to help perk up economy.( BS ) Ø Decks cleared for foreign venture funds into infra space.Investment worth at least Rs 7,000-8,000 crore are expected to flow into the Indian infrastructure space in the immediate future itself through this route.( BS ) Ø The auction of first lot of coal blocks, whose allotment was cancelled by the Supreme Court, will start on February 11 and mines will be allotted only to specified endusers.The government will also ensure that power tariffs will not increase after the auction coal blocks, whose allocation were cancelled by the apex court terming the allotment of 204 mines since 1993 as “arbitrary and illegal“.( ET ) Ø The Winter Session of Parliament, which starts today, is expected to witness discussions on black money, apart from the introduction, consideration and passage of key Bills such as those relating to the Goods and Services Tax and amendments to the Insurance Act.( BL ) Ø The Bharatiya Janata Party (BJP) government in Maharashtra, in a bid to promote competition and reduce the dominance of the Congress-NCP in the sugar sector, proposes to do away with the 25-km mandatory aerial distance between two sugar factories.( BS ) Ø Govt to streamline subsidies, cheap LPG for rich may go: Jaitley.However, the finance minister maintains that some element of subsidy will have to remain for a large section.( BS ) Ø There could be a short-term impact on the profitability of NBFCs due to increased provisioning and on account of the revised asset classification norms, but the phased introduction of these norms is likely to cushion any adverse impact on these companies, said R Gandhi, Deputy Governor, RBI.( BL ) Ø Govt identifies 12 locations for setting up new solar parks.The scheme envisages setting up of 25 solar parks over the next five years with a total capacity of around 20,000Mw.( BS ) Ø Driven by addition in equity fund folios, mutual fund houses have registered a surge of close to 2 lakh investor accounts or folios in the first seven months of the current fiscal (2014-15).The addition comes after fund houses lost about 33 lakh investors account in the entire last fiscal.( BS ) Ø Foreign direct investments coming to India declined by about 16% to $2.45 billion in September, registering a fall for the second month in a row.The inflows had declined by about 10% to $1.27 billion in August.( BS ) Ø Overseas investors have pumped in close to Rs 20,000 crore in the Indian capital markets since the beginning of this month on positive global cues coupled with hopes from the governments reforms agenda.( ET ) International Snippet Ø Chinas leadership and central bank are ready to cut interest rates again and also loosen lending restrictions, concerned that falling prices could trigger a surge in debt defaults, business failures and job losses, said sources involved in policy-making.( BS ) Ø Falling inflation a worry for Europe but also the world.European Central Bank President Mario Draghi has moved closer to launching sovereign debt purchases and data this week will show just how dangerously low inflation has fallen in the $13 trillion euro zone economy.( ET )
Posted on: Mon, 24 Nov 2014 02:42:24 +0000
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