Sgx Nifty -24 pts Dow +9.92 pts , Nsdq -9.24 pts , S&P -0.70 pts , Bovespa -1495 pts , Ftse -18 pts , Dax -40 pts, Cac -20 pts, Nikkei -117 pts , now, Crude @ $55.89/brl (-0.53) Brent @ $52.33 (-0.36), Gold @ $1185.70 (-0.50), Silver @ $15.80 (+0.03), Euro @ $1.196, JPY @ $120.048, INR @ $63.295 Todays Corporate Action 5th Jan Ex Date GODREJIND Scheme of Arrangement WADALACO Amalgamation Good morning.... Front Page News - Jan 05, 2015 Corporate Snippet Ø Tata Chemicals Limited, which is set to launch the Rs. 50-crore nutraceuticals manufacturing facility shortly, plans to introduce retail products in this category in future.The plant initially will have a capacity of 300 tonnes annually and would scale up to 1,000 tonnes.Nutraceuticals is estimated to become $4 billion market in India by 2018.( BL ) Ø Infosys changes results announcement timing to Friday evening.Company had decided to announce the results at 4 pm on Friday, the 9th of January followed by high tea.( BL ) Ø IDBI Bank plans to raise Rs 3,000 cr via infra bonds in Q4.Rating agency CRISIL has assigned an AA+/Stable rating to the bond issue and reaffirmed its ratings on the banks existing debt instruments.( BS ) Ø The government is likely to allow private firms to build and operate critical railway lines connecting Coal India mines to power, steel and cement projects, a senior government official has told ET.The proposal, agreed `in-principal by the railway and coal ministries, will allow private companies to charge fee from the users of the rail links, similar to the toll charged by highway developers, the official said.( ET ) Ø IOC is confident of meeting Tamil Nadu Government’s guidelines on pipeline alignment to be able to complete on schedule the Rs. 5,150-crore LNG import terminal planned to the North of Chennai.Indian Oil will float the joint venture for the project within a month and will complete the project by 2017, according to B Ashok, Chairman, IOC.( BL ) Ø Va Tech Wabag, a water treatment company, has won a Rs.220-crore contract under the Ganga Action Plan Project to build and operate a sewage treatment plant.The Chennai-based multinational will operate and maintain the 140 million litre/day facility to come up in Dinapur, Varanasi, for 10 years for the Ganga Pollution Prevention Unit of UP Jal Nigam, Varanasi, the implementing agency.( BL ) Ø Videocon Group is consolidating its retail operation across its three formats —Next Retail, Planet M and Digiworld — by merging their backend operations to form a common sourcing platform with the aim of bringing scale, improving profitability and fighting online sales by ensuring better bargaining power with the brands for margins.The group has floated a new company, Techno Kart India, which will manage the backend operations of all the three retail formats.( ET ) Ø Central Bank of India is in the process of raising Rs 660 crore through conversion of perpetual non-cumulative preference shares (PNCPS) held by the government into equity shares.( BS ) Ø The Indian Oil Corporation-Adani Gas Pvt Ltd joint venture has bagged the contract to implement the City Gas Distribution (CGD) project in Ernakulam.PNGRB has given the licence to IOC-Adani to provide piped gas to nearly five lakh residents in the district and nearby areas in two years with an estimated cost of Rs.150 crore.( BL ) Ø HCL Technologies is betting big on its application services business as an engine of growth for the next couple of years.( BL ) Ø MRF taps into the sweet lilt of the vroom.By allowing powerful sounds from motorbikes to be crafted into music, MRF has used this platform as part of an ongoing campaign for its new range of tubeless tyres, MRF NV, designed for high performance in categories above150cc.The company’s digital agency Experience Commerce has delivered this on mrfnv . The site, that went live last month, has received more than 20,000 entries, and has exposed around 60,527,579 people to the campaign.( BL ) Ø Talks on rescuing SpiceJet, said to involve fund infusions of about 1,200 crore from new investors, have got stuck over the servicing of liabilities to the tune of700 crore, people familiar with the development said.The 700-crore liabilities in 400 crore that SpiceJet include raised through advance bookings till August and the rest consists of dues to airport operators and others.( ET ) Ø MCX Stock Exchange may face regulatory compliance issues as Financial Technologies (India) Ltd is yet to divest its stake in the exchange.( BL ) Ø Micromax Informatics, one of Indias top mobile phone makers, has begun shortlisting investment bankers to manage an initial public offer to raise as much as $500 million (Rs 3,170 crore) in the domestic market by diluting a minority stake in the next financial year starting April, bankers said.( ET ) Ø Indian companies have lined up initial public offers (IPOs) worth at least Rs 8,000 crore in 2015 to fund business expansion and meet working capital requirements on expectations that the bullish trend in the stock markets would continue.Videocon D2H, Lavasa Corporation, Adlabs Entertainment, Rashtriya Ispat Nigam Ltd (RINL) andMEP Infrastructure Developers are among the firms that are planning to launch public offers in the coming months.( BS ) Ø The Cabinet is likely to take a decision on the pricing of the upcoming spectrum auctions this week. The auction is scheduled to take place in February for air waves in the 800 MHz,900 MHz,1800 MHz and 2100 MH zbands will be on offer.( BL ) Ø Haldia Petrochem set to reopen, lenders to infuse funds.Banks have decided to infuse funds after Purnendu Chatterjee, chairman of The Chatterjee Group, agreed to invest Rs 100 crore as margin amount into the ailing plant, sources say.( BS ) Economic Snippet Ø The government is likely to approve an ordinance incorporating the pending Mines and Minerals (Development and Regulation) Amendment Bill,2014,today.The proposal is for a new process of auction by competitive bidding for all mineral mines.( BS ) Ø The government is thinking of asking public sector banks (PSBs) to each form a separate holding company to hold its stake as well as the banks stakes in their various subsidiaries, as the first step towards a more fundamental reform that could ultimately lead to the nationalised banking sector being freed from majority state ownership.( ET ) Ø Faced with liquidity crunch to clear urea subsidy bills, the Fertilizer Ministry has sought about Rs 12,500 crore from the Finance Ministry for making subsidy payments to domestic manufacturers.Due to lack of funds the ministry has not been able to make payments to domestic urea manufacturers since August 2014.( BS ) Ø The government is likely to announce the Foreign Trade Policy (FTP) only after the finance minister presents the Budget for 2015-2016. The much-delayed policy would then be applicable from the next financial year.This is the first time in 20 years that the government has not issued an FTP. The existing one officially ended on March 31, 2014 and was expanded in phases for the current financial year.( BS ) Ø FISCAL CONSOLIDATION MODE - Govts Dec-end Balance with RBI Hits 3-year Low.NDA government had parked the minimum required 101 crore with the Reserve Bank as of December 26, the last reporting Friday of CY2014.During the previous regime, the government had parked with the central bank 82,560 crore and 50,931 crore in the last reporting Fridays of 2012 and 2013 respectively.This policy of not parking cash balances with the central bank is perceived as one of the tools used by the government to manage the fiscal deficit target, said economists.( ET ) Ø The Cabinet will soon consider amendments to the mining and minerals development and regulation (MMDR) Act, which will extend the reforms under way in the coal sector to minerals such as iron ore and bauxite, according to industry sources familiar with proposed changes in the 57-yearold law.The amendments, as per a draft version, will allow a transfer of mining leases. Further, leases will cover a far larger area,100 sq km instead of 10 sq km, and will be for longer periods, possibly 50 years. Also companies, which have applied for renewals, might be exempted from the auction route for between five and 15 years in case of captive mines.( ET ) Ø The Labour Ministry is preparing a mega housing scheme to offer affordable houses to over 5 crore subscribers of retirement fund body EPFO in the backdrop of the governments mission Housing for all by 2022.The Ministry intends to collaborate with PSU banks, housing finance companies, state-owned construction firms like NBCC and authorities like DDA, PUDA, HUDA to build houses at a price to be fixed by the government.( BS ) Ø India is expected to become the worlds second largest producer of crude steel in2015-16, moving up from the fourth position, as its capacity is projected to increase from 100 million tonne (MT) to about 112.5 MT in 2015-16.( ET ) Ø To check adverse impact of farm debt waiver programmes on the banking sector, heads of the public sector banks have now joined the chorus to seek elimination of such schemes after the issue was red-flagged by RBI Governor Raghuram Rajan last month.( BS ) Ø Ø The governments reforms agenda is on track and the economy is on its way to transition to 6.5 % growth and 6 % inflation levels, says a Morgan Stanley report.( ET ) Ø Housing sales are estimated to rise this year to 1.92 lakh units in the countrys top seven cities on expectations of interest rate cut and stable prices, according to property consultant JLL India.( BS ) Ø Overseas investors pumped in a little over Rs 2,100 crore in the Indian equity markets in December, making it the lowest investment in 10 months, primarily on account of profit booking.The net investment by Foreign Institutional Investors (FIIs) for the entire 2014 was more than Rs 98,000 crore.( ET ) International Snippet Ø Pacific Investment Management Cos( PIMCO ) biggest mutual fund had the worst year of client withdrawals in the history of fund management as the firm lost both of its co-chief investment officers, Bill Gross and Mohamed El-Erian.Investors pulled $19.4 billion from Pimco Total Return Fund in December, bringing redemptions in 2014 to a record $105billion.Assets in the worlds biggest bond fund fell to $143.4 billion as of December 31, according to a January 2 statement from Pimco, down by more than half from a peak of $293 billion in April 2013.( ET ) Ø Global equity market capitalisation touched a new high of $65.98 trillion in2014 as stocks in the US, China and India surged. Now, the question in the mind of every investor is: will the equity indices run out of steam? HSBC analysts list the 10 top risks for global equities. Read more at:economictime.indiatimes/articleshow/45754671.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppsts
Posted on: Mon, 05 Jan 2015 02:43:28 +0000
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