Shares of crude oil refiners will be in focus as the government has brought petroleum and petroleum products under the purview of the proposed Goods and Services Tax (GST). The government on Friday, 19 December 2014, introduced the Constitution Amendment Bill on Goods and Services Tax (GST) in Lok Sabha. Although petroleum and petroleum products have been brought under the purview of GST, it has been decided that petroleum and petroleum products will not be subject to the levy of GST till notified at a future date on the recommendation of the GST Council. The present taxes levied by the States and the Centre on petroleum and petroleum products, i.e., Sales Tax/VAT, CST and Excise duty only, will continue to be levied in the interim period.
Shares of insurance companies will be in focus after Finance Minister Arun Jaitley on Saturday, 20 December 2014, said that the government will not countenance attempts to delay or obstruct reforms of the nature of opening the insurance sector to foreign direct investment (FDI) even as political obstructionists are out to ensure that the issue does not come to the debating table of Parliament. Addressing captains of trade and industry while inaugurating FICCI's 87th Annual General Meeting in New Delhi, Jaitley said that overseas investors have waited and watched for over a decade and are confounded by the fact that a country committed to reform has not been able to reform the insurance sector. That is the challenge, he said and questioned, Can we allow this to continue?.
Consideration and passing of the Insurance Laws (Amendment) Bill, pending since 2008 in the Rajya Sabha has been held up on account of the prevailing stalemate in the Rajya Sabha. The winter session of the parliament concludes on Tuesday, 23 December 2014. It may be recalled that the Parliamentary Select Committee in its report tabled in Rajya Sabha on 10 December 2014 agreed a composite cap of 49% on foreign investment in the insurance sector, which includes all types of foreign investment as opposed to the 26% foreign direct investment (FDI) allowed at present. Finance Minister Arun Jaitley had said in his maiden budget speech in July that the composite cap in the insurance sector should be increased to 49% from the current level of 26%, with full Indian management and control.
Shares of liquor makers will be in focus as the government has kept alcoholic liquor for human consumption out of the purview of the proposed Goods and Services Tax (GST). The government on Friday, 19 December 2014, introduced the Constitution Amendment Bill on Goods and Services Tax (GST) in Lok Sabha.
Bajaj Auto said that the company through its distributor David Pieris Motor Company in Sri Lanka had secured, after a detailed evaluation process by the Government of Sri Lanka, an Order from them for supply of approx. 50,000 (numbers) Discover-125M motorcycles. The company has already supplied 48,000 (numbers) successfully against this Order. The company has now secured a repeat order from them through the company's Distributor in Sri Lanka for the supply of 1.25 lakh (numbers) Discover-125M, which the company expects to execute in next 3-4 months, Bajaj Auto said.
The Foreign Investment Promotion Board has reportedly cleared HDFC Bank's proposal to raise Rs 10000 crore, ending months of struggle by the private sector bank to enhance its capital base. Shareholders in May 2014 allowed the lender to raise Rs 10000 crore through routes that may include public or private placement as well as domestic or international markets. The proposal will now go to the Cabinet Committee on Economic Affairs that vets all foreign investment proposals in excess of Rs 1200 crore.
Crompton Greaves (CG) was awarded a contract from the Belgian offshore wind farm operator Northwind to provide operation and maintenance services for the 216 megawatt (MW) wind farm offshore substation on the Lodewijk bank, 40 km off the Belgian coast. This order follows a previous contract won by CG at the Northwind offshore wind farm for the grid connection study and supply of a 275 MVA main transformer and two reactors of 65 MVA.
CG will provide complete end-to-end services in order to effectively monitor, maintain and repair the offshore substation and ensure optimal availability and safety for ten years. The remote surveillance and monitoring service operated by CG will include power adjustments and will secure the operation of the Northwind installations on a 24x7 basis. In addition, CG will also provide preventive and corrective maintenance through its dedicated offshore specialised service team.
Tata Power Company announced before trading horus today, 22 December 2014, that that a technical snag developed in Unit No.7 at Trombay Thermal Power Generating Station. The gas turbine generator rotor of the Combined Cycle Gas based unit developed an inter-turn short and ground. However, there is no associated damage to any other equipment. The exact extent of the fault / repair and schedule required would be known once the rotor end rings are dismantled and fault / damage is closely examined.
Shares of state-run MOIL will be in focus after the Department of Disinvestment issued a newspaper advertisement for appointment of merchant bankers for divesting 10% stake in MOIL. The government intends to divest 10% stake in MOIL during the current fiscal year through the Offer for Sale route via the stock exchanges mechanism. The government currently holds 71.57% stake in MOIL.
Essel Propack said that at the hearing held on 19 December 2014, the Hon'ble High Court of Judicature at Bombay has approved the Scheme of Amalgamation of EP Lamitubes (the wholly owned subsidiary of Essel Propack) with Essel Propack and their respective shareholders.
R Systems International said that the Board of Directors of the company at its meeting held on 20 December 2014, has approved proposal for buy-back of the equity shares of the company for total consideration not exceeding Rs 6 crore. The total number of shares for buy-back shall not exceed 95 lakh equity shares and the buy-back price per equity share shall not exceed Rs 100 per equity share. The board also approved payment of fourth interim (special) dividend for the year 2014 of Rs 2.55 per equity share of Re 1 each. Fourth interim (special) dividend will be paid on 12 January 2015, R Systems International said.
Alstom's Extraordinary Shareholders' Meeting, convened on 19 December 2014, approved the transaction to sell Alstom's Energy businesses to General Electric. This meeting gathered shareholders holding 64.25% of the total number of shares and voting rights. The resolution relating to this transaction was approved by a majority of 99.187%.
SRS said that ICRA has upgraded its ratings to the Bank Facilities of the company for Long Term rating for Line of Credit (LOC) from BBB to BBB+ (Stable) and Short Term rating for Line of Credit (LOC) from A3+ to A2.
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