Aviation stocks will be watched after media reports suggested that public sector oil refining-cum-marketing companies (PSU OMCs) on Wednesday, 1 January 2014, increased the price of aviation turbine fuel (ATF) by 2.7%. Jet fuel accounts for almost half of the entire operating cost of an airline.
Shares of PSU OMCs will be in focus after the Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas on Wednesday, 1 January 2014, said that the under-recovery on High Speed Diesel (HSD) applicable for first fortnight of January 2014 fell to Rs 9.74 per/litre, from Rs 10.48 per litre during the second fortnight of December 2013. The under-recovery on PDS Kerosene rose to Rs 37.33 per litre for the month of January 2014, from 36.20/litre for December 2013. The under-recovery on Domestic LPG rose to Rs 762.70 per cylinder for January 2014, from Rs 542.71/cylinder for December 2013. PSU OMCs are now incurring combined daily under-recovery of about Rs 481 crore on the sale of Diesel, PDS Kerosene and Domestic LPG at government controlled prices. This is a more than the Rs 434-crore daily under-recoveries during the second fortnight of December 2013.
PSU OMCs reported a total of Rs 60907 crore as under-recoveries during first half of 2013-14 on Diesel, PDS Kerosene and Domestic LPG, the Ministry of Petroleum and Natural Gas said.
Meanwhile, shares of PSU OMCs and state-run gas transmission and marketing company GAIL (India) will be watched after the price of non-subsidised cooking gas (LPG), which customers buy after consuming their quota of subsidised cylinders, was hiked by a steep Rs 220 per bottle on Wednesday, 1 January 2014, on firming international rates. The 14.2-kg cooking gas cylinder that consumers buy beyond their entitled nine bottles at subsidised rates, will now cost Rs 1,241, up from Rs 1,021 in Delhi.
Shares of buses makers -- Tata Motors and Ashok Leyland -- will be in focus after the Ministry of Urban Development on Wednesday, 1 January 2014, said it has sanctioned buses to a total of 13 cities/cluster of cities after the Central Sanctioning & Monitoring Committee Meeting held on 31 December 2013. The State Govt. has to procure these buses as per the urban bus specifications-II which has been prepared by the Ministry of Urban Development recently, the ministry said in a statement. The first instalment of Government of India share will be released to the State after submission of information/documents within three months as per the conditions given in bus funding guidelines, it said.
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The objective behind sanctioning of these buses is to improve the city transport system, to give Metro experience to public in these modern ITS enabled buses and to attract the public to use Public Transport, the urban transport ministry said. The JNNURM buses will change the face of the Urban Transport of these 13 cities and will help in the overall growth of the State/UT, it said.
These cities have also been sanctioned projects relating to ancillary infrastructure viz. Depot, Workshops, ITS etc. for Urban Transport. In addition, ancillary infrastructure project for Bathinda has also been approved. The total estimated project cost for these 13 cities/cluster of cities is about Rs 464 crore.
Shares of MCX will be watched after media reports suggested that investors are lining up to buy stakes in the company. According to reports, the Bombay Bullion Association sent a letter to commodity market regulator expressing its intent to purchase 5% stake in MCX.
Biocon announced that Rakesh Bamzai, President - Marketing, has decided to leave the organization and accept a new leadership role.
"In his 19 years with the company, Rakesh has played a pivotal role in Biocon's evolution from a leading enzymes company to a global biopharmaceutical enterprise of great repute. As part of the core management of the company, Rakesh was instrumental in creating Biocon's global footprint and building a team of capable individuals to take up higher challenges in the organization."
Rakesh has decided to take up a very senior and challenging leadership assignment and we wish him the best for the future. While his presence will be missed, we firmly believe that he will continue to be a strong brand ambassador for the company going forward," said Ms Kiran Mazumdar-Shaw, Chairperson & Managing Director, Biocon.
Rakesh Bamzai said: "I have immensely enjoyed my time at Biocon, which has been my home for nearly two decades. I have no doubt that I will remain engaged with Biocon in the future. I am confident that the team I leave behind will ensure Biocon's continued success."
The Bombay Stock Exchange (BSE) has revised the circuit limits for share movement of United Breweries (Holdings) and six other companies, as part of surveillance action.
The revised circuit limit for United Breweries (Holdings), Viceroy Hotels, Transport Corporation of India, Global Capital Markets and Mavens Biotech has been set at 10%.
The circuit limit for UB Engineering has been set at 5%, while that for Prime Industries has been set at 2%.
Alok Industries after market hours on Wednesday, 1 January 2014, said it has approved the scheme of arrangement between Alok Infrastructure, a wholly owned subsidiary of the company (Alok Infra) and the company and its shareholders through circular resolution on 31 December 2013. The above proposal was discussed at an audit committee meeting convened on 26 December 2013 and the same was recommended to the board by the committee members.
Further, the above scheme of arrangement is for demerger of a real estate asset (Peninsula Business Park premises) of Alok Infra into the company. The appointed date for the scheme of arrangement shall be 1 October 2013. Upon approval of the aforesaid scheme of arrangement by High Court, Bombay all assets and liabilities of Alok Infra pertaining to the above real estate asset shall be transferred to and recorded by the company at book value, Alok Industries said.
Further, Alok Infra being a wholly owned subsidiary of the company, there shall not be any issue of shares by the company pursuant to this scheme, Alok Industries said.
Alok Industries said that the above proposal is subject to necessary approvals of Securities and Exchange Board of India (Sebi), stock exchanges and other regulatory authorities, shareholders and other statutory compliances, as applicable and sanction of the scheme by High Court, Bombay.
Genus Power Infrastructures (GPIL) after market hours on Wednesday, 1 January 2014 said that it has fixed 11 January 2014 as the record date for the purpose of determining the shareholders of the company who would be eligible to receive shares of Genus Paper & Boards (GPBL). As per the scheme, the shareholders of the company will be allotted 1 equity share of Re 1 each in GPBL for every 1 equity share of Re 1 each of GPIL.
Sandur Manganese & Iron Ores said its mining leases, which were effective for a period of 20 years starting from 1 January 1994, expired on 31 December 2013. The company said that it had applied for its renewal more than 12 months prior to its expiry.
However, the Forest Department has directed suspension of the company's mining operations with effect from 1 January 2014. Accordingly, the company has suspended all activities in its mines and efforts are being made to obtain orders for resumption of operations, the company said.
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