Bank stocks will be in focus after the finance ministry in its quarterly revision on interest rates on small savings schemes kept the rates unchanged for Q2 September 2016. The government now announces revision in interest rates on small saving schemes on quarterly basis as against the earlier practice of annual revision. The decision to shift to quarterly revision from annual revision was taken to ensure that interest rates under small savings schemes are more dynamically related to the prevailing market rates. It may be recalled that the finance ministry had in March 2016 announced reduction in interest rates on small savings schemes for Q1 June 2016 in a move to bring the rates in line with the prevailing money market rates.
Cera Sanitaryware announced after market hours yesterday, 20 June 2016, that Anjali Tiles, a subsidiary company, allotted 15.30 lakh, 1% cumulative redeemable preference shares of Rs 10 each to the company.
Apollo Hospitals Enterprise announced after market hours yesterday, 20 June 2016, that it signed Memorandum of Understanding (MoU) with China's Hainan Ecological Smart City Group (HESCG) to build a hospital in Hainan Province, China. HESCG is a Chinese industrial park development and operations company. The MoU is also aimed at expanding to other parts of China and also extend into India with suitable model of collaboration which will be discussed post the signing of the MoU.
HESCG will provide land, all the investments for the construction, commissioning and equipping the hospital besides all operative expenses, while Apollo Hospitals Group would provide its services for technical consulting, planning and commissioning of the hospital and post completion of the hospital, provide services for the operations and management of the hospital. Apollo Hospitals would also support in building the technical and management personnel, install it's acclaimed patient care clinical protocols and practices, the company said in a statement.
Quick Heal Technologies announced after market hours yesterday, 20 June 2016, that it launched 'Seqrite Services' to offer cyber security consulting and 'Quick Heal Academy' to impart cyber security education programs, globally.
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Kesar Terminals & Infrastructure announced after market hours yesterday, 20 June 2016, that its board of directors will meet on 24 June 2016, to consider issuing bonus shares.
Indiabulls Housing Finance announced after market hours yesterday, 20 June 2016 that the company proposes to issue 250 secured non-convertible redeemable debentures with a face value of Rs 10 lakh each aggregating to Rs 25 crore plus Greenshoe Option on private placement basis.
Separately, Indiabulls Housing Finance said that it has on 20 June 2016, allotted secured, redeemable, non-convertible debentures of face value Rs 10 lakh each aggregating Rs 20 crore on private placement basis.
FM radio broadcasters will be in focus. Ministry of Information and Broadcasting, Government of India yesterday, 20 June 2016 issued the Notice Inviting Applications (NIA) for e-auction of 266 FM Radio channels in 92 cities in the second batch of Private FM Phase III. The second batch consists of 227 channels in 69 new cities besides 39 channels in 23 existing cities. Out of 69 new cities taken up for auction in the second batch, 20 cities with 80 channels are having population of 3-10 lakh , 38 cities with 114 channels are having population of 1-3 lakh whereas 11 cities in border areas of Jammu & Kashmir and North Eastern states with population upto one lakh having 33 channels have also been included.
The issuance of NIA for the second batch under Private FM Phase III will further the process of expansion of FM Radio broadcasting services through private agencies (Phase-III) that began with the notification of FM Phase III Policy guidelines dated 25 July2011, read with its modified paragraph 31 dated 21 January 2015, and moved forward with the e-auction of the first batch of FM Phase III. E-auction of first batch, which commenced on 27 July 2015 and got over on 9 September 2015 resulting in selling of 91 channels in 54 cities. It also paved the way for migration (renewal) of 181 Phase II licenses to Phase III.
Amongst the 266 channels on offer, special incentives are being provided to 36 channels in 14 cities in J&K and North Eastern states. By this, the FM Phase III policy exudes the Government's thrust for concerted development of the North Eastern states and J&K. It provides much needed support to the FM radio broadcasting services in cities of North Eastern part of India as in the cities of Jammu & Kashmir and Island territories, with provision of annual fee of the channels in these areas at half the rates for first three years, besides provision of Prasar Bharati Infrastructure at half the lease rentals.
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