IT stocks may gain on positive economic data in US, the biggest outsourcing market for the Indian IT firms. The Institute for Supply Management's US factory index was little changed at 55.3 in June from 55.4 in the prior month, the Tempe, Arizona-based group's report showed on Tuesday. Readings above 50 indicate expansion.
Tata Steel announced restructuring proposals to improve the competitiveness of its South Wales steelmaking business. The proposed changes would enable the UK Strip Products business to compete in Europe's lower market demand era by reducing costs equivalent to the loss of about 400 jobs in Port Talbot. The announcement was made after market hours on Monday, 1 July 2014.
Tata Motors total vehicle sales fell 27% to 38,557 units in June 2014 over June 2013. Total domestic sales fell 29% to 34,743 units in June 2014 over June 2013. Total commercial vehicles sales declined 27% to 26,832 units in June 2014 over June 2013. Total passenger vehicles sales fell 33% to 7,911 units in June 2014 over June 2013. Total exports declined 5% to 3,814 in June 2014 over June 2013.
Ashok Leyland reported 7% increase in total sales to 7,452 units in June 2014 over June 2013. Total sales of medium and heavy commercial vehicle (M&HCV) rose 17% to 5,542 units in June 2014 over June 2013. However, total sales of light commercial vehicles (LCV) slipped 15% to 1,910 units in June 2014 over June 2013.
Escorts after market hours on Tuesday, 1 July 2014, announced that Escorts Agri Machinery Segment (EAM)'s tractor sales fell 1.48% to 6,689 units in June 2014 over June 2013. Domestic sales fell 5.84% to 6,349 units in June 2014 over June 2013. Exports jumped 623.4% to 340 units in June 2014 over June 2013.
Shares of public sector companies will be in focus after a media report suggested that the government is planning to sell shares in state-owned companies to raise a record amount from disinvestment this year as it looks to avert a major fiscal slippage. The government would be looking to raise more than the Rs 36000 crore targetted in the interim budget, the report added.
Crompton Greaves' joint venture - CG Lucy, on Tuesday, 1 July 2014, inaugurated its new Ring Main Unit (RMU) production facility at Nashik, India. Incorporated in 1994, CG Lucy Switchgear is a joint venture company between CG and W. Lucy & Co., Oxford, U.K. The facility offers RMUs for enhancing the efficiency of power distribution networks, preventing transformer burnouts and is equipped with a partial discharge testing facility up to 33kV.
A2Z Maintenance & Engineering Services has secured orders worth approximately Rs 2400 crore for EPC work against APO (Advance Purchase Order) received by Sterlite Technologies and ITl for end to end deployment including Design, Engineering, Implementation and Maintenance of parts of Network for Spectrum (NFS) project - Optical Fibre Network in the state of J&K and Eastern & North-East part of India for Optical Fibre Network for Defence Services.
ITI has bagged 2 advance purchase orders from BSNL amounting to Rs 2984 crore. These orders are part of Network For Spectrum (NFS) project for establishment of Optical Fiber Network through out the country.
IFCI has acquired 49% equity shareholding in Rajasthan Consultancy Organization (Rajcon), an unlisted company, from one of its associate companies, Hardicon. As a result of the above said purchase of equity shares, IFCI's shareholding in Rajcon shall become 49% of the total paid-up equity capital and Rajcon shall become an associate company of IFCI.
PSU OMCs in focus as the Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas after reviewing international prices of crude oil and petroleum products during the 2nd fortnight of June 2014 estimated the under-recovery on High Speed Diesel (HSD) applicable for 1st fortnight of July effective 1 July 2014 will go up to Rs 3.40 per litre. This was Rs 1.62 per litre during 2nd fortnight of June 2014. In the case of PDS Kerosene and Domestic LPG, the under-recoveries for the Ist fortnight of July 2014 will be Rs 33.07 per litre (Rs 32.87 per litre in last fortnight) and Rs 449.17 per cylinder (Rs 432.71 per cylinder in last fortnight) respectively. Oil Marketing Companies (OMCs), effective 1 July 2014, are now incurring combined daily under-recovery of about Rs 271 crore on the sale of Diesel, PDS Kerosene and Domestic LPG. This is greater than Rs 249 crore daily under-recoveries during previous fortnight. The under-recoveries for the financial year 2014-15 are projected to be Rs 91665 crore while the figure was Rs 139869 crore in the fiscal year ended 31 March 2014 (FY 2014).
Adani Ports and Special Economic Zone after market hours on Tuesday, 1 July 2014, denied reports floated in the media that after Dhamra Port acquistion in the east coast, the company is eyeing acquisition on Southeast Coast.
Brahmaputra Infrastructure won a project worth Rs 34.67 crore by Guwahati Metropolitan Development Authority (GMDA) for turnkey design and construction of central library & archive cum Auditorium at Amingaon, Guwahati. Completion period for the said project is 30 months from the date of issue of detailed work order. The scope of work includes planning, design and construction of the central library, and archive cum auditorium at Amingaon, Guwahati including all allied works complete on turnkey basis. This project is an addition to the company's ongoing projects and further solidifies the company's presence in North East India.
IVRCL said that the Corporate Debt Restructuring Empowered Group (CDR EG), at its meeting held on 28 June 2014, have approved the Corporate Debt Restructuring proposal submitted by the company. The board of the company in its meeting held on 30 June 2014 passed necessary resolutions for the implementation of the approved Corporate Debt Restructuring scheme and also to obtain the shareholders approval for passing the necessary resolutions.
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