Ashok Leyland said its total sales rose 48% to 9,290 units in December 2014 over December 2013. Sales of medium and heavy commercial vehicle (M&HCV) surged 85% to 7,210 units in December 2014 over December 2013. Sales of light commerical vehicles (LCV) declined 13% to 2,080 units in December 2014 over December 2013.
Shares of infrastructure developers will be in focus after Finance Minister Arun Jaitley on Saturday, 3 January 2015, said that government has taken necessary steps to change the Land Acquisition act so as to revive infrastructure growth. Growth in power and other infrastructure sectors needs to be revived, Jaitley said. The Finance Minister was speaking at the two day Retreat for Banks and Financial Institutions called Gyan Sangam at National Institute of Banking Management (NIBM) at Pune, Maharashtra.
NMDC has incorporated a wholly owned subsidiary company, NMDC Steel, for transferring NMDC's iron and steel plant into the said wholly owned subsidiary.
Shares of public sector banks (PSBs) will be in focus after PSBs suggested the government to transfer government's stake in PSBs to a bank investment company. At the two day Retreat for Banks and Financial Institutions called Gyan Sangam held at National Institute of Banking Management (NIBM) in Pune, Maharashtra on Friday, 2 January 2015, and Saturday, 3 January 2015, PSBs also suggested that eventually the government should reduce its stake in PSBs to less than 51%.
On the second and last day of the summit on Saturday, 3 January 2015, Prime Minister Narendra Modi said banks would be run professionally, and there would be no interference. But accountability was essential. He said the government had no vested interest, and public sector banks can derive strength from this fact. The Prime Minister said that banks in India should actually compete for achieving maximum cashless transactions, as this would be the best solution to the problem of black money. Speaking at the summit, Finance Minister Arun Jaitley said that banks have a major role to play in the financing of infrastructure.
Jaitley said that the government is open to bold decisions for professionalization of the management and autonomy in decision making, rewarding merit, and relooking at the recruitment process at the top management level of PSBs. The government was ready to protect commercial decisions so as to avoid the delay in good decisions, Jaitley said.
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Earlier, Chief Economic Advisor to the finance ministry Dr. Arvind Subramanian proposed that the PSBs should be differentiated into weak, good and strong categories and accordingly consolidation and restructuring measures could be applied to them. The current overhang of stressed assets should be resolved by distribution of the pain between promoters, creditors and tax payers, Dr. Subramanian said.
Reserve Bank of India Governor Dr. Raghuram Rajan stated that there is a need for internationalisation of the banking system in the current global environment. In the short term (up to 12 months), he said that there was need to clean up the NPAs and then restructure other stressed loans so as to put the economy back on the track.
State Bank of India (SBI) after market hours on Friday, 2 January 2015 in a clarification with regard to news item titled "Rs. 84,580 cr in wilful defaults, say bank union, said that SBI is not aware of the source of facts detailed in the newspaper. SBI said that all the events or material information which are required to be disclosed under clause 36 of the listing agreement are first advised to the stock exchanges. SBI further clarified that the bank is under an obligation to disclose the list of suit-filed accounts of wilful defaulters of Rs 25 lakh and above at every quarter to RBI/Credit Information Bureau (India).
Ingersoll-Rand (India) after market hours on Friday, 2 January 2015 said it has completed the purchase of the assets relating to the Centrifugal Compression Division from Cameron Manufacturing (India), by way of an asset purchase. The consideration for this transaction was Rs 1.48 crore. Consequent to the closing of the transaction the assets relating to the Centrifugal Compression Division of Cameron Manufacturing (India) stand transferred to the company, Ingersoll-Rand (India) said in a statement.
Spice Mobility's board of directors at its meeting held on 2 January 2015, approved the proposal received from Smart Ventures, the promoter of the company, to voluntarily delist the equity shares of the company from the National Stock Exchange of India and BSE, subject to the approval of the shareholders of the company and such other approvals/sanctions as may be required in this connection. The company proposes to obtain the approval of shareholders for voluntary delisting of equity shares through Postal Ballot.
Supreme Infrastructure India after market hours on Friday, 2 January 2015 said that the company has allotted 20 lakh equity shares of Rs 10 each upon exercise of 20 lakh warrants by the warrant holder by subscribing to one equity share of Rs 10 each per warrant for cash at an exercise price of Rs 185 each on a preferential basis to BHS Housing, the company belonging to promoters of the company. The above warrants were allotted on preferential basis on 19 December 2013 in compliance with the with SEBI (ICDR) Regulations, 2009 and amendments thereof, Supreme Infrastructure India said.
Piramal Enterprises after market hours on Friday, 2 January 2015 in a clarification with regard to news item titled "Piramal Enterprises have acquired 2 BOT Infra Projects from Supreme Infra worth Rs. 700 crores said that the company from time to time explores various investment opportunities as part of its structured investment business, in the normal course of its business. This evaluation of opportunities includes various criteria, including technical financial, taxation, commercial, regulatory and legal. Once these criteria are met it is followed by internal approvals at various levels, post which, comes a comprehensive financial and legal diligence, Piramal Enterprises said. Projects that come out of this filtration process are then placed before the Board or its duly empowered Committee for approval. It is an established practice that only those proposals that are definitive and which are disc losable events, are disclosed to the stock exchanges, the company said. Any disclosure prior to this would only be speculative, it added. Piramal Enterprises further said that the investment opportunities forming part of the company's structured investment business, includes investments in infra projects such as the project referred to in the captioned news item. Since nothing is of definite nature and nothing has been approved by the Board/duly empowered Committee it is difficult for the company to comment on the same at this stage, Piramal Enterprises said.
Ashiana Housing after market hours on Friday, 2 January 2015 said that that the Credit Analysis and Research (CARE) has revised its credit rating given to Ashiana Housing from CARE BBB+ (Is) i.e. Triple B Plus (issuer rating) to CARE A- (Is) i.e. A Minus (issuer rating). This revision is given considering the recent developments including the operational and financial performance of the company, Ashiana Housing said.
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