Tata Motors after market hours yesterday, 27 February 2015, announced a Voluntary Retirement Scheme for the workmen. The company said its new people initiatives are designed to enhance the company's competitiveness at a time when the business environment and macro-economic pressures have resulted in depressed growth of the commercial vehicle and passenger car businesses in India.
Finance Minister Arun Jaitley will present Union Budget 2015-16 in Lok Sabha today, 28 February 2015. Budget speech will start at 11:00 IST and may end by 13:00 IST Sector and stock specific activity will be witnessed based on the announcements made by Jaitley for that particular sector.
For infrastructure sector, industry recommends speedy infrastructural development and enhancing infrastructure spending to take India to higher growth path. Industry seeks introduction of single window clearance system. A speedy completion of stalled projects is essential as due to complexities of government channels, many projects get halted and delivery is delayed.
Industry expects smart cities scheme, or next version of National Urban Renewal Mission. The Sagamala initiative, with focus on port connectivity and its funding, is likely to be highlighted in the Budget. Concessions for infrastructure financing is also expected by the industry.
For defence sector, there are expectations of increase in budgetary allocation to defence sector in Union Budget 2015-16 tomorrow, 28 February 2015. Finance minister could offer some incentives to Indian firms to encourage domestic manufacturing under the aegis of the 'Make In India' programme. There has been a spike in the interest in Indian companies to participate in defence manufacturing.
For realty sector, there are expectations of announcement of tax clarification regarding Real Estate Investment Trust in the budget. Real Estate industry is looking for tax clarity with regards to Real Estate Investment Trust (REIT) in the budget. Abolishing capital gains tax, minimum alternate tax (MAT) applicability and dividend distribution tax (DDT) would make REITs attractive for both retail and institutional investors and bring about much needed liquidity for commercial projects. Finance Minister Arun Jaitley, while presenting the Budget for 2014/15, had allowed setting up of REITs.
Industry expects finance minister to give industry status to real estate development. Industry recommends allocation of funds to kick start initiatives such as smart cities and housing for all. Increase in housing loan interest exemption, infrastructure status for integrated township and group housing, allowing ECBs in all spheres of housing and real estate development, as also in SEZ projects, encouraging foreign institutional participation in infrastructure, are some of the other expectations of the industry. Industry also expects a final directive on Real Estate Regulation Bill.
Power Grid Corporation of India said before market hours that the company, pursuant to its selection as the successful bidder under Tariff Based Completive Bidding, has acquired 'Vindhyachal Jabalpur Transmission Limited', the Special Purpose Vehicle on 26 February 2015 from REC Transmission Projects Company (the Bid Process Coordinator), to establish 'Transmission System Strengthening associated with Vindhyachal-V' on build, own operate and maintain (BOOM) basis. The transmission system comprising 765kV D/C transmission line is to traverse the State of Madhya Pradesh and is to be constructed over a period of 40 months.
Coal India after market hours yesterday, 27 February 2015, said that the company's board of directors at its meeting held yesterday, 27 February 2015, approved payment of interim dividend of Rs 20.70 per share for the year ending 31 March 2015 as recommended by the Audit Committee of the company in its meeting held yesterday, 27 February 2015.
Karnataka Bank, one of the leading private sector banks of India, has joined hands with INTECH, Chennai, for financing electronic weigh bridges and other automation products in weighing, fire & safety, etc., purchased from INTECH, Chennai, by entering into a Memorandum of Understanding (MOU). the bank will provide finance on priority as per bank's norms, to the customers who intend to avail finance under this MOU.
With respect to news titled "USFDA raises concern over Wockhardt's plant." Wockhardt clarified after market hours yesterday, 27 February 2015, that its Chairman, Dr. Habil Khorakiwala, on a specific query by a news channel appraised the latest position in the USFDA issue and informed about inspection carried out by USFDA at its manufacturing facility at Waluj, Aurangabad. There were no serious observations raised by the said USFDA which would have bearing on the performance/operations of the company. Hence at present the company does not have any important information / announcement to be shared.
Bhushan Steel said that in order to ease out constantly facing stress in cash flow, the company has entered into sale and lease back arrangements of its oxygen plants situated at its steel division, Meramandali Orissa.
Fertilisers stocks will be in focus after Minister of State in the Ministry of Chemicals & Fertilizers Sh. Hansraj Gangaram Ahir in the Rajya Sabha yesterday, 27 February 2015, that he government has no proposal to deregulate urea.
Telecom stocks will be in focus as the Telecom Regulatory Authority of India (TRAI) has yesterday, 27 February 2015, issued a draft Tariff Order (TO) for consultation with stakeholders. This draft TO prescribes a framework for commercial interoperability of Customer Premises Equipment (CPE) offered by the Direct-to-Home (DTH) operators to their subscribers. TRAI has also released a draft amendment to the Telecommunication Tariff Order, 1999 for comments of the stakeholders. Through the Amendment Order, the Authority intends to reduce the ceiling tariffs for national roaming services.
National Buildings Construction Corporation (NBCC) has signed MOU (Memorandum Of Understanding) with DDA for development of "East Delhi Hub" at Karkardooma. The East Delhi Hub, mega project of Delhi will be developed on 30 hectare land and it would be the first project based on Transit Oriented Development (TOD) norms and Smart City features. The project will be self -sustainable, comprising of tallest tower of Delhi including residential, commercial, recreational & social infrastructures etc. NBCC will be paid PMC at 10% and marketing fee at 1%. After getting statuary approvals, the project shall be completed in a period of approx. three years.
Rain Commodities said that its board approved setting up a Waste Heat recovery based Power Plant by Rain Cements, wholly-owned subsidiary company, at Andhra Pradesh to generate up to 7 megawatts of gross electrical energy from the waste heat and the flue gases evolved during the cement manufacturing process at a project cost of Rs 70 crore. The project that will be financed by a combination of internal accruals and bank loans is expected to be completed in about 14 months. The process of waste heat generation is environmental friendly that will bring down the flue gas temperatures. The heat recovery from the flue gases not only saves large quantities of fossil fuels but also substantially reduces the cost of power generation.
Atlanta said that its subsidiary, MORA Toll ways, (concessionaire) was awarded the contract for four laning of Mohania - Ara Section of national highway-30 in Bihar on design, build, finance, operate, transfer (DBFOT - Toll) basis vide concession agreement dated 10 September 2011. During the last nine months, the concessionaire could not carry out the project in an efficient manner due to several defaults by the authority like non release of grant, non approval of additional costs due to procurement of aggregates from longer leads and grant 100% of vacant access etc. The concessionaire therefore terminated the contact with effect from 20 February 2015 and requested the authority to pay the terminal payment amounting to Rs 610.52 crore within fifteen days from receipt of notice.
Powered by Capital Market - Live News
