Telecom stocks will be watched. The Union Cabinet, chaired by the Prime Minister Narendra Modi, yesterday, 5 January 2015, approved the proposal of the Department of Telecom (DoT) to proceed with auction in 800, 900 & 1800 MHz bands. The Reserve price approved is Rs 3646 crore pan-India per MHZ in 800 MHz, Rs 3980 crore for 900 MHz band pan India excluding Delhi, Mumbai, Kolkatta, and J&K, and Rs 2191 crore pan India (excluding Maharashtra and West Bengal) in 1800 MHz band. The quantum of spectrum to be put to auction is 103.75 MHz in 800 MHz band in all service areas, 177.8 MHz in 17 LSAs in 900 MHz band and 99.2 MHz in 15 LSAs in 1800 MHz band. Thus a total of 380.75 MHz in 800,900 & 1800 MHz is being put to auction. Payment terms, eligibility criteria and auction objectives shall be as in the previous auction of February 2014, a press statement said.
Unitech will be watched. With reference to the media reports pertaining to Department of Telecom (DoT) moving Supreme Court for retaining Rs 160 crore bank guarantee given by Unitech Wireless, Unitech after market hours today, 5 January 2015, clarified that Unitech has no economic interest in Unitech Wireless. Unitech has no exposure whatsoever to the telecom business, the company said.
Bajaj Corp will be in focus. The Reserve Bank of India (RBI) has yesterday, 5 Jan 2015, advised that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 49% of the paid up capital of Bajaj Corp under the Portfolio Investment Scheme (PIS). RBI has stated that the company has passed resolutions at its board level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs. The purchases could be made through primary market and stock exchanges, RBI said.
Indian Oil Corporation (IOC) will be watched. With respect to media reports titled "IOC to form JV for Rs. 5,150-crore LNG terminal project in TN within a month", IOC after market hours yesterday, 5 January 2015 clarified that the board of IOC at its meeting held in October 2014 had accorded approval for setting up a 5 million tonne LNG project at Ennore through a joint venture company (JVC). The cost of the project is estimated at Rs 5150 crore, IOC said. The project would be implemented through a JVC and not directly by IOC. The equity participation in the JVC is proposed as IOC (45%), TIDCO (5%) (A Tamil Nadu State Govt. Enterprise) and balance 50% by financial institutions, the company said.
IOC further informed that the JVC will be initially incorporated with a seed capital of Rs 1 lakh by aforesaid JV partners out of which IOC's investment would only be Rs 45000 at present. As the project activities progress, the strategic joint venture partners would be identified and inducted as equity partners, IOC said. The project related activities are yet to commence, the company said.
Max India after trading hours yesterday, 5 January 2015, announced that Bupa, the international healthcare group, proposes to increase its stake in Max Bupa Health Insurance (Max Bupa) to 49% from current 26%. Following the Insurance Laws Amendment Ordinance 2014 receiving legislative assent in the 2015 Budget Session of Parliament, Bupa, the international healthcare group, proposes to increase its stake in Max Bupa from 26% to 49%, Max Bupa said in a statement issued after trading hours today, 5 January 2015.
Max Bupa, a leading Indian standalone private health insurer, is a joint venture between Max India, which owns 74% of Max Bupa, and Bupa, the UK-headquartered global healthcare group, which owns 26%. Commenting on the decision to increase Bupa's stake in Max Bupa, David Fletcher, Managing Director of International Development Markets at Bupa said that this decision underlines Bupa's commitment to the Indian health insurance market and represents a major milestone in the development of Max Bupa.
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Rahul Khosla, Managing Director, Max India said that Bupa's intention to increase its stake in Max Bupa is testimony to the huge opportunity for health insurance in India and Max India's reputation in successfully managing joint ventures. Max Bupa will stand to benefit from Bupa's expertise in areas such as under-writing health risks and product innovation, Khosla said.
SML Isuzu's sales surged 62.57% to 1,073 vehicles in December 2014 over December 2013.
City Union Bank said that the bank has inaugurated its 441st branch on 5 January 2015 at Thimmavaram located at Thimmavaram, Kancheepuram - Dist.
Stampede Capital's Singapore based wholly owned subsidiary Stampede Financials Pte has become official Designated Market Maker (DMM)/Liquidity Provider (LP) for Singapore Exchange (SGX). The Company will officially act as Designated Market Maker / Liquidity provider in Singapore Exchange for the products like MSCI (India), USD/THB (Thai Bhat), USD/CNH (Chinese offshore currency), USD/INR and Nifty. The company's liquidity volumes crossed $1 billion for the month of December 2014 from single product of USD/INR in Singapore Exchange (SGX).
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