Daily Update - Feb 5 2016

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  • Friday usually fine! Flat start for indices

    Posted:2016-02-05 09:03:03 UTC+05:30
    What you risk reveals what you value. - Jeanette Winterson Fridays have usually been cheerful for the indices despite the subdued sentiment which prevails broadly. The Indian equity market breached a three-day losing streak and ended higher after a bounce in crude oil prices. We won’t debate on why higher crude prices should benefit  but that seems to be the only plausible explanation for recent 

  • GST to become a reality soon: FM

    Posted:2016-02-05 08:45:58 UTC+05:30
    The Finance Minister has said that he hoped that the opposition parties will see reason and the Goods and Services Tax (GST), which is held up in Rajya Sabha, will become a reality soon. Commenting on the issue, Finance Minister Arun Jaitley told the media, "It (GST) has been supported by most political parties and I am sure others will also see reason and this law will become a reality very 

  • Not only government, MNCs too responsible for tax rows: Raghuram Rajan

    Posted:2016-02-05 08:35:26 UTC+05:30
    Blaming multinational corporations squarely for tax controversies, Reserve Bank Governor Raghuram Rajan said their indulgence in avoidance and evasion results in prolonged legal battles, according to the PTI report. Addressing the issue of tax havens, Rajan wondered aloud as to what makes a bulk of intellectual property reside in Cayman Islands, quipping that no one has seen scientists in so 

  • India's exports may fall to $265-270 bn in FY16: FIEO

    Posted:2016-02-05 08:35:04 UTC+05:30
    The country's exports will range between USD 265-270 billion in 2015-16, sharply lower than the USD 310.5 billion achieved in the previous fiscal, exporters' body FIEO said according to the media report. "According to our assessment exports for the current fiscal will range between USD 265-270 billion. If this trend continues it may lead to job losses," FIEO Director General Ajay Sahai told PTI

  • India's domestic passenger traffic grew by 20.2 pct: IATA

    Posted:2016-02-05 08:34:42 UTC+05:30
    India's domestic air passenger traffic grew by a whopping 20.2 per cent in 2015 over the previous year, helped by higher economic growth and increase in number of flights across domestic airlines network, according to the global airlines body IATA. "Total domestic travel grew by 6.3 per cent in 2015, although there was a wide dispersion in performance by market. The India and China domestic 

  • Most telcos failed Trai's call drop test, improvement in Delhi

    Posted:2016-02-05 08:34:28 UTC+05:30
    Most of the telecom operators, including state-run MTNL, failed random drive tests conducted by the regulator Trai to check quality of their network and services as part of its efforts to rein in call drop menace, according to the media report. As per the test report released by the Telecom Regulatory Authority of India (Trai) today, none of telecom operators showed improvement in call drops in

  • Airtel, Axiata subsidiaries merger credit positive: Moody's

    Posted:2016-02-05 08:34:11 UTC+05:30
    The merger of subsidiaries of Bharti Airtel and Axiata Group in Bangladesh is credit positive for both the companies, Moody's Investors Service said as per the media reports. On January 28, Bharti Airtel Limited (Baa3 stable) and Malaysia-based Axiata Group Berhad (Baa2 stable) announced that they had agreed to merge their telecom subsidiaries in Bangladesh. Airtel Bangladesh is wholly owned by 

  • TeamLease Rs 423-cr IPO oversubscribed

    Posted:2016-02-05 08:33:52 UTC+05:30
    The initial public offer of TeamLease Services has been oversubscribed by 1.83 times till afternoon on the last day of the offer today. The Rs 423-crore IPO received bids for 52,86,555 shares against the total issue size of 28,92,063 shares, as per the NSE data till 1200 hrs. TeamLease Services has raised Rs 190 crore through issue of shares to 15 anchor investors, including Goldman Sachs and 

  • Divesting stake in insurance subsidiaries may take time: SBI

    Posted:2016-02-05 08:33:38 UTC+05:30
    State Bank of India, which is looking to divest some of its stake in life and non-life insurance subsidiaries, said that the process may take "a little time". "Life and non-life we have already said...But it will take a little time. This is not something which will happen immediately," SBI chairperson Arundhati Bhattacharya said on the sidelines of India Investment Summit. The bank has already 

  • LafargeHolcim mulling divestment of Jojobera and Sonadih units

    Posted:2016-02-05 08:33:24 UTC+05:30
    After scrapping the sale of two of its India cement plants to Birla Corp, LafargeHolcim Ltd today said it is considering divestment of the Jojobera and Sonadih units. Lafarge had in August agreed to sell the two factories in Jharkhand and Chhattisgarh to Birla for Rs 5,000 crore to comply with antitrust regulations as it was merging with Holcim Ltd. "LafargeHolcim today announced that it is 

  • Colgate-Palmolive opens toothbrush production unit in AP

    Posted:2016-02-05 08:32:49 UTC+05:30
    Colgate-Palmolive (India) Ltd announced that it has introduced its toothbrush production unit in Sri City in Andhra Pradesh (AP) which is built in a 25 acres of land. The unit is commissioned in a building of 16000 square meter area with an investment of about Rs. 450 crore in 19 months. The toothbrush production unit has an annual production capacity of 220 million pieces of toothbrushes. 

  • Cabinet approves formation of JV with states for rail projects

    Posted:2016-02-05 08:31:53 UTC+05:30
    The Cabinet, under the chairmanship of Prime Minister Narendra Modi, on Wednesday gave its approval for allowing the ministry of railways to form joint venture companies with the state governments to mobilize resources for undertaking various rail infrastructure projects in States. “The joint venture companies would be formed with equity participation of ministry of railways and concerned state 

  • PM to inaugurate Rs 10,000 cr gas cracker project in Assam

    Posted:2016-02-05 08:31:24 UTC+05:30
    The Indian Government has said that Prime Minister Narendra Modi is scheduled to inaugurate the Rs 10,000 crore gas cracker project in Assam. Commenting on the issue, a Government Official told the media, "The Prime Minister Narendra Modi is scheduled to inaugurate the Assam Gas Cracker project on Friday. He will be accompanied by the Fertiliser Minister Ananth Kumar and Petroleum Minister 

  • Gamesa wins 50-MW wind project from Atria Power

    Posted:2016-02-05 08:30:57 UTC+05:30
    Renewable energy firm Gamesa India announced that it has won an order from Atria Power for the purpose of setting up a 50-MW wind power project in Madhya Pradesh. The company said in a release, “Gamesa India has announced a new 50 MW wind power project with Atria Power to be commissioned in Kukru wind farm, Madhya Pradesh by 31 March 2016.” It added, “As per the order, Gamesa will handle the 

  • FDI in multi-brand retail of food won't harm local mkts: ICRIER

    Posted:2016-02-05 08:30:36 UTC+05:30
    The Centre must consider allowing FDI in multi-brand retail of food and grocery to boost food processing as it is unlikely to pose any threat to local stores because a majority of Indian consumers still buy fruits and veggies from the local markets, an ICRIER report said. The current policy already has a provision for allowing 51 per cent foreign direct investment (FDI) in multi-brand retail and

  • Grey Market Premiums - Quick Heal, Team Lease, Precision Camshaft

    Posted:2016-02-04 08:40:40 UTC+05:30
    Issue Name Price Band Grey Market Premium Kostak Price (Minimum Application) Kostak Price (Rs. 2 Lac Application) Precision Camshaft 180 to 186 4 to 5 600 (Last Sauda) -- Teamlease Services Limited 785 to 850 240 to 245 500 -- Quick Heal Technologies 311 to 321 36 to 40 550 to 600 --   

  • Pre Session- Sensex may open higher amid global rebound

    Posted:2016-02-04 08:35:20 UTC+05:30
    Indian equity benchmarks may witness a positive opening on Thursday as oil’s rebound to above the USD 32 per barrel mark fueled a resurgence in stocks across Asia and the US, renewing risk taking appetite. A positive trend across most Asian equities, coupled with strength in the CNX Nifty Index futures for February delivery which advanced by 0.97 per cent or 72.5 points at 7,442 at 10:24 am 

  • India requires $1 trn for infra projects: Min

    Posted:2016-02-04 08:32:51 UTC+05:30
    The Indian Government has said that the country requires USD 1 trillion for the development of new roads, ports and airports over the next few years. Commenting on the issue, Union Minister Nitin Gadkari told the media, “Upgrading infrastructure is a major challenge for policy makers of the Asia's third largest economy and India needs about USD 1 trillion (about Rs 67,00,000 crore) for new roads

  • Over Rs 93,600 cr sanctioned under MUDRA Yojana: Sinha

    Posted:2016-02-04 08:31:47 UTC+05:30
    More than Rs 93,600 crore has been sanctioned under Pradhan Mantri MUDRA Yojana to about 2.26 crore borrowers, Minister of State for Finance Jayant Sinha said as per the PTI report. "2.26 crore loans worth Rs 93,650 crore sanctioned under PM Mudra Yojana. Rs 89,594 crore have already been disbursed. Big boost to small businesses," he tweeted. Under Pradhan Mantri MUDRA Yojana (PMMY), loans 

  • Capping airfares to push ticket prices higher: Min

    Posted:2016-02-04 08:31:19 UTC+05:30
    The Indian Government has said that putting floors and caps on airfares will push the ticket prices higher as competition among airlines has kept the fares lower. Commenting on the issue, Union Minister Ashok Gajapathi Raju told the media, "Competition has kept the prices down and we should not discourage that. In our analysis, if we take a year of ticketing, 1.7 per cent of the ticketing (air 

  • Fund mop-up via QIP dips 58 pct at over Rs 1600 cr in Q3

    Posted:2016-02-04 08:29:19 UTC+05:30
    Funds raised by Indian companies through Qualified Institutional Placement (QIP) plunged by 58 per cent to over Rs 1,600 crore in the third quarter of the ongoing fiscal. Firms had mopped up Rs 4,123 crore through QIP route during the October-December period of previous fiscal 2014-15. The funds have been raised for expansion, refinancing of debt and to meet working capital requirements. 

  • Railways to install sensors near bridges to prevent mishaps

    Posted:2016-02-04 08:28:49 UTC+05:30
    The Indian Railways has said that ahead of monsoon, it will install solar-powered sensors near bridges to monitor the rising water level during the rainy season to prevent any mishap as railway tracks often get submerged due to the overflowing of floodwater affecting train operations during monsoon season. Commenting on the issue, a Senior Railway Official told the media, "Submerging of tracks 

  • Indian mobile users to grow at 4.4 pct CAGR to 990 mn by 2020

    Posted:2016-02-04 08:28:27 UTC+05:30
    The number of mobile users in India is projected to grow at a CAGR of 4.4 per cent to 990.2 million, covering about 71 per cent of the country's population, by 2020 from 798.4 million last year, according to a report by networking giant Cisco. Also, mobile data traffic generated is forecast to grow 12-fold to reach 1.7 Exabytes (about 430 million DVDs) per month by 2020, driven by availability 

  • Payment to MGNREGA workers to be done through DBT: Min

    Posted:2016-02-04 08:27:02 UTC+05:30
    The Indian Government has said that in order to prevent leakages in the flagship rural job programme, all wage payments to MGNREGA workers will be made through Direct Benefit Transfer to bank accounts of the beneficiaries from April this year. Commenting on the issue, Rural Development Minister Chaudhary Birender Singh told the media, “From April 1, 2016 all wage payments to MGNREGA workers will

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