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India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Economy News
4 The Power Ministry is likely to move its proposal to levy 19% duty on
imported electricity equipment for large projects to the Cabinet. Earlier,
the ministry had withdrawn a proposal in this regard. (BS)
4 Banks have finally agreed to restructure micro-lender Bhartiya Samruddhi
Finance (BSFL)'s debts of about Rs 7.0 bn on the condition that the Vijay
Mahajan-led BASIX Group would offer corporate guarantees against
these. (BS)
4 The number of India's poor fell to 29.8% of its population in 2009-10 from
37.2% in 2004-05, one of the sharpest falls ever. This suggests India has
not only grown faster than the world economy, but that this growth has
lifted millions out of poverty. (ET)
4 The Goods and Service Tax (GST), already delayed by three years, is
unlikely to be implemented any time soon because most state
governments believe the Union government will not initiate major
economic policy changes as it approaches the 2014 general elections. (BS)
4 India's auto sales growth may not move into the negative zone this fiscal
as feared earlier because of good pick-up in demand during February and
the first half of March, according to the industry body SIAM. (BL)
Corporate News
4 A Turkish court has rejected Redington subsidiary Redington
International Holdings' (RIHL) plea seeking a stay on market regulator
CMB's directive with regard to a mandatory offer post its acquisition of
Arena, a listed company in Istanbul. (BS)
4 As part of a strategic rebranding and restructuring exercise announced
last July, the country's largest airline Jet Airways today said, effective
March 25, its low-cost arm JetLite will cease to operate, after being
merged with the other no-frills brand JetKonnect. (BS)
4 Ailing Kingfisher Airlines today faced the prospects of its flying license
being cancelled and its boss Vijay Mallya has been asked by DGCA to
present a clear picture of the cash-strapped private carrier. The
Directorate General of Civil Aviation(DGCA) mulled cancellation of
Kingfisher's flying permit after the airline today submitted to it the
summer flight schedule with 15 to 16 aircraft as against 28 planes
submitted last month. (BS)
4 Tata Motors has announced a hike of up to Rs. 35,000 on its commercial
and passenger vehicles. "The price hike is proportionate to the increase in
the corresponding excise duty announced in the Union Budget," said a
Tata Motors spokesperson. (BL)
4 Reliance Industries' largest gas fields in its flagging KG-D6 block have hit
an all-time low production of about 28 million standard cubic meters per
day as the firm shut six wells due to water and sand ingress. Dhirubhai-1
and 3 gas fields in the eastern offshore KG-DWN-98/3 or KG-D6 block,
which started production in April 2009 at the rate of 30 mmscmd, saw
output plummet to 28.16 mmscmd in the week ended March 4, according
to a status report filed by the company with the Oil Ministry here. (BL)
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Economy News
4 The Power Ministry is likely to move its proposal to levy 19% duty on
imported electricity equipment for large projects to the Cabinet. Earlier,
the ministry had withdrawn a proposal in this regard. (BS)
4 Banks have finally agreed to restructure micro-lender Bhartiya Samruddhi
Finance (BSFL)'s debts of about Rs 7.0 bn on the condition that the Vijay
Mahajan-led BASIX Group would offer corporate guarantees against
these. (BS)
4 The number of India's poor fell to 29.8% of its population in 2009-10 from
37.2% in 2004-05, one of the sharpest falls ever. This suggests India has
not only grown faster than the world economy, but that this growth has
lifted millions out of poverty. (ET)
4 The Goods and Service Tax (GST), already delayed by three years, is
unlikely to be implemented any time soon because most state
governments believe the Union government will not initiate major
economic policy changes as it approaches the 2014 general elections. (BS)
4 India's auto sales growth may not move into the negative zone this fiscal
as feared earlier because of good pick-up in demand during February and
the first half of March, according to the industry body SIAM. (BL)
Corporate News
4 A Turkish court has rejected Redington subsidiary Redington
International Holdings' (RIHL) plea seeking a stay on market regulator
CMB's directive with regard to a mandatory offer post its acquisition of
Arena, a listed company in Istanbul. (BS)
4 As part of a strategic rebranding and restructuring exercise announced
last July, the country's largest airline Jet Airways today said, effective
March 25, its low-cost arm JetLite will cease to operate, after being
merged with the other no-frills brand JetKonnect. (BS)
4 Ailing Kingfisher Airlines today faced the prospects of its flying license
being cancelled and its boss Vijay Mallya has been asked by DGCA to
present a clear picture of the cash-strapped private carrier. The
Directorate General of Civil Aviation(DGCA) mulled cancellation of
Kingfisher's flying permit after the airline today submitted to it the
summer flight schedule with 15 to 16 aircraft as against 28 planes
submitted last month. (BS)
4 Tata Motors has announced a hike of up to Rs. 35,000 on its commercial
and passenger vehicles. "The price hike is proportionate to the increase in
the corresponding excise duty announced in the Union Budget," said a
Tata Motors spokesperson. (BL)
4 Reliance Industries' largest gas fields in its flagging KG-D6 block have hit
an all-time low production of about 28 million standard cubic meters per
day as the firm shut six wells due to water and sand ingress. Dhirubhai-1
and 3 gas fields in the eastern offshore KG-DWN-98/3 or KG-D6 block,
which started production in April 2009 at the rate of 30 mmscmd, saw
output plummet to 28.16 mmscmd in the week ended March 4, according
to a status report filed by the company with the Oil Ministry here. (BL)
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