Economy News  Kotak Sec

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Economy News
 India's 2014 gold imports are estimated to have dropped 13% from last
year despite a surge in November, data that jewellers hope would
encourage the government to consider a cut in the metal's import duty.
(ET)
 The government is set to try a new approach to stake sales in stateowned
companies from early 2015-16, having learnt lessons from past
failures to achieve disinvestment targets. The new process starts with a
multi-year rolling disinvestment list that will rely on cutting the time
taken in regulatory processes to ensure market bears do not bring down
the share prices of public sector undertakings (PSUs) up for divestment.
(BS)
 As expected the Cabinet has approved ordinance on Insurance Bill and
Coal. With Coal Mines Bill yet to be cleared by Parliament, the government
approved re-promulgation of an Ordinance to facilitate e-auction of coal
blocks for private companies for captive use and allot mines directly to
state and central PSUs. (Moneycontrol)
 The Centre has kick-started the e-auction process for coal blocks on
Thursday by offering 24 of the shortlisted 42 producing assets. Tender
documents for each of the blocks will be released on December 27. (BL)
 Demand for bank loans in the first nine months of this fiscal has fallen to
its lowest since at least 1998, shows data from Reserve Bank of India (RBI).
Data prior to 1998 was not available. Credit growth so far this fiscal
(between 1 April and 12 December) has slowed to just 2.68%, according
to the data. (Mint)
Corporate News
 Reliance Capital, the Anil Ambani-led financial company, has sold a 2.8
per cent stake to Japan's Sumitomo Mitsui Trust Bank for Rs 3.71 bn to
bolster its ambition of owning a bank as and when RBI kicks off on-tap
licensing. (ET)
 SpiceJet's search for investors may be reaching a conclusion with a plan
likely to be submitted to the civil aviation ministry, said government
officials. Fresh investments are expected in a month, they said. The plan is
likely to involve an investment of Rs 12 bn by a consortium led by former
co-promoter Ajay Singh. (ET)
 Billionaire Azim Premji's Rs 1.75 bn investment in Future Retail will help
Kishore Biyani, chief of the retail major, sail through the coming rights
issue of his flagship company and cut debt. The Rs 16 bn rights issue will
open on January 15 and close on January 29. (BS)
 The Ahmedabad-based Torrent Pharmaceuticals has entered into an
exclusive licensing agreement with Reliance Life Sciences for marketing
three biosimilars in India - Rituximab,Adalimumab and Cetuximab. (BS)
 Maxwell Industries Ltd has informed BSE that the Board of Directors of
the Company at its meeting held on December 25, 2014, inter alia, has
considered and recommended the issue of, upto 30,00,000 Warrants on
preferential basis convertible into equity shares of equal number within
18 months from the date of allotment of warrants to the Promoter/
Promoter Group at price determined on the 'Relevant Date' in accordance
with SEBI. (BSE)
 Reliance signs shipping agreements with one of the world's largest and
reputed shipping companies MITSUI OSK Line Ltd for transporting
liquefied ethane from North America to India. (BSE)
 State-run Bharat Petroleum Corporation Ltd (BPCL) is planning to
raise Rs 40 bn for the expansion of its Kochi refinery and to fund its
petrochemicals venture, said three banking sources aware of the
development. State Bank of India (SBI) has received the mandate to raise
funds. (BS)