Govt working on rollout of GST from next April-:- Equity Research

Government is working on a target date of April 1, 2017 for the rollout of Goods and Services Tax, and the first meeting of the GST Council was held in a "very cordial and constructive environment", Finance Minister Arun Jaitley said today. In his opening remarks at the Fourth Meeting of the Parliamentary Consultative Committee meeting here, he said the government so far is following the road map for implementation of GST "as per the schedule"....

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RBI shifts monetary policy timing to mid-afternoon-:- Equity Research

The Reserve Bank has decided to change the timing of announcement of its policy review, due next Tuesday, to mid-afternoon. For long, the central bank has been unveiling the monetary policy at 11 am. "The resolution of MPC will be placed on the official website of RBI at 2.30 pm on October 4," the central bank said on its website, adding that MPC will be meeting on Monday and also Tuesday to take a call on rates. The announcement, which...

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IOC to expand Barauni refinery with Rs 8,287 cr investment-:- Equity Research

State-owned Indian Oil Corp (IOC) will invest over Rs 9,800 crore in expanding its Barauni refinery in Bihar and setting up a petrochemical unit at Panipat refinery in Haryana. The Board of IOC in its meeting on Thursday approved expansion of Barauni refinery from 6 million tonnes per annum (MTPA) to 9 MTPA. The "expansion of Barauni refinery from 6 MTPA capacity to 9 MTPA capacity along with downstream Polypropylene unit" will cost Rs 8,287...

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Repco Home Finance to raise Rs 100 crore via bonds-:- Equity Research

Repco Home Finance will raise Rs 100 crore by issuing a 3-year tenure bond on private placement basis next week. "A meeting of the Securities Allotment Committee of the Board of Directors will be held on October 5, 2016 to consider and approve the private placement of rated, listed, secured, redeemable non-convertible securities in the nature of debentures," it said in a regulatory filing. The issue size is of Rs 100 crore and the bonds are to...

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Consumers to spend Rs 25,000 cr this festive season-:- Equity Research

As festivals line up, consumers are expected to spend Rs 25,000 crore this festive season, a rise of 25 percent, as against Rs 20,000 crore spent in the year ago period, according to Assocham. The festive season starting with Navratri tomorrow is likely to register record sales and highest-ever purchase rate per minute for e-commerce giants as most people deferred their purchasing plans due to 'pitra paksha', the Assocham survey-cum-analysis...

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Tata Steel plans 2nd phase expansion of Kalinganagar plant-:- Equity Research

Tata Steel is planning to initiate second phase expansion at Kalinganagar plant in Odisha to double its capacity to 6 mtpa, but has no proposal to set up another green-field steel plant in immediate future. "Sometime in next six months a proposal will be sent to our board for its approval to start the second phase work at Kalinganagar, while the focus now is to achieve full 3 mtpa capacity in first phase fast," Tata Steel MD (India and South East...

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Anti-dumping duty likely on certain Chinese steel products-:- Equity Research

The commerce ministry has recommended imposition of anti-dumping duty on imports of steel wire rods from China to protect the interest of domestic players from cheap in-bound shipments. In its preliminary findings, the directorate general of anti-dumping and allied duties (DGAD) has recommended the duty. DGAD has suggested that for certain Chinese companies, the duty should be the difference between the landed value of the steel products and USD...

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Lupin off day's low after USFDA approval for anti-alzheimer drug-:- Equity Research

Pharma major Lupin shares halved losses in afternoon trade Thursday on approval from the US health regulator for for anti-alzheimer drug. The stock reduced its losses to 2 percent from 4 percent intraday. "... has received final approval for Memantine Hydrochloride extended-release capsules, 7 mg, 14 mg, 21 mg, and 28 mg from the United States Food and Drug Administration (FDA) to market in the US," the company said in its filing. Memantine Hydrochloride...

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Look at ICICI Prudential at around Rs 280-285-:- Equity Research

G Chokkalingam, Founder & MD at Equinomics Research & Advisory told CNBC-TV18, "We advised our clients not to apply to ICICI Prudential Life Insurance Company because we have found that it is quite stretched in terms of valuations. So, even after weak opening, I would still suggest hold and wait for anywhere below Rs 300." "If you see the last four years, its net profit has grown at around 5 percent per annum and the premium also has grown...

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KCP Sugar may move to Rs 46-:- Equity Research

G Chokkalingam, Founder & MD at Equinomics Research & Advisory told CNBC-TV18, "In KCP Sugar we successfully made money and it went to Rs 46 recently. Now again it has corrected back to around Rs 33-34 level. This is one of the most efficient sugar companies in the country in terms of quality of management efficiency of sugar recovery and balance sheet. Out of 14 years, 13 years it has paid dividend consistently. That is very rare...

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Mangalore Chem up 17% after shareholders reject Zuari Agro deal -:- Equity Research

MCFL, which became a subsidiary of Zuari Fertilisers and Chemicals in 2015, proposed to enter into certain transactions, in its ordinary course of business, relating to purchase / sale of goods, availing / rendering of services, lease of office space, transfer of resources, sales and marketing services and cost recharge to and from ZACL. Since the value of the transactions with ZACL during the financial year 2015-16 exceeded 10 percent of the...

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A decade it took: India shines in WEF global competitive index -:- Equity Research

In a world of declining consumer demand and geo-political uncertainties, the likes of which have not been seen in the past many decades, the India growth story continues to attract positive sentiment from global markets and experts. “Declining openness in the global economy is harming competitiveness and making it harder for leaders to drive sustainable, inclusive growth,” said Klaus Schwab, Founder and Executive Chairman, World Economic Forum....

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Expect 40-50% loan growth over next 2-3 years-:- Equity Research

Bharat Financial 's loan book will grow by 40-50 percent in 2-3 years, says company Managing Director and Chief Executive Officer MR Rao. While 30 percent growth will come from customer acquisitions, another 10 percent will come from an increase in ticket size. The company successfully raised Rs 750 crore via a qualified institutional placement (QIP), allocation shares at Rs 770 per share. It allocated 65 percent shares to existing investors giving...

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RCom-Jio 'virtual merger' means sharing of spectrum assets-:- Equity Research

   Virtual merger means sharing and trading of spectrum assets and Reliance Communications already shares and trades in these virtual assets with Reliance Jio, experts tell CNBC-TV18 after Reliance Group Chairman Anil Ambani said the company has achieved a "virtual merger" with Jio at the Group’s AGM today. Currently, Reliance Communication has spectrum sharing with Jio in about 17 circles and trading in 10 circles. Reliance...

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Microsoft using AI to empower people, transform world

India-born Microsoft CEO Satya Nadella today said his company is not pursuing Artificial Intelligence (AI) to beat humans at games but to empower people and organisations "to solve the most pressing problems" of society and economy to make the world a better place. As the keynote speaker at the opening day of 'Microsoft's Ignite' conference, he addressed a packed crowd of over 23,000 attendees, primarily IT professionals. "We are not pursuing...

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PESB recommends Narendra Kumar's name for NMDC chairman

The Public Enterprises Selection Board has recommended Narendra Kumar Nada's name for the post of chairman and MD for NMDC . According to a notification issued by PESB yesterday, it has selected Nanda, currently NMDC Director (technical), for the top post after interviewing four others, including Gopal Singh, CMD of Central Coalfields. "PESB will send its recommendation to the Department of Public Enterprises, which in turn will send it to the...

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ICICI Prudential Life Insurance Company to list shares on Sep 29

India's largest private sector life insurer ICICI Prudential Life Insurance Company will list its equity shares on September 29. It has fixed issue price at higher end of price band of Rs 300-334 per share. The Rs 6,057-crore public issue was oversubscribed 10.48 times. The reserved portion of qualified institutional buyers was oversubscribed 11.83 times and non-institutional investors' category 28.55 times. The reserved category of retail investors...

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Tata Motors enters Bolivia with launch of three vehicles

Tata Motors has forayed into the Bolivian commercial vehicle (CV) market with the launch of three products in the South American country. The Mumbai-based auto major has entered Bolivia through a distribution agreement with local partner Bolivian Auto Motors, which is part of Salvatierra, a business conglomerate engaged in distribution of motor vehicles and motor cycles in the Latin American country. Through this partnership, Tata Motors has launched...

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HUDCO raises Rs 1,300 cr via private placement of bonds

State-owned HUDCO today said it has raised Rs 1,300 crore through private placement of non- convertible bonds to finance the affordable housing and urban infrastructure projects. Housing & Urban Development Corporation Ltd said in a statement that it "has raised a sum of Rs 1300 crore through private placement issue(s) of unsecured, redeemable, non-convertible bonds at lowest possible interest rates". While the issue of Rs 700 crore was raised...

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Suzlon seeks partners for $3 bn of Aus wind farm investments-:- Equity Research

India's Suzlon Energy is seeking Australian partners to develop local wind farms as it taps a surge in global investor appetite for green energy assets after the Paris climate agreement, its managing director said on Wednesday. The wind-turbine maker plans to co-develop the projects in Australia at a cost of USD 3 billion over the next five years, for which it plans to tap investment from firms such as Goldman Sachs and Morgan Stanley, and funds...

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3 academicians named as Monetary Policy Committee members-:- Equity Research

The Appointments Committee of the Cabinet today announced the names of Monetary Policy Committee members, who will hold office for a period of four years. This includes Chetan Ghate, Associate professor - Economics & Planning Unit, Indian Statistical Institute; Pami Dua, Professor and Head of department at Delhi School of economics and Ravindra Dholakia, economics professor at IIT, Ahmadabad. The committee will also include the Reserve Bank...

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Coal India arm seeks green nod for Rs 10,000 cr power plant-:- Equity Research

Going ahead with its plan of setting up of around Rs 10,000 crore power plant in Odisha, Coal India arm Mahanadi Coalfields has approached the environment ministry to seek green clearance for the 1,600 mw coal-based thermal plant. "Towards gainful utilisation of coal deposits in Basundhara area, Sundergarh district of Odisha...company (Mahanadi Coalfields Ltd) has envisaged coal-based thermal power plant of 1600 (2x800) mw with super-critical technology,"...

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Den Networks pref issue to fund broadband expansion, pare debt-:- Equity Research

Den Networks ’ board on Tuesday approved preferential allotment of 1.58 crore shares at Rs 90 per share to Goldman Sachs. Sharing details of the issue with CNBC-TV18 CFO Manish Dawar said this will increase Goldman’s stake in the company to roughly 24.5 percent. Goldman has a seat on the company's board and will continue to hold it, he said. The issue totalling about Rs 142 crore will lead to equity dilution of about 8 percent and...

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Essar Power Gujarat posts Rs 1 cr net profit in June quarter-:- Equity Research

Ruias-owned Essar Power Gujarat Ltd (EPGL) today posted Rs 1 crore net profit in the first quarter of this fiscal due to improved efficiency. "Finance costs for first quarter of 2016-17 were lower by 12 percent, leading to a PAT (profit after tax) of Rs 1 crore against a net loss of Rs 126 crore in the corresponding quarter in the previous fiscal," the company said in a release. According to the statement, EPGL, which owns and...

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