Gee El Woollens: Outcome of board meeting

Jan 23, 2014, 09.17 PM IST

Gee El Woollens at its meeting held on January 23, 2014, has decided to convene an Extra Ordinary General Meeting (

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Gee El Woollens: Outcome of board meeting

Gee El Woollens at its meeting held on January 23, 2014, has decided to convene an Extra Ordinary General Meeting (

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Gee El Woollens: Outcome of board meeting

Gee El Woollens at its meeting held on January 23, 2014, has decided to convene an Extra Ordinary General Meeting (

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Gee El Woollens Ltd has informed BSE that the Board of Directors of the Company at its meeting held on January 23, 2014, has decided to convene an Extra Ordinary General Meeting ("EGM") of the Company on February 18, 2014 to seek shareholders approval on the matter mentioned in the notice of EGM.Source : BSE

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Acropetal Technologies: Updates on outcome of AGM

Jan 23, 2014, 09.17 PM IST

Acropetal Technologies has submitted a copy of minutes of the 12th Annual General Meeting of the Shareholders of the Company was held on December 26, 2013.

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Acropetal Technologies: Updates on outcome of AGM

Acropetal Technologies has submitted a copy of minutes of the 12th Annual General Meeting of the Shareholders of the Company was held on December 26, 2013.

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Acropetal Technologies: Updates on outcome of AGM

Acropetal Technologies has submitted a copy of minutes of the 12th Annual General Meeting of the Shareholders of the Company was held on December 26, 2013.

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Acropetal Technologies Ltd has submitted to BSE a copy of minutes of the 12th Annual General Meeting of the Shareholders of the Company was held on December 26, 2013.Source : BSE

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Gee El Woollens: EGM on Feb 18, 2014

Jan 23, 2014, 09.17 PM IST

Gee El Woollens has informed that the Extra Ordinary General Meeting (EGM) of the Company will be held on February 18, 2014.

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Gee El Woollens: EGM on Feb 18, 2014

Gee El Woollens has informed that the Extra Ordinary General Meeting (EGM) of the Company will be held on February 18, 2014.

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Gee El Woollens: EGM on Feb 18, 2014

Gee El Woollens has informed that the Extra Ordinary General Meeting (EGM) of the Company will be held on February 18, 2014.

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Emami Paper Mills' outcome of board meeting

Jan 23, 2014, 09.18 PM IST

Emami Paper Mills in its meeting held on January 21, 2014, has noted the approval of delisting of the securities of the Company by the U. P. Stock Exchange vide their Notice, reference dated January 10, 2014.

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Emami Paper Mills' outcome of board meeting

Emami Paper Mills in its meeting held on January 21, 2014, has noted the approval of delisting of the securities of the Company by the U. P. Stock Exchange vide their Notice, reference dated January 10, 2014.

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Emami Paper Mills' outcome of board meeting

Emami Paper Mills in its meeting held on January 21, 2014, has noted the approval of delisting of the securities of the Company by the U. P. Stock Exchange vide their Notice, reference dated January 10, 2014.

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Emami Paper Mills Ltd has informed BSE that the Board of Directors of the Company at its meeting held on January 21, 2014, has noted the approval of delisting of the securities of the Company by the U. P. Stock Exchange vide their Notice, reference dated January 10, 2014.Source : BSE

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GSS Infotech: Minutes of EGM

Jan 23, 2014, 09.17 PM IST

GSS Infotech has submitted a copy of extracts of the minutes of Extra-ordinary General Meeting held on December 31, 2013.

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GSS Infotech: Minutes of EGM

GSS Infotech has submitted a copy of extracts of the minutes of Extra-ordinary General Meeting held on December 31, 2013.

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GSS Infotech: Minutes of EGM

GSS Infotech has submitted a copy of extracts of the minutes of Extra-ordinary General Meeting held on December 31, 2013.

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Morgan Ventures' board meeting of Jan 31, 2014

Jan 23, 2014, 09.17 PM IST

Morgan Ventures board meeting will be held on January 31, 2014, to consider & take on record the Unaudited Financial Results of the Company for the quarter ended on December 31, 2013.

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Morgan Ventures' board meeting of Jan 31, 2014

Morgan Ventures board meeting will be held on January 31, 2014, to consider & take on record the Unaudited Financial Results of the Company for the quarter ended on December 31, 2013.

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Morgan Ventures' board meeting of Jan 31, 2014

Morgan Ventures board meeting will be held on January 31, 2014, to consider & take on record the Unaudited Financial Results of the Company for the quarter ended on December 31, 2013.

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Morgan Ventures Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on January 31, 2014, inter alia, to consider following items of agenda.:1. To consider & take on record the Unaudited Financial Results of the Company for the quarter ended on December 31, 2013.2. To consider the transfer/dispose off the windmill busness of the Company pursuant to resolution proposed through Postal Ballot notice dated July 18, 2013 and approved by the members of the Company on September 02, 2013.Source : BSE

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Shree Nath Commercial Finance's outcome of board meeting

Jan 23, 2014, 09.18 PM IST

Shree Nath Commercial & Finance at its meeting held on January 23, 2014, has discussed and approved the Resignation of Mr. Girraj Kishor Agrawal from Directorship w.e.f. January 23, 2014.

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Shree Nath Commercial & Finance's outcome of board meeting

Shree Nath Commercial & Finance at its meeting held on January 23, 2014, has discussed and approved the Resignation of Mr. Girraj Kishor Agrawal from Directorship w.e.f. January 23, 2014.

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Shree Nath Commercial & Finance's outcome of board meeting

Shree Nath Commercial & Finance at its meeting held on January 23, 2014, has discussed and approved the Resignation of Mr. Girraj Kishor Agrawal from Directorship w.e.f. January 23, 2014.

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Shree Nath Commercial & Finance Ltd has informed BSE that the Board of Directors of the Company at its meeting held on January 23, 2014, inter alia, has discussed and approved as follows:- The Resignation of Mr. Girraj Kishor Agrawal from Directorship w.e.f. January 23, 2014.Source : BSE

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Maruti Infrastructure's board meeting on Feb 03, 2014

Jan 23, 2014, 09.18 PM IST

Maruti Infrastructure board meeting will be held on February 03, 2014, to consider issue of 24,71,500 Convertible Warrant to the promoters & Non-Promoters on Preferential Basis subject to the approval of Members of the Company and other applicable compliances, if any and as per Chapter VII of the Securities And Exchange Board of India.

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Maruti Infrastructure's board meeting on Feb 03, 2014

Maruti Infrastructure board meeting will be held on February 03, 2014, to consider issue of 24,71,500 Convertible Warrant to the promoters & Non-Promoters on Preferential Basis subject to the approval of Members of the Company and other applicable compliances, if any and as per Chapter VII of the Securities And Exchange Board of India.

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Maruti Infrastructure's board meeting on Feb 03, 2014

Maruti Infrastructure board meeting will be held on February 03, 2014, to consider issue of 24,71,500 Convertible Warrant to the promoters & Non-Promoters on Preferential Basis subject to the approval of Members of the Company and other applicable compliances, if any and as per Chapter VII of the Securities And Exchange Board of India.

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Maruti Infrastructure Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on February 03, 2014, inter alia, to consider issue of 24,71,500 Convertible Warrant to the promoters & Non-Promoters on Preferential Basis subject to the approval of Members of the Company and other applicable compliances, if any and as per Chapter VII of the Securities And Exchange Board of India {Issue of Capital and Disclosure Requirements) Regulations 2009.Source : BSE

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Rockon Fintech's outcome of board meeting

Rockon Fintech Ltd has informed BSE that the Board of Directors of the Company at its meeting held on January 23, 2014, inter alia, has discussed and approved as follows:- Shifting of Registered Office of the Company from E/109, Crystal Plaza, New Link Road, Opp. Infinity Mall, New Link Road, Andheri (West), Mumbai - 400053 to Meera Co-op Hsg. See. Ltd., Shop No. 26, New Link Road, Near Oshiwara Police Station, Andheri (West), Mumbai - 400053.Source : BSE

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India story intact, investors reposing confidence: Sharma

Foreign investors continue to remain bullish on India and the government's measures to fast track project clearances have given a major boost to the country's growth story, Commerce and Industry Minister Anand Sharma said today.

After addressing an India Investment Roundtable today on the sidelines of the 44th WEF annual meeting, Sharma told PTI that investors remain confident and this message has been heard here loud and clear.

Also read: Davos: Recovery is a long hard road...

"Foreign investors remain confident about India and its growth story. India's growth has been specially remarkable at a time when global economy was facing troubles," he said. Sharma also said that "various measures initiated by the government to implement reforms and fast track the decision- making process and clearances to projects have helped build this confidence".

Among those who attended the meeting include top executives of many Swiss firms such as Holcim, Kudelski group, Schindler Holding, Adviq and Nestle. Besides, high ranking executives from Deloitte, IFC, Colliers International, and Sistema were also present.

S&P President Neeraj Sahai, PepsiCo CFO Hugh Johnson, diversified Hinduja Group's Prakash Hinduja and LuLu Group's Yusuffali also attended the meet.From the Indian side were industry chamber CII's President Kris Gopalakrishnan and Director General Chandrajit Banerjee.

India has liberalised FDI policy in about a dozen sectors including telecom, defence, PSU oil refineries, commodity bourses, power exchanges and stock exchanges.

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Power Finance Corporation: Q3 results on Feb 04, 2014

Jan 16, 2014, 09.26 PM IST

Power Finance Corporation in its meeting scheduled to be held on February 04, 2014 while considering the Financial Results for the quarter ended December 31, 2013 are also likely to consider declaration of interim dividend, if any for the financial year 2013-14.

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Power Finance Corporation: Q3 results on Feb 04, 2014

Power Finance Corporation in its meeting scheduled to be held on February 04, 2014 while considering the Financial Results for the quarter ended December 31, 2013 are also likely to consider declaration of interim dividend, if any for the financial year 2013-14.

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Power Finance Corporation: Q3 results on Feb 04, 2014

Power Finance Corporation in its meeting scheduled to be held on February 04, 2014 while considering the Financial Results for the quarter ended December 31, 2013 are also likely to consider declaration of interim dividend, if any for the financial year 2013-14.

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Power Finance Corporation Ltd has informed BSE that the Board of Directors of Power Finance Corporation Ltd. in its meeting scheduled to be held on February 04, 2014 interalia, while considering the Financial Results for the quarter ended December 31, 2013 are also likely to consider declaration of interim dividend , if any for the financial year 2013-14.Source : BSE

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Shri Dinesh Mills: Resignation of director

Jan 16, 2014, 09.27 PM IST

Shri Dinesh Mills has informed that Shri Atulbhai G. Shroff, an Independent Director of the Company has resigned vide his letter dated January 15, 2014, with immediate effect due to his various other commitments.

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Shri Dinesh Mills: Resignation of director

Shri Dinesh Mills has informed that Shri Atulbhai G. Shroff, an Independent Director of the Company has resigned vide his letter dated January 15, 2014, with immediate effect due to his various other commitments.

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Shri Dinesh Mills: Resignation of director

Shri Dinesh Mills has informed that Shri Atulbhai G. Shroff, an Independent Director of the Company has resigned vide his letter dated January 15, 2014, with immediate effect due to his various other commitments.

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Shri Dinesh Mills Ltd has informed BSE that Shri Atulbhai G. Shroff, an Independent Director of the Company has resigned vide his letter dated January 15, 2014, with immediate effect due to his various other commitments.Source : BSE

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Kemistar Corporation: Board meeting on Jan 21, 2014

Jan 16, 2014, 09.27 PM IST

Kemistar Corporation board meeting will be held on January 21, 2014 to consider and take on record the financial results for the 3rd quarter ended December 31, 2013 and submit to auditor of the Company for limited review as per Clause 41 of the Listing Agreement.

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Kemistar Corporation: Board meeting on Jan 21, 2014

Kemistar Corporation board meeting will be held on January 21, 2014 to consider and take on record the financial results for the 3rd quarter ended December 31, 2013 and submit to auditor of the Company for limited review as per Clause 41 of the Listing Agreement.

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Kemistar Corporation: Board meeting on Jan 21, 2014

Kemistar Corporation board meeting will be held on January 21, 2014 to consider and take on record the financial results for the 3rd quarter ended December 31, 2013 and submit to auditor of the Company for limited review as per Clause 41 of the Listing Agreement.

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Kemistar Corporation Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on January 21, 2014 inter alia, to consider the following business as under:-1. To consider and take on record the financial results for the 3rd quarter ended December 31, 2013 and submit to auditor of the Company for limited review as per Clause 41 of the Listing Agreement.2. To consider the matter of voluntary Delisting of equity shares from Ahmedabad Stock Exchange.Source : BSE

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Bhandari Hosiery Exports' outcome of board meeting

Jan 16, 2014, 09.27 PM IST

Bhandari Hosiery Exports at its meeting held on January 16, 2014, has approved, subject to the approval of Shareholders, Change in Other Objects Clause of the Memorandum of Association of the Company.

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Bhandari Hosiery Exports' outcome of board meeting

Bhandari Hosiery Exports at its meeting held on January 16, 2014, has approved, subject to the approval of Shareholders, Change in Other Objects Clause of the Memorandum of Association of the Company.

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Bhandari Hosiery Exports' outcome of board meeting

Bhandari Hosiery Exports at its meeting held on January 16, 2014, has approved, subject to the approval of Shareholders, Change in Other Objects Clause of the Memorandum of Association of the Company.

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Bhandari Hosiery Exports Ltd has informed BSE that the Board of Directors of the Company at its meeting held on January 16, 2014, inter alia, has :1. Approved, subject to the approval of Shareholders, Change in Other Objects Clause of the Memorandum of Association of the Company.2. Approved, subject to approval of shareholders, commencement/addition of new business after change in Other Objects Clause of the Company becoming effective.3. Approved Postal Ballot Programme and appointed Scruitinizer for the purpose.4. Taken note of calendar of events related to Postal Ballot process.Source : BSE

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MCX-SX gets Sebi approval for IRF; launch this month

Following Sebi's approval to introduce Interest Rate Futures (IRF), MCX Stock Exchange (MCX-SX) today said that live trading in currency derivatives segment would start this month.

The exchange received nod from the Securities and Exchange Board of India (Sebi) today, it said.

Also read: FTIL may seek more time to reduce MCX-SX stake  

"With the expected turnaround in the economy, there will be a growing need to bring to table the entire range of products for meeting investor needs. Development of the Interest Rate Derivatives (IRD) market is an important step in placing the Indian markets on par with developed economies. We will soon take this segment live," MCX-SX vice chairman Thomas Mathew said in a statement.

Launch of cash-settled IRF will widen the market and provide a better option to market participants to hedge against volatile interest rates, the statement said. The product will benefit banks, brokerage houses,insurance companies and primary dealers, etc, it said.

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Weather in major airports in India on 10th January 2013

Indira Gandhi International Airport, Delhi

No Delays Moderate fog will be experienced in the morning hours at the Delhi airport. Temperatures will be near normal with northwesterly winds blowing.

Guru Ram Das Jee International Airport, Amritsar

No Delays Shallow fog is expected in the morning hours. The remaining part of the day will be clear and temperatures will become near normal.

Chaudhary Charan Singh International Airport, Lucknow

Delays There is a possibility of dense fog and flight delays at the Lucknow airport. Day temperatures will remain near normal.

Lal Bahadur Shashtri International Airport, Varanasi

Delays There are chances of dense fog and flight delays at the Varanasi airport. Chances of light rain during the day.

Lok Nayak Jai Prakash Narayan Airport, Patna

Delays Dense fog will be witnessed at the Patna airport during morning hours. There are chances of very light rain also. winds.

Netaji Subash Chandra Bose International Airport, Kolkata

No delays Day and night temperatures will remain normal. Sky will be partly cloudy with light winds blowing from the south east direction.

Bangalore Airport

No delays Sky will be cloudy. Temperatures will be above normal with southeasterly winds. Misty morning and a comfortable day ahead.

By: Skymetweather.com

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Low growth, high inflation may weaken India's debt profile

Global rating agency Moody's today cautioned that low growth and high inflation could weaken the country's debt profile and raise financing cost. If current lower growth and high inflation persist over the medium term, the domestic financial system's capacity to absorb government debt could fall quite considerably," Moody's said in a report.

This could change the structure of government debt, raise debt financing costs and weaken government debt ratios. Such a development is not Moody's base case forecast at this time, but a risk that the agency is monitoring, it said.

Also read: 'Risky' firms may need Rs 1 trillion refinancing by Mar '15: India Ratings

India's government debt has mitigated the credit challenges stemming from high fiscal deficits and large government debt burden during a period of slower growth, currency volatility, and rising interest rates, it said.

This is because the government debt are largely owed domestically, in rupees, at relatively low real interest rates and at long tenors.

The report titled 'India's Government Debt Structure Mitigates Credit Impact of Macro-Economic Imbalances' said that the government's debt financing profile benefited from an increase in India's domestic savings during previous years of high GDP growth, as well as from capital controls.

Over the last decade, the domestic financial system absorbed longer term government debt at relatively low real interest rates, it said.

In the last three years, as interest rates have increased and growth has slowed, India's interest-growth differential has narrowed, yet it remains more favourable than in many similarly rated countries, and is a factor underpinning government debt sustainability, it added.

"As macro-economic imbalances have heightened in the last few years, the currency, maturity and interest rate structure of government debt has supported India's sovereign credit profile and Baa3 rating," it said.

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Zydus Cadila gets USFDA nod to sell drugs in the US market

Drug firm Zydus Cadila today said it has received approval from the US health regulator to sell Sirolimus Tablets, used to prevent rejection in organ transplantation, in the American market with 180 days of marketing exclusivity.

"Zydus Cadila received the final approval from the US Food and Drug Administration (USFDA) to market Sirolimus tablets 0.5 mg with 180 days of marketing exclusivity," the company said in a statement.

Also read: Pharma, textile stocks may see fresh buying: Ajay Jain 

The Ahmedabad-based firm has also received USFDA approval to market Duloxetine delayed release capsules in different strengths of 20 mg, 30 mg and 60 mg, it added.

As per the IMS data in 2013, the sales of Sirolimus 0.5 mg is estimated at USD 11.7 million and the total market for Sirolimus stood at around USD 203.8 million.

The sales for Duloxetine was estimated at USD 5.5 billion in 2013. While Sirolimus tablets are immunosuppressant drugs used to prevent rejection in organ transplantation, Duloxetine delayed release capsules fall in the anti-depressants segment.

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Rahul Gandhi ready for job as Prime Minister says Pitroda

Sam Pitroda, adviser to Prime Minister Manmohan Singh feels that congress vice president Rahul Gandhi has all the capabilities to lead the country. "I see in his eyes unfinished agenda of Rajiv Gandhi," he said.

In an exclusive interview to CNBC-TV18, Pitroda vouched for the Congress-led UPA's work in the last ten years.

Also read: Cong aims to close pending decisions before Vote on Account

Excerpts of his interview on CNBC-TV18

Q: Do you see a reflection of Rajiv Gandhi in Rahul Gandhi? You worked very closely with his father. Do you see Rahul Gandhi today as what Rajiv Gandhi was when he was Prime Minister?

A: Absolutely.

Q: You think he is ready for the job as Prime Minister?

A: Absolutely. I see in his eyes unfinished agenda of Rajiv Gandhi.

Q: What gives you the confidence that he is ready to be Prime Minister?

A: Because I work with him. He is very low key, he is very analytical, and he is not very flashy. He doesn't sort of come out quick on anything. He is his own man. Give somebody a little chance. No one is qualified to do the Prime Minister of India's job ever, no one in the world according to me.

Q: Is he equipped to do it?

A: Once you get in, you begin to learn and people come forward and support you, people help you. I think it is that age group that we need in the system. I firmly believe my best work was done when I was 45. I believe all good people do their good work in their mid 40s.

Q: So, you are saying Rahul Gandhi's time has come; he is going to blossom now?

A: Absolutely, because 35 is too early and 55 is too late.

Q: Are you disappointed with the fact that perhaps Rahul Gandhi should have positioned himself better? You said the Prime Minister should have done more press conferences; shouldn't Rahul Gandhi be more accessible? Isn't it odd and ironic that the youth is connecting more with Narendra Modi today, who is much older than Rahul Gandhi?

A: I agree that Rahul Gandhi should have been more accessible.

Q: At least as far as 2014 is concerned and his political aspirations in 2014 elections do you believe it is too little too late for Rahul Gandhi to reinvent himself?

A: You don't have to reinvent. He is what he is. We are not trying to reinvent anything.

For public to be able to see who you are, you need to communicate more. That is not reinventing a person, you are not repackaging him. However, you are saying, look it is about time, maybe it is a little too late, maybe it should have been done earlier but people of India want to know what do you stand for?

stay tuned for more

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Despite early chill, 2014 to be hot year for mkt: Deutsche

Notwithstanding the stock market in 2014 logging one of the worst New Year starts since 1996, the year heralds the beginning of a bull cycle in India and the Sensex may scale the 24,000 peak by December, Deutsche Equities said today.

The Sensex has shed over 450 points in 2014 so far, making it the second worst New Year show in nearly two decades, but the leading foreign brokerage is hopeful of Indian equities touching new peaks in coming months.

Also read: Infy Q3 PAT may rise 14%, FY14 guidance key: CNBC-TV18 Poll

"Year 2014 will herald the beginning of a bull market in the country and we are setting the Sensex target at 24,000 and an imputed Nifty target of 7,148, implying an upside of 16 per cent from the current levels.

"The Sensex would trade at a PE of 15.9 times which is broadly in line with the past five-year average," Deutsche Equities India Research Head Abhay Laijawala told reporters. Although the domestic economy has bottomed out, a recovery is likely to be gradual, showing a perceptible improvement only in the second half of the next fiscal, once the private sector investment cycle starts to revive, he said.

"While we are convinced that economic growth and earnings cycle have bottomed out, the pace of recovery will be crucially determined by the outcome of the national elections, which may form the fulcrum for investor sentiment. "For equity markets, the 2014 outlook will hence hinge on the ability of either of the two national parties (BJP and Congress) to anchor a stable coalition. We think whoever gets at least 180 seats may form a coalition Government," he said.

The year is likely to see many an inflection point for the country and its equity market, Laijawala said, as he sees domestic investor disenchantment with equities ebbing.

A subdued outlook for oil and gold prices further sweeten the investment thesis, he said. On sectoral picks, he said "our biggest "overweights" are IT services and banks with consumer staples being our largest "underweight".

On the risks to economic growth, Laijawala said the biggest threat comes from an unfavourable election outcome leading to a fragmented coalition Government. On the external front, any sign of a faster-than-anticipated tightening by the
US Fed will be a source of investor concern.

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United Spirits charts plan to sell Whyte Mackay

Up against a regulatory hurdle in the UK over the USD 2 billion takeover by global liquor giant Diageo, United Spirits' board today approved a plan to sell Whyte & Mackay Ltd (W&M), an indirect wholly-owned subsidiary of the company.

The board at its meeting today considered a potential sale of Whyte & Mackay Ltd. "The board proposes to initiate a process, based on the outline timetable provided under UK law in connection with the decision of the Office of Fair Trading, to explore a potential sale of W&M," United Spirits Ltd (USL) said in a filing to the BSE.

"The board has nominated certain persons to oversee the process and consider, examine and evaluate possibilities and structures in relation to a potential sale, appoint necessary advisors in this regard and identify potential purchasers," it added.

Also read: Rival may bid for Zuari's MCF stake if UB fails to buy  

The board will, after completion of the process, consider and decide upon any sale, the filing said. In November last year, UK's fair trade watchdog found Diageo's deal to take over United Spirits to be
anti-competitive, forcing the company to offer selling bulk of Whyte & Mackay business.

The Office of Fair Trading (OFT) had stated the merger may lead to a substantial lessening of competition in the supply of blended whisky to retailers. The OFT would have a fresh look at the Diageo Plc-United pirits Ltd deal in the wake of a new proposal made to sell bulk of Whyte & Mackay business to address the competition issues in the British whisky market.

In the UK, United Spirits' subsidiary, Whyte & Mackay, is primarily active in the supply of whisky, besides being a player in other spirits, including vodka.

In 2007, the then Vijay Mallya-led United Spirits had snapped up Whyte & Mackay for about 595 million pounds (then nearly Rs 5,000 crore). A leading distiller of Scotch whisky, Whyte & Mackay's brands include The Dalmore, Isle of Jura,  Glayva, Fettercairn, Vladivar vodka and Whyte & Mackay blended Scotch.

United Spirits stock price

On January 09, 2014, United Spirits closed at Rs 2709.35, up Rs 3.85, or 0.14 percent. The 52-week high of the share was Rs 2815.00 and the 52-week low was Rs 1708.20.

The company's trailing 12-month (TTM) EPS was at Rs 24.01 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 112.84. The latest book value of the company is Rs 440.83 per share. At current value, the price-to-book value of the company is 6.15.

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Mayaram panel on FDI, FII to finalise report by next week

A high-level panel headed by Economic Affairs Secretary Arvind Mayaram will finalise by early next week, its report on the definition of FDI and FII, aimed at removing ambiguity on the two types of foreign investment.

"Much of the work has been done. We are on the same page. By early next week, the report (on the definition of FDI and FII) will be finalised," a government official who today attended the meeting on the matter said.

Also read: FDI in e-commerce retail after stakeholders view: Sharma

The government had set up a four-member committee headed by Mayaram to define foreign direct investment (FDI) and foreign institutional investment (FIIs) and remove the ambiguity between them.

Allaying apprehensions that the new definitions would alter ownership pattern of different companies, Mayaram had earlier this week said that new norms would not apply existing arrangements.

"We should remember that there is already a circular by the RBI and a DIPP Press Note which grandfathers everything which happens earlier. So we don't upset everything that has happened. Because ultimately policies keep changing. You cannot change history, so anything else which doesn't fall within this will be grandfathered," he had said.

The Secretary too had said the report on new FDI and FII definition is likely to be finalised by early next week.

Finance Minister P. Chidambaram in his Budget speech had proposed to follow the international practice with regard to definitions of FDI and FII.

Chidambaram has proposed laying down a broad principle that would consider a stake of 10 per cent or less in a company as FII and an investment exceeding 10 per cent as FDI.

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Govt defers SUUTI closure,paves way for pvt cos' stake sale

Jan 09, 2014, 08.25 PM IST

SUUTI holds 11.54 percent stake in ITC, 23.58 per cent in Axis Bank and 8.27 per cent in Larsen & Toubro which are valued around 40,000 crore.

Tags  ITC, Larsen and Toubro, Axis Bank, SUUTI, Cabinet, stake sale, fiscal deficit

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Govt defers SUUTI closure,paves way for pvt cos' stake sale

SUUTI holds 11.54 percent stake in ITC, 23.58 per cent in Axis Bank and 8.27 per cent in Larsen & Toubro which are valued around 40,000 crore.

Like this story, share it with millions of investors on M3

Govt defers SUUTI closure,paves way for pvt cos' stake sale

SUUTI holds 11.54 percent stake in ITC, 23.58 per cent in Axis Bank and 8.27 per cent in Larsen & Toubro which are valued around 40,000 crore.

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The government today decided not to wind up Specified Undertaking of UTI (SUUTI) for the time being, paving way for sale of its holdings in three private
firms -- ITC ,  L&T and Axis Bank .

"The proposal of the Finance Ministry (with regard to SUUTI) has been approved," Information and Broadcasting Minister Manish Tewari told reporters after a meeting of the Union Cabinet.

Also read: Can SUUTI stake sale fix fiscal deficit?

SUUTI holds 11.54 percent stake in ITC, 23.58 percent in Axis Bank and 8.27 per cent in Larsen & Toubro which are valued around 40,000 crore.

The Cabinet had in March 2012 cleared the proposal to wind up SUUTI and create a National Asset Management Company (NAMC). The NAMC was in turn to take loan from banks leveraging its assets to buy government stakes in public
sector companies.

The government has budgeted Rs 14,000 crore by way of residual stake sale in companies in which it does not hold a majority stake.

With the government deciding not to winding up of SUUTI, it would be able to offload its holdings in these companies separately on the basis of suitable market valuation.

ITC stock price

On January 09, 2014, ITC closed at Rs 315.45, down Rs 1.35, or 0.43 percent. The 52-week high of the share was Rs 380.00 and the 52-week low was Rs 272.20.

The company's trailing 12-month (TTM) EPS was at Rs 10.21 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 30.9. The latest book value of the company is Rs 28.10 per share. At current value, the price-to-book value of the company is 11.23.

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Cabinet clears Rs 11,258 cr refund for BSNL, MTNL spectrum

The Cabinet today approved a refund of about Rs 11,258.48 crore for broadband wireless access (BWA) spectrum surrendered by state-run MTNL and BSNL.

"The payout would be staggered and done over a period of time. The GoM was of the view that BSNL and MTNL did not participate in the auction of BWA spectrum, so it would be better to refund...that would contribute to (their) revival," Information & Broadcasting Minister Manish Tewari said after a meeting of the Union Cabinet.

Also read: Govt defers SUUTI closure,paves way for pvt cos' stake sale

BSNL and MTNL did not take part in the 2010 spectrum auction and had been asked to match the price paid by the successful bidder for the airwaves. Both companies offered to surrender their spectrum and sought refunds of payments made.

BSNL had paid Rs 8,313.8 crore, while MTNL paid Rs 4,534 crore, putting a heavy burden on their books. BSNL is returning part of the spectrum and will get Rs 6,724.51 crore as refund while MTNL, which operates services in Mumbai and Delhi, will receive Rs 4,533.97 crore.

"BSNL is surrendering spectrum in six circles, that is why they are being refunded Rs 6,724 crore," Telecom Minister Kapil Sibal told reporters here.

The six areas of BSNL are Gujarat, Maharashtra, Andhra Pradesh, Karnataka, Tamil Nadu and Kolkata, according to an official statement.

The proposal to refund one-time upfront charges paid for BWA spectrum was sent to the Cabinet by the Group of Ministers headed by Finance Minister P Chidambaram, which was tasked with charting a course of profitability for both PSUs.

"Cabinet has also approved pension support for MTNL," Sibal said.

The GoM had also decided that the government would bear the pension burden for about 43,000 MTNL employees absorbed from the Department of Telecom.

After losses widened for nine quarters in a row, MTNL reported that its standalone net loss narrowed to Rs 947 crore in the July-September period, mainly after lowering provisions for retirement benefits.

The company had posted a loss of Rs 1,093.72 crore in the same period a year earlier. In 2012-13, MTNL made a net loss of Rs 5,321.12 crore on revenue of Rs 3,428.6 crore.

BSNL's loss, as per unaudited results, stood at Rs 8,198 crore for 2012-13 compared with Rs 8,851 crore in 2011-12. BSNL has logged losses since 2009-10. The company's profit started declining after 2004-05, when earnings stood at Rs 10,183 crore.

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