HEG announced that Ministry of Finance (Department of Revenue), Government of India vide Notification dated February 13, 2015 has imposed antidumping duty on graphite electrodes (all diameters) originating in or exported from People's Republic of China. The amount of anti-dumping duty ranges from USD 278.19 per MT to USD 922.03 per MT, depending upon the Chinese producer / exporter.
·Berger Paints signs MoU with Russia
Berger Paints has signed memorandum of understanding with the Russian government to establish an industrial coatings unit in the stavrapol region of Russia (the company already has manufacturing unit in Krasnodar region of Russia).The company is planning to cater to demands of the industries in Russia and the regions around the Russia – positive read through for the stock.
·Hero MotoCorp promoters pare stake to fund new businesses
BML Munjal led Hero Group have divested 7 million shares in their flagship company Hero MotoCorp. The funds raised from the stake sale will be used to fund new high growth avenues under the government’s ‘Make In India’ initiative. The promoters continue to hold 36% stake in the company.
·PM stresses domestic manufacture of defense equipment
Prime Minister of India stress on the need for domestic manufacture of defense equipment under make in India were there will be room for public sector, private sector and foreign firms. India spend roughly $40 billion on defense of which 60% is used on purchase of equipment. He hints at raising foreign cap in defense. In addition, it has set a goal to cut defence imports from 60% now to 30% in the next five years. (Positive for BEL, Pipavav Defense, Bharat Forge etc).
·Bharti Infratel gains as RBI allows investment upto 49%
Shares of Bharti Infratel rose over 2%, touching to Rs375.2, after the Reserve Bank India ( RBI) allowed foreign investors to invest up to 49% of paid up capital of Bharti Infratel under portfolio investment scheme ( PIS).The Reserve Bank of India ( RBI) on February 18, 2015 notified that Registered Foreign Portfolios Investors ( RFPIs) can now invest up to 49% of the paid up capital of Bharti Infratel under the Portfolio Investment Scheme ( PIS).
·Infosys bags multi-million dollar deal from ABN AMRO
Infosys bags multi-million dollar deal from ABN AMRO – positive for stock. This deal to provide IT services to the retail and commercial bank. They will deliver services across application development and maintenance, testing and product implementation. This will help bank rationalise its IT landscape and improve service quality and customer experience. It will also enable operational efficiency, employee satisfaction and agility.
·Indian commercial banks' credit grow 10.38% till February 6
Indian commercial banks' credit grew 10.38% to Rs64.41 lakh crore in the fortnight to February 6, according to Reserve Bank latest data. Most of the banks are seeing muted loan growth this fiscal as the economy is yet to pick up. Banks’ deposits grew at a faster pace of 11.77% y-o-y to Rs84.63 lakh crore in the fortnight ended February 6. Non-food credit growth of banks slowed to 10.72% y-o-y against 11.06% in the fortnight ended January 23.
·Hindalco secures Gare Palma IV 5 coal block in Chhattisgarh
Hindalco Industries won the Gare Palma IV 5 coal block in Chhattisgarh for Rs 3,502 per tonne, according to the results of e-Auction for Schedule II coal mines announced by the Ministry of Coal today, (February 19, 2015).According to reports, Gare Palma IV 5, spread over 828.26 hectares has extractable coal reserves of 50 million tonnes while balance as on April 2014 was 42.43 million tonnes.
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