·NMDC to come out with investment plan-Vision 2025
NMDC is coming out with a detailed corporate and investment plan-Vision 2025 next month which will chalk out the roadmap to achieve the 75 million tonne target by 2019.However, fundamentals are not in favour of the company currently which reflects in slew of price cut taken by the company. Hence, doubling production target is positive in long term but in short to medium term weak pricing environment remains as a hangover on the stock.
·Reliance Infra likely to sell stake in cement business
Reliance Infra might sell part of cement business to arrange funds for acquisition of Pipavav defence and Offshore Engineering. Reliance Cement, a fully-owned subsidiary of Reliance Infra, is in talks with two international cement companies, Heidelberg and Italcementi to sale 50% stake in cement business. Selling stake in cement to fund Pipavav will help company to maintain debt.
·HPCL plan to restart petrol-making unit by Saturday
Hindustan Petroleum Corporation Ltd (HPCL) aims to restart a catalytic reformer ( CCR) petrol-making unit by Saturday following a minor fire caused by a leak, its head of refineries B.K. Namdeo, as per reports.
HPCL's 166,000 barrels-per-day (bpd) Vizag refinery in southern India has one CCR and an isomerisation unit. The plant also has two naphtha hydrotreaters ( NHT), each attached to the gasoline-making units of fluid catalytic cracker ( FCC ) and the CCR.
·JSW Steel records crude steel production of 9.47 Lakh tonnes
JSW Steel has reported crude steel production for the month of February 2015 at 9.47 lakh tonnes compared to 9.63 lakh tonnes in February 2014, registering a decline of 2%.The production for flat rolled products stood at 7.51 lakh tonnes in February 2015 compared to 7.99 lakh tonnes in February 2014, registering a decline of 6%. The production of long rolled products decreased by 4% to 1.48 lakh tonnes in February 2015 compared to 1.53 lakh tonnes in February 2014. ·Insurance Laws Amendment bill gets Rajya Sabha nod
Insurance Laws Amendment bill gets Rajya Sabha nod—positive momentum to continue in insurance stocks ( Max India, Bajaj Finserv, ICICI Bank, Reliance Capital, AB Nuvo).The passage of insurance bill result in hike in FDI limit to 49% which may lead to inflow of $8-10 bn in the insurance industry and may help at expanding the insurance penetration.
·Corporate houses under CBI scanner
CBI sources said eight corporate houses are under the scanner on leaking and selling confidential documents related to foreign investments from the finance and commerce and industry ministries that includes DLF Limitless Developers Pvt Ltd, HDFC Bank, Glenmark Pharmaceuticals Ltd and IndusInd Bank etc.
·Cairn India drops after IT dept slaps tax notice
Cairn India said it has received an order from the Income Tax Department for an alleged failure to deduct withholding tax on alleged capital gains arising during 2006-07 in the hands of Cairn UK Holdings (CUHL), its erstwhile parent company, a subsidiary of Cairn Energy Plc. This was in respect of the transaction of CUHL transferring the shares of Cairn India Holdings (CIHL) to Cairn India as part of internal group reorganisation in 2006-07 to facilitate the IPO of Cairn India.
·RBI enters $1.5 billion currency swap agreement with Lanka
The Reserve Bank of India has entered a $1.5 billion currency swap agreement with the central bank of Sri Lanka, Prime Minister Narendra Modi said on Friday after meeting Sri Lankan leader Maithripala Sirisena.Modi added, this will help keep the Sri Lankan rupee stable, as per the reports. Sri Lanka rupee has been under pressure since early January and fallen around 1.5% so far this year despite the central bank defended it with selling dollars.
·SBI aims to cut bad debt with huge online property auction
SBI will hold a record online auction this weekend to sell repossessed flats, warehouses and offices worth a total of nearly $200 mn as it plans to reduce the mounting NPAs. While significant portion of NPAs have come from mid corporate, SME segment (which may show improvement with pick up in economy), the effort shows aggressiveness by banks to recover NPAs which is positive for medium to long term.
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