Mastek Ltd announced that its shareholders have approved Cover-AII’s adoption of the Agreement and Plan of Merger into Majesco, USA, a subsidiary of Majesco Limited, India.
The said agreements were signed on December 14, 2014 and amended on February 18, 2015.
·BHEL commissions first 250 MW Unit in North East India
Bharat Heavy Electricals Ltd ( BHEL) commissions the first 250 MW Unit at the highest rating coal-based power plant in North East India.
·L&T Metallurgical wins order worth Rs1507 crore
L&T Metallurgical & material handling business has won order worth Rs1507 crore from Emirates Global Aluminum (EGA) – Positive for L&T
·Bharti Airtel up on hopes of rise in 3G phone service
Shares of Bharti Airtel rose over 2%, touching to Rs434.2, on hopes of increase in 3G phone services prices in more circles as per reports. Starting with Delhi, companies have extended 3G price increases to western Uttar Pradesh and Haryana.
·Government proposes Tax Benefits For Debit, Credit Card Payments
Government Proposes Tax Benefits For Debit, Credit Card Payments— long term positive for ICICI, SBI, Axis, HDFC Bank .Government has come out with a draft paper whereby it has proposed income tax benefits for people making payments through credit or debit cards and doing away with transaction charges on purchase of petrol, gas and rail tickets with plastic money.
·Government to infuse capital in PSU Banks in next 3-6 months
According to finance secretary ( Mr Mehrishi) government will be infusing $3 billion this year and more USD 6 billion in the next year in order to revive public sector banks (PSBs).
The Finance Minister also said that government may infuse capital in next 3-6 months and PSU Banks have been asked to submit their long term growth plans. This is positive for PSU Banks especially the capital starved banks like Union Bank, Allahabad Bank, BOI etc).
·G-Sec yields drop as RBI proposes to set limit FIIs
RBI had proposed to set the limit for foreign investments for government debt in rupees instead of dollars, which could enhance effective debt limit by $6bn. India's current debt limits of $25 billion for government bonds is fully utilized and higher inflows could ease bond yields which is positive for PSU Banks (PNB, BOB, SBI, Union Bank etc) since they have relatively higher G-Sec holdings.
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