Union Finance Minister Nirmala Sitharaman to present Union Budget on July 5
The newly appointed Union Finance Minister Nirmala Sitharaman will present the full-year budget for FY19-20 on July 5 in the Lok Sabha.
The first session of the 17th Lok Sabha will be held from June 17 to July 26 with the speaker scheduled to be elected on June 19.
The cabinet addressed the media after the meeting. Information and broadcasting minister Prakash Javdekar announced that the Economic Survey will be released on July 04, 2019, while the Budget 2019-20 will be presented on July 05, 2019. President Ram Nath Kovind will address the joint parliament session on June 20, 2019.
Mahindra & Mahindra announces sale of equity shares to CDPQ
Mahindra & Mahindra (M&M) Benefit Trust today sold 1.92cr shares of Mahindra & Mahindra (M&M), amounting to Rs1,244cr, on the Bombay Stock Exchange.
The buyer is CDPQ, an institutional investor that manages funds for several public and para-public organizations, mainly pension and insurance plans, in Quebec, Canada.
The M&M Benefit Trust was created in July 2008 for the exclusive benefit of Mahindra & Mahindra Limited. The shares held by the Trust were the outcome of various mergers and schemes of amalgamation. The trust held 10.36cr shares of Mahindra & Mahindra Limited.
Hatsun Agro completes acquisition of Cattle Feed Plant in Maharashtra
Hatsun Agro Product Ltd (HAP), India leading private sector dairy company, has completed the acquisition of a cattle feed plant in Maharashtra. The acquisition of Madhur Pashu Aahar, located at Solapur, Maharashtra with a total production capacity of 100 Tonnes per day will help HAP in supporting the growing requirement of affiliated farmers and thereby expanding its feed business in the region.
Currently, HAP manufactures Santosa brand of cattle feed at its existing plant which has a manufacturing capacity of 900 tonnes per day. With the acquisition, the total manufacturing capacity of Santosa cattle feed has gone up to 1000 tonnes per day.
TVS Motor registers May sales at 3.07 lakh units
TVS Motor Company registered a decline of sales by 1% at 3.07 lakh units in May 2019 as against 3.09 lakh units in the month of May 2018.
The Company's total exports grew by 11% from 62,218 units registered in the month of May 2018 to 69,319 units in May 2019. Two-wheeler exports increased by 11% increasing from 51,904 units in May 2018 to 57,519 units in April 2019. Three-wheeler was up by 9% increasing from 11,730 units in May 2018 to 12,780 units registered in May 2019.
Total two-wheelers sales were slightly down by 1% at 2.94 lakh units in May 2019 as against 2.98 lakh units in May 2018. Domestic two-wheeler sales slipped by 4% at 2.36 lakh units in May 2019 as against 2.46 lakh units in May 2018.
Tata Steel completes acquisition of Bhushan Energy
Shares of Tata Steel BSL, formerly known as Bhushan Steel, were trading 2% higher on Monday after the company in its filing informed that it has completed the acquisition of Bhushan Energy.
"We wish to inform you that Tata Steel BSL Limited has successfully completed the acquisition of Bhushan Energy Limited (BEL) in accordance with the Approved Resolution Plan under the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code, 2016," the company said in a press note to the exchanges on Saturday.
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