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Friday, March 2, 2012

Adani Enterprises promoters revoke pledge on group firm shares

3 march 2012
Promoter AdaniEnterprises Ltd revoked a pledge on 53.14 crore shares of Adani Power Ltd onMarch 1, according to a notice filed on the BSE on Friday. As on December 31,
Adani Enterprises held 70.25 per cent stake in Adani Power and had pledged 39.4
per cent of the company's shares with lenders.

source: business line

Monday, March 1, 2010

Tata Motors posts Q3 net profit of Rs. 650 crore

Tata Motors reported consolidated net profit of Rs. 650.26 crore for Q3 ended December 31, 2009, against a loss of Rs. 2,599 crore in the same period in the previous year.
However, it reported gross revenues of Rs. 26,774 crore (Rs. 18,246.60 crore), a growth of 47%.
Considerably, the Jaguar Land Rover (JLR) business turned profitable during the quarter.
It posted a net profit of Rs. 417 crore or 55 million pound sterling, supported by better market environment and sustained cost reduction efforts.
The wholesale volumes over the previous quarter of July-September 2009 increased 28% with volume improvement in North America, Europe and China.

Highlights of Union Budget

The following are some of the key highlights on Union Budget 2010-2011.
(1) The Finance Minister Shri PranabMukherjee lays emphasis on consolidated growth, improving investmentenvironment, inclusive development and strengthening transparency andpublic accountability in budget 2010-11.
(2)The total expenditure proposed in the budget estimates is rs.11,08,749 crore , an increase of 8.6% over last year.
(3)The plan and non-plan expenditureestimated at rs.3,73,092 crore and rs.7,35,657 crore respectively, anincrease of 15 percent in plan expenditure and 6% in non-planexpenditure over the be of previous year.
(4)Fiscal deficit at 5.5% of gdp works out to be rs. 3,81,408 crore.
(5)Rolling targets for fiscal deficit pegged at 4.8% and 4.1% for 2011-12 and 2012-13.
(6)Net market borrowing would be of the order of rs. 3,45,010 crore leaving enough space to meet credit needs of private sector.
(7)Against a fiscal deficit of 7.8% in2008-09 , inclusive of oil and fertilizer bonds, the comparable fiscaldeficit is 6.9% as per re 2009-10.
(8)Gross tax receipts estimated at rs.7,46,651 crore and non-tax receipt estimated at rs. 1,48,118 crore.
(9)Status paper giving road map for curtailing the overall public debt to be brought out within 6 months.
(10) About rs. 25,000 crores to be raised through disinvestmet programme
(11) To simplify the fdi regime, for the first time both ownership & control recognised as central to the fdi policy.
(12) Rs. 16,500 crore to be provided to public sector banks to achieve a minimum 8% tier-i
(13) Growth of 127% recorded in exports from sezs till december, 2009.
(14) A four-pronged strategy to spur thegrowth in agriculture sector envisaged. which includes agriculturalproduction, reduction in wastage of produce , credit support tofarmers and thrust to the food processing sector.
(15) Agriculture credit flow target raised to rs. 3,75,000 crore from rs.3,25,000 crore
(16) Subvention for timely repayment of crop loan increased from 1% to 2%.
(17) Infrastructure development gets anallocation of rs. 1,73,552 crore, 46 % of total plan allocation , anincrease of 13% in road transport sector.
(18) India infrastructure finance company limited’s disbursements to reach rs. 20,000 crore by march 2011.
(19) Allocation for power sector increased by more than doubled to rs. 5,130 crore.
(20) Rs. 48,000 crore allocated for bharat nirman programme
(21) Backward region grant fund allocation enhanced to rs. 7,300 crore.
(22) Rajiv awas yojna for slum dwellers and urban poor to get rs. 1,270 crore , an increase of over 700%
(23) National social security fund for unorganised sector workers to be set up with an initial amount of rs. 1,000 crore.
(24) 80% increase in the allocation for ministry of social justice & empowerment at rs 4,500 crore. (25) Minority affairs to get rs.2,600 crore, an increase of 50%. (26) To rewrite and clean up the financial sector laws, financial sector legislative reforms commission to be set up.
(27) Unique identification authority ofindia to get an allocation of rs. 1,900 crore. a technology advisorygroup for unique proect to be set up.
(28) Allocation for defence increased to rs.1,47,344 crore
(29) National mission for delivery of justice and legal regorms to be set up to provide timely justice to all.
(30) Income Tax slabs broadened - 10% onincome above rs 1.6 lakh to 5.00 lakh, 20% on income above 5.oolakh to 8.00 lakh , 30% on above rs. 8.00 lakh
(31) Additional deduction of rs. 20,000 for investment in infrastructure bonds
(32) Surcharge of 10% on domestic companies reduced to 7.5%
(33) MAT increased from 15% to 18%

(34) Wighted deduction non expenditure incurred on in-house r&d from 150% to 200%
(35) Limit of turnover for presumptive taxation of small business enhanced to rs. 60 lakh.
(36) Limits of turnover needing audit enhanced to 60 lakh for businesses and rs. 15 lakh for professions.
(37) Proposal of direct tax to result inrevenue loss of rs. 26,000 crore where as indirect taxes to result ina revenue gain of rs. 46,500 crore.
(38)Service tax proposals to result in net revenue gain of rs.3,000 crore.
(39) Accredited news agencies which provides news feed online exempted from service tax
(40) Micro-wave ovens, pre-packaged importedgoods, mobile phones, watches, readymade garments, toy baloons, longpepper, replaceable household water filter to be cheaper.
(41) Infotainmet sector to benefit from concessional custom duty
(42) Indian rupee to get a symbol, join the select club of currencies
(43) Special duty concessions to promote clean environment clean energy cess @ rs. 50 per tonne on coal
(44) Rate reduction in central excise duties partially rolled back ad valorem on non petro products & cars increased by 2%
(45) Uniform basic duty of 5% and cvd of 4% on import of medical equipmnet.
(46) Scientified inputs for orthopaedic implants exempted from import duty
(47) Central excise on petrol & diesel raised by rs. one per litre.
(48) Major tax relief to agriculture & related sectors
(49) Project import status for the setting up of cold storages
(50) Full exemption from excise duty to trailers & semi –trailers.

Friday, January 1, 2010

Maruti's December sales jump 50 pc

Car market leader Maruti Suzuki India today reported 50.6 per cent jump in its sales in December last year at 84,804units. The car maker had sold 56,293 units in December 2008. Domestic sales witnessed a jump of 36.5 per cent at 71,000 units against 52,029 units in the year ago month, the company said in a statement.Sales of the A2 segment comprising models Alto, Wagon R, Zen, Swift, A-Star and Ritz were at 52,236 units against 36,831 units in December the previous year, up 41.8 per cent.The A3 segment (Swift Dzire and SX4 sedans) sales in December 2009 grew by 20.2 per cent at 7,843 units against 6,524 units in December 2008,Exports during December 2009 witnessed a massive jump to 13,804 units of exports against 4,264 units in the year ago month, the company said.

Source: BL

Wednesday, December 23, 2009

Rural Electrification Corporation’s follow-on public offer likely on Feb 11

Rural Electrification Corporation’s follow-on public offer to raise Rs 3,300 crore is likely to open on February 11.REC’s FPO will come up between February 11 and 15
REC, whose mandate is to finance and promote electrification of rural areas, received the Cabinet Committee on Economic Affairs’ nod in October this year for 20 per cent share sale.
The REC offer would comprise five per cent stake dilution by the Government and issuance of 15 per cent fresh equity. Post FPO, the Government’s share in REC would come down to nearly 66 per cent from the present 81.82 per cent. REC would be the first public sector company to comply with the Government proposed norm of disinvesting 25 per cent in the PSUs.


Source: BL