Bank stocks will be in focus after the Lok Sabha on Tuesday, 18 December 2012, approved a government proposal to strengthen the central bank's regulatory powers, paving the way for overhauls of the banking sector that could draw investments from more foreign banks as well as local industrial companies. The bill proposes to give the Reserve Bank of India (RBI) the power to take temporary control of private sector banks in the event of operational irregularities. It would also increase the limit on the voting rights of any one shareholder in a private bank to 26% from 10%. The cap would rise to 10% from 1% for state-run banks. The banking overhaul requires the approval of the upper house of the parliament to become law. Voting rights of 26% in a private sector bank could allow an investor to gain operational control over a bank, or at least significant influence over the board. Higher voting rights in private sector bank could also encourage foreign banks to expand in India by buying stakes in local banks, as they would have greater operational control.
Corporation Bank said after market hours on Thursday, 18 December 2012 the bank has been informed by the Indian Banks' Association, that All India Bank Employees Association (AIBEA), Bank Employees Federation of India (BEFI) and All India Officers' Association (AIBOA), have given a call for a nation wide strike on Thursday, 20 December 2012 in support of some of their demands. A section of the Bank's employees may participate in the proposed strike on the said date, if the strike materialises. In view of the above, it is likely that the normal functioning of the bank Branches may get affected.
ONGC will be in focus after the Minister of Petroleum & Natural Gas Dr. M. Veerappa Moily informed Rajya Sabha in a written reply on Tuesday, 18 December 2012, that Russia's Rosneft has invited ONGC Videsh to participate jointly in the exploration of the two blocks viz. Magadan-2 and Magadan-3 situated in the Okhotsk sea in the eastern part of Russian Federation. The Okhotsk Sea is bounded by mainland Russia in the west and north and by Kamchatka-Kuril peninsula towards east and northeast Hokkaido (Japan) to the south. A team of ONGC Videsh visited the data room and the blocks are currently under evaluation, Dr. Moily said. Based on initial evaluation, the two blocks are indicated to be ranked exploratory in nature and involve high risk of investment, he added.
Tata Motors on Tuesday, 18 December 2012, announced the launch of a new variant of its crossover vehicle Tata Aria viz. Tata Aria Pure LX with a bouquet of features. The Tata Aria Pure LX has been priced at Rs 9.95 lakh (ex-showroom Bangalore).
The Offer for Sale (OFS) of Reliance Power (RPL) shares through the stock exchanges mechanism takes places today, 19 December 2012. Reliance Infrastructure and two other promoter group companies of Reliance Power (the sellers) are collecting selling a total of 15.2 crore equity shares constituting 5.42% of the share capital of RPL. Reliance Infrastructure is selling 5.3 crore shares, Reliance Innoventures is selling 1.74 crore shares and Project Ventures is selling 8.15 crore shares via the OFS. The OFS will start at 12:00 IST and end at 15:00 IST. The promoters are pruning their stake in RPL in order to facilitate compliance with SEBI Guidelines on minimum 25% public shareholding for listed entities by 30 June 2013 for private companies.
Mahindra & Mahindra Financial Services after trading hours on Tuesday, 18 December 2012, said a meeting of the board of directors of the company will be held on Friday, 21 December 2012, to consider a proposal for sub-division (stock-split) of the present face value of the equity shares of Rs 10 each of the company into smaller denomination as the board may deem fit and consequential amendments to the Memorandum and Articles of Association of the company, subject to the approval of members of the company.
The National Stock Exchange has decided to remove two stocks viz. Gujarat Fluorochemicals and Suzlon Energy from trading in futures and options (F&O) segment. F&O contracts for new expiry months in these two securities will not be issued on expiry of existing contract months, NSE said in a circular. The existing unexpired contracts of expiry months December 2012, January 2013 and February 2013 will continue to be available for trading till their respective expiry and new strikes would also be introduced in the existing contract months, the NSE circular said.
Shipping Corporation of India said after market hours on Thursday, 18 December 2012 it has taken physical delivery of its Kamsaramax Bulk Carrier - m.v. Vishva Jyoti of 81894 DWT capacity.
Eros Worldwide FZ LLC (the Sellers) will float an Offer for Sale (OFS) of an aggregate of 25.73 lakh shares of Eros International Media (the Sale Shares) representing 2.8% of the equity share capital of the company, by Promoter (the Sellers) through a sale on the separate window provided by the stock exchanges for this purpose. The Sale shall take place on the separate window of the Stock Exchanges and shall commence tomorrow, 20 December 2012 at 9.15 IST and shall close on the same day at 15.30 IST.
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India Infoline News Service / 11:17, Apr 24, 2015
The ice-cream market in India is estimated at Rs 3,500 crore and Gujarat is the largest market.