Power Grid approves investment proposal with an estimated cost of Rs 4,546.26 crore to expand transmission network in Gujarat. This is done to increase Available Transfer Capacity (ATC) from ISTS: Part B (Inter State Transmission Systems Project: Part B), scheduled to be commissioned by June 2023.
The company also accorded investment approval, at an estimated cost of Rs 186.19 crore to expand transmission network in Gujarat to increase ATC from ISTS: Part C (to be commissioned by March 2025).
Besides these, the company granted investment approval for West Region Expansion Scheme at an estimated cost of Rs 127.61 crore, expected to be commissioned by June 24.
Power Grid gave its nod for the incorporation of JV with Nepal Electricity Authority to implement Indian Portion of New Butwal-Gorakhpur 400 kV Double Circuit cross border transmission line. The equity participation in the JV will be 50:50.
HDFC Bank, ICICI Bank and Axis Bank have been allowed to provide letter of credit and direct bank transfer business for overseas procurement by India’s defence ministry.
These banks each may be allocated letter of credit business of Rs 2,000 crore on capital side and an equal amount on revenue side for one year on concurrent basis.
Performance of these banks will be monitored regularly
This is the first time private banks have been allowed to provide financial services for overseas procurement by India’s defence ministry.
Shares of Ruchi Soya fell 3%. The slump comes after PTI reported post market hours that government directed oil manufacturers to further cut the MRP of imported cooking oils by upto Rs 10 per litre with a week.
Oil manufacturers have been asked to maintain uniform MRP of the same brand of oil across the country.
PTI quoted Food Secretary Sudhanshu Pandey seeking reduction of MRP of edible oil as global prices fell 10% over the last week.
Shares of Gurugram-headquartered auto parts and electronic control devices maker JTEKT India gained over 6%, most in nearly two weeks. The surge after the company approved a scheme to merge a subsidiary with itself.
In an exchange filing post market hours on Wednesday, the company gave its nod for amalgamation of JTEKT Fuji Kiko Automotive with itself. The proposed appointed date of the scheme is April 1, 2022. The merger plan is subject to approval from NCLT and other applicable regulatory entities.
JTEKT Fuji Kiko will issue and allot 98,00,014 shares to shareholders of JTEKT India, as per the following exchange ratio.
For every 100 equity shares of JTEKT Fuji Kiko of face value of Rs 10, shareholders will get 200 equity shares of JTEKT India of face value of Re 1 each
Trading volume is nearly twice the 30-day average.
India's stock benchmarks are on course to rise for the second day in a row, aided by gains in consumer durables, metal, capital goods, auto, banking, realty and information technology stocks.
The S&P BSE Sensex rose 0.86% (461 points) to 54,211.84. The 30-stock gauge reclaimed 54,000 after nearly four weeks. The NSE Nifty 50 also advanced by similar magnitude to 16,120. Today 38 stocks rose while 12 fell.
The broader indices outperformed their larger peers, with both SmallCap and MidCap indices rising over 1%. All the 19 sectoral indices compiled by BSE advanced with Consumer Durables measure rising over 3% and Realty gauge jumping 2%.
The market breath is skewed in the favour of bulls. About 2,226 stocks rose, 945 fell and 157 remained unchanged.
It is unfair to blame GST for extraneous factors like economic factors and pandemic
Business processes and IT systems have stabilized.
GST Council's pronouncements are trade facilitative and the tightening measures are meant to ensure the honest taxpayer has a level playing field; not increase compliance burden.
Shares of equipment maker for oil and gas sector, Deep Industries surged over 9.8%, the most in five weeks.
The rise comes after the company received Leter of Awards from ONGC, worth Rs 150.24 crore. The order pertains to charter hiring of two 1000 HP Mobile Drilling Rigs for a period of three years.
The broader indices almost mirrored their larger peers.All 19 sectoral indices compiled by BSE Ltd. advance with Consumer Durables index adding nearly 3%.
The market breadth is skewed in the favour of bulls. About 1,783 stocks rose, 415 fell and 83 remained unchanged.
Tax department tells banks that their mutual fund units using any brand components should pay royalty or similar fees to the parent along with 18% GST, The Economic Times reported citing people with knowledge of the matter.
Banks that have come under the taxman's lens include SBI, ICICI Bank, HSBC, Axis Bank.
Most banks do not charge royalty, which is set to be challenged by Tax Department, according to the report.
SBI, ICICI Bank, Axis Bank did not respond to queries of ET. HSBC declined to comment.
If they (U.S., allies) indeed succeed with the idea of capping the price, most likely oil prices have peaked for now. And that’s a good news. Crude price back to $ 65-75 / bbl, commodity prices when sustained at lower levels, it could signal a big stability in global economy in coming months. Keep an eye on future contracts of commodities. Beaten down stocks like Auto & Anc, FMCG, Chemicals & Pharma, Cap Goods who are commodity consumers, can stage a come back..
Titan: The first quarter of FY23 was a near normal first quarter after a gap of 2 years. Sales grew 205% year-on-year on a low base and clocked 3-year CAGR of 20.5% over Q1FY20, the only non-disrupted first quarter in the last 3 years.
NTPC/Gujarat Alkalies and Chemicals: The companies signed a Memorandum of Understanding to collaborate in the field of renewable energy, green methanol and green ammonia and mutually explore the opportunities for the supply of 100 MW power. This would be the first commercial scale green Ammonia and Green Methanol project in the country.
Sobha: The company’s sales volume rose 51.7% yoy to 13.6 lakh sq. ft. Total sales value rose 67.7% YoY to Rs 1,145 crore. Average price realization increased to Rs 8,431 in quarter ended June as compared to Rs 7,626 a year ago.
Equitas Small Finance Bank: The bank’s advances grew 22% YoY to 21,699 crore in the quarter from April to June. Deposits grew 19% to 20,386 crore in Q1 of FY23. CASA ratio stood at 51.74% on June 30.
Raymond: The company has signed a joint development agreement for a premium residential project in Bandra, Mumbai. Its revenue potential is estimated at Rs 2,000 crore.
City Union Bank: The bank will raise Rs 500 crore through the QIP route
PVR: To open 4-screen multiplex at Odeon Mall, Ghatkopar, Mumbai.
Titagarh Wagons: HDFC Mutual Fund cuts stake to 7.02% from 9.16% in the company.
