Evening capsule: Top headlines at a glance
Pushing the government's reform agenda further, the cabinet committee on investment (CCI) today cleared 13 power projects and 25 oil blocks, which will provide much needed to boost to the struggling power and oil and gas sectors.
Equity benchmarks rallied Monday, with the Sensex now having risen close to 1000 points from the low seen the Friday before last. Dealers said hopes of increased money flows into equities because of the recent weakness in commodity prices, as well an improvement in India’s macroeconomic fundamentals, were driving the uptrend, brokers said.
In the face of Opposition onslaught, Prime Minister Manmohan Singh today said he was "very confident" that Parliament will transact financial and other business in the remaining part of the Budget session.
Though a broad consensus was reached on Land Acquisition Bill last week, Ajit Mittal, Director of Indiabulls believes implementation of the Act may face hurdles. The much-awaited Land Acquisition Bill was okayed by all parties after the government gave in to a key demand of BJP for 50 percent compensation to farmers and sorted out certain other sticky issues.
A Delhi court today fixed April 29 for hearing the matter in additional 2G spectrum allocation case in which Bharti Cellular CMD Sunil Mittal, Essar Group promoter Ravi Ruia and others have been summoned as accused. Mittal, Ruia and former Telecom Secretary Shyamal Ghosh appeared before Special CBI Judge O P Saini and the court adjourned the matter in pursuance of the order passed by the Supreme Court on April 18.
Mid-tier software services exporter Mindtree 's fourth quarter net profit tumbled 20 percent quarter-on-quarter (up 14 percent year-on-year) to Rs 79 crore. Its revenue for the Jan-March quarter rose 4 percent sequentially (17 percent YoY) to Rs 612 crore. In Dollar terms, its revenue was up 3 percent QoQ (8 percent YoY) to USD 113 million.
Wipro shares plunged more than 10 percent on Monday morning, after investors slammed India's third largest software services exporter on weak revenue growth in the fourth quarter and muted guidance for April-June.
The Finance Ministry is likely to approve this week payment of 8.5 per cent rate interest to over 50 million EPFO subscribers for 2012-13, a move that will ensure smooth settlement of claims.
By: Team Moneycontrol
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