Suzlon -Promoters sell 2% stake via block deal -Sells 3.7 crore shares @ Rs 27.15/sh yesterday -Suzlon Promoters lower stake to under 53%
Finance Ministry -Sources say Rs 30,000 crore fuel subsidy likely in second budget supplementary -Second budget supplementary to be tabled in winter session -Rs 14,000 crore bank recap also likely in second supplementary
Cabinet Note says: Govt sources -Cabinet note proposes 100% FDI in single brand retail -Subject to FDI beyond 51%, 30% sourcing from SMEs -Products should be sold under same brand internationally -Single brand product retailing only for manufactured brands -Cabinet note proposes FDI in multi-brand retail upto 51% -Minimum amount to be brought in by foreign investors at USD 100 million -At least 50% total FDI in back-end infra -Back-end infra includes cap on expenditure -Back-end infra excludes expenditure on front-end units -Back-end infra excludes investment in processing, manufacturing -30% of procurement of manufacturing products from small industries -Govt's 1st right to procurement of agri products -100% FDI single brand retail to bring in global players -Gobal players' business models require 100% ownership -100% FDI will ensure full ownership & control -Cabinet to discuss note on FDI in retail next week -60 proposals for FDI in single brand retail till now -Proposals are mostly for footwear, garments, cosmetics -100% FDI will encourage investment in grocery, agri, handicrafts
Other stocks and sectors that are in news today: -OMDC (Orissa Minerals Development Company): Board to meet consider stock split -Everonn in talks with PE players, Carlyle, NewYork Life to raise USD 100 million - BS -MERC rejects JSW Energy's plea to raise tariffs - Reports -HCC to discontinue thermal power, ports & hydrocarbon verticals (ET) -DoT wing asks to cancel Idea's overlapping licences (ET) -Zee Entertainment in talks with Time Warner & Comcast corp to expand distribution & presence in USA (DNA) -Road ministry plans to remove cap on number of bidders for EPC projects (FE) -Railways may seek new bids for engine projects (Mint) -GAIL , HPCL ink pact with WB govt for supplying coalbed methane gas (Mint) -Reliance Infrastructure says repaid Rs 1,815 crore overseas debt on Wednesday -Empowered Committee of Secretaries recommends rejecting RIL's bid for two blocks
