Here are stocks that are in news today:
Govt
-Scraps customs duty on crude oil, scraps customs duty on petroleum products by 5%
-Reduces excise duty on diesel by Rs 2.6/litre; additional excise duty has not been cut
-Diesel price increase by Rs 3/litre, kerosene by Rs 2/litre
-Hikes LPG by Rs 50/cylinder excluding VAT
BPCL says
-Under-recoveries to reduce by Rs 11,300 crore
-Diesel under-recoveries to come down by Rs 6/litre
-Under-recoveries on LPG at Rs 331/cylinder
Petroleum Minister says
-No clarity on subsidy sharing mechanism yet
-Unclear about date for ONGC FPO
ONGC says
-Govt to take a call on FPO
-Some govt indication must on subsidy burden formula
-Hard for markets to understand subsidy burden formula
CAG
-Refuses to hear RIL on KG-D6 field audit
-Declines Oil Ministry's request to allow private firms to present their views
GTL : Sources
-Lenders ask SBI Caps to do due diligence on GTL, submit report in 30 days
-Lenders meet on June 24 to discuss GTL's debt concerns
-Promoter of GTL to infuse equity worth USD 200 million into company
-Stanchart has largest exposure to GTL worth Rs 1400 crore
-Stanchart has subscribed to unsecured NCDs issued by GTL
-ICICI Bank has exposure worth Rs 500 crore
-Other banks include PNB , Axis Bank , Canara Bank , State Bank of Hyderabad
-GTL’s total funded debt at Rs 3800 crore
-GTL promoters has pledged 12% of total shares with Syndicate Bank , ICICI Bank
-GTL has to repay Rs 750 crore worth 5-year ECBs by September 2011
Insurance sector: CNBC-TV18 Exclusive: Sources
-Big blow to hopes of raising FDI in insurance sector
-MPs to reject Finance Ministry proposal to hike FDI limit
-Insurance Amendment Bill 2008 proposed FDI hike to 49%
-Existing FDI limit at 26%
-Parliamentary committee to adopt report rejecting bill on June 29
-Committee to say no justification for hiking FDI limit
Bharti Airtel : Sources
-Bharti Airtel to restructure biz; says job losses to be minimal
-Mobile, DTH, fixed line, broadband biz to merge
-No estimate of job cuts as yet
-Restructuring to take sometime
-Some employees may be moved to africa, retail operations
Govt sources say
-DIPP clarifies all sectors open to 49% indirect FDI
-Discussion paper seeks comment on relevance of 49% FDI cap
-Clarification to impact media, defence, multibrand retail
-Insurance sector out of purview of DIPP clarification
DIPP discussion paper
-Downstream investment of FDI funded indian company can be in any sector
-Indian Company has to be owned & controlled by resident indians
-Clear case of abolishing all 49% cap
Other stocks and sectors that are in news today:
- ReadyMade Steel IPO opens today with a price range of Rs 90-108/sh to raise 34.74 crore
-F&O Ban: GTL, Kingfisher Airlines , Videocon Ind
- Lanco Infra has informed Perdaman has not filed a claim in Western Australian SC against the company
- SBI may look at raising Rs 15,000 crore through issuing bonds as the govt has scrapped out the rights issue option – TOI
-Canadian based Ballard Power Systems is eyeing up to 10% stake in Adani Power with the deal valued at around USD 500 million – TOI
-Mukesh Ambani meets PM: RIL gets copy of CAG report
- City Union Bank to raise Rs 300 crore via QIP subject to the approval of the shareholders
-Revenue Dept to ask entities which doesn’t have a substantial presence in Mauritius but are misusing the DTAA to pay taxes – FE
-Viom Networks opts out of the race to acquire Reliance Infratel as it feel’s the co’s $ 5 billion valuation is unrealistic – ET
- Spicejet seeks RBI nod to raise fund for aircraft deal, to raise USD 270 million - FE
- Talwalkars to open more gyms in smaller cities with capex of Rs 100 crore - FE
-ONGC may file FPO post Cairn Verdict – FE
-USFDA inspects Ranbaxy ’s new drug manufacturing facility in Mohali with a positive nod, may help the company to resume its supplies to USA after a 3 year gap – ET
- NMDC fails to acquire the mines of Kolmar coal co with the Russian firm selling a 51% stake to oil trader Gunvor International for around USD 400 million (Mint)
- Tata Steel to utilize Riversdale cash to fund India’s capacity expansion plans & to also use for Europe capex & mining operations – Mint
-Kingfisher Airlines to add 72 aircraft by 2015-16 (Mumbai Newstime)
- Weizmann to list 2 companies Weizmann Forex and Karma Energy on BSE and NSE on June 28th (Business Line)
- Tata Power ’s Mundra project may see a delay due to problems associated in the transmission link (BL)
