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Stocks in news: SKS Micro, Lanco Infra, RIL, SBI, Atlanta
Ashok Leyland | L&T | Bharat Forge | Indo Asian Fusegear | Excel Infoways | SKS Microfinance | Lanco Infratech | RIL and SBI are stocks, which are in the news today.
RIL to Oil Ministry: -CAG audit beyond scope of govt powers, PSC -Audit cannot transform into performance review -Audit must concern itself with integrity of accounts -Audit must be on adherence to management committee's decisions -CAG audit cannot supplant management committee role -Management Committee comprises RIL, Niko, DGH, MoPNG officials -CAG's mandate not to second guess operator, management committee -Will attend exit conference on July 12 'as courtesy' -Attendance not part of contractual audit process -Time given to reply to Draft CAG audit inadequate -CAG's adverse comments have financial consequences -Comments impact commercial standing & biz reputation -CAG should be concerned with info & not sourceBoard meets today: -Rainbow Papers to consider setting up of subsidiaries at UAE, USA & Singapore -Pitti Laminations to consider issue of shares/warrants on preferential basis -Neuland Laboratories to consider rights issue of shares
SBI sources -To make Rs 2,100 crore additional provision in Q1FY12 -Additional provision over & above normal provisions for slippages -To provide Rs 1,000 crore towards enhanced provisions on bad loans -To provide Rs 550 crore for counter cyclical provision in Q1FY12 -To make Rs 500-530 crore for provisions on restructured loan in Q1FY11 -SBI still collating provision data for fresh slippages -Enhanced bad loan provisions post RBI provisioning rate hike
CAG says -Conducted performance review of KG-D6 basin -CAG report on RIL only a draft report -Will hear all parties involved in draft report -Hold both entry & exit conferences on CAG report
MFIN CEO Says -Bill is now striking a good balance between RBI, state govt -RBI to fix percentage margin of MFIs -MFI to declare annual percentage rate to borrower -Annual % rate to comprise interest rate & other fees -Margin defined as gap between annual % rate & cost of funds -All MFIs must get license from RBI -Bill specifies registration process for MFIs -RBI to be authority for MFI registration -Proposed MFI bill to overwrite all other laws related to MFIs -Proposed MFI bill to overwrite even state laws w.r.t MFIs
CBI says -Dayanidhi Maran blocked grant of licenses to Sivasankaran -Dayanidhi Maran delayed Siva's application for over 2 years -Sivasankaran was forced to sell out to Malaysian firm -Maran's intention was to block issue of licenses
Other stocks and sectors that are in news today: -Govt sources say cabinet to take up RIL-BP deal on Thursday, July 14 -Listing today: Rushil Décor , Birla Pacific Medspa -F&O Ban: Kingfisher Airlines -Finance Ministry releases MFI Development & Regulation Bill -Perdaman Industries moves court against Lanco Infratech ; seeks restraint on mortgaging of Griffin coal - SKS Microfinance auditors identifies 400 cases of alleged cash embezzlement, fictitious loans & unauthorized advances given by some employees to borrowers - Excel Infoways to allot 1.01 crore shares at Rs 25.25/sh to QIB's under qualified institutional placement (QIP) - Indo Asian Fusegear board meet on July 9 to consider buyback of shares -Indo Asian Fusegear has changed its name to Eon Electric -Kingfisher Airlines promoters pledge entire 53% stake -Disney World in talks with Atlanta to setup a Disneyland style theme park in Gujarat for around USD 2.1 billion (ET) -Insurance Regulator scraps the minimum three year profitability clause for life insurers to float IPO giving a fresh life to cos struggling for capital (ET) -Shipping companies to face 20% rise in the operating costs on surge in bunker oil prices to USD 650 per barrel (ET) - Trent shelves plans to open stores of UK's Arcadia group in the country to focus on Spanish fashion brands Zara (BS) - Tata Steel to utilize Riversdale funds of USD 1.14 billion to start new projects & expand & upgrade existing ones (BS) -Vaswani Industries listing to get a go ahead but the investigation from SEBI still continue on the co (BS) - Ashok Leyland , L&T , Bharat Forge , Tata Motors & M&M have bid for a Rs 44,000 crore defence ministry contract to supply combat vehicles for the Indian army (FE) -Govt likely to to pay around Rs 30,000 crore more in subsidy to state refiners with global crude prices expected to substantially inflate govt's oil subsidy bill (FE) -Cabinet set to clear 3rd phase of FM expansion will boost the confidence of investors & FM radio cos as it envisages the rollout of 806 FM stations across 237 towns (FE) - NMDC to start operations at a magnesite mine & plant in J&K with an investment of around Rs 150 cr (Mint) -Ex Dividend: Astrazeneca Pharma Rs 10/sh, M&M Finance Rs 10/sh, Repro India Rs 6/sh, Thermax Rs 9/sh, Zodiac Clothing Rs 5/sh, Bank of India Rs 7/sh, Cadila Health Rs 6.25/sh, Graphite India Rs 3.5/sh
