The tax department has slapped a fresh notice on UK's Cairn Energy Plc seeking to take over the firm's residual 9.8 per cent stake in its erstwhile Indian subsidiary.
Under the merger deal, shareholders of Cairn India will get one equity share of Vedanta and four redeemable preference shares of face value Rs 10 and coupon 7.5 percent.
Here are a few top buzzing midcap stocks picked by CNBC-TV18's analysts in trade today -- Biocon, Shilpa Medicare, Cairn, Vedanta, Karnataka Bank, Reliance Defence, Goa Carbon, Adani Power, Tata Power and Eicher Motors.
The government's ambitious tax dispute resolution scheme has ended with a whimper with just Rs 1,200 crore being collected and none of the high-profile retrospective tax cases involving firms like Vodafone and Cairn Energy opting to settle.
Shares of Vedanta and oil & gas explorer Cairn India gained in trade after the National Company Law Tribunal approved their merger plans. The clearance comes nearly two years after the deal was first announced on June 14 2015.
Metals and mining conglomerate Vedanta will invest USD 10 billion in 3-4 years on expanding business across verticals, company's Chairman Anil Agarwal said.
Cairn Energy Plc and Mondrian's vote, at this moment, is counted crucial to make the more than 50 percent consent.
Massive buying is seen by FIIs in cash market. Yesterday, FIIs net bought Rs 1439 crore in cash market while DIIs net sold Rs 268 crore in cash market.
Vedanta is among the resource firms hit by a collapse in commodity prices and it is also facing legal action and activist protests over its operations in Zambia.
BHEL, SBI, HDFC, Maruti and ONGC are top gainers while Dr Reddy's, Axis Bank, Bajaj Auto, HUL and L&T are losers in the Sensex.
It will be an action packed day on Dalal Street today. Big companies that are going to announce June quarter results today are ITC, HDFC Bank, Kotak Mahindra Bank, Cairn, Ashok Leyland, ABB, Bharat Financial Inclusion, Biocon, JSW Energy and Heidelberg Cement.
The scheme provides an opportunity for settlement of cases emanating from retrospective amendment of tax laws, by asking companies to pay the basic tax demand and get waiver on interest and penalty.
The Income Tax Department yesterday said it will move the Supreme Court challenging the Bombay HC order in the Rs 8,500-crore Vodafone transfer pricing case.
ICICI Bank, Tata Motors, BHEL, Hindalco and ONGC were top gainers while Coal India, M&M, TCS, Sun Pharma and L&T were losers in the Sensex.
Vedanta's founder and chairman Anil Agarwal has said that the Cairn-Vedanta merger will go through in 2-3 months. Earlier in November, he had said there is no need to sweeten the merger contours of the deal
CNBC-TV18's Ekta Batra lists six stocks that you should focus on.
Vedanta, Cipla, ICICI Bank, ONGC, BHEL, Cairn India and HCL Tech were early gainers. HUL, Sun Pharma, HDFC Bank, Wipro, Hero Motocorp, Power Grid Corp, Ambuja Cements and BPCL lost ground.
India has told the International Court of Justice that it will soon appoint an arbitrator to resolve the Rs 10,247-crore tax dispute with British oil explorer Cairn Energy Plc.
Rise in copper and zinc prices led the rally in metal stocks. CNX Metal index rose over 1 percent led by stocks like Vedanta (up 7.4 percent), Hindalco (up 4.3 percent).
GAIL, Sun Pharma, Cipla, Bharti Airtel and Dr Reddy's Labs are top gainers in the Sensex. BHEL, Hindalco, Axis Bank, L&T and Coal India are among losers.
The Cairn India and Vedanta boards have waived the green flag for that big merger. The ratio will be 1:1 which means that every Cairn shareholder will get one Vedanta share.
After announcing a mega merger between group firms Vedanta India and Cairn India, the management has got cracking immediately.
Sun Pharma, M&M, HDFC, ONGC and Reliance are top gainers while Infosys, SBI, Hindalco, Tata Power and NTPC are among laggards in the Sensex.
Nandan Chakraborty of Axis Capital is bullish on the market over the next six months on expectations of economic recovery. However, he doesn't see bank recapitalisation anytime soon.
The oil ministry is hopeful that whatever the finance ministry is going to communicate in a day or two will not just entail a decision for Q4 of this fiscal but also the road ahead and what the subsidy sharing mechanism could be in FY16, but obviously only north block decides on a new formula for the next fiscal.