Stocks in news: Mindtree, BEL, Punj Lloyd, Wockhardt, Delta

FAG Bearings Q1-Net profit at Rs 49.3 crore versus Rs 40.8 crore (YoY)-Total income at Rs 432.1 crore versus Rs 391.8 crore (YoY)

Man Industries Q1-Net profit at Rs 17.7 crore versus Rs 3.2 crore (YoY)-Total income up 75.5 percent at Rs 405.3 crore versus Rs 231 crore (YoY)

Delta Corp Q1-Net profit at Rs 10 lakh versus loss of Rs 19.6 crore (YoY)-Total income up 46.3 percent at Rs 81.5 crore versus Rs 55.7 crore (YoY)

Telecom Minister says-Government is keen for non-discriminatory availability of internet facility-Awaiting TRAI report, structured view will be taken after TRAI & government reports

Government mulls more liberal FDI regime in media, may open up sector further: Sources-Department of Industrial Policy and Promotion (DIPP) likely to hike FDI cap to 49 percent for print, news broadcast-Goverment may open media to 49 percent FDI but with Indian control-May mandate a minimum threshold for equity held by largest Indian shareholder-Proposal has in-principle approval of law ministry-Government believes proliferation of Digital Media has made 26 percent FDI cap redundant-DIPP held consultations with several experts on opening up media sector

Eros International to CNBC-TV18-No plans to delist from Indian stock exchanges-Time to transform & embrace digital for Eros Now-Expect digital business to record healthy growth over next 5-10 years-Company is fully funded, talks with Fullerton unconfirmed

SEBI announces policy for annulment of trades undertaken on stock exchangesSEBI says-Stock exchanges to decide suitable criteria on annulment-Stock exchanges can annul trades on request of traders-Bourses shall undertake annulment or price reset only in exceptional cases-Stock brokers to submit annulment request to stock exchange within 30 minutes from execution of trade-Exchanges to jointly take decision in case of annulment requests submitted to more than 1 exchange

Aviation secretary says-Draft Civil Aviation Policy will be available in public domain this month-Have held one round of consultation on 5/20 with Federation of Airlines-Further stakeholder meetings will be held before draft policy ready

RBI clarifies on foreign investment in India by foreign portfolio investors (FPI)RBI says-Restriction on investments with less than 3 years residual maturity not applicable to FPI investment in security receipts (SRs) issued by asset reconstruction companies (ARCs)-Investment in SRs shall be within overall limit prescribed for corporate debt-Other existing conditions for FPI investment in debt market remain unchanged

RBI-Notifies rules on declaring bad assets in credit card accounts-If dues not paid within 90 days from due date, credit card account to be treated as NPA-Credit card account to be reported to credit information companies if it remains ‘past due’ for over 3 days-Permits Core Banking Solution (CBS)-enabled co-operative banks to issue ATM cards in tie-up with sponsor bank

RBI-Directs banks to ensure direct lending to non-corporate farmers does not fall below last 3 years average-Failure on banks’ part will attract usual penalties for shortfall-Banks to continue to maintain 13.5 percent of direct lending to agri sector

Aluminium Association Of India-Seeks hike of import duty to 10 percent on aluminium metals-Association officials met mines secretary & CBEC, chairman todayAlert: Current import duty on aluminium metals at 5 percent-Imports from China & Middle-East big threat-Total imports of aluminium surged by 159 percent in FY15 from FY11-Imports account for 56 percent of Indian aluminium consumption in FY15-Domestic aluminum products of Indian producers account for only 44 percent

Competition Commission of India  (CCI)-Imposes Rs 671 crore penalty on 4 state-run insurance companies-Asks National Insurance, New India Assurance, Oriental Insurance & United India Insurance to cease & desist from anti-competitive practices

Power Ministry-Issues policy on incentivising early commissioning of transmission projects-Projects under tariff based competitive bidding part of incentive plan-Power Grid Corporation projects under compressed time schedule cost plus basis part of incentive plan-Transmission charges can be given from the actual Date Of Commercial Operation (CoD)-Incentive can be availed prior to scheduled commissioning of transmission projects-Number of years for applicability of tariff would remain unchanged-Incentive to be applicable for transmission projects under implementation or yet to be bid out-Policy on incentivising early commissioning of transmission projects w.e.f. July 12

Composite FDI cap will be subject to sectoral conditionalities-Foreign investment up to sectoral cap allowed subject to conditions of extant FDI policy -Sectoral sub limits for defence, banking to remain-Foreign investment cap for defence at 24 percent to stay-Foreign investment beyond 49 percent in banking will still need government nod-Government pushed for fungibility in investments by giving nod to composite FDI cap

POSCO says may scrap proposed USD 12 billion India steel plant: ReutersPOSCO says-Have put on hold Odisha steel project due to delays in regulatory approvals-Business conditions have changed due to drop in global steel demand-Not quitting Odisha, to renovate the office space to a smaller area-Due to no progress in project area, much of office space was lying vacant-Reducing unused office space & other spends as part of cost restructuring-Restructuring programme involves reducing 30 percent of overseas business

Department of Telecommunication (DoT) panel on net neutrality:-Over-the-top (OTT) application services should be actively encouraged-No case for prescribing regulatory oversight for OTT application services-Liberal approach may be adopted in case of international calls via internet-In case of domestic calls, a similar approach can be adopted for telecom service provider (TSP) & OTT services-Government can come out with measures to ensure compliance of security for OTT service providers

Other stocks and sectors that are in news today:-Lupin gets US FDA nod for diabetes drug PrandiMet-Army short lists Bharat Electronics (BEL), Punj Lloyd for USD 100 million contract: ET-SBI seeks nod to share 3 percent profits with its staff: ET-GAIL plans to buy US shale asset for USD 1.5 billion: ET-Wockhardt recalls 1.62 lakh cartons of drugs in US-JSW Group not to buy team in ‘tainted’ IPL for now-Airtel Digital launches locally made set-top box as it aims to create jobs-Asian Paints says in talks with Karnataka government to set up manufacturing facility in Mysore-IndusInd Bank launches QuickPay, an instant money transfer service-Allied Blenders & Distillers acquires grain distillery unit in Telangana for approximately Rs 200 crore-Mahindra Agri enters edible oil business-CBI moves Madras HC for cancellation of anticipatory bail to Dayanidhi Maran-Tata Motors to propose raising up to Rs 4,400 crore in non-convertible debentures in FY16-Jharkhand to start auction process for mineral mines in a month