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Last Updated : Nov 23, 2015 09:57 AM IST | Source: CNBC-TV18

Stocks in news: SeQuent, Adani Ports, Asian Paints, Kotak

SeQuent Scientific | Axis Bank | ONGC | Adani Ports | Asian Paints | Hindalco Industries and Vedanta are stocks, which are in the news today.

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Todays L/H

Here are stocks that are in news today:

SeQuent Scientific subsidiary Alivira to acquire Topkim, Turkey
-Topkim registered sales of 21.8 million Lira & EBITDA of 2.6 million Lira in FY14
-Enterprise valuation of Topkim at USD 7 million
-Expect Topkim deal to close in Q3FY16

BSE says
-To include Adani Ports & Asian Paints to BSE Sensex index w.e.f December 21
-To exclude Vedanta & Hindalco from BSE Sensex index w.e.f December 21


Central Board of Direct Taxes (CBDT):
-Proposes roadmap for phasing out corporate tax exemptions
-Proposes to phase out section 32, section 35AC & section 35AD
-Proposes to provide sunset date of March 31, 2017 for development of SEZs
-Proposes to provide sunset date of March 31, 2017 for exports from SEZ units
-Proposes sunset date of March 31, 2017 for commercial production of gas blocks & NELP
-Proposes to provide sunset date of March 31, 2017 for development, operation & maintenance of infra
-Proposes deduction under section 35(1)(ii), (iia), (iii) & 35 (2AA) to be restricted to 100 percent from FY18
-Proposes deduction under section 35(2AB) to be limited to 100 percent from FY18 versus 200 percent available up to FY17
-To phase out profit-linked, investment-linked & area based tax deductions for companies
-There will be no weighted tax deduction from FY18
-Not to make any modifications to sunset date in income tax
-Sunset date of March 31, 2017 to impact section 80-IA, section 80-IAB
-Sunset date of March 31, 2017 to impact section 10AA, section 80-IB

Kotak Mahindra Bank says
-Kotak Mahindra General Insurance gets IRDA nod to commence insurance business
-Kotak General Insurance gets nod to underwrite all classes of insurance business
-Mahesh Balasubramanian will be CEO of Kotak General Insurance
-Kotak General Insurance will initially focus on retail side of business
-Kotak General Insurance will soon expand into commercial lines of business
-Kotak General Insurance has been capitalised at Rs 135 crore

Auto industry: Sources
-See red over government’s move to halve research and development benefits by 2017-18
-Move to hurt government's Make-In-India programme
-Halving R&D benefits will make India an assembler of vehicles
-Move will disincentivise R&D investments in India
-Move comes when Global original equipment manufacturers (OEMs) positioning India as auto hub
Alert: Section 35 of I-T Act provides 200 percent tax deduction on R&D expenditure
Alert: Government reducing tax deductions to 100 percent from FY18
-Halving R&D benefits is a retrograde step

Volkswagen CEO Matthias Muller says
-Supervisory board confirms to reduce capex to 12 billlion euro in 2016
-To invest extra 100 million euro in alternative technologies in 2016
-Next generation Phaeton to be delayed
-To cut, delay any investment not immediately needed
-To do everything needed to keep staff on board
-To recalibrate investment programme

Food Safety and Standards Authority of India
-Issues showcause on Patanjali; says no licence for noodles
-Seeks Patanjali’s response as to how atta noodles were manufactured without FSSAI licence
-Asks Patanjali Ayurved & Aakash Yog to send their explanations in 15 days

Strides Shasun receives US FDA Approval For Dutasteride softgel capsule
Alert: Dutasteride is used to treat benign prostatic hyperplasia
Strides Shasun says
-Dutasteride will be manufactured at company’s oral dosage units at Bangalore
-Dutasteride will be marketed by company in the US market

Aurobindo Pharma receives US FDA approval for Sildenafil tablets
Alert: Sildenafil tablets are used in treatment of pulmonary arterial hypertension

Other stocks and sectors that are in news today:
-Axis Bank looks towards Bangladesh, sets up office in Dhaka
-ONGC Videsh is allowed cost recovery by Mozambique for firm’s export oriented gas asset: FE
-Delhi govt hikes VAT on aviation turbine fuel by 5 percent to 25 percent w.e.f November 16
-Moody's affirms GAIL's Baa2 rating; outlook changed to negative from stable
-Crompton Greaves says Bombay HC Approves scheme of demerger of consumer production business unit of company into unit Crompton Greaves Consumer Electricals
-Cadila Healthcare says Zydus launches 'Tenglyn', most affordable Gliptin for diabetics in India
-UPL board to consider amalgamation of Advanta with company on November 23

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First Published on Nov 23, 2015 08:23 am
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