TOP CORPORATE NEWS
Government hikes import duty on steel products
Government hikes import duty on steel products to stop China dumping .As expected, the government has notified hike in import duty on long steel products from 5.5% to 7.5% and that of flat steel product from 7.5% to 10%. The import duty on stainless steel products remained unchanged. JSPL, SAIL, JSW Steel and Tata Steel will benefit from the import duty hike on steel products.
Delhi power companies to be penalized for unscheduled power cuts
Delhi power companies to be penalized for unscheduled power cuts – Negative for Tata Power, Rel Infra .The AAP government in Delhi announced that it has issued directions to the power regulator to impose daily monetary 'penalties' on power distribution companies for 'unscheduled power cuts' in Delhi. In case of an unscheduled power cut (whose details do not exist on website) except in force measure conditions, the supply shall be restored within one hour, if it is affecting large area more than 50 connections.
ONGC Videsh will start drilling exploratory wells in Kazakhstan
ONGC Videsh");'> ONGC Videsh will start drilling exploratory wells in the Satpayev block in Kazakhstan from next month.Further, ONGC Videsh");'> ONGC Videsh Ltd has sought greater financial autonomy to decide on investments of up to $1 billion (about Rs6,400 crore) without government nod to speed up acquisition of overseas oil and gas fields. – Positive read thru for ONGC.
Union Cabinet approves interest subsidy of 6.5%
Union Cabinet has approved interest subsidy of 6.5% as per the proposed “housing for all by 2022 scheme”—positive for smaller HFCs ( Dewan Housing, Canfin homes, repco etc)
Bharti Airtel updates on sale of tower assets in Tanzania and Tchad
Bharti Airtel announced that the agreements for sale of tower assets in Tanzania and Tchad between the respective subsidiaries of Bharti Airtel and Helios Towers Africa have lapsed and therefore stands terminated.
Neyveli Lignite to borrow Rs1,185 cr for TN power project
Neyveli Lignite to borrow Rs1,185 cr for TN power project – Sentimentally positive read thru . The borrowing would help NLC meet capital expenditure for works on the ongoing 1000 Mw (2x500 Mw) Thoothukudi power project in Tamil Nadu.
Housing finance stocks in focus after Cabinet nod
Shares of housing finance rose after the Union Cabinet on June 17, 2015, approved an interest subsidy for promoting affordable housing for the poor in urban areas. On the BSE at 11.35 am: LIC Housing Finance up 3.67%, DHFL up 3.47%, GIC Housing Finance up 3.07%, Indiabulls Housing Finance up 2.67% edged higher.
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