TOP CORPORATE NEWS
Mastek shareholders approve
Plan of Merger into Majesco
Mastek Ltd
announced that its shareholders have approved Cover-AII’s adoption of the
Agreement and Plan of Merger into Majesco, USA, a subsidiary of Majesco
Limited, India.
The said
agreements were signed on December 14, 2014 and amended on February 18, 2015.
BHEL commissions first 250 MW
Unit in North East India
Bharat Heavy
Electricals Ltd ( BHEL) commissions the first 250 MW Unit at the highest rating
coal-based power plant in North East India.
L&T Metallurgical wins
order worth Rs1507 crore
L&T Metallurgical & material handling business has won order worth
Rs1507 crore from Emirates Global Aluminum (EGA) – Positive for L&T
Bharti Airtel up on hopes of
rise in 3G phone service
Shares of Bharti
Airtel rose over 2%, touching to Rs434.2, on hopes of increase in 3G phone
services prices in more circles as per reports. Starting with Delhi, companies
have extended 3G price increases to western Uttar Pradesh and Haryana.
Government proposes Tax
Benefits For Debit, Credit Card Payments
Government
Proposes Tax Benefits For Debit, Credit Card Payments— long term positive
for ICICI, SBI, Axis, HDFC Bank .Government has come out with a draft paper
whereby it has proposed income tax benefits for people making payments through
credit or debit cards and doing away with transaction charges on purchase of
petrol, gas and rail tickets with plastic money.
Government to infuse capital
in PSU Banks in next 3-6 months
According to
finance secretary ( Mr Mehrishi) government will be infusing $3 billion this
year and more USD 6 billion in the next year in order to revive public sector
banks (PSBs).
The
Finance Minister also said that government may infuse capital in next 3-6
months and PSU Banks have been asked to submit their long term growth plans. This
is positive for PSU Banks especially the capital starved banks like Union Bank,
Allahabad Bank, BOI etc).
G-Sec yields drop as RBI
proposes to set limit FIIs
RBI had proposed
to set the limit for foreign investments for government debt in rupees instead
of dollars, which could enhance effective debt limit by $6bn. India's current
debt limits of $25 billion for government bonds is fully utilized and higher
inflows could ease bond yields which is positive for PSU Banks (PNB, BOB, SBI,
Union Bank etc) since they have relatively higher G-Sec holdings.
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