Government examining demand to
lower cess on oil output
Government
examining demand by oil companies to lower cess on output – Positive for Oil
Companies. The government is examining a demand by oil companies to lower cess
on output by switching from a fixed amount of Rs4500 per metric tonne to ad
valorem as the 60% crash in crude prices has disproportionately increased the
contribution of cess to their overall cost. If the government were to concede
to the demand of oil producers, it would mainly benefit producers like ONGC and
Oil India, Cairn India.
Asian Paints to invest Rs2,300
crore on new plant
Asian Paints to
invest Rs2,300 crore on new plant (of 6 lakh kilo litre p.a.) in Karnataka –
long term positive for the stock .Asian Paints plans to invest up to Rs2,300
crore to set up a manufacturing plant (of 6 lakh kilo litre p.a.) at Mysore in
Karnataka. The proposal for setting up the manufacturing facility in Karnataka
is towards fulfilling the long term capacity requirements of the company and is
subject to the future demand conditions.
PowerGrid to link solar parks
with Inter-State Transmission System
PowerGrid to set
up lines to link solar parks with Inter-State Transmission System – Positive
for PGCIL
Tech Mahindra – British Telecom
to shut call centres in India
British Telecom
has announced plans to shut down its call centres in India to bring them back
to Britain following complaints of poor customer service. The firm will
continue to outsource back-office work and functions that do not involve
frontline work of taking customers’ calls offshore and those jobs will most
likely stay in India. The development is sentimentally negative for Tech
Mahindra but no material impact on earnings.
Orient to invest Rs50 crore to
increase fans, LEDs production
Orient Electric
plans to invest around Rs50 crore over the next two years to raise its fans and
lighting manufacturing capacity. With the government announcing the list of
smart cities, the company expect (more) demand for energy saving electric
products like fans and LED lightings.
Government mulls Axis Bank-like
makeover of IDBI Bank
In an interview
Finance Minister talked about reforms in PSU Banks and cited the example of
Axis Bank (promoted by government-run companies and but virtually acts as a
private sector bank for all purposes) in relation to IDBI Bank (the bank is
governed by IDBI repeal Act 2003 which has no mention of the need for the
government to maintain a minimum 51%).
Jubilant Life gets USFDA nod
for anti-migraine tablets
Jubilant
Life gets USFDA nod for anti-migraine tablets – positive read through for the
stock .Jubilant Life Sciences has received nod from the US Food and Drug
Administration ( USFDA) for its abbreviated new drug application (ANDA) for
zolmitriptan orally disintegrating tablets in strengths of 2.5 mg and 5 mg. As
on June 30, Jubilant Life Sciences had a total of 815 filings for formulations
of which 389 have been approved in various regions globally. This includes 72
ANDAs filed in the US, of which 38 have been approved and 46 dossier filings in
Europe.
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