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Economic Snapshot of Indian Equity Market for

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6/26/2015 1:23:40 AM
Posted: 2 years ago
Economic Snapshot

Minister for road transport, highways and shipping Nitin Gadkari has urged the states to join hands with the Centre for creation of joint ventures for development of inland waterways. He has asked the states to provide 26% of the equity while the balance would be given by the Centre. Private investments for development of inland waterways are also allowed.

The civil aviation ministry has cleared a proposal for setting up a second airport in the National Capital Region of Delhi. GMR Group, which operates the Indira Gandhi International Airport Ltd here, would be preferred for developing the proposed airport. This government already had acquired over 2,000 acres for the proposed airport but the UP government led by Samajwadi Party has not given a goahead for the project yet.

Prime Minister has launched the NDA government's flagship Pradhan Mantri Awas Yojana (PMAY) housing scheme, along with its longplanned Smart Cities mission and the Atal Mission for Rejuvenation and Urban Transformation (AMRUT) urban renewal initiative. As part of the three missions, the government will look to create 2 crore houses by 2022 by providing a central grant of Rs 1 lakh to Rs 2.3 lakh per house by way of a 6.5 percent interest subvention scheme; look to create 100 smart cities through a Rs 48,000 crore initiative; and push for urban infrastructure upgrade for 500 cities in a Rs 50,000 crore scheme.

Stock In News Today
Kirloskar Brothers Ltd (KBL) has launched the technologically advanced pump, Romak (RMK) at an event for the chemical process industry in Frankfurt, Germany. The RMK is a magnetic drive pump comprising permanent magnets and is used by process industries to handle various types of clear/ clean chemical liquids without any suspended particles.

IndusInd Bank Ltd is set to raise about Rs.5,300 crore by selling fresh shares to institutional investors as well as its promoters. The share sale to institutions is the first by the Hinduja Group-promoted bank since November 2012, when it raised Rs.2,000 crore through a similar qualified institutional placement (QIP) to domestic as well as international institutional investors.

Balrampur Chini Mills has decided to shut its Khalilabad unit due to the business turning unviable. The company"s board has, in principle, approved the closure of Khalilabad Sugar Mills after complying with necessary formalities. The unit closed its crushing operations on March 9, a little over three months after it started operations on December 4 last year. The installed capacity of the Khalilabad unit is 2,500 Tcd.

KPIT Technologies expects decline in revenue from intelligent transport solution business in Q1FY16 which would lead to decline in overall revenue & profit in Q1FY16 compared to Q4FY15.

Tech Mahindra has bagged a 10-year strategic IT outsourcing deal from British healthcare company, Circle Health, with an estimated value of around Rs 50 billion (around $79 million or around Rs 500 crore). The project will be delivered by nth Dimension, a newly formed wholly-owned subsidiary of Tech Mahindra in the United Kingdom.
Deepak Sahu
Sr. Research Analyst
Pinnacle Financial Services