Banking on revival of commercial vehicle segment, the auto component industry body ACMA expects the sector to grow by up to 10 per cent in the current fiscal.
The industry, which is expected to touch USD 100 billion in turnover by 2020, grew by 11 per cent to Rs 2.34 lakh crore (USD 38.5 billion) in the 2014-15 financial year.
In a big day for IPOs, at least three companies—low-cost carrier IndiGo, staffing firm Teamlease and e-retailer Infibeam—have lined up public offers to raise an estimated over Rs 3,000 crore from investors.
Merchant banking sources said the draft papers for all the three Initial Public Offers (IPOs) were being submitted to capital markets regulator Sebi today.
The benchmark BSE Sensex rebounded over 117 points in early trade today, after two sessions of losses, on value-buying by investors in select blue-chips amid a recovery at Asian markets despite the ongoing Greece crisis.
The 30-share index recouped 117.80 points, or 0.42 per cent, to 27,762.95, with FMCG, realty, metal, consumer durables, healthcare and oil & gas sectors leading the recovery.
The gauge had lost 250.82 points in the previous two sessions on the worsening Greece’s debt situation.
Also, the NSE Nifty was up 34.65 points, or 0.42 per cent, at 8,353.05 in early trade.
Snapping its 2-day losing streak, the benchmark S&P BSE Sensex recovered 136 points to settle at 27,780.83 today on fresh buying in FMCG, healthcare, consumer durables and metal sector stocks amidst higher Asian cues.
Besides, media reports that Greek Prime Minister Alexis Tsipras is considering a last-minute bailout proposal by the European Commission, lifted market sentiments.
The Sensex opened lower at 27,627.39 and fell further to 27,570.95 on initial selling.
Top no-frills carrier IndiGo today approached capital markets regulator Sebi with Initial Public Offer (IPO) plans to raise an estimated Rs 2,500 crore from the public investors.
InterGlobe Aviation Limited, which runs the country’s biggest airline by market share under ‘IndiGo’ brand, has offered to issue fresh shares worth Rs 1,272 crore, an equivalent amount can be raised through sale of up to 3.01 crore shares by its existing shareholders.
Shares of Indian companies with exposure to Europe faced selling pressure today amid worries over the Greek debt crisis.
Shares of Bharat Forge plunged 4.03 per cent, Tata Motors was down 2.07 per cent, Havells India went down by 1.66 per cent, Motherson Sumi Systems lost 1.32 per cent and Tata Steel fell by 0.79 per cent on the BSE.
IT stocks also faced selling with HCL Tech falling 2.78 per cent, Infosys lost 1.58 per cent, Wipro was down 1.23 per cent. Europe is the second biggest outsourcing market for the Indian IT services firms after the US.
The government is considering imposing 10 per cent import duty on wheat to curb shipments and liquidate poor quality grains lying in FCI godowns.
At present, there is no import duty on wheat. Flour millers and private traders are importing wheat on lower global prices and lack of high-quality grains in the domestic markets.
Imports are happening despite bumper domestic wheat output in the 2014-15 crop year and surplus stocks with the Food Corporation of India (FCI), the nodal agency for procurement and distribution of foodgrains.
A Yemeni security official says some 1,200 inmates fled a prison in a southwestern city after guards deserted their posts amid fierce fighting between Shiite rebels and their opponents.
The official says today’s jailbreak in Taiz came after the city’s main prison was caught in crossfire between southerners fighting for autonomy or outright independence and the rebels, known as Houthis, who are backed by army units loyal to a former president.
He spoke on condition of anonymity because he was not authorized to speak to the press.
China’s Prime Minister Li Keqiang made a long-awaited pledge to curb carbon emissions during a trip to France today where he also signed trade deals worth billions of euros.
“China’s carbon dioxide emission will peak by around 2030 and China will work hard to achieve the target at an even earlier date,” Li’s office said in a statement as he lunched with President Francois Hollande on the first of a three-day visit.
France was chosen for the announcement because it is hosting UN climate talks at the end of the year tasked with producing a global pact on curbing climate change.
Some 3,000 pages of Hillary Clinton’s emails from her time as top US diplomat will be made public online today by the State Department, following the orders of a federal judge.
Clinton’s electronic correspondence has been the focus of controversy since her admission in March that she had used a private account for all her email correspondence while secretary of state between 2009 and 2013.
Republican rivals contend that Clinton, the frontrunner for the Democratic presidential nomination in 2016, used the private account in order to keep it out of the public record.
Eurozone finance ministers declined to extend Greece’s bailout today hours before its expiry and a possible IMF default but talks will continue tomorrow after Athens asked for a new aid plan, officials said.
Greek Prime Minister Alexis Tsipras requested a two-year rescue deal with the European Union to save the crisis-hit country, just hours before the European part of its EU-IMF bailout expires at 2200 GMT.
The creation of the Chinese-led Asian Infrastructure Investment Bank is a bigger coup for Beijing than its hosting of the 2008 Olympics, state-run media said today after 50 countries signed its legal framework.
China was spurred to create the AIIB after “unfair treatment” by Washington-led institutions, the Global Times said in an editorial, apparently referring to the World Bank and International Monetary Fund.
The AAP government today rebutted criticism by the BJP on the issue of Rs 91,000 power bill at Chief Minister Arvind Kejriwal’s official residence, saying it included electricity charges for a camp office and various other facilities installed for visitors at the complex.
In a statement, the government said the monthly electricity expenditure at the Chief Minister’s residence at 6, Flag Staff Road in Civil Lines area is around Rs 15,000 which is “nowhere close” to the figure being reported.
Iran’s supreme leader Ayatollah Ali Khamenei today unveiled the main points of the Islamic republic’s next five-year plan, with the focus on the military and economic growth.
According to extracts published by the official IRNA news agency, the 2016-2021 plan allocates at least five percent of the budget to defence “as part of the regional balance of power” and to protect national interests.
The plan includes developing ballistic missile capabilities, arms production and modern weaponry, the agency said.
BJP MLA OP Sharma today broke the mike at his table on the last day of the Budget session of the Delhi assembly alleging that it had been turned off.
An upset Sharma said he was not being allowed to speak in the assembly after the Speaker ordered that his mike be switched off.
“Our mikes are switched off whenever we try to raise our question in the assembly. This is not acceptable,” Gupta said.
The BJP legislator walked out of the assembly after breaking the mike and returned after sometime.
The Value Added Tax (Amendment) Bill was passed by the Delhi Assembly on Tuesday.
The Bill was passed even as the Assembly witnessed high drama after Bharatiya Janata Party (BJP) MLA Vijender Gupta tore off the amendment papers and his party MLAs staged a walkout from the session.
The bill will make enabling provisions for levy of VAT in respect of goods enlisted in the Fourth Schedule at flexible rates instead of a flat slab of 20 percent.
PTI
Government auditor CAG has pointed out several irregularities in garbage collection and disposal by municipal corporations and stated that civic agencies neither have “perspective plan”, nor any system for monitoring sanitation services.
The CAG report highlighted that Delhi, on an average, produces 7,172 tonnes of garbage, 2,773 ton of construction and demolition (C&D) waste and 664 ton of silt daily.
Ending the anxiety of students, CBSE late tonight announced the JEE (main) ranks for paper-1 and paper-2, thus initiating the process of admissions to IITs, NITs and IIITs.
The delay in the announcement has led to the postponement of admission to IITs and NITs, raising anxiety among students.
“The all India ranks of JEE main 2015 have been declared by CBSE and the data CD has been handed over to the central seat allocation board 2015 (NIT Patna) for counselling purpose.”
“Inadequate” planning for e-challaning project on part of Delhi Government’s department of transport (DoT) resulted in blockade of funds worth Rs 1.47 crore, Government auditor CAG observed in its report.
According to CAG, audit scrutiny of department records showed that DoT associated Delhi Integrated Multi-Modal Transit System Limited (DIMTS) in the implementation of the project, though no formal agreement was signed between the two parties in 2010.
Going ahead with the bidding process for procurement of 200 high-power electric locomotives, railways on Tuesday opened the technical bids, submitted by a Japanese consortium.
Railways is procuring 9,000-horse power (hp) electric locomotives for the Western Dedicated Freight Corridor (DFC).
First Freight Joint Venture comprising Kawasaki, Toshiba, Mitsubishi Electric and Mitsubishi Corporate had submitted their bids for procurement of the 9,000-HP locomotives for the Western DFC.
Aam Aadmi Party (AAP) government in Delhi today admitted that a few party members were getting benefits like official house and cars.
In a reply to BJP MLA O P Sharma’s question, government said that these members have been appointed as co-terminus staff with it.
Government in its reply said that Bibhav Kumar, private secretary to Chief Minister Arvind Kejriwal and Aswathi Muralidharan, joint secretary to Chief minister, have been allotted houses.
The government also said the salary of these staff, who are in the grade pay of Rs 8,700 equivalent to senior IAS officers.
Auto component maker Sona Group founder and chairman Surinder Kapur today passed away after a brief illness.
Kapur (71), a noted industrialist and a pioneer in the Indian auto industry, today passed away at 8 PM in Munich, Germany, Sona Group said in a statement here.
He is survived by wife Rani Kapur and children Sunjay Kapur, Suparna Motwane and Mandira Koirala.
Kapur held various positions of responsibility in key industry bodies.
In the eye of a storm over charges of corruption in his office, with his son’s name also dragged into it, Karnataka Lokayukta Bhaskar Rao today ruled out his resignation, even as the government ordered an SIT probe into the alleged bribery scandal.
As pressure mounted for his exit, Rao said, government has ordered the constitution of a Special Investigation Team (SIT) into the alleged corruption by some Lokayukta officials and rejected calls for his resignation.
The young college student that murdered 38 tourists in a Tunisian seaside resort was in a jihadi training camp in western Libya at the same time as the two attackers who hit the National Bardo Museum in March, a top security official said today.
The revelation confirms repeated fears that the strong presence of the Islamic State group in Tunisia’s chaotic neighbor has become a direct threat to the country, the only democracy to emerge from the Arab Spring uprisings.
With the southwest monsoon weakening over Karnataka, rainfall would occur in only a few places in the state, a meteorological department official said on Tuesday.
Bengaluru city will experience a generally cloudy sky and it will be windy, the official added.
The city recorded 6.3 mm rain on Monday.
On Tuesday, the maximum temperature is likely to hover around 31 degrees Celsius.
Bengaluru recorded a maximum temperature of 32 degrees Celsius on Monday while the minimum temperature was 20.4 degrees Celsius.
IANS