Metal shares gained on hopes that the government may adopt ordinance route for mines sector reforms
Tata Power, Sesa Sterlite and Hindustan Zinc likely to be hit.
Reliance Jio has sent a second legal opinion to the Telecom Regulatory Authority of India (Trai) on the subject of the potential allocation of satellite spectrum. The letter is written by retired Supreme Court Justice L Nageshwara Rao and argues in favour of auctions, stating that any other method for allocating spectrum apart from auctions could be constitutionally unsound. Business Standard has reviewed the letter.
Indian lenders are unlikely to clear the vertical split of BSE-listed Vedanta Ltd in a hurry, considering that the demerger would reduce the fungibility of cash flows across businesses and increase their volatility, according to analysts. The demerger plan, which would result in six separate listed entities, would require approval from shareholders, lenders and other statutory bodies. "We believe that a separate listing of different businesses would reduce the fungibility of cash flows across businesses and increase the volatility of cash flows.
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According to media reports, CBI is looking into the entire process at the then NDA government and has asked for information from the mines ministry.
Anil Agarwal, chairman of the Vedanta group, has not started the New Year on a good note.
Fixed deposits can fetch 9-9.5% interest versus 3.5% to be received by Cairn, say institutions.
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The award of more than 200 coal blocks to steel, cement and power companies has been at the centre of the so-called "Coalgate" scandal.
Vedanta may become a majority stakeholder in Cairn India.
The markets have reacted negatively, for example, to recent news that Cairn India, of which the Anil Agarwal group company Vedanta owns 60 per cent, will give a $1.25-billion loan (about Rs 7,500 crore) on notably easy terms to Sesa Sterlite, another Anil Agarwal group company.
The 30-share BSE Sensex surged a whopping 2% or 467 points at 20,882 levels while the broader Nifty index ended at 6,189 levels up over 2% or 143 points from its previous close.
Buying in index heavyweights along with surge in banking counters lead the surge.
Tata Motors is trading at 8.32 times 12-month forward PE, just marginally away from 8.31 times for Sesa Sterlite, currently the cheapest in the 30-member Sensex.
At close, the Sensex was down 16 points at 20,713 and the Nifty was down six points to close at 6,168.
L&T, Axis Bank and Hindalco down 2% each were the top losers for the day.
India was once the world's third largest iron ore exporter and Goa its biggest exporting state
CLSA expects annual net inflows of $15 billion from domestic investors over the next few years in India.
Mining baron Anil Agarwal-led Vedanta Group has bid for the most number of 14 coal mines out of 23 on offer in the first round of auction which also have aggressive bids by Aditya Birla Group, Adani and Naveen Jindal group, but was shunned by foreign players.
Overseas investors were one of the heavy buyers.
The verdict on deemed licences has the Street question whether Sesa Sterlite owns any mines in Goa.
Major corporates are staring at an uncertain future after investing substantially on their projects
The 30-share Sensex ended up 142 points at 29,462 and the 50-share Nifty gained 26 points to end at 8,895.
Cairn has slashed its planned capital expenditure (capex) by 60 per cent to $500 million against the earlier $1.2 billion.
Of these, three stocks belong to the automobile pack and two are from the pharma.
At the BSE, 1,552 stocks advanced, while 1,419 declined and 118 remained unchanged.
Caution prevailed across the bourses ahead of the Union Budget.
Vedanta Aluminium has been struggling to source sufficient bauxite to feed the 1 million tpy alumina refinery since its commissioning in August 2007.
Union Budget 2014-15 is positive for metals and mining companies.
Goa may resume iron mining in two months after green nod.
Dragged down by a massive fall in the stock market, total investor wealth slumped by nearly Rs 3 lakh crore on Tuesday as shares of over 2,200 listed firms ended in the red.
The 30-share Sensex ended down 159 points at 27,425 and the 50-share Nifty closed down 24 points at 8,299.
Other developers that have sought additional time include Alstom Bharat Forge Power, Sesa Sterlite Ltd and Cognizant Technology Solutions. Vedanta Aluminium has asked for extension of the validity of the approval granted by the board for setting up an SEZ in Odisha beyond May 22.
The BSE on Monday slipped below the crucial Rs 100-lakh crore (Rs 100 trillion) mark as the benchmark Sensex lost 261 points.
ONGC, Sesa Sterlite, Tata Steel, RIL and HDFC emerged as the biggest losers
Markets extended losses after the first hour of trade with HDFC Group shares leading the decline.
Metal stocks lose ground with Hindalco, Tata Steel, Sesa Sterlite down 4-10%.
The 30-share Sensex is down 359 points at 26,378 and the Nifty has dropped 78 points to trade at 7,883
Albanese, 56, will take the helm on April 1.
Sensex shed 167 points to close at 28,633 and Nifty dropped 55 points to end at 8,695.
Jindal Power bagged 2 coal mines in Chhattisgarh.
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