The broader NSE Nifty fell 78.75 points, or 0.70 per cent, to close at 11,234.55.
Ninety-nine companies, which also include some unlisted ones, have more than Rs 100 crore each of minimum alternate tax credit on their books, cumulatively adding up to Rs 75,000 crore. By utilising MAT credit, many companies will be able to bring down their effective tax cost.
The way the government treated miner Vedanta Resources' proposal to buy majority of UK's Cairn Energy in Cairn India and RIL selling 30 per cent of its stake in 23 properties, including the prolific KG-D6 gas block to BP, goes to the heart of the mistrust between India Inc and United Progressive Alliance-2 in 2011.
The likes of Microsoft and Cohesity have offered crore plus salaries to some students.
Other losers included Maruti, Kotak Bank, Hero MotoCorp, Bajaj Auto, IndusInd Bank and Bajaj Finance, that shed up to 1.79 per cent.
Cairn Energy, which owns a 52.11 per cent stake in Cairn India, "has voted to accept (government) conditions", the company said.
The exploration company will buy back shares from January 23 and extinguish them.
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Strong gains in Vedanta Ltd, Adani Ports, Bharti Airtel and Maruti Suzuki helped the index touch record levels.
In the Sensex pack, Bajaj Finance and Bajaj Auto ended up to 6.09 per cent higher after posting strong quarterly numbers.
The BSE benchmark Sensex rose 192 points to end at 39,250 on Sunday as investors built up fresh positions in the special Muhurat trading session to mark the beginning of Hindu Samvat year 2076.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The Environment and Forests Ministry was in news throughout 2010 -- be it for Vedanta Resources, Posco and Lavasa -- or for Jairam Ramesh's aggressive green activism.
Prime Minister Narendra Modi, who won a landslide election victory in May largely on a promise of economic growth, is expected to speed up divestments to bolster revenue generation.
In the Sensex pack, Yes bank emerged as the biggest loser, falling 9.13 per cent, followed by IndusInd Bank (6.6 per cent), HeroMotoCorp (6.01 per cent), Sun Pharma (4.79 per cent) and SBI (4.70 per cent).
Top gainers in the Sensex pack included Bajaj Finance, ONGC, Yes Bank, HDFC, HCL Tech, Tech Mahindra, TCS, ICICI Bank and RIL, rising up to 3.57 per cent.
Tata Motors was the biggest loser in the Sensex pack, cracking 4.56 per cent. Bajaj Finance, RIL, Yes Bank, NTPC and Tata Steel too fell up to 3.95 per cent.
International investment in the domestic energy sector could get affected if the government unduly delays the deal between Cairn Energy and Vedanta Resources, says Bill Gammell, Cairn India Chairman and CEO of its British parent.
Vedanta had proposed to buy a 51 per cent stake in Cairn India for $9.6 billion in the middle of last year. The Cabinet Committee on Economic Affairs is expected to take up the issue next week.
The Securities and Exchange Board of India (Sebi) is unlikely to clear Vedanta Resources and Sesa Goa's open offer to the shareholders of Cairn India till the government approves the Cairn-Vedanta deal, according to officials familiar with the matter.
The government has told Cairn Energy that its deal with Anil Agarwal-promoted Vedanta Resources will go through only after a formal proposal to the government is made and all clearances are obtained.
After sinking 586 points during the day, the 30-share index ended 503.62 points, or 1.29 per cent, lower at 38,593.52. The broader NSE Nifty plunged 148 points, or 1.28 per cent, to 11,440.20.
The $9.6-billion deal is contingent upon government nod as the deal involves change of ownership of strategic assets like the giant Rajasthan oilfields.
The CM also announced compensation of Rs 10 lakh each for those killed during the protest and Rs 3 lakh each for the injured, government jobs for the family members of the deceased also announced.
With the Jaypee acquisition, the Suraksha group, which made lenders an offer of Rs 7,736 crore, will be able to expand its footprint in north India after making inroads in Mumbai's real estate market over the past year. Sudhir Valia, the promoter, was a co-founder and executive director of India's biggest pharmaceutical firm, Sun Pharmaceuticals, and is a close relative of Dilip Shanghvi.
Environment struggles are now being used to create political space and new form of vote bank politics, alleges BJP activist Bhupender Yadav.
UK's Cairn Energy has informed Oil Ministry that it will comply with all contractual obligations in selling majority stake in its Indian arm and that London-listed Vedanta Resources was a fit candidate to take over operations.
At the BSE, 1,879 companies declined, while 685 advanced and 131 remained unchanged.
Yes Bank was the top gainer in the Sensex pack rising 5.80 per cent, followed by Tata Motors, ICICI Bank, IndusInd Bank, Axis Bank, Kotak Bank and Tata Steel.
Villagers have been protesting against the Sterlite factory since February 12, with an effigy of Vedanta Chairman Anil Agarwal as the backdrop. More than 75 days hence, the dharna continues, the summer vacation seeing children joining the protest.
UK's Cairn Energy Plc on Tuesday said it will seek shareholder nod for sale of majority stake in its Indian arm, Cairn India, to London-listed Vedanta Resources Plc for up to $8.48 billion on October 7.
Top gainers include Yes Bank, HUL, Vedanta, NTPC, Bharti Airtel, Adani Ports, PowerGrid and Tata Motors, rising up to 5 per cent.
The company sent the reminder on September 10, ONGC said in a filing to the Bombay Stock Exchange. Vedanta is offering $8.48 billion to buy up to a 51 per cent stake in Cairn India, which has 10 oil assets in the country, including the giant Rajasthan oilfield.
'As of now there are no mining activities,' but 'who knows the future?'
After one stop-work order on the Rs 54,000-crore Posco project, a four-member panel appointed by the Union ministry of environment and forests has dealt a body blow to yet another big-ticket investor in Orissa, the London-based Vedanta Resources Ltd.
The Essar group is exploring the option of an $8-billion listing on the London Stock Exchange, potentially making it the first Indian company to enter LSE since Vedanta Resources seven years ago.
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The directions came after the Delhi government told the court that oxygen that was to come from Panipat in Haryana was not being allowed to be picked up by the local police there.
Cairn, which is sitting on a cash pile of about $3 billion, in a statement said its board has approved buying 17.09 crore shares or 8.9 per cent of the total shareholding, from open market at no more than Rs 335 apiece.
