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snapping bull spree
Committee formed to examine applications for coal block auction
Asset quality of banks ‘fading’ at alarming pace
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Mukesh Ambani’s Antilia most expensive billionaire home
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Markets take a breather after zooming on exit poll euphoria
Tribune News Service
New Delhi, May 14 The sensex, which had gained 1,547 points in four sessions in which three saw it hitting successive record highs, moved in the narrow 211-point band today and closed at 23,815 points, down 56 points or 0.24 per cent. Yesterday, the 30-share blue chip index had ended at its all-time closing high of 23,871 after surpassing the 24,000-mark in intra-day trading enthused by exit poll results. Sectors such as IT, healthcare, capital goods and oil and gas saw selling. On the other hand, shares of realty, metal and consumer durables saw fresh buying enquiries. The shares of state-run banks today ended as much as 11 per cent higher after an RBI panel report said the government should reduce holdings in PSU lenders to under 50 per cent. Shrikant Chouhan, Head of Technical Research, Kotak Securities, said after a strong three-day rally, Nifty managed to trade above the important resistance level of 7,100 which indicates continuation of uptrend. He added that strong price reactions were indicated in coming trading sessions. Likewise, the 50-scrip NSE barometer Nifty, which had gained 456 points in the past four days, concluded flat at 7,108 — its record closing high logged yesterday. Among sensex components, 14 stocks, including the likes of DrReddys, M&M and HDFC succumbed to profit booking. Tata Steel, Coal India and Bajaj Auto led the 16 winners. Sectorally, the BSE oil and gas sector index suffered the most by losing 0.78per cent as Reliance Industries fell 1.49 per cent and ONGC by 0.93 per cent. The capital goods index slipped 0.36 per cent. The IT index lost 0.31 per cent, healthcare 0.30 per cent and the auto index 0.03 per cent. |
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Committee formed to examine applications for coal block auction
New Delhi, May 14 The 12-member panel will consider the received applications and after assessing their eligibility based on the specified criteria and a comparative evaluation, it will submit its recommendations to the Centre. “The committee may deliberate and recommend the general principles guideline on the above issues. It may also evolve a procedure for the conduct of its business,” the announcement further said. The government has received 36 applications from companies, including Jindal Steel and Power Ltd (JSPL) and Tata Steel, in response to the notice inviting applications for the allotment of three coal blocks. The bids have been invited by the government till the month end. The government had in February put two mines in Jharkhand and one in West Bengal for an auction for the captive use for steel, cement and sponge iron companies. Last year, the government had allocated 17 coal mines to central and state public sector units, including four to NTPC. It had planned to auction 54 coal blocks with total estimated reserves of about 18 billion tonnes. In September, the Cabinet had approved the methodology for auctioning coal blocks, providing for upfront and production-linked payments and bench marking of coal sale prices. Other members of the committee include Additional Secretary (Coal); JS and FA, Ministry of Coal, Adviser (Projects), Ministry of Coal; representative of Department of Economic Affairs; representative of Ministry of Power; representatives of Ministry of Law and Justice; representative of Planning Commission; chairman managing director, Coal India Ltd; CMD, CMPDIL; coal controller and Joint Secretary, Ministry of Coal, as a member secretary. Panel to identify more mines for auction
The Coal Ministry has also set up an IMC to identify additional coal and lignite blocks for the allocation. This nine-member committee under the chairmanship of Additional Secretary (Coal) will identify the blocks from the list of existing coal blocks for the allocation to various end users through an auction as well as under the government dispensation. It will also identify additional coal blocks for offer from the areas explored in recent years i.e. after 2008. |
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Asset quality of banks ‘fading’ at alarming pace
New Delhi, May 14 At the quarter ended December 2013, banks collectively held loan provisions of Rs 98,593 crore, an increase of 13 per cent over the provisions held a year earlier. "During 2013-14, the loan asset quality in banks has deteriorated at a frightening pace," said the report of a Reserve Bank appointed committee. Of this amount, Rs 32,295 crore of provisions were held by the SBI group and Rs 45,357 crore were held by other PSBs. “Thus, 79 per cent of total bank provisions held by PSBs, demonstrate high level of stress visible in these banks. This has taken its toll on quarterly profitability for PSBs," it added. The profitability of the SBI group alone has fallen 30% over a period of one year, while for other PSU banks, it has declined 39%. “For these bank segments, provisioning is nevertheless inadequate as net NPAs as a proportion of net advances have risen 50% in a year for the SBI group and 41% for other PSBs,” the report added. Panel wants RBI to let banks decide when to go public
Mumbai: A Reserve Bank committee has come out against the central bank's insistence on new lenders' listing (on exchanges) in three years, saying the clause may be detrimental to the interests of minority shareholders. “It is puzzling as to why the RBI has argued in favour of early listing from a governance standpoint as the premature listing could be damaging to the interest of the incoming minority shareholders," according to the committee to review governance of boards of banks in India, headed by ex-Axis Bank chairman PJ Nayak. The 2013 guidelines of the RBI require banks to list on the stock exchanges to meet the objective of broad-basing the shareholding structure. In its report presented yesterday, the Nayak committee said, "Three years is a short time to gauge whether a bank has the management skills to create a value proposition, while factors such as market interest in the stock and determining the future financial trajectory are also difficult.”
— PTI |
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Mukesh Ambani’s Antilia most expensive billionaire home
New York, May 14 Ambani's 27-storey and 400,000-square-foot skyscraper home — Antilia —named after a mythical island in the Atlantic, tops the Forbes list of the most expensive homes in the world. “The title of the most outrageously expensive property in the world still belongs to Mukesh Ambani’s Antilia in Mumbai,” Forbes said adding it is the world's most expensive home “far and away” with construction costs reported between a range of $1billion to 2 billion. Putting Antilia’s scale and cost into perspective, Forbes compared it to “7 World Trade Centre”, a 52-storey tower that stands near Ground Zero in Manhattan with 1.7 million square feet of office space that was reportedly built for $2 billion. Mittal’s houses in London’s Kensington Palace Gardens occupy the 5th and the 18th spot on the list of the 21 most expensive billionaire homes in the world.
— PTI Luxury at its best
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