Shares of Infosys extended losing momentum on Tuesday and fell over 1 per cent, hitting fresh 52-week low, on the Bombay stock Exchange as some of rating agencies downgraded stock following chief executive officer Vishal Sikka’s shocking exit.
Extending previous session losses, shares of the company declined as much as 1.37 per cent to hit 52-week low of Rs 861.50 apiece on the Bombay Stock Exchange. The stocks were currently trading at Rs 871.55 against previous close price of Rs 873.50.
Paring early losses, shares of the company were trading 0.22 per cent higher at Rs 875.30 apiece on the National Stock Exchange.
Meanwhile, the broader benchmark BSE Sensex was trading at 31,359.04, up 100.19 points, or 0.32 per cent, at 12:05 hours.
As per reports, the survey of over 3.6 lakh people across the country found that two Telugu speaking states of Andhra Pradesh and Telangana have the highest awareness on the GST with over 64 per cent of population knowing about it.
According to the survey, people in Tamil Nadu had the lowest awareness level.
Commenting on the issue, Way2Online said, “Following an extensive research, the report concludes that less than half the population of India; 45 per cent to be precise, is aware of the new tax system. The remaining 55 per cent is unaware of what GST is.”
As per reports, Way2Online, a local language short news application, conducted this survey between June 26-30 with over 3,60,000 participants across the country.
The new tax regime, which became effective from July 1, aims to put an end to number of indirect taxes levied on goods and services and stop duplication of taxes over a product.
Automaker Tata Motors said that it has reduced prices of its passenger vehicles by up to Rs 2.17 lakh, making available the GST benefit to its customers.
“Following the rollout of GST, we have decided to pass on the entire benefit to our customers. We are offering a price reduction of up to 12 per cent ranging between Rs 3,300 and Rs 2,17,000, depending on the model and variant,” Tata Motors President, Passenger Vehicles Business Unit, Mayank Pareek said in a filing to the Bombay Stock Exchange.
The company “whole-heartedly” welcomes the initiative by the Union government for introducing GST and bringing in a uniform tax across the country, he added.
“This will enhance the ease of doing business and usher in a new era for the economy in general and especially, for the automotive industry,” Pareek said.
Meanwhile, shares of the company were trading at Rs 431.70 apiece, up 0.95 per cent from the previous close at 12:10 hours on BSE.
In a filing to the Bombay Stock Exchange, the company said, “Godrej Properties adds a new residential project in Gurgaon.”
This project will offer approximately 98,000 square meters (approximately 1.05 million square feet) of saleable area and will be developed as a modern group housing development, it added.
The company further said that, the project is located just 5 kms from NH 8 and is easily accessible via a network of main sector roads.
Commenting on the development, Godrej Properties, Executive Chairman, Pirojsha Godrej said, “This fits with our strategy of building our presence in the country’s leading real estate markets. We look forward to delivering an outstanding project.”
Meanwhile, shares of the company closed at Rs 523.35 apiece, up 0.74 per cent, from previous close on BSE.
“The construction arm of L&T has won orders worth Rs 2,552 crore across its various business segments,” the company said in a filing to the Bombay Stock Exchange on June 27, 2017.
It’s transportation infrastructure business and water effluent treatment business segments jointly bagged Rs 1,223 crore EPC order from Aurangabad Industrial Township Ltd (AITL) for construction of roads, drains, bridges, potable water network, sewage and common effluent treatment plants, sewerage and recycled water network, firefighting system and power distribution system including GIS substation, in the Bidkin industrial area of Aurangabad, the company said in a statement.
Besides, the company’s water effluent treatment business has also received another EPC order worth Rs 1,329 crore from Mumbai Metropolitan Region Development Authority for implementation of Surya Regional Bulk Water Supply Scheme for western sub region of Mumbai, it added.
The scope of work includes construction of intake structures, a 419 MLD water treatment plant, a clear water pump-house along with associated electro mechanical & instrumentation works, pipeline network, tunnels and storage structures at Mira Bhayandar & Vasai Virar, it said.
Meanwhile, shares of the company were trading at Rs 1,699.15 apiece, down 1.39 per cent, from previous close on BSE at 12:32 hours.
“A meeting of the board of directors of the company will be held on June 28, 2017 to consider the proposal to buyback the fully paid-up equity shares of the company,” said Mindtree in a filing to the Bombay Stock Exchange.
Further, pursuant to company’s code for prevention of insider trading, the trading window of the company will be closed from June 26, 2017 to June 30, 2017 (both the days inclusive) for the designated Persons and others, it informed the exchange.
Meanwhile, shares of company closed day’s trade at Rs 520.35 apiece, up 0.21 per cent, on the BSE.
In a filing to the Bombay Stock Exchange, CG Power and Industrial Solutions said, “The company has accepted a binding offer of WEG S.A for acquisition of the company’s power business in USA comprised in the company’s step down overseas subsidiary, CG Power USA Inc. (PSUS), at an enterprise value of USD 37 million.”
“In this regard CG Power Systems Belgium N.V., the company’s step down overseas subsidiary has executed a Stock Purchase Agreement (SPA) on June 20, 2017 with WEG Electric Corp for sale of its 100 per cent stake in PSUS, comprising exclusively of the company’s power business at closing,” it added.
Further, the SPA is expected to close by July 31, 2017 upon which CG Power USA Inc. will cease to be an overseas subsidiary of the company, it said.
The copany further added that, the move is part of the company’s stated strategy of debt reduction and on focusing on its core operations and core market in India. Meanwhile, shares of the company were trading at Rs 85.10 apiece, up 0.35 per cent, from previous close on BSE at 12:22 hours.
Out of 214 companies, 183 of them are already listed and have raised Rs 1,440 crore from the market. Currently, these firms have a market capitalisation of Rs 18,832 crore.
Of these 183 firms listed on BSE SME platform, 29 have migrated to BSE main board. Asia’s oldest bourse is the leader in this segment with more that 80 per cent market share.
Moreover, a total of 26 SMEs are expected to launch their initial public offerings soon.
BSE had launched its SME platform in March 2012 and since then, several companies have got listed on them and some have even shifted to the main board.
The platform provides opportunity to SME entrepreneurs to raise equity capital for growth and expansion. It also provides immense opportunity for investors to identify and invest in good SMEs at an early stage.
“BSE’s SME has become the first SME platform in India where 214 companies have filed their prospectus for getting listed,” the exchange said in a statement issued today.
Indian SME sector has emerged as a highly vibrant and dynamic sector of the economy over the past few years. SMEs not only play crucial role in providing large employment opportunities at comparatively lower capital cost than large industries but also help in industrialisation of rural areas.
Shares of Adani Ports and Special Economic Zone Limited (APSEZ) soared nearly 3 per cent on the Bombay stock Exchange after Moody’s Investors Service revised the company’s Baa3 issuer and senior unsecured rating to stable from negative the outlook.
Boosted by the development, shares of the company gained as much as 2.95 per cent to hit intra-day high of Rs 373.35 apiece on the Bombay Stock Exchange. The scrip was currently trading at Rs 371.35 against previous close price of Rs 362.65.
In a similar fashion, stocks of company were trading 2.44 per cent higher at Rs 372.00 apiece on the National Stock Exchange.
Meanwhile, the broader benchmark BSE Sensex was trading at 31,205.00, up 148 points or 0.48 per cent, at 13:15 hours.
State-owned fuel retailer Hindustan Petroleum has received environment clearance for expansion of Ramanmandi Bahadurgarh Petroleum Products Pipeline (RBPL), whose project cost is Rs 230 crore.
Hindustan Petroleum Corp Ltd (HPCL) operates a 243 km long cross-country pipeline RBPL for transportation of various petroleum products. Its existing capacity is 4.71 million tonnes per annum and the company has proposed to enhance up to 8 million tonnes per annum for transportation of additional petroleum products.
This pipeline is catering to the demand of Bahadurgarh and other northern areas via Bathinda-based Guru Gobind Singh Refinery in Punjab.
“A proposal by HPCL to increase the existing capacity of Ramanmandi Bahadurgarh Petroleum Products Pipeline (RBPL) has been approved by the environment ministry. The environment clearance certificate has been issued to the company,” a senior government official said.
The expansion project, which is estimated to cost Rs 230 crore, has been approved based on the recommendations of an expert panel. The approval has been given with some riders, the official said.
The Ramanmandi Bahadurgarh pipeline project was commissioned during November 2012. The pipeline passes through eight districts and 85 villages in Punjab and Haryana.
HPCL has informed the environment ministry that the proposed expansion will reduce the dependency of transporting petroleum products through road trucks and rail wagons and result in considerable reduction in road/rail traffic congestion and environmental pollution.
HPCL owns two refineries with wide network of distribution and marketing infrastructure throughout the country. It owns two refineries at Mumbai and Visakhapatnam and operates several cross-country petroleum products pipelines.
Besides Ramanmandi-Bahadurgarh Pipeline, the company is operating a 1,052 km long Mundra (Gujarat)-Delhi pipeline, 572 km long Visakha-Vijaywada-Secunderabad pipeline and a 505 km Mumbai-Pune-Solapur pipeline among others.