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Unable to legislate in the Rajya Sabha due to insufficient numbers, the Modi government has passed an ordinance to pass another important reform
The Cabinet approved an ordinance to amend the land acquisition act here on Monday, the Finance Minister Arun Jaitley told reporters at a briefing. The ordinance is aimed at easing the rules for land acquisition and auctioning minerals.
The land acquisition laws were blamed by industry for being the main impediment in progress on projects worth about $300 billion or nearly Rs20 lakh crore.
Reports suggested that the push had come from states to simplify the law so that stuck projects could be cleared. As per the changes after the ordinance, the compensation to be given to the farmers remains the same. However, the consent requirements will become more relaxed.
“There is a need to strike a balance between farmers' interests and industrial development,” the Finance Minister said. He also said that, “The changes in Land Acquisition Act have been done after extensive consultations with states.”
The current government has already used the ordinance route thrice in its 6 month term, the route is reserved for extreme cases where a law is unable to be passed for the time being.
The previous ordinances dealt with the increase in foreign investment limit in insurance and the commercial mining of coal.
A close below 8,215 will increase the chances of a decline
In Friday’s closing report we had mentioned that the S&P CNX Nifty will come out of its downtrend at least temporarily if it closes above 8,213 on Monday. Today the index opened two points above this level and moved higher.
The S&P BSE Sensex opened with a gap at 27,266 while Nifty opened at 8,215. The benchmarks went to hit a high at 27,507 and 8,279 respectively. Sensex closed at 27,396 (up 154 points or 0.57%), while Nifty closed at 8,247 (up 46 points or 0.56%).
NSE recorded a volume of 60.78 crore shares. India VIX fell 0.43% to close at 14.5825.
Finance Minister Arun Jaitley on Monday said manufacturing continued to be a concern, despite reforms initiated by the government. The conditions would not drastically change till radical steps are taken, he said.
Inflows of foreign direct investment into India rose by about 25% to $17.35 billion in the April-October period of the current fiscal, Commerce and Industry Minister Nirmala Sitharaman said today.
Aban Offshore (17.43%) was the top gainer in ‘A’ group on the BSE. Credit Analysis and Research Ratings revised credit rating of bank facilities by 3 notches to BB- from D.
Revision takes into account improvement in capital structure consequent to mobilisation of fresh equity during FY14 (refers to the period April 1 to March 31) and H1FY15, improvement in the financial performance during FY14 and H1FY15 and completion of refinancing of debt at the group level.
Essar Oil (2.16%) was among the top six losers in ‘A’ group on the BSE. It recently said that it will convert over USD 1 billion worth of rupee loan into dollar debt by March to reduce its cost of borrowings and will acquire group firm, Vadinar Power Company, for Rs 2,100 crore.
Sesa Sterlite (3.81%) was the top gainer in the Sensex 30 pack. Kotak Institutional Equities upgraded the stock to 'buy' from 'reduce' as the stock now offers favourable risk-reward for investors.
Bharti Airtel (0.80%) was the top loser among Sensex 30 stocks. It informed BSE that in view of the news reports that a consultation paper will be issued shortly by TRAI on issues relating to services offered by OTT players including VoIP, it has decided not to implement the proposed launch of VoIP packs.
On Friday US indices closed in the green.
Asian indices showed mixed performance. Hang Seng (1.82%) was the top gainer while Seoul Composite (1.04%) was the top loser.
According to reports, China has cut its target for the growth of external trade to 6% for 2015, compared with a 7.5% target this year. That is considerably slower than the official growth rate of the entire economy, which expanded 7.4% from a year earlier in the first three quarters, reports added.
Japan's Cabinet approved 3.5 trillion yen ($29 billion) in fresh stimulus on Saturday, 27 December 2014 for the ailing economy, pledging to get growth back on track and restore the country's precarious public finances.
European indices were mostly in the red while US Futures were trading in the red.
The Greek government failed to elect a new president, increasing the chances of early parliamentary elections in the country. Prime Minister Antonis Samaras' preferred candidate failed to gain the 180 votes needed to win the election.