CCEA nod for Artificial Limbs Manufacturing Corp financial restructuring

The government had given interest bearing loans totalling Rs21.82 crore to the company from 1977-78 to 2001-02, for meeting its working capital requirements


The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved conversion of the interest of Rs52.14 crore, including penal interest, on a loan of Rs21.82 crore made earlier to the Artificial Limbs Manufacturing Corporation of India (ALIMCO) into equity.
"The increase in capital base support will strengthen the financial position of the corporation to fulfill the objectives for which it was established," a CCEA communique said of ALIMCO, which was set up in 1972 as a non-profit organisation.
"It will ensure availability of increased working capital required for enhanced targeted business and also enable the corporation to seek loans from financial institutions/banks on favorable terms," the CCEA said.
The government had given interest bearing loans totalling Rs.21.82 crore to the company from 1977-78 to 2001-02, for meeting its working capital requirements.
According to the ministry of social justice and empowerment, though ALIMCO has fully repaid the loan amount to the government, interest was not paid and continued to be shown as accrued.


Nifty, Sensex, Bank Nifty to move sideways: Wednesday Closing Report
head higher. A decline below 8,300 could be bearish
We had mentioned in Tuesday’s stock market report that while the trend is up, there is a chance of a decline after eight consecutive days of rally. As expected, there were small percentage losses on Wednesday in the S&P BSE Sensex and NSE’s CNX Nifty. Bank Nifty managed to stay in the green. The general trend is still upward both in India and abroad.
Indian Finance Minister Arun Jaitley has said the government is targeting to weed out the root causes of this menace and a one-time compliance window will be announced in the next few days for those with undeclared assets abroad to come clean. While a new law will come into effect from 1 April 2016, to tackle the black money menace, the government is in the process to put in place a compliance window for those with undeclared assets abroad to come clean by paying the penalty.
The Income tax department has notified a new, more simplified, set of tax return (ITR) forms for taxpayers for assessment year 2015-16. The new form has done away with intrusive details such as the number of foreign trips and bank account balances that assessees were expected to furnish earlier. Taxpayers will need to disclose passport numbers in place of travel details.
Adani Group has halted engineering work related to Australia’s largest proposed mine, raising speculation that it could abandon the contentious $16.5 billion project altogether. Adani Power shares closed Wednesday marginally up 0.17% at Rs29.75.
Persistent Systems fell 12.61% to Rs629.45 at 1:52pm on BSE after the company warned that its Q1 June 2015 earnings are likely to be muted. The announcement was made after market hours Tuesday. This is in line with the overall weakness in the performance in the IT sector. Persistent closed 12% down at Rs633 on NSE.
L&T Hydrocarbon Engineering (LTHE), a subsidiary of engineering conglomerate Larsen & Toubro (L&T), on Wednesday said it has won a Rs2,715 crore offshore contract from state-run hydrocarbons explorer ONGC. "The project, part of ONGC's strategy to enhance the field life and increase the recovery of Bassein field, is scheduled to be completed by December 2017," LTHE said in a regulatory filing.  L&T closed Wednesday marginally down 0.99% at Rs1,749.10 on NSE.
Manpasand Beverages made its debut on the securities market on Wednesday with an initial public offering (IPO) of fresh issue of 1.25 crore shares in the price band of Rs290-320. The company aims to raise around Rs400 crore through this public offer. The issue will close on 26 June 2015.
Among the Sensex 30-stocks, BHEL closed at Rs253.95, up 4.06% and Hindalco closed at Rs117.15, down 3.70%, representing the top gainer and top loser, respectively.
Among BSE-100 stocks, BHEL was the top gainer and JP Associates was the top loser, which closed at Rs11.75, down 6.00%.
Among Nifty 50-stocks, BHEL was the top gainer, which closed at Rs253.00, up 9.20% and
Hindalco was the top loser, which closed at Rs116.95, down 4.65%.
Among sectoral indices on the BSE, S&P BSE Healthcare closed at 16,376.07, up 0.71%. S&P BSE Metal closed at 9,350.99, down 1.57%. S&P BSE Information Technology closed at 10,679.72, down 0.32%.
Among US indices, NASDAQ Composite closed at 5,160.09, up 0.12% and Dow Jones closed at 18,144.07, up 0.13%.
In Asian indices, Nikkei closed at 20,868.03, up 0.28% and Hang Seng closed at 27,404.97, up 0.26%.
Among European indices, DAX was at 11,445.33, up 0.77% and FTSE 100 was at 6,857.78, up 0.34%.  Athex Composite Share Price Index was at 769.26, down 3.24%.


Six new IIMs to come up across India

The new IIMs would come up at Vishakhapatnam (Andhra Pradesh), Bodh Gaya (Bihar), Sirmaur (Himachal Pradesh), Nagpur (Maharashtra), Sambalpur (Odisha) and Amritsar (Punjab)


The union cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved the proposal to set up six new Indian Institutes of Management (IIMs) across the country.
The new IIMs would come up at Vishakhapatnam (Andhra Pradesh), Bodh Gaya (Bihar), Sirmaur (Himachal Pradesh), Nagpur (Maharashtra), Sambalpur (Odisha) and Amritsar (Punjab).
"These new IIMs will begin functioning from assigned temporary campuses and shift to their permanent sites after construction of their campuses is completed," IT and Communications Minister Ravi Shankar Prasad told the media after the cabinet meeting.
He said it was intended that the six new management institutes will commence their first academic session from 2015-16.
Each institute will start with an intake of 140 students in the Post Graduate Programme (PGP) courses, Prasad said, adding that the annual intake will increase to reach a level of 560 students each year by the end of seven years.
Admission to the post-graduate programme in management, which would be the flagship programme of these institutions, will be through the Common Admission Test (CAT) being conducted by the IIMs.
Finance Minister Arun Jaitley in his 2015-15 budget speech made a commitment to establish five new IIMs in Bihar, Himachal Pradesh, Maharashtra, Odisha and Punjab.
In addition, the reorganisation of the state of Andhra Pradesh into the two states of Andhra Pradesh and Telangana has necessitated the setting up of an IIM in Andhra Pradesh.



ramchandran vishwanathan

2 years ago

I wish the Government focusses on basic Primary education & incorporates changes there making it more relevant to our times.

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