Regulations
Lok Sabha passes bill to amend mines and minerals act
New Delhi : The Lok Sabha on Wednesday passed a bill to amend the mines and minerals act to allow transfer of captive mining leases not granted through auction.
 
Transfer of captive mining leases, not granted through auction, would allow mergers and acquisitions of companies and facilitate ease of doing business for companies to improve profitability, Mines and Steel Minister Narendra Singh Tomar said moving the Mines and Minerals (Development and Regulation) Amendment Bill, 2016 for passage.
 
He said the government had got representations to allow transfer of captive mining leases not granted through auction.
 
The transfer provisions will also facilitate banks and financial institutions to liquidate stressed assets where a company or its captive mining lease is mortgaged, he added.
 
The cabinet had last week given its approval to the amendment.
 
The mines ministry had sought views from the public, states and industry on suitably amending the MMDR Act.
 
The MMDR Act, passed by parliament last year, only allows transfer of mining leases in cases where the mine has been acquired through auction.
 
Tomar informed the Lok Sabha that within a year of the Act, 43 mines had been notified for auction, while another 42 would be notified for auctions in the second phase.
 
Reiterating that it would be the states only who would be responsible for transfer of mining leases, he said: "Till now 6 mines have been auctioned in three states, for which they have received royalty payment of Rs.18,146 crore."
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Railways to set up consultative committees to improve efficiency, quality
New Delhi : In a bid to improve efficiency and quality of rail services, railway users' consultative committees would be set up at various levels so that users get frequent opportunities to consult with railway administration, parliament was told on Wednesday.
 
The constitution of railway users consultative committee is provisioned with a view to securing better representation of railway users and for affording frequent opportunities for consultation between railway administrations and users for the purpose of improving the efficiency and quality of rail services, Minister of State for Railways Manoj Sinha told Lok Sabha in a written reply.
 
He said that there would be a national railway users' consultative council at the ministry level, zonal committee at the headquarters of each railway along with divisional committees at the divisional levels.
 
There is provision of suburban railway users' consultative committees on the central, western, southern, eastern and south eastern railways and station committees at selected important stations, he added. 
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Nifty, Sensex continue to look weak – Wednesday closing report
Nifty has to close above 7,550 to regain its uptrend
 
We had mentioned in Tuesday’s closing report that Nifty, Sensex were looking weak and that Nifty would have to stay above 7,400 for the uptrend to continue. Key Indian equity indices were trading in the red during the afternoon session on Wednesday ahead of another crucial meeting of the US Federal Reserve later in the evening. Later in the day, buying resumed and the indices improved to close in the green. The trends of the major indices during Wednesday’s trading are given in the table below:
 
 
During the bear-phase of Wednesday’s trading, sector-wise, the S&P BSE consumer durables index tanked by 3.94%, metal index fell by 1.52%, auto index dropped by 1.27% and basic materials index went down by 1.16%. Consumer durable stocks were among the worst hit. The BSE consumer durable index slumped 3.65%; Rajesh Exports was the top loser from this space, down 10% to Rs583.20. PC Jewellers, Whirlpool, Titan, Hitachi Homes and Symphony were also among the losers, down 0.5-5.3% each. Hindalco, Asian Paints, Vedanta, Bajaj Auto, Cairn India and Sun Pharma were among the losers in the earlier part of the day. 
 
Losses in the stock markets were capped on the back of gains in index heavyweights ITC, Infosys and Maruti Suzuki. Banks and realty stocks continued to go up and the Bank Nifty closed 0.88% higher than Tuesday’s close. On the sectoral front, banking, FMCG and IT stocks witnessed buying, while auto, metal and oil & gas stocks witnessed selling pressure.
 
Rising demand for the last mile connectivity in emerging markets of Africa and south-east Asia fuelled India's three-wheeler (3W) exports growth, according to a report released by ICRA. India's three-wheeler exports grew at a compound annual growth rate (CAGR) of 20% over the past decade with export sales of over 4.1 lakh units in 2014-15, Investment Information and Credit Rating Agency report said. In respect to growing trend of three-wheeler exports, the report attributes strong demand from international markets on back of rising demand for last-mile connectivity owing to lack of well-developed public transport system in emerging markets in Africa and south-east Asia. "As per industry estimates, while countries such as Sri Lanka, Bangladesh followed by Middle East and Africa account for majority (90%) of exports from India," the study said. Indian original equipment manufacturers have also ventured into the relatively developed markets in the Asean and Latin American region over the past few years. India also positioned itself as the largest manufacturer for three-wheelers globally. Over the past decade from fiscal year 2006-15, the Indian three-wheeler industry witnessed a CAGR of 8.9% in unit sales driven by steadily rising exports as well as domestic demand, it said. Bajaj Auto shares closed at Rs2,244 up 0.70% on the BSE.
 
US stocks closed mixed as investors digested the newly-released economic data while awaiting Wednesday's US Federal Reserve policy announcement. The Dow Jones Industrial Average rose 22.40 points, or 0.13%, to 17,251.53 on Tuesday. The S&P 500 fell 3.71 points, or 0.18%, to 2,015.93. The Nasdaq Composite Index lost 21.61 points, or 0.45%, to 4,728.67. The Fed started its highly-anticipated policy meeting on Tuesday and is due to hold a press conference on Wednesday. Most analysts believed the US central bank would not raise its interest rates at this meeting.
 
Oil prices dropped as the market expected that global supply exceeded the demand. The West Texas Intermediate for April delivery on Tuesday moved down 84 cents to settle at $36.34 a barrel on the New York Mercantile Exchange, while Brent crude for May delivery decreased 79 cents to close at $38.74 dollars a barrel on the London ICE Futures Exchange, Xinhua news agency reported. Hopes faded that major crude producers would freeze output levels to ease a global glut as Iran reportedly said Monday that it intended to ramp its production level back up to the 4 million barrels a day.
 
The top gainers and top losers of the major indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 

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