Regulations
SEBI nod for L&T Infotech's IPO

The company will be issuing 1,75,00,000 shares of Re.1 each under the book building route

 

Larsen & Toubro Infotech Ltd, a subsidiary of engineering company Larsen & Toubro Ltd, has got market regulator SEBI's nod for its initial public offer (IPO), said an company official.
 
"This is to confirm that we have received SEBI clearance for the L&T Infotech IPO. We will not comment on the size or date of the issue," the official told IANS. 
 
The company will be issuing 1,75,00,000 shares of Re.1 each under the book building route.
 
Parent company L&T that holds 100 percent equity will be selling its shares.
 
 
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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VW faces penalties as US sues for environmental violations

Volkswagen could face penalties exceeding $90 billion, or as much as $37,500 per vehicle per violation of the law, Xinhua cited a senior Justice Department official as saying on Monday

 

German car maker Volkswagen may face billions of penalties as the US Justice Department filed a civil lawsuit against it for violating the Clean Air Act by installing illegal devices to impair emission control systems in nearly 600,000 diesel cars.
 
Volkswagen could face penalties exceeding $90 billion, or as much as $37,500 per vehicle per violation of the law, Xinhua cited a senior Justice Department official as saying on Monday.
 
On behalf of the Environmental Protection Agency (EPA), the Department of Justice, filed the civil complaint on Monday in the federal court in Detroit, Michigan, against VW group, along with its Audi and Porsche units.
 
The complaint alleged that nearly 600,000 diesel engine vehicles sold by Volkswagen in the US market had illegal defeat devices installed that impair their emission control systems and cause emissions to exceed EPA's standards, resulting in harmful air pollution.
 
"With today's (Monday) filing, we take an important step to protect public health by seeking to hold Volkswagen accountable for any unlawful air pollution, setting us on a path to resolution," said Assistant Administrator Cynthia Giles for EPA's Office of Enforcement and Compliance Assurance.
 
The illegal devices installed by Volkswagen can detect whether the vehicle is being tested in a lab or running on the road.
 
During test process the device will activate a car's emission control system to pass the US emission test, but during normal daily driving it will not, which caused the car's real emission much higher than the US standard.
 
"The US will pursue all appropriate remedies against Volkswagen to redress the violations of our nation's clean air laws alleged in the complaint," said Assistant Attorney General John C. Cruden for the Justice Department's Environment and Natural Resources Division.
 
A civil complaint does not preclude the government from seeking other legal remedies, said the US Justice Department.
 
Volkswagen promised in a statement that it would continue to work cooperatively with the EPA on developing remedies to bring the TDI vehicles into full compliance with regulations as soon as possible.
 
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 headed lower – Monday closing report
Today could be the start of a several days of decline
 
We had mentioned in Thursday’s closing report that Nifty, Sensex is in no man’s land as we enter 2016 and that Nifty has to stay above 7,850 for the uptrend to continue. The market suffered a sharp correction in Monday’s trading and the major indices of the Indian stock markets fell by more than 2% and upto 2.58%. There were negative global cues especially from China and the bears were in command. The trends of the major indices in Monday’s trading are given in the table below:
 
European shares fell on Monday on the first trading day of 2016 after weak Chinese data rekindled global growth worries, while oil prices jumped and bond yields dropped on rising tensions in the Middle East, reports Reuters. Chinese manufacturing surveys showed that any hopes for a recovery in the sector were premature. Adding to the worries, China's central bank fixed the yuan at a 4-1/2 year low. Chinese shares fell sharply, prompting the stock exchange to halt trading. European stocks followed Asia's lead. Germany's DAX dropped 3.4%.
 
Investors are wondering how much further the U.S. Federal Reserve will raise rates this year after its first rate hike in almost a decade last month. An immediate focus will be on Monday's ISM survey on U.S. manufacturing, which is expected to show the sector is still in contraction after hitting a 6-1/2-year low in November 2015.
 
The decline in China in particular is generally being attributed to downbeat market sentiment stemming from weaker than expected manufacturing activity in December 2015 and a steep fall in the yuan exchange rate on the day. The Caixin General China Manufacturing Purchasing Managers' Index (PMI) edged down to 48.2 in December 2015 from 48.6 in November 2015. The reading is the 10th month in a row below the 50-point level which demarcates contraction and expansion. The market is also worried about the forthcoming annulment of a rule which restricts shareholders with holdings of more than five percent in a company in selling shares. The rule came into force in July to prevent free falls in the markets and expires on Friday, raising the possibility of a substantial sell-off. In addition, about 9.27 billion lock-up shares in 34 companies, worth around 95 billion yuan, will become tradable this week.
 
With negative cues from abroad, the market analysts’ assessment of the fall in Indian stock markets may be summarised as: “With the Chinese markets crashing -- coupled with disappointing macro-economic data and profit-booking, the Indian equity markets plunged on Monday.”
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 below:
 

 

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