Citizens' Issues
State operated buses might run on batteries: Gadkari
Aimed at cutting the huge crude oil import bill, the government is mulling converting diesel guzzling state-run buses across the country into battery-operated vehicles, union Road Transport Minister Nitin Gadkari said here on Tuesday.
 
Addressing the 115th Annual General Meeting of the Bharat Chamber of Commerce here, he also said the central government was targeting two percent contribution by the roads and highways sector to the national GDP growth and creating about 50 lakh jobs, within the next two years.
 
"Currently, ten lithium ion battery-operated buses are being built in Pune and on a pilot basis they will be operated for three-four months.
 
"If the pilot project is successful, the entire fleet of 1,50,000 state run buses which now run on diesel will be converted into battery operated. Besides being pollution free, this will also help in reducing the huge Rs.8 lakh crore that we spend on crude import," said Gadkari.
 
The minister said there have been "positive" talks with German development bank KfW on providing loan for the project of converting the entire fleet of state-run buses.
 
He informed that the lithium ion batteries that cost around Rs.55 lakh in the west, have now been developed by the ISRO in collaboration with Automative Research Association of India at around Rs.5 lakh.
 
"Our target is to ensure that the sector contributes at least two percent to the GDP growth and create about 50 lakh jobs, in the next few years," said Gadkari, claiming that under the BJP led government, road infrastructure was making rapid progress.
 
Lamenting "years of neglect" towards agriculture, he batted for bio fuels including ethanol and said the use of the non-conventional fuel will help in changing crop patterns that will boost agriculture.
 
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.

User

Nifty, Sensex still on course to head higher – Tuesday closing report
Nifty has to remain above 7,800 for the uptrend to continue
 
We had mentioned in Monday’s closing report that Nifty, Sensex still on an uptrend and that Nifty has to stay above 7,800 for the uptrend to continue. The Indian stock markets traded in a narrow range with a positive bias on Tuesday as investors looked for further cues, especially from parliament on key reforms. The major indices closed with small gains/ losses on Tuesday. The trends of the major indices in the course of the day’s trading are mentioned in the table below:
 
Lack of major triggers coupled with uncertainty over the upcoming US rate hike subdued the Indian equity markets as the major indices traded flat on Tuesday. Initially, both the bellwether indices of the Indian equity markets opened on a positive note following Monday's late night reforms initiated by the finance ministry along with market regulator and the Reserve Bank of India (RBI). Even a modest growth in the gross domestic product (GDP) for the second quarter, which showed a gradual recovery in the country's economy, cheered the markets. However, the gains were capped after a slowdown in demand was indicated by a lacklustre eight core industries (ECI) and purchasing manager’s index (PMI) data. Nevertheless, investors kept an optimistic outlook with the RBI announcing that it will maintain an accommodative stand on future rate cuts and that the economy is eventually limping towards a marked recovery.
 
Investors are hopeful that the European Central Bank (ECB) will announce a stimulus package during its next monetary policy meet slated for December 3, after latest data showed that Germany's GDP growth has slowed.
 
The Indian central bank on Tuesday kept its short-term lending and borrowing rates unchanged, in line with expectations, balancing its policy action between a comforting, 7.4% economic growth for the second quarter of this fiscal and a creeping inflation. In its fifth bi-monthly monetary policy review of the current fiscal conducted by Reserve Bank of India Governor Raghuram Rajan here, the repurchase rate at which short-term credit is extended to commercial banks was left unchanged at 6.75%. Accordingly, the reverse repurchase rate, or the interest paid by the central bank for short-term borrowings, also stood frozen at 5.75%. The statutory liquidity ratio and cash reserve ratio that banks have to keep in liquid assets and government securities also remained intact. The Reserve Bank of India also kept its overall growth projection for 2015-16 at 7.4% and said the inflation target of 6% in January next year as set out in the previous policy update also was within reach, albeit with a slight downside risk.
 
Rajan, who expressed concern over farm growth and retail inflation, remained neutral on services sector and saw some ray of hope with a pick-up in factory output growth, said: "We're seeing an economy that is well and truly in recovery, but with areas of concern." The governor also sought once again to nudge the commercial banks to cut interest rates.
 
Leading passenger automobile manufacturer Maruti Suzuki on Tuesday reported a 9.7% rise in its sales for last month. The company sold 120,824 units during the month under review from an off-take of 110,147 units in the corresponding month of 2014. The automobile manufacturer's sales during October rose by 29.1% year-on-year to 134,209 units. Domestic sales during the month under review increased by 10.6% at 110,599 units from 100,024 units sold during November 2014. Exports went up by one percent in the month under review with 10,225 units being shipped out -- up from 10,123 units sold abroad during the corresponding month of 2014. The sales of passenger car segment surged 8.7% to 89,479 units sold during last month - from 82,306 units in the like period of 2014. The company's passenger car segment comprises of brands like Alto, WagonR, Swift, Ritz, Celerio, Baleno, Dzire, Dzire Tour, SX4 and Ciaz. The off-take of utility vehicles which comprises of brands like Gypsy, Ertiga and S-Cross rose by 57.5% at 8,688 units from sales of 5,515 units during November 2014. The sales in the van segment (which includes Omni and Eeco) increased by 1.9% at 12,432 units from an off-take of 12,203 units in the corresponding month of previous year. Maruti Suzuki shares closed at Rs4,552.85, down 0.52% on Tuesday on the BSE.
 
According to data released on Monday, the Indian economy grew 7.4% in the second quarter ended September, showing some improvement over the 7% expansion in the quarter before but a notch lower than the 8.4% in the same quarter of the last fiscal. The government welcomed the figures, saying they held out hope for achieving 7.5% GDP growth this fiscal. As per official data on gross domestic product (GDP) released by the Central Statistics Office (CSO) under the statistics and programme implementation ministry, the growth of 7.4% was led mainly by expansion in commercial and financial services and manufacturing output. GDP, which is the aggregate market value of all the goods and services produced in the country, had expanded by 8.4% in the corresponding quarter of last fiscal.
The top gainers and top losers of the indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 

User

SEBI allows listing of stock exchanges, depositories
SEBI cleared the decks for IPOs of stock exchanges and depository firms by providing clarity on the listing framework
 
Market regulator Securities and Exchange Board of India has allowed listing of stock exchanges (SE) and depositories. SEBI Board, in its meeting, while allowing stock exchanges to list, said the SE will have to maintain 51% public shareholding while ownership of trading members, associates and agents in the entity do not exceed 49%.
 
"The Board took note of representations received for listing of stock exchanges and considered the proposal to facilitate the same by placing certain safeguards and procedures with respect to shareholding norms, fit and proper criteria, and other issues of conflict of interest; thereby ensuring compliance with the ownership and governance norms as provided in Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012," SEBI said in a release issued after the Board meeting. 
 
Stock exchanges wishing to list would have to ensure that every shareholder meets the 'fit and proper' criteria and shareholders are required to make a declaration to this effect, SEBI said.
 
“Stock exchanges shall be classified as ‘infrastructure company’ under SEBI (ICDR) Regulations, 2009. In order to effectively implement the provisions of listing of its associates on listed stock exchanges, the definition of associates is being appropriately amended,” the market regulator said.
 
SEBI has also proposed new norms for issuance and listing of green bonds. The Board also relaxed norms for delisting of small companies. 
 
As per Companies Act, 2013, shareholders should get an exit option upon any change in original objectives of the public offer. Considering this provision, SEBI has asked listed companies to give exit options to dissenting shareholders upon any change in original public offer objectives. The market regulator said it will put in place a suitable regulatory framework for this.
 
Here the proposed measures by SEBI Board for listing of SEs…
 
i. Towards maintaining of 51% of shareholding of Public Category and ensuring that holding of trading members/ associates/ agents does not exceed 49%,  a mechanism be put in place providing for approval of the listed stock exchange as and when holding of trading members/associates/agents  reaches a limit of 45%.
 
ii. Towards ensuring compliance that every shareholder be Fit & Proper, each applicant shall be required to make declaration to this effect at the time of making application during IPO/OFS. SEBI will also issue necessary procedures to ensure compliance of the provisions post listing. 
 
iii. The shareholding threshold of 2%, 5% or 15% as the case may be, shall be monitored through Depository mechanism.  
 
iv. In order to effectively implement the provisions of listing of its associates on listed stock exchanges, the definition of associates is being appropriately amended.
 
v. Stock Exchanges shall be classified as infrastructure Company under SEBI (ICDR) Regulations, 2009.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)