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NCLT admits insolvency plea against infra firm Ahluwalia Contracts

update 08 May 10:24 AM

Interior designing firm A2 Interiors Products had approached the Delhi-bench of the NCLT claiming that Ahluwalia Contracts, a company behind landmark structures including Hotel ITC hotel in Bengaluru, Leela Hotel in Delhi and the Ranchi airport terminal, failed to clear its dues.

Oil Ministry's Plan for ONGC, ITC Ties Up with Linde India, and Buzzing Stocks Today

update 27 Apr 03:00 AM

Posted by Equitymaster Indian share markets ended higher yesterday. At the closing bell yesterday, the BSE Sensex stood higher by 508 points (up 1.1%). Meanwhile, the NSE Nifty closed higher by 144 points (up 1%). Axis Bank and ICICI Bank were among the top gainers. Cipla and Britannia, on the other hand, were the top losers. The BSE Mid Cap index and BSE Small Cap index ended higher by 0.6% and 0.9%, respectively. Sectoral indices ended on a positive note with stocks in the realty sector, metal sector and banking sector witnessing most of the buying interest. Healthcare sector stocks, on the other hand, witnessed selling pressure. Shares of SAIL and Rain Industries hit their 52-week highs. Gold prices for the latest contract on MCX were trading down by 0.2% at Rs 47,420 per 10 grams at the time of closing stock market hours yesterday. --- Advertisement --- Equitymaster's 25th Anniversary Special Invite As we celebrate the 25th Anniversary milestone, we're giving away premiums worth Rs 13,950 - FREE... Many of our readers have already acted on the 25th Anniversary Special invite and claimed our FREE gifts. Grab yours before all the 500 spots are claimed... Claim Your Benefits Before It's Too Late ------------------------------ Speaking of stock markets, in his latest video for Fast Profits Daily, Brijesh Bhatia talks about the Nifty and Bitcoin. Nifty and bitcoin have been very volatile in recent weeks. In the video, Brijesh explains why he is expecting the bearish momentum to end soon. As per Brijesh, Nifty is likely to find the lost ground in the range of 13,964-14,071 as we are witnessing multiple support zones as per technical and derivatives structure. Meanwhile, Bitcoin falling off the cliff on political drama is likely to take a pause in the zone of US$ 45,000 - US$ 46,000 as the support is placed with Fibonacci time cycle. Tune in to the below video to find out more: Top Stocks in Focus Today Among the buzzing stocks today will be ONGC. The petroleum ministry has told India's largest oil and gas producer Oil and Natural Gas Corporation (ONGC) to sell its stake in oil-producing fields such as Ratna R-Series to private firms, get foreign partners in the KG basin gas fields, and hive off drilling and other services into a separate firm to raise production. Amar Nath, Additional Secretary (exploration) in the Ministry of Petroleum and Natural Gas, on April 1, 2021, wrote to ONGC Chairman and Managing Director, Subhash Kumar giving a seven-point action plan, 'ONGC Way Forward' that would help the firm raise oil and gas production by one-third by FY24. The action plan calls on ONGC to consider the sale of a stake in maturing fields such as Panna-Mukta and Ratna and R-Series in western offshore and onshore fields like Gandhar in Gujarat to private firms while divesting/privatising 'non-performing' marginal fields. This is the third attempt by the oil ministry to get ONGC to privatise its oil and gas fields. Mahindra & Mahindra Financial Services share price will also be in focus today as the company has doubled provisions for bad loans as it seeks to cover its loans from the heightened risk due to the economic impact of localised lockdowns. The company made Rs 13.2 billion in provisions on likely distressed loans in addition to the Rs 10 billion of provisions it had on expected credit losses (ECL) due to uncertainty caused by the second wave of the one year old Covid-19 pandemic. "The pandemic has spread to different parts of the country even in rural areas where we are present. We think it will take at least two months for things to settle down so we expect some pressure on our books. Customers will need more time to pay back as unlike last time this time there is no moratorium too," said CEO Ramesh Iyer, referring to special dispensation given by the Reserve Bank of India (RBI) during the first wave of the pandemic last year. Last 48 Hours Left: Collect Our FREE Anniversary Gifts Worth Rs 13,950 ITC Ties Up with an Industrial Gas Company Linde India ITC has tied up with Linde India, an industrial gases company, to air freight 24 cryogenic ISO containers of 20 tonne each to help with the transportation of medical oxygen to hospitals which are facing acute shortage of the essential item. "With the unprecedented emergency caused by the second wave of covid-19, there has been an exponential rise in demand for medical oxygen, which is the most critical need at this hour to save valuable lives. To serve the national priority of easing the bottleneck of transporting medical oxygen, and to support the Government's efforts, ITC Limited has tied up with Linde India Ltd. to airfreight 24 cryogenic ISO containers of 20 tons each from Asian countries for use by them to transport medical oxygen across the country," ITC said in a statement. The company is also airlifting large numbers of oxygen concentrators for distribution. Its paperboards unit in Bhadrachalam has also commenced supply of oxygen to neighboring areas. Note that several states have been making desperate calls for oxygen supplies as surge in Covid-19 cases has left the country's medical infrastructure strained. Supply of medical oxygen apart, lack of equipment to carry ample oxygen in time to states in need is also causing hindrance in the movement and distribution of medical oxygen. In the last few days, several hospitals in the Delhi, for instance, have made desperate pleas over depleting levels of oxygen in their facilities. Instant Updates: Join Our Telegram Channel and Get Instant Updates Shapoorji Pallonji Group Files Review Petition in Supreme Court The Shapoorji Pallonji Group has filed a review petition before the Supreme Court challenging the top court's March 26 verdict in the dispute between Tata Sons Limited and Cyrus Mistry in which the Court had ruled in favour of Tata. The Supreme Court in its March 26 judgment had set aside the December 2019 order of NCLAT which had reinstated Cyrus Mistry as the chairperson of Tata Sons. The SP group had moved National Company Law Tribunal over Mistry's removal and alleging "oppression" of minority shareholders and "mismanagement". Days after the Tata Group's big win in one of the most high-profile boardroom legal battles in recent years, Mr Mistry had said, "as a minority shareholder of Tata Sons, I am personally disappointed by the outcome of the judgement with respect to our case. Although I will no longer be able to influence the direction of governance of the Tata group directly, I hope that the issues I have raised, will cause deeper reflection and influence individuals concerned to catalyse change. I sleep with a clear conscience." In October 2016, Cyrus Mistry was removed as Tata Sons chairman after a dramatic ouster. Months later, in December, two Mistry family-backed investment firms - Cyrus Investments Pvt Ltd and Sterling Investments Corporation Pvt Ltd - moved the National Company Law Appellate Tribunal (NCLAT), alleging oppression of minority shareholders and mismanagement by Tata Sons. Next year, in February, Mr Mistry was removed as a director on the board of Tata Sons, holding company of Tata group firms. The legal battle went on. In December 2019, the company law tribunal restored Mr Mistry as the executive chairman of the conglomerate. We will keep you updated on the latest developments from this space. Stay tuned. To know what's moving the Indian stock markets today, check out the most recent share market updates here. This article (Oil Ministry's Plan for ONGC, ITC Ties Up with Linde India, and Buzzing Stocks Today) is authored by Equitymaster. Equitymaster is a leading 'independent' equity research initiative focused on providing well-researched and unbiased opinions on stocks listed on the Bombay Stock Exchange.

SGX Nifty Down 5 Points, Oil Ministry's Plan for ONGC, ITC Ties Up with Linde India, and Buzzing Stocks Today

update 27 Apr 03:00 AM

Posted by Equitymaster Indian share markets ended higher yesterday. At the closing bell yesterday, the BSE Sensex stood higher by 508 points (up 1.1%). Meanwhile, the NSE Nifty closed higher by 144 points (up 1%). Axis Bank and ICICI Bank were among the top gainers. Cipla and Britannia, on the other hand, were the top losers. The BSE Mid Cap index and BSE Small Cap index ended higher by 0.6% and 0.9%, respectively. Sectoral indices ended on a positive note with stocks in the realty sector, metal sector and banking sector witnessing most of the buying interest. Healthcare sector stocks, on the other hand, witnessed selling pressure. Shares of SAIL and Rain Industries hit their 52-week highs. At 8:00 am today, the SGX Nifty was trading down by 5 points, or 0.03% lower at 14,483 levels. Indian share markets are headed for a flat opening today following the trend on SGX Nifty. Gold prices for the latest contract on MCX were trading down by 0.2% at Rs 47,420 per 10 grams at the time of closing stock market hours yesterday. --- Advertisement --- Grab Our Premiums - Worth Rs 13,950 - WITHOUT Paying for them Opportunity Expires at 11:59pm Tonight... At 11:59pm tonight, your chance to grab our premiums worth Rs 13,950 will expire forever. Also, your chance to get Vijay Bhambwani's brand-new book - worth Rs 1,950 - delivered at your Indian address will also vanish into thin air... Grab All the Gifts Right away Your Once-in-25-Years Chance Ends In: ------------------------------ Speaking of stock markets, in his latest video for Fast Profits Daily, Brijesh Bhatia talks about the Nifty and Bitcoin. Nifty and bitcoin have been very volatile in recent weeks. In the video, Brijesh explains why he is expecting the bearish momentum to end soon. As per Brijesh, Nifty is likely to find the lost ground in the range of 13,964-14,071 as we are witnessing multiple support zones as per technical and derivatives structure. Meanwhile, Bitcoin falling off the cliff on political drama is likely to take a pause in the zone of US$ 45,000 - US$ 46,000 as the support is placed with Fibonacci time cycle. Tune in to the below video to find out more: Top Stocks in Focus Today Among the buzzing stocks today will be ONGC. The petroleum ministry has told India's largest oil and gas producer Oil and Natural Gas Corporation (ONGC) to sell its stake in oil-producing fields such as Ratna R-Series to private firms, get foreign partners in the KG basin gas fields, and hive off drilling and other services into a separate firm to raise production. Amar Nath, Additional Secretary (exploration) in the Ministry of Petroleum and Natural Gas, on April 1, 2021, wrote to ONGC Chairman and Managing Director, Subhash Kumar giving a seven-point action plan, 'ONGC Way Forward' that would help the firm raise oil and gas production by one-third by FY24. The action plan calls on ONGC to consider the sale of a stake in maturing fields such as Panna-Mukta and Ratna and R-Series in western offshore and onshore fields like Gandhar in Gujarat to private firms while divesting/privatising 'non-performing' marginal fields. This is the third attempt by the oil ministry to get ONGC to privatise its oil and gas fields. Mahindra & Mahindra Financial Services share price will also be in focus today as the company has doubled provisions for bad loans as it seeks to cover its loans from the heightened risk due to the economic impact of localised lockdowns. The company made Rs 13.2 billion in provisions on likely distressed loans in addition to the Rs 10 billion of provisions it had on expected credit losses (ECL) due to uncertainty caused by the second wave of the one year old Covid-19 pandemic. "The pandemic has spread to different parts of the country even in rural areas where we are present. We think it will take at least two months for things to settle down so we expect some pressure on our books. Customers will need more time to pay back as unlike last time this time there is no moratorium too," said CEO Ramesh Iyer, referring to special dispensation given by the Reserve Bank of India (RBI) during the first wave of the pandemic last year. Ends at 11:59pm Tonight: Steal Our Premiums Worth Rs 13,950 - FREE ITC Ties Up with an Industrial Gas Company Linde India ITC has tied up with Linde India, an industrial gases company, to air freight 24 cryogenic ISO containers of 20 tonne each to help with the transportation of medical oxygen to hospitals which are facing acute shortage of the essential item. "With the unprecedented emergency caused by the second wave of covid-19, there has been an exponential rise in demand for medical oxygen, which is the most critical need at this hour to save valuable lives. To serve the national priority of easing the bottleneck of transporting medical oxygen, and to support the Government's efforts, ITC Limited has tied up with Linde India Ltd. to airfreight 24 cryogenic ISO containers of 20 tons each from Asian countries for use by them to transport medical oxygen across the country," ITC said in a statement. The company is also airlifting large numbers of oxygen concentrators for distribution. Its paperboards unit in Bhadrachalam has also commenced supply of oxygen to neighboring areas. Note that several states have been making desperate calls for oxygen supplies as surge in Covid-19 cases has left the country's medical infrastructure strained. Supply of medical oxygen apart, lack of equipment to carry ample oxygen in time to states in need is also causing hindrance in the movement and distribution of medical oxygen. In the last few days, several hospitals in the Delhi, for instance, have made desperate pleas over depleting levels of oxygen in their facilities. Instant Updates: Join Our Telegram Channel and Get Instant Updates Shapoorji Pallonji Group Files Review Petition in Supreme Court The Shapoorji Pallonji Group has filed a review petition before the Supreme Court challenging the top court's March 26 verdict in the dispute between Tata Sons Limited and Cyrus Mistry in which the Court had ruled in favour of Tata. The Supreme Court in its March 26 judgment had set aside the December 2019 order of NCLAT which had reinstated Cyrus Mistry as the chairperson of Tata Sons. The SP group had moved National Company Law Tribunal over Mistry's removal and alleging "oppression" of minority shareholders and "mismanagement". Days after the Tata Group's big win in one of the most high-profile boardroom legal battles in recent years, Mr Mistry had said, "as a minority shareholder of Tata Sons, I am personally disappointed by the outcome of the judgement with respect to our case. Although I will no longer be able to influence the direction of governance of the Tata group directly, I hope that the issues I have raised, will cause deeper reflection and influence individuals concerned to catalyse change. I sleep with a clear conscience." In October 2016, Cyrus Mistry was removed as Tata Sons chairman after a dramatic ouster. Months later, in December, two Mistry family-backed investment firms - Cyrus Investments Pvt Ltd and Sterling Investments Corporation Pvt Ltd - moved the National Company Law Appellate Tribunal (NCLAT), alleging oppression of minority shareholders and mismanagement by Tata Sons. Next year, in February, Mr Mistry was removed as a director on the board of Tata Sons, holding company of Tata group firms. The legal battle went on. In December 2019, the company law tribunal restored Mr Mistry as the executive chairman of the conglomerate. We will keep you updated on the latest developments from this space. Stay tuned. To know what's moving the Indian stock markets today, check out the most recent share market updates here. This article (SGX Nifty Down 5 Points, Oil Ministry's Plan for ONGC, ITC Ties Up with Linde India, and Buzzing Stocks Today) is authored by Equitymaster. Equitymaster is a leading 'independent' equity research initiative focused on providing well-researched and unbiased opinions on stocks listed on the Bombay Stock Exchange.

SEBI fines individual for disclosure lapses

update 23 Apr 08:11 PM

During the probe, SEBI observed that Victor Peter Christopher (noticee) is an employee of ITC since January 2, 2012, as 'Manager-Loss Prevention' with its hotels divisions and ITC had allotted Employee Stock Options to Victor.

Sebi fines individual for disclosure lapses in ITC shares

update 23 Apr 04:02 PM

During the probe, Sebi observed that Victor Peter Christopher (noticee) is an employee of ITC since January 2, 2012, as 'Manager-Loss Prevention' with its hotels divisions and ITC had allotted Employee Stock Options to Victor.

Will ITC reach Rs 300 in next 12-18 months? Sandip Sabharwal answers

update 23 Apr 12:01 PM

“In the next four to six weeks, be cautious and look for opportunities. Wherever some stock that you like falls too much and its long term prospects are good, pick it up. ”

Banks, ITC give Sensex 375-point lift; Nifty50 tops 14,400; Marksans Pharma, Morepen Labs rally 20% each

update 22 Apr 03:53 PM

ITC Q4 PAT may dip 1.2% YoY to Rs. 3,751.7 cr: ICICI Direct

update 13 Apr 08:50 PM

Net Sales are expected to increase by 9.9 percent Y-o-Y (up 4.8 percent Q-o-Q) to Rs. 12,547.5 crore, according to ICICI Direct.

ITC Q4 PAT seen up 1.2% YoY to Rs 3,498.2 cr: Sharekhan

update 13 Apr 07:32 PM

Net Sales are expected to increase by 7.4 percent Y-o-Y (down 2.5 percent Q-o-Q) to Rs 12,268.5 crore, according to Sharekhan.

NCLT approves amalgamation of Sunrise Foods with ITC, says company

update 01 Apr 04:12 PM

In a notice to the stock exchanges, ITC said the Kolkata bench of NCLT has approved the amalgamation effective April 1, 2021. It also said the two subsidiaries of Sunrise -- Hobbits International Foods and Sunrise Sheetgrah -- have become wholly owned subsidiaries of ITC.