Market Watch

Saturday 29 June 2013

Live Stock Market News And Market Watch

US Immigration Bill, which was passed by US Senate last night, is seen impacting Indian IT companies' profitability if passed as a law. Analysts estimate that if the bill is passed in the current version, it could hit earnings per share of the top five firms like Infosys, Tata Consultancy Services, Wipro, HCL Technologies  and Tech Mahindra  by 12-25 percent. The Senate judiciary committee had put its version of the Bill through a test vote earlier this week. It had won with an overwhelming majority in favour of the Bill and that what again reflected in final voting last night as well with 68 to 32 (68:32) in favour of the Bill.

The Cabinet Committee for Economic Affairs (CCEA) on Thursday night approved the Rangarajan panel's proposal to hike the natural gas price to USD 8.4 per mmbtu (metric million British thermal units) from April 1, 2014.The committee has further noted that Rangarajan panel's formula for gas pricing would be valid for five years and gas prices will be revised quarterly. The oil ministry in its final proposal had suggested to increase gas price to above USD 6.7 per mmBtu level from current USD 4.2 currently.

Here are stocks that are in news today:

Cabinet Committee on Economic Affairs (CCEA):
- Okays Rangarajan formula for gas pricing, to be valid for 5  years.
- Gas Prices to rise to USD 8.4/mmbtu from April 1, 2014.
- Gas prices to be revised quarterly April 1, 2014 onwards.

Oil minister Veerappa Moily to CNBC-TV18:
- Rangarajan recommendations have been accepted by CCEA.
- CCEA has decided on quarterly revision of gas prices.
- FM and I will explain CCEA decisions on gas price on Friday.

Other stocks and sectors that are in news today:

· DLF  may exit insurance JV ET.
· Home Ministry rules our first right of refusal to Tata’s for Taj Mansingh ET.
· HCC board approves allotment of 3.92 crore convertible warrants to promoter companies at Rs 16.32 (CMP = 10.3, premium of 58 percent).
· DB Corp  to sell 51 percent stake in Divya Prabhat Publications as part of company restructuring
· Gujarat Fluorochemicals plans to list wind subsidiary, Inox Wind, by FY14

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