Corporate News/Results Corner
Centre to consider Tata Steel’s request for green nod in May – If approved, will be positive for Tata Steel in medium to long term
The Centre will consider next month Tata Steel’s request seeking environment clearance to its coal mine expansion project in Jharkhand. An expansion will enhance the capacity of Tata Steel’s West Bokaro project by 2 million tonnes per annum (MTPA). Tata Steel operates the open-cast West Bokaro collieries for captive use in West Bokaro Coalfields located in Hazaribag and Ramgarh districts in Jharkhand.
Ministry of Environment and Forests (MoEF) is slated to take up the matter in May for grant of environment clearance to West Bokaro Opencast Expansion Coal Mine Project from 7 MTPA to 9 MTPA in a mining lease (ML) area of 1,740 hectares. The Committee would also look into grant of environment clearance for expansion of Tata Steel’s Washery-II from 2.9 MTPA to 4 MTPA. If given clearance, it will be positive for Tata Steel in medium to long term.
Economic and Other News
RBI panel seeks new tool to fix rates
A Reserve Bank of India appointed panel has backed sweeping changes in the way bank fix interest rates and end the discrimination of old customers, moves that will come as a big relief to millions of borrowers groaning under the weight of rising EMIs.
In its draft report, the committee headed by former deputy governor Anand Sinha has acknowledged that central bank’s moves to usher in transparency and fairness in interest rate settings have not worked well. “These mainly relate to the downward stickiness of the interest rates, discriminatory treatment of old borrowers vis-a-vis new borrowers, and arbitrary changes in spreads, etc,” the central bank said in a statement.
US Jobless claims at seven-year low, signal firming economy
The number of Americans filing new applications for unemployment benefits tumbled last week to the lowest level in nearly seven years, strengthening views of faster job growth. Initial claims for state unemployment benefits dropped 32,000 to a seasonally adjusted 300,000 for the week ended April 5, the Labor Department said. That was the lowest level since May 2007, before the start of the 2007-09 recession.
China to ease restrictions on overseas investments
China will ease restrictions on overseas investments by local firms and deals below $1 bn will no longer need approval, the country’s economic planner said in another step to cut red-tape and facilitate the growth of private investment. Starting from May 8, Chinese firms planning to invest less than $1 bn will only need to register with authorities rather than seek approvals from the National Development and Reform Commission (NDRC).
IMF says ECB must expand balance sheet, QE isn’t only option
The European Central Bank should expand its balance sheet further to stave off the risk of deflation, but options aren’t limited to quantitative easing-style purchases of government bonds, a senior International Monetary Fund official said. Boosting liquidity provision to banks or buying private sector assets like asset-backed securities – even if the pool for them is small in Europe – can also help the region deal with dangerously low inflation one of the officials said.
CNX Nifty – 6796
• Nifty Spot formed a small DOJI Candle today at higher levelswhile approaching overbought zone which led to indecision athigher levels.
• Hence above 6820, Upside upto 6863 would be witnessed.
• Below 6775, would move downside upto 6730
Nifty Spot above 6820, Upside upto 6863 would be witnessedBelow 6775, would move downside upto 6730.
Bank Nifty – 12949
• Bank Nifty Spot formed a small DOJI Candle today at higherlevels while approaching overbought zone which led toindecision at higher levels.
• Hence above 13060, Upside upto 13,225 would be witnessed.
• Below 12,860, would move downside upto 12,700.
Bank Nifty Spot above 13060, Upside upto 13,225 would bewitnessed. Below 12,860, would move downside upto12,700 .