He also expects the Nifty to hit 7000 in the near term.
ith reference to the earlier announcement dated September 11, 2013 regarding the execution of the agreement on September 11, 2013 by Jaypee Cement Corporation Limited (JCCL), a wholly owned subsidiary of Jaiprakash Associates Limited with UltraTech Limited for sale of its Gujarat Cement Plant comprising an integrated 2.4 MTPA Cement Plant at Kutch and a 2.4 MTPA Cement Grinding Unit at Wanakbori, through a Scheme of Arrangement pursuant to Section 391-394 of the Companies Act, 1956.In this regard, Jaiprakash Associates Ltd has now informed BSE that pursuant to the orders of the Honble High Court of Judicature at Allahabad dated October 31, 2013, the Secured and Unsecured Creditors of JCCL have in their respective meetings held on December 07, 2013, approved the Scheme of Arrangement, without any modification.Further note that the Hon’ble High Court had in its said order dispensed with the holding of the meeting of the shareholders (both Equity and Preference) of JCCL.Source : BSE
The venture has a price tag of just Rs 450 crore, roughly one-tenth the cost of Maven, NASA’s latest Mars mission. Godrej has worked with India’s space agency for almost three decades and in recent years started making engine parts for aircraft makers Boeing Co , the Airbus unit of EADS and Israel’s state-owned Rafael Advanced Defence Systems Ltd. India’s heavy reliance on domestic companies for its space programme allows it to tap homegrown technicians and engineers who earn half as much as those in the West.
Roundup: S&P +1.12%, Dow +1.26%, Nasdaq +0.73%, Gold $1229.60, London +0.83%, Germany +0.96%, France +0.72%. At pixel: Nikkei +1.84%, Hang Seng +0.44%
Its the inflation, stupid! Above all that ails India under the Congress party, more than corruption or joblessness, the price of onions explains its resounding defeat in the state elections held in recent weeks. India appears to be catching the Latin American disease: rising prices and falling growth. (FT, #inflation)
What happens after a long period of miraculous growth? Lessons from other emerging markets (MPettis):
First, the investment-led growth miracle always culminated in a period during which debt began to grow at an unsustainable pace, and in every case the miracle was brought to a halt either because of a debt crisis.
Second, in every single case even the greatest of skeptics arguing against the sustainability of the growth miracle ended up wildly underestimating the difficulty of the subsequent adjustment.
Third, the adjustment period was never just a period of difficult economic adjustment. It was also always a period of tremendous political difficulty, fractious political disputes and, more often than not, a period of radical political transformation.
There are three major domestic airlines that haven’t tied up with foreigners. Market leader IndiGo is closely held and considered the strongest of the bunch. State-owned Air India constantly turns to taxpayers for bailouts and isn’t under the same commercial pressure. That leaves budget airline SpiceJe all alone. Loans of $40 million are due in 12 months and the company isn’t generating the needed funds. Its losses widened to about $80 million in the latest quarter, almost four times the loss a year earlier. (WSJ)
It is past time for the U.S. and Canada to eliminate their border — either by creating a customs and monetary union or, more radically, by merging outright into a single nation-state or a European Union-style partnership. (WSJ)
Now, Bitcoin Option Spreads. What could go wrong? (ZH)
Shares of Strides Arcolab are likely to see buying interest as the company board is meeting on December 10 (Tuesday) to consider special dividend for investors. The company has 27,974 shareholders, including 24,978 small investors. As of September 30, the promoters had a 27.36 per cent stake in the company, while foreign institutional investors had 53.42 per cent stake according to the BSE website.