NEW DELHI: The government may hold on to its shares in blue chips such as ITC and L&T despite the Specified Undertaking of Unit Trust of India (SUUTI) seeking bids from merchant bankers to advise the agency on its holdings that span across sectors.

While several experts have suggested that SUUTI, which is wholly owned by the government, sell some of the marquee stocks instead of divesting stake in PSUs to raise money, a source in the government said that rushing in with the sale may not be prudent.

New Delhi: India and Kenya on Monday signed seven agreements, including one on the avoidance of double taxation and another to boost defence cooperation, during Prime Minister Narendra Modi’s two-day visit to the African nation.

Modi also announced the extension of a concessional line of credit of $44.95 million to the east African nation to help it in developing small and medium enterprises (SMEs) and textiles.

The Employees Provident Fund Organisation (EPFO) has decided to let UTI Mutal Fund manage 10% of its fresh investment in the stock market for the 12-month period starting with July 2016. SBI Mutual Fund will continue to manage the lion’s share of the EPFO’s ETF corpus, a source said.

Since the beginning of its foray into the stock market from August last year, the retirement fund body has invested R7,000 crore till June, which has yielded 7.45% returns. Exchange Traded Funds, or ETFs, are funds that invest in various securities and are traded on stock exchanges.

In its analyst meet on Friday, HPCL management raised its standalone capex guidance significantly to R53,400 crore over FY17-21 vs R31,000 crore over FY16-20 earlier.

Majority of the capex increase appears to be in the marketing segment which management attributed to new LPG bottling plants, lube blending plants and product pipelines.

The $100-billion Indian IT services export industry is unlikely to see a major impact from the new Bill proposed by two US lawmakers seeking further restrictions on H-1B and L-1 visas as the planned legislation is not expected to pass in the current form even as India centric technology companies have increased their hiring of American citizens.

Coal India has lost almost 2% to Rs 314.30 on the BSE after the company said its board approved buyback of shares at a price of Rs 335 per share.

The announcement was made after market hours yesterday, 11 July 2016. On BSE, so far 1.24 lakh shares were traded in the counter as against average daily volume of 3.73 lakh shares in the past two weeks.

Brexit, currency volatility, visa cost and wage hikes are among the key factors likely to impact results for of the Indian IT services sector in the first quarter ended June 30, 2016. The April-June quarter is traditionally a strong quarter for the topline growth of companies.

Estimates for Q1FY17 numbers of Tata Consultancy Services (TCS), India’s largest IT services provider that begins the results season by announcing them on July 14, is better placed than last year.

Commercial Vehicle manufacturer Ashok Leyland has bagged orders for 3,600 buses from various State Transport Undertakings (STUs), helping it to improve its position in the buses market.

The company is expecting to maintain growth in the domestic medium and heavy commercial vehicle (M&HCV) market during the year, said Vinod K Dasari, managing director, Ashok Leyland Ltd.

Calcutta, July 10: The coal ministry has estimated an almost 30 per cent jump in plan outlay for the three PSUs under its fold in 2016-17.

The total plan outlay for Coal India (CIL), Neyveli Lignite and Singareni Collieries for 2016-17 is Rs 16,343.92 crore against a budget estimate of Rs 12,585.50 crore in 2015-16.

Srinagar: The death toll in the clashes between protesters and security forces in Kashmir mounted to 23, as normal life remained paralysed for the third day on Monday in the valley due to curfew-like restrictions and separatists-sponsored strike in the wake of the killing of Hizbul Mujahideen commander Burhan Wani in an encounter on Friday.

“Two persons have died in an incident of violence in Kulgam district yesterday and have been identified as Feroze Ahmad Mir (22) and Khursheed Ahmad Mir (38),” a police official said.

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