Moser Baer up 5%, Railway to use solar energy at stations.

Shares of Moser Baer India (MBIL) are locked at 5 percent upper circuit at Rs 12.32 on the Bombay Stock Exchange after Railway Minister Sadananda Gowda said the railway would use station rooftops to harness solar energy.

Shares of  Moser Baer India (MBIL) are locked at 5 percent upper circuit at Rs 12.32 on the Bombay Stock Exchange after Railway Minister Sadananda Gowda has said the railway will use station rooftops to harness solar energy. Moser Baer Solar and Moser Baer Photo Voltaic, the two subsidiaries of MBIL, are involved in solar business globally including India. Company's total capacity at current efficiency levels is of 250MW. The company says its solar panels carry a warranty of 25 years, while some of its optical media products have a life span of 50-200 years. Railway Minister Sadananda Gowda proposed foreign direct investment (FDI) in the Railways, except operations, and sought Cabinet approval for the same in his maiden Budget  today.

Railway Budget 2014-15:Over Rs40,000 crore would be needed to be invested in track renewals

The Minister said, he is making provision of Rs. 1,785 crore for Road-under-bridges and Road-over-bridges in the Budget.

The Minister of Railways D. V. Sadananda Gowda has said that safety of passengers is of paramount importance for Indian Railways. Presenting the Railway Budget 2014-15 in Parliament today he said, it is estimated that over Rs. 40,000 crore would be needed to be invested in track renewals, elimination of unmanned level crossing and construction of Road-under-bridges and Road-over-bridges.

The Minister said, he is making provision of Rs. 1,785 crore for Road-under-bridges and Road-over-bridges in the Budget and requested concerned State Governments to expedite their proposals and pass on their share of the cost.

The Minister said, Indian Railways have 30348 Level Crossings, out of which 11563 are unmanned. Each unmanned level crossing is being examined in detail and depending on the site condition, action will be taken to eliminate it by suitable modality.

Indian Railways also proposes to recruit 4000 women RPF constables. He said, in order to ensure security of ladies travelling alone, special instructions are being issued for their safety in each class of travel. With the induction of women RPF constables, coaches for ladies will be escorted. Additional care will be taken for ladies travelling alone in all classes.

The Minister said, RPF escorting teams in trains will be provided mobile phones so that passengers can contact them when in distress. Security helpline will be augmented.

He also said that the Railways will explore the possibility of building of boundary walls around stations through PPP route. 

Rail stocks fall as Sadananda Gowda presents Rail Budget 2014

Shares of railways related companies, which had moved up sharply ahead of the railway budget, are witnessing profit booking even as the Railways Minister Sadananda Gowda is presenting the Rail Budget 2014.A

The minister said railways need Rs 5 lakh crore to complete ongoing projects. There are 359 unfinished projects which require Rs 1.82 lakh crore for completion.

The Indian Railways has spent Rs 41,000 crore on laying 3,700 km new lines in 10 years.
The recent fare revision will net Rs 8,000 crore to Railways.

Speaking on the ambitious Diamond Quadrilateral project, the minister said, the railways will need funding of Rs 9 lakh crore.

The ministry is seeking cabinet nod to allow FDI in Railway Sector. Bulk of future projects will be financed via PPP route.

Railways will encourage corporates to adopt stations for improvement. It will be providing Rs 1,785 crore for over, under bridges near tracks.

It also aims to introduce speedy clearances for new rail tracks.

Rail Budget 2014: Bulk of future projects to be financed via PPP route, says Sadananda Gowda.

Bulk of future railway projects will be financed via Public-Private Partnership ( PPP) route, said Railway minister DV Sadananda Gowda. Presenting his maiden Railway budget, Gowda said, "We are prioritising time lines to finish pending projects." 

Lamenting that of the many projects sanctioned by Railways, only some have been completed, Gowda said, "We require Rs 5 lakh crore to complete ongoing projects." 


Gowda said, "Railways bore 23 paise/passenger each km as loss in FY14. Rail Traffic Policy lacked rational approach." "FY14 Gross Traffic Receipt stood at Rs 1.39 lakh crore," he added. 

"The FY14 operating ratio is at 94%; 6% is surplus. FY15 estimate for surplus is seen at Rs 602 crore," he added. 
He said that in February this year, the losses incurred by railways on the basis of passenger fares alone touched Rs 30,000 crore. 

Faced with a cash crunch of Rs 26,000 crore, Gowda is believed to have been told by Prime Minister Narendra Modi that the sprawling Indian railway network has to compare with the best in the world and come out making profits, not just for its own sake but also for the country. 

Railways have the potential of adding at least 1 per cent to the country's GDP. That railways was on Modi's list of priorities was evident when, after flagging off the Katra-Udhampur train last week, he said he wanted the stations to have better facilities than airports. 

Castrol India and Triumph Motorcycles ink an agreement for the Indian market

Castrol and Triumph tied up globally to make an attempt to break the motorcycle land speed record with the world’s most technologically-advanced streamlined motorcycle.

 Castrol India Limited, one of the leading brands in the Indian retail automotive lubricant market and iconic British motorcycle manufacturer - Triumph Motorcycles announced the signing of an agreement for a partnership in India.

As per the agreement, Castrol India Limited will be the lubricant supplier for Triumph Motorcycles and will supply the fully synthetic, high-performance, Castrol Power1 Racing engine oil to Triumph dealerships throughout India. In addition, Castrol and Triumph will jointly undertake marketing and promotional activities for Triumph motorcycles in India, with Castrol also providing technology support to Triumph through co-engineering of lubricants for future motorcycle models.

Budget 2014 may work as a healing-agent for businesses hurt by 'tax terror' .

The Narendra Modi government's first budget is expected to lend a healing touch to businesses bruised by 'tax terrorism' unleashed by authorities in a bid to bolster revenue during the economic downturn. Provisions in direct and indirect tax laws that place unbridled powers in the hands of tax authorities could see some checks coming in. 


Under examination are provisions in the service tax law that led to arrests across the country, some restrictions on powers of Customs authorities and postponing implementation of the General Anti-Avoidance Rules. "All steps required to improve business climate are on the table...There have been concerns about certain deterrent provisions," a government official said, adding that they were looking into it. 

Sadananda Gowda may tap external funding for railway projects

Report stated that the Railway minister may tap foreign and private investments by introducing the public-private partnerships (PPP) concept.

Railway minister DV Sadananda Gowda is expected to propose measures to tap external sources of funding to strengthen the railway infrastructure, report was quoted as saying. Report stated that the Railway minister may tap foreign and private investments by introducing the public-private partnerships (PPP) concept. The Narendra Modi government has already increased railway passenger fares by 14.2 per cent last month.

Diamond merchants to take credit from overseas suppliers: RBI

The credit facility will be available for a period not exceeding 180 days from the date of shipment without any letter of credit and collateral.

The Reserve Bank of India has allowed local diamond merchants to avail credit facility from their overseas counterparts for importing of rough, cut and polished diamonds. The credit facility will be available for a period not exceeding 180 days from the date of shipment without any letter of credit and collateral. Taking into consideration the representations received from the diamond importers and the GJEPC, it has been decided, in consultation with the Government of India, that the Clean Credit i.e. credit given by a foreign supplier to its Indian customer/ buyer, without any Letter of Credit (Suppliers’ Credit) / Letter of Undertaking (Buyers’ Credit) / Fixed Deposits from any Indian financial institution for import of Rough, Cut and Polished Diamonds, may be permitted for a period not exceeding 180 days from the date of shipment, the RBI said in a notification on Monday. The revised directions will come into force with immediate effect, it added.

Rupee recovers 8 paise Vs dollar in early trade.

The rupee today recovered by 8 paise to 59.93 against the US dollar in early trade at the Interbank Foreign Exchange market on increased selling of the American currency by exporters. 

Besides, strengthening of the euro and yen against the dollar in overseas market and a higher opening in the domestic equity market also supported the rupee, forex dealers said. 

The rupee had lost 29 paise, its biggest drop in nearly three weeks, to close at 60.01 against the dollar yesterday on rising demand for the US currency from custodian banks. 

Meanwhile, the benchmark BSE Sensex rose by 90.36 points, or 0.34 per cent, to trade at a new record high of 26,190.44 in opening trade today. 

Govt plans to offload up to 10% stake in ONGC

Report stated that this would make it much bigger than the Coal India initial public offering (IPO) of 2010. The Government is planning to offload up to 10% stake in ONGC, that would raise as much as Rs 35,000 crore at current market prices, according to reports. Report stated that this would make it much bigger than the Coal India initial public offering (IPO) of 2010. The process of appointing merchant bankers will soon be initiated, says report. The government currently holds a 68.94 per cent stake in the explorer. In 2012, the sale of a 5% stake in the company had fetched the government around Rs 12,000 crore, stated reports.

Govt proposes 49% FDI in insurance

The government plans to hike FDI in insurance sector to 49% with cap on voting rights The government plans to increase the foreign direct investment in the insurance sector to 49% with a rider that the voting rights of the overseas partner will remain capped at 26%, according to a media report. At present, the FDI limit in insurance companies is at 26%. The Insurance Laws (Amendment) Bill, 2008, proposes to increase in foreign holding in insurance joint ventures to 49% from 26% with corresponding voting rights, the report added.i The proposal says that equity shares of the foreign company should not exceed 49% of the total paid-up equity capital of an insurance company, provided the voting rights of such foreign shareholders are not exceeding 26% in aggregate, the report further said. The proposal also stipulates that the majority of company’s directors should be Indian nationals and foreign shareholders will have no say in the appointment of the CEO of the insurance company. The proposal to hike the FDI cap in the sector was first mooted by the previous UPA government. This has been pending in the Rajya Sabha since 2008.

Vijaya Bank plans to raise Rs. 500 cr via bond issue

The bank expects its credit growth to exceed the current year’s target of 17%

In order to fund its business growth in the current fiscal, Vijaya Bank is planning to raise funds around Rs. 500 crore via bond issue, according to a media report. This will be in addition to the Rs. 600-crore equity offering planned for sometime in October. The bank expects its credit growth to exceed the current year’s target of 17% due to improvement in its business sentiment. The bank is looking at qualified institutional placement (QIP) as a preferred option to raise the capital, considering that it is cost effective and can be completed in a short time.