News: Coal India target for power sector pegged at 513 mn tonnes for next fiscal Coal India will supply 513 million tonnes of coal and offer 12 million tonnes more via e-auction to the power sector in 2018-19 (FY19). The remaining 90 million tonnes of the sector’s demand will come from Singareni Collieries and captive coal blocks, Coal India executives said. After facing a deficit in the last quarter, the power ministry has asked Coal India and Indian Railways to ensure a supply of 615 million tonnes annually, with 288 rakes moving every day. The deficit, according to the ministry, had led to a shortage of power generation. READ MORE Investing strategy: For regular income, systematic withdrawal plan is more tax-efficient option From April 1, mutual fund investors who had chosen the dividend option in equity funds will have to pay a flat 10 per cent tax on the payouts they receive. Those who don't need the money should immediately shift to the growth option and redeem only when there is a need. Those who chose the dividend option because they needed a regular income should shift to a systematic withdrawal plan (SWP), which is a more tax-efficient option. READ MORE Sectoral Trend Must Read: Ugly face of capitalism It speaks volumes for the reputation of Malvinder and Shivinder Singh, promoters of Fortis Healthcare and Religare Enterprises, that shares of both the companies soared following news that the brothers had stepped down from the board of the former. The two, respectively chairman and executive vice-chairman of Fortis, had opted to step down following a high court ruling upholding a $550-million award by a Singapore arbitration tribunal to Japanese drug maker Daiichi Sankyo against the brothers for concealing facts when they sold group company Ranbaxy in 2007. READ MORE Scam worth Rs 110 bn: PNB detects fraud transactions; stock price drops 7% In what may turn out to be one of the biggest scams in Indian corporate history, Punjab National Bank has detected fraudulent transactions worth around Rs 110 billion from one of its Mumbai branch allegedly by diamond merchant Nirav Modi, his relatives and business partner Mehul Choksi during this year. PNB share prices fell around 7% in the early trade on Wednesday morning after the bank reported fraudulent transactions worth $1.77 billion to Bombay Stock Exchange. READ MORE Index watch S&P BSE Sensex 34,327.02 0.08% Nifty 50 10,555.30 0.15% S&P BSE 200 4,638.24 0.28% Nifty 500 9,373.55 0.27% S&P BSE Mid-Cap 16,977.50 0.74% S&P BSE Small-Cap 18,610.26 0.80%
Back home, the Index of Industrial Production (IIP) expanded at a slower pace of 7.1 per cent in December, from the upward revised 8.8 per cent in November. Provisional estimates had put the November growth at 8.4 per cent. Infrastructure and construction grew 6.7 per cent, against 13.89 per cent in November, data showed post market hours on Monday.
(with Reuters inputs)
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