Tag: euity markets

Firm physical demand lifts Zinc

Firm physical demand lifts Zinc

02/08/2016 15:28

Zinc futures rose during noon trade in the domestic market on Tuesday as investors and speculators booked fresh positions in the industrial metal amid a pickup in physical demand for zinc in the spot market.

However, the gains in the base metal were curbed by weak global factory growth which threatened to cut demand as manufacturing in the US, China and Euro area slowed in July. While the gauge measuring US manufacturing fell to 52.6 In July from a one-year high of 53.2 in June, that in China returned to contraction territory, declining to 49.9 from 50 in June, with a reading below 50 signaling contraction. The Euro area manufacturing PMI fell to 52 in July from 52.8 in June.

At that MCX, zinc futures for August 2016 contract is trading at Rs 152.2 per kg, up by 0.50 per cent, after opening at Rs 151.50, against a previous close of Rs 151.45. It touched the intra-day high of Rs 152.3 (at 15:22 hours).

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Silver bulls take control

Silver bulls take control

02/08/2016 16:01

Silver futures jumped by more than 1 per cent during evening trade in the domestic market on Tuesday as investors and speculators booked fresh positions in the precious metal tracking a bullish trend overseas as a weaker dollar bolstered the lure for the bullion as an alternative asset.

Weaker dollar makes the precious metal cheaper for those holding other currencies, thus boosting silver demand.

Further, soft US economic data raised speculation that the US Federal Reserve may hold off further tightening of interest rates in the near-term, bolstering the lure for silver as a store of value. The gauge measuring US manufacturing fell to 52.6 In July from a one-year high of 53.2 in June, indicating slowing factory expansion.

At the MCX, silver futures for September 2016 contract is trading at Rs 48,334 per kg, up by 1.29 per cent, after opening at Rs 47,679, against a previous close of Rs 47,717. It touched the intra-day high of Rs 48,350 (at 15:57 hours).

RBL Bank gets Sebi’s approval for IPO

RBL Bank gets Sebi’s approval for IPO

02/08/2016 12:40

RBL Bank has received SEBI’s approval for its long-pending IPO for which it had filed draft papers nearly a year ago, said the media report.

The bank, which had filed draft papers with SEBI in June last year, seeking approval to float IPO, received clearance from the regulator on July 27, according to the latest update.

The Securities and Exchange Board of India (SEBI) withheld approval to RBL’s IPO as the regulator was examining past violation by the private sector lender, reported PTI.

RBL’s IPO plans was hanging in balance for a long time due to the outstanding cases.

The approval comes after SEBI settled an outstanding case against the lender for alleged violation of disclosure norms with regard to an earlier issuance of shares to select investors for over Rs 600 crore.

The settlement involved payment of Rs 47.6 lakh towards ‘monetary settlement charges’, as also a commitment by the bank that it would give an exit opportunity in its IPO to the investors to whom shares were issued earlier in rights issues, said the PTI report.

As per the draft papers, the IPO comprises fresh issue of equity shares worth Rs 1,100 crore and offer for sale of up to 17,568,408 scrips by existing shareholders including Beacon India Private Equity Fund and GPE (India) Ltd.

RBL Bank had reportedly raised Rs 488 crore in a pre-IPO round of fund raising last year.

The proceeds of the IPO would be used to shore-up the equity capital base, to meet future capital requirements and to ensure compliance with Basel III and other Reserve Bank’s guidelines.

According to RBL Bank (formerly Ratnakar Bank Ltd), the listing of equity shares will enhance the visibility and brand name among existing and potential customers.

Kotak Mahindra Capital Company, Axis Capital, Citigroup Global Markets India and Morgan Stanley India Company are the global coordinators, while HDFC Bank, ICICI Securities, IDFC Securities, IIFL Holdings and SBI Capital Markets are the book running lead managers of the issue.

Delta Corp turns to black in Q1 at Rs 20 cr

Delta Corp turns to black in Q1 at Rs 20 cr

02/08/2016 14:59

Pune-based Delta Corp turned profitable and posted a consolidated net profit at Rs 20 crore for the quarter ended June 30, 2016 (Q1FY17).

The company had posted a net loss of Rs 1 crore in the year ago quarter, it said in a filing to the Bombay Stock Exchange.

Total income from operations during the quarter under review increased by 35 per cent at Rs 109 crore against Rs 81 crore in the corresponding quarter of previous fiscal.

The company attributed the strong showing to better targeted marketing and getting on board the right customers, resulting in a stable income flow and increasing customer numbers.

Goa, where the bulk of Delta Corp’s operations lie, has become a year round destination rather than seasonal. This has boosted revenues and positively impacted profitability, it added.

The company said the income streams are steady and are bound to translate into greater revenue and growth in the months to come.

The floatel, Casino Deltin Caravella, operational in Goa, is expected to add to revenues and profitability, it added.

Meanwhile, shares of the company were trading at Rs 100.65 apiece, up 2.97 per cent from the previous close at 15:00 hours on BSE.

Tata Motors plans to garner Rs 400 cr via NCDs

Tata Motors plans to garner Rs 400 cr via NCDs

26/07/2016 11:13

Tata Motors plans to raise Rs 400 crore through issuance of non-convertible debentures (NCDs) and a committee of the board is due to meet on Thursday in this regard.

“The company is desirous of offering the fourth series of its rated, listed, unsecured, redeemable, NCDs aggregating to Rs 400 crore and in this regard is holding a meeting of its duly constituted committee of the board on July 28, 2016,” Tata Motors Ltd said in a regulatory filing.

The above issuance is pursuant to the shareholders nod at its 70th AGM held on August 13, 2015 and the board of directors’ resolution passed at its meeting held on March 30, 2016, it added.

Earlier this month, the auto major had announced to raise Rs 400 crore by offering the third series of its rated, listed, unsecured, redeemable NCDs.

Meanwhile, shares of the company were trading at Rs 510 apiece, up 0.22 per cent from the previous close at 11:17 hours on BSE.

IDBI Bank plans to raise Rs 28,000 cr via equity, debt

IDBI Bank plans to raise Rs 28,000 cr via equity, debt

25/07/2016 16:42

Shareholders of IDBI Bank have given it nod to raise up to Rs 28,000 crore from a mix of equity and bonds, said the PTI report.

At the annual general meeting of the bank held last week they approved an enabling resolution for issue of shares aggregating up to Rs 8,000 crore inclusive of premium amount through various modes including Qualified Institutional Placement (QIP).

Besides, shareholders have also given go-ahead for mobilisation of one or more tranches of up to Rs 20,000 crore, comprising bonds by way of private placement or public issue, IDBI Bank said in a regulatory filing to the stock exchanges.

The government last December gave approval to IDBI Bank for raising Rs 3,771 crore during the year, by way of QIPs — a move which will dilute its holding by about 26 per cent in the lender. The government’s holding in the bank stands at 73.98 per cent as on date.

As per the existing norms, the government equity in a public sector bank cannot go below 52 per cent to maintain the character of state-owned banks.

Finance Minister Arun Jaitley had last year indicated a change in the characteristics of IDBI Bank wherein the government would own a majority stake but, at the same time, keep the bank at arm’s length.

Citing the example of Axis Bank, he had wondered if IDBI Bank could follow the same model.

The government indirectly controls 29.19 per cent in Axis Bank through the administrator of the Specified Undertaking of the Unit Trust of India (SUUTI), the Life Insurance Corp and four other public sector general insurance companies.

IDBI Bank came into existence with Parliament passing the IDBI Repeal Act in 2003. In terms of provisions of the Act, IDBI has been functioning as a bank in addition to its earlier role of a financial institution.

The AGM, held on July 22, also gave approval for raising the authorised share capital of the bank from Rs 3,000 crore to Rs 4,500 crore.

Oil tad higher as US inventories fall

Oil tad higher as US inventories fall

20/07/2016 11:01

Crude oil futures were trading on a flat note, with a positive bias, on Wednesday as traders weighed a drop in US crude supplies against worries that heightened uncertainty surrounding the global economy may curb fuel demand.

The industry-funded American Petroleum Institute (API) said that US crude oil stockpiles fell by 2.3 million barrels for the week ended July 15, 2016.

The Energy Information Administration (EIA) will release separate US inventory data on Wednesday.

Meanwhile, against the backdrop of UK’s decision to leave the European Union, the IMF cut its forecast for growth in the world economy this year to 3.1 per cent from 3.2 per cent earlier.

At the MCX, crude oil futures for July 2016 contract is trading at Rs 3,081 per barrel, up by 0.03 per cent, after opening at Rs 3,085, against a previous close of Rs 3,080. It touched the intra-day high of Rs 3,087. (At 10:54 AM).

BHEL commissions unit-3 of 40 MW hydro power plant in WB

BHEL commissions unit-3 of 40 MW hydro power plant in WB

20/07/2016 11:56

State-run Bharat Heavy Electricals Ltd (BHEL) on Wednesday said that it has successfully commissioned third unit of 4×40 MW Teesta Low Dam Hydro Electric Project (HEP) stage-IV in West Bengal (WB).

“BHEL commissions 40 MW Hydro Power Plant in West Bengal,” the company said in a filing to the Bombay Stock Exchange on July 20, 2016.

Teesta HEP is being set up by National Hydroelectric Power Corporation (NHPC), on the River Teesta in Darjeeling district of West Bengal.

Further, power generation from the Teesta project will result in reduction of green-house gas emissions and will help in achieving a low carbon development path for the state as well as the nation, it added.

The company’s scope of work includes design, manufacture, supply, installation and commissioning of the complete E&M works including vertical shaft Kaplan Turbines and matching generators, BHEL said in a statement.

Meanwhile, shares of company were trading at Rs 141.95 apiece, up 1.76 per cent, from previous close on BSE at 11:59 hours.

Glenmark Pharma rises nearly 3% on ANDA nod for Rosuvastatin Tablets

Glenmark Pharma rises nearly 3% on ANDA nod for Rosuvastatin Tablets

20/07/2016 12:02

Shares of Glenmark Pharmaceuticals soared nearly 3 per cent on the Bombay Stock Exchange after the drug maker announced that it has received ANDA approval for Rosuvastatin Calcium Tablets, 5 mg (base), 10 mg (base), 20 mg (base), and 40 mg (base).

Cheering the news, shares of company gained as much as 2.79 per cent in intra-day to trade at Rs 856.50 apiece, against previous closing price of Rs 833.20, on Bombay Stock Exchange.

In a similar fashion, stocks of the company climbed 2.12 per cent to Rs 849.70 apiece on National Stock Exchange.

Meanwhile, the broader benchmark BSE Sensex was trading at 27,895.92, up 108.3 points, or 0.39 per cent, at 12:05 hours.

Cotton futures down on profit booking

Cotton futures down on profit booking

19/07/2016 14:12

Cotton future tumbled 1.96 per cent on Tuesday at the Multi Commodity Exchange (MCX) as investors resorted to profit booking after strong rally in the last few sessions. Further, subdued export demand from traders and stockiest at the spot market also restricted uptrend.

At the MCX, cotton futures for July 2016 contract is trading at Rs. 23030.00 per bales, down by 1.96 per cent, after opening at Rs. 23250.00. It touched the intra-day low of Rs. 22920.00. (At 2:25 PM today).

India is the second largest producer of cotton and its derivatives in the world after China, accounting for about 18 per cent of the world cotton production. India also constitutes about 25 per cent of world area under cotton cultivation.