Amtek India gains on plan to raise up to Rs 200 crore

Amtek India is currently trading at Rs. 87.40, up by 0.85 points or 0.98% from its previous closing of Rs. 86.55 on the BSE. The scrip opened at Rs. 87.30 and has touched a high and low of Rs. 88.60 and Rs. 87.00 respectively. So far 71381 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 137.85 on 16-Jun-2014 and a 52 week low of Rs. 54.50 on 20-Dec-2013. Last one week high and low of the scrip stood at Rs. 95.00 and Rs. 85.75 respectively. The current market cap of the company is Rs. 2441.86 crore. The promoters holding in the company stood at 71.12 % while Institutions and Non-Institutions held 9.75 % and 19.13 % respectively. Automobile parts maker Amtek India is planning to raise up to Rs 200 crore by issuing non-convertible preference shares. In this regard, the company’s board at its meeting held on November 24, 2014, has considered and approved issuance of non-convertible preference shares up to Rs 200 crore. Recently, the company reported 12.13 per cent increase in net profit at Rs 61.82 crore for the quarter ended September 30, compared with Rs 55.13 crore in the year-ago period. Net sales of the company stood at Rs 760.09 crore, up 36.15 per cent as against Rs 558.25 crore in the same quarter last year. Amtek India, India’s largest iron casting company, is a majority owned subsidiary of Amtek Auto, the flagship company of the Amtek Group.

PC Jeweller to open 48th showroom in Uttar Pradesh

PC Jeweller will be opening its 48th showroom, Civil Lines, Bareilly (Uttar Pradesh) on November 30, 2014. Earlier, the company had opened its showroom on October 19, 2014, at 190/2, Krishna Nagar, Mathura in state of Uttar Pradesh. PC Jeweller is one of the leading jewellery companies in India in the organized jewellery retail sector. Its operations include the manufacture, retail and export of jewellery. The company has developed a strong brand in north and central India markets.

Religare Invesco Mutual Fund files offer document for Fixed Maturity Plan-Series 25 - Plan A to F

Religare Invesco Mutual Fund has filed offer document with SEBI to launch a Close Ended Debt Scheme as Religare Invesco Fixed Maturity Plan - Series 25 - Plan A to F. The New Fund Offer price is Rs 10 per unit. Entry and exit load charges will be nil for the scheme. The scheme offers growth and dividend option and seeks to collect a Minimum Target Amount of Rs 20 crore. The scheme will be benchmarked against for Plans having maturity upto 3 months / 91 days: CRISIL Liquid Fund Index, For Plans having maturity of more than 3 months / 91 days and upto 36 months: CRISIL Short-Term Bond Fund Index and For Plans having maturity of more than 36 months: CRISIL Composite Bond Fund Index. The minimum application amount is Rs 5000 per application and in multiples of Rs 10 thereafter. The investment objective of the scheme is to  generate income by investing in a portfolio of debt and money market instruments maturing on or before the date of maturity of the Scheme.

US markets made a green close despite a lackluster day of trade

US markets made a positive close on Wednesday with trade remaining lackluster and the traders in a holiday mood, as the market will be closed on Thursday, while Friday will be a half-day session. Traders were also cautious with mixed set of macro data, while the US consumer spending rose modestly in October and the consumer confidence was near a 7-1/2-year high, a measure of business spending plans fell for a second straight month. Also, the Labor Department released a report before the start of trading, showing an unexpected increase in initial jobless claims in the week ended November 22nd. The report said initial jobless claims rose to 313,000, an increase of 21,000 from the previous week's revised level of 292,000. Separately, pending home sales in the US despite unexpectedly declining in the month of October remained at a healthy level. National Association of Realtors’ pending home sales index tumbled 1.1 percent to 104.1 in October from an upwardly-revised 105.3 in September. A Commerce Department report said durable goods orders climbed by 0.4 percent in October following a revised 0.9 percent decrease in September. The Dow Jones industrial average gained 12.81 points or 0.07 per cent, to 17,827.75, the S&P 500 ended higher by 5.8 points or 0.28 per cent, to 2,072.83, while the Nasdaq Composite added 29.07 points or 0.61 per cent, to 4,787.32. Indian ADRs made a mixed closing on Wednesday, HDFC Bank was up by 0.49%, Wipro was up by 0.07% and Infosys was up by 1.02%. On the other hand ICICI Bank was down by 0.16% and Tata Motors was down by 1.26%.

RCom strengthens on plan to raise funds by issuing US dollar-denominated debt instruments

Reliance Communications is currently trading at Rs 103.25, up by 0.90 points or 0.88% from its previous closing of Rs 102.35 on the BSE. The scrip opened at Rs. 101.55 and has touched a high and low of Rs. 104.70 and Rs. 101.50 respectively. So far 610944 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 156.90 on 10-Jun-2014 and a 52 week low of Rs. 93.10 on 26-Sep-2014. Last one week high and low of the scrip stood at Rs. 116.35 and Rs. 99.50 respectively. The current market cap of the company is Rs. 24695.78 crore. The promoters holding in the company stood at 58.25% while Institutions and Non-Institutions held 31.33% and 10.19% respectively. In a bid to refinance $255 million of overseas loans, Reliance Communications (RCom) is planning to raise funds by issuing US dollar-denominated debt instruments. The proceeds will be used to repay existing foreign currency debt to avail of longer maturity redemption period. There will be no increase in the company's overall borrowing. The notes, if issued, will be listed on the Singapore Stock Exchange. The notes won't be available to investors in the US or India. The company’s net debt fell by Rs 3,900 crore to Rs 36,334 crore at the end of September after it raised funds via an institutional share sale. Reliance Communications is India’s foremost and truly integrated telecommunications service provider. The company, with a customer base of about 150 million, including over 2.5 million individual overseas retail customers, ranks among the Top 4 Telecom companies in the world by number of customers in a single country.

Ranbaxy, MRF and Bank of Baroda to see some action today

DC Federal Court in the U.S. has not granted Ranbaxy Laboratoriestemporary restraining order to block the U.S. health regulator from approving other ANDAs for generic versions of digestive disorder medicine Nexium and anti-viral Valcyte.  However, the court ordered the parties to the suit to agree upon a schedule for filing additional legal briefs, addressing Ranbaxy’s request for a preliminary injunction by November 21, 2014. Ranbaxy Laboratories had sued USFDA over revoking an approval to sell generic versions of Nexium and Valcyte in the US market. It had also sought restraining the approval given by the USFDA to Dr Reddy’s Laboratories and Endo Pharmaceuticals from launching generics of Valcyte. MRF has posted 72.14 per cent increase in net profit at Rs 316.91 crore for its fourth quarter ended September 30, on account of robust sales. The company had posted a net profit of Rs 184.10 crore during the same period of previous fiscal. Net sales of the company rose to Rs 3,359.91 crore for the fourth quarter, 2013-14, as against Rs 3,145.70 crore in the same period of the previous fiscal. Bank of Baroda has decided to raise funds by way of private placement of AT-1 Bonds (Basel lll Compliant- Tier l) of Rs 1000 crore with a green shoe option of additional Rs 500 crore, limiting the aggregate issue size up to Rs 1500 crore. This is to augment Additional Tier- I Capital of the Bank. The Exchange had sought clarification from Puravankara Projects with respect to press release dated November 26, 2014 titled "Puravankara enters into Prime Land Deal in Pune - Land Parcel Earmarked for Joint Prime Residential Development". In this regard, the Exchange has advised the Company to provide clarification/confirmation with respect to the following: (1) Consideration (2) Names of Parties in the Joint Venture. The US Food and Drug Administration (FDA) has issued a Form 483 to Hyderabad-based Dr Reddy's Laboratories where the drug regulator raised inspectional observations at the latter's active pharmaceutical ingredients (API) facility located in the Srikakulam district of Andhra Pradesh. Dewan Housing Finance Corporation (DHFL), India's second largest private sector housing finance company, is bullish on the housing finance market in Uttar Pradesh. The company is targeting 150% growth in loan book in UP from Rs 400 crore to Rs 1,000 crore by March 2016. It also targets to expand its footprint to 30 locations from 16 at present. DHFL loan book outstanding grew 25% to Rs 44,742 crore in July-Sep 2014 quarter against Rs 35,805 crore in the corresponding quarter of previous fiscal. Almost 70% of its advances happened in the top 15 urban centres compared to about 85% three years back. Rating agency Moody's has downgraded Indian Overseas Bank's (IOB) financial strength rating from ‘D-' to ‘E+’. The rating action reflects weakening asset quality and capital profile. However, rating agency affirmed IOB's senior unsecured and local currency deposit ratings at ‘Baa3’. It reflects the high likelihood of support that senior creditors of public sector lender IOB can expect to receive from the Government of India (Baa3 stable). The government of India holds 73.80% stake in Chennai-based lender. IOB reported a loss for the quarter ended 30 September 2014 due to lower operating revenues and higher provisioning expenses. Falling global prices and subdued demand may prompt country's largest iron ore miner NMDC to cut the price of steel-making raw material for the second month in a row in December.  The company had reduced the rate of lumps, which has higher iron content, by Rs 200 per tonne for November to Rs 4,400 a tonne, after holding the price for previous four months.  The company, however, rolled over the October price for fines, the inferior grade of the raw material, now stands at Rs 3,16o per tonne.  The possible reduction in the price of iron ore is likely to happen because of two major reasons - subdued demand in the domestic market and nose-diving international prices of the raw material. Aris International has decided to cancel the acquisition of NBFC Company namely Jeewan Commodities because of non completion of formalities of shifting of NBFC under the jurisdiction of RBI, Maharashtra.