Power Grid approves investments worth Rs.1,093.3 crore; stock down

The stock has hit a high of Rs. 141 and a low of Rs. 138 on BSE today. 

Shares of Power Grid Corporation of India Ltd were trading lower 1.5% at Rs. 139 on BSE today. The company approves investment worth Rs. 1,093.3 crore.

The stock opened at Rs. 139.20 as against the previous close of Rs.  141 on BSE. It has hit a high of Rs. 141 and a low of Rs. 138 on BSE today.

Total traded quantity on the counter stood at over 1.11 lk shares on BSE.

Meanwhile, the Sensex is down 116 points at 27,135.

SEBI directs stock exchanges to provide co-location facility

SEBI said stock exchanges will have to provide all market participants availing co-location facility fair and equal access to their facilities and data feeds

The Securities and Exchange Board of India has directed stock exchanges to provide the co-location facility in a fair and transparent manner.

The regulator said stock exchanges will have to provide all market participants availing co-location facility fair and equal access to their facilities and data feeds.

Besides, they have to ensure that the size of the co-located or proximity hosting space is sufficient to accommodate all the stock brokers and data vendors who are desirous of availing the facility.

"provide the flexibility to avail rack space in the co-location or proximity hosting so as to meet the needs of all stock brokers desirous of availing such facility," SEBI said in a circular on Tuesday.

Exchanges have been asked to put in place systems to implement these guidelines within three months.

Oriental Bank of Commerce net profit at Rs. 497 cr in FY15

OBC has recommended a dividend at Rs. 3.30 per share for year ended March 31, 2015 

Oriental Bank of Commerce reported a net loss of Rs. 1784.40 million for the quarter ended March 31, 2015 as compared to net profit of Rs. 3103.20 million for the quarter ended March 31, 2014.

Total Income has increased from Rs. 56553.60 million for the quarter ended March 31, 2014 to Rs. 57193.90 million for the quarter ended March 31, 2015.

The Bank has posted a net profit of Rs. 4970.80 million for the year ended March 31, 2015 as compared to Rs. 11394.10 million for the year ended March 31, 2014.

Total Income has increased from Rs. 209627.50 million for the year ended March 31, 2014 to Rs. 220827.80 million for the year ended March 31, 2015.

OBC has recommended a dividend at Rs. 3.30 per share for year ended March 31, 2015.
The dividend declaration is subject to shareholders’ approval at the Annual General Meeting of the Bank.

Vedanta FY15 revenue at US$12.9 bnVedanta FY15 revenue at US$12.9 bn

EBITDA stood at US$3.7 bn

Vedanta Resources plc reported Results for the Year Ended 31 March 2015

Financial Highlights

Revenue of US$12.9 bn in line with prior year

EBITDA of US$3.7 bn (FY2014 US$4.5 billion), adjusted EBITDA margin of 38%(2)(FY2014 : 45%)

Underlying Earnings/(Loss) Per Share(3) of (14.2) US cents (FY2014: 14.7 US cents)

Basic Earnings Per Share (EPS) of (654.5) US cents primarily on account of an impairment of

US$4.5 billion(net of tax)

Non-cash Impairment reflecting lower commodity price

Free cash flow after growth capex of US$1.0 billion (FY2014 US$1.3 billion)

Gross debt reduced by US$ 0.6 billion in H2 FY2015 and US$0.2 billion in FY2015 with gross

debt at US$16.7 billion in FY 2015(FY2014 US$16.9 billion)

Net debt up by US$0.5 billion to US$8.5 billion; US$0.8 billion spent on increasing our stake

in subsidiaries, Vedanta Limited and Cairn India Limited

Credit rating changed from BB to BB- by S&P, Moody’s retained at Ba1 with change in

outlook to negative mainly on account of lower oil prices

Final dividend of 40 US cents per share, full year dividend 63 US cents per share, up 3% 

Market off day's lows

The broader market is out-performing the BSE benchmark index, the Midcap and Smallcap indices have gained 0.5 percent each at 10,488 and 10,919, respectively.

The key benchmark indices, the BSE Sensex and the NSE Nifty have recovered most of its early losses, on the back of fresh buying in shares like - power, metal, energy, realty, auto and FMCG.

The BSE headline index is back above 27,000, but trade with a loss of 72 points at 27,180. The NSE Nifty which tested a low of 8,137 is now trading above 8,200. The Nifty-50 shares index is now down only 25 points at 8,208.

The broader market is out-performing the BSE benchmark index, the Midcap and Smallcap indices have gained 0.5 percent each at 10,488 and 10,919, respectively.

In sectors - the BSE IT index has declined almost a percent at 10,493. The Consumer Durables and Bankex indices are down 0.3 percent each.

On the other hand, the Power, Oil & Gas and Metal indices have advanced 0.4 percent each at 2,025, 9,270 and 9,948, respectively. The Auto and FMCG indices have also gained 0.3 percent each.

The breadth is positive in morning deals - out of 1,909 stocks traded on the BSE so far 1,071 stocks are advancing, while 750 stocks are declining.

Among Power stocks - Alstom T&D India soared almost 4 percent at Rs. 525. Siemens and JSW Energy surged over 2.5 percent each at Rs. 1,332 and Rs. 108, respectively.

NTPC has jumped almost 2 percent at Rs. 140. Reliance Infra and Torrent Power have rallied 1.5 percent each at Rs. 429 and Rs. 167, respectively.

NHPC, Tata Power, Suzlon Energy, Reliance Power and GMR Infra are the other notable gainers.

On the losing side, Power Grid has dropped over a percent at Rs. 139. BHEL and Crompton Greaves have declined 0.5 percent each at Rs. 226 and Rs. 172, respectively. 

Lok Sabha passes Negotiable Instruments Amendment Bill

The objective of the Negotiable Instruments (Amendment) Bill is to provide mechanisms that would make filing of cases more convenient for payees if cheques bounce 

The Lok Sabha on Wednesday passed the Negotiable Instruments (Amendment) Bill.

The objective of the Bill is to provide mechanisms that would make filing of cases more convenient for payees if cheques bounce.

The government faced questions from its own members and allies over whether the Bill's provisions could be used by corporates to harass common people.

Minister of State for Finance Jayant Sinha said that Bill was passed by a voice vote and that it would enhance the "integrity of financial system" and not lead to the harassment of the common man. 

Rupee opens at 64.05 against US dollar

The Indian currency hit a low of 64.06 and a high of 63.89 today. 

The rupee opened today at 64.05 against the US dollar.

The Indian currency hit a low of 64.06 and a high of 63.89 today.

The FIIs were net sellers of Rs712mn in the cash segment on Wednesday.

The domestic institutional investors (DIIs) were net buyers of Rs2.54bn, as per the provisional figures released by the NSE. 

Sensex, Nifty in red; banking, auto stocks drag

The BSE Mid-cap Index is trading down 033% at 10,399, whereas BSE Small-cap Index is trading down 0.34% at 10,836. The Volatility index - India VIX - has jumped 5 percent at 21.72.

Despite surging yesterday, the BSE Sensex and the NSE Nifty have started the day marginally in green at 27,290 and 8,232, amid mixed global cues.

Soon, the key benchmark indices witnessed free-fall mode and tumbled to a low of 26,948 and 8,137, on the back of heavy selling across all sectors.

At 9:39 AM, the S&P BSE Sensex is trading at 27,117 down 134 points, while NSE Nifty is trading at 8,137 down 50 points.
The BSE Mid-cap Index is trading down 033% at 10,399, whereas BSE Small-cap Index is trading down 0.34% at 10,836.

NTPC, Cipla, Bharti Airtel and Dr. Reddy's Lab are among the gainers, whereas Tata Motors, Axis Bank, HDFC and Infosys are losing sheen on BSE.

After witnessing wild swing on Wednesday, the market may look at settling down in a range for the day. The government got the Black Money bill passed, along with Companies Act changes that seek to address corporate concerns. While GST and Land Bill remain in the backburner, the government managed to clear a host of bills on the last day of the budget session.

Action will continue in stocks added in the MSCI indices. Market expects additional FII inflows into the counters on account of the additions scheduled later this month. Indices may look at maintaining the gains clocked on Wednesday as it awaits few corporate results and macro data. WPI inflation data will be out later in the day. Lupin, which slumped on Wednesday could see some buying following the acquisition of Brazil-based Medquímica. Global cues are mixed. US indices pared gains and closed flat. Asian markets are mostly lower. Japan's Nikkei is in the red while Hong Kong's Hang Seng index is trading in the green. China's Shanghai index is also in negative zone for now.

The Cabinet Committee on Economic Affairs approved stake sale in NTPC and Indian Oil. The government is planning to sell 5% in NTPC and 10% in Indian Oil, which could mop up around Rs 14,000 crore.

Ahead of his China visit, Prime Minister Narendra Modi said, "I believe that my trip to China will not only deepen the China-India friendship, but also set a new milestone for the relations between developing countries in Asia as well as around the world. There is no doubt about that.

World Gold Council is expected to release Gold Demand Trend report for Jan-Mar.

There is no gainer in sectoral indices - the CNX Bank Nifty and Finance indices have dropped 1.3 percent each at 17,856 and 7,246, respectively.

The Auto, Realty, FMCG and IT indices have shed almost a percent each. The Energy, Infra, Metal, Pharma and PSU Bank indices are the other losers.

Among Nifty-50 shares - Lupin is the top losers - down over 3 percent at Rs. 1,635, after the company reported muted Q4 earning yesterday.

Bank of Baroda, Tata Motors, Infosys, Kotak Bank, HDFC, ICICI Bank, HDFC Bank, IndusInd and Axis Bank are the other significant losers.

On the other hand, NTPC has jumped 1.5 percent at Rs. 140. Cipla has spurted over a percent at Rs. 685.

Tata Steel, Asian Paints, Hindalco and Bharti Airtel have gained nearly a percent each.