LIC Housing Finance stock up on fund raising plans

The company said it will raise up to Rs. 43,000 crore via non-convertible debentures on private placement basis. 

LIC Housing Finance Ltd is currently trading at Rs. 407, up by 1% from its previous closing of Rs. 403.05 on the BSE.

The company said it will raise up to Rs 43,000 crore via non-convertible debentures on private placement basis. 

The scrip opened at Rs. 403 and has touched a high and low of Rs. 409 and Rs. 400 respectively. So far 877298 shares were traded on the counter. The current market cap of the company is Rs. 20271.79 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 523.95 on 06-Aug-2015 and a 52 week low of Rs. 299.2 on 25-Sep-2014. Last one week high and low of the scrip stood at Rs. 437.5 and Rs. 399.5 respectively.

The promoters holding in the company stood at 40.31 % while Institutions and Non-Institutions held 44.16 % and 15.07 % respectively.

The stock is currently trading above its 50 DMA.

Top mutual fund news of the day- September 8, 2015

The mutual fund industry witnessed a drop of nearly 5 per cent in assets under management (AUM) to Rs 12.55 lakh crore in August.

The mutual fund industry witnessed a drop of nearly 5 per cent in assets under management (AUM) to Rs 12.55 lakh crore in August, mainly on account of fall in inflow into such schemes.

UTI MF has launched a new fund named UTI Nifty Exchange Traded Fund, an open-ended exchange traded fund. The new fund offer (NFO) price for the scheme is Rs. 10 per unit. 

Religare Invesco MF has set September 8 as the record date for declaration of dividend under the dividend and direct plan-dividend option of Religare Invesco Arbitrage Fund. 

SBI MF has unveiled a new fund named SBI Debt Fund Series B-25 (1,100 days), a close-ended debt scheme. The new fund offer (NFO) price for the scheme is Rs. 10 per unit. 

ICICI Prudential MF has launched a new fund named ICICI Prudential Fixed Maturity Plan, Series 77, Plan T (1,144 days), a close-ended debt scheme. The NFO Price for Rs. 10 per unit.

SBI Mutual Fund files offer document for Dual Advantage Fund-Series XIII to XV

SBI MF has filed offer document with SEBI to introduce a closed-ended hybrid scheme, “SBI Dual Advantage Fund-Series XIII to XV”.

SBI MF has filed offer document with SEBI to introduce a closed-ended hybrid scheme, “SBI Dual Advantage Fund-Series XIII to XV”. The New Fund Offer price is Rs. 10 per unit. Entry load and exit load 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 schemes will be benchmarked against customized benchmark of 5% of Nifty + 95%-CRISIL Short Term Bond Fund Index for schemes with maturity greater than 12 months and less than or equal to 13 months, customized benchmark of 10% of Nifty + 90%-CRISIL Short Term Bond Fund Index for schemes with maturity greater than 13 months and less than or equal to 24 months and CRISIL MIP Blended Fund Index for schemes with maturity greater than 24 months. The minimum application amount is Rs. 5000 and in multiples of Re 1 thereafter.

The scheme’s investment objective is to generate income by investing in a portfolio of fixed income securities maturing on or before the maturity of the scheme. The secondary objective is to generate capital appreciation by investing a portion of the scheme corpus in Equity and equity related instruments.

Cairn India looks to boost offshore activity on crude fall: Report

Cairn India along with ONGC floated 10 tenders to shortlist companies that can offer a host of services to one block along the western coast and three along the eastern coast.

Cairn India Ltd is reportedly stepping up activity across its four offshore oil & gas assets to take advantage of low exploration costs following the sharp fall in crude oil prices.

According to reports, Cairn India along with ONGC floated 10 tenders to shortlist companies that can offer a host of services to one block along the western coast and three along the eastern coast.

Of the blocks, CB-OS/2 located in the Cambay basin off the coast of Gujarat and Ravva located off the coast of Andhra Pradesh are producing blocks.

Two others, located in the Krishna-Godavari (KG) basin and Pennar-Palar basin in Tamil Nadu, are under development.
ONGC is Cairn India’s partner in three of the blocks.
In the K-G basin, Cairn India has 100% stake.

SBI chief Bhattacharya seeks weaker INR for exporters

Bhattacharya said that if the rupee remains firm, then India will face lots of cheap imports from China in the longer run.

State Bank of India (SBI) Chairperson Arundhati Bhattacharya has reportedly said that the rupee must fall further to help Indian exporters.

"It (further fall in the rupee) is required, otherwise exports will become absolutely unviable. It is important to maintain parity. It can be achieved only if the rupee is allowed to depreciate further," Bhattacharya has been quoted as saying.

On Monday, the rupee hit a fresh two-year low to close at 66.82 versus 66.46 per dollar on Friday. During the day, it touched intra-day low at 66.85.

Bhattacharya said that if the rupee remains firm, then India will face lots of cheap imports from China in the longer run.
"How will it impact and how will it pan out, we are yet to see. In the long run, there are cheap items like iron coming in. The world is so connected so it will have its own impact," Bhattacharya said. 

Wipro appoints TCS Dave Chopra to head global infrastructure business

Wipro has appointed another top executive from TCS, Dave Chopra, to head key global infrastructure business, according to reports. Wipro spokesperson reportedly said that Dave Chopra has joined the company as vice-president, global infrastructure services, and will be responsible for driving strategy, marketing and business development for GIS. Previously Chopra served as global head of strategy for infrastructure services at TCS and spent nearly 15 years at the country's top software exporter.

Wipro has appointed another top executive from TCS, Dave Chopra, to head key global infrastructure business, according to reports.

Wipro spokesperson reportedly said that Dave Chopra has joined the company as vice-president, global infrastructure services, and will be responsible for driving strategy, marketing and business development for GIS.

Previously Chopra served as global head of strategy for infrastructure services at TCS and spent nearly 15 years at the country's top software exporter. 

Top economy news of the day- September 8, 2015

Maharashtra, which is reeling under severe drought, has witnessed sharp rise in demand for power. State's demand as on September 6 has risen to 18,058 MW including state distribution utility MahaVitaran's demand of 15,891 MW and 2,167 MW of Mumbai due scanty rainfall and extended summer in most parts of the state.

Maharashtra, which is reeling under severe drought, has witnessed sharp rise in demand for power. State's demand as on September 6 has risen to 18,058 MW including state distribution utility MahaVitaran's demand of 15,891 MW and 2,167 MW of Mumbai due scanty rainfall and extended summer in most parts of the state.

At the close of bidding in the e-auctions for private FM Radio channels under the Phase III expansion, 97 channels in 56 cities became provisional winning channels with cumulative provisional winning price of about Rs11.6bn.

Coffee exports jumped by 14% to 0.143mn tonnes during April-August period of this fiscal from 0.126mn tonnes in the year-ago period despite lower global prices, according to the Coffee Board.

TRAI is considering making it mandatory for telecom operators to disclose their network capacities periodically, as the regulator feels that call drop problem needs to be examined in entirety.

Top Corporate news of the day - September 8, 2015

Credit rating of Gulf Oil Lubricants India, a Hinduja Group Company, has been upgraded by rating agency ICRA.

Reliance Infrastructure arm Reliance Defence has signed MOU with Abu Dhabi Ship Building (ADSB) for the production of naval, military and commercial vessels. Under this MOU, both the companies will investigate the opportunity to set up a strategic partnership for the construction of naval ships including frigates, destroyers and other specialized vessels to address the Gulf Cooperation Council (GCC) over the next 10 years. 

Credit rating of Gulf Oil Lubricants India Limited, a Hinduja Group Company, has been upgraded by rating agency ICRA. 

Britannia Industries Limited has expressed its interest in setting up an agro-processing facility in Chittoor district of Andhra Pradesh. The company plans to commission the Phase I of the project in Chittoor district with an investment of Rs1.25bn by the end of 2016.

Tata Power plans to give a fillip to rooftop solar power generation and smart grids to manage peak demand in Delhi. Tata Power Delhi Distribution Ltd (TDPPL) expects to manage peak-hour demand up to 500 MW in the next five years through its new initiatives without the need for signing new contracts for power procurement.

Indraprastha Gas Limited has unleashed an intensive marketing campaign to chase a government-set target of adding 300,000 households in the current fiscal, more than half of what it has achieved in 16 years of existence, but it is up against a messy urban planning and a sluggish property market.

Buoyed by government's target of electrifying the entire 65,000 km railway route, Shilpi Cable Technologies plans to enter the railways segment by manufacturing catenary wires to meet the demand, a senior company official said.

Mahindra & Mahindra (M&M) is looking to enhance its market share in the utility vehicles segment with the upcoming compact SUV, TUV300 which is expected to be priced around Rs0.7-0.9mn.

Maruti Suzuki is planning a major overhaul of its bestsellers - Swift and Swift Dzire, in an altogether new avatar. In its new generation both Swift and Dzire will get an all new body and a new engine at the heart. Maruti Suzuki is also trying to advance commencement of Gujarat production facility by three to six months since the Gurgaon and Manesar plant in NCR region will reach optimum capacity by the middle of next year. 

Tata Motors’ JLR India is hopeful of more than trebling its sales in the country on the back of "a tremendous response" for its SUV hatchback Discovery Sport. 

JSW Energy Limited is all set to acquire Bina thermal power from Jaiprakash Power Ventures Limited for Rs35bn. The thermal power plant has installed capacity of 500 MW and have sufficient infrastructure to ramp it up to 1500 MW with marginal investment, two people familiar with the development told ET. 

India sees third-largest FII outflows in Asia

In 2014, FIIs had pumped US$13.4bn into Indian equities and for the year till 10th August, their net purchases stand at US$7.4bn.

Outflows from Indian stocks in the past one month have been the third worst in Asia, behind Japan and South Korea. The foreign institutional investors (FII) have sold Indian shares worth US$3.3bn since 10th August.

In 2014, FIIs had pumped US$13.4bn into Indian equities and for the year till 10th August, their net purchases stand at US$7.4bn.

The benchmark BSE Sensex is now down 9.5% year-to-date in rupee terms and 14.4% in US dollar terms, making India the third worst performer in Asia.

Japanese shares have seen the largest outflows at US$13bn while South Korea comes second at US$3.7bn.

Part of the selling in Indian shares can be attributed to overall redemptions faced by the emerging markets (EM). EM funds have seen redemptions worth US$24bn in the last four weeks, according to EPFR.

L&T plans to restructure top management

Report says that this move comes as part of its succession plan and will do away with the position of 'managing director and chief executive officer' in its current form.

Engineering major Larsen & Toubro is reportedly planning to restructure its top management.

Report says that this move comes as part of its succession plan and will do away with the position of 'managing director and chief executive officer' in its current form.

The succession plan may be announced in October and will see appointment of chief executive officers for different businesses who would report directly to Naik, says report.

"There's no need for the post of MD and CEO and we will be making some changes to restructure our top management, " says chairman AM Naik.

AGMs of the day

Check out the companies AGM which are expected today are Acrow India, Albert David, Cosmo Ferrites, Intrasoft Technologies, Jenburkt Pharmaceuticals, L&T Finance Holdings, Mayur Floorings, Niit.

Check out the companies AGM which are expected today are Acrow India, Albert David, Cosmo Ferrites,  Intrasoft Technologies, Jenburkt Pharmaceuticals, L&T Finance Holdings, Mayur Floorings, NIIT, Nitta Gelatin India, Onmobile Global, Prism Cement, Shri Niwas Leasing And Finance,Spel Semiconductor.

Equity MF inflows rise 63% in August but AUM falls

Investments into equity mutual funds rose by 63% to INR 96.25bn (US$1.44bn) last month from July, marking a 16th consecutive month of inflows, data from the Association of Mutual Funds in India (AMFI) shows.

Inflows into equity mutual funds jumped in August compared to July even as local shares suffered their worst monthly loss in nearly four years.

Investments into equity mutual funds rose by 63% to INR 96.25bn (US$1.44bn) last month from July, marking a 16th consecutive month of inflows, data from the Association of Mutual Funds in India (AMFI) shows.

The NSE Nifty fell by 6.6% last month, its worst performance since November 2011 as foreign institutional investors (FII) pulled out INR 168.77bn (US$2.5bn), their highest monthly sales on record.

But, despite higher inflows in August month-on-month, equity assets of India’s mutual funds (MF) shrank last month for the first time in 16 months.

According to AMFI data, equity assets under management (AUM) fell by 2.8% over July or by INR 11,000 crore to INR 3.83 lakh crore in August.

Britannia to invest Rs. 1.25bn on AP agro-processing plant

The facility will service Chennai and Bengaluru markets, which are 160km and 180km away, respectively, according to a statement from the Andhra Pradesh government

Britannia Industries Ltd will invest INR 125 crore on the first phase of a proposed agro-processing facility in the Chittoor district of Andhra Pradesh.

The facility will service Chennai and Bengaluru markets, which are 160km and 180km away, respectively, according to a statement from the Andhra Pradesh government.

Varun Berry, Managing Director of Britannia called on Andhra Pradesh Chief Minister N. Chandrababu Naidu at Vijayawada on Monday.

The first phase of the facility is expected to be commissioned by the end of 2016, Berry told Naidu.

During the meeting, Naidu also suggested Britannia to explore options in the dairy sector. “To improve dairy production, we are giving back-end subsidy on fodder cultivation,” he said.

17 Stocks in focus today

The company has bagged a 3-year contract from the French distribution network operator Electricite Reseau Distribution France (ERDF), which manages 95% of the electricity distribution network in France, to provide maintenance and repair services to 4,500 high power transformers.

JSW Energy Limited: The company is planning to acquire Bina thermal power from Jaiprakash Power Ventures Limited for Rs. 3,500 crore. The thermal power plant has installed capacity of 500 MW.

Crompton Greaves: The company has bagged a 3-year contract from the French distribution network operator Electricite Reseau Distribution France (ERDF), which manages 95% of the electricity distribution network in France, to provide maintenance and repair services to 4,500 high power transformers. These transformers of ERDF, a subsidiary of EDF, are credited with supplying energy to 35 million households in France.

Sujana Towers Ltd: CCI has approved the proposed acquisition of Sujana's tower business by Agarwal Steel Structures on a slump sale basis, saying the deal is not likely to have an adverse impact on competition, as per media reports.

Maruti Suzuki: The company is planning to take approval from minority shareholders on allowing parent Suzuki Motor Corporation to own and invest in the upcoming Gujarat plant. The stock of the company is expected to attract the attention of global passive funds in the next few months following the company's decision to raise the FPI holding limit to 40%, from 24%.

Reliance Infrastructure: Anil Ambani-led Reliance Defence Ltd (RDL) has signed an MoU with Abu Dhabi Ship Building to set up a strategic partnership for construction of naval ships. Under this MoU, RDL and ADSB are investigating the opportunity to set up a strategic partnership for the construction of naval ships - including frigates, destroyers and other specialized vessels to address the Gulf Cooperation Council (GCC) over the next 10 years.

LIC Housing Finance Ltd: The company said it will raise up to Rs. 43,000 crore via non-convertible debentures on private placement basis.

SpiceJet Ltd: The company is in talks to buy around 100 small turboprop aircraft for an estimated $3 billion (about Rs. 19,800 crore) at list prices, as per media reports.

Bank of Maharashtra Ltd: The bank will issue over 10 crore shares to the government in exchange of capital infusion of Rs. 394 crore.

Wipro: Wipro has appointed another top executive from TCS, Dave Chopra, to head key global infrastructure business. Dave Chopra has joined the company as vice-president, global infrastructure services, and will be responsible for driving strategy, marketing and business development for GIS.

Mahindra & Mahindra: The company is planning to enhance its market share in the utility vehicles segment with the upcoming compact SUV, TUV300 which is expected to be priced around Rs0.7-0.9mn.

Indian Hume Pipe Company Ltd: The company has entered into an agreement with Mumbai-based builder Dosti Realty for development of nearly 3.5 acre land parcel in Mumbai's Wadala locality. The total land parcel includes 2.08 acre freehold land, while 1.39 acre is under Slum Rehabilitation Scheme.

Info Edge Ltd: Zomato has raised $60 million in funding led by Singapore based Temasek with participation from existing investor Vy Capital. Zomato has in total raised close to $225 million from Info Edge, Sequoia India, Vy Capital, and Temasek.

Shilpi Cable Technologies: Buoyed by government's target of electrifying the entire 65,000 km railway route, Shilpi Cable Technologies plans to enter the railways segment by manufacturing catenary wires to meet the demand, a senior company official said.

Indraprastha Gas: The company has unleashed an intensive marketing campaign to chase a government-set target of adding 300,000 households in the current fiscal, more than half of what it has achieved in 16 years of existence, but it is up against a messy urban planning and a sluggish property market.

Tata Power: The company plans to give a fillip to rooftop solar power generation and smart grids to manage peak demand in Delhi. Tata Power Delhi Distribution Ltd (TDPPL) expects to manage peak-hour demand up to 500 MW in the next five years through its new initiatives without the need for signing new contracts for power procurement.

Gulf Oil Lubricants India: Credit rating of Gulf Oil Lubricants India Limited has been upgraded by rating agency ICRA.

Larsen & Toubro: The company is planning to restructure its top management. Report says that this move comes as part of its succession plan and will do away with the position of 'managing director and chief executive officer' in its current form.