Yes Bank and London Stock Exchange Group sign MoU to foster development around Bond and Equity Issuance

YES BANK plans to list a Green Bond of up to £330 million through MTNs on the London Stock Exchange by December 2016.

London Stock Exchange Group (LSEG) and YES BANK, India's 5th largest private sector Bank, have signed a memorandum of understanding (MoU) to foster the development around bond and equity issuance, with a strong focus on Green Infrastructure Finance. The MoU was signed on November 12 in London.

YES BANK plans to list a Green Bond of up to £330 million through MTNs on the London Stock Exchange by December 2016. YES BANK also intends to raise further capital in London potentially through the listing of Global Depository Receipt (GDR) as part of its overall £650 million of equity capital raising plans.

Bharti Airtel plans to issue sterling bond of up to GBP 500mn

This bond, when issued, will be listed on the London Stock Exchange.

Bharti Airtel Ltd., a leading global telecommunications company with operations in 20 countries across Asia and Africa, intends issuing its maiden Sterling Bond of up to GBP 500Million. This bond, when issued, will be listed on the London Stock Exchange.

Bharti is a leading corporate bond issuer from India and has issuances across maturities in USD, EUR and CHF listed on the Singapore, Frankfurt and Swiss Stock Exchanges. These bond issuances have helped Bharti diversify its investor base, currency exposure and extend maturity of its debt portfolio while setting a yield curve for its credit. The intended bond issue, when issued, will help Bharti drive its strategy of further diversification and further extension of maturities.

The intended issue and its timing remains subject to necessary authorizations and approvals, global credit environment and market conditions.

Harjeet Kohli, Group Treasurer, Bharti Airtel Ltd, said, “This debut GBP issue will be used for refinancing our existing loan portfolio. Besides utilising the capital and expertise of the United Kingdom in financing Indian telecom growth story, the issue will further strengthen the long-term strategic partnership between the two nations.” 

Oil India plunges 7%

The Company has posted a net profit of Rs. 6748.00 million for the quarter ended September 30, 2015 as compared to Rs. 6083.30 mn for the quarter ended September 30, 2014.

Shares of Oil India Ltd were lower by 7% at Rs. 365. The Company has posted a net profit of Rs. 6748.00 million for the quarter ended September 30, 2015 as compared to Rs. 6083.30 mn for the quarter ended September 30, 2014. 

Total Income has increased from Rs. 26204.40 mn for the quarter ended September 30, 2014 to Rs. 29565.10 mn for the quarter ended September 30, 2015.

The scrip opened at Rs. 389.7 and has touched a high and low of Rs. 389.7 and Rs. 362.25 respectively. So far 552447(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 23606.61 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 627.05 on 27-Nov-2014 and a 52 week low of Rs. 388.5 on 10-Nov-2015. Last one week high and low of the scrip stood at Rs. 406.7 and Rs. 388.5 respectively.

The promoters holding in the company stood at 67.64 % while Institutions and Non-Institutions held 18.7 % and 13.66 % respectively.

The stock is currently trading above its 200 DMA.

RCOM stock down 8%

Reliance Communications' (Rcom) acquisition of Sistema Shyam Teleservices may spark further Indian telco M&A, according to Fitch Ratings.

RCOM was down by 8% at Rs.65. Reliance Communications' (Rcom) acquisition of Sistema Shyam Teleservices may spark further Indian telco M&A, according to Fitch Ratings.

Larger operators are likely to seek acquisitions as they require more spectrum to support their fast-growing 3G/4G service revenues; while smaller, loss-making telcos will be willing sellers due to rising competition and the regulator's decision to relax spectrum rules, Fitch Ratings said.

The scrip opened at Rs. 71.1 and has touched a high and low of Rs. 71.9 and Rs. 63.75 respectively. So far 9462420(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 17696.65 crore.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 117.4 on 18-Nov-2014 and a 52 week low of Rs. 45.65 on 25-Aug-2015. Last one week high and low of the scrip stood at Rs. 82.35 and Rs. 68 respectively.

The promoters holding in the company stood at 59.7 % while Institutions and Non-Institutions held 29.58 % and 10.3 % respectively.

The stock is currently trading above its 50 DMA.

SBI plans to launch FTSE-SBI India Bond Index

SBI Mutual Fund, the asset management subsidiary of SBI, intends to use the new index as the basis for a new investment product.

State Bank of India is planning to launch FTSE-SBI India Bond Index in association with FTSE TMX Global Debt Capital Markets, according to reports.

SBI Mutual Fund, the asset management subsidiary of SBI, intends to use the new index as the basis for a new investment product, the report added.

SBI Chairperson Arundhati Bhattacharya said, "We are delighted to be partnering with London Stock Exchange Group to create the FTSE SBI bond indices for India." 

The FTSE SBI Indian Bond indices will be a catalyst in the ongoing development, Bhattacharya says.

Spicejet initiates process of appointment of necessary independent directors

The Company has already initiated the process of appointment of necessary independent directors, and the related application for security clearance has already been made with the Ministry of Civil Aviation, Government of India (“MoCA”) as required under the Civil Aviation Requirements.

Spicejet Ltd has announced that the Board of Directors of the Company at its meeting held on November 12, 2015, has taken on record that all the Committees of the Board of Directors of the Company i.e. (a) Audit Committee, (b) Stakeholders Relationship Committee, (c) Nomination and Remuneration Committee and (d) Corporate Social Responsibility Committee ceased to exist due to resignations of independent directors on September 21, 2015.

The Company has already initiated the process of appointment of necessary independent directors, and the related application for security clearance has already been made with the Ministry of Civil Aviation, Government of India (“MoCA”) as required under the Civil Aviation Requirements.

The security clearance as mentioned above is still awaited from MoCA and upon receipt of the same necessary committees will be reconstituted. The Board has therefore resolved that in the interim period, pending appointment of new independent director and reconstitution of all the Committees, the functions of these Committees shall be undertaken by the Board.

Indiabulls Housing Finance,SpiceJet, M&M among 14 Stocks in focus today

Check out the companies which will be in focus during trade today based on recent and latest news developments.

SpiceJet: The aviation company reported a net profit of Rs.23.8 crore for Q2 FY16, an improvement of Rs.334.2 crore relative to the net loss of Rs.310.4 crore for the same quarter last year. SpiceJet earned revenue of Rs.1,040.1 crore in the quarter.

M&M: Italian car designer Pininfarina reportedly said that it expects to reach a deal to be acquired by Mahindra and Mahindra in the next few weeks.

State Bank of India:SBI is planning to launch FTSE-SBI India Bond Index in association with FTSE TMX Global Debt Capital Markets, as per media reports.

Hindalco Industries: The company reported 31 per cent rise in its net profit at Rs.103.3 crore for the quarter ended September 30, 2015 as compared to Rs.78.8 crore for the same quarter in the previous year.

Wipro: The IT company has announced a partnership with Apttus, the category defining Quote-to-Cash cloud solution provider, to deliver contract life-cycle management, configure-price-quote and revenue management solutions to clients across industries.

Container Corp: The government is planning to sell a 5% stake in Container Corp, a notice seeking interest from investment banks to manage the sale worth about USD 200mn at current market price showed, as per media reports.

NMDC Ltd: NMDC posted a net profit of Rs. 810.2 crore for the quarter ended September 30, 2015 as compared to Rs. 1566.6 crore for the quarter ended September 30, 2014.

Indiabulls Housing Finance Ltd: Indiabulls Housing Finance has acquired a 40% stake in OakNorth Bank of the U.K. for $100 million. The investment has been identified and approved by the Strategic Investment Committee for Liability Franchise Development, the company said in a statement.

Saurashtra Cement: The cement company has allotted 1,80,00,000 equity shares of Rs. 10 each to the promoters and associates in compliance to the order dated March 14, 2013 of the BIFR.

GVK Power & Infrastructure Ltd: The company has posted a net loss of Rs. 123.5 crore for the quarter ended September 30, 2015 as compared to net loss of Rs. 235. crore for the quarter ended September 30, 2014.

National Fertilizers: National Fertilizers reported a 12 per cent fall in net profit at Rs. 54.19 crore for the second quarter ended September 30. The total income from operations declined to Rs. 2,255.77 crore in the current quarter from Rs. 2,323.63 crore in the year ago period.

Hindustan Copper: The company's net profit during the second quarter dipped to Rs. 7.41 crore from Rs. 17.21 crore in the same period a year ago.

NCC Ltd: NCC has posted a net profit of ₹54.95 crore for the second quarter ended September 30, 2015, against a profit of ₹22.12 crore in the corresponding quarter of previous year on a standalone basis, registering a growth of 148 per cent.

Suven Life Sciences: The company reported 22.23 per cent rise in its PAT at Rs.24.7 crore for the quarter ended September 30, 2015 as compared to Rs.20.2 crore for the same quarter in the previous year.

J Kumar Ltd: The company reported its net profit stands at Rs. 23.2 crore.

Tata Motors: Tata Motors Group global wholesales in October 2015, including Jaguar Land Rover, were at 92,949 nos., higher by 14%, over October 2014. Cumulative wholesales for this fiscal were at 5,71,850 nos., higher by 5% over the last fiscal.

Rupee opens higher by 13 paise at 66.18/$

The currency touched a high and low of 66.26 and 66.36 respectively.

The Indian rupee opened higher by 13 paise  at 66.18/$ in early trade on Friday. On macroeconomic side, India’s industrial production growth came in below expectations, while consumer inflation rose to a four‐month high. In this respect, Industrial output growth grew 3.6% in September, down sharply from of 6.3% growth during the prior month. The slowdown is attributed to the sluggishness in the mining activity. Meanwhile, Consumer prices during October rose 5% on yoy basis after a 4.41% increase in September. Rising food prices (particularly pulses) and dilution of congenial base effect is leading to a spike in consumer price inflation.

In international markets, Euro remained on the defensive against the greenback, as ECB Chief Mario Draghi commented that further easing could not be ruled out considering deflationary trends. Bond purchases can continue beyond September 2016 if there is no sustained improvement in inflation levels. ECB will do a review of the monetary policy at the December meeting, conveying signals that something more is in the offing, possibly negative interest rates.

The currency touched a high and low of 66.26 and 66.36 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.34 and for Euro stood at 71.29 on November 10, 2015. While, the RBI’s reference rate for the Yen stood at 53.80, the reference rate for the Great Britain Pound (GBP) stood at 100.2806.

Sensex, Nifty down nearly 1%

The BSE Mid-cap Index is trading down 1.01% at 10,692, whereas BSE Small-cap Index is trading down 0.51% at 11,154.

At 9:19 AM, the S&P BSE Sensex is trading at 25,646 down 221 points, while NSE Nifty is trading at 7,759 down 66 points.

The BSE Mid-cap Index is trading down 1.01% at 10,692, whereas BSE Small-cap Index is trading down 0.51% at 11,154.

The market wanted an auspicious start in Samvat 2072 and that did come on the day of muhurat trading when indices managed to claw higher by half a percent. However, luck may be running out for the bulls in the near term as global and local factors do not augur well for now. Industrial production slowed in September growing by a mere 3.6%. This is in sharp contrast to the growth of 6.2% recorded in August. Low growth in mining and manufacturing sectors was the culprits for bringing down IIP. The Consumer Price Index -based inflation soared yet again on account of a spike in the price of pulses hitting 5% in October.

Global cues are also negative for equity markets. US stocks came tumbling down towards the end fuelled by falling oil prices, which led to a sell-off in energy- related shares. The S&P 500 fell 1.40%, the Dow dropped 1.44% and the Nasdaq fell 1.2%. Asian markets too are in the red. Stocks that have been added to the MSCI index will be in focus. Indications are that Ashok Leyland, Cadila, Maruti and Tata Motors DVR To Global Standard Index would be added.

An Olympic style event awaits Prime Minister Narendra Modi as he is set to address an estimated 70,000 people at the Wembley Stadium in London today. The signing of a civil nuclear deal, deeper cooperation on clean energy and climate change, the release of a Railway rupee bond, and the conversion of London into a centre for rupee-denominated Masala Bonds are among an estimated £9-billion worth of deals to be concluded during Prime Minister Narendra Modi’s three-day visit to the UK, says a report.

On Thursday, European Central Bank (ECB) President Mario Draghi said inflation dynamics had weakened and that a "sustained normalisation" of inflation could take longer to achieve than thought.

Revenue Secretary Hasmukh Adhia has told industry and financial consultants not to press with their demand for including natural gas and LNG as ‘declared goods’. Declared good status would mean a flat tax rate of 5 per cent across all States. Five per cent is at the lower end of the Central sales tax/value added tax rates, says a report in HBL.