Block deal on ITC; gains 1.2%

Around 26.5 lakh shares were traded in a multiple block at Rs. 317.70 on the NSE.

Shares of ITC were trading higher 1.2% at Rs. 318 on NSE today. Around 26.5 lakh shares were traded in a multiple block at Rs. 317.70 on the NSE. 

The scrip opened at Rs. 318 and has touched a high and low of Rs. 319 and Rs. 316.95 respectively. So far 57,11,825 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 253182.8 crore.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 409.7 on 28-Feb-2015 and a 52 week low of Rs. 294.5 on 15-Jun-2015. Last one week high and low of the scrip stood at Rs. 350.8 and Rs. 310.7 respectively.

The promoters holding in the company stood at 0 % while Institutions and Non-Institutions held 55.81 % and 43.94 % respectively.

The stock is currently trading above its 50 DMA.

Slovak Bound! JLR to manufacture in Slovakia by 2018

The company will be producing 3,00,000 cars per year. The city is already home to some of the big names of the automobile industry like Volkswagen, Peugeot and Kia.

Jaguar Land Rover (JLR), owned by Tata Motors, will reportedly sign an agreement with the Slovakia's government before the end of this week, to build a production plant in the country. 

The letter of intent for the same was signed by the company in August. 

Slovak city of Nitra will have the plant ready by 2018, producing 3,00,000 cars per year. The city is already home to some of the big names of the automobile industry like Volkswagen, Peugeot and Kia. 

JLR has not provided any details on which models will be produced from the manufacturing facility. 

Bharti Airtel drops 2.1% to a 52-week low

The stock traded on a 52-week low at Rs 308.20 on Wednesday. It has been trading 52-week low since Tuesday

Bharti Airtel dropped 2.1 % at Rs. 310.95 after the opening bell. The stock traded on a 52-week low at Rs 308.20 on Wednesday. It has been trading 52-week low since Tuesday.

Country's largest telecom operator recently announced that it will soon launch 4G services in Rajasthan. However, the launch of Vodafone 4G on Tuesday and the proposed entry of Reliance Jio Infocomm into the 4G LTE space is said to start a fierce competition between the top telecom operators.

The scrip opened at Rs. 318 and has touched a high and low of Rs. 318 and Rs. 308.2 respectively. So far 734277(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 126997.4 crore.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 452.45 on 21-Jul-2015 and a 52 week low of Rs. 315.5 on 08-Dec-2015. Last one week high and low of the scrip stood at Rs. 326.5 and Rs. 315.5 respectively.

The promoters holding in the company stood at 65.45 % while Institutions and Non-Institutions held 25.6 % and 8.95 % respectively.

The stock is currently trading above its 200 DMA.

Rajshree Sugar’s long term bank facilities’ rating downgraded; stock down 3%

CRISIL has further downgraded the credit rating of the company’s long term bank facilities of Rs. 644 crore to CRISIL D.

Shares of Rajshree Sugars & Chemicals Ltd are currently trading 3.44% lower at Rs. 28.05 on BSE.

CRISIL has further downgraded the credit rating of the company’s long term bank facilities of Rs. 644 crore to CRISIL D. Earlier, the rating agency ICRA had assigned ICRA B for the long term bank facilities of Rs. 619.82 crore.

“The current rating has deteriorated due to depressed scenario of the sugar industry existing for the last three years. The margins of all the sugar manufacturing companies are under pressure due to mismatch between the raw material, sugarcane prices and  prevailing prices,” said the company in a BSE filing. 

IndusInd Bank opens new branch in Indore

IndusInd Bank has inaugurated a new branch in Indore, the business and trading capital of the state.

IndusInd Bank has inaugurated a new branch in Indore, the business and trading capital of the state. 

IndusInd Bank Ltd is currently trading at Rs. 932.15, down by Rs. 11.6 or 1.23% from its previous closing of Rs. 943.75 on the BSE.

The scrip opened at Rs. 942 and has touched a high and low of Rs. 948.45 and Rs. 928.25 respectively. So far 342682(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 55988.7 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 988.5 on 31-Jul-2015 and a 52 week low of Rs. 752.6 on 17-Dec-2014. Last one week high and low of the scrip stood at Rs. 957 and Rs. 933.45 respectively.

The promoters holding in the company stood at 14.98 % while Institutions and Non-Institutions held 53.8 % and 20.3 % respectively.

The stock is currently trading below its 50 DMA.

Dr Lal PathLabs IPO subscribed 0.88 times

The public issue received bids for 71,06,160 shares against the total issue size of 81,20,000 shares, as per NSE data.

The initial public offer of Dr Lal PathLabs was subscribed 0.88 times.

The public issue received bids for 71,06,160 shares against the total issue size of 81,20,000 shares, as per NSE data.

The quota reserved for qualified institutional buyers (QIBs) was over-subscribed 1.22 times. 

The portion for non institutional investors received 39 per cent subscription.

Bharat Forge cracks 5%; Aims to double domestic revenue by 2018

The scrip opened at Rs. 804.9 and has touched a high and low of Rs. 808.15 and Rs. 781 respectively.

Bharat Forger cracked 5% to Rs. 786 on BSE.  The scrip opened at Rs. 804.9 and has touched a high and low of Rs. 808.15 and Rs. 781 respectively. So far 604,294 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 19261.87 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 1362.9 on 06-Apr-2015 and a 52 week low of Rs. 810.3 on 29-Oct-2015. Last one week high and low of the scrip stood at Rs. 873 and Rs. 813.5 respectively.

EPFO may increase interest rate on PF from 8.75% for FY16

Report says that the Finance Ministry wants EPFO to retain the existing interest rate of 8.75% for FY 2015-16.

Employees' Provident Fund Organisation is planning to increase the interest rate on PF deposits for 2015-16, from 8.75 percent fixed for the last two financial years, during its trustees' meet tomorrow, according to reports.

Report says that the Finance Ministry wants EPFO to retain the existing interest rate of 8.75% for FY 2015-16.

The meeting is called mainly to discuss the restructuring of EPFO.

The income projections for the current fiscal suggest that the body can pay rate of interest which is slightly higher than 8.75 provided in 2013-14 and 2014-15, says report.

Rupee opens flat at 66.82/$

The currency touched a high and low of 67.02 and 67.06 respectively. On the global front, strong employment numbers in US has reinforced the perception of a rate hike in December. Effectively, Fed Forward rate curves suggest 83% probability of 25 basis points move on the rates.

The Indian rupee opened flat at 66.82/$ in early trade on Wednesday. On the global front, strong employment numbers in US has reinforced the perception of a rate hike in December. Effectively, Fed Forward rate curves suggest 83% probability of 25 basis points move on the rates. Although December hike is a done deal, there are concerns of Fed getting aggressive if the economy shows signs of successfully absorbing the first rate hike. The real trouble is that nobody knows what exactly gradual policy normalization implies and how may rate hikes will it entail. Looking forward, US dollar is expected to gain further momentum as divergent scenario seems to be emerging, wherein Fed is turning out to be a bit hawkish, while ECB is contemplating at a prolonged accommodative stance. This entails flight of capital to a safer and high yielding currency like

On macroeconomic side, OECD reported that US, Japanese and British economies appear to be losing steam, but Chinese economy is showing signs of stabilization after a prolonged period of weakness. India's economy is also reported to be picking up.

On Tuesday, Indian rupee ended at 66.81/$, lower by 9 paise from its previous close of 66.72/$ on Monday. The currency touched a high and low of 67.02 and 67.06 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.79 and for Euro stood at 72.51 on December 08, 2015. While, the RBI’s reference rate for the Yen stood at 54.27, the reference rate for the Great Britain Pound (GBP) stood at 100.4914. 

Alkem Lab IPO subscribed 35% on Day 1

The IPO received bids for 31,68,872 shares against total issue size of 90,87,084 shares, according to NSE data.

The initial public offering of Alkem Laboratories was subscribed 35% on the first day of the issue. 

The IPO received bids for 31,68,872 shares against total issue size of 90,87,084 shares, according to NSE data.

The portion for qualified institutional buyers (QIBs) was subscribed 41%, while non institutional investors category received 9% subscription. 

Retail investors portion was subscribed 44%.

SBI denies committing to Adani's Aussie coal project

"We would like to state that State Bank of India (SBI) had never committed any loan to the Adani Group. We had only signed an MoU with the group in Australia last year, for assessing the Carmichael coal mines project," SBI said in a statement.

State Bank of India (SBI) on Tuesday said that it had not committed to extend any loan to the Australian coal mines project of Adani Group but had only signed a conditional Memorandum of Understanding (MoU).

"We would like to state that State Bank of India (SBI) had never committed any loan to the Adani Group. We had only signed an MoU with the group in Australia last year, for assessing the Carmichael coal mines project," SBI said in a statement.

"Signing an MoU is the preliminary step after receiving the loan application, after which the bank starts its due diligence process. It does not mean approval or sanction of the loan, which happens after successful completion of the due diligence process and the company meeting the eligibility criterion," SBI said.

SBI also denied that the MoU was signed in the presence of Prime Minister Narendra Modi.

Earlier, media reports had indicated that SBI had refused to extend US$1 billion to the Adani group for funding the US$15-billion Carmichael coal mine project.

The Adani group acquired the Australian coal mine with the world's largest coal reserves in 2010, but the project has been stuck due to stiff opposition from the environmental groups.

CBI registers case in Rs. 212-Cr Central Bank of India fraud

According to CBI, the case has been registered against DGM Rakesh Jaiswal, Jain Infraprojects Ltd. and its promoters - Mannoj Kumar Jain, his wife Rekha Mannoj Jain and Sunil Kumar Dangi for alleged criminal conspiracy, cheating, forgery besides provisions of Prevention of Corruption Act.

The Central Bureau of Investigation (CBI) on Tuesday registered a case against the former DGM of Central Bank of India and three other directors of a private company for an alleged loss of approximately INR 212.30 crore to the bank.

According to CBI, the case has been registered against DGM Rakesh Jaiswal, Jain Infraprojects Ltd. and its promoters - Mannoj Kumar Jain, his wife Rekha Mannoj Jain and Sunil Kumar Dangi for alleged criminal conspiracy, cheating, forgery besides provisions of Prevention of Corruption Act.

"The accused entered into a criminal conspiracy with each other and allegedly diverted bank funds illegally for a purpose other than for what they had been sanctioned. An alleged loss of INR 212.30 crores was caused to the bank," said a CBI official.

During 2011-13, the Central Bank of India allegedly gave fraudulent credit limit and Letter of Credit/BG facility to Jain Infraprojects Ltd. Searches were conducted at five places in Kolkata and one place in Allahabad.

The CBI said that it recovered documents which included copies of LCs and BGs, besides certain seals of four shell companies through which some loan proceeds have been allegedly invested on diversion. 

The said amount has been declared as NPA and fraud by the Central Bank of India.

Banks approve part conversion of Electrosteel Steels' debt into shares

The Board of Directors considered and took on record Strategic Debt Restructuring (SDR) Package approved by Joint Lenders’ Forum (JLF) for conversion of part of debt aggregating to Rs. 2,507 crore into 250.75 crore equity shares of INR 10 each, the company told the stock exchanges.

A consortium of 27 lenders, led by State Bank of India (SBI), has approved part conversion of Kolkata-based Electrosteel Steels’ Rs. 2,507 crore debt into 250 crore equity shares of Rs. 10 each under the SDR scheme.

The Board of Directors considered and took on record Strategic Debt Restructuring (SDR) Package approved by Joint Lenders’ Forum (JLF) for conversion of part of debt aggregating to Rs. 2,507 crore into 250.75 crore equity shares of Rs. 10 each, the company told the stock exchanges.

The company will convene an extraordinary general meeting (EGM) of the company’s shareholders on 7th January, 2016, to consider and approve the SDR.

SDR aims to allow banks to take majority ownership in troubled companies and look for new owners. It allows banks to classify the debt in question as "standard", rather than "bad" during the 18-month process.

The company has a debt burden of more than INR 9,600 crore.

Electrosteel Steels’ accumulated losses at the end of FY15 stood at INR 1,356 crore as against its peak net worth of INR 2,227 crore.

As on 30th September, the promoters’ shareholding in Electrosteel Steels stood at 45.23 per cent.

Dr Reddy's Lab, BHEL, Ashoka Buildcon among 16 Stocks in focus today

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

Dr Reddy's Laboratories:  Dr Reddy's Laboratories submitted a response to the US health regulator on a warning letter it had received last month.

BHEL: Heavy industry minister Anant Geete has denied that proposal of further stake sale in BHEL is being considered by the government, according to reports.

State Bank of India: SBI said that it had not committed to extend any loan to the Australian coal mines project of Adani Group but had only signed a conditional Memorandum of Understanding (MoU).

Unichem Laboratories: The company said that it received final ANDA approval from the US FDA for Irbesartan tablets USP.

Electrosteel Steels Ltd: A consortium of 27 lenders, led by State Bank of India (SBI), has approved part conversion of Kolkata-based Electrosteel Steels’ Rs. 2,507 crore debt into 250 crore equity shares of Rs. 10 each under the SDR scheme.

Punjab & Sind Bank: The bank has informed BSE that All India Bank Officers’ Confederation (AIBOC) has given a notice to IBA calling for All India Bank Strike on December 11, 2015.

Ashoka Buildcon Ltd: The company has acquired 100% equity shares of Rs. 10 each fully paid up of Ashoka Path Nirman (Nasik) Pvt Ltd. However, the company has not divulged any financial details of the deal.

NBCC:  The company secured Business amounting Rs. 192.74 Cr (approx) in the month of November 2015.

Tata Communications Ltd: Tata Communications Ltd said that it will sell a majority of its subsidiary Neotel's fixed-line assets to Vodacom South Africa but will retain control of licences, including spectrum.

Steel Strips Wheels Ltd: SSWL announced the award of another exports order for supply of High Speed Trailer (Caravan) steel wheels for the European aftermarket. The order is in line with SSWL's strategy to increase presence in this high volume segment of Europe.

Wockhardt: The pharma company has received qualified disease product (QIDP) status from US health regulator for a new antibiotic.

Larsen & Toubro: L&T has bagged orders worth Rs19.6bn across business segments. The company's construction arm has secured these contracts in different businesses including water and effluent treatment projects.  

 Dabur India: Dabur launched the sugar-free version of its popular ayurvedic product Chyawanprash to tap health conscious customers.

NHPC Ltd: The company announced that Sewa-ll Power Station (120 MW) in Jammu and Kashmir has been completely shut down for annual maintenance of machines/MIVs for about 20 days with effect from 7 December.

Orchid Chemicals & Pharmaceuticals: The company has informed BSE that production operations of the Company's Bulk Drugs Plant located at Alathur, Tamil Nadu have been disrupted from December 02, 2015, due to flooding at the factory premises caused by heavy rains in Chennai. The Company have now recommenced the operations in a phased manner. However, the Sterile Manufacturing Section would need to be verified for Sterility and this would take a few more days for becoming fully operational.

Gati: GATI has revamped its website and launched an app, making its services available through mobile devices. 

Lypsa Gems and Jewellery: The company said that it won orders worth Rs.46.70 crore from UAE-based customers.

Eicher Motors: The company said it has suffered a production loss of 11,200 Royal Enfield motorcycles so far due to heavy rains and flooding in Chennai.