The outlook is a flat start for the Indian indices. The rupee could trade slightly weak. Asian markets are trading mixed. Japan's Nikkei 225 has dropped 2.3%. US indices closed flat. Oil prices were steady on Thursday on mixed market signals ahead of an OPEC meeting in Vienna.
The GDP growth acceleration of India amid global growth slowdown has received an additional boost with the OECD Global Economic Outlook stating that India's growth rate is expected at ~7.5% this year. Global economy is set to grow at a mere 3% in 2016 while India’s ‘solid’ growth is set to continue for the next year too. The Paris-based organisation cautioned about NPAs in the banking sector rising in several countries, including India and termed it as a ‘moral hazard.’ Global attention will be on the what the European Central Bank president Draghi will do even though there is very little fresh monetary stimulus to offer. Reports state Saudi Arabia could do a surprise deal with OPEC members as they meet in Vienna today.
The outlook is a flat start for the Indian indices. The rupee could trade slightly weak. Asian markets are trading mixed. Japan's Nikkei 225 has dropped 2.3%. US indices closed flat. Oil prices were steady on Thursday on mixed market signals ahead of an OPEC meeting in Vienna.
Attention will be on the water level in major reservoirs. IMD data on rainfall is also awaited. NHPC is expected to announce the company's progress and plans at a meet in Mumbai later today. The rupee could trade slightly weak.
State-run oil marketers hiked prices of non-subsidised cooking gas and aviation turbine fuel (ATF).The price of non-subsidised cooking gas was increased by Rs.21 per 14.2-kg cylinder. The price of aviation turbine fuel (ATF), or jet fuel, was also increased by 9.2%.The ATF price in Delhi has been increased by Rs 3,945.47 per kilolitre, or 9.2 per cent, to Rs 46,729.48 per kl.
Among other stocks to watch:
State Bank of Mysore: State Bank of Mysore has announced regarding the MCLR (Marginal Cost of Funds based Lending Rate) rates for various maturity buckets w.e.f. June 01, 2016.
Gammon India Ltd: The company has received a "Notice of Conversion" from DBS Bank (one of the Joint Lenders) for conversion of part of outstanding debt into equity shares under the Strategic Debt Restructuring Package of the Company. Pursuant to this notice, DBS Bank has decided to convert part of its outstanding debt and interest aggregating to Rs. 4.90 crores into 4,124,496 equity shares of the Company of face value of Rs. 2/- each at a price of Rs. 11.89 per equity share. Post this conversion the total shareholding of the CDR Lenders and DBS Bank will be 63.07% of the total equity capital of the Company.
Punj Lloyd Ltd: The company and its subsidiary, Punj Lloyd Upstream Limited have been ordered to pay by the High Court of Justice, Queen’s Bench Division, Commercial Court, UK sum of USD 26,173,659.16 (plus summary assessment costs amounting to GBP 75000), to International Finance Corporation, towards their claims.
Tata Motors: Tata Motors continued to witness strong year-on-year growth in certain key segments, with the company’s M&HCV and LCV sales, in domestic market, growing by 23% and 6% respectively.
Century Plyboards (India): Century Plyboards (India) has informed the Exchange that the company subsidiary Innovation Pacific Singapore Pte. Ltd. in Singapore has incorporated a step-down Subsidiary by the name Vietnam Innovation Pacific JSC in Vietnam. The said Subsidiary has been incorporated with the object of investing in and undertaking Real Estate activities, leasing of office/ warehouse/ factory spaces, trading/ processing of sawn timber, veneer, plywood and other wood products and providing related services.
Axis Bank: Axis Bank has informed the Exchange that the Bank has on June 01, 2016, allotted Senior Fixed Rate Green Bonds aggregating to USD 500 million under the MTN Programme through its Dubai International Financial Centre (DIFC) branch.
Coal India: Government formed inter-ministerial group to discuss Coal India share buyback, says report. The company achieved a production of 42.58 million tonnes in May, lower than the target of 44.64 MT for the month.
Other news in the media:
Tata Steel has completed sale of its European long steel business, including the giant Scunthorpe plant, to Greybull Capital LLP.
Glenmark Pharmaceuticals launched an offer on the Singapore Stock Exchange to raise up to USD200mn (over₹13.40bn) through issue of securities.
Gujarat State Petroleum Corporation (GSPC) is eyeing the Krishna Godavari (KG) basin majority stake sale toOil and Natural Gas Corporation (ONGC) for its revival and future expansion.
Colgate is fending off Patanjali, by taking the fight to its doorstep.
IDFC Bank’s Bharat Banking division is eyeing government business such as disbursal of subsidy and scholarships in a big way.
Aurobindo Pharma with the highest number of USFDA product approvals, proposes to focus on increased Abbreviated New Drug Application (ANDA) filings and new differentiated product launches to maintain its growth.
PVR has closed a deal to acquire DLF's cinema exhibition business, branded DT Cinemas, with fewer screens than originally planned.
Dr Reddy’s Laboratories' US subsidiary, Promius Pharma, has launched Sernivo (betamethasone dipropionate) Spray in the US.
Zydus Cadila (Cadila Healthcare Lltd) has received final approval from the USFDA to market Amantadine Hydrochloride capsules USP, 100 mg.
BHEL has commissioned another 520MW coal-based power generating unit in Andhra Pradesh.
Strides Shasun has received tentative approval from the US health regulator for Roflumilast tablets, used for the treatment of inflammatory conditions of the lungs.
Tata Communications has expanded its IZO cloud enablement platform with the launch of IZO Cloud Storage, a scalable storage service portfolio.
South Indian Bank said it proposes to raise up to Rs5bn from bonds to fund business expansion.
Zee Learn informed the exchanges that it has decided to put on hold the proposed merger of Tree House Education & Accessories with itself.
Petrol price was today hiked by Rs2.58/l and diesel by Rs2.26/l, the second increase in rates this month.
The country's per capital income increased 7.4% to Rs93,293 in 2015-16 from Rs86,879 in the previous financial year.
Nikkei India Manufacturing Purchasing Managers’ Index (PMI) grew only marginally to 50.7 in May and was one of the lowest readings since the end of 2013.
The government notified the charges for sale of non-auctioned captive mines, a move that will not only boost mergers and acquisitions in the space but will also unlock billions of dollars worth of assets.
The Cabinet approved the proposal of India Post's for a payments bank.
The outlook is a flat start for the Indian indices. The rupee could trade slightly weak. Asian markets are trading mixed. Japan's Nikkei 225 has dropped 2.3%. US indices closed flat. Oil prices were steady on Thursday on mixed market signals ahead of an OPEC meeting in Vienna.
Attention will be on the water level in major reservoirs. IMD data on rainfall is also awaited. NHPC is expected to announce the company's progress and plans at a meet in Mumbai later today. The rupee could trade slightly weak.
State-run oil marketers hiked prices of non-subsidised cooking gas and aviation turbine fuel (ATF).The price of non-subsidised cooking gas was increased by Rs.21 per 14.2-kg cylinder. The price of aviation turbine fuel (ATF), or jet fuel, was also increased by 9.2%.The ATF price in Delhi has been increased by Rs 3,945.47 per kilolitre, or 9.2 per cent, to Rs 46,729.48 per kl.
Among other stocks to watch:
State Bank of Mysore: State Bank of Mysore has announced regarding the MCLR (Marginal Cost of Funds based Lending Rate) rates for various maturity buckets w.e.f. June 01, 2016.
Gammon India Ltd: The company has received a "Notice of Conversion" from DBS Bank (one of the Joint Lenders) for conversion of part of outstanding debt into equity shares under the Strategic Debt Restructuring Package of the Company. Pursuant to this notice, DBS Bank has decided to convert part of its outstanding debt and interest aggregating to Rs. 4.90 crores into 4,124,496 equity shares of the Company of face value of Rs. 2/- each at a price of Rs. 11.89 per equity share. Post this conversion the total shareholding of the CDR Lenders and DBS Bank will be 63.07% of the total equity capital of the Company.
Punj Lloyd Ltd: The company and its subsidiary, Punj Lloyd Upstream Limited have been ordered to pay by the High Court of Justice, Queen’s Bench Division, Commercial Court, UK sum of USD 26,173,659.16 (plus summary assessment costs amounting to GBP 75000), to International Finance Corporation, towards their claims.
Tata Motors: Tata Motors continued to witness strong year-on-year growth in certain key segments, with the company’s M&HCV and LCV sales, in domestic market, growing by 23% and 6% respectively.
Century Plyboards (India): Century Plyboards (India) has informed the Exchange that the company subsidiary Innovation Pacific Singapore Pte. Ltd. in Singapore has incorporated a step-down Subsidiary by the name Vietnam Innovation Pacific JSC in Vietnam. The said Subsidiary has been incorporated with the object of investing in and undertaking Real Estate activities, leasing of office/ warehouse/ factory spaces, trading/ processing of sawn timber, veneer, plywood and other wood products and providing related services.
Axis Bank: Axis Bank has informed the Exchange that the Bank has on June 01, 2016, allotted Senior Fixed Rate Green Bonds aggregating to USD 500 million under the MTN Programme through its Dubai International Financial Centre (DIFC) branch.
Coal India: Government formed inter-ministerial group to discuss Coal India share buyback, says report. The company achieved a production of 42.58 million tonnes in May, lower than the target of 44.64 MT for the month.
Other news in the media:
Tata Steel has completed sale of its European long steel business, including the giant Scunthorpe plant, to Greybull Capital LLP.
Glenmark Pharmaceuticals launched an offer on the Singapore Stock Exchange to raise up to USD200mn (over₹13.40bn) through issue of securities.
Gujarat State Petroleum Corporation (GSPC) is eyeing the Krishna Godavari (KG) basin majority stake sale toOil and Natural Gas Corporation (ONGC) for its revival and future expansion.
Colgate is fending off Patanjali, by taking the fight to its doorstep.
IDFC Bank’s Bharat Banking division is eyeing government business such as disbursal of subsidy and scholarships in a big way.
Aurobindo Pharma with the highest number of USFDA product approvals, proposes to focus on increased Abbreviated New Drug Application (ANDA) filings and new differentiated product launches to maintain its growth.
PVR has closed a deal to acquire DLF's cinema exhibition business, branded DT Cinemas, with fewer screens than originally planned.
Dr Reddy’s Laboratories' US subsidiary, Promius Pharma, has launched Sernivo (betamethasone dipropionate) Spray in the US.
Zydus Cadila (Cadila Healthcare Lltd) has received final approval from the USFDA to market Amantadine Hydrochloride capsules USP, 100 mg.
BHEL has commissioned another 520MW coal-based power generating unit in Andhra Pradesh.
Strides Shasun has received tentative approval from the US health regulator for Roflumilast tablets, used for the treatment of inflammatory conditions of the lungs.
Tata Communications has expanded its IZO cloud enablement platform with the launch of IZO Cloud Storage, a scalable storage service portfolio.
South Indian Bank said it proposes to raise up to Rs5bn from bonds to fund business expansion.
Zee Learn informed the exchanges that it has decided to put on hold the proposed merger of Tree House Education & Accessories with itself.
Petrol price was today hiked by Rs2.58/l and diesel by Rs2.26/l, the second increase in rates this month.
The country's per capital income increased 7.4% to Rs93,293 in 2015-16 from Rs86,879 in the previous financial year.
Nikkei India Manufacturing Purchasing Managers’ Index (PMI) grew only marginally to 50.7 in May and was one of the lowest readings since the end of 2013.
The government notified the charges for sale of non-auctioned captive mines, a move that will not only boost mergers and acquisitions in the space but will also unlock billions of dollars worth of assets.
The Cabinet approved the proposal of India Post's for a payments bank.
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