Dividend delight! Around 14 companies boards to meet today to discuss dividends

Check out the latest stock which get dividend today. Dalmia Bharat Sugar and Industries Ltd has informed BSE that the Board of Directors of the Company have, through circular resolution effective March 15, 2016, declared an Interim Dividend for the Financial Year 2015-16 of Re. 0.60/- per equity share of Rs. 2/- each (i.e., 30%).

Ram Ratna Wires Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 15, 2016 inter alia, have considered and approved the declaration of interim dividend at the rate of Re. 0.75/- per equity share (Face value Rs. 5/-) i.e. 15% for the financial year 2015-16 on the paid up equity share capital of the Company.

GeeCee Ventures Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 15, 2016 commenced at 11 a.m. has approved and declared payment of First Interim Dividend at the rate of Rs. 1.50/- (One Rupee Fifty Paisa) per Equity Share of Face Value Rs. 10/- each on 21726543 Equity Shares for the financial year 2015-2016.

Nelcast Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 15, 2016 have declared an Interim Dividend of Rs. 0.40 per equity share of Rs. 2/- each i.e. 20%. The interim dividend will be paid on or after March 28, 2016.

Dalmia Bharat Sugar and Industries Ltd has informed BSE that the Board of Directors of the Company have, through circular resolution effective March 15, 2016, declared an Interim Dividend for the Financial Year 2015-16 of Re. 0.60/- per equity share of Rs. 2/- each (i.e., 30%).

Geometric Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 15, 2016, have considered and declared interim dividend for the financial year 2015-16 at a rate of 150% (i.e. of Rs.3/- per equity share) on the face value of Rs. 2/- per equity share.

Maharashtra Scooters Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 15, 2016, has considered and declared an interim dividend at the rate of Rs. 30/- per equity share of Rs. 10 each i.e. 300%, for the financial year ending March 31, 2016.

OCL India Ltd has informed BSE that the Board of Directors of the Company has, through circular resolution effective March 15, 2016, declared an Interim Dividend for the Financial Year 2015-16 of Rs. 4/- per equity share of Rs. 2/- each (i.e., 200%).

Adani Ports and Special Economic Zone Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 15, 2016, to consider and declare interim dividend, if any for the financial year 2015-16.

Action Construction Equipment Ltd to issue 1,84,90,500 no. of Equity Shores of Rs. 2/- each and 3,02,19,380 no. 8%, Cumulative Non-Participating Redeemable Preference Shares of Rs. 10/- each to the shareholders of ACE TC Rentals Pvt. Ltd. (transferor Company) pursuant to sanction of scheme of amalgamation as approved by the Hon'ble High Court of Punjab and Haryana and becoming effective.

Amara Raja Batteries Ltd has informed BSE that the Company has fixed March 23, 2016 as the Record Date for the purpose of Payment of Interim Dividend, if declared.

Apollo Hospitals Enterprise Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 15, 2016, inter alia, to consider and approve declaration of interim dividend, if any, for the financial year 2015-2016.

Grand Foundry Ltd to allot the 15,00,000 equity shares to the promoters of the company of Rs. 4/- each subject to the various approvals required in accordance with the BIFR order dated September 07, 2015.
 
KNR Constructions Ltd has informed BSE that the Company has fixed March 23, 2016 as the Record Date for the purpose of Payment of Interim Dividend, if declared.

LG Balakrishnan & Bros Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 15, 2016, inter alia, to consider and declare second interim dividend for the financial year 2015-2016 and fixation of record date for the same, if declared.

Maharashtra Scooters Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 15, 2016, has considered and declared an interim dividend at the rate of Rs. 30/- per equity share of Rs. 10 each i.e. 300%, for the financial year ending March 31, 2016.

Monsanto India Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 15, 2016, inter alia, to consider the declaration of 2nd Interim Dividend on the Equity Shares of the Company for the financial year 2015-16.

Supreme Industries Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 15, 2016, to consider and declare 2nd Interim Dividend on the Equity Share Capital of the Company, as the Board may decide.

Supreme Petrochem Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 15, 2016, to consider and declare interim dividend, if any, on the equity shares of the Company.

Birla SL announces dividend and other top mutual fund news

Birla SL MF has announced March 18 as the record date for declaration of dividend on the face value of Rs. 10 per unit under regular plan - dividend option of Birla SL balanced 95 fund. 

Birla SL MF has announced March 18 as the record date for declaration of dividend on the face value of Rs. 10 per unit under regular plan - dividend option of Birla SL balanced 95 fund. 

UTI MF announces extension of maturity under UTI-Fixed term income fund - series XVIII-IX (733 days) & Series XVII - XVIII (796 days). The schemes shall mature on May 25, 2017. 

Quantum Mutual Fund, which has assets under management (AUMs) of Rs 700 crore, is aiming to increase the asset size to Rs 20,000 crore in the next three years. 

Gaining traction, the number of mutual fund investor accounts in the current fiscal has grown by over 53 lakh, with almost half of them coming from smaller towns.

ICICI Prudential Asset Management Company (AMC) has announced changes in SID and KIM of ICICI Prudential Mutual Fund.

ICICI Prudential Mutual Fund has declared dividend under ICICI Prudential Regular Savings Fund. The record date for declaration of dividend is March 18, 2016. 

USFDA Inspection! Lupin cracks 5%

USFDA gave 8-9 observations on the drug major’s Goa plant after inspection that ended on March 11, as per media reports. 

Lupin cracked 5% to Rs.1,776.25 on BSE. According to media reports, USFDA gave 8-9 observations on the drug major’s Goa plant after inspection that ended on March 11.

The scrip opened at Rs. 1800 and has touched a high and low of Rs. 1800 and Rs. 1736.5 respectively. So far 1904899(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 84186.87 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 2127 on 06-Oct-2015 and a 52 week low of Rs. 1589.4 on 14-May-2015. Last one week high and low of the scrip stood at Rs. 1874.3 and Rs. 1762 respectively.

The promoters holding in the company stood at 46.53 % while Institutions and Non-Institutions held 43.56 % and 9.92 % respectively.

The stock is currently trading below its 200 DMA. 

Crompton Greaves trades Ex-consumer business from today

The proposed demerger plan of the consumer products business will come into effect from today, says report. 

Shares of Crompton Greaves crashed 72% at Rs. 43. Report says that the proposed demerger plan of the consumer products business came into effect from today.

Last year, Crompton Greaves’ Board approved demerger of its consumer products business into a separate listed company, Crompton Greaves Consumer Electricals Ltd.

The scrip opened at Rs. 53.7 and has touched a high and low of Rs. 53.7 and Rs. 40.5 respectively. So far 

33213572(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 9714.57 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 203.5 on 05-Jan-2016 and a 52 week low of Rs. 113.65 on 12-Feb-2016. Last one week high and low of the scrip stood at Rs. 159.8 and Rs. 137.45 respectively.

The promoters holding in the company stood at 34.38 % while Institutions and Non-Institutions held 49.1 % and 16.38 % respectively.

The stock is currently trading above its 200 DMA.

Jindal Power divests it’s 4.12% holding in India Energy Exchange

As part of the monetization plan already advised, Jindal Power Limited, a subsidiary company of Jindal Steel & Power Limited (JSPL) has entered into a definitive agreement to divest 4.12% holding in India Energy Exchange at an undisclosed amount and is expected to realize the consideration within the current financial year. 

As part of the monetization plan already advised, Jindal Power Limited, a subsidiary company of Jindal Steel & Power Limited (JSPL) has entered into a definitive agreement to divest 4.12% holding in India Energy Exchange at an undisclosed amount and is expected to realize the consideration within the current financial year.

JSPL has had an excellent track record and distinction of being the biggest wealth creator as per Boston Consulting Group’s 2004-2009 study. JSPL financials have been adversely impacted due to the (i) cancellation of coal blocks and (ii) payment of additional levy on coal of more than Rs 3300 crores in FY 14-15 & 15-16 as a result of a Supreme Court order.

Steel sector globally has been impacted due to reduced demand from China and it’s over capacity. Steel industry in India has been impacted in terms low sales realization due to cheap imports affecting financial results of Indian steel companies over the last 4 quarters.

Governments focus on (i) increasing infrastructure mainly in Rails, Roads, Airports and other Rural & Infrastructure sectors; and also (ii) thrust on 'Make In India' campaign in Defence production etc. has already created demand, which is likely to go beyond 6-7% growth going forward. Government support by announcing Minimum Import Price (MIP) started giving results in ensuring steel industry to realise fair and sustainable prices. In the Power sector, through ‘UDAY Scheme’ Government focus in enabling Utilities to sign long term PPAs, which is likely to create additional demand for power. Improvement in grid connectivity and availability of enough coal from Coal India’s better production situation are gradually helping power industry to operate at higher PLFs.

 JSPL’s investment in enhancing (i) Steel capacities in Angul and (ii) Power capacity in Jindal Power (JPL) Tamnar have been completed /commissioned; and are in stable level of operation. With these additional capacities and better outlook for steel demand /fair sales price realisations, and better outlook for power demand / realization, JSPL will be in a better position to generate higher cash flows as compared to last 4 quarters. Our efforts in bringing cash into company through (i) divestment of assets and (ii) Strategic Collaborations through JVs, as previously advised will add to our cash flows, and also result in reduction in Bank Borrowings. We have used these difficult time as an opportunity, under the dynamic leadership of our management, to drastically cut costs to become extremely efficient and nimble footed.

JSPL has an excellent track record of meeting all its financial commitments and current reduction in credit rating, in its opinion, merely presents rating down grade on technical grounds. JSPL met all its financial commitments till November-December 2015. In discussion with banks, we have launched 5/25 scheme, and also exploring various options with all lenders to reschedule   payments considering likely short /medium term cash flow mis-matches. When these are completed, there will not be any overdue situation.

Considering (i) better cash flow outlook from better demand /realization for steel/Power, (ii) rescheduled financial commitments through 5/25 scheme and (iii) cash flow from Disinvestments / JV’s, JSPL will be in much stronger position to meet all its liabilities and emerge as financially strong and sustainable company in 2016-2017. We are confident that we will come out in greater strength to maintain leadership in cost and profitability performance, so as to create returns/value for all our stakeholders. We are confident of overcoming the challenges created due to unforeseen circumstances and coming out stronger; and remain committed to Building the Nation of our Dreams.

Heineken appoints JM Financial to help increase stake in UB

Report says that Mumbai-based JM, which helped Diageo buy out United Spirits in 2013, is advising Heineken. 

Dutch beer giant Heineken has appointed investment bank JM Financial to help increase its stake and control in United Breweries, according to reports.

Report says that Mumbai-based JM, which helped Diageo buy out United Spirits in 2013, is advising Heineken.

The Dutch brewer is the single-largest shareholder in United Breweries, maker of Kingfisher beer, with a 42.38% stake. 

United Breweries Ltd ended at Rs. 790.45, down by Rs. 4.3 or 0.54% from its previous closing of Rs. 794.75 on the BSE.

The scrip opened at Rs. 803 and touched a high and low of Rs. 805 and Rs. 784.3 respectively. A total of 171810(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 20899.5 crore.

The BSE group 'A' stock of face value Rs. 1 touched a 52 week high of Rs. 1225 on 17-Apr-2015 and a 52 week low of Rs. 756 on 16-Feb-2016. Last one week high and low of the scrip stood at Rs. 814.9 and Rs. 776 respectively.

The promoters holding in the company stood at 74.68 % while Institutions and Non-Institutions held 20.04 % and 5.29 % respectively.

The stock traded above its 200 DMA.

NTPC plant shutdown causes power shortage in East India

NTPC’s 2,100 MW Farakka plant in West Bengal comprises six units - three 200 MW units and three 500 MW units.

Eastern India faced a power shortage of around 1,500 MW on Monday after one of the largest power plants in the region, NTPC’s Farakka plant, had to be shut down due to lack of water, reports a business daily.

NTPC’s 2,100 MW Farakka plant in West Bengal comprises six units - three 200 MW units and three 500 MW units. 

Lack of water in the Farakka Fresh Water canal had forced NTPC to shut five units totaling 1,600 MW on Saturday, says the financial newspaper. However, as water levels dropped further, the sixth and final unit was also shut down late on Sunday, it adds.

While power supplies were adequate over the weekend, there was a shortage on Monday, officials at the Eastern Region Load Despatch Centre (ERLDC) have been quoted as saying.

ERLDC covers Jharkhand, Bihar, Odisha, West Bengal and Sikkim.

As at 7 pm on Monday, the electricity supplied was 15,981 MW. Typically, the electricity supplied at the peak hour in the region ranges between 17,500 and 18,000 MW.

“The situation is expected to continue till March 25 unless there is good-to-heavy rains. Due to the Indo-Bangladesh water sharing treaty, everyday 35,000 cubic feet per second of water is being released from Farakka to Bangladesh. This arrangement ends on March 25, after which there can be some relief,” an ERLDC official told the paper.

Bank of Japan keeps deposit rate unchanged at -0.1%

The Bank of Japan will conduct money market operations so that the monetary base will increase at an annual pace of about 80 trillion yen. 

At the Monetary Policy Meeting (MPM) held today, the Policy Board of the Bank of Japan decided upon the following.

The Bank decided,by an 8-1 majority vote, to  set the  following guideline for money market operations for the intermeeting period.The Bank of Japan will conduct money market operations so that the monetary base will increase at an annual pace of about 80 trillion yen.

The Bank will purchase Japanese government bonds (JGBs) so that their amount outstanding will increase at an annual pace of about 80 trillion yen. With a view to encouraging a decline in interest rates across the entire yield curve, the Bank will conduct purchases in a flexible manner in accordance with financial market conditions. The average remaining maturity of the Bank's JOB purchases will be about 7-12 years. The Bank will purchase exchange-traded funds (ETFs) so that their amount outstanding will increase at an annual pace  of about 3 trillion yen until the end of March 2016 and, from April, at an annual pace of about 3.3 trillion yen. It will also purchase Japan real estate investment trusts (J-REITs) so that their  amount outstanding will increase at an annual pace of about 90 billion yen.

As for CP and corporate bonds, the Bank will maintain their amounts outstanding at about 2.2 trillion yen and about 3.2 trillion yen, respectively.Of about 3.3 trillion yen, 300 billion yen will be used in line with the implementation of a new program for purchasing ETFs composed of stocks issued by firms that are proactively investing in physical and human capital, which was decided at the MPM held in December 2015. 

Rupee opens weaker by 11 paise at 67.22 against US dollar

On the domestic front, India's consumer inflation during February eased to 5.18%, when compared with the reading of 5.69% in January. 

The Indian rupee opened lower by 11 paise at 67.22/$ on Monday as against previous close of 67.11/$. On the domestic front, India's consumer inflation during February eased to 5.18%, when compared with the reading of 5.69% in January. The inflation rates for rural and urban areas for February are reported at 5.97% and 4.3%, as compared to 6.48% and 4.81% respectively during the prior month.

On the globalfront,China's industrial production and retail sales both slowed in the first two months of the year. Industrial output rose 5.4% on yoy basis, slightly below estimates. Retail sales rose 10.2% on yoy basis, also coming in slightly below estimates, while fixed‐asset investment spending came in at 10.2% on yoy basis.

The home currency closed at 67.11, down 7 paise from its previous close of 67.04 on Friday. The local unit had hit a high of 67.35 and a low of 67.43. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.02 and for Euro stood at 74.80. The RBI’s reference rate for the Yen stood at 58.90; reference rate for the Great Britain Pound (GBP) stood at 96.3389.

Top 15 stocks in focus today: Tata Motors, Pfizer, Wipro

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

NTPC: Eastern India faced a power shortage of around 1,500 MW on Monday after one of the largest power plants in the region, NTPC’s Farakka plant, had to be shut down due to lack of water, reports a business daily.

Wipro: Wipro Ltd’s chief executive officer (CEO) Abidali Neemuchwala has set an ambitious revenue growth target of 12-14% for the fiscal year 2016-2017, reports a business daily.

Tata Motors Ltd: The Gujarat government has accelerated the process to look into the demands of workers agitating at the Tata Motors Ltd Sanand factory in a bid to resolve the ongoing labour unrest, reports a financial newspaper.

Pfizer: The Delhi High Court on Monday stayed a Government notification that had banned the manufacture and sale of Pfizer’s popular cough syrup Corex, and also directed the Centre not to take coercive steps against its retailers and distributors, reports a financial newspaper.

Persistent Systems: Persistent Systems, a leading IT company, has acquired assets of PRM Cloud, Australia based company engaged in SalesForce implementation services.

ONGC: A plan by state-run oil companies led by Oil & Natural Gas Corp Ltd (ONGC) to acquire a substantial stake in Vankor oil field in Siberia, will come up for discussion when Petroleum Minister Dharmendra Pradhan meets Rosneft Chairman Igor Sechin in New Delhi on Tuesday, reports a business daily.

Suven Life Sciences: Suven Life Sciences has been granted a patent each by China, Eurasia and Hong Kong for a drug used in the treatment of neuro-degenerative diseases.

Gujarat Narmada Valley Fertilizers & Chemicals: Gujarat Narmada Valley Fertilizers & Chemicals has entered into a joint venture agreement with EcoPhos SA, Belgium for setting up 2 lakh MTPA Di-calcium phosphate project at Dahej at an estimated cost of Rs 526 crore, as per reports.

Glenmark Pharma: The pharma company has received final nod from the USFDA to manufacture and market therapeutical equivalent of Endo Pharmaceutical’s Frova tablets, used to treat migraine headaches, in the American market.

ICICI Bank: ICICI Bank is looking to raise $750 million through a dollar bond issue under its medium-term note programme, according to two bankers in the know of the development.

Richa Industries: Richa Industries secured an order from Bharat Electronics Limited (BEL) for the construction of Pre Engineered Building (PEB) for the assembly of Masts & Composite Structures with labs & office area at BEL-NAMU in Navi Mumbai.

Mahindra Lifespace: Mahindra Lifespace informed BSE that in the matter of the pending Arbitration proceedings between the Company and Rishi Gagan Trust & Others (the Vendors) relating to acquisition of a property in South Mumbai, the Company has March 9, 2016 received an award copy passed by the Hon'ble Arbitral Tribunal in terms of the Consent Terms filed by the Company and the Vendors, thereby enabling the Company to proceed with the acquisition of the property and to subsequently take up the re-development of the Property on completion of all obligations by the Vendors.

Bharat Heavy Electricals Limited: The company has achieved another milestone in its After-Sales-Service business by successfully synchronising the 110 MW Unit-7 at Barauni Thermal Power Station (TPS) in Bihar following Renovation and Modernisation (R&M).

Sasken Communication Technologies: Sasken Communication Technologies has reached a settlement in an ongoing matter pertaining to the unauthorized use of Sasken’s Protocol Stack IP, by a Chinese Semiconductor vendor.

Vivimed Labs Ltd: The company has announced that April 08, 2016 has been fixed as the record date for the purpose of ascertaining the eligibility of shareholders entitled for Sub-division of One (1) Equity Share of face value of Rs.10/- each fully paid up into Five (5) equity shares of Rs. 2/- each fully paid-up 

Sensex, Nifty to open on a weak note

Asian indices are subdued with Japan's Nikkei down marginally. China's CSI300 has dropped half a percent and so has Hong Kong's Hang Seng. South Korea's Kospi and Taiwan's TWSE are trading flat.US stock indices finished mostly flat on Monday but the Dow Jones Industrial Average managed to close at a new high for the year 2016. 

Central bank meets, crude movement and macro data from around the world are rolling by the market which seems to be feeling heavy at current levels. 7600 appears to be stiff resistance; little wonder that investors prefer to lighten positions around these levels. The central banks’ meetings will be closely watched. The Bank of Japan, which adopted a negative interest rate in January, will conclude a policy review and a Federal Reserve Open Market Committee two day meeting will commence today. The FOMC is widely expected to keep interest rates on hold on Wednesday. Back home, the finance ministry and Reserve Bank of India officials will also meet during March 15-20 to decide borrowing calendar for the financial year beginning from April 1.

The outlook is a weak start. Asian indices are subdued with Japan's Nikkei down marginally. China's CSI300 has dropped half a percent and so has Hong Kong's Hang Seng. South Korea's Kospi and Taiwan's TWSE are trading flat.US stock indices finished mostly flat on Monday but the Dow Jones Industrial Average managed to close at a new high for the year 2016.

The Dow advanced by 15.82 points, or 0.1%, to end at 17,229.13 - a new closing high for the year. The S&P 500 index dropped 2.55 points to close at 2,019.64, after settling at a 2016 high of 2,022.19 on Friday.  Six of the 10 main sectors in the S&P 500 index ended lower. Consumer discretionary stocks were the best performers while the materials sector lost 0.7% and the energy sector declined 0.6%. The Nasdaq Composite index gained 1.81 points to finish at 4,750.28. It is still significantly down from its 2016 closing high, which is 4,903.09, struck on Jan. 4.

Crude oil futures dropped by 3.4% to settle at US$37.18 per barrel, giving up half of last week’s gains, after OPEC left its estimate on global oil demand growth unchanged.

A number of other central banks, including the Bank of Japan, Bank of England and Swiss National Bank, are expected to announce their monetary policy reviews later this week.

India Finsec Limited has sold total 230,000 shares of ARYAMAN, at a price of Rs. 15.7 to Mukesh Babulal Shah in a bulk deal valued at Rs. 0.36 crore.

New India Investment Trust PLC has purchased total 234,000 shares of ACC at a price of Rs. 1,227.15 from New India Investment Company Mauritius Limited in a block deal valued at Rs. 28.7 crore.

Government’s proposal to cut corporate tax to 25 per cent over three years is likely to bring in transparency in tax collections, India Ratings and Research reportedly said.

The Gujarat government has accelerated the process to look into the demands of workers agitating at the Tata Motors Ltd Sanand factory in a bid to resolve the ongoing labour unrest, reports a financial newspaper.

Finance minister Arun Jaitley criticised reports of huge write-off by banks. Jaitley said that no public sector bank had written off a single rupee, says report.

Wipro Ltd’s chief executive officer (CEO) Abidali Neemuchwala has set an ambitious revenue growth target of 12-14% for the fiscal year 2016-2017, reports a business daily.

The Serious Fraud Investigation Office (SFIO) is looking into the brand evaluation carried out by the tax and advisory firm Grant Thornton India for the Vijay Mallya-promoted Kingfisher Airlines Ltd, reports a business daily. A notice has been sent to Grant Thornton seeking clarification on Kingfisher Airlines' valuation, says the paper.

ADB president Takehiko Nakao stated that GST will integrate Indian economy and help attract FDI.

Oil and Natural Gas Corporation Ltd is planning to undertake drilling of nine development wells in KG-OSN-2004/1 and GS-49-2 fields, according to reports.

Government reportedly said it may pass the benefit of this "cushion" of earning to the consumers if there is a spectacular hike in the prices.

India's wholesale prices remained in negative territory for the 16th straight month in February at -0.91% as compared to -0.90% (provisional) for the previous month and -2.17% during the corresponding month of the previous year. Build up inflation rate in the financial year so far was -1.19% compared to a build up rate of -2.61% in the corresponding period of the previous year.