Rajesh Exports slumps 4%; board to consider dividend on March 21

The company announced that a meeting of the Board of Directors will be held on March 21, 2016 to propose and declare interim dividend. 

Rajesh Exports Ltd stock was down 4% at Rs. 623. The company announced that a meeting of the Board of Directors will be held on March 21, 2016 to propose and declare interim Dividend on the paid up equity share capital of the company for the financial year 2015-16 and to consider and discuss certain business propositions.

The scrip opened at Rs. 649 and has touched a high and low of Rs. 654.7 and Rs. 621 respectively. So far 185098(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 19150.21 crore.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 745.5 on 18-Feb-2016 and a 52 week low of Rs. 181 on 10-Apr-2015. Last one week high and low of the scrip stood at Rs. 699.45 and Rs. 646 respectively.

The promoters holding in the company stood at 53.9 % while Institutions and Non-Institutions held 20.51 % and 25.59 % respectively.

The stock is currently trading above its 50 DMA.

Pay interest on savings account on quarterly basis, RBI tells banks

The interest rate on savings bank account is calculated on a daily basis since 1 April 2010. 

The Reserve Bank of India (RBI) has asked banks to pay interest on their customers’ savings accounts on a quarterly basis or shorter duration, according to reports.

Report says that curretly the interest is credited in savings account on a half-yearly basis. 

The interest rate on savings bank account is calculated on a daily basis since 1 April 2010.

“Interest on savings deposit shall be credited at quarterly or shorter intervals (on domestic savings deposits),” the RBI said in a circular issued on 3 March.

Persistent Systems acquires PRM Cloud and other Top Corporate News

Check out the most important news stories, which captured the headlines at the corporate level in India and internationally. 

US FDA issued negative observations regarding Lupin’s Goa facility. Management later confirmed that in the inspection which took place last week, the US FDA had cited nine observations all relating to inadequacy and adherence to standard operating procedures.

The Income Tax Department has slapped on UK's Cairn Energy Plc, a tax demand notice of over Rs290bn, including Rs188bn in back dated interest. Cairn allegedly made capital gains in a 2006 reorganization of its India business.

Persistent Systems acquired Australia-based PRM Cloud Solutions, a certified Salesforce consulting partner. The company did not disclose the valuation of the deal. PRM is among Australia's leading Salesforce partners and cloud application development firms, focused on building digital experiences on Salesforce1 cloud platform.

Aurobindo Pharma has received final approval from USFDA to manufacture and market Ibandronate Sodium Tablets, 150 mg. This product is expected to be launched in the 1QFY17. Ibandronate Sodium tablets are used in the treatment and prevention of osteoporosis in postmenopausal women.

Larsen & Toubro said its construction arm has bagged orders worth Rs 16.7bn across various business verticals, including residential construction and power and distribution.

Delhi High Court granted Pfizer an interim injunction on a ban on its popular cough syrup Corex, days after the government ordered it to be prohibited. It also granted interim injunction to Abbott's India unit, Glenmark Pharmaceuticals and Macleods Pharmaceuticals.

Procter and Gamble has discontinued manufacture and sale of its popular brand ‘Vicks Action 500 Extra’ with immediate effect after the government banned fixed dose combination drugs.

Zee Entertainment Enterprises will fully acquire aviation firm Fly By Wire for a total consideration of Rs613mn in an all-cash deal. Fly By Wire International provides aircraft charter services. 

Aditya Birla Nuvo Ltd, which won a license last year to set up a non-lending bank in India, will start its digital wallet services by the end of 2016 as it prepares to tap one of the world’s fastest growing smartphone markets.

Wipro Limited has entered into a strategic partnership with Schneider Electric, a global specialist in energy management and automated systems, to develop convergent solutions for India's Smart Cities.

Drug major Lupin said it has received nine observations relating to inadequacy and adherence to operating norms for its manufacturing plant in Goa from the US Food and Drug Administration (USFDA). 

Blue Star Limited, has announced the launch of a stylish range of airconditioners comprising a wide array of highly energy-efficient as well as eco-friendly split airconditioners for the residential and commercial segments.

Alphageo India has announced that it has bagged order worth Rs.102 crore from Oil India.

Acceding to a few demands of the striking workers of the Nano Plant at Sanand, Tata Motors is permitting them to form a union, but with a condition that only Tata's employees will be a part of them.

Global Vectra Helicorp has inked a Memorandum of Understanding (MoU) with Era Group Inc. (Era) to jointly develop Helicopter Emergency Medical Services (HEMS) for the Indian market.

Colgate-Palmolive Company announced that C. Martin Harris, Chief Information Officer and Chairman of the Information Technology Division of The Cleveland Clinic Foundation, has been elected to Colgate's Board of Directors 

Top 15 stocks in focus today: Cairn India, Wipro, Aurobindo Pharma

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

Cairn India: The Income Tax Department has slapped on UK's Cairn Energy plc a tax demand notice of over Rs 29,000 crore, including Rs. 18,800 crore in back dated interest, according to reports.

Pfizer, Abbott India, Glenmark Pharma: After Pfizer, on Monday, was granted temporary relief in Corex issue, Abbott India, Glenmark Pharma and Macleods Pharmaceuticals too have joined the league with the Delhi High Court today granted interim injunction to the companies with regards to the prohibition on sale of their several combination drugs.

Wipro Limited: Wipro has entered into a strategic partnership with Schneider Electric, a global specialist in energy management and automated systems, to develop convergent solutions for India's Smart Cities.

Aurobindo Pharma: The pharma company has received final approval from USFDA to manufacture and market Ibandronate Sodium Tablets, 150 mg.

Blue Star Limited: The company has announced the launch of a stylish range of airconditioners comprising a wide array of highly energy-efficient as well as eco-friendly split airconditioners for the residential and commercial segments.

L&T: L&T said its construction arm has bagged orders worth Rs.1,672 crore across various business verticals.

Alphageo India,Oil India: Alphageo India has announced that it has bagged order worth Rs.102 crore from Oil India.

Reliance Capital: Reliance Capital Asset Management Ltd. is in early talks to acquire the INR 7,501-crore portfolio of JP Morgan Asset Management India Pvt Ltd, reports a financial newspaper.

Persistent Systems: Persistent Systems acquired Australia-based PRM Cloud Solutions, a certified Salesforce consulting partner. The company did not disclose the valuation of the deal.

ICICI Bank: ICICI Bank unveiled a mobile payment solution to enable its credit and debit card customers make payments by just waving their smartphones at a near field communication (NFC)-enabled merchant terminal.

Tata Motors: Acceding to a few demands of the striking workers of the Nano Plant at Sanand, Tata Motors is permitting them to form a union, but with a condition that only Tata's employees will be a part of them.

Global Vectra Helicorp: The company has inked a Memorandum of Understanding (MoU) with Era Group Inc. (Era) to jointly develop Helicopter Emergency Medical Services (HEMS) for the Indian market.

Zee Entertainment Enterprises: Zee Entertainment will fully acquire aviation firm Fly By Wire for a total consideration of Rs. 613 million in an all-cash deal.  

Sensex, Nifty to open on a flat note

Asian markets are flat with China's CIS300, South Korea's Kospi and Hong Kong's Hang Seng up quarter of a percent each. Japan's Nikkei is however lower. US stock indices closed mostly lower on Tuesday, although the Dow Jones Industrial Average managed to eke out modest gains, as investors awaited the outcome of a two-day FOMC meeting.

Indices seem to be running out of luck for now. After succumbing to some selling pressure in line with subdued sentiment in equity markets across the globe, investors will continue to maintain a cautious approach as the US Federal Reserve’s Federal Open Market Committee meeting ends today. With Parliament's budget session set to conclude today, market-participants would watch whether there is any roll-back of proposals made during Budget especially the 1% excise duty on jewellery. Meanwhile, the opposition seems ready to extend the session by a day or two to discuss bills like Aadhar.

The outlook is a flat start. Asian markets are flat with China's CIS300, South Korea's Kospi and Hong Kong's Hang Seng up quarter of a percent each. Japan's Nikkei is however lower. US stock indices closed mostly lower on Tuesday, although the Dow Jones Industrial Average managed to eke out modest gains, as investors awaited the outcome of a two-day FOMC meeting. Oil production from OPEC fell by 90,000 barrels per day (bpd) in February from a month earlier, to 32.34 million bpd, Platts said in its survey released late on Tuesday.

Cancer care network operator HealthCare Global Enterprises (HCG) is set to raise Rs 650 crore through an initial public offering (IPO).

Infibeam will open on Monday, March 21, 2016, a Public issue of equity shares of Face Value of Rs. 10 each for cash at a Price Band from Rs. 360 to Rs. 432 per Equity Share aggregating up to Rs. 4,500 million.

Bharat Wire Ropes Ltd is planning to raise Rs. 70 crore via IPO. The issue opens on March 18, 2016 and closes on March 22, 2016, with a price band of Rs.40/- to Rs.45/-per equity share of face value of Rs. 10 each.

Eastman Kodak Co. said on Tuesday it is in talks to sell its Prosper enterprise inkjet business and also plans to exit silver metal mesh development.

Oracle Corp. on Tuesday reported that its earnings fell by 14% in the third quarter, as currency fluctuations offset gains generated by its rapidly growing Web-based, on-demand computing business.

United Parcel Service Inc. (UPS) on Tuesday announced plans to build 12 additional compressed natural gas (CNG) fueling stations and add 380 CNG tractors to its fleet at an investment of US$100 million.

Sakshi Relan has sold total 176,905 shares of ADDIND, at a price of Rs. 8.08 to
PNR Capital Services LTD in a bulk deal valued at Rs. 0.14 crore.

Pradip Kumar Kheruka has purchased total 78,652 shares of HINDCOMPOS at a price of Rs. 972.25 from Borosil Glass Works Limited in a block deal valued at Rs. 7.64 crore.