SBI issues Tier-ll bonds via debentures

State Bank of India has announced that the Bank has on March 21, 2016 issued 5,000, Basel III compliant, Tier-ll bonds in the nature of debentures.

State Bank of India has announced that the Bank has on March 21, 2016 issued 5,000, Basel III compliant, Tier-ll bonds in the nature of debentures, of face value of Rs. 10,00,000/- each at par, with 10 year tenure, bearing 8.45% p.a. coupon payable annually and with call option after 5 years, aggregating to Rs. 500 crore (Rupees Five hundred crores) on private placement basis.

State Bank of India is currently trading at Rs. 196.25, down by Rs. 0.4 or 0.2% from its previous closing of Rs. 196.65 on the BSE.

The scrip opened at Rs. 197.7 and has touched a high and low of Rs. 197.7 and Rs. 195.1 respectively. So far 6583708(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 152655.01 crore.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 305 on 22-May-2015 and a 52 week low of Rs. 148.3 on 12-Feb-2016. Last one week high and low of the scrip stood at Rs. 197.15 and Rs. 181.65 respectively.

The promoters holding in the company stood at 60.18 % while Institutions and Non-Institutions held 28.55 % and 9.32 % respectively.

The stock is currently trading below its 200 DMA.

Pfizer: Court extends interim injunction on sale of Corex

Pfizer Ltd has announced that the Delhi High Court at the hearing held on March 21, 2016 extended the interim injunction suspending the operation of Notification dated March 10, 2016 banning the manufacture for sale, sale and distribution of fixed dose combination of Chlopheniramine Maleate + Codeine Syrup till the next date of hearing. 

With reference to the earlier letter dated March 14, 2016 regarding Interim Injunction on the prohibition of manufacture and sale of "Corex", Pfizer Ltd has announced that the Delhi High Court at the hearing held on March 21, 2016 was pleased to extend the interim injunction suspending the operation of the Notification dated March 10, 2016 banning the manufacture for sale, sale and distribution of fixed dose combination of Chlopheniramine Maleate + Codeine Syrup till the next date of hearing.

The company is awaiting the order from the Honourable Delhi High Court in this respect.

The scrip opened at Rs. 1689 and has touched a high and low of Rs. 1689 and Rs. 1659.6 respectively. So far 6988(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 7621.11 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2724 on 22-Sep-2015 and a 52 week low of Rs. 1611 on 21-Mar-2016. Last one week high and low of the scrip stood at Rs. 1821 and Rs. 1611 respectively.

The promoters holding in the company stood at 63.92 % while Institutions and Non-Institutions held 12.86 % and 23.22 % respectively.

The stock is currently trading above its 200 DMA.

Stocks moving at this hour - Indoco Remedies jumps, Persistent Systems skids -

Check out the most important and latest stock news from NSE and BSE. Indoco Remedies Ltd stock was higher by 11% at Rs. 298. The company has received the Establishment Inspection Report (approval) from US Food and Drug Administration (USFDA) for its solid dosages manufacturing facility at Goa (Plant I), thereby confirming the closure of inspection in October, 2015. 

Himachal Futuristic Communications Ltd galloped 13% to Rs.16.20 on BSE. The company is entering into defence equipment manufacturing as part of its strategy to contribute to the nation's plan for self sufficiency in the defence sector by participating in the defence equipment manufacturing under the Government of India's "Make in India" initiative. HFCL will be exhibiting its wide range of defence related equipment during the eleventh edition of DEFEXPO 2016 starting March 28, 2016.

JSPL gained 1.9% to Rs.61.15 on BSE. Sajjan Jindal-led JSW Energy Ltd is in advanced talks to acquire a power plant owned by Jindal Steel & Power Ltd, controlled by his younger brother Naveen, reports a business daily. The deal is valued at more than Rs. 5,000 crore and is to be announced before the 31st March, says the financial newspaper.

Just Dial Ltd stock was higher by 5% at Rs. 676. The company has made a post buyback public announcement dated March 18, 2016 for the attention of its shareholders in accordance with the provisions of the Securities and Exchange Board of lndia (Buy Back of Securities) Regulations, 1998, as amended.

Eros International Ltd stock was up by 3% at Rs. 170.Eros International Plc Audit Committee has completed the internal review which it commenced in November 2015.

Bharti Airtel slipped 1% to Rs.349.95 on BSE. After market hours the company has announced that it has entered into a definitive agreement with American Tower Corporation through its subsidiary company, Airtel Tanzania, for the sale of approximately 1,350 of its communications towers in Tanzania. Under the agreement, American Tower may acquire up to approximately 100 additional sites currently in development for an additional consideration. Airtel will be the anchor tenant on the portfolio under a lease with a ten-year initial term.  

Indoco Remedies Ltd stock was higher by 11% at Rs. 298. The company has received the Establishment Inspection Report (approval) from US Food and Drug Administration (USFDA) for its solid dosages manufacturing facility at Goa (Plant I), thereby confirming the closure of inspection in October, 2015.

Reliance Defence and Engineering Ltd stock was higher by 3% at Rs. 68. The Defence Acquisition Council reportedly said that it approved the Defence Procurement Policy (DPP) 2016, which will come into effect from April 1, 2016.

Persistent Systems Ltd stock was lower by 5.3% at Rs. 701. The company announced plans to organize its business around four key growth strategies unique to Persistent. The company’s product development and technology DNA drive all four growth strategies. 

JMC Projects (India) Ltd stock was higher by 9% at Rs. 219. The company secured new orders worth over Rs. 930 crores.  

BHEL surges 3%; commissions second 270 MW Thermal Unit in Punjab

The unit has been commissioned at the 2x270 MW Goindwal Sahib coal-fired Thermal Power Project of GVK Power & Infra Limited (GVKPIL), located in the historic city of Goindwal Sahib in Tarn Taran district, near Amritsar in Punjab 

BHEL stock was higher by 3% at Rs. 115. The company has commissioned another 270 MW coal-based unit at the same site in the state. 

The unit has been commissioned at the 2x270 MW Goindwal Sahib coal-fired Thermal Power Project of GVK Power & Infra Limited (GVKPIL), located in the historic city of Goindwal Sahib in Tarn Taran district, near Amritsar in Punjab. 

The scrip opened at Rs. 113 and has touched a high and low of Rs. 116.2 and Rs. 112.55 respectively. So far 3766375(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 27400.88 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 289.85 on 21-Jul-2015 and a 52 week low of Rs. 90.4 on 29-Feb-2016. Last one week high and low of the scrip stood at Rs. 114.25 and Rs. 105.1 respectively.

The promoters holding in the company stood at 63.06 % while Institutions and Non-Institutions held 33.08 % and 3.86 % respectively.

The stock is currently trading above its 200 DMA.

Down start! Rupee opens at 66.58/$

India’s current account deficit narrowed to 1.3% of the gross domestic product (GDP) in the fiscal third quarter from 1.5% in the year earlier. 

The Indian rupee opened marginally down by 6 paise at 66.58/$ on Tuesday as against the previous close of 66.53/$. On Monday, rupee closed marginally lower against the US Dollar. US dollar seems to be stabilising against the basket of major currencies, which in a way is also restricting the upside in the emerging market currencies.

On the domestic front, India’s current account deficit narrowed to 1.3% of the gross domestic product (GDP) in the fiscal third quarter, from 1.5% in the year earlier.

On the macroeconomic side, US existing home sales during February declined 7.1% to an annual rate of 5.08mn units, the lowest level since November 2015. Sales fell across the country in February, including a 17.1% plunge in the US Northeast. The focus will now shift towards Durable goods orders and final Q3 GDP numbers, slated to be released this week.

On Monday, the home currency closed at 66.53/$, down 3 paise. The local unit had hit a high of 66.58 and a low of 66.62. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.55 and for Euro stood at 74.91. The RBI’s reference rate for the Yen stood at 59.66; reference rate for the Great Britain Pound (GBP) stood at 95.8722.  

Persistent Systems plunges 5%; announces organisational restructuring

The company announced plans to organize its business around four key growth strategies unique to Persistent. Its product development and technology DNA drive all the four growth strategies. 

Persistent Systems Ltd stock was lower by 5% at Rs. 700.

The company announced plans to organize its business around four key growth strategies unique to Persistent. The company’s product development and technology DNA drive all four growth strategies. 

The new structure along with new leadership responsibilities will be effective April 1, 2016.

Persistent Systems Ltd is currently trading at Rs. 718.85, down by Rs. 21.35 or 2.88% from its previous closing of Rs. 740.2 on the BSE.

The scrip opened at Rs. 743 and has touched a high and low of Rs. 743 and Rs. 705.65 respectively. So far 11308(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 5921.6 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 820 on 20-May-2015 and a 52 week low of Rs. 562.5 on 12-Feb-2016. Last one week high and low of the scrip stood at Rs. 796.75 and Rs. 597 respectively.

The promoters holding in the company stood at 38.53 % while Institutions and Non-Institutions held 34.31 % and 22.18 % respectively.

The stock is currently trading below its 200 DMA.

Reliance Defence and Engineering jumps 3%

The Defence Acquisition Council approved the Defence Procurement Policy (DPP) 2016, which will come into effect from April 1, 2016. 

Reliance Defence and Engineering Ltd stock was higher by 3% at Rs. 68. The Defence Acquisition Council reportedly said that it approved the Defence Procurement Policy (DPP) 2016, which will come into effect from April 1, 2016.

The stock has hit a high of Rs. 68 and a low of Rs. 67.

Total traded quantity on the counter stood at over 1.44 lakh shares.

Govt preparing financial bailout for steel sector

The steel and finance ministries are working on a package for the steel sector that will be finalized in the next two months, Sundararajan said at a media event in New Delhi on Monday. 

The Government is preparing a financial package to help revive the steel sector besides preventing bank loans advanced to steel companies from turning bad, Steel Secretary Aruna Sundararajan has been quoted as saying.

The steel and finance ministries are working on a package for the steel sector that will be finalized in the next two months, Sundararajan said at a media event in New Delhi on Monday.

A number of options are being considered, including bringing in international investors to invest in domestic steel companies, Sundararajan said.

“There are a broad range of proposals that include banks taking certain equity as redeemable preference shares and then giving the companies enough time to redeem them. There are other proposals, where we are looking at bringing in financial investors who can hold some of these stakes for a period of time, and then when the company comes back to health, they can disinvest,” she said.

“We are also looking at bringing in certain external or international investors who can pump in fresh equity into these companies. There has been a fair degree of interest from international investors,” Sundararajan added.

The Government has already started taking steps to ease the troubles faced by the steel industry, she said.

Last month, the Government announced a minimum import price (MIP) on 173 steel products for a period of six months to protect the domestic industry from cheap Chinese imports.

Already, even though it is early days yet since it was announced, we are seeing a much better sentiment in the market. Prices are going up and banks and companies’ financial health is improving,” Sundararajan said.

Welspun India to consider share spilt of dividend

The dividend shall be paid on the post-stock split face value, i.e., Re. 0.60/- per equity share having a nominal value of Re. 1/-. 

Welspun India Ltd has informed BSE that the pre-stock split rate of dividend is Rs. 6/- per equity share having nominal value of Rs. 10/- and the post-stock split rate of dividend is Re. 0.60/- per equity share having nominal value of Re. 1/-.

Further, the dividend shall be paid on the post-stock split face value i.e. Re. 0.60/- per equity share having nominal value of Re. 1/-.

In value terms, 2nd interim dividend amount is 60% of paid-up equity share capital of the Company. The Board had declared 1st interim dividend at the rate of 65% of paid equity share capital.

Stock view:
Welspun India Ltd ended at Rs. 97.5, up by Rs. 3.74 or 3.99% from its previous closing of Rs. 93.76 on the BSE.

The scrip opened at Rs. 94 and touched a high and low of Rs. 98.2 and Rs. 93.55 respectively. A total of 917275(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 9796.07 crore.

The BSE group 'B' stock of face value Rs. 1 touched a 52 week high of Rs. 100.72 on 14-Mar-2016 and a 52 week low of Rs. 32.1 on 26-Mar-2015. Last one week high and low of the scrip stood at Rs. 99.7 and Rs. 92.65 respectively.

The promoters holding in the company stood at 73.48 % while Institutions and Non-Institutions held 13.68 % and 12.84 % respectively.

The stock traded below its 50 DMA.

Top 17 stocks in focus today: Bharti Airtel, RIL, Indoco Remedies

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

RIL: Reliance Industries has signed a co-branding agreement for a polyester sewing thread made by Coimbatore-based yarn manufacturer and exporter Precot Meridian Ltd.

Bharti Airtel: Bharti Airtel announced that it has entered into a definitive agreement with American Tower Corporation (American Tower), through its subsidiary company, Airtel Tanzania Limited, for the sale of approximately 1,350 of its communications towers in Tanzania.

Bharat Forge: Airbus is in initial talks with companies such as Bharat Forge and the forgings arm of Mahindra group to have some of its aircraft parts forged in India,as per media reports.

Indoco Remedies: Indoco Remedies has received the Establishment Inspection Report (approval) from US Food and Drug Administration (USFDA) for its solid dosages manufacturing facility at Goa (Plant I), confirming the closure of inspection in October, 2015.

Gayatri Projects: Sembcorp-Gayatri joint venture on Monday announced plans to double the power generation capacity at its thermal power complex located at Krishnpatnam in the Nellore district of Andhra Pradesh, entailing an outlay of Rs. 12,000 crore.

Whirlpool: Whirlpool of India Ltd. expects contribution of exports to grow in the future as it aims for a double-digit profitable growth, reports a business daily.

KPR Mill: The company is planning to double its processing capacity at a cost of Rs.1.2 billion. The project is set to be completed in nine months and the firm plans to fund its expense through internal accruals and debt.

NTPC: NTPC said that the Unit-I of 250 MW of Nabinagar Thermal Power Station of Bhartiya Rail Bijlee Company Limited (A subsidiary Company of NTPC Ltd.) has been commissioned on March 20, 2016.

HDFC: The board of directors of Housing Development Finance Corporation Ltd, have approved the payment of interim dividend of Rs. 3/equity share of Rs. 2 each of the corporation, for the financial year ending March 31,2016.

PVR: PVR cinemas and Paytm have announced a strategic relationship that will bring PVR's movie tickets to Paytm's e-commerce platform as a part of its nationwide foray in the online movie ticket segment.

BHEL: The company has commissioned another 270 MW unit at Goindwal Sahib coal-fired power project in Punjab.

Yes Bank: FIPB approved the proposal of Yes Bank to increase its foreign investment limit to 74 per cent from present 41% making it the first bank to get approval for hiking FDI limit after the new regulations were announced in November.

SKS Microfinance: Non-banking finance company SKS Microfinance completed its seventh securitization transaction during FY16 for a pool value of Rs. 538.11 crore.

Nava Bharat Ventures: The company has entered into an arrangement with Tata Power Trading Company Limited (TPTCL) for supply of power to Telangana State Power Distribution Companies (TSPCC/TSDISCOMS) back to back from May 27, 2016 to May 25, 2017.

Godrej Properties: Godrej Properties has created a dedicated real estate funds management business in India and Singapore - Godrej Fund Management (GFM).

Va Tech Wabag: The company has won orders worth Rs 5000 crore in FY 2016. This is the highest order intake clocked by the Group in a single financial year.

Jet Airways: Jet Airways, India’s premier international airline, is set to launch daily non-stop flights from India to Amsterdam resulting in significantly enhanced connectivity between India, Europe and North America.

Himachal Futuristic Communications Ltd: The company is entering into the defence equipment manufacturing business.

Sensex, Nifty to open on a flat note

PMI readings across euro zone, crude and currency movement and global cues will be watched. Asian markets are mixed with Japan's Nikkei trading 2% higher while China's CSI300, Hong Kong's Hang Seng and South Korea's Kospi are trading flat. The Dow extended its winning streak to 7 straight sessions. 

The momentum of the last couple of days may fail to continue as indices may choose to take a pause. The market would first react to CAD data which was released after market close on Monday. India’s current account deficit narrowed to 1.3% of the gross domestic product (GDP) in the fiscal third quarter, from 1.5% in the year earlier. That’s good news for now but market may not necessarily be in celebration mode.

The outlook is a flat start. PMI readings across euro zone, crude and currency movement  and global cues will be watched. Asian markets are mixed with Japan's Nikkei trading 2% higher while China's CSI300, Hong Kong's Hang Seng and South Korea's Kospi are trading flat.  The Dow extended its winning streak to 7 straight sessions. S&P 500 and Nasdaq rose marginally. Trading in crude futures was volatile as the April contract expired.  The April contract settled 1.2% higher at US$39.91 a barrel, while May oil, the front-month contract, gained 0.9% to end at US$41.52 a barrel.

Apple shares closed unchanged as it revealed a 4-inch iPhone, a new iPad and additional watch bands at its Cupertino headquarters.

RBI Governor Raghuram Rajan reportedly said the world is facing “increasingly dangerous situation” and a new international agreement on the lines of Bretton Woods is needed to prevent central banks from adopting policies that could hurt other economies.

Bharat Wire Ropes’s initial public offering (IPO), which hit the capital markets on March 18 is set to conclude today. Investors would also be eyeing the developments of Infibeam IPO on day 2. The Rs 450-crore initial public offering (IPO) of e-commerce company Infibeam Incorporation saw a subdued start on the first day..

Banking stocks will remain in focus as investors await RBI move early next month. Meanwhile, Prime Minister Narendra Modi is scheduled to meet top officials of all banks and insurance companies in Mumbai to discuss the implementation of Pradhan Mantri Fasal Beema Yojana. According to sources, the Prime Minister's meeting is scheduled at the Nabard office in Mumbai on March 22.