HCL Tech board approves Geometric's acquisition?

HCL Technologies' Board has approved acquisition of majority stake in Geometric deal, as per some reports. 

HCL Technologies' Board has approved the acquisition of majority stake in Geometric deal, as per some reports.

Geometric founder & CEO Manu Parparia is likely to sell 6.73% stake in the company, says report.

Geometric has informed BSE that a meeting of the Board of Directors of the company will be held on April 01, 2016 after 5 pm to discuss various strategic and restructuring options.

Geometric's shareholders are expected to get 10 shares in HCL Tech for 43 shares held. HCL Tech is likely to announce share swap deal with Geometric soon, reports added.

It would be pertinent to note that Godrej holds 31.23% stake in Geometric through Godrej & Boyce Manufacturing Company Ltd and Godrej Investments, while Parpia & his family owns 7.23% stake.

Mumbai-based independent investor Rakesh Jhunjhunwala and his wife, who together own 19% stake in Geometric, are likely to sell their stake in separate open market transactions with the acquirer.

Geometric started off as part of the Godrej Group in 1984 and was spun off into an independent company a decade later.

HDFC closes sale of 9% stake in Life Insurance arm to Standard Life

HDFC has further informed BSE that it has completed the sale of 9% stake ("shares") in HDFC Standard Life Insurance Company Limited (HDFC Life), a subsidiary of the Corporation, to Standard Life (Mauritius Holdings) 2006 Limited. 

Housing Development Finance Corporation (HDFC) Ltd has further informed BSE that it has completed the sale of 9% stake ("shares") in HDFC Standard Life Insurance Company Limited (HDFC Life), a subsidiary of the Corporation, to Standard Life (Mauritius Holdings) 2006 Limited.

Housing Development Finance Corporation Ltd is currently trading at Rs. 1104.95, down by Rs. 0.6 or 0.05% from its previous closing of Rs. 1105.55 on the BSE.

The scrip opened at Rs. 1104 and has touched a high and low of Rs. 1110.9 and Rs. 1093.3 respectively. So far 906275(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 174659.91 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 1370.8 on 16-Jul-2015 and a 52 week low of Rs. 1012 on 25-Feb-2016. Last one week high and low of the scrip stood at Rs. 1167.45 and Rs. 1098 respectively.

The promoters holding in the company stood at 0 % while Institutions and Non-Institutions held 88.1 % and 11.9 % respectively.

The stock is currently trading below its 200 DMA.

JP Associates zooms 15%; sells cement biz to Ultratech

The Board of Directors of Jaiprakash Associates Limited (JAL) has approved the Definitive Agreement with UltraTech Cement Limited 

Jaiprakash Associates Ltd stock was up 3% at Rs. 7.89. The Board of Directors of Jaiprakash Associates Limited (JAL) has approved the Definitive Agreement with UltraTech Cement Limited for sale of part of its cement business comprising identified operating cement plants with an aggregate capacity of 17.20 MTPA spread over the states of Uttar Pradesh, Madhya Pradesh, Himachal Pradesh, Uttarakhand and Andhra Pradesh besides a grinding unit of 4.0 MTPA capacity which is currently under implementation in Uttar Pradesh.

Both the parties have mutually agreed to exclude the Shahabad plant in Karnataka from the transaction. The total Enterprise Value is Rs.15,900 Crores. An additional amount of Rs. 470 crores shall be paid by UTCL for completion of the Grinding Unit under implementation.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 26.7 on 10-Apr-2015 and a 52 week low of Rs. 6.45 on 12-Feb-2016. Last one week high and low of the scrip stood at Rs. 7.75 and Rs. 6.96 respectively.

The promoters holding in the company stood at 39.38 % while Institutions and Non-Institutions held 31.82 % and 28.8 % respectively.

The stock is currently trading above its 200 DMA

ITC Classmate notebooks to get interactive

The company's stationery division is also developing a line of notebooks that portray national monuments on the cover. These will not be priced higher than the current ones, says Tyagi.

ITC is planning to turn the Classmate brand of notebooks interactive through an Augmented Reality technique, reports a business daily.

As per the Augmented Reality technique, scanning the cover image through a third-party app will convert the Classmate notebook into a puzzle or a game, says the paper. 

The interactive Classmate notebooks will be launched in about three months, says CEO of ITC’s Education & Stationery Products Business Shailendra Tyagi has been quoted as saying.

ITC is now putting laminated figures and holographs of various personalities and subjects on the covers with some information on them inside, Tyagi told the paper. 

“Earlier, information in the books was random, now it is linked to what is on the cover,” he adds.

ITC has tied up with Disney to use the cartoon characters on book covers.

The company's stationery division is also developing a line of notebooks that portray national monuments on the cover. These will not be priced higher than the current ones, says Tyagi.

India's stationery market is estimated at Rs. 8,500 crore, and it is growing at 4-5 per cent per annum. 

ITC has been outpacing the industry growth by far, according to Tyagi. 

ITC's stationery business clocks Rs. 1,500 crore revenue annually and 90 per cent of this comes from the Classmate range.

ITC claims to have a 22-23 per cent share of the notebook market, with Navneet coming next at 6.5-7 per cent.

PNG, CNG prices to fall by Rs. 1.5/kg

The move follows the third consecutive reduction in domestic natural gas prices by 20 per cent to US$3.06/mmbtu. 

Prices of piped natural gas (PNG) and compressed natural gas (CNG) are likely to fall by INR 1 to INR 1.5 per kg with effect from 1st April.

The move follows the third consecutive reduction in domestic natural gas prices by 20 per cent to US$3.06/mmbtu.

Mahanagar Gas Ltd (MGL) and Indraprastha Gas Ltd (IGL) are planning to reduce the cost of PNG and CNG to pass on the benefit of falling gas prices to consumers.

The Government’s 20 per cent cut in domestic gas prices will translate into a reduction of INR 0.5/scm (standard cubic metre to INR 1.5/scm in PNG prices for domestic customers and a INR 0.8/kg-1.5/kg cut in CNG prices, according to India Ratings & Research (Ind-Ra) estimates. 

Lower prices are seen to directly impact the revenues of domestic gas producers by INR 3,000-3,200 crore during the first half of FY17.

City Gas Distribution (CGD) entities could incur a INR 1.9-2 lower cost per SCM on gas procurement on the back of the revised natural gas pricing.

A INR 1/kg cut in CNG prices will make CNG 47 per cent more competitive than diesel in Delhi, compared with the current 41 per cent.

CNG contributes more than 50 per cent of total volume of gas sold by the CGD entities.

Top 20 stocks in focus today: ICICI Bank, L&T, UltraTech Cement

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

UltraTech Cement: Jaiprakash Associates (Jaypee) has sold its cement assets to the Aditya Birla Group firm Ultratech Cement for a consideration of Rs. 15,900 crore,

GSPC, ONGC: Gujarat State Petroleum Corp Ltd is in talks to sell a controlling interest in its Deendayal block asset in Krishna-Godavari Basin to Oil & Natural Gas Corp Ltd, reports a business daily.

Uttam Galva Steels: Uttam Galva Steels Ltd has hired SBI Caps, the investment banking arm of SBI, to look for an investor after its lenders insisted on fresh investment before a debt recast, reports a business daily.

ICICI Bank: ICICI Bank has put the plan to sell its subsidiary ICICI Home Finance Co Ltd on the backburner, reports a business daily. ICICI Bank announces the introduction of the following ICICI Bank MCLR benchmarks.

ITC: ITC is planning to turn the Classmate brand of notebooks interactive through an Augmented Reality technique, reports a business daily.

BoB: Bank Of Baroda has announced regarding Bank of Baroda Declaration of Marginal Cost of Funds Based Lending Rate (MCLR) w.e.f. 01.04.2016 Regulation 30.

K E C International: The company has secured new orders of Rs.836 crore.

Gas stocks in focus: Mahanagar Gas Ltd (MGL) and Indraprastha Gas Ltd (IGL) are planning to reduce the cost of PNG and CNG to pass on the benefit of falling gas prices to consumers.

Larsen and Toubro Ltd: Larsen and Toubro Ltd (L&T) is expecting to secure at least INR 50,000 crore worth of orders in defence across the four areas of ships, submarines, communications, and guns & armoured vehicles, reports a business daily.

Tata Motors: Tata Motors Ltd has announced that the company has divested entire stake in Shebha properties Ltd to its subsidiary Tata Motors Finnace Ltd.

Canara Bank: Canara Bank declared its marginal cost of funds based lending rate (MCLR) for one year at 9.45  per cent. As per RBI guidelines  the bank has approved  MCLR  for all Rupee loans sanctioned  with effect from April  1st 2016.

PNB: PNB declared its marginal cost of funds based lending rate (MCLR) for one year at 9.40 per cent. As per RBI guidelines  the bank has approved  MCLR  for all Rupee loans sanctioned  with effect from April  1st 2016.

Syndicate Bank: State-owned Syndicate Bank in its meeting held on March 31, 2016, has considered and approved the issue of 9.51 crore equity shares of the face value of Rs. 10/- each for cash at Rs. 77.79 determined in accordance with Regulation 76 (1) of SEBI ICDR Regulations aggregating upto Rs. 740.00 Crore on preferential basis to Government of India.

Dishman Pharmaceuticals: Dishman Pharma and Chemicals Ltd has acquired further 50% stake in Schutz Dishman Biotech Ltd., a Joint Venture Indian Company, from the existing JV Partner i.e. SCHUTZ & CO BETEILIGUNGSGESELLSCHAFT MBH, Germany for a consideration of EURO 300,000.

Ahluwalia Contracts (India): The company bagged orders worth of Rs 115 crore for extension of construction work for Amity University campus Kolkata, worth Rs 49.86 crore for construction of school building for Anandilal & Ganesh Podar Society Mumbai, worth Rs 35 crore for extension of construction work for Bennett University Greater Noida.

Mercator: Mercator International Pte. Ltd has received approval from the Singapore Exchange for divestment of the entire stake in Mercator Lines Singapore Ltd.

Lupin: Lupin has launched its Donepezil Hydrochloride Tablets, 23 mg having received approval from the USFDA earlier for market a generic equivalent of Eisai Inc’s Aricept Tablets, 23 mg.

Gujarat NRE Coke: Gujarat NRE Coke Ltd has informed BSE that pursuant to the applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Management Committee of the Company at its meeting held on March 31, 2016 has considered and allotted 3,31,85,000 equity shares of Rs. 10/- each at par to ICICI Bank Limited against liability towards corporate guarantee, in accordance with the resolution passed by the shareholders.

Larsen & Toubro Limited: L&T promoted L&T lnfocity Limited (LTIL), an SPV formed in 1997 in partnership with Andhra Pradesh Infrastructure Investment Corporation (APllC) to develop IT infrastructure in Andhra Pradesh. L&T owns 89% stake in the SPV and the balance is held by APllC. Larsen & Toubro Ltd has announed that it has bagged orders worth Rs. 2271 crores.

Suzlon: Suzlon announced its order win for development of 197.40MW wind power project from a leading private sector power utility. 

Dr. Reddy's Laboratories: Dr. Reddy's Laboratories has entered into a licensing agreement with Eisai Co., Ltd, Japan by which Dr. Reddy's will be granted exclusive worldwide development and commercialization rights (excluding Japan and Asia) for Eisai's investigational anticancer agent E7777. 

M&M: Mahindra & Mahindra, a part of the USD 16.9 billion Mahindra Group announced its foray into the global combine harvester business, by entering into a strategic partnership with Sampo Rosenlew, a combine harvester company based in Pori, Finland.

Ashok Leyland: Hinduja Group's flagship firm Ashok Leyland has won defence orders worth Rs. 800 crore.

SRF: The company has been commissioned and capitalized at an approximate cost of Rs. 25 crore and Rs. 9 crore respectively.

Aurobindo Pharma Limited: The pharma company has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Vancomycin Hydrochloride for Injection USP, 5 g/vial and 10 g/vial (Pharmacy Bulk Package). 

PNC Infratech: PNC Infratech has  been declared the L1 (lowest) bidder for the project of four laning of Nagina-Kashipur section of NH-74 from km 73.000 to Km 175.00 in the states of Uttarakhand and Uttar Pradesh under NHDP IV.  

Geometric board to discuss strategic & restructuring options

Geometric Ltd has announced that a meeting of the Board of Directors of the Company will be held on April 01, 2016. 

Geometric Ltd has announced that a meeting of the Board of Directors of the Company will be held on April 01, 2016 after 5 p.m. to discuss various strategic and restructuring options.

The scrip opened at Rs. 207 and has touched a high and low of Rs. 208.5 and Rs. 196.75 respectively. So far 155432(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 1331.82 crore.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 206 on 31-Mar-2016 and a 52 week low of Rs. 101.5 on 16-Jun-2015. Last one week high and low of the scrip stood at Rs. 206 and Rs. 185.5 respectively.

The promoters holding in the company stood at 37.81 % while Institutions and Non-Institutions held 6.4 % and 55.79 % respectively.

The stock is currently trading above its 100 DMA.

IOC hikes jet fuel price of Rs.3,3371.55/kl

Indian Oil Corporation hiked jet fuel price by 8.7% in Delhi from today. 

Aviation Turbine Fuel (ATF) or jet fuel price was today increased by Rs.3,3371.55/kl.

IOC hiked jet fuel price by 8.7%  in Delhi from today.

Details to follow soon.

Indian Oil Corporation Ltd ended at Rs. 393.45, down by Rs. 6.55 or 1.64% from its previous closing of Rs. 400 on the BSE.

The scrip opened at Rs. 400 and touched a high and low of Rs. 408.45 and Rs. 391.7 respectively. A total of 2954435(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 95527.69 crore.

The BSE group 'A' stock of face value Rs. 10 touched a 52 week high of Rs. 465.4 on 24-Jul-2015 and a 52 week low of Rs. 324.05 on 13-May-2015. Last one week high and low of the scrip stood at Rs. 408.45 and Rs. 390.85 respectively.

The promoters holding in the company stood at 58.57 % while Institutions and Non-Institutions held 16.88 % and 24.55 % respectively.

The stock traded above its 200 DMA. 

Opening Bell - Sensex, Nifty in red

At 9:15 AM, the S&P BSE Sensex is trading at 25,247 down 95 points, while NSE Nifty is trading at 7,718 down 20 points. 

At 9:15 AM, the S&P BSE Sensex is trading at 25,247 down 95 points, while NSE Nifty is trading at 7,718 down 20 points.

Today currency market closed today on account of bank holiday. Indian rupee hit a 3 month high against the greenback, deriving cues from the buoyancy in equity markets and softening sovereign bond yields. The sentiment on the street remains underpinned by the hopes of a rate cut by the RBI during the monetary policy review next week. On macroeconomic side, India’s core sector output during February grew 5.7% on yoy basis, helped by recovery in production of natural gas, refinery products, fertilizer, and cement and electricity generation. The core output during January grew 2.3% on yoy basis. 

Investors will hope the Friday happy endings continue on the bourses. The Nifty expiry at 7739 levels for March series was largely driven by banking and metals heavyweights. Ahead of the RBI policy next week, BankNifty was up 19% expiry to expiry and Nifty up 11% in the same period. Rollovers on Nifty stood at ~60% vs 68% in the previous expiry. F&O indications are that the Nifty may trade the initial days of April in a range of 500 points as build up is seen at 8000 calls and 7500 puts.

US blue chip stock indices closed lower on Thursday but logged one of their best-performing months since last October. Investors remained cautious on the last day of the quarter ahead of the key labor market data due on Friday. The Dow Jones Industrial Average shed 31.57 points, or 0.2% to end at 17,685.09. The S&P 500 index dropped 4.21 points, or 0.2% to settle at 2,059.74. The Nasdaq Composite index finished flat on Thursday at 4,869.85.

The Dow gained 7.1% in March and is up 1.5% since the start of the year. The S&P 500 index surged by 6.7% over the month. The Nasdaq jumped by 6.8% during March. The Dow and S&P 500 are up ~13% year-to-date, while the Nasdaq has gained 14%. Over the past month, expectations of interest rate hikes have faded, helping to boost US stocks and weaken the dollar.

In the day's important economic news, the number of Americans who applied for unemployment benefits in late March rose by more than expected to 276,000 and hit the highest level in two months.