ABG Shipyard board to discuss strategy for induction of strategic partner

ABG Shipyard Ltd has announced that a meeting of the Board of Directors of the Company will be held on April 08, 2016, to discuss general corporate issues. 

ABG Shipyard Ltd has announced that a meeting of the Board of Directors of the Company will be held on April 08, 2016, to discuss general corporate issues, strategy for induction of Strategic Investor / Partner and authorize Monitoring Institution on behalf of CDR Lenders to appoint Investment Banker to identify a Strategic Investor / Partner etc.

ABG Shipyard Ltd is currently trading at Rs. 50, up by Rs. 2.05 or 4.28% from its previous closing of Rs. 47.95 on the BSE.

The scrip opened at Rs. 49.1 and has touched a high and low of Rs. 51 and Rs. 49.1 respectively. So far 261874(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 259.08 crore.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 250 on 09-Apr-2015 and a 52 week low of Rs. 39.5 on 12-Feb-2016. Last one week high and low of the scrip stood at Rs. 53 and Rs. 44.75 respectively.

The promoters holding in the company stood at 38.57 % while Institutions and Non-Institutions held 10.67 % and 50.76 % respectively.

The stock is currently trading below its 200 DMA.

Rupee opens at 66.42/$, up 4 paise

On domestic cues, RBI at the monetary policy review decided to cut the repo rate by 25bps to 6.5%, while reduced the minimum daily maintenance of CRR from 95% to 90%. 

The Indian rupee opened higher by 4 paise at 66.42/$ on Wednesday as against the previous close of 66.46/$. On Tuesday, the rupee lost ground against US dollar, influenced by the sharp fall in equities.Markets were under pressure due to weakness in European markets, wherein Germany's DAX spearheaded the decline after a disappointing factory orders report which showed a contraction of 1.2% on mom basis.

On domestic cues, RBI at the monetary policy review decided to cut the repo rate by 25bps to 6.5%, while reduced the minimum daily maintenance of CRR from 95% to 90%. The central bank has gradually lowered the average liquidity deficit in the system from 1% of NDTL to a position closer to neutrality.

The home currency closed at 66.46/$, down 26 paise as against the previous close of 66.20/$. The local unit had hit a high of 66.30 and a low of 66.76. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.32 and for Euro stood at 75.52. The RBI’s reference rate for the Yen stood at 59.98; reference rate for the Great Britain Pound (GBP) stood at 94.4200.  

Cipla eyes on speciality drugs in US

The company is reportedly eyeing first commercial launch in the US around 2020.

Cipla is planning to deploy more funds for research and development in respiratory, dermatology, neurology and oncology segments, says report.

Report says that the company is eyeing for the first commercial launch in the US around 2020. 

The company is planning a pipeline of speciality drugs in the United States, says report.

Cipla Ltd is currently trading at Rs. 499.75, down by Rs. 4.25 or 0.84% from its previous closing of Rs. 504 on the BSE.

The scrip opened at Rs. 505 and has touched a high and low of Rs. 505 and Rs. 499.2 respectively. So far 12837(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 40490.57 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 748 on 17-Aug-2015 and a 52 week low of Rs. 495.2 on 29-Mar-2016. Last one week high and low of the scrip stood at Rs. 519 and Rs. 501.9 respectively.

The promoters holding in the company stood at 36.79 % while Institutions and Non-Institutions held 34.79 % and 26.33 % respectively.

The stock is currently trading below its 200 DMA.

Top 17 stocks in focus today: Tata Steel, M&M, Rolta India

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

Tata Steel: Workers at Jaguar Land Rover (JLR) on Tuesday warned Tata Group Chairman against a ‘fire sale’ of its UK steel business, saying that it wasn’t the responsible thing to do. UK business minister Sajid Javid is travelling to Mumbai to meet Tata Group Chairman Cyrus Mistry on Wednesday to stave off the possible loss of thousands of jobs at Britain's largest steelmaker that could result from asale or shutdown.

Tata Motors: JLR, the Tata Motors-owned marquee brand, is slowly turning the corner in 2016, having remained on the fringes of the Indian luxury car market so far.

Infosys, TCS: Swiss private equity fund Partners Group is in talks with Infosys, TCS to sell domestic IT services company CSS Corp, according to reports.

GM Breweries Ltd: GM Breweries reported a net profit of Rs. 17.4 crore for the quarter ended March 31 compared to Rs.5.7 crore reported in the year-ago period.

RPG Life Sciences: RPG Life Sciences, part of the RPG Group, engaged in manufacturing and marketing of pharmaceutical products, has received GMP Certificate from Bavarian Authority, a competent authority in Germany, as per EUGMP standards for its formulation manufacturing facility at 3102/A,G.l.D.C. Industrial Estate, Ankleshwar, District Bharuch,Gujarat.

Pfizer: Pfizer and Allergan Plc are scrambling to determine whether to proceed with their plan to merge and move Pfizer's address but not its operations or headquarters to lower-tax Ireland.
 
Tata Power Ltd: Tata Power Ltd and Hyderabad-based Greenko Group Plc have evinced interest in acquiring Welspun Renewables Energy’s portfolio of 1.1 gigawatts (GW) renewable power assets, reports a business daily.

Aditya Birla Fashion Retail Ltd: Pantaloons, a unit of Aditya Birla Fashion Retail Ltd, has forayed into children’s wear with the launch of Pantaloons Kids, says a business daily. The retailer is piloting apparel and lifestyle stores for children in Ahmedabad, Bengaluru, Jabalpur, Kolkata and Chandanpur in West Bengal, says the financial newspaper.

Mahindra & Mahindra: Mahindra & Mahindra’s Farm Equipment Sector (FES) has raised the bar in farm technology with the launch of the Mahindra YUVO, a new age, superior technology, range of tractors in the 30-45 HP category which will be added to the company’s existing range of highly successful 15 –57 HP tractors.

ONGC: ONGC has received green nod for Rs. 350-crore project of drilling 22 exploratory wells in NELP-9 blocks located at Banaskantha, Gandhinagar and Ahmedabad districts of Gujarat, according to reports.

United Spirits: Diageo and two of its subsidiaries on Tuesday filed objections in the Debt Recovery Tribunal (DRT) in New Delhi against its last month's order prohibiting Vijay Mallya from withdrawing US$75 million exit payout from the British liquor giant till the disposal of SBI’s case against him over loan default, reports a business daily.

Power Grid Corporation of India Limited: Power Grid Corporation of India Limited, a ‘Navratna’ Company under Ministry of Power of the country, commissioned transmission projects worth Rs. 30,300 crore (unaudited) during 2015-16, which is the highest-ever commissioning achieved by the Company in its history.

Aurobindo Pharma: Aurobindo Pharma has received final approval from the USFDA to manufacture and market Polymyxin B for Injection USP, 500,000 units/vial. This product is expected to be launched in Q2 FY16-17.

L&T Construction: The company has announced that it has bagged orders worth Rs.2,125 crore.

Era Infra Engineering Ltd: Era Infra Engineering Ltd has announced that Consortium of the company and SRS Real Infrastructure Limited Secures Contracts from Government of the Republic of Congo for US$ 87,674,300.

JMC Projects: JMC Projects has announced it has received Second Provisional Certificate to start operations at UP-MP Border road Project.

Lupin: The pharma company announced the appointment of Dr. Kurt Nielsen as President of Lupin – Somerset. Kurt will be responsible for overall operations of the Gavis-Novel Somerset business and will be based out of Somerset, New Jersey.

Narayana Hrudayalaya: The company announced that it has decided to cease operations at its "Malla Reddy Narayana Multispecialty Hospital" in Hyderabad, Telangana (erstwhile Andhra Pradesh) and entered into an agreement to sell the undertaking to Chandramma Educational Society.

Kiri Industries: Kiri Industries has executed agreements for settlement of all its debt by end of the financial year 31 March 2016. This has resulted in significant reduction of borrowing of the company by the end of financial year 2015-16 and the total borrowings of the Company have been reduced from Rs. 853.13 crore to Rs 410.62 crore, which is about 51.87% reduction compared to the previous financial year.

Rolta India: Fitch Ratings has downgraded Rolta India Limited's (Rolta) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'B' from 'BB-'. The Outlook is Negative.

GP Petroleums: GP Petroleums Ltd has tied up with the Repsol, Spains largest lubricant Company for blending and marketing of Repsol lubricants in India.

Snowman Logistics: Snowman Logistics has informed BSE that the construction of the Jaipur warehouse has been completed and the warehouse is now ready for operations with a capacity of 4200 pallets, thereby taking the total capacity of the Company to 98,500 pallets.

Opening Bell - Sensex rallies over 100 points

At 9:15 AM, the S&P BSE Sensex is trading at 24,992 up 109 points, while NSE Nifty is trading at 7,636 up 33 points. 

At 9:15 AM, the S&P BSE Sensex is trading at 24,992 up 109 points, while NSE Nifty is trading at 7,636 up 33 points.

The Indian rupee opened higher by 4 paise at 66.42/$ on Wednesday as against the previous close of 66.46/$. On Tuesday, the rupee lost ground against US dollar, influenced by the sharp fall in equities.Markets were under pressure due to weakness in European markets, wherein Germany's DAX spearheaded the decline after a disappointing factory orders report which showed a contraction of 1.2% on mom basis.
 US stock indices declined for the second day running amid ongoing concerns about the sluggish global economic growth. In a speech at a German university, IMF MD Christine Lagarde called on nations across the globe to boost growth, warning that risks to global growth are rising.

The Dow Jones Industrial Average dropped 133.68 points, or 0.8%, to close at 17,603.32, after reaching a session low of 17,579.56.  The blue-chip benchmark logged its worst one-day fall since Feb. 23, when it sank 189 points. The S&P 500 index fell by 20.96 points, or 1%, to end at 2,045.17, as the utilities sector slipped 1.9% and the financials sector dived 1.4%.  Just before the close, the index reached a session low of 2,042.56.

The Nasdaq Composite Index surrendered 47.86 points, or 1%, to settle at 4,843.93.

A gauge of service-sector activity suggested that first quarter US GDP growth might not be as bad as some had expected. The Institute for Supply Management (ISM) services index rose to 54.5 in March, up from 53.4 in February. Official data showed that the US trade deficit widened by a slightly greater margin than economists had expected in February, with the deficit climbing 2.6% to US$47.1 billion due to higher imports.

Allergan shares plunged nearly 15% after the US Treasury Department late on Monday announced new rules to curb corporate tax inversion that could complicate the Botox maker’s takeover by drug giant Pfizer.

Government is looking at ways to ensure transmission of monetary action on the ground as there is no silver bullet that can deal with the rate cut issue, Minister of State for Finance Jayant Sinha reportedly said.

Union Minister Arun Jaitley said the government plans to develop 25 regional airports, says report. Finance minister reported that it emphasised the need for having long-term funding for infrastructure.