GE Shipping approves allotment of NCDs up to Rs.250 crore

Great Eastern Shipping Company Ltd has announced that the Debenture Issue Committee has at its meeting held on May 09, 2016 approved the allotment of 2,500 Unsecured Non-Convertible Debentures.

With reference to the earlier letter dated April 29, 2016, Great Eastern Shipping Company Ltd has announced that the Debenture Issue Committee has at its meeting held on May 09, 2016 approved the allotment of 2,500 Unsecured Non-Convertible Debentures of face value of Rs. 10 lakhs each aggregating to Rs. 250 crore (tranche 1).

Great Eastern Shipping Company Ltd is currently trading at Rs. 315, up by Rs. 6.55 or 2.12% from its previous closing of Rs. 308.45 on the BSE.

The scrip opened at Rs. 310 and has touched a high and low of Rs. 316 and Rs. 310 respectively. So far 27601(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 4650.72 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 420 on 10-Nov-2015 and a 52 week low of Rs. 275 on 02-Mar-2016. Last one week high and low of the scrip stood at Rs. 335 and Rs. 301.75 respectively.

The promoters holding in the company stood at 30.42 % while Institutions and Non-Institutions held 42.25 % and 27.02 % respectively.

The stock is currently trading above its 200 DMA.

Inox Wind up 4%; Q4 net profit at Rs. 209.2 crore

The net profit for the quarter ending March 31, 2016 surged by 77.5% to Rs. 209.2 crore.

Inox Wind Ltd stock was higher by 4% at Rs.250.

The net profit for the quarter ending March 31, 2016 surged by 77.5% to Rs. 209.2 crore. 

The total income from operations grew 97% YoY from Rs. 930 crores in Q4FY15 to Rs. 1,829 crores in Q4 FY16. 

The scrip opened at Rs. 251.9 and has touched a high and low of Rs. 261.75 and Rs. 247 respectively. So far 2671978(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 5365.98 crore.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 484.9 on 18-May-2015 and a 52 week low of Rs. 217 on 29-Feb-2016. Last one week high and low of the scrip stood at Rs. 295.05 and Rs. 233.5 respectively.

The promoters holding in the company stood at 85.62 % while Institutions and Non-Institutions held 6.82 % and 7.56 % respectively.

The stock is currently trading below its 200 DMA.

ONGC may acquire 50% in GSPC block

The deal is likely to be completed within the next few months, says report.

ONGC and GSPC are in  talks to negotiate the price at which ONGC will acquire 50%+ stake in the latter’s 1,850 square kilometer KG Basin block, according to reports.

Report says that GSPC is the operator for the block and has an 80% share in the consortium.

The deal is likely to be completed within the next few months, says report.

The scrip opened at Rs. 209.5 and has touched a high and low of Rs. 212 and Rs. 209.5 respectively. So far 692060(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 178210.86 crore.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 337.15 on 28-May-2015 and a 52 week low of Rs. 188 on 12-Feb-2016. Last one week high and low of the scrip stood at Rs. 220.9 and Rs. 207.2 respectively.

The promoters holding in the company stood at 68.93 % while Institutions and Non-Institutions held 17.45 % and 13.62 % respectively.

The stock is currently trading above its 200 DMA.

Reliance Capital up after Q4 earnings

Reliance Capital reported a marginal 1.9% increase in its consolidated net profit at Rs. 415 crore for the quarter ended March 2016.

Reliance Capital reported a marginal 1.9% increase in its consolidated net profit at Rs. 415 crore for the quarter ended March 2016. The result was announced after market hours on Friday, 6 May 2016.

Reliance Capital Ltd is currently trading at Rs. 402, up by Rs. 18.45 or 4.81% from its previous closing of Rs. 383.55 on the BSE.

The scrip opened at Rs. 389.5 and has touched a high and low of Rs. 403.2 and Rs. 386.25 respectively. So far 1982146(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 9689.73 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 470.8 on 05-Jan-2016 and a 52 week low of Rs. 250.8 on 25-Aug-2015. Last one week high and low of the scrip stood at Rs. 412.95 and Rs. 377.1 respectively.

The promoters holding in the company stood at 52.01 % while Institutions and Non-Institutions held 28.67 % and 18.44 % respectively.

The stock is currently trading above its 200 DMA.

Tata Steel up 2%; may sell it UK's assets to Excalibur Steel

A report stated that the announcement is expected by the end of June.

Tata Steel stock was up by 2% at Rs. 334. The company may sell its Tata Steel UK's assets to Excalibur Steel, according to reports.

A report stated that the announcement is expected by the end of June. 

The stock has hit a high of Rs.334 and a low of Rs. 330.

Greaves Cotton up 2%; Q4 revenue up 3%

The company’s standalone revenue stood at Rs.405.09 crore, up 2.87% yoy but down 0.16% qoq.

Greaves Cotton stock was up by 2% at Rs. 133. The company’s standalone revenue stood at Rs. 405.09 crore, up 2.87% yoy but down 0.16% qoq.

The stock has hit a high of Rs. 134 and a low of Rs. 132.

ITC to resume cigarette production in phases; stock up 2%

The company had shut production on May 4, saying it was not in a position to comply with the Supreme Court order.

With referene to the letter dated May 05, 2016, ITC Ltd has announced that the cigarette factories are commencing production in a phased manner with the specified 85% graphical warning pending hearing by the Karnataka High Court.

Report says that the new packs will have just 15% of the total area for branding and printing other details such as name of the factory, price and date of manufacturing 

On May 4, the company had shut production, saying it was not in a position to comply with the Supreme Court order. 

The stock was up by 2% at Rs. 323.

The stock has hit a high of Rs. 324 and a low of Rs. 320.

Emami surges 3%

The company posted a net profit after taxes, minority interest and share of profit of associates of Rs.758.50 mn for the quarter ended March 31, 2016 compared with Rs.1383.30 million for the quarter ended March 31, 2015.

Emami Ltd stock rallied by 3% at Rs. 1074. The company posted a net profit after taxes, minority interest and share of profit of associates of Rs.758.50 mn for the quarter ended March 31, 2016 compared with Rs.1383.30 million for the quarter ended March 31, 2015. 

Total income increased from Rs.5770.20 mn for the quarter ended March 31, 2015 to Rs.6767.90 million for the quarter ended March 31, 2016.

The scrip opened at Rs. 972.1 and touched a high and low of Rs. 1110.4 and Rs. 970 respectively. A total of 1014790(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 23589.84 crore.

The BSE group 'A' stock of face value Rs. 1 touched a 52 week high of Rs. 1367.9 on 05-Aug-2015 and a 52 week low of Rs. 875.05 on 07-May-2015. Last one week high and low of the scrip stood at Rs. 1110.4 and Rs. 961 respectively.

The promoters holding in the company stood at 72.74 % while Institutions and Non-Institutions held 17.46 % and 9.8 % respectively.

The stock traded above its 200 DMA.

Rupee opens marginally higher at 66.52

The US economy added 160,000 jobs during April, much lower than 208,000 jobs recorded during the prior month.

The Indian rupee opened marginally higher by 2 paise at 66.52/$ against US Dollar on Monday as against the previous close of 66.54/$. On the global front, US economy added 160,000 jobs during April, much lower than the reading of 208,000 jobs during the prior month.

Unemployment remained steady at 5%. Nevertheless, positive part of the employment story is that the US economy has been able to create jobs for 74 months and there has been improvement in wages albeit moderate.

In Japan, minutes of the BOJ policy meeting in March revealed that policymakers acknowledge that although economy is recovering, there are signs of sharp weakness in consumer sentiment, which can adversely impact inflation numbers.

In China, exports during April (in Yuan terms) rose 4.1% on yoy basis, helped by currency weakness. However in US dollar terms, exports fell 1.8%. Meanwhile, imports in US dollar terms slumped 10.9% resulting in to a trade balance of $45.6bn.

On Friday, the Indian currency ended flat at 66.54/$. The local unit had hit a high of 66.73 and a low of 66.76. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.58 and for Euro stood at 76.38. The RBI’s reference rate for the Yen stood at 62.13; reference rate for the Great Britain Pound (GBP) stood at 96.3456.

ITC resumes cigarette production & other Top Corporate News

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

Eicher Motors, the maker of Bullet motorcycle has announced plan to invest Rs 10bn in FY-17 to fund its expansion plans.

BSNL Ltd is in advanced talks with Reliance Jio and Vodafone for signing a 2G roaming agreement this month.

Buoyed by sale of over 100,000 vehicles equipped with auto gear shift, Maruti Suzuki plans to offer this technologies in more models sold in the domestic market. 

Lakshmi Vilas Bank new chief executive has drawn up an ambitious 10-year plan to revitalise business and has set up big targets to improve performance on a variety of operational parameters. 

Godrej Properties is aiming to launch 15 new projects, including one in Noida, and sell its completed commercial assets worth Rs 15bn during this fiscal as the realty firm seeks to achieve higher growth. 

ITC Ltd cigarette factories have resumed production in a phased manner with the specified 85% graphical warning pending hearing by the Karnataka High Court.

Kalyan Jewellers is aiming for a turnover of INR 13,000 crore in the current fiscal year, reports a business daily.

Emami is aggressively looking at acquisitions in India and abroad, Chief Financial Officer N.H. Bhansali has been quoted as saying by a business daily.

HSBC's brokerage arm has slashed the paper valuation of restaurant-discovery platform Zomato, reports a business daily. Zomato Media Pvt Ltd has been valued at ~US$500 million by HSBC Securities & Capital Markets (India) Pvt Ltd, about half the valuation at which the restaurant search firm raised its last round of funding in September, says the daily.

The state-run Steel Authority of India Limited (SAIL) would curtail the strength of its workforce in a move aimed to reduce the manpower cost in the company.

Public lender Bank of Baroda and Max Bupa, a specialist health insurer, today put in place a bancassurance corporate agency agreement. 

PVP Ventures Ltd has said that it has amended a Joint Development Agreement (JDA) with North Town Estates Pvt Ltd under which the latter will release 20 acres of undeveloped land in Chennai to PVP Ventures. 

Opening Bell - Sensex rallies over 150 points; Nifty above 7,550

At 9:15 AM, the S&P BSE Sensex is trading at 25,322 up 168 points, while NSE Nifty is trading at 7,755 up 22 points.The BSE Mid-cap Index is trading up 0.06% at 10,972, whereas BSE Small-cap Index is trading down 0.19% at 10,920.

At 9:15 AM, the S&P BSE Sensex is trading at 25,322 up 168 points, while NSE Nifty is trading at 7,755 up 22 points.

The BSE Mid-cap Index is trading up 0.06% at 10,972, whereas BSE Small-cap Index is trading down 0.19% at 10,920.

The Indian rupee opened marginally higher by 2 paise at 66.52/$ against US Dollar on Monday as against the previous close of 66.54/$. On the global front, US economy added 160,000 jobs during April, much lower than the reading of 208,000 jobs during the prior month.

Global markets are mostly upbeat. The cheer seems to have come in after Less-than-expected payrolls data in the US toned down expectations of a Fed rate hike next month. Among Asian markets, Japan's Nikkei is up half a percent while South Korea's Kospi and China's Shanghai Composite are lower. On Friday the Dow gained 0.45% while S&P500 added 0.32%.

Saudi Arabia  dismissed its long-serving Oil Minister Ali al-Naimi as part of a major government shake-up. Naimi held the post of Saudi Arabia's Oil Minister for more than two decades.

China's exports and imports fell more than expected in April, reflecting weak demand at home and abroad, and denting hopes of a recovery in the world's second-largest economy.

Textile-to-retail conglomerate Arvind is in advanced talks to acquire Sequoia Capital-funded ecommerce company Freecultr, according to reports.

China's crude oil imports topped 30 million tons (MT) for the third successive month in April, spurred by strong demand by local refineries that began to import foreign crude less than a year ago.

Top 15 stocks in focus today: HUL, ITC, Wockhardt

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

HUL: The company will announce its Q4 numbers today. IIFL estimates the company’s net profit to surge to Rs.1,107 crore at 8.8% yoy and 14% qoq.

Wockhardt: Wockhardt, pharmaceutical and biotechnology company headquartered in Mumbai, reported consolidated net profit of Rs.42.90 crore for the quarter ended March 31, 2016, registering growth of 25.88% yoy, but decline of 29.64% qoq.

Titan Company: Titan Company Ltd has reported a 14.4% decline in net profit to Rs 184.11 crore for the fourth quarter ended March 31, 2015-16. Tata Group company said that it will be picking up stake in the Chennai-based online jewellery retailer Caratlane.

Emami: Emami is aggressively looking at acquisitions in India and abroad, Chief Financial Officer N.H. Bhansali has been quoted as saying by a business daily.

Hester Biosciences: Hester Biosciences reported a 57.14% rise in standalone net profit at Rs. 5.5 crore for the quarter ended March 31. The company had posted a net profit of Rs 3.5 crore for the corresponding period a year ago, it said in a filing to the BSE.

Astral Poly Technik Ltd: The company has announced that its Subsidiary has extended its portfolio with the creation of a new company in US.

Grasim Industries: The company’s consolidated revenue stood at Rs. 10,001.26 crore, up 13.43% yoy and 10.59% qoq.

Indo Count Industries: The board has approved the capex plan for Phase 2 estimated at Rs. 300 crores. 

Arvind: Arvind is in talks to acquire Sequoia Capital-funded ecommerce company Freecultr, according to reports.

Info Edge: HSBC's brokerage arm has slashed the paper valuation of restaurant-discovery platform Zomato, reports a business daily. Zomato Media Pvt Ltd has been valued at ~US$500 million by HSBC Securities & Capital Markets (India) Pvt Ltd, about half the valuation at which the restaurant search firm raised its last round of funding in September, says the daily.

Westlife Development: The company’s consolidated revenue stood at Rs. 212.62 crore, up 17.61% yoy and 0.8% qoq.

Andhra Bank: Andhra Bank posted a net profit of Rs. 516 million for the quarter ended March 31, 2016 as compared to Rs. 1852.40 million for the quarter ended March 31, 2015.

Birla Corporation: Birla Corporation, cement major, reported standalone net profit of Rs. 115.66 crore for the quarter ended March 31, 2016, registering growth of 306.39% yoy and 1660.43% qoq. 

Greaves Cotton: The company’s standalone revenue stood at Rs. 405.09 crore, up 2.87% yoy but down 0.16% qoq.

Tata Steel: Tata Steel  may sell its Tata Steel UK's assets to Excalibur Steel. The announcement is expected by the end of June. 

Vardhman Textiles: The company will announce its Q4 numbers today. IIFL estimates that the company’s net profit is likely to shoot up to Rs. 168 crore at 86.9% yoy and 4.1% qoq.

MM Forgings: The company will announce its Q4 numbers today. The company’s net revenue for Q4 FY16 is expected to climb to Rs.128 crore at a rate of 0.8% yoy and 1.6% qoq.