PSU bank stocks rally 3%; SBI rises 3.3%

The PSU bank Nifty opened at 2,617.40 and hits a high of 2,672.75 and a low of 2,614.65.

The PSU Bank are trading higher 2.97% at 2,696.70. The PSU Bank Nifty opened at 2,617.40 and hits a high of 2,672.75 and a low of 2,614.65. There is a strong buying interest was seen in Banking sector on the back of higher volumes.

State Bank of India is currently trading at Rs. 217.95, up by Rs. 6.7 or 3.17% from its previous closing of Rs. 211.25 on the BSE. The scrip opened at Rs. 211.25 and has touched a high and low of Rs. 218.7 and Rs. 210.35 respectively. So far 15327601(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 163988.67 crore.

Oriental Bank of Commerce is currently trading at Rs. 104.4, up by Rs. 4.6 or 4.61% from its previous closing of Rs. 99.8 on the BSE. The scrip opened at Rs. 99 and has touched a high and low of Rs. 104.5 and Rs. 99 respectively. So far 2800501(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 3454.78 crore.

Canara Bank is currently trading at Rs. 216.5, up by Rs. 6.7 or 3.19% from its previous closing of Rs. 209.8 on the BSE. The scrip opened at Rs. 211.9 and has touched a high and low of Rs. 217.6 and Rs. 210.5 respectively. So far 1890910(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 11391.95 crore.

Bank of India is currently trading at Rs. 98, up by Rs. 3.1 or 3.27% from its previous closing of Rs. 94.9 on the BSE. The scrip opened at Rs. 94.9 and has touched a high and low of Rs. 98.3 and Rs. 94.9 respectively. So far 3138722(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 8863.99 crore.

Block deal on Wipro; stock down 1%

Around 34 lakh shares were traded in a single block at Rs.553.75 on the BSE.

Wipro was trading 1% lower at Rs.551 on Monday. Around 34 lakh shares were traded in a single block at Rs.553.75 on the BSE.

The scrip opened at Rs. 556.9 and has touched a high and low of Rs. 556.9 and Rs. 550.3 respectively. So far 3529416(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 137359.31 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 613 on 01-Oct-2015 and a 52 week low of Rs. 508.9 on 29-Feb-2016. Last one week high and low of the scrip stood at Rs. 564.8 and Rs. 545.65 respectively.

The promoters holding in the company stood at 73.34% while Institutions and Non-Institutions held 16.18% and 9.87% respectively.

Reliance Power expects Rs. 714 crore from Tilaiya procurers

The formalities with the 18 procurers in 10 states for the release of money are at final stage, says report.

Reliance Power is planning to secure a total of Rs. 714 crore as bank guarantees and compensation from 18 procurers of the electricity project. 

Report says that out Of this, Rs. 600 crore will be in the form of bank guarantees the procurers had offered to buy electricity. 

The formalities with the 18 procurers in 10 states for the release of money are at final stage, says report. 

Reliance Power Ltd is currently trading at Rs. 49.8, up by Rs. 0.4 or 0.81% from its previous closing of Rs. 49.4 on the BSE.

The scrip opened at Rs. 49.15 and has touched a high and low of Rs. 50.1 and Rs. 49.15 respectively. So far 735663(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 13857.32 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 61.4 on 12-Jan-2016 and a 52 week low of Rs. 33.05 on 25-Aug-2015. Last one week high and low of the scrip stood at Rs. 53.2 and Rs. 48.25 respectively.

The promoters holding in the company stood at 74.98 % while Institutions and Non-Institutions held 10.48 % and 14.21 % respectively.

The stock is currently trading below its 50 DMA.

Parag Milk Foods rises 3% on Q4 results

The company reported net profit at Rs 16.09 crore for the quarter ended March.

Parag Milk Foods gained 3% to Rs. 267 on Monday. The company reported net profit at Rs 16.09 crore for the quarter ended March. Income from operations rose by 14% to Rs. 1,645.13 crore.

The scrip opened at Rs. 262 and has touched a high and low of Rs. 269.9 and Rs. 262 respectively. So far 261973(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 2181.93 crore.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 278 on 21-Jun-2016 and a 52 week low of Rs. 202.1 on 24-May-2016. Last one week high and low of the scrip stood at Rs. 278 and Rs. 233.4 respectively.

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

The stock is currently trading above its 200 DMA.

RCOM Board gives nod for demerger of Reliance Telecom's 5 circles into Company

Reliance Communications Limited has announced that the board of Directors at its meeting held on June 24, 2016 approved a Scheme of Arrangement between the Company and Reliance Telecom Limited.

Reliance Communications Limited has announced that the board of Directors at its meeting held on June 24, 2016 approved a Scheme of Arrangement between the Company and Reliance Telecom Limited (RTL), a wholly owned subsidiary of the Company, for demerger of telecom undertaking consisting of 5 license service area of RTL into the Company, subject to requisite approvals.

Reliance Communications Ltd ended at Rs. 47.2, down by Rs. 2.5 or 5.03% from its previous closing of Rs. 49.7 on the BSE.

The scrip opened at Rs. 48.1 and touched a high and low of Rs. 48.1 and Rs. 45.55 respectively. A total of 48283894(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 11747.98 crore.

The BSE group 'A' stock of face value Rs. 5 touched a 52 week high of Rs. 91.8 on 01-Jan-2016 and a 52 week low of Rs. 45.55 on 24-Jun-2016. Last one week high and low of the scrip stood at Rs. 50.45 and Rs. 45.55 respectively.

The promoters holding in the company stood at 58.85 % while Institutions and Non-Institutions held 28.77 % and 11.09 % respectively.

The stock traded below its 200 DMA.

Top 18 stocks in focus today: RCOM, Axis Bank, Bharti Airtel

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

Reliance Communications: The company has announced that the board of directors has approved a Scheme of Arrangement between the Company and Reliance Telecom Limited, a wholly owned subsidiary of the Company, for demerger of telecom undertaking consisting of 5 license service area of RTL into the Company, subject to requisite approvals.

Tata Teleservices (Maharashtra): The company will raise up to Rs.3,000 crore from its promoter Tata Teleservices through allotment of preferential equities.

Bharti Airtel: Bharti Airtel and Malaysian firm Axiata have deferred the agreement for merger of their Bangladesh operations till Sept 26,as per media reports.

Axis Bank: The bank is seeking shareholders nod to raise Rs.35,000 crore through multiple instruments including green bonds and from overseas markets, says report.

Aban Offshore Ltd: The company has announced that a step down subsidiary of the Company has received a Firm Letter of Award from ONGC for the deployment of the Drillship Aban Abraham for a firm period of 2 years.

Godrej Properties: The real estate company has entered into a partnership to develop a 100 acre residential township with its sister concern Godrej Agrovet.

JSW Steel: The company has received the environmental clearance for setting up an integrated steel unit and captive power plant in Jharkhand with an investment of Rs.350 billion.

Suzlon: Suzlon Group announced the completion and commissioning of its 4.20MW maiden wind project for Ahmedabad Municipal Corporation, as per media reports.

Vijaya Bank: The bank has received shareholders approval to raise Rs.9 billion by issuing equity shares.

Indiabulls Housing Finance Ltd: The company has announced that the Company proposes to issue 30,000 Unsecured Non-Convertible Redeemable Debentures (Tier II) in the nature of Subordinated Debt with a face value of Rs. 1 lakh each aggregating to Rs. 300 Crores (Plus Greenshoe Option), on Private Placement basis.

ARSS Infrastructure Projects Ltd: The company has announced that a work order amounting to Rs. 44.04 crore  from the Indian Railways for earthwork in Odisha.

Adani Enterprises: The company said that it has raised Rs.150 crore through issuance of non-convertible debentures on private placement basis.

Sesa Iron Ore: The company expects to make all its mines operational in Goa post monsoon, says report.

Reliance Power: The company is looking to secure a total of Rs.714 crore as bank guarantees and compensation from 18 procurers of the electricity project, says report.

Dr Lal PathLabs: The company is looking at around 18% revenue growth this fiscal year as it undertakes initiatives to expand number of tests offered and its network across India, according to reports.

Kwality Ltd: The company plans to raise up to Rs.300 crore through term loan and non-convertible debentures (NCDs).

Asian Paints Ltd: The company is investing around Rs.4,000 crore on setting up two manufacturing plants in Karnataka and Andhra Pradesh.

Unichem Laboratories: The company announced that it has received ANDA approval from the United States Food and Drug Administration (USFDA) for Donepezil Hydrochloride Tablets USP.

Pfizer completes acquisition of Anacor

“Now that Anacor is part of Pfizer, we can accelerate our shared commitment to help patients with inflammatory disease, an area of high unmet medical need,” said Albert Bourla, Group President, Pfizer Innovative Health

Pfizer Inc., has announced that it has completed its acquisition of Anacor Pharmaceuticals, Inc. Under the terms of the transaction, each outstanding share of Anacor common stock has been converted into the right to receive US$ 99.25 net in cash (without interest but subject to required withholding of taxes).

“Now that Anacor is part of Pfizer, we can accelerate our shared commitment to help patients with inflammatory disease, an area of high unmet medical need,” said Albert Bourla, Group President, Pfizer Innovative Health. “We believe that Pfizer is in a position to quickly capitalize on the benefits offered by the combination with Anacor, including the potential for a near-term U.S. product launch and subsequent commercialization of crisaborole, a differentiated asset with compelling clinical data. If approved, crisaborole has the potential to be an important first-line treatment option for patients with mild-to-moderate atopic dermatitis and the physicians who treat them.”

The transaction is not expected to impact Pfizer’s current 2016 adjusted financial guidance. Pfizer continues to expect the transaction to be slightly dilutive to Adjusted Diluted Earnings Per Share (EPS) in 2017 with accretion to Adjusted Diluted EPS beginning in 2018 and increasing thereafter.

Rupee opens at 68.08/$, down 12 paise

The local unit had hit a high of 67.97 and a low of 68.05.

The Indian rupee opened lower by 12 paise at 68.04/$ against US Dollar on Monday as against the previous close of 67.96/$.

On Friday, the Indian currency ended lower by 71 paise at 67.96/$. The local unit had hit a high of 67.97 and a low of 68.05. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 68.01 and for Euro stood at 75.10. The RBI’s reference rate for the Yen stood at 66.45; reference rate for the Great Britain Pound (GBP) stood at 92.9553.

On the economy front, Raghuram G Rajan, Governor said that it looks increasingly clear that the United Kingdom has voted to exit the European Union. Markets are trying to factor the consequences of this development and this has already led to sharp corrections in financial markets around the world.

Opening Bell - Sensex, Nifty decline in early trade

At 9:15 AM, the S&P BSE Sensex is trading at 26,341 down 57 points, while NSE Nifty is trading at 8,039 down 49 points.

At 9:15 AM, the S&P BSE Sensex is trading at 26,341 down 57 points, while NSE Nifty is trading at 8,039 down 49 points.

The Indian rupee opened lower by 12 paise at 68.04/$ against US Dollar on Monday as against the previous close of 67.96/$.

Asian markets are trading on a mixed note. Hang Seng trading dropped 0.92%. Shanghai Composite and Nikkei 225 are trading higher by 1% each.

About eight of the top 10 most valued Indian companies together lost Rs.27,727.1 crore to their market valuation. While TCS, RIL, HDFC Bank, ITC, CIL, HDFC, HUL and ONGC suffered with losses, while Infosys and Sun Pharma saw increase in their market valuation.

The m-cap of ITC plunged Rs.4,949 crore to Rs.2,84,388.3 crore and HUL's tanked Rs.4,748.4 crore to Rs.1,85,908.7 crore.

Foreign exchange reserves as on June 24, hit a life-time high of USD 363.8 billion after it rose USD 592.1 million in the week ended June 17, the Reserve Bank said on Friday.