L&T Infotech fixes IPO price band at Rs. 705 to Rs. 710 per equity share

With reference to the earlier announcements dated April 12, 2016 and June 28, 2016 in relation to the proposed Initial Public Offering of Equity Shares of the Company's Subsidiary, L&T Infotech, Larsen & Toubro Ltd has announced that the Price Band has been fixed between Rs. 705 to Rs. 710 per equity share.

With reference to the earlier announcements dated April 12, 2016 and June 28, 2016 in relation to the proposed Initial Public Offering of Equity Shares of the Company's Subsidiary, L&T Infotech, Larsen & Toubro Ltd has announced that the Price Band has been fixed between Rs. 705 to Rs. 710 per equity share.

A discount of Rs. 10 per equity share will be offered to retail individual bidders.

Bosch Board to consider Buyback of Equity Shares

The board of directors of the company will be held on July 01, 2016, to consider a proposal for buyback of the company's equity shares.

Bosch Ltd has announced that a meeting of the Board of Directors of the Company will be held on July 01, 2016, to consider a proposal for Buyback of the Company's equity shares.

The scrip opened at Rs. 22103 and has touched a high and low of Rs. 22596 and Rs. 22103 respectively. So far 11118(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 67588.66 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 26701 on 11-Aug-2015 and a 52 week low of Rs. 15752.65 on 12-Feb-2016. Last one week high and low of the scrip stood at Rs. 22580 and Rs. 20805.55 respectively.

The promoters holding in the company stood at 71.18 % while Institutions and Non-Institutions held 19.32 % and 9.5 % respectively.

The stock is currently trading above its 50 DMA.

State Bank of India to consider raising funds

The bank is scheduled to consider the status and decide on long term fund raising in single/multiple tranches up to US$ 1,500 million through a public offer and/or private placement.

State Bank of India has informed BSE that a meeting of the Executive Committee of the Central Board of the Bank is scheduled to be held on June 29, 2016 at Mumbai to consider the status and decide on long term fund raising in single/multiple tranches up to US$ 1,500 million through a public offer and/or private placement of senior unsecured notes in US Dollar or any other convertible currency during the financial year 2016-17.

Stock View:

State Bank of India is currently trading at Rs. 217.9, up by Rs. 1.6 or 0.74% from its previous closing of Rs. 216.3 on the BSE.

The scrip opened at Rs. 217.65 and has touched a high and low of Rs. 218.7 and Rs. 216.55 respectively. So far 2294145(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 167908.87 crore.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 291.85 on 05-Aug-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. 218.7 and Rs. 202.55 respectively.

The promoters holding in the company stood at 60.18 % while Institutions and Non-Institutions held 27.88 % and 10.07 % respectively.

The stock is currently trading above its 200 DMA.

Sobha surges 4%; to launch Sobha City

The project is one of the largest group housing projects in Gurgaon which will offer best-in-class living experience to the customers.

Sobha Limited stock was higher by 4% at Rs. 321. The company will launch its first luxury apartment project, Sobha City in Delhi-NCR.

The project is one of the largest group housing projects in Gurgaon which will offer best-in-class living experience to the customers.

The scrip opened at Rs. 314.9 and has touched a high and low of Rs. 325.4 and Rs. 314.9 respectively. So far 41992(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 3032.02 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 383.9 on 07-Jul-2015 and a 52 week low of Rs. 230.05 on 25-Feb-2016. Last one week high and low of the scrip stood at Rs. 329.7 and Rs. 302 respectively.

The promoters holding in the company stood at 60.58 % while Institutions and Non-Institutions held 34.58 % and 4.84 % respectively.

The stock is currently trading above its 50 DMA.

Gold hits the bull’s eye in June; Rallying crude rules CY16

After Brexit, gold seems to capture the center-stage among investors at a time when global economic uncertainty is engulfing equities and demand-supply disruption is seen in crude oil.

The Brexit aftermath saw international gold prices spurting by US$ 100 per t oz last Friday, which put the safe heaven on the top in terms of offering return on investment among other asset classes such as equities and crude oil in the current month. Though the precious metal has surged 23% so far in 2016, it is crude oil that has outpaced gold and equities with an impressive 29% return.

After Brexit, gold seems to capture the center-stage among investors at a time when global economic uncertainty is engulfing equities and demand-supply disruption is seen in crude oil.

For the current month, gold prices have soared by 8% to US$ 1,311 per t oz as on June 28; while the WTI crude oil at Nymex has cooled down 3% and India’s stock market barometer Sensex has offered  -0.5% return in June.

For CY16, though crude oil leads from the front so far the road ahead does not seem conducive as it is not able to breach the US$ 55 mark for a while now. WTI Crude oil remained under pressure, as markets seem to be factoring in gradual restoration of Canadian output rather than the long term repercussions of Brexit, which cannot be ascertained at the current juncture.

According to Amar Ambani, Head of Research, IIFL Wealth, “Post Brexit, the prevalent environment is simply conducive for a strong appetite of a safe haven asset and gold seems to be emerging as a prime beneficiary.”

Leading stock indices failed to match the rise seen in crude oil and gold

The current calendar year started on a subdued note for equities fueled by Chinese stock markets collapsing dramatically, which was soon followed by global crude oil prices plunging to a 13-year low. However, crude oil staged a remarkable resurgence but equities are yet to see a full-fledged rally. Following is the snapshot of how global stock indices have fared in the current calender year so far:

Global stock indices in 2016 so far
Index	Country	Return (%)
Bovespa	Brazil	16
Thai SET	Thailand	11
Jakarta Comp	Indonesia	6
MICEX index	Russia	6
Nifty	Ind	2
Taiex	Taiwan	2
FTSE/JSE Africa	SA	1.5
Sensex	Ind	1.5
Nasdaq	US	-0.1
DJIA	US	-0.5
S&P 500	US	-0.8
FTSE 100	UK	-1.1
Kospi	Korea	-1.2
S&P ASX 200	Australia	-3.6
Straits Times	Singapore	-4.3
Hang Seng	HK	-7.9
CAC	France	-11.2
DAX	Germany	-11.2
Shanghai Comp	China	-17.7
Nikkei 225	Japan	-19.4
Last update June 28, 2016

Brexit will be costly, disruptive for US global banks: Fitch

US global banks are likely to start strategically implementing parts of their contingency plans rather than wait for trade and service arrangements to be agreed.

The UK's decision to leave the European Union will be disruptive for US global banks with significant operations in the UK and will weigh on their profitability in the short to medium term, Fitch Ratings says. However, the impact is likely to be moderate as we believe they will be able to operate through other EU legal entities.
 
US global banks are likely to start strategically implementing parts of their contingency plans rather than wait for trade and service arrangements to be agreed. Resolution planning for US global systemically important banks was constructive for their Brexit contingency planning because of the requirement to rationalize and understand their global legal entity structure and activities.
 
Restructuring operations will depend on license status in various jurisdictions, as well as establishing operational scale, potentially reallocating capital and relocating where trades and clients are booked. Relocation of staff is likely to follow; for example, ahead of the referendum, JP Morgan had announced that as many as 4,000 of its UK roles could be shifted out of the country.
 
Management will have to decide where to focus its European operations, depending on language requirements, staff expertise and incentives offered by these countries. Flexible labor laws will be important for US firms, so this may favor countries like Ireland and the Netherlands, rather than Germany and France.
 
Associated restructuring costs will hit earnings and may offset any margin growth from potential US interest rate rises, although these are likely delayed given uncertain market conditions as a result of the exit vote. Operating profitability is likely to remain under pressure. However, it is unlikely that the US global banks would be required to inject additional capital into their European operations, although there may be reallocation among entities. We believe the UK capital regime is unlikely to change materially as a result of the referendum result and that the EU is likely to consider the UK's regulatory and supervisory arrangements as equivalent to those applied in the EU.
 
More broadly, we expect increased foreign exchange and bond market volatility, which should boost trading revenue. However, long bouts of market volatility would dampen activity. Corporate issuance and M&A activity are likely to be lower, particularly for cross-border transactions, while clients face uncertainty during the two-year exit process. This will put pressure on investment banking profitability and could lead US firms to review their European business models.

Top 17 stocks in focus today: DLF, Dr. Reddys Lab, Sobha

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

DLF: Billionaire KP Singh and his family is planning to infuse Rs. 10,000 crore into DLF by purchasing shares in a preferential issue with funds raised from the sale of their stake in the company's rental unit, according to reports.

Dr.Reddys Laboratories Ltd: The company has announced regarding "Closure of Buyback of equity shares of Rs. 5/- each (“Equity Shares”) of the company.

Great Eastern Shipping Company Ltd: The company has bought back and extinguished 100 Secured and 550 Unsecured Debentures of Rs. 10,00,000 each, aggregating to Rs.65 crore.

ITC: The company will invest Rs.4,000 crore over the next 2-3 years to set up 8-9 factories across the country for manufacturing of food products.

Sobha: The real estate company will launch its first luxury apartment project, Sobha City in Delhi-NCR today.This project will be one of the largest group housing projects in Gurgaon and it will offer best-in-class living experience to the customers, as per media reports.

State Bank of India: The bank is working on details of the amalgamation proposal, which will be submitted to the government soon for approval. The bank  will sell non-core investments of around Rs,3,000 crore to shore up its capital.

Canara Bank: The bank will seek shareholders' approval in the ensuing Annual General Meeting in July to raise Rs.2,000 crore to create capital buffer.

IL&FS Transportation: IL&FS Transportation has increased its stake in Noida Toll Bridge Company to Rs 26.37% following transfer of 1.02% stake by the promoters to it. 

JSW Steel: JSW Steel will seek shareholder approval to raise up to $2 billion through non-convertible foreign currency denominated bonds to fund its long term capital expenditure plans.

Bosch: The board of director will consider on July 1 launching a buyback offer for its equity shares. A meeting of the board of directors of the company will be held on July 1, to consider a proposal for buyback of the company's equity shares.

Aegis Logistics Ltd: The company has announced that the Company has on June 28, 2016 purchased additional 2,04,901 equity shares of Sea Lord Containers Limited (Subsidiary of the Company) at a consideration of Rs. 307.35 lacs. The Company now holds 91.39% shareholding in Sea Lord Containers Limited.

Trent Ltd: The board of directors of the company has approved the sub-division of equity shares of the company having a face value of Rs.10 per share into equity shares having a face value of Rs. 1 each. Further, the Board also approved an enabling resolution for raising of funds by issue of Non- Convertible Debentures on a private placement basis upto an amount not exceeding Rs.300 crores.

Hester Biosciences: The board of Hester Biosciences to consider a proposal to raise funds through a qualified institutional placement (QIP) issue.

NHPC: NHPC is planning to invest around Rs.3,000 crore over the next five years to set up solar and wind projects across the country.

Axis Bank: Axis Bank announced the launch of its Urban Microfinance programme, providing collateral free credit facilities to low-income women groups in urban locations through its technology driven ‘TAB based lending’ solution.

RPG Life Sciences: RPG Life Sciences has entered into a technical collaboration with Italian cosmetic leader Labo Cospropher.

Gujarat Natural Resources Ltd: The company has informed BSE that the Company has acquired 48,000 (0.49%) Equity Shares of Amrapali Capital and Finance Services Limited through open market purchase on June 27.