IDBI Bank appoints R. K. Bansal as CFO

R. K. Bansal is a qualified Chartered Accountant and has approximately 32 years of experience in IDBI Bank in different grades.

At its meeting held on June 29, 2016, the board of directors of IDBI Bank Ltd have approved the appointment of R. K. Bansal, Executive Director as CFO and Key Managerial Personnel of IDBI Bank w.e.f July 01, 2016, the bank said today.

The new appointment has come in place of N. S. Venkatesh, Executive Director & CFO, who demits office on June 30, 2016 (c.o.b). 

R. K. Bansal is a qualified Chartered Accountant and has approximately 32 years of experience in IDBI Bank in different grades.

IDBI Bank Ltd is currently trading at Rs. 70.2, up by Rs. 1.1 or 1.59% from its previous closing of Rs. 69.1 on the BSE.

The scrip opened at Rs. 69.7 and has touched a high and low of Rs. 70.4 and Rs. 69.45 respectively. So far 1754691(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 14226.41 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 95.7 on 03-Dec-2015 and a 52 week low of Rs. 47.4 on 12-Feb-2016. Last one week high and low of the scrip stood at Rs. 70.3 and Rs. 63.35 respectively.

The promoters holding in the company stood at 73.98 % while Institutions and Non-Institutions held 18.61 % and 7.41 % respectively.

The stock is currently trading above its 200 DMA.

L&T gains; L&T Infotech IPO to open on July 11

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.

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.

The scrip opened at Rs. 1490 and has touched a high and low of Rs. 1497.7 and Rs. 1486.05 respectively. So far 182344(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 138104.94 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 1886.25 on 17-Jul-2015 and a 52 week low of Rs. 1016.6 on 12-Feb-2016. Last one week high and low of the scrip stood at Rs. 1506 and Rs. 1401.4 respectively.

The promoters holding in the company stood at 0 % while Institutions and Non-Institutions held 54.51 % and 43.43 % respectively.

The stock is currently trading above its 50 DMA.

Rupee strengthens by 13 paise

The Indian rupee opened higher by 13 paise at 67.55/$ against US Dollar on Thursday as against the previous close of 67.68/$.

The Indian rupee opened higher by 13 paise at 67.55/$ against US Dollar on Thursday as against the previous close of 67.68/$. The rupee gained against the dollar at the Interbank Foreign Exchange today as exporters and banks stepped up dollar sale amid higher opening in the domestic equity market.

On the international front, Greenback softened against the basket of currencies, with dollar index scaling below 96. Pound is slightly above 1.34 and Euro hovering around 1.11, while Yen remains resilient at 102 levels. Indian rupee is also gradually regaining lost ground. However, there seems to be pronounced pain in Chinese Yuan and surprisingly lot of people have failed to notice it, blindsided by the recent sharp fall in other major currencies.

The Indian currency ended higher by 27 paise at 67.68/$. The local unit had hit a high of 67.79 and a low of 67.81. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.74 and for Euro stood at 75.02. The RBI’s reference rate for the Yen stood at 66.21; reference rate for the Great Britain Pound (GBP) stood at 90.4928.

Coal India signs agreement with Solar Energy Corporation

Coal India Limited (CIL) and Solar Energy Corporation of India Limited(SECI) have signed two Agreements for implementation of 200 MW Solar Power Project in the State of Madhya Pradesh.

Coal India Limited has announced that On June 28, 2016, Coal India Limited (CIL) and Solar Energy Corporation of India Limited(SECI) have signed two Agreements for implementation of 200 MW Solar Power Project in the State of Madhya Pradesh (M.P.) for the beneficial utilisation of solar power by Northern Coalfields Limited(NCL) 100 MW and South Eastern Coalfields Limited (SECL) 100 MW two subsidiaries of Coal India Limited each at an estimated cost of Rs 650 crores.

Coal India Ltd ended at Rs. 311.45, down by Rs. 1.7 or 0.54% from its previous closing of Rs. 313.15 on the BSE.

The scrip opened at Rs. 313.3 and touched a high and low of Rs. 314.6 and Rs. 310 respectively. A total of 2396881(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 196723.03 crore.

The BSE group 'A' stock of face value Rs. 10 touched a 52 week high of Rs. 447.25 on 05-Aug-2015 and a 52 week low of Rs. 272.05 on 12-Apr-2016. Last one week high and low of the scrip stood at Rs. 318.8 and Rs. 305.55 respectively.

The promoters holding in the company stood at 79.65 % while Institutions and Non-Institutions held 17.14 % and 3.21 % respectively.

The stock traded above its 200 DMA.

Top 19 stocks in focus today: L&T, SBI, Coal India

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

Sugar stocks infocus: Raw sugar futures shot up more than 6%, fuelled as strength in the real out of its previous trading range, to its highest level in four years, as per media report.

L&T: 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.

SBI: The bank pleaded before the Debt Recovery Tribunal here for granting recovery certificate to start the proceedings against liquor baron Vijay Mallya to recover debts from him in the alleged bank loan default case.

United Bank of India: The bank said it plans to raise Rs 1,000 crore through issuance of equity to qualified institutional buyers (QIBs).

Minda Industries Ltd: The company has announced that the Board of Directors of the Company at its meeting held on June 28, 2016 has considered and approved Sub-division (stock split) of equity shares of the Company. One Equity Share of the Company, having a face value of Rs. 10 each will be divided into five Equity Shares of face value of Rs. 2 each.

Jammu & Kashmir Bank: The bank has announced that following Directors such as Dalip Kumar Kaul,Khaver Alam Jeelani, Vikrant Kuthiala have tendered their resignations from the Directorships of the Bank due to personal reasons with effect from June 29, 2016:

Syndicate Bank: ICRA has reaffirmed the [ICRA]AA+(hyb) (Pronounced ICRA double A plus hybrid) rating for the Rs.3,250.00 crore1 Basel III compliant Tier-II Bond Programmes of Syndicate Bank.

Coal India: Coal India and Solar Energy Corporation of India Limited have signed two Agreements for implementation of 200 MW Solar Power Project in the State of Madhya Pradesh for the beneficial utilisation of solar power by Northern Coalfields Limited(NCL) 100 MW and South Eastern Coalfields Limited (SECL) 100 MW two subsidiaries of Coal India Limited each at an estimated cost of Rs 650 crores.

Dhanlaxmi Bank: The Board of Directors of the Company will be held on July 4, to consider the proposal for raising further equity shares on preferential allotment basis and seek shareholders’ approval for the same.

Future Enterprises Ltd: The company has announced that the Committee of Directors of the Company at their meeting held on June 29, 2016, has considered, approved & allotted of 750,10.25% Secured Redeemable Non-Convertible Debentures of Rs. 10 lakh each, aggregating to Rs. 75.00 crore, on private placement basis.

Gail India: The company has begun supplying gas to the India unit of the Wanfeng Group, according to reports.

Sree Sakthi Paper Mills Ltd: The company announced that in compliance of directions dated June 27, 2016 received from Kerala State Pollution Control Board, Environmental Surveillance Centre, Ernakulam- 683501 to stop the operation of the unit and to stop the discharge of effluenct into river, the Company has stopped production at the Kraft paper unit I & II at Edayar from June 28, 2016 evening.

LT Foods Ltd: The company has incorporated a subsidiary named as "LT Foods International Limited" in United Kingdom for strengthening its presence in Europe.
  
Punjab National Bank: PNB has slashed fixed deposits rates by 0.25% on select maturities.

JSW Steel: JSW Steel  plans to raise Rs.27,600 crore in a mix of Indian and foreign currencies through issues of bonds and debentures during this financial year, said a media report.

GATI: GATI said that its subsidiary Kausar is launching a temperature-controlled warehousing facility near Delhi. The 5,000-pallet capacity unit is spread over four acres.

Axis Bank: The company announced the launch of 'Thought Factory' an innovation lab facility aimed at accelerating the development of innovative technology solutions for the banking sector.

Suven Life Sciences: The pharma company has been granted one product patent from Europe and two product patents from Eurasia for a drug used in the treatment of neuro-degenerative diseases

Premier Explosives: The company has acquired a controlling stake in Premier Wire Products Ltd, a group company engaged in the manufacture of galvanised iron wire used in detonators.