Cairn Energy seeks $5.6 bn compensation from India

Cairn Energy is seeking $5.6 billion in compensation from the Indian government for raising a retrospective tax demand of Rs 29,047 crore.

Cairn Energy is seeking $5.6 billion in compensation from the Indian government for raising a retrospective tax demand of Rs 29,047 crore, according to reports.

The total compensation sought is equal to the tax demand raised and the value of Cairn Energy's 9.8 per cent shareholding in Cairn India, as per the report.

Cairn India Ltd is currently trading at Rs. 154.4, up by Rs. 4.35 or 2.9% from its previous closing of Rs. 150.05 on the BSE.

The scrip opened at Rs. 151 and has touched a high and low of Rs. 155.6 and Rs. 150.7 respectively. So far 2034531(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 28132.31 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 184.2 on 23-Jul-2015 and a 52 week low of Rs. 106.6 on 19-Jan-2016. Last one week high and low of the scrip stood at Rs. 151.8 and Rs. 144.1 respectively.

The promoters holding in the company stood at 59.88 % while Institutions and Non-Institutions held 25.88 % and 14.23 % respectively.

The stock is currently trading above its 100 DMA.

L&T Infotech subscribed 1.46 times on day 2

The IPO received 17.89 million bids against the issue size of 12.25 million shares.

The initial public offering (IPO) of the engineering and construction major L&T’s tech-arm L&T Infotech started on a good note yesterday. The momentum is picking up on the second day also with the issue subscribed 1.46 till 11:00 am, as per the data available with NSE.

The IPO received 17.89 million bids against the issue size of 12.25 million shares.

Category-wise, the issue oversubscribed 1.87 times in qualified institutional buyer (QIB) segment while the retail portion was subscribed 89%.

The IPO is priced between Rs.705 and Rs.710 per share. Retail investors are being offered a discount of Rs.10 per share. At the top end of the price band, the IPO is worth Rs.1,236 crore and the company will be valued at around Rs 12,056 crore.

The entire issue is offer for sale by promoter Larsen & Tourbo.

Delhi High Court accepts SBI plea to restrain banks’ strike

After the hearing, the court accepted SBI’s plea and restrained State Sector Bank Employees Association (SSBEA) and All India Bank Employees' Association (AIBEA) from proceeding ahead with the strike notice and also restrained the associations and their members from proceeding ahead with strike on 12th and 13th July 2016.

SBI had filed a writ petition on behalf of five Associate Banks in the High Court, Delhi. 

The petition was mentioned today morning for urgent listing. After the hearing, the court accepted SBI’s plea and restrained State Sector Bank Employees Association (SSBEA) and All India Bank Employees' Association (AIBEA) from proceeding ahead with the strike notice and also restrained the associations  and their members from proceeding ahead with strike on 12th and 13th July 2016.

Top 21 stocks in focus today: Coal India, NMDC, HDFC

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

NMDC Ltd: The company reportedly said that its production was up by about 28% and sales have increased nearly 17% in the April-June quarter of the current fiscal.

RIL: The company flagging eastern offshore KG-D6 block holds 3.7 times more established gas reserves at 2.6 trillion cubic feet, Niko Resources said.

Coal India: The Board of Directors of the Company will be held on July 11, 2016, inter alia, to consider the proposal for Buy Back of equity shares of the Company and appointment of intermediaries in accordance with all applicable laws.

Igarashi Motors India Ltd: The company said one of its large shareholders will sell over 3.3 million shares amounting to 10.35% in the company in an offer for sale (OFS) at a floor price of Rs.650.

IndusInd Bank: Indusind Bank Ltd posted a net profit of Rs. 6613.80 mn for the quarter ended June 30, 2016 as compared to Rs. 5250.40 mn for the quarter ended June 30, 2015.

Ashok Leyland: The company bagged orders for nearly 3600 Buses from various STUs in the current fiscal. These orders would be executed in the current financial year which would help Ashok Leyland in furthering its leadership position in buses.

Greaves Cotton: The company has forayed into multi-brand spares business, which is an extension to its after-market services.

Inox Wind: Inox Wind has bagged an order for a 50 MW wind power project to be deployed in the state of Gujarat from Atria Wind Power.

Zydus Cadila: Zydus Cadila received the final approval from the USFDA to market Nateglinide Tablets USP in strengths of 60 mg and 120 mg.

HDFC: HDFC is planning to raise Rs.3,000 crore through synthetic bonds.

Tata Power: Tata Power said that its board has approved raising up to Rs.3,500 crore through issuance of non-convertible debentures in one or more tranches on a private placement basis.

Bajaj Finance: The company announced that the board will consider sub-division of equity shares and bonus issue in the upcoming board meeting of July 26.

SpiceJet: Boeing Co. and Airbus Group SE are locked in a battle to supply SpiceJet with as many as 100 planes, and both are offering aggressive discounts in negotiations that have intensified in the past few months, as per media report.

Rico Auto: Rico Auto Industries has laid the foundation stone for a new manufacturing plant at Pathredi, Bhiwadi (Rajasthan) for the manufacturing of Auto Components on 07 July 2016, said a media report.

Manpasand Beverages: Manpasand Beverages said SAIF Partners has trimmed stake in the company by 2.26% to 20.09% by selling shares worth over Rs.67 crore in the open market.

Sun Pharmaceutical Industries: Sun Pharma has announced the roll-out of Gemcitabine InfuSMART, used in treatment of cancer, in Europe.

Cera Sanitaryware: The company will be announcing its June quarter earnings today.

IFB Industries Ltd: The company participated in Equity issue of 120,00,000 equity shares of Rs 10/- each of Trishan Metals Pvt. Ltd and thereby acquired 51.12% shareholding of Trishan Metals Pvt. Ltd.

IFCI Ltd: The company has reduced its Benchmark Rate from 11.70% p.a. to 11.50% p.a. with monthly rests. This new IBR shall be applicable from July 12, 2016.

Career Point: The company received first tranche of Rs.4.2 crores from NSDC.

Shriram EPC Ltd: Shriram EPC said it will take approval of its shareholders for conversion of debt worth up to Rs 1,280 crore into equity shares.