IDBI Bank firms up on raising $350 million from overseas bond sale

IDBI Bank is currently trading at Rs. 68.40, up by 0.15 points or 0.22 % from its previous closing of Rs. 68.25 on the BSE.

The scrip opened at Rs. 68.75 and has touched a high and low of Rs. 68.95 and Rs. 68.25 respectively. So far 55123 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 116.50 on 09-Jun-2014 and a 52 week low of Rs. 52.95 on 30-Jan-2014.

Last one week high and low of the scrip stood at Rs. 69.00 and Rs. 65.30 respectively. The current market cap of the company is Rs. 10971.06 crore.

The promoters holding in the company stood at 76.50 % while Institutions and Non-Institutions held 13.92 % and 9.58 % respectively.

State-run IDBI Bank has raised $350 million in an overseas bond sale highlighting pick-up in forex fund raising by domestic corporates.  The city-based lender raised $350 million in overseas senior unsecured notes through its Dubai branch. Global credit rating agency, Fitch has assigned the senior unsecured notes issue due April 2020 a final rating of ‘BBB-‘.

IDBI Bank is new generation public sector universal bank that rides on a cutting edge Core Banking Information Technology platform. This enables the Bank to offer personalized banking and financial solutions to its clients through its 1,217 branches and 2,101 ATMs.

Sensex adds over 150 pts, Nifty firm; Hero up 2%, HUL gains

The market has once again opened higher. The Nifty is inching closer to 8100, up 49.45 points at 8077.05.  The Sensex is up 172.73 points at 27053.55. About 471 shares have advanced, 85 shares declined, and 16 shares are unchanged. Hero, Tata Motors, HUL, M&M and ONGC are top gainers in the Sensex. Among the losers are Dr Reddy's Labs and TCS.
The Indian rupee opened marginally higher at 61.25 per dollar against 61.32 Tuesday.
Dollar was subdued as investors waited for the latest guidance from the Federal Reserve, while a surprisingly dovish message from Sweden's Central Bank saw the currency slump to four-year lows. 
In the US, stocks rose, with the Dow industrials extending gains into a fourth day and the S&P 500 and Nasdaq composite higher on the month, as investors embraced corporate earnings, a rise in consumer sentiment and anticipated the end of the Federal Reserve's bond buys. 
European stocks ended firmly in positive territory, regaining some of Monday's losses, as investors reacted to third-quarter earnings and prepared for a key monetary policy decision from the US.
In commodities, Brent crude prices were steady above USD 86 per barrel after industry data showed a rise in us crude inventories that was in line with expectations. From precious metals space, gold hovered near USD 1,230 an ounce, clinging to gains from the previous session.

Benchmarks trade in fine fettle in early deals; Nifty reclaims 8,000 mark

Indian equity benchmarks have made a positive start and are trading in fine fettle in early deals on Tuesday with frontline gauges recapturing their crucial 8,000 (Nifty) and 26,800 (Sensex) bastions. Some support came in with a World Bank report saying that India’s GDP is likely to expand by 5.6 per cent this fiscal as reforms gain momentum and the growth is expected to accelerate as proposed measures such as GST will give a boost to manufacturing sector. World Bank has also said that implementation of the goods and service tax (GST) is the most critical reform needed for Indian manufacturing. On the global front, the US markets ended almost flat, trading directionless for much of the trading session. While there was some profit taking on the strong performance shown by the markets last week, the traders also remained cautious ahead of the Federal Reserve's monetary policy announcement on Wednesday. The Asian markets were trading mostly in the red at this point of time tailing weak cues from the US markets where data from home sales to manufacturing fell short of estimates. Back home, sentiments got some support from report that foreign institutional investors (FIIs) were net buyers to the tune of around Rs 49.14 crore on October 27, 2014. On the sectoral front, capital goods, banking and healthcare witnessed the maximum gain in trade, while infrastructure, oil and gas and power remained the top losers on the BSE sectoral space. The broader indices too were trading in-line with benchmarks, while the market breadth on the BSE was positive; there were 1114 shares on the gaining side against 661 shares on the losing side while 72 shares remain unchanged. The BSE Sensex opened at 26788.73; around 36 points higher as compared to its previous closing of 26752.90, and has touched a high and a low of 26865.11 and 26785.89 respectively. The BSE Sensex is currently trading at 26844.18, up by 91.28 points or 0.34%. There were 18 stocks advancing against 12 stocks declining on the index. The overall market breadth remained in the favour of advances with 60.31% stocks advancing against 35.79% declines. The broader indices were trading in green; the BSE Mid cap index was up by 0.40%, while Small cap index up by 0.52%. The gaining sectoral indices on the BSE were Capital Goods up by 0.82%, Bankex up by 0.77%, Healthcare up by 0.63%, Realty up by 0.43%, IT up by 0.34% while, Infrastructure down by 0.50%, Oil & Gas down by 0.40%, Power down by 0.40%, Metal down by 0.31% and Consumer Durables down by 0.19% were the losing indices on BSE. The top gainers on the Sensex were Sun Pharma up by 1.90%, SBI up by 1.77%, ICICI Bank up by 1.76%, GAIL India up by 1.60% and Wipro up by 1.51%. On the flip side, Bharti Airtel down by 2.80%, BHEL down by 1.53%, Hero MotoCorp down by 1.51%, Reliance Industries down by 0.91% and Coal India down by 0.89% were the top losers. Meanwhile, with the intent of restricting oil imports and protecting domestic farmers, the government is mulling over an issue of raising import duty on crude and refined edible oils, among other matters. In the wake of local prices of oil falling to historic lows due to cheaper imports from Malaysia and Indonesia, Industry body Solvent Extractors Association (SEA) has been demanding a duty hike in crude edible oils to 10% and on refined edible oils to 25%. Further, in the meeting held between the Food Minister Ram Vilas Paswan and Finance Minister Arun Jaitley on Friday, besides the import duty issue, problems faced by sugar mills in availing loans sanctioned through the Sugar Development Fund (SDF) along with the issue of additional budget allocation for FCI were discussed. Paswan, primarily, briefed Finance Minister about the current impasse between the UP sugar mills and the state government over cane price policy. The food minister was in the favour of relaxing certain norms so that sugar mills could avail loans easily from SDF, while seeking additional budget allocation for state-run Food Corporation of India (FCI) for giving food subsidies this fiscal. A budget allocation of Rs 92,000 crore has been made against the requirement of Rs 1,47,700 crore for this fiscal. The CNX Nifty opened at 8,002.40; around 11 points higher as compared to its previous closing of 7,991.70, and has touched a high and a low of 8,020.80 and 7,999.65 respectively. The CNX Nifty is currently trading at 8018.60, up by 26.90 points or 0.34%. There were 32 stocks advancing against 18 stocks declining on the index. The top gainers on Nifty were Zee Entertainment up by 2.39%, Sun Pharma up by 1.89%, ICICI Bank up by 1.77%, SBI up by 1.70% and Wipro up by 1.52%. On the flip side, Bharti Airtel down by 3.26%, Lupin down by 2.05%, BHEL down by 1.78%, Jindal Steel & Power down by 1.61% and Hero MotoCorp down by 1.48% were the top losers. Asian markets were trading mostly in the red; Nikkei 225 tumbled by 110.42 points or 0.72% to 15,278.30, KOSPI Index declined by 5.16 points or 0.27% to 1,926.81, Straits Times dropped 13.70 points or 0.42% to 3,212.41, Jakarta Composite dipped 22.27 points or 0.44% to 5,002.02 and FTSE Bursa Malaysia KLCI was down by 1.36  points or 0.07% to 1,821.79. On the flip side, Hang Seng soared 141.07 points or 0.61% to 23,284.30, Shanghai Composite spurted by 27.17 points or 1.19% to 2,317.61 and Taiwan Weighted was up by 126.69 points or 1.47% to 8,754.47.

Implementation of GST most required reform to boost manufacturing sector: World Bank

Just few days after Prime Minister Narendra Modi invited global firms to participate into 'Make in India' programme to spur manufacturing in the country, World Bank, in a twice yearly report on the Indian economy and its prospects, described implementation of goods and service tax (GST) as the most critical reform, which would go long way in boosting the manufacturing sector. According to the World Bank, implementation of GST would not only transform India into a common market, but will also eliminate inefficient tax cascading. Further, it emphasized that transformational impact of reform, if enhanced by a systematic dismantling of inter-state check posts, could considerably boost competitiveness and help counterbalance both domestic and external risks to the outlook. Further, World Bank which pegged India’s economic growth rate at 5.6% in 2014-15, followed by further acceleration to 6.4% and 7.0% in the next two financial years respectively, in its report added that merely halving the delays due to road blocks, tolls and other stoppages that would cut freight times by 20-30% and logistics costs by an even higher 30-40%, could strongly boost the competitiveness of India's key manufacturing sectors by 3 to 4% of net sales, thereby helping the country to resume its high growth path and enable large-scale job creation.

L&T secures order for construction of Statue of Unity

Larsen & Toubro (L&T) has secured order for construction of the Statue of Unity, World’s tallest statue in the riverbed of Narmada near Kevadia in Gujarat. The work order is worth Rs. 2,979 crore. The Statue of Unity project involves construction of 182-metre tall statue of Sardar Vallabhbhai Patel. The project was announced by Prime Minister Narendra Modi on October 31, 2013, the birth anniversary of the ‘Iron Man of India’. Of the total contract of Rs. 2,979 crore, Rs 1,347 crore will go towards building the statue, Rs 235 crore for constructing the exhibition centre and convention centre, Rs 134 crore for research and development centres and Rs 83 crore for building the bridge connecting memorial with the mainland. The construction will take place on the Sadhu bet, an island approximately 3.5 km south of Sardar Sarovar Dam at Kevadia. As per the terms of agreement, L&T will be responsible for maintenance and management of the project site for 15 year after the completion of construction. L&T will be paid Rs. 657 crore for the same. The construction of the statue is likely to be completed in the next 42 months.

Food Minister seeks import duty hike on crude and refined edible oils

With the intent of restricting oil imports and protecting domestic farmers, the government is mulling over an issue of raising import duty on crude and refined edible oils, among other matters. In the wake of local prices of oil falling to historic lows due to cheaper imports from Malaysia and Indonesia, Industry body Solvent Extractors Association (SEA) has been demanding a duty hike in crude edible oils to 10% and on refined edible oils to 25%. Further, in the meeting held between the Food Minister Ram Vilas Paswan and Finance Minister Arun Jaitley on Friday, besides the import duty issue, problems faced by sugar mills in availing loans sanctioned through the Sugar Development Fund (SDF) along with the issue of additional budget allocation for FCI were discussed. Paswan, primarily, briefed Finance Minister about the current impasse between the UP sugar mills and the state government over cane price policy. The food minister was in the favour of relaxing certain norms so that sugar mills could avail loans easily from SDF, while seeking additional budget allocation for state-run Food Corporation of India (FCI) for giving food subsidies this fiscal. A budget allocation of Rs 92,000 crore has been made against the requirement of Rs 1,47,700 crore for this fiscal.

Sensex, Nifty consolidate; auto, FMCG stocks under pressure

Equity benchmarks remained positive amid consolidation. The Sensex climbed 52.62 points to 26903.67 and the Nifty rose 16.40 points to 8030.95. About 982 shares have advanced, 921 shares declined, and 77 shares are unchanged on the Bombay Stock Exchange. Banking and financial stocks supported the market. Top lender State Bank of India and rival HDFC Bank rallied around a percent each while ICICI Bank was up 0.5 percent. Housing finance company HDFC gained 1.8 percent. Dr Reddy's Labs, BHEL and Gail India topped the buying list, up 2-3 percent. Hindalco Industries gained more than a percent. However, commercial vehicle maker Tata Motors and utility vehicle maker Mahindra & Mahindra fell more than 1.5 percent on profit taking. Two-wheeler manufacturers Hero Motocorp and Bajaj Auto declined 0.8 percent each while car maker Maruti Suzuki lost 0.4 percent.   Shares of ITC, Sun Pharma, ONGC, Wipro, HUL and NTPC declined 0.5-0.8 percent.

Nifty breaches 8050, Sensex firm; HUL up, Wipro falls 2%

The market continues its uptrend in first session after the auspicious Mahurat trading. The Sensex is up 106.15 points at 26957.20 and the Nifty is up 49.80 points at 8064.35. About 498 shares have advanced, 116 shares declined, and 27 shares are unchanged. Dr Reddy's Labs, TCS, BHEL and HUL are top gainers in the Sensex. Among the losers are Wipro, GAIL, Cipla and Sun Pharma. The Indian rupee opened higher by 11 paise at 61.17 per dollar versus 61.28 Wednesday. The euro held firm in early trade after the European Central Bank's stress tests found smaller capital shortfalls among European Banks than expected. Traders will be looking to Germany's IFO business sentiment index due later today. Pramit Brahmbhatt of Veracity said, "After a long weekend, equity markets are likely to trade sideways and will take cues from global markets for further directions. Rupee is expected to trade firm, although strength in dollar could cap upside moves in rupee altogether. Range for the USD-INR seen between Rs 60.80-61.80/dollar." US stocks climbed on Friday, with Wall Street derailing a four-week slide with its best week this year, as quarterly results from companies including Microsoft and Procter & Gamble inspired investor enthusiasm. In addition, the Federal Reserve will begin its 2-day policy meeting on Tuesday. The fed is expected to end its 3rd round of bond buying with investors eyeing clues on rate hike timings. In Europe, concerns about the results of Europe's bank stress tests and the first Ebola case in New York, weighed on investor sentiment ending the FTSE Friday's session down around half a percent. Moreover, other core indices, CAC and DAX were down around seven tenths of a percent. Brent crude slipped below USD 86 a barrel amid abundant supply and weak demand. And in metals space, gold edged lower as rallying equity markets and strong us economic data dented demand for the precious metal as an insurance against risk.

Sensex, Nifty celebrate Diwali; Hero, Tata Motors gainers

Equity benchmarks continued to see buying interest led by capital goods, auto, healthcare and technology stocks. The 30-share BSE Sensex climbed 184.49 points to 26760.14 and the 50-share NSE Nifty jumped 55.75 points to 7983.50. The broader markets gained too with the BSE Midcap and Smallcap indices rising 1 percent and 0.8 percent, respectively. About 1343 shares have advanced, 545 shares declined, and 62 shares are unchanged on the Bombay Stock Exchange.   Hero Motocorp topped the buying list, up over 3 percent as the two-wheeler maker expects to clock close to 1.5 lakh in retail sales on October 21. "Dhanteras sales of 1.5 lakh will be 40-50 percent growth (YoY)," it said. Tata Motors, Cipla, BHEL, Dr Reddy's Labs and Jindal Steel gained 2 percent each. Kotak Mahindra Bank rose over 2 percent ahead of second quarter earnings today. The CNBC-TV18 poll expects standalone profit after tax to grow 15.2 percent and net interest income to rise 12 percent year-on-year. However, ONGC, Tata Power, Coal India, PNB, NMDC and DLF were only losers. Risa International, KPIT Technologies, Dewan Housing, Den Networks and Tube Investment rallied 5-17 percent while BASF India, Jagran Prakashan, TVS Motor, Biocon and Sobha Developer were down 2-4 percent. 

RIL, Lupin and NMDC to see some action today

Reliance Industries’ (RIL) telecom arm - Reliance Jio Infocomm is merging its two subsidiaries, Infotel Telecom and Rancore Technologies, with itself. The move is aimed at bringing all its telecom related operations under a single entity before launching services. While Reliance Jio has a unified licence, Infotel Telecom has long-distance telephony licences. Rancore is an R&D unit. The merger will enable Reliance Jio to conduct national and international long-distance business under a single licence. The company, which holds 1800 MHz spectrum across 14 circles and 2300 MHz in 22 circles, is gearing up to launch fourth-generation wireless services in 2015. Looking to bolster its overseas presence, drug major Lupin is scouting for acquisition opportunities in the US market, especially in inhalers and injectables segments. The company continues to be on the lookout for meaningful targets, be it brands or technology companies, in inhalation, complex injectables and skin diseases segments. Terming the US as a high growth market for the company, the Mumbai-based firm aims to grow at around 25% in the world’s largest drug market. The company remains the 5th largest and fastest growing top five generic players in the US for the third year now. The Joint Venture company between the National Mineral Development Corporation (NMDC) and state-owned Chhattisgarh Mineral Development Corporation (CMDC) would explore 1 million tonne iron ore every year from the new deposit of the Bailadila mines in Dantewada district. Both the mining companies had formed a Joint Venture (JV) in 2008 to develop and explore the deposit 13 in the Bailadila mines where the NMDC has two deposits namely Kirandul and Bacheli. The third mine in Bailadila that had been endowed with rich and world-class iron ore deposit would be developed after nearly 54 years. The Securities Appellate Tribunal (SAT) will hear realty giant DLF’s appeal against the SEBI order that barred the company and six top executives from accessing capital market for three years.  In a major blow to DLF, the order had been passed by Securities and Exchange Board of India (SEBI) for active and deliberate suppression of material information at the time of its IPO over seven years ago. DLF’s initial public offer in 2007 had fetched Rs 9,187 crore -- the biggest IPO in the country at that time. SpiceJet has introduced its ‘Diwali Dhamaka’ sale, with one way fares starting as low as Rs 899 (all-inclusive). The fares for the Bangalore-Chennai-Kochi circuit start at Rs 899 while for Bangalore-Goa it is Rs 1,599 and rest of India it is Rs 2,499. The tickets for the offer can be booked between October 21 and October 26 for travel between November 1, 2014 to December 15, 2014. The sale applies to all direct flights on SpiceJet’s domestic network. The fares charged under this offer are non-refundable (taxes and fees are refundable). Changes are permitted for a fee of Rs 2,000 plus applicable fare difference. Tata Motors’ British-based arm Jaguar and Land Rover (JLR) sees sales growth in China roughly halving this year and decelerating even further next year due to a larger base of comparison and slower expansion of the world’s largest auto market. JLR opened its first overseas factory in China. By manufacturing locally, the automaker can avoid heavy import duties and price its vehicles more competitively in a fast-growing luxury car market dominated by German brands Audi, BMW and Daimler’s Mercedes-Benz. The cash-strapped National Spot Exchange (NSEL) is set to be merged with its parent, Jignesh Shah-promoted Financial Technologies (India) or FTIL, with the government issuing a draft order to this effect. The order comes about a year after a Rs 5,600-crore payment crisis broke out at NSEL, leaving 13,000 investors in the lurch. The move will help resolve the payment crisis but FTIL will be hit with NSEL’s liabilities. After the order comes into effect, NSEL will be dissolved. This is likely only after two months, as the ministry has given this time to FTIL and NSEL to give suggestions and objections. The worsening asset quality, high levels of restructured loans and elevated provisioning costs - aspects that have troubled Punjab National Bank(PNB) in the last one year - continue to remain concerns. In the recent September quarter, the gross NPAs remained elevated at 5.65 percent of loans, up from 5.4 percent in the June 2014 quarter. The bank’s pile of restructured loans, at 10 percent of total loans is one of the highest among the public sector banks. Provisions for bad loans shot up 63 percent over last year. While PNB’s net profit grew 13.8 percent in the September quarter, it was mainly led by a 73 percent rise in other income. Hindustan Motors has agreed to settle claims of the West Bengal Government worth Rs 194.47 crore for additional profit on the sale of 314 acres of surplus land in its plant in the State in 2006-07. It would transfer to the Government of West Bengal rights to the non-compete fee that it was to receive from Bengal Shriram Hitech City (BSL) as a part of the land sale consideration. The West Bengal Government and Hind Motors have been at loggerheads over the claim for the last couple of years. Hind Motors had sold the land for a total of Rs 295 crore. The company had projected to make a profit of Rs 18 crore and a turnover of Rs 644 crore in the sixth year from 2006.