Top corporate news of the day- June 30, 2015

HDFC Bank has “exceeded” the single-borrower limits prescribed by regulator RBI in case of its credit exposure to corporate giant Reliance Industries Ltd (RIL). The bank, however, said its board of directors approved “the said excess in respect of this exposure” and it was within the 20% ceiling of capital funds.

Leading private sector lender HDFC Bank has “exceeded” the single-borrower limits prescribed by regulator RBI in case of its credit exposure to corporate giantReliance Industries Ltd (RIL). The bank, however, said its board of directors approved “the said excess in respect of this exposure” and it was within the 20% ceiling of capital funds. 

L&T has secured orders totally valued at Rs. 20.35 bn across various business segments this month.

Leading media player Zee Entertainment Enterprises has said it is eyeing a five-fold growth in viewership in the next five years.

JSW Group is considering new investments in the ports sector on the Eastern coast of the country. The Group has already invested about Rs10bn on the West coast.

Shoppers Stop Ltd has informed the stock exchanges that the company has opened two Shoppers Stop stores at Royal Meenakshi Mall, Bengaluru, and at Mangalore Airport, Mangaluru. With this, the company has now 73 Shoppers Stop stores (including four airport stores) under its operations. 

Emami Ltd said it has launched Zandu Gel Balm Junior, a mild version of the pain reliever for kids. 

Godrej Group’s Godrej Appliances forayed into the healthcare refrigeration space. The company announced the launch of medical refrigerators under a technology licensing agreement with the UK-based The Sure Chill Company.

JSW Steel has sought shareholders' approval to raise Rs40bn through qualified institutional placement.

Country's largest real estate player DLF is leaving no stone unturned to attract buyers in a slow market. After giving discounts in its various projects, DLF has now started organic farming in one of its projects in Gurgaon to sell vegetables to the residents at a cost lower than the market rates.

A year after the last recall of its generic hypertension drug Metroprolol, Hyderabad-based Dr Reddy's Laboratories Limited has initiated a nationwide voluntary recall of two more drugs earlier this month -Divalproex Sodium extended release tablets and Amlodipine Besylate and Atorvastatin Calcium tablets- from the US.

Ashok Leyland said that it is committed to light commercial vehicle (LCV) business and will work with its partner to improve the profitability. The LCV business, for which it had joined with Nissan, is under pressure due to high loss that stood at Rs7.91bn in 2014-15.

Food Safety & Standards Authority of India (FSSAI) in its affidavit filed in the Bombay high court has submitted that there was no anomaly in its order to recall Nestle’s Maggi noodles from outlets across India as well as to stop its production. 

The special economic zone unit of Jamnagar refinery of Reliance Industries Limited is planning to shut down one crude distillation unit for routine maintenance and inspection activities in the first half of July for about 10 days. 

Adani Enterprises said it has suspended engineering work at USD16.5bn Carmichael mine in Australia on account of delay in approvals. 

Top economy news of the day - June 30, 2015

Indian and Mauritian officials will hold talks starting June 30 on proposed amendments to their bilateral tax treaty.

The economic crisis in Greece may trigger capital outflows from India and the government is consulting the RBI to deal with the situation, Finance Secretary Rajiv Mehrishi said. 

Indian and Mauritian officials will hold talks starting June 30 on proposed amendments to their bilateral tax treaty. 

To control spiralling prices of pulses and other essential food items, the Centre will hold a meeting of all state food ministers on July 7 to chalk out strategies to jointly tackle the crisis in the backdrop of possible deficient rains this year. 

Rupee opens at 63.77/$

Asian markets are mostly lower. US market witnessed a sell-off with S&P 500 cracking over 2%, Dow recording its biggest drop in two years plunging 2% and Nasdaq nose-diving by 2.4% to sub-5000 levels.

The rupee today opened at 63.77 against the US dollar. The local unit hit a low of 64.13 and a high of 64.09 against the US dollar.

On Monday,  rupee ended at 63.84 against the US dollar. The current implied volatility suggests market is not anticipating bigger fallout from the Greece event though bouts of intraday volatility are a given. On the call front, 8500 continues to hold the maximum OI, indicating traders are buying options to hedge their portfolio.

China’s stock market has officially entered bear territory after falling for three days in a row.  Asian markets are mostly lower.  US market witnessed a sell-off with S&P 500 cracking over 2%, Dow recording its biggest drop in two years plunging 2% and Nasdaq nose-diving by 2.4% to sub-5000 levels.

Cairn India on slippery ground

The stock is facing selling pressure on fears of likely new trouble brewing up.

Cairn India is trading on a slippery note amid worries of new trouble brewing for the company.

According to media reports, the Rajasthan government has laid claim on Cairn India's Barmer gas, making it difficult for the Anil Agarwal Group company to sell the fuel outside.

The company is already in tangle with the Central government over the alleged Rs. 20,500 crore tax dispute.

The stock so far in the day has touched a low of Rs. 176, and is now down 2.5 percent at Rs. 178. The counter has seen trades of around 54,000 shares as against the two-week daily average volume of around 317,000 shares on the BSE.

Meanwhile, the Sensex has cracked 575 points to 27,237.

Greece’s debacle worsens! Banks, stock exchange closed

ECB has also turned down its request seeking a national referendum on the bailout terms and extending the bailout program so that a vote could be held on July 5.

In a clear sign that Greece’s five-year struggle to hang in the shared euro currency may just be calling it quits, Greek Prime Minister Alexis Tsipras announced on Sunday that the nation's banks and stock market would be closed on Monday.

In order to prevent the country’s financial system from collapsing in panic, Greece government has imposed capital controls that will limit the amount of funds that citizens can transfer or withdraw from its financial institutions.  Reports point that according to few Greece officials the banks will remain stay shut until July 6 and that the daily withdrawals would be limited to 60 euros, or about $67.

However, in order to prevent the chaos, the Prime Minister assured that bank deposits of citizens were "absolutely guaranteed." Some reports say that so far, over 1 billion Euros have been withdrawn from the Greek banking system since Friday night.

This development comes right after European Central Bank (ECB) rejected to increase the levels of emergency credit, known as emergency liquidity assistance that it provides to Greek banks in order for the institutions to keep running.

Besides, ECB has also turned down its request seeking a national referendum on the bailout terms and extending the bailout program so that a vote could be held on July 5.

The nation and its creditors have for months now have been negotiating the extension of bailout program and release a 7.2 billion euro tranche of its funds that would allow the Greeks to pay off forthcoming debts.  However, Greece further failure to make payments by Tuesday would result in default, which could have potentially disastrous effects on its economy and put it on a path to exit the euro-zone.

Turmeric To Gather More Buying On Limited Supplies

Turmeric To Gather More Buying On Limited Supplies

Turmeric futures to gather fresh buying from lower levels due to receding arrivals in local mandies coupled with strong exporters buying. The NCDEX futures to test 7060-7065 levels in the near term.

Turmeric arrivals in the Nizamabad and Erode mandis were reported lower with stable prices. Traders also noted that rainfall was reported in some parts of Andhra Pradesh and Karnataka. Traders are expecting the total production in the range of 50-52 lakh bags in the previous year, down 20 lakh bags. Sources also stated that around 68 lakh bags of total stocks have been reported in local mandies.

Turmeric July futures inched up to Rs 7098 level and ended the Friday's session at Rs 7036, up Rs 90 or 1.82% from last close. The open interest pared 965 tonnes to 19,360 tonnes, indicating short covering. Technically, buying is likely to emerge from the levels of 6960-6980 levels , while resistances at 7060-7065 levels in the near term.

Top economy news of the day - June 29, 2015

At a time when PPP projects in highways sector had taken a backseat, government's renewed focus on it has revived developers interest with projects worth about Rs.135 bn either awarded or in advanced stages of finalisation this fiscal so far

At a time when PPP projects in highways sector had taken a backseat, government's renewed focus on it has revived developers interest with projects worth about Rs.135 bn either awarded or in advanced stages of finalisation this fiscal so far.

The government is expected to take a decision on further raising import duty on steel within a week, Minister of Heavy Industries and Public Enterprises Anant Geete said, in a bid to protect local producers from surging imports from countries such as China and Russia. 

HCC plunges 8%

The company is planning to raise up to Rs. 1,000 crore or equivalent in any foreign currency through available financial instruments.

Shares of HCC Ltd was lower by 8% to Rs. 23.80 on BSE today.
Report says that the company is planning to raise up to Rs. 1,000 crore or equivalent in any foreign currency through available financial instruments.
The stock opened at Rs. 24.80 as against the previous close of Rs. 25.90 on BSE. It has hit a high of Rs. 25 and a low of Rs. 24 on BSE today.
Total traded quantity on the counter stood at over 1.76 lk shares on BSE.
Meanwhile, the BSE Sensex is crashes 479 points at 27,333.

Union Bank of India to raise up to Rs. 3700 cr via QIP

The bank has got shareholders approval to raise up to Rs. 3,700 crore via QIP.

Union Bank of India, at its annual general meeting on Friday, got its shareholders' approval to raise capital up to Rs. 3,700 crore through a follow-on public offer, rights issue or a qualified institutional placement.

Greece worries! Banks shut, Stock exchange closed

The Greek government is set to impose capital controls and keep the banks in the country closed for few days in order to prevent the country's financial system from ‘collapsing in panic’.

European markets are gearing for what could turn out to be a wave of contagion as questions of ‘Grexit’ surface again. Greece is due to make a £1.1bn payment to IMF on Tuesday and is all likely to default. Greek Prime Minister has called for a snap referendum. The Greek government is set to impose capital controls and keep the banks in the country closed for few days in order to prevent the country's financial system from ‘collapsing in panic’.

President Obama called German Chancellor Angela Merkel and both the leaders have reportedly agreed to take all steps needed to resolve the crisis.