RIL collaborates with Indian Institute of Petroleum

The indigenous Benzene Recovery Unit developed by RIL and IIP will restrict benzene content to 0.2 volume per cent (vol.-%) in raffinate (return stream to gasoline).

Reliance Industries in a collaboration with Indian Institute of Petroleum (IIP) Dehradun has developed an indigenous technology to restrict benzene, a carcinogenic element in gasoline and naphtha.

Report says that the indigenous Benzene Recovery Unit developed by RIL and IIP will restrict benzene content to 0.2 volume per cent (vol.-%) in raffinate (return stream to gasoline), the company said.

Reliance Industries Ltd is currently trading at Rs. 983.65, down by Rs. 6.9 or 0.7% from its previous closing of Rs. 990.55 on the BSE.

The scrip opened at Rs. 995 and has touched a high and low of Rs. 995 and Rs. 980.2 respectively. So far 831936(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 321180.46 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1089.5 on 15-Jan-2016 and a 52 week low of Rs. 819 on 24-Aug-2015. Last one week high and low of the scrip stood at Rs. 993 and Rs. 965 respectively.

The promoters holding in the company stood at 45.15 % while Institutions and Non-Institutions held 32.38 % and 19.5 % respectively.

The stock is currently trading below its 100 DMA.

Rajan Era: Stable rupee took forex reserves to a record high

Amidst global uncertainties, India emerged as the most sought after investment destination amongst the emerging markets on the back of governmental initiatives such as ‘Make in India’, ‘Ease of Doing Business’, ‘Digital India’, and improved foreign direct investment (FDI) policy.

Dr. Raghuram Rajan’s exit (Rexit) as the RBI governor ended on a positive note as far as India’s forex reserve is concerned. During his tenure, the economy witnessed several key achievements on macro-economic front such as lowered inflation to below 5% from a high of nearly 12%; growing GDP and a stable Indian rupee against the US dollar. The country clocked highest foreign exchange reserve (forex) of US$ 363.46 billion as on June 3, 2016. Despite erratic movements in rupee against the greenback, the stability was seen mainly on the back of investor confidence in Rajan’s own words.

Amidst global uncertainties, India emerged as the most sought after investment destination amongst the emerging markets on the back of governmental initiatives such as ‘Make in India’, ‘Ease of Doing Business’, ‘Digital India’, and improved foreign direct investment (FDI) policy. However, Rajan’s role in attracting more foreign funds in India can’t be overlooked. His long-term vision and proactive changes in FDI limits of several sectors offered companies a conducive environment for growth. 

Rajan’s first year at office

On September 4, 2013, Rajan took charge as the RBI chief and in the first year itself Indian rupee appreciated by 9.66% to 60.54 as on September 3, 2014. The rupee was 67.02 against the US dollar when Rajan became the 23rd RBI governor. Despite, the rupee appreciating against the greenback, India’s forex reserve had increased over 15% to US$ 317.31 billion as on September 5, 2014, as compared to US$ 274.80 billion exactly a year ago. In the first year of Rajan, Indian equities had attracted net foreign inflow of US$ 22.39 billion buoyed by a massive 46% return in Sensex. Similarly, the debt segment had witnessed FPIs pumping in US$ 16.40 billion, which had taken the total FPI net investment in Indian securities markets to US$ 38.80 billion.

The second year

The second year saw Indian currency going upside down against the US dollar b7 9.67% to 66.40. However, the depreciation could not impact the dollar inflows in Indian economy and the nation’s forex reserve continued its upsurge for the second consecutive year for Rajan. Though at a reduced pace, India’s forex reserve had soared to US$ 349.03 billion as on September 4, 2015 as against US$ 317.31 a year ago, reflecting an increase of 10%. In the wake of increasing global economic headwinds, Indian equity markets benchmark Sensex fell by 5%. However, unshakable by the phenomenon, Indian stocks attracted FPI net investment to the tune of US$ 7.7 billion. The debt segment saw net inflows of nearly US$ 15 billion.

Last nine months

This period saw many ups and downs as the global economic scenario worsened and a conflict of interest surfaced with the government and the Central Bank. Despite this, India clocked highest forex reserve. Ever since Rajan became the RBI guv, FPIs have pumped in US$ 60.25 billion in Indian securities markets (equity + debt) as the benchmark Sensex have offered nearly 45% return.

In one of his thought-provoking addresses, Rajan stressed that the best way to have exchange rate stability is to bring down level of inflation commensurate with the global mark. He also said that our currency has been stable as investors have gained confidence in our monetary policy goals.

Yes Bank hires Goldman Sachs for QIP

Earlier in June 2014, the bank had raised $500 million (Rs2,900 crore) through a QIP.

Yes Bank has hired Goldman Sachs Group Inc. to help the lender raise as much as $1 billion through a so-called qualified institutional placement (QIP) offer, according to reports.

Earlier in June 2014, the bank had raised $500 million (Rs2,900 crore) through a QIP. 

The scrip opened at Rs. 1078 and has touched a high and low of Rs. 1079.05 and Rs. 1072.5 respectively. So far 94763(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 45251.43 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1085 on 07-Jun-2016 and a 52 week low of Rs. 590 on 24-Aug-2015. Last one week high and low of the scrip stood at Rs. 1078.3 and Rs. 1047.9 respectively.

The promoters holding in the company stood at 21.91 % while Institutions and Non-Institutions held 65.51 % and 12.58 % respectively.

The stock is currently trading above its 50 DMA.

Nestle India plans to launch 25 products

The company reportedly said that financially it could take a few more quarters to overcome the Rs 500-crore hit.

Nestle India is planning to launch up to 25 products across various categories, according to reports

The company reportedly said that financially it could take a few more quarters to overcome the Rs 500-crore hit.

“We have weathered the storm, although we still have two cases pending in the court. ,” Nestle India Chairman and Managing Director Suresh Narayanan was quoted as saying.

The company is focusing on rejuvenation of existing brands, adding new products and entering into new categories, says report.

Mahanagar Gas raises Rs. 309.36 crore from anchor investors

The company sold 7.34 million shares to 25 institutional investors at Rs.421 per share.

Mahanagar Gas Ltd raised Rs.309.36 crore by allotting shares to anchor investors.

The company sold 7.34 million shares to 25 institutional investors at Rs.421 per share.

The public issue will open today and will close on 23 June.

Some of the major foreign and domestic Anchor Investors are BNP Paribas, Morgan Stanley, DB International Asia Limited, Abu Dhabi Investment Authority-  Merrill Lynch Capital Market, DSP BlackRock,  SBI Life Insurance Company, ICICI Prudential MF, Kotak MF, Birla Sun Life MF, Franklin Templeton Investment Funds, UTI, Sundaram Mutual Fund and other.

GAIL (India) and BG Asia own 45% each in MGL.

Top 18 stocks in focus today: Yes Bank, Aurobindo Pharma, Rolta India

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

Aurobindo Pharma: The pharma company received USFDA approval for for Sustiva generic.

SpiceJet: SpiceJet, the country’s favourite low-cost carrier, continues to lead the Passenger Load Factor (PLF) charts among all Indian carriers by clocking over 90% PLF for 13 successive months

Mphasis: Competition Commission has cleared private equity major Blackstone's deal to buy over 50% stake in the company from HP Enterprise, as per media report.

Nestle India: Nestle India is planning to launch up to 25 products across various categories, according to reports. The company reportedly said that financially it could take a few more quarters to overcome the Rs.500 crore hit.

Cadila Healthcare: Zydus Cadila has acquired two abbreviated new drug applications (ANDA) from Teva Pharmaceutical Industries Ltd that are being divested by Israel-based company as a pre-condition to its acquisition of Allergan Plc.’s generic business.

Tata Consultancy Services: Tata Consultancy Services announced a partnership to deliver next generation cloud-based derivative post trade processing service on the Calypso platform to Sernova Financial, an innovative provider of turn-key post-trade services.

Take Solutions: The company is planning to sell its supply chain management business to focus more on the life sciences sector that contributes over 75% of revenue, as per media reports.

Uttam Galva Steels: The company has filed a reference with the Board for Industrial and Financial Reconstruction (BIFR), since it has become a sick company after eroding its net worth.

Yes Bank: Yes Bank has hired Goldman Sachs Group to raised as much as $1 billion through a qualified institutional placement offer.

Gayatri Projects: The company said it has won Rs.700 crore project, a part of larger Navi Mumbai International Airport, from CIDCO. 

Apollo Hospitals: Apollo Hospitals and Hainan Ecological Smart City Group, China sign MoU to build a state-of-the art Hospital in Hainan Province, China.

Suzlon: Suzlon Group said it has entered into a pact with CLP India for a 100 mw solar project at Veltoor in Telangana.

Hindustan Construction Company: The company is planning to raise Rs.1,000 crore through issue of securities.

Rolta India: The management is working on a solution in the interest of all stakeholders after the software service provider failed to make interest payments on bonds, says report. 

Andhra Bank: Andhra Bank has announced that the Bank is proposing to come out with 8.65% - 10 years (call option after 5 years) Unsecured Non-convertible Redeemable Basel- III Compliant Tier-2 Debt Bonds Series-C in the nature of Debentures of Rs. 10 lakh each for cash at par aggregating to Rs.1000 crores.

Supreme Infra: Supreme Infrastructure India Ltd has announ​c​ed that the company has been declared L1 in the two EPC projects of CIDCO worth Rs.397.68 crore.

Eros International: The company announced a strategic partnership with Puja Entertainment & Films.

Asian Granito: Asian Granito India Ltd has announced that High Court of Gujarat vide its Order dated June 16, 2016 has sanctioned the Scheme of Amalgamation of Artistique Ceramics Private Limited with Asian Granito India and their respective shareholders and creditors.

Oil India up 1%; consortium to buy 23.9% stake in Vankorneft

An Indian consortium, led by Indian Oil Corporation (IOC) along with Oil India (OIL) and Bharat Petro Resources (BPRL), a 100% subsidiary of Bharat Petroleum Corporation (BPCL), have signed definitive agreement to acquire upto 23.9 per cent shares from Rosneft Oil Company (Rosneft), NOC of Russia in JSC Vankorneft, a company organised under the law of Russian Federation which is the owner of Vankor and North Vankor Field licenses.

Oil India Ltd stock was up by 1% at Rs. 352. An Indian consortium, led by Indian Oil Corporation (IOC) along with Oil India (OIL) and Bharat Petro Resources (BPRL), a 100% subsidiary of Bharat Petroleum Corporation (BPCL), have signed definitive agreement to acquire upto 23.9 per cent shares from Rosneft Oil Company (Rosneft), NOC of Russia in JSC Vankorneft, a company organised under the law of Russian Federation which is the owner of Vankor and North Vankor Field licenses.

The scrip opened at Rs. 349.35 and has touched a high and low of Rs. 354.75 and Rs. 348 respectively. So far 38186(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 21042.76 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 478 on 23-Jun-2015 and a 52 week low of Rs. 300.5 on 01-Mar-2016. Last one week high and low of the scrip stood at Rs. 358 and Rs. 346.85 respectively.

The promoters holding in the company stood at 67.64 % while Institutions and Non-Institutions held 17.13 % and 15.22 % respectively.

The stock is currently trading above its 200 DMA.

Consumer sentiment in China remains strong despite slowing economic growth and market volatility: BCG

Consumer sentiment, conducted by BCG’s Center for Customer Insight, found that three quarters of Chinese consumers plan to maintain or increase the level of their spending in 2016 down only slightly from 81% in 2015, according to BCG’s latest survey.

Despite slowing economic growth and market volatility, China’s consumers continue to spend, albeit a bit slower at the moment, and consumption growth remains on a staggering trajectory, according to new research by The Boston Consulting Group (BCG). BCG’s latest survey of consumer sentiment, conducted by BCG’s Center for Customer Insight, found that three-quarters of Chinese consumers plan to maintain or increase the level of their spending in 2016 down only slightly from 81% in 2015. 
 
The two principal drivers of growth in consumption are consumers’ ability and their willingness to spend more. The ability to spend remains strong: more than 40% of Chinese urban households today are firmly in the middle class and affluent (MAC) category. The willingness to spend is strong as well, but it’s down from its peak in 2007 as slowing household-income growth takes a modest toll. Household income growth declined to 8.7% in the first quarter of 2016 from 9.4% a year earlier, a result of the slowdown in the industrial sectors of the economy, which is leading to a more cautious stance among many consumers employed in these sectors. 
 
“Even as sentiment moderates a bit, it is important to note that we are looking at a slowdown in consumption growth,” said Jeff Walters, a BCG partner who oversaw the research. “Consumption in 2016 will be tantamount to consumers’ moving from the fast lane to the middle lane on the economic highway. They are not pulling into the breakdown lane.” 
 
The forces behind rising consumption
Two of the forces behind continuing strong consumption in China are the rise of upper-middle-class (UMC) households and small-city MACs, and the emergence of a new generation of younger, freer-spending, sophisticated consumers. By 2020, the number of UMC and affluent households will have almost doubled to about 100 million and will account for 30% of the urban population. The spending intentions of this group remain constant, and the spending growth rate is rapid at 17%. Almost 30%—the same as in 2015—are planning to spend more this year. A big reason for the spending resilience among UMC and affluent consumers is that half of UMC consumers and three-quarters of affluent consumers are employed in the high-end service sector. Consumers in the emerging middle class, middle class, and aspirant categories, whose spending has been growing at 5%, indicated that some belt tightening was in order. Only about a quarter of these consumers intend to spend more in 2016. 
 
China’s “young generation” is growing quickly in both numbers and income. Those aged 18 to 30 years old will likely make up more than one-third of the urban population by 2020. Their consumption is growing at a 14% annual rate—twice the pace of the “last generation,” those older than 35. The young generation’s share of total consumption is projected to increase from 45% to 53% by 2020. 
 
These consumers, for the most part, grew up during a time of expanding wealth as China made the transition to a market-based economy. One result is that they are notably more aggressive in their spending intentions: 60% agree with the statement, “It seems like every year, there are more things I want to buy.” UMC young-generation consumers are particularly freewheeling. Almost two-thirds believe, “Some products are just too important to me to scrimp on.” One constraint on their intentions may be wages: many young-generation workers are employed in lower-paying retail and commercial-service sector jobs than their last-generation counterparts. 
 
Home values trump stock market turmoil
Recent stock market volatility has little impact on Chinese consumers’ daily lives, including consumption. More than half of China’s consumers see the market volatility as normal; more than 40% consider the recent volatility a correction to the stock market bubble that formed after a sustained period of strong growth. For almost half of consumers, stock market gains or losses do not affect consumption. About 70% of urban households do not invest in stocks, and those that do have both higher incomes and higher likelihood of increasing spending than those that do not. 
 
Housing-market stability is a much more critical consideration for Chinese consumers, who continue to be optimistic about housing prices. More than 80% of urban households own their homes, and 60% of these homeowners are sitting on unrealized gains in value. Almost 60% of consumers expect home values to rise in one to two years, and one-third said that they would buy property in one to two years. Younger and more affluent consumers and those living in midtier cities are the most optimistic: almost two-thirds of young-generation, UMC, and affluent and midtier consumers expect housing prices to increase in the next one to two years. 
 
Consumers continue to trade up
Chinese consumers like to trade up, but the mix of objects of their desire is undergoing some transition. Infant and baby products, consumer electronics, and financial services remain the three categories in which consumers are most likely to trade up. Personal-care products—such as for skin care and beauty—and travel and vacations are moving up the list. Cars and durable goods are moving down, perhaps indicating that consumers are manifesting some uncertainty in the current environment by postponing trading up in big-ticket categories.

Axis Bank leaves the MCLRs unchanged; stock down 1.4%

The bank said that the bank's marginal cost of funds based lending rate (MCLR) for overnight loans, will be 8.95%. The rate for one month will be 9.05% and for three months it will be 9.25%.

Axis Bank slipped 1.4% to Rs.519.50. The bank said that the bank's marginal cost of funds based lending rate (MCLR) for overnight loans will be 8.95%. The rate for one month will be 9.05% and for three months it will be 9.25%.

The MCLR on 6-month loans will be 9.3% and for one-year loans the rate will be 9.35%, the bank said.

MCLR on two-year loans will be 9.45% and for three-year loans the rate will be 9.5%.

The scrip opened at Rs. 516 and has touched a high and low of Rs. 523.4 and Rs. 515.1 respectively. So far 3073809(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 125692.92 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 613.4 on 16-Jul-2015 and a 52 week low of Rs. 366.65 on 18-Jan-2016. Last one week high and low of the scrip stood at Rs. 535.05 and Rs. 516.5 respectively.

The promoters holding in the company stood at 29.73 % while Institutions and Non-Institutions held 56.64 % and 10.27 % respectively.

Rupee crashes to 1-month low; opens at 67.65/$

The Indian rupee opened lower by 57 paise at 67.65/$ against US Dollar on Monday as against the previous close of 67.08/$.

The Indian rupee opened lower by 57 paise at 67.65/$ against US Dollar on Monday as against the previous close of 67.08/$.

On the economy front, Raghuram Rajan made public his intention of returning to academia after the end of his term in September. There are seven candidates to replace Reserve Bank of India governor Raghuram Rajan, according to reports.

Globally, markets are bracing for increased volatility and heavy trading, as investors position themselves to parse out the consequences of a Brexit vote. British PM warned that British exit from the EU would push the country into a huge recession.

The Indian currency ended higher by 13 paise at 67.08/$. The local unit had hit a high of 67.45 and a low of 67.78. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.16 and for Euro stood at 75.45. The RBI’s reference rate for the Yen stood at 64.39; reference rate for the Great Britain Pound (GBP) stood at 95.5535.