Bank stocks will be in focus after the government cut interest rates on various small savings schemes for Q1 June 2016 based on the prevailing G-Sec (government securities) yields. The interest rate on Public Provident Fund (PPF) was slashed to 8.1% from 8.7%. The interest rate on Sukanya Samriddhi Account Scheme was slashed to 8.6% from 9.2%. The interest rate on 5 Year Senior Citizens Savings Scheme was cut to 8.6% from 9.3%. The government had recently announced that it would revise interest rates on small saving schemes on quarterly basis against the earlier practice of annual revision. The quarterly revision of interest rates will ensure that interest rates under small savings schemes are more dynamically related to the current market rates, thereby enabling commercial banks to move their interest rates in line with current money market rates, the finance ministry said in a statement. The additional interest rate spreads ranging from 25 basis points to 100 basis points over the G-Sec yields which the Government allows on PPF, Senior Citizen Savings Scheme, Sukanya Samridhi Scheme, National Savings Certificate, five year time deposit and Monthly Income Scheme have been continued.
Bank of Baroda (BoB) said on Saturday, 19 March 2016, that credit rating agency Brickwork Ratings India has cut the outlook on its ratings on the bank's upper Tier II bonds of Rs 1000 crore issued in two tranches of Rs 500 crore each to negative from stable.
Aurobindo Pharma announced that it has received final approval from the United States Food and Drug Administration (USFDA) to manufacture and market Naproxen Sodium Tablets USP, 220 mg (OTC). Aurobindo Pharma said it expects to launch this product in Q1 June 2016. The approved abbreviated new drug application (ANDA) is bioequivalent and therapeutically equivalent to the reference listed drug product (RLD) Aleve Tablets, of Bayer Healthcare LLC (Bayer). Naproxen Sodium Tablets is used in the treatment and prevention of osteoporosis in postmenopausal women. According to IMS data, the approved product has an estimated market size of $96 million in the United States for the twelve months ended January 2016. The announcement was made on Saturday, 19 March 2016.
Godrej Properties before market hours today, 21 March 2016, announced that it has created a dedicated real estate funds management business in India and Singapore viz. Godrej Fund Management (GFM). GFM has raised a $275 million pool of capital, Godrej Residential Investment Program II (GRIP II) with Dutch pension fund asset manager APG Asset Management N.V. (APG) as the lead investor. GFM will advise GRIP II investors on investments into a residential development platform with GPL in India, Godrep Properties said. GRIP II is a follow on to the $200 million residential development platform the company had set up with an APG lead investor consortium in 2012. GPL will hold a 20% stake in GRIP II.
Shares of Hero MotoCorp turn ex-dividend today, 21 March 2016, for an interim dividend of Rs 40 per share for the year ending 31 March 2016. Before turning ex-dividend, the stock offered a dividend yield of 1.41% based on the closing price of Rs 2,832.90 on BSE on Friday, 18 March 2016.
Rural Electrification Corporation (REC) said that its board approved selling 50,000 shares of NRSS XXXVI Transmission, a wholly-owned subsidiary of RECTPCL (a subsidiary of REC) to Essel Infraprojects. Further, the board also approved investment in the equity share capital of Energy Efficiency Services (EESL) (a joint venture company of NTPC, REC, Power Finance Corporation and Power Grid Corporation of India) upto an amount of Rs 99 crore. After the proposed investment, the shareholding of REC in EESL will increase from presently 28.79% (amounting to Rs 47.50 crore) to 31.7% (amounting to Rs 146.50 crore) of the post issue paid up capital of EESL. The announcement was made after market hours on Friday, 18 March 2016.
Powered by Capital Market - Live News