IT stocks will be in focus as the rupee fell 1.5% to a record closing low of 58.77 against the dollar on Tuesday, 18 June 2013. A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.
State-run power equipment major Bharat Heavy Electricals (Bhel) on Tuesday, 18 June 2013, said it has won an order worth Rs 450 crore for the Energy Efficient Renovation & Modernisation (EE R&M) of a 210 megawatts (MW) thermal unit in Maharashtra. The World Bank-funded contract has been placed on Bhel by the Maharashtra State Power Generation Corporation (MSPGCL). With this order, Bhel has made an entry into the energy efficient renovation, modernisation and uprating business. More and more utilties in the country are preparing to go in for renovation & modernisation (R&M) of aging thermal units to extend the life of the plants as well as to maximize generation, Bhel said in a statement. Bhel's scope of work in the contract involves design, engineering, manufacture, supply and erection & commissioning of critical parts of the boiler, turbine and generator, along with their controls & instrumentation. The order also envisages uprating of the unit.
The board of IDFC has approved applying for a banking license from the Reserve Bank of India (RBI).
Tata Motors is reportedly set to launch a revamped version of its small car Nano today, 19 June 2013. The revamped Nano is likely to come with aesthetic changes but retain its engine. The latest Nano facelift is expected to come with a marginal increase in its price tag, reports suggest.
Axis Bank after market hours on Tuesday, 18 June 2013, said that its board of directors on 18 June 2013 passed a resolution approving the allotment of Senior Notes aggregating to $20 million under the MTN programme through its Dubai International Financial Centre (DIFC) branch.
Religare Enterprises (REL) after market hours on Tuesday, 18 June 2013, said that as per the request made by company's board at its board meeting held on 23 May 2013, the promoters of the company have agreed to dilute their shareholding to 49% in the company to enable REL to qualify for applying for banking license. REL in a release dated 12 June 2013 said that the banking license, if granted by the Reserve Bank of India (RBI), will add long term value to all REL stakeholders. The promoters held 71.76% stake in REL as on 31 March 2013.
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Coromandel International turns ex-dividend today, 19 June 2013, for dividend of Rs 4.50 per share for the year ended 31 March 2013.
Heritage Foods (India) turns ex-dividend today, 19 June 2013, for dividend of Rs 3 per share for the year ended 31 March 2013
Blue Star said that workers at Wada factory have resumed duty from 14 June 2013 after reaching a settlement with the company. These workers were on strike since 7 February 2013.
The board of 20 Microns has approved allotting 3 lakh fully convertible debentures of the face value Rs 100 each to non-promoter on a preferential basis.
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