Interest rate sensitive banking, auto and realty stocks will be watched ahead of the Reserve Bank of India's (RBI) monetary policy meeting today, 7 June 2016. The RBI is widely expected to keep its benchmark interest rate viz. the repo rate unchanged at a monetary policy review today, 7 June 2016, as it awaits the transmission of its previous cuts to the repo rate. Purchases of automobiles, including that of cars, utility vehicles and commercial vehicles are substantially driven by financing. Purchases of both residential and commercial property are largely driven by finance.
Axis Bank announced after market hours yesterday, 6 June 2016, that it opened trade at London to celebrate the bank's landmark issuance of Asia's first internationally listed certified green bond on London Stock Exchange. The bond, certified by the Climate Bonds Standards Board, raised $500 million. It is the first green bond for Axis Bank within its $5 billion Medium Term Note (MTN) programme, which has additionally listed its entire MTN programme in London. The proceeds of the bond will be invested in green energy, transportation and infrastructure projects, reinforcing India's commitment to produce 175,000 megawatts (MW) of renewable power by 2022.
Wipro after market hours yesterday, 6 June 2016, announced that it would commence buyback of shares on 17 June 2016. The buyback closes on 30 June 2016. Wipro's board of directors in April 2016 approved a proposal to buyback up to 4 crore equity shares of the company for an aggregate amount of up to Rs 2500 crore, being 1.62% of the total paid up equity share capital. The buyback will be through the tender offer route at Rs 625 per share. The promoters of the company have indicated their intention to participate in the proposed buyback. The company had fixed 6 May 2016 as the record date for the buyback of shares.
Shreyas Shipping & Logistics (Shreyas) announced that it has recently entered into a vessel sharing arrangement (VSA) with Shipping Corporation of India (SCI) on two of the services connecting East coast of India to West coast of India and vice versa along with Persian Gulf with addition of new ports commencing with effect from 9 June 2016. The announcement was made after market hours yesterday, 6 June 2016.
Shares of Redington (India) will be in focus after multiple bulk deals on the BSE yesterday, 6 June 2016. Harrow Investment Holding sold 1.64 crore shares at Rs 107.01 per share. Reliance Mutual Fund sold 50.82 lakh shares at Rs 107 per share. Fidelity Puritan Trust Fidelity Low Priced Stock Fund bought 1 crore shares at Rs 107 per share. ICICI Prudential Life Insurance Company bought 70 lakh shares at Rs 107 a piece.
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