FMCG stocks will be in focus after the India Meteorological Department (IMD) in its second stage Long Range Forecast (LRF) for Southwest Monsoon 2015 issued after trading hours yesterday, 2 June 2015, said that the rainfall over the country as a whole for the 2015 southwest monsoon season is likely to be deficient. Quantitatively, the season rainfall for the country as a whole is likely to be 88% of the long period average (LPA) with a model error of plus/minus 4%. In April 2015, the IMD had forecast this year's monsoon rainfall to be 93% of the long period average with a model error of plus/minus 5%.
A deficient monsoon could adversely impact rural incomes. FMCG companies derive substantial revenue from rural India.
Shares of tractor major Mahindra & Mahindra will be in focus after the India Meteorological Department (IMD) in its second stage Long Range Forecast (LRF) for Southwest Monsoon 2015 issued after trading hours yesterday, 2 June 2015, said that the rainfall over the country as a whole for the 2015 southwest monsoon season is likely to be deficient. Scanty rains could adversely affect tractor sales.
Shares of two-wheeler makers will be in focus after the India Meteorological Department (IMD) in its second stage Long Range Forecast (LRF) for Southwest Monsoon 2015 issued after trading hours yesterday, 2 June 2015, said that the rainfall over the country as a whole for the 2015 southwest monsoon season is likely to be deficient. A deficient monsoon could adversely impact rural incomes which in turn could adversely impact sales of two wheelers in rural India.
ITC turns ex-dividend today, 3 June 2015, for dividend of Rs 6.25 per share for the year ended 31 March 2015.
State Bank of India has reportedly cut its base rate by 15 basis points to 9.7%, effective from 8 June 2015.
Bharti Airtel said before market hours today, 3 June 2015 that the company will raise funds by issuing ten-year, dollar-denominated bonds. The bonds are expected to be listed on the Singapore Stock Exchange, the company said. The debt instruments in the form of USD denominated Senior Unsecured Notes, it added.
Apollo Hospitals Enterprise after market hours yesterday, 2 June 2015 said that it has entered into definitive agreements for the acquisition of a 51% majority stake in Assam Hospitals (AHL) which runs a 220 bed profitable hospital in Guwahati. The acquisition would be for an overall consideration not exceeding a sum of Rs 57.25 crore, Apollo Hospitals said.
AHL is located at a prime location on the Guwahati-Shillong Road. It is one of the leading hospital players in the region with a bed capacity of 220 beds with an occupancy level of over 80%.
South Indian Bank's board of directors at its meeting held yesterday, 2 June 2015, decided to augment Tier I capital by way of increasing the paid-up capital of the bank by issue of equity shares not exceeding Rs 20 crore in nominal value, in one or more tranches, on such terms and conditions as it may deem fit, subject to the approval of Reserve Bank of India, shareholders and other regulatory authorities, if any. The mode, price and time of the issue will be intimated in due course. The bank also decided to seek the approval of shareholders in the ensuing Annual General Meeting to increase the Foreign Direct Investment Limit by 10% (i.e. from 49% to 59%) under the approval route and to approach the FIPB for their approval. The bank also decided to increase borrowing power from the present limit of Rs 5000 crore to Rs 6000 crore pursuant to Section 180(1)(c) and other applicable provisions, if any, of the Companies Act, 2013 subject to the approval of shareholders in the ensuing Annual General Meeting. The bank also decided to authorize the board to issue Basel III compliant Tier II Bonds, to be considered for capital fund purpose and / or long term bonds for infrastructure (project) finance and affordable housing in the nature of debentures on private placement basis, for a total face value not exceeding Rs 1000 crore.
Punjab & Sind Bank said that the bank has reduced its base rate by 25 basis points (bps) from existing 10.25% per annum (pa) to 10% pa as well as, reduced benchmark prime lending rate (BPLR) by 25 bps from existing 15.25% pa to 15% pa effective from 3 June 2015.
Essar Ports said that the strategic alliance agreement executed amongst the company, Port of Antwerp International and Port of Antwerp International UK (SSA) has been mutually terminated. The parties will however continue to work on the ongoing engagements which were initiated under the SAA, Essar Ports said.
Oberoi Realty after market hours yesterday, 2 June 2015 said that its board of directors at a meeting held on 2 June 2015, passed enabling resolution for issue of non-convertible debentures upto an aggregate amount of Rs 1500 crore by way of private placement, in one or more offerings/tranches. The board also passed resolution for issue of equity shares and/or any other securities convertible into equity by way of one or more public offer or private placement, or both, for an aggregate amount not exceeding Rs 750 crore, including premium.
Indian Hume Pipe Company after market hours yesterday, 2 June 2015 said that it has signed agreement for development dated 2 June 2015 with Dosti Realty, the developers for development of company's freehold industrial land admeasuring 48,288 sq. mtrs. equivalent to 5.19 lakh sq.ft. or thereabouts situated at Hadapsar, Pune (said property) subject to the necessary approvals to be obtained by the developers.
Goa Carbon after market hours yesterday, 2 June 2015 said that the operations at the company's Paradeep unit located at Jagatsinghpur district in Odisha, which was briefly shut for regular maintenance work shall resume operations from today, 3 June 2015. There would not be any financial impact due to the maintenance shutdown of the company's Paradeep unit as there were sufficient inventories to service the orders in hand, Goa Carbon said.
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