IT stocks will be in focus as rupee closed at a record low against the dollar on Thursday, 22 August 2013. The rupee closed at 64.63, down 0.92% from Wednesday, 22 August 2013. A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.
Bharti Airtel is reportedly in advanced discussions to sell off its Sri Lankan operations to Abu Dhabi's Etisalat. According to the report, Bharti Airtel Lanka, which has a subscriber base of 1.7 million, has been valued between $110 million and $130 million. Etisalat is Sri Lanka's third-largest operator with 4.5 million subscribers and it will move up to the second spot if the deal goes through, the report added.
Engineering and construction major Larsen and Toubro (L&T) announced after market hours on Thursday, 22 August 2013, that its shareholders have approved issuing securities through qualified institutional placement (QIP).
Meanwhile, L&T reportedly plans to set up a new business unit to strengthen its engineering services business. The company will buy the engineering services business from its information technology services arm, Larsen and Toubro Infotech, to form the new subsidiary called L&T Technology Services, according to the report.
ICICI Bank after market hours on Thursday, 22 August 2013, said it will increase base rate by 0.25% to 10% per annum with effect from 23 August 2013. With effect from 1 July 2010, interest rates on new loans and advances, including consumer loans, are determined with reference to base rate. ICICI Bank has also announced an increase of 0.25% in its benchmark prime-lending rate and in its Floating Reference Rate (FRR) for consumer loans (including home loans) with effect from 23 August 2013. These benchmark rates are used for determining interest rates on loans and advances sanctioned upto 30 June 2010. The fixed rate customers will not be impacted by the above revision and their contracted rates will remain unchanged, ICICI Bank said.
Housing Development Finance (HDFC) will reportedly increase its retail prime lending rate by 0.25%, effective today, 23 August 2013.
Dr. Reddy's Laboratories announced after market hours on Thursday, 22 August 2013, that it has launched Divalproex Sodium Extended - Release Tablets, USP (250 mg and 500 mg), a therapeutic equivalent generic version of Depakote ER (divalproex sodium) Tablet, Extended Release in the US market on 19 August 2013. Dr. Reddy's ANDA for Divalproex Sodium Extended- Release Tablets, USP was approved by the United States Food & Drug Administration (USFDA). The Depakote ER brand and generic had combined U.S. sales of approximately $194 million MAT for the most recent twelve months ending in June 2013 according to IMS Health. Dr. Reddy's Divalproex Sodium Extended - Release Tablets, USP 250 mg are available in bottle count sizes of 100 and 500 mg are available in bottle count sizes of 100 and 500.
Shares of media companies will be in focus after a report suggested that the Telecom Regulatory Authority of India (TRAI) has recommended that the foreign direct investment limit in news channels and FM radio services be raised from 26% to 49%, subject to clearance by the Foreign Investment Promotion Board (FIPB). It has also suggested that the limit for FDI in broadcast carriage services such as cable TV, direct-to-home, IPTV, mobile TV, HITS and Teleport be enhanced to 100%, up from the current limit of 74%. However, companies in these businesses can avail of the automatic route as long as the FDI is not higher than 49%, the report added.
Sesa Goa will be in focus after Finance Minister P Chidambaram was quoted by media as saying on Thursday, 22 August 2013, that a proposal to reduce export duty on iron ore is under consideration of the Revenue Department. Last month, Prime Minister Manmohan Singh had made a case for increasing exports of iron and other ores. Exports of iron ore fell from a high of 117.4 million tonnes in 2009-2010 to 18 million tonnes in 2012-2013, media reports suggested.
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