NBCC (India) announced that it has secured a total business of about Rs 587.47 crore in June 2016. The announcement was made after market hours on Tuesday, 5 July 2016.
Tata Power Company announced that a meeting of its board of directors is scheduled on 11 July 2016, inter-alia to consider issuing non-convertible debentures on private placement basis, within the limits approved by the shareholders of the company. The announcement was made on Wednesday, 6 July 2016.
Shares of Axis Bank turn ex-dividend today, 7 July 2016, for dividend of Rs 5 per share for the year ended 31 March 2016. Before turning ex-dividend, the stock offered a dividend yield of 0.91% based on its closing price of Rs 543.90 on the BSE on Tuesday, 5 July 2016.
Shares of Swaraj Engines turn ex-dividend today, 7 July 2016, for total dividend of Rs 33 per share for the year ended 31 March 2016. This includes a special dividend of Rs 18 per share. Before turning ex-dividend, the stock offered a dividend yield of 2.66% based on its closing price of Rs 1,238.65 on the BSE on Tuesday, 5 July 2016.
Shares of Reliance Industries (RIL) will be in focus. GenNext Hub accelerated startup Don't Scratch Your Head (DSYH), a SaaS-based logistics reconciliation platform for e-commerce channels, has raised $250,000 funding from Venture Catalysts (VCats). GenNext Hub is a part of the four-month Scalerator Program backed by RIL and powered by Microsoft Accelerator India. GenNext Hub helps high-growth startups scale up fast through mentoring, funding, the RIL-Microsoft connect, and other resources. The announcement was made yesterday, 6 July 2016, when stock markets were closed for a public holiday.
Bank stocks will be in focus after the government finalized interest subvention scheme for farmers for the year 2016-17. The government will provide interest subvention of 5% per annum to all farmers for short term crop loan upto one year for loan upto Rs 3 lakh borrowed by them during the year 2016-17. In case farmers do not repay the short term crop loan in time, they would be eligible for lower interest subvention of 2% as against 5%. The government has approved interest subvention of 2% to farmers for loans upto 6 months for the post-harvest storage of farm produce. To provide relief to the farmers affected by natural calamities, interest subvention of 2% will be provided to banks for the first year on the restructured amount. The announcement hit the market after trading hours on Tuesday, 5 July 2016.
Telecom stocks will be in focus after the Narendra Modi government at the centre appointed Manoj Sinha as new Minister of Communications with independent charge in place of Ravi Shankar Prasad after splitting the Communications and Electronics & Information Technology ministry. Prasad continues to remain the minister of Electronics & Information Technology. After inducting 19 new Ministers of State, the Modi government on Tuesday, 5 July 2016, also announced a reshuffle of portfolios among the members of the Union Council of Ministers in a late night surprise announcement.
Shares of companies involved in the education sector will be in focus after Prakash Javadekar was made the new Human Resource Development minister in place of Smriti Irani. Irani has been made the new textiles minister.
Stocks of mining companies will be in focus after Piyush Goyal was given additional charge of the mines ministry (Independent Charge). The reshuffle of the portfolios has seen Chaudhary Birender Singh getting the steel ministry. Narendra Singh Tomar was earlier holding both mines and steel ministry portfolios.
Equitas Holdings will be watched. The Reserve Bank of India (RBI) has curbed foreign portfolio investors to buy shares in Equitas Holdings as foreign shareholding has reached prescribed limit.
RBI notified on Tuesday, 5 July 2016, that the aggregate foreign shareholding through American Depository Receipts (ADR)/ Global Depository Receipts (GDR)/ Foreign institutional Investors (FIIs)/ Registered Foreign Portfolios Investors (RFPIs)/ Foreign Direct Investment (FDI)/ Non-Resident Indians (NRI)/ Persons of Indian Origin (PIOs) in Equitas Holding has reached the trigger limit. Hence, further purchases of equity shares of this company would be allowed only after obtaining prior approval of RBI.
HCL Infosystems announced yesterday, 6 July 2016, that India Ratings and Research (Ind-Ra) has revised its long-term issuer rating of the company from "IND A" to "IND A-". The outlook is stable.
Vakrangee announced corporate agency tie up with Religare Health Insurance Company (Religare) to distribute health insurance product through Vakrangee distribution network. Vakrangee said that citizens, especially in un-served and undeserved areas shall be able to access health insurance products and services offered/to be offered by Religare. The announcement was made after market hours on Tuesday, 5 July 2016.
Gujarat Industries Power Company (GIPCL) announced yesterday, 6 July 2016, that Solar Energy Corporation of India (SECI) has issued two letters of intent (LOIs) to GIPCL for 2x40 megawatts (MW) solar power project in Gujarat Solar Park, Village Charanka under National Solar Mission Phase-II, Batch IV.
3i Infotech announced yesterday, 6 July 2016, that the foreign currency convertible bond (FCCB) committee of the board approved issuing new FCCBs in exchange for two separate sets of existing FCCBs.
The FCCB committee approved issuing FCCBs of up to $52 million to the existing bondholders of the company, in exchange for the existing FCCB of $125.35 million, 5%, convertible bonds due 2017 (the 5% bonds) and $2.43 million, 4.75%, convertible bonds due 2017 (the 4.75% bonds, and together with the 5% bonds, the existing bonds). The board also approved amendment to the terms of the existing bonds.
The new bonds will be listed on Singapore Exchange Securities Trading. The FCCB issue opened on 5 July 2016. The floor price for the conversion of the bonds shall carry face value of Rs 10. The company has also issued notices to convene a meeting of the holders of the existing bonds on 27 July 2016 for approving the aforesaid amendments to the terms of the existing bonds.
Fiem Industries announced that it has received letter of intent for design, manufacture and supply of self-ballasted 9-watt LED bulbs with 3-year warranty from Energy Efficiency Services (EESL). The order is for 22.14 lakh LED bulbs. The order value is Rs 12.31 crore. The supply period is one month. The announcement was made after market hours on Tuesday, 5 July 2016.
PC Jeweller announced the opening of its new jewellery showroom in Bhubaneswar, Odisha. The new showroom is spread across a total area of 6,400 square feet. With the latest addition, the company now has 63 showrooms in 52 cities in India. The announcement was made after market hours on Tuesday, 5 July 2016.
Somany Ceramics announced that it has issued commercial paper of Rs 25 crore dated 5 July 2016, having maturity on 28 September 2016. The issuance of commercial paper is to reduce high interest bearing cash credit limits and in turn reducing cost of borrowing, Somany said. The announcement was made after market hours on Tuesday, 5 July 2016.
Skipper announced yesterday, 6 July 2016 that it has further expanded its international business by bagging new orders worth about Rs 100 crore in the countries of Kenya, Cameroon, Congo, Ghana & Malaysia as well as in the domestic market. These orders are for supply of transmission & sub-station towers, distribution poles and steel angles. The company has further received approval from Power Grid Corporation of India (PGCIL) for its poles division.
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