Shares of pharmaceutical companies will be in focus after the Ministry of Chemicals and Fertilizers after trading hours yesterday, 22 June 2015, said that a Task Force on the pharmaceutical sector has recommended measures to enhance regulatory support, strengthening of infrastructural support and has recommended fiscal and financial support to the sector. The Task Force has also recommended measures for promoting skill development aligned to the need of the industry, strengthening the R&D capability of the sector and pricing strategy for the sector. Speaking at the release ceremony of the Task Force report on the pharmaceutical sector yesterday, 22 June 2015, the Minister of Chemicals & Fertilizers Ananth Kumar said that the government wants to encourage a robust pharmaceutical industry in the country that is upgraded, standardized, innovative and globally competitive and can produce formulations at affordable costs. Kumar further said that the government is very keen on early implementation of the recommendations of the Task Force and it would come out with an action taken report on these recommendations in 100 days.
The Secretary, Department of Pharmaceuticals, Dr. V.K. Subburaj said that the exports of pharmaceuticals by Indian companies is a success story. However, regulations in the sector are weak in the country and that is affecting the further growth, he said.
City Union Bank announced after market hours yesterday, 22 June 2015, that the board of directors of the bank at its meeting held on 22 June 2015 resolved to seek shareholders' approval for an enabling resolution to raise equity capital including premium upto Rs 500 crore through Qualified Institutions Placement (QIP) as and when necessary subject to the applicable laws and regulations including the guidelines issued by SEBI and RBI. The board has also finalized the Agenda for Annual Shareholders meeting to be held in the month of August 2015.
Banks stocks will be watched. The Reserve Bank of India yesterday, 22 June 2015, released the time series web publication 'Quarterly Statistics on Deposits and Credit of Scheduled Commercial Banks (SCBs)' as on 31 March 2015. Growth in aggregate deposits and gross bank credit decelerated to 10.7% and 9.8% respectively in March 2015 from 13.9% and 13.8%, respectively a year ago. The above deceleration was broad based and observed across all population groups except 'Rural', the RBI said. Growth in gross bank credit increased to 14.7% for 'Rural' in March 2015 from 14% a year ago. Public sector banks (PSBs) accounted for the largest share of 72.9% in aggregate deposits and 71.6% in gross bank credit followed by private sector banks (19.7% and 20.9%, respectively) as on 31 March 2015, the RBI said.
Videocon Industries plans to transform itself into a global oil and gas exploration and production company from a largely consumer durables-driven company in the next three years, Videocon chief Venugopal Dhoot was quoted by media as saying. Oil revenue from Brazil and Indonesia will start coming in from 2018, he reportedly added.
NTPC is reportedly restructuring some of its divisions such as power generation, equipment sourcing and consultancy, the first such remodeling since its inception. It is merging existing units and creating new ones, reports added.
Larsen and Toubro is reportedly planning to list its IT arm L&T Infotech by December 2015. L&T is planning to raise Rs 1600 crore-1800 crore from investors by diluting around 10-12% stake, eyeing a valuation of as much as $3 billion, reports added.
Burnpur Cement announced after market hours yesterday, 22 June 2015, that the board of directors of the company at its meeting held on 22 June 2015, has passed & approved the conversion of 35.70 lakh warrants into equity shares.
Birdhi Chand Pannalal Agencies announced after market hours yesterday, 22 June 2015, that the company has fixed 3 July 2015 as the record date for the purpose of 10 for 1 stock split.
Central Bank of India turns ex-dividend today, 23 June 2015, for final dividend of Rs 0.50 per share for the year ended 31 March 2015 (FY 2015).
Indian Bank turns ex-dividend today, 23 June 2015, for dividend of Rs 4.20 per share for the year ended 31 March 2015 (FY 2015).
UCO Bank turns ex-dividend today, 23 June 2015, for final dividend of Rs 2 per share for the year ended 31 March 2015 (FY 2015).
Powered by Capital Market - Live News
