Shares of PNB Housing Finance will debut on the bourses today, 7 November 2016. The initial public offer (IPO) of PNB Housing Finance saw strong response from investors. The issue received bids for 82.96 crore shares compared with 2.80 crore shares on offer. The IPO was subscribed 29.55 times. The bidding for the IPO remained open between 25 October 2016 to 27 October 2016. The issue price was fixed at top end of the price band of Rs 750 to Rs 775 per share. PNB Housing Finance is the fifth largest housing finance company (HFC) in India by the size of loan portfolio.
ICICI Bank announces Q2 results today, 7 November 2016.
Lupin announced that it has received notification that the inspection carried out by the USFDA in March 2016 at its Goa facility is now closed and the agency has issued an Establishment Inspection Report (EIR). This closes all outstanding US FDA inspections at Lupin's Goa facility, the company said. Commenting on the receipt of the EIR, Vinita Gupta, Chief Executive Officer and Nilesh Gupta, Managing Director, Lupin said that the company is committed to ensuring that all systems and processes followed by it are compliant with cGMP and are committed to bringing quality products to market. The announcement was made on Saturday, 5 November 2016.
Shares of Grasim Industries will be in focus. The Reserve Bank of India has notified that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest from up to 30% of the paid up capital of Grasim Industries under the Portfolio Investment Scheme (PIS). The Reserve Bank has stated that Grasim Industries has passed resolutions at its board of directors' level and a special resolution by the shareholders, agreeing for enhancing the limit from default 24% to 30% for the purchase of its equity shares by FIIs/RFPIs. The purchases could be made through primary market and stock exchanges. The announcement was made after market hours on Friday, 4 November 2016.
PSU OMCs and auto stocks will be in focus after Indian Oil Corporation (IOCL) announced increase in selling price of petrol by Rs 0.89/litre (excluding State levies) and increase in selling price of diesel by Rs 0.86/litre (excluding State levies) with effect from midnight of 5 November 2016 / 6 November 2016. After including VAT, petrol in Delhi costs Rs. 67.62 a litre up Rs. 1.17 from Rs 66.45 a litre. Similarly, diesel costs Rs 56.41 a litre after including VAT in Delhi, up Rs 1.03 as compared to Rs 55.38.The current level of international product prices of petrol and diesel and INR-USD exchange rate warrant decrease in price of petrol and increase in price of diesel, the impact of which is being passed on to the consumers with this price revision, IOCL said. The movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes, the company said.
Reliance Industries (RIL) announced on Saturday, 5 November 2016 that earlier that day, constituents of the contractor (RIL, BP and Niko) for block KG-DWN-98/3 (KG D6) received a communication from the Ministry of Petroleum & Natural Gas. Based on the recommendations of the Shah Committee, the Government has made a claim of about $1.55 billion against the contractor parties in respect of gas said to have migrated from neighbouring blocks. In carrying out petroleum operations, the contractor has worked within the boundaries of the block awarded to it and has complied with all applicable regulations and provisions of the Production Sharing Contract (PSC).
The claim of the Government is based on misreading and misinterpretation of key elements of the PSC and is without precedent in the oil & gas industry, anywhere in the world, company said. According to the Government the contractor is restricted to producing only that quantity of hydrocarbon as they existed at the point in time when the PSC was signed. This approach overlooks the fundamental fact that at that stage the work of exploration of the block has not even commenced and a complete lack of data makes it impossible to estimate the quantity of hydrocarbons available in the block. The liability of the Contractor has not been established by any process known to law and the quantification of the purported claim is without any basis and arbitrary.
RIL proposes to invoke the dispute resolution mechanism in the PSC and issue a Notice of Arbitration to the Government. RIL remains convinced of being able to fully justify and vindicate its position that the Government's claim is not sustainable.
Pfizer's net profit rose 52.49% to Rs 126.33 crore on 6.35% rise in total income to Rs 581.96 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours on Friday, 4 November 2016.
Punjab National Bank's net profit fell 11.54% to Rs 549.36 crore on 3.77% rise in total income to Rs 14,218.27 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours on Friday, 4 November 2016.
Union Bank of India's net profit dropped 73.15% to Rs 176.67 crore on 2.71% rise in total income to Rs 9347.58 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours on Friday, 4 November 2016.
Union Bank of India announced that the bank has on 4 November 2016 issued 10,000 non-convertible, unsecured subordinated Basel III compliant perpetual debt instruments eligible for inclusion in additional tier 1 capital. The bond is issued for face value of Rs 10 lakh each at par aggregating to Rs 1000 crore on private placement basis bearing 9% per annum coupon payable annually.
UCO Bank announced after market hours on Friday, 4 November 2016, that the bank has raised non-convertible, unsecured subordinated fully paid-up Basel III compliant perpetual debt instruments eligible for inclusion in additional tier I capital of Rs 750 crore through private placement.
Central Bank of India reported net loss of Rs 641.82 crore in Q2 September 2016 compared with net profit of Rs 112.87 crore in Q2 September 2015. Total income decreased 1.95% to Rs 6965.45 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours on Friday, 4 November 2016.
KPIT Technologies announced on Sunday, 6 November 2016 that it has completed agreement with ANSYS, to sell its Berlin-based subsidiary, KPIT medini Technologies AG, which has been focusing on functional safety products (Product brand known as Medini). Medini is a functional safety product which has applications beyond KPIT's focused industries and as a software product, needs a wider and different distribution network to reach out to other industries beyond KPIT's focused areas.
KPIT is expanding its portfolio as a provider of services and platforms to automotive industry for product engineering areas such as Powertrain, AUTOSAR, Diagnostics, Infotainment, etc. While KPIT will continue to provide services around the Medini tools, it would like to deepen its domain expertise by continuing to make further strategic investments in its focus areas for which the proceeds from this sale will be used.
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