Shares of public sector oil marketing companies (PSU OMCs) will be in focus as a regular fuel price review is due today, 31 March 2016. PSU OMCs review fuel prices twice a month based on the trend in international oil market and currency movement. The first review takes place during the middle of the month and the last review at the month-end.
Shares of aviation firms will be in focus as a regular jet fuel price review is due today, 31 March 2016. PSU OMCs revise jet fuel prices on the last day of the month based on the average imported oil price during the month. Prices of jet fuel or aviation turbine fuel (ATF) constitutes approximately 50% of operating expenses of Indian airlines.
Shares of infrastructure companies will be in focus after the Reserve Bank of India (RBI) in a notification issued yesterday, 30 March 2016, allowed all companies engaged in the infrastructure sector to raise external commercial borrowings (ECB) under Track I of the framework with minimum average maturity period of five years, subject to 100% hedging. Companies in infrastructure sector shall utilize the ECB proceeds raised under Track I for the end uses permitted for this Track, the RBI said.
Mahindra & Mahindra (M&M) announced that rating agency CRISIL has reaffirmed its ratings on the company's long-term bank facilities and non-convertible debenture (NCD) programme at 'CRISIL AAA/Stable' and for short-term facilities and commercial paper programme at 'CRISIL A1+'. The announcement was made after market hours yesterday, 30 March 2016.
Punjab National Bank (PNB) said that rating agency CARE has downgraded its ratings on the bank's Tier I and upper Tier II bonds to CARE AA+ from earlier rating of CARE AAA, mainly on account of the impairments in the credit portfolio. PNB said it has not accepted the downward revision by CARE. The announcement was made after market hours yesterday, 30 March 2016.
Vijaya Bank announced that the allotment committee of the board has accorded approval for allotment of 7.34 crore equity shares of Rs 10 each at a premium of Rs 20.75 per share (total issue price of Rs 30.75 per share) by way of preferential issue to the tune of upto Rs 226 crore to Life Insurance Corporation of India. The announcement was made after market hours yesterday, 30 March 2016.
IIFL Holdings announced that it has acquired 26.86 lakh equity shares having face value of Rs 10 each constituting 1.13% of the equity share capital of India Infoline Finance (IIFL), the non banking financial subsidiary of the company, from Bennett Coleman & Company at fair value as certified by an independent chartered accountant. Pursuant to acquisition, IIFL becomes a 100% subsidiary of IIFL Holdings. The announcement was made after market hours yesterday, 30 March 2016.
IL&FS Transportation Networks (ITNL) said that the committee of directors had approved the allotment of 4,250 rated, listed, redeemable, non-convertible debentures of face value of Rs l0 lakh each aggregating to Rs 425 crore on a private placement basis. The announcement was made after market hours yesterday, 30 March 2016.
Nesher Pharmaceuticals, a subsidiary of Zydus Pharmaceuticals USA has received its first ANDA approval from the USFDA to market Dextroamphetamine IR Tabs. The drug falls in the CNS stimulant segment and is the first product to be developed by the R&D team at Nesher. The drug will be produced at the manufacturing facility based at St. Louis, Missouri, USA. The estimated US sales for Dextroamphetamine IR Tabs is $40.6 million as per IMS. The announcement was made after market hours yesterday, 30 March 2016.
Hindustan Zinc said that the board of directors of the company at its meeting held yesterday, 30 March 2016, has declared special golden jubilee dividend of Rs 24 per share for the financial year ending 31 March 2016. The announcement was made after market hours yesterday, 30 March 2016. The stock offered a dividend yield of 13.7% based on the stock's closing price of Rs 175.15 on the BSE yesterday, 30 March 2016.
Natco Pharma said that the board of directors of the company at its meeting held yesterday, 30 March 2016, has approved the sale of Save Mart Pharmacy Stores located in USA which is a non-core business of the company. The Save Mart Pharmacy Stores is being owned by Natco Pharma Inc., a wholly owned subsidiary of the company. The announcement was made after market hours yesterday, 30 March 2016.
Dewan Housing Finance Corporation said that the company has made an investment of Rs 75 crore by way of subscription to equity share capital in DHFL Advisory and Investments (WOS), a newly incorporated wholly owned subsidiary of the company. The WOS proposes to use this money for making investments in DHFL Pramerica Asset Managers (JV AMC), which is a joint venture between the company and PGLH of Delaware Inc. The company has received the approval of the Securities and Exchange Board of India on 28 March 2016, for investment. The announcement was made after market hours yesterday, 30 March 2016.
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