PSU OMCs - Indian Oil Corporation, HPCL and BPCL may be in focus as the Reserve Bank of India (RBI) on Wednesday, 28 August 2013 said that on the basis of assessment of current market conditions, it has decided to open a forex swap window to meet the entire daily dollar requirements of three public sector oil marketing companies. Under the swap facility, RBI will undertake sell/buy USD-INR forex swaps for fixed tenor with the oil marketing companies through a designated bank. The swap facility gets operationalized with immediate effect and will remain in place until further notice.
IT stocks may gain as rupee hit record closing low against the dollar at 68.82 on Wednesday, 28 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.
Infosys after market hours on Wednesday, 28 August 2013, announced that Ashok Vemuri, member of the board, has decided to leave the company. Sanjay Jalona, currently the Regional Head for Manufacturing in North America, will take over as the Global Head of Manufacturing, Infosys.
"Ashok has been an integral part of the Infosys journey over the last fifteen years. He has played a significant role in building the company's market leadership in the Financial Services and Manufacturing verticals and in North America. We would like to thank him for his significant contributions to Infosys in different leadership roles during his career and wish him the very best. The transition plan is in place," Infosys said in a statement.
Container Corporation of India said its board will meet on 12 September 2013, to consider the allotment of bonus shares to the shareholders in the ratio of 1:2 (i.e. one bonus share for every two equity shares). The company has fixed 10 September 2013 as the record date for the proposed bonus issue.
Power Grid Corporation of India after market hours on Wednesday, 28 August 2013, said its board of directors at a meeting held on 27 August 2013 approved two investment proposals aggregating to Rs 209.13 crore.
One investment proposal is for 'Installation of Transformer and Procurement of Spare Converter Transformer at Bhadrawati HVDC Back to Back Station' at an estimated cost of Rs 135.65 crore, with commissioning schedule of 24 months from the date of investment approval and the second is for 'Eastern Region Strengthening Scheme-VIII (ERSS-VIII)' at an estimated cost of Rs 73.48 crore, with commissioning schedule of 20 months from the date of investment approval.
Aditya Birla Nuvo turns ex-dividend today, 29 August 2013 for a dividend of Rs 6.50 per share for the financial year ended 31 March 2013.
Finolex Industries turns ex-dividend today, 29 August 2013 for a dividend of Rs 5.50 per share for the financial year ended 31 March 2013.
IDBI Bank turns ex-dividend today, 29 August 2013 for a dividend of Rs 3.50 per share for the financial year ended 31 March 2013.
Shree Ganesh Jewellery House (I) turns ex-dividend today, 29 August 2013 for a dividend of Rs 3 per share for the financial year ended 31 March 2013.
SML Isuzu turns ex-dividend today, 29 August 2013 for a dividend of Rs 8 per share for the financial year ended 31 March 2013.
Igarashi Motors India's board has approved allotment of 92.32 lakh optionally convertible redeemable debentures ('OCD') with a 9% coupon to Padamabhan Mukund at Rs 65 per OCD for a total subscription amount of Rs 60.01 crore.
Shree Renuka Sugars is reportedly looking to explore value unlocking moves in its Brazil unit worth over $1.3 billion to pare down debt accumulated for the acquisitions in Brazil. This could lead to selling a big stake in Renuka Brazil Holdings, which houses the two large acquisitions, Equipav SA and Vale Do Ivai SA, effected four years ago. The Brazilian operations include four sugar mills and a 300MW co-generation power plant.
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