Shares of PSU OMCs Indian Oil Corporation (IOCL), BPCL and HPCL may edge higher after the Union Cabinet decided to give oil PSUs the freedom to evolve their own policies on import of crude oil. This measure will increase the operational and commercial flexibility of oil PSUs and enable them to adopt the most effective procurement practices for import of crude oil, according to a government statement. The announcement hit the market after trading hours yesterday, 6 April 2016.
Telecom stocks will be in focus after the Union Cabinet yesterday, 6 April 2016, approved the modifications in the policy for liberalisation of administratively allotted spectrum where market determined prices are not available. This will facilitate optimal utilisation of spectrum by introducing new technologies and sharing and trading of spectrum. The most recent recommended reserve price will be taken as the provisional price for liberalisation of administratively allocated spectrum where auction determined price is not available. Subsequent to the completion of the ensuing auction and with the availability of auction-determined price, the provisional price already charged will be adjusted with the auction-determined price with effect from the date of liberalisation on pro-rata basis. The announcement of the modifications in the policy for liberalisation of administratively allotted spectrum hit the market after trading hours yesterday, 6 April 2016.
Maruti Suzuki India after market hours yesterday, 6 April 2016, announced that it has introduced the automatic transmission option for the Zeta petrol variant of its premium hatchback Baleno. The Baleno Zeta (automatic CVT) petrol variant is priced at Rs 7.47 lakh ex-showroom Delhi. With this automatic transmission options are available on Delta and Zeta trim of Baleno. Maruti said it has sold over 44,000 Baleno cars through its premium retail channel NEXA across India. The model has pending orders for 55,000 units. Baleno is also the first model by Maruti Suzuki to be exported to Japan. Going forward Maruti Suzuki plans to export the model to more than 100 countries from India.
Sun Pharmaceutical Industries (Sun Pharma) will be in spotlight after the ratings agency CARE has withdrawn the ratings assigned to the non-convertible debenture (NCD) issue and bank facilities of the company with immediate effect at the request of the company. Sun Pharma has fully repaid the amount under the NCD issue and there is no amount outstanding under the issue as on date, CARE said. The ratings agency said it has also received no objection certificates from the banks for withdrawal of ratings based on which the ratings assigned to the bank facilities have been withdrawn. Sun Pharma made the announcement after market hours yesterday, 6 April 2016.
ABB India will be watched. ABB India and Welspun Energy have together installed about 700 megawatts (MW) of solar photovoltaic projects across several states in India like Punjab, Rajasthan, Gujarat, Maharashtra, Karnataka and Tamil Nadu. This includes a key project of 52 MW for Maharashtra State Generation Company at Baramati, which was the first ever PPP (public-private partnership) project in the industry, in the country. The announcement was made after market hours yesterday, 6 April 2016.
Religare Enterprises said that it has raised Rs 425 crore through issue of zero coupon unsecured unlisted non-convertible debentures (NCDs) with 12% yield on private placement basis. The allotment was made on 6 April 2016. The NCDs have maturity of 3 years from the date of allotment. The announcement was made after market hours yesterday, 6 April 2016.
Nava Bharat Ventures said it entered into an agreement for renewal of conversion arrangement of chrome ore into ferro chrome, with Tata Steel for a period of 4 years commencing from April 2016. The company will produce up to 70,000 MT of high carbon ferro chrome per annum at its Odisha ferro alloy plant. The announcement was made after market hours yesterday, 6 April 2016.
Brigade Enterprises announced its 'Mysuru Mane Habba' event from 8th to 10th April 2016 at the Grand Mercure Mysuru Hotel in Mysuru. The three-day event will showcase the company's 30+ offerings across South India. The event will showcase the company's residential properties under various stages of development. It will give prospective buyers an opportunity to take a pick from a wide array of properties at different price points and avail mega deals on these three days. Price offers range from 1 lakh to 25 lakhs off on the Brigade properties for these three days only. Buyers booking properties during the three-day event would also enjoy assured gold vouchers on every booking. The announcement was made after market hours yesterday, 6 April 2016.
Diamond Power Infrastructure will be watched. Kotak Mahindra Bank said that its subsidiary, Kotak Mahindra (International) (KMIL), a foreign portfolio investor (FPI), has acquired 38.68 lakh equity shares, or 6.8% equity, of Diamond Power Infrastructure at Rs 23.65 each, aggregating to Rs 9.16 crore. The announcement was made after market hours yesterday, 6 April 2016.
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