Friday, 16 February 2018

Sensex Trades Lower, Midcap Index Falls 1%; IT Stocks Outperform

Shares of Union Bank of India declined more than 3 percent intraday after the lender said it has an exposure of Rs 1,900 crore to the PNB fraud case.

"We wish to inform you that the bank through our foreign branches has been taking exposure with Punjab National Bank as counterparty under various Letters of Undertakings issued through authenticated SWIFT message," Union Bank of India said in late night filing to stock exchanges.

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Reliance Communications Said The Shareholders Approved The Monetisation

Reliance Communications said the shareholders approved the monetisation of its assets. The company announced the results of postal ballot on February 15, 2018,

whereby the shareholders approved the resolution to monetise the spectrum, towers, fiber, telecom infrastructure and other assets with overwhelming majority of 99.91 percent.

"RCom's asset monetisation is proceeding on fast track to close by March 2018, subject to lenders’ consents and other regulatory approvals," the company said.

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Thursday, 15 February 2018

Idea Cellular Will Raise Up To Rs 3,500 Crore By Issuing Equity Shares

Idea Cellular will raise up to Rs 3,500 crore by issuing equity shares to eligible investors through qualified institutional placement route.

"The Board of Directors today accorded final approval for issuance of equity shares for an amount not exceeding Rs 3,500 crore by way of QIP to the eligible investors," Idea said in a regulatory filing.

The floor price in respect of QIP, based on pricing formula, has been fixed at Rs 86.84 per share, it said in another filing.

The company may give a discount of up to 5 percent on the floor price in the QIP, it added.

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Axis Bank, In A BSE Filing, Confirmed That Through Overseas Branches In The Past

Axis Bank, in a BSE filing, confirmed that through overseas branches in the past, it had undertaken such transactions with PNB against their authenticated SWIFT LOUs but it had sold down all the referred transactions.

In the normal course of trade business, Axis Bank said, through its overseas branches, it undertakes transactions against letters of undertakings issued by other banks. These amounts are then credited to the LOU issuing bank's Nostro accounts.

Axis Bank had discounted bills of over Rs 2,000 crore against PNB’s LoUs, according to CNBC-TV18 report quoting sources.

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Wednesday, 14 February 2018

Share Price Of JK Tyre And Industries Slipped 6 Percent Intraday

Share price of JK Tyre and Industries slipped 6 percent intraday as company reported poor numbers in the quarter ended December 2017.

The company's Q3 net profit was down 88.43 percent at Rs 9.97 crore against Rs 86.19 crore in the same quarter last year. Revenue of the company was up 15 percent at Rs 2,123 crore.

The operating profit was down 16 percent at Rs 212 crore and margin was down 370 bps at 10 percent.

The board at its meeting held on February 12 approved raising of funds for an amount upto Rs 1,000 crore.

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Indian Rupee Opens Higher By 16 Paise At 64.15 Per Dollar

The Indian rupee opened higher by 16 paise at 64.15 per dollar on Wednesday versus 64.31 Monday.

Pramit Brahmbhatt of Veracity said, "We expect the rupee to trade sideways with a positive bias in absence of any directional cues." 

"The trading range for the spot USD-INR pair is seen between 64-64.50," he added. The US dollar continued to show weakness as the yen hits a 5-month high. Broad-based selling in the greenback and speculation that the Bank Of Japan will dial back the monetary stimulus pushed the yen higher.

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Monday, 12 February 2018

Benchmark Indices Continued To Trade Higher, With The Sensex Rising 196.62 Points

Benchmark indices continued to trade higher, with the Sensex rising 196.62 points or 0.58 percent at 34,202.38 as all the sectoral indices traded in the green, with the Nifty Pharma and Realty gaining 2 percent each.

The 50-share NSE Nifty rallied 53.90 points or 0.52 percent to 10,508.90 while the Nifty Midcap traded 1.34 percent higher on strong breadth.

About four shares advanced for every share falling on the BSE. Public sector lender Bank of India is likely to post net loss at Rs 51.5 crore for quarter ended December 2017 against net profit of Rs 101.7 crore in same quarter last year.

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