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Laurus Labs sees strong debut
Dec 19,2016

The stock debuted at Rs 490, a premium of 14.49% to the initial public offer (IPO) price. So far the stock hit a high of Rs 498 and low of Rs 475. On BSE, so far 22.20 lakh shares were traded on the counter.

The initial public offer (IPO) of Laurus Labs opened on 6 December and closed on 8 December 2016. The issue received bids for 10.01 crore shares compared with 2.19 crore shares on offer. The IPO was subscribed 4.57 times.

The IPO comprised of fresh issue of Rs 300 crore and the offer for sale of 2.41 crore shares by the selling shareholders. The qualified institutional buyers (QIBs) category was subscribed 10.54 times. The non-institutional investors category was subscribed 3.58 times. The retail investors category was subscribed 1.67 times.

The company proposes to utilise the net proceeds from the fresh issue towards the pre-payment of term loans and the general corporate purposes. In addition the company expects to receive the benefits of listing of the shares on the stock exchanges, enhancement of the companys brand name and creation of a public market for shares.

For the six months ended 30 September 2016, Laurus Labs reported consolidated net profit of Rs 75.10 crore on total revenue of Rs 941.78 crore.

Laurus Labs is a leading research and development (R&D) driven pharmaceutical company, with a leadership position in generic active pharmaceutical ingredients (APIs) for select, high-growth therapeutic areas of antiretrovirals (ARVs) and Hepatitis C. The company also manufactures APIs in oncology and other therapeutic areas. The company operates in four business lines: generics-APIs, generics-FDFs, synthesis and ingredients.

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Aban Offshore gains on plan to acquire 49% stake in Aban Drilling Services
Dec 19,2016

Meanwhile, the BSE Sensex was down 64.87 points, or 0.24%, to 26,424.69.

On the BSE, so far 1.19 lakh shares were traded in the counter, compared with average daily volumes of 5.58 lakh shares in the past one quarter. The stock had hit a high of Rs 247.50 and a low of Rs 242.10 so far during the day.

The stock hit a 52-week high of Rs 286 on 25 October 2016. The stock hit a 52-week low of Rs 142.50 on 12 February 2016. The stock had outperformed the market over the past 30 days till 16 December 2016, rising 12.80% compared with the 1% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 16.69% as against Sensexs 7.38% decline.

The small-cap company has equity capital of Rs 11.67 crore. Face value per share is Rs 2.

Aban Drilling Services is a newly incorporated company with paid up capital of Rs 50,000 (5,000 equity shares of Rs 10 each). With this acquisition, Aban Offshore will explore opportunity in deep water drilling.

On a consolidated basis, Aban Offshore reported net loss of Rs 274.74 crore in Q2 September 2016 as against net profit of Rs 59.56 crore in Q2 September 2015. Net sales declined 59.70% to Rs 399.01 crore in Q2 September 2016 over Q2 September 2015.

Aban Offshore owns and operates several offshore drilling rigs, drill ships, and a floating production facility.

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Axis Bank slips after announcing reduction in MCLR
Dec 19,2016

The announcement was made after market hours on Friday, 16 December 2016.

Meanwhile, the BSE Sensex was down 79.83 points, or 0.3%, to 26,409.73

On BSE, so far 55,000 shares were traded in the counter, compared with average daily volume of 7.13 lakh shares in the past one quarter. The stock hit a high of Rs 472.40 and a low of Rs 467.75 so far during the day. The stock hit a 52-week high of Rs 638 on 7 September 2016. The stock hit a 52-week low of Rs 366.65 on 18 January 2016. The stock had outperformed the market over the past 30 days till 16 December 2016, falling 0.35% compared with the 1% rise in the Sensex. The scrip, however, underperformed the market in past one quarter, sliding 21.36% as against Sensexs 7.38% decline.

The large-cap private sector bank has equity capital of Rs 478.26 crore. Face value per share is Rs 2.

Axis Bank announced that it has reviewed and decided to reduce its marginal cost of funds based lending rates (MCLR) by 10 basis points (bps) in the overnight tenor and by 15 bps across all other tenors with effect from Saturday, 17 December 2016. The banks MCLR for overnight loans will be 8.55%, for one month will be 8.55% and for three months will be 8.75%. The MCLR on 6-month loans will be 8.85% and for one-year loans the rate would be 8.9%, the bank said. MCLR for two-year loans would be at 8.95% and loans with three-year maturity would carry an MCLR of 9%, the bank said.

Axis Banks net profit declined 83.34% to Rs 319.08 crore on 14.15% growth in total income to Rs 13698.77 crore in Q2 September 2016 over Q2 September 2015.

Axis Bank is one of the biggest private sector banks in India.

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BLS International Services announces resignation of CFO
Dec 19,2016

BLS International Services announced that Dheeraj Sharma, CFO of the Company has resigned from the post of Chief Financial Officer on 16 December 2016.

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Modi Naturals to hold EGM
Dec 19,2016

Modi Naturals announced that the Extra Ordinary General Meeting (EGM) of the Company will be held on 09 January 2017.

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Board of Cybermate Infotek to consider reduction of capital
Dec 19,2016

Cybermate Infotek announced that a meeting of the Board of Directors of the Company will be held on 20 December 2016, inter alia, to consider the following;

1. Take on record the order of the Honorable High Court of Andhra Pradesh and Telangana with regard to Capital Reduction.

2. Fix the record date for the Capital Reduction.

3. Consider appointment of a head of operations.

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Lactose (India) to consider conversion of warrants
Dec 19,2016

Lactose (India) announced that the Meeting of Board of Directors of the Company is scheduled to be held on 21 December 2016, inter alia, to transact the following business:

- To allot last and final tranche of equity shares of (420000) on Conversion of Convertible warrants into (420000) Equity Shares of Rs. 10/- each issued on Preferential Basis.

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Gayatri Projects advances as board to consider stock-split proposal
Dec 19,2016

The announcement was made on Saturday, 17 December 2016.

Meanwhile, the S&P BSE Sensex was down 74.11 points, or 0.28%, to 26,415.45

On BSE, so far 1,474 shares were traded in the counter, compared with average daily volume of 6,364 shares in the past one quarter. The stock hit a high of Rs 618 and a low of Rs 610 so far during the day. The stock hit a 52-week low of Rs 482 on 17 February 2016. The stock hit a record high of Rs 790 on 23 September 2016.

The small-cap company has an equity capital of Rs 35.45 crore. Face value per share is Rs 10.

Gayatri Projects net profit jumped 53.5% to Rs 11.62 crore on 10.19% growth in total income to Rs 351.05 crore in Q2 September 2016 over Q2 September 2015.

Gayatri Projects is a Hyderabad-based infrastructure and construction company with a presence across the segment, and a special focus on road and irrigation projects.

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PSU OMCs rise after hike in fuel prices
Dec 19,2016

BPCL (up 2.66%), HPCL (up 1.73%) and Indian Oil Coporation (IOCL) (up 1.59%), edged higher.

Meanwhile, the S&P BSE Sensex was down 77.93 points, or 0.29% at 26,411.63.

IOCL on Friday, 16 December 2016, announced an increase in the price of petrol and diesel with effect from the midnight of 16/17 December 2016. Petrol price was hiked by Rs 2.21 per litre and diesel price was raised by Rs 1.79 a litre at Delhi (excluding state levies).

The current level of international product prices of petrol & diesel and rupee-dollar exchange rate warrant increase in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision, IOCL said in a statement. The movement of prices in the international oil market and rupee-dollar exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes, it added.

The government decontrolled petrol & diesel prices. Public sector oil marketing companies (PSU OMCs) undertake fuel price review twice during the month based on the trend in international oil market. The first price review takes place during the middle of the month and the second on the last day of the month.

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Shareholders of Advance Syntex approve bonus issue
Dec 19,2016

Advance Syntex announced that the shareholders of the Company at its EGM on 16 December 2016 passed the following resolution -

Increase in Authorised Share Capital from Rs 8 crore to Rs 9.25 crore.

Approval for bonus issue of shares in the ration of 3:20

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Yes Bank partners with Ola
Dec 19,2016

Yes Bank has partnered with Ola to provide Cash-on-Demand at Customers doorstep. Customers will be able to use the Ola App to book a cab and opt for Cash at their Doorstep which will be enabled using PoS Machines powered by Yes Bank.

The service will be available across 10 cities including - Mumbai, Delhi, Bangalore, Chennai, Pune, Kolkata, Chandigarh, Ahmedabad, Hyderabad and Jaipur.

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Shares of Laurus Labs get listed
Dec 19,2016

The equity shares of Laurus Labs (Scrip Code: 540222) are listed effective 19 December 2016 and admitted to dealings on the Exchange in the list of B Group Securities

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Shares of Shashank Traders get listed
Dec 19,2016

The equity shares of Shashank Traders (Scrip Code: 540221) are listed effective 19 December 2016 and admitted to dealings on the Exchange in the list of XT Group Securities

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IRB Infrastructure Developers provides update on subsidiary - IRB Goa Tollway
Dec 19,2016

IRB Infrastructure Developers announced that pursuant to the measures approved by the Cabinet Committee on Economic Affairs (CCEA) for revival of the construction sector directing government agencies to pay 75% of the arbitral award amount against Bank Guarantee where government agencies have challenged the arbitral award; IRB Goa Tollway - Wholly owned subsidiary of the Company (IRBGT) has received from NHAI Rs. 241.89 crore against the Bank Guarantee submitted by IRBGT as 75% of the Arbitral Award amount pronounced by the Arbitral Tribunal.

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PSU OMCs in spotlight after fuel price hike
Dec 19,2016

Shares of public sector oil marketing companies (PSU OMCs) will be in focus after announcing a hike in petrol and diesel prices. Indian Oil Corporation (IOCL) on Friday, 16 December 2016, announced an increase in the price of petrol and diesel with effect from the midnight of 16/17 December 2016. Petrol price was hiked by Rs 2.21 per litre and diesel price was raised by Rs 1.79 a litre at Delhi (excluding state levies).

The current level of international product prices of petrol & diesel and rupee-dollar exchange rate warrant increase in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision, IOCL said in a statement. The movement of prices in the international oil market and rupee-dollar exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes, it added.

Laurus Labs debuts on the secondary equity market today, 19 December 2016. The company priced the initial public offer (IPO) at the top end of the Rs 426 - Rs 428 a share price band. The bidding for the IPO opened on 6 December and closed on 8 December 2016. The issue received bids for 10.01 crore shares compared with 2.19 crore shares on offer. The IPO was subscribed 4.57 times.

Axis Bank announced that it has reviewed and decided to reduce its marginal cost of funds based lending rates (MCLR) by 10 basis points (bps) in the overnight tenor and by 15 bps across all other tenors with effect from 17 December 2016. The announcement was made after market hours on Friday, 16 December 2016. The banks MCLR for overnight loans will be 8.55%, for one month will be 8.55% and for three months will be 8.75%. The MCLR on 6-month loans will be 8.85% and for one-year loans the rate would be 8.9%, the bank said. MCLR for two-year loans would be at 8.95% and loans with three-year maturity would carry an MCLR of 9%, the bank said.

NTPC and National Aluminium Company (Nalco) will be in spotlight. Nalco and NTPC have entered into an memorandum of understanding (MoU), for developing power projects and other business collaborations in India. The announcement was made after market hours on Friday, 16 December 2016.

Under the MoU, the companies will float a joint venture namely NTPC-Nalco Power Company(NNPC) to set up power plants. The first such power plant is planned at Gajamara, Odisha with a capacity of 2,400 megawatts (MW) (3X800 MW), at an estimated investment of Rs 14000 crore. The proposed super critical power plant with state-of-the-art technology will supply uninterrupted power to Nalcos smelter at Angul. The process for acquisition of 1,600 acres of land in Gajamara has already commenced.

Speaking on the occasion, Minister of State for power, coal, new & renewable energy and mines, Piyush Goyal highlighted that the joint venture is a win-win situation between Nalco & NTPC. Nalco is planning a brownfield expansion at its aluminium smelter in Angul, with an additional capacity of 5 lakh tonnes per annum, at an estimated capital expenditure (capex) of Rs 10000 crore. The company possesses the required land and other infrastructure for the purpose. The proposed expansion will help the Nalco to achieve economy of scale and substantially reduce its cost of production. This expansion will be taken up immediately by Nalco. Goyal also mentioned that Nalco is also planning to set up a greenfield aluminium smelter project with a capacity of 6 lakh tonnes per annum (TPA) in Kamakhyanagar, Odisha at an estimated investment of Rs l2000 crore.

CEAT announced after market hours on Friday, 16 December 2016, approval of an investment of approximately Rs 2800 crore, spread over a period of five years leading up to financial year 2022. With this investment, CEATs capacity would go up by 1 million tyres per annum for truck bus radials, 17 million tyres per annum for 2-wheelers and 6 million tyres per annum for passenger car radials. The investments are proposed to be funded through a blend of debt and equity.

Additionally, the board has also approved the appointment of Kumar Subbiah as chief financial officer of the company with effect from 16 January 2017 in place of Manoj Jaiswal, who takes over a different responsibility.

JK Lakshmi Cement announced on Saturday, 17 December 2016, that it received shareholders approval to raise up to Rs 500 crore by issuing non-convertible debentures (NCDs) on private placement basis.

Gayatri Projects announced on Saturday, 17 December 2016, that its board of directors will meet on 26 December 2016 to consider 5-for-1 stock split.

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