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Equity Report By Ways2Capital 08 July 2014
he Reserve Bank of India (RBI) has changed its intervention strategy in the foreign exchange market for meeting the dollar requirements of state-run oil marketing companies, as well as for building up its reserves.
RBI uses fewer banks to buy foreign exchange
The Reserve Bank of India (RBI) has changed its intervention strategy in the foreign exchange market for meeting the dollar requirements of state-run oil marketing companies, as well as for building up its reserves.According to currency dealers, a few months ago, five to seven state-run nationalised banks used to intervene in the market on a day-to-day basis. Now, a couple of banks intervene, that too, at a level set by RBI. The same strategy is followed when it comes to selling dollars.
THE RIGHT MOVE
Shriram Transport Finance has come out with a public issue of non-convertible debentures (NCDs), offering an 11-11.5 per cent interest rate for individuals. Due to high investor interest, the issue is likely to close today, way ahead of the original close date of July 22. Investors can subscribe to this NCD to lock into higher fixed returns before the rate cycle starts to reverse over the next year.For a minimum investment of ?10,000, the company is offering both cumulative and non-cumulative options across all tenures.The three-year option offers 11 per cent interest, whereas the five-year and seven-year option offers 11.25 per cent and 11.5 per cent.The issue has been rated AA/stable by CRISIL. This implies a high degree of safety regarding timely servicing of financial obligations and very low credit risk.
GMR Infrastructure, JP Associates to raise $550 million via QIP
Two infrastructure companies, GMR Infrastructure and JP Associates, hit the capital markets on Wednesday to raise a total of $550 million (around Rs 3,300 crore) through the qualified institutional placement (QIP) route which entrails selling equity instruments to institutional investors. Both issues were primarily intended to repay debt.
HR Khan back as RBI Deputy Governor
The Government on Thursday re-appointed Harun Rashid Khan as the Deputy Governor of the Reserve Bank of India. The appointment has been made for two years with effect from July 4, 2014 or until further orders, whichever is earlier, RBI said.Khan was appointed deputy governor in July 2011 for a three-year term, which was set to expire on July 3. As deputy governor, Khan looks after the foreign exchange department and internal debt management, among others.
SBI targets Rs 2 lakh crore business in Ahmedabad by 2016-17
tate Bank of India (SBI) is targeting business of Rs 2 lakh crore by 2016-17 in Ahmedabad circle. In 2013-14, SBI did a business of over Rs 1.5 lakh crore with the deposits and advances growing by over Rs 9000 crore and Rs 7000 crore year-on-year respectively.
RIL loses appeal against Sebi's consent denial
The Securities Appellate Tribunal (SAT) on Monday dismissed an appeal by Reliance Industries (RIL) against market regulator Sebi, which had rejected the company's plea for a consent proceeding in an insider trading case involving shares of Reliance Petroleum (RPL) in 2007. RPL has since merged with RIL.The case relates to an alleged act of insider trading in Reliance Petroleum by RIL just before its merger with RIL. Sebi investigations found that RIL had created a short position in RPL and, subsequently, sold about 20 crore shares (4.1%) of RPL in the cash segment. This helped RIL make an "illegal" profit of Rs 513 crore in its short position, and a total profit of Rs 3.8 crore after taking into consideration the losses it took by selling RPL shares in the cash segment. Sebi had sent a showcause notice to RIL about the alleged insider trading. Subsequent to the showcause notice, RIL moved a consent application in Sebi which, at that time, had allowed the consenting party to neither accept nor deny any wrongdoing, but pay a fine and settle the charges.
India to implement US foreign tax compliance act: RBI
RBI has said India and the US have agreed to implement a foreign tax compliance law and asked banks and financial institutions to register by this year-end to report accounts and assets held by US citizens. India and the US have agreed to implement Foreign Accounts Tax Compliance Act (FATCA), a US law that targets tax non-compliance by US taxpayers with foreign accounts. The Inter-Governmental Agreement (IGA) on FATCA, which came into effect on April 11, will be signed only after Cabinet approval.
India's forex reserves rise by $1.38 billion
India's foreign exchange (forex) reserves rose by $1.38 billion to $314.92 billion for the week ended June 20, led by a sharp jump in overseas currency assets, the Reserve Bank of India (RBI) data showed. The reserves had increased by $950.9 million to $313.53 billion for the week ended June 13. According to the RBI's weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, jumped by $1.37 billion to $287.96 billion.
Aban Offshore raises Rs 750 crore by diluting 25 % equity
Aban Offshore, a Chennai-based offshore drilling rig services company, has raised Rs 750 crore through Qualified Institutional Placement (QIP) of equity shares. The company has diluted 25% of equity and it's shares were oversubscribed by 2.5 times, according to market experts.In an announcement to BSE, the company said that its capital Issue committee approved the issuance of 10,783,608 equity shares of face value of Rs 2 to Qualified Institutional Buyers at an issue price of Rs 695.50 per equity share, which is at a discount of Rs 36.47 per share to the Floor Price Rs 731.97 per equity share.
Jain Irrigation gains on Rs 100 cr HP govt order
Jain Irrigation Systems has moved higher by 4% to Rs 126 after the company said it has been issued a Letter of Intent (LoI) for project by Himachal Pradesh (HP) government involving an outlay of approximately Rs 100 crore.The project is a unique concept of integrated micro irrigation system in hilly terrain and will be a one of its kind project in the world, improving water use efficiency in canal command areas through conduit distribution and on farm management through micro irrigation systems, using pressurized HDPE piping network to irrigate command area of 11,900 acres, Jain Irrigation Systems said in a statement.The stock opened at Rs 120 and hit a high of Rs 128 on National Stock Exchange. A combined 6.77 million shares changed hands on the counter so far on the NSE and BSE.
Bharti Airtel gains, RBI allows increase in FII limit
Shares in Bharti Airtel Ltd gain after the Reserve Bank of India (RBI) increases limit for overseas investors to buy shares in the company.Foreign institutional investors can now invest up to 74% in Bharti Airtel under the portfolio investment scheme, the RBI said in a statement late on Thursday.
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