In overseas stock markets, Asian stocks witnessed a mixed trend. US stocks registered small gains on Friday, 14 October 2016, as investors digested commentary from key Federal Reserve officials while parsing through strong bank earnings and US economic data.
Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 946.42 crore on Friday, 14 October 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 556.90 crore on Friday, 14 October 2016, as per provisional data.
Among corporate news, UltraTech Cement is scheduled to announce its Q2 September 2016 results today, 17 October 2016.
HDFC after market hours on Friday, 14 October 2016 announced that it has closed the issue of rupee denominated bonds to overseas investors aggregating to an amount up to Rs 500 crore. The yield to investor is 7.25% per annum payable semi-annually. Maturity date is 9 January 2020.
Mahindra & Mahindra (M&M) announced on 15 October 2016 regarding the transfer of Franchisee Division of Mahindra Retail, a subsidiary of the company on a slump sale basis to BrainBees Solutions. The total lump sum consideration for the transfer of Franchisee Division on a slump sale basis is Rs 362.10 crore. The two largest retail players in the largely unorganised $12 billion baby and kids market in India, FirstCry.com (BrainBees Solutions) and Mahindra Retail (BabyOye), have consolidated their business activities to create a dominant presence in this segment. In terms of the structure of the transaction, Mahindra Retail and FirstCry have consolidated their operations, with Mahindra Retail selling its Franchise business to FirstCry, and operating all company stores under a FirstCry master franchisee agreement. FirstCry additionally raises $34 million of new equity capital from the Mahindra Group, Adveq (a large private equity fund), Kris Gopalakrishnan and participation from all existing shareholders.
State Bank of India (SBI) said that the Executive Committee of the Central Board (ECCB) at its meeting held on 14 October 2016, approved to dilute upto 5% stake of SBI in SBI Life to a non-promoter entity. The announcement was made after market hours on Friday, 14 October 2016.
ICICI Bank announced after market hours on Friday, 14 October 2016 that the board of directors of the bank at its meeting held on 14 October 2016, approved the appointment of Anup Bagchi, presently Managing Director & CEO, ICICI Securities, as Executive Director of ICICI Bank subject to regulatory approvals for a period of five years effective 1 February 2017 or the date of approval of his appointment by the Reserve Bank of India (RBI), whichever is later. Anup Bagchi has been with the ICICI Group since 1992 and has worked in the areas of retail banking, corporate banking and treasury. During his tenure at ICICI Securities, he has led the growth and development of the retail broking, retail financial product distribution and wealth management businesses, ICICI Bank said. Bagchi is not related to any other director of the bank, it added.
The board also took on record, the resignation of Rajiv Sabharwal, Executive Director consequent to his decision to pursue opportunities outside the ICICI Group, effective 31 January 2017. The board also took note of other incidental changes to the senior management positions across the ICICI Group.
Shares of public sector oil marketing companies (PSU OMCs) will be in focus after Indian Oil Corporation (IOCL) increased petrol and diesel prices with effect from midnight of 15 October 2016/16 October 2016. IOCL announced increase in selling price of petrol by Rs 1.34 per litre (excluding State levies) and increase in selling price of diesel by Rs 2.37 per litre (excluding State levies).
Key benchmark indices ended the volatile trading session with small gains on Friday, 14 October 2016. The Sensex had risen 30.49 points or 0.11% to settle at 27,673.60, its highest closing level since 10 October 2016.
On the macro front, data released by the government after market hours on Friday, 14 October 2016 showed that India's trade deficit narrowed to $8.34 billion in September 2016, from $10.17 billion a year earlier. Imports declined 2.54% to $31.22 billion while exports rose 4.62% to $22.88 billion.
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