Auto, cement stocks in focus on monthly sales data

Auto and cement stocks will be in focus as companies start unveiling sales data for the month just gone by.

Public sector oil marketing companies (PSU OMCs) will be watched as petrol prices were hiked by Rs 1.69 a litre and diesel by Rs 0.50 litre effective from 1 July 2014. The hikes are excluding state levies. PSU OMCs cited a rise in global oil prices and the fall in rupee for the hike in fuel prices. India imports two-thirds of its oil needs.

IT stocks may gain on positive economic data in US, the biggest outsourcing market for the Indian IT firms. The number of contracts to purchase previously owned U.S. homes jumped 6.1% in May, the most in more than four years. The Institute for Supply Management-Chicago Inc.'s business barometer fell to 62.6 in June from 65.5 in May.

Metal stocks may gain as data showed China's manufacturing expanded in June at the fastest pace this year. China's manufacturing expanded in June at the fastest pace this year, adding to signs that the government's efforts to arrest a slowdown are helping to stabilize the world's second-biggest economy. The Purchasing Managers' Index was at 51, increasing from May's 50.8, the National Bureau of Statistics and China Federation of Logistics and Purchasing said. China is the world's largest consumer of copper and aluminum.

ITC said that the scheme of arrangement between the company and Wimco for demerger of the non-engineering business comprising safety matches business and agri (forestry) business of Wimco into the company, has been sanctioned by the Bombay High Court and the Calcutta High Court. Consequently, the scheme has become effective from 27 June 2014.

L&T Finance Holdings said that the committee of directors of the company has approved the allotment of 2.63 crore listed, cumulative compulsorily redeemable preference shares of face value Rs 100 each at par on private placement aggregating to Rs 263.40 crore including all options, at its meeting held on 30 June 2014, to eligible allottees.

The board of Aban Offshore approved opening the qualified institutional placement (QIP) on 30 June 2014. The board approved a floor price of Rs 731.97 per share for the QIP.

The board of Jyoti Structures approved issuing equity shares for an amount not exceeding Rs 120 crore to qualified institutional buyers under the qualified institutional placement.

Styrolution ABS (India) said that INEOS will acquire BASF's 50% share in Styrolution, a joint venture between the companies. Styrolutlon will continue to operate as an independent company until the completion of the deal, which is expected in the fourth quarter of 2014. Styrolution was founded in October 2011 as a 50:50 joint venture between BASF and INEOS, and is the leading, global styrenics supplier. As on 31 March 2014, Styrolution South East Asia held 75% stake in Styrolution ABS (India).

The board of Vakrangee will meet on 3 July 2014, to consider raising upto Rs 1000 crore by way of qualified institutional placements.

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