IT stocks in focus after rupee hits record closing low

IT stocks will be in focus as the rupee fell 1.5% to a record closing low of 58.77 against the dollar on Tuesday, 18 June 2013. A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.

The board of IDFC has approved applying for a banking license from the Reserve Bank of India (RBI).

Tata Motors is reportedly set to launch a revamped version of its small car Nano today, 19 June 2013. The revamped Nano is likely to come with aesthetic changes but retain its engine. The latest Nano facelift is expected to come with a marginal increase in its price tag, reports suggest.

Axis Bank after market hours on Tuesday, 18 June 2013, said that its board of directors on 18 June 2013 passed a resolution approving the allotment of Senior Notes aggregating to $20 million under the MTN programme through its Dubai International Financial Centre (DIFC) branch.

Religare Enterprises (REL) after market hours on Tuesday, 18 June 2013, said that as per the request made by company's board at its board meeting held on 23 May 2013, the promoters of the company have agreed to dilute their shareholding to 49% in the company to enable REL to qualify for applying for banking license. REL in a release dated 12 June 2013 said that the banking license, if granted by the Reserve Bank of India (RBI), will add long term value to all REL stakeholders. The promoters held 71.76% stake in REL as on 31 March 2013.

Coromandel International turns ex-dividend today, 19 June 2013, for dividend of Rs 4.50 per share for the year ended 31 March 2013.

Heritage Foods (India) turns ex-dividend today, 19 June 2013, for dividend of Rs 3 per share for the year ended 31 March 2013

Blue Star said that workers at Wada factory have resumed duty from 14 June 2013 after reaching a settlement with the company. These workers were on strike since 7 February 2013.

The board of 20 Microns has approved allotting 3 lakh fully convertible debentures of the face value Rs 100 each to non-promoter on a preferential basis.

Powered by Capital Market - Live News