IT stocks in spotlight after positive US economic data

IT stocks may gain on positive economic data in US. Data on Monday, 23 June 2014, showed US sales of existing homes climbed 4.9% to a 4.89 million annualized rate in May, the most since October. A separate report from Markit Economics showed a measure of US manufacturing growth rose to 57.5 in June from 56.4 in May. US is the biggest outsourcing market for the Indian IT firms.

The board of Power Grid Corporation of India approved investments of about Rs 5500 crore for upgrading networks in about 4 years. The board approved strengthening the transmission corridor for independent power producers (IPPs) in Chhattisgarh at an estimated cost of Rs 5151.37 crore, Power Grid Corporation informed the stock exchanges. The commissioning schedule of the transmission project is 45 months from the date of investment approval, it said. The board also approved investment for upgradation of the transmission system associated with Lara thermal power project of NTPC at an estimated cost of Rs 400.47 crore, with commissioning schedule of 34 months from the date of investment approval, the statement said.

Adani Ports and Special Economic Zone (APSEZ) said it has completed the acquisition of 100% stake in the Dhamra Port Company from L&T Infrastructure Development Projects and Tata Steel. APSEZ had signed the share purchase agreement for the transaction with L&T Infrastructure Development Projects and Tata Steel on 16 May 2014.

Bajaj Hindusthan had issued Foreign Currency Convertible Bonds (FCCBs) worth $15 million to International Finance Corporation (IFC), Washington. The company has made repayment of $17.723 million, including the redemption premium of $2.723 million on the due date (16 June 2014), in accordance with the terms and conditions of the said FCCBs. With the aforesaid repayment, entire outstanding FCCBs held by IFC, Washington stands redeemed on maturity.

Kansai Nerolac Paints said that Dr. J. J. Irani has retired from the Chairmanship as well as the Directorship of the company with effect from the conclusion of the 94th Annual General Meeting of the company held on 20 June 2014. Mr. Pradip P. Shah has been appointed as the new chairman of the company.

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