Metal stocks in focus after upbeat Chinese data

Metal stocks will be in spotlight after a report showed China's manufacturing unexpectedly expanded in August. The preliminary HSBC China Manufacturing Purchasing Managers Index, a gauge of nationwide manufacturing activity, rose to 50.1 in August, compared with a final reading of 47.7 in July. A reading above 50 indicates expansion from the previous month, while a reading below 50 indicates contraction. China is the world's largest consumer of copper and aluminum.

Sesa Goa will replace Sterlite Industries in the 30-share benchmark S&P BSE Sensex from 27 August 2013. The move comes in the wake of the scheme of amalgamation between the two Vedanta group firms whereby Sterlite Industries has been merged with Sesa Goa.

Hindalco Industries will be in focus after a media report suggested that Kumar Mangalam Birla, the chairman of Aditya Birla Group, will invest Rs 2165 crore by October 2013 to raise his stake by 5% to 37% in Hindalco Industries by converting 15 crore preferential warrants into equity shares. The company, India's largest aluminium producer, had issued warrants to Birla in March 2012 with a conversion price of Rs 144.35 a share, a 54% premium to Wednesday's closing price of 93.35, the report added.

NMDC said that its wholly-owned subsidiary, NMDC Power (NPL), signed a memorandum of understanding (MoU) with IL&FS Energy Development Company (IEDCL), a subsidiary of IL&FS, to set up a 500 megawatts thermal power plant under joint venture at Gonda in Uttar Pradesh.

IT stocks will be in focus as rupee closed at a record low against the dollar on Wednesday, 21 August 2013. A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.

Asian Paints said that its wholly-owned subsidiary, Asian Paints (International) (APIL), acquired an additional 25.72% stake in Berger International, Singapore (BIL), an indirect subsidiary of Asian Paints, through an off-market transaction. As a result, the shareholding of APIL has increased to 75.82% in BIL. Further, APIL has also announced its intention to come out with a voluntary unconditional cash offer to acquire the balance 24.18% shares of BIL with an intention to make BIL a wholly-owned subsidiary of APIL and delist from Singapore Exchange Securities Trading (SGX-ST).

The board of JBF Industries has approved buying back equity shares of the company at a maximum price of Rs 105 per share. The company has set aside Rs 73.50 crore for the proposed buyback, which is within 10% of the total paid-up equity share capital and free reserves of the company as on 31 March 2013.

The board of Kalindee Rail Nirman (Engineers) has approved allotment of 41.10 lakh shares to Texmaco Rail & Engineering on a preferential allotment basis at Rs. 65.13 per share.

Syndicate Bank has reportedly made upward revision of the rate of interest on Foreign Currency and Non Resident (Banks) FCNR (B) for US Dollar deposits of 3 to 5 years by 1%, effective from today, 22 August 2013. The revised interest for three years is 4.78%, four years is 5.17% and five years is 5.56%, reports added.

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