Oil India in focus after hydrocarbon discovery in Assam

Oil India said that it has made one hydrocarbon discovery in the Baghjan Petroleum Mining Lease (PML) in the Upper Assam Basin in May 2017 in the well South Baghjan-2. Oil India has made ten discoveries in its operational areas of Assam during 2016-17. The discoveries have opened up avenue for further exploration of already identified leads/prospects in the area. The announcement was made after market hours yesterday, 6 June 2017.

Shares in interest rate sensitive sectors such as banks, automobiles and real estate will be watched. The outcome of the Reserve Bank of India (RBI)'s monetary policy meeting is scheduled at 14:30 IST today, 7 June 2017. RBI held its benchmark repo rate at a six-year low of 6.25% on 6 April 2017, as widely expected, and raised its reverse repo rate by 0.25% to 6%, saying there are upside risks to the inflation outlook amid an uncertain global economic environment.

TCS announced that the company and Siemens unveiled a new collaboration around Internet of Things (IoT) innovation. Focused on customers in the manufacturing, energy, building technology, healthcare and railway industries the partnership will enable customers to benefit from new data insights and services based on MindSphere, the cloud-based, open IoT operating system from Siemens. The announcement was made after market hours yesterday, 6 June 2017.

Adani Power announced after market hours yesterday, 6 June 2017, that its board approved a proposal to hive off its flagship Mundra power station to its subsidiary so that it can focus on investment and power generation separately. The company's objectives is to source funds more efficiently for investing in capacity expansion of its arms or acquiring assets.

Sical Logistics said it has been awarded a letter of acceptance for a contract worth Rs 289 crore by Mahanadhi Coal Fields for extraction of coal/coal measure strata. The announcement was made after market hours yesterday, 6 June 2017.

Moody's and Fitch yesterday, 6 June 2017, cut Reliance Communications (RCom) rating for the second time in a week, even as the telco received a seven-month respite from bankers on debt repayment.

Moody's Investors Service cut its rating to Ca from Caa1. The new rating suggests that the debt is highly speculative and likely in, or very near, default, with some prospect of recovery of principal and interest. It had downgraded RCom to Caa1, indicating high risk, on 30 May 2017.

Fitch Ratings lowered RCom's rating to RD from CCC, saying the situation constituted restricted default, as multiple waivers or forbearance periods have been extended in parallel following a non-payment event. Fitch last cut RCom's rating on 2 June 2017.

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