PSU OMCs, auto stocks in focus after petrol price cut

Shares of public sector oil marketing companies (PSU OMCs) will be watched after petrol price was on Monday, 30 September 2013, cut by Rs 3.05 per litre, while diesel prices were raised by 50 paise a litre. The price changes announced by oil companies are excluding local sales tax or VAT and will be effective Monday midnight. The government deregulated petrol prices in June 2010.

Shares of two-wheeler makers and small-car maker Maruti Suzuki India will be in focus after reduction in petrol price.

The National Stock Exchange of India (NSE) has decided to exclude Financial Technologies (India) from the equity derivatives segment. All existing contracts i.e. contracts with expiry dates 31 October 2013, 28 November 2013 and 26 December 2013 shall expire on 31 October 2013. No futures and options contracts shall be available in Financial Technologies (India) for trading in the equity derivatives segment from 1 November 2013 onwards.

Infosys and software giant IBM have reportedly won a 300 million euro (Rs 2535 crore) contract to develop the computer system for the UK-based bank Williams & Glyn's. The bank (Williams & Glyn's), which was dormant for about 30 years, is being revived by UK-based lender the Royal Bank of Scotland Group Plc (RBSG). The bank is part of the RBS Group and is scheduled to launch operations by 2015, the report added.

Shares of Apollo Tyres will be watched after US-based Cooper Tire & Rubber Company on Monday, 30 September 2013, said its shareholders approved its sale to Apollo Tyres. Cooper said the deal is expected to close by the end of the year.

In June 2013, Apollo Tyres announced that it would acquire Cooper Tire & Rubber Company (Cooper), a company listed on the New York Stock Exchange, in an all-cash transaction valued at approximately $2.5 billion. This strategic combination will bring together two companies with highly complementary brands, geographic presence and technological expertise to create a global leader in tire manufacturing and distribution, Apollo Tyres said in a statement.

Punjab National Bank said after market hours on Monday, 30 September 2013, that the bank has decided to provide interest at uniform rate of 9% on all NRE Term Deposits of tenure 3 years and above up to 10 years, considering recent relaxations permitted by the Reserve Bank of India (RBI). These changes shall be effective from 1 October 2013.

Kotak Mahindra Bank said after market hours on Monday, 30 September 2013, that the bank has decided not to transfer any SLR security from AFS/ HFT to HTM as permitted under Reserve Bank of India (RBI) circular though there is sufficient headroom to do so. Reserve Bank of India, vide its circular dated 23 August 2013 had, as a onetime measure, permitted banks to transfer SLR securities from AFS/HFT to held till maturity (HTM) category during the current year up to the limit of 24.50% of NDTL. To mitigate impact of mark to market losses incurred by Banks due to abnormal market conditions, the said circular also gave banks the option of valuing these securities for the purpose of such transfer, as at the close of business of 15 July 2013. Such transfers were to be done no later than 30 September 2013.

Bank of Baroda has decided to revise the rates of interest payable on term deposits of below Rs 1 crore and Rs 1 crore and above of some maturities, applicable to the renewal of existing deposits and fresh deposits with effect from 1 October 2013.

ONGC is reportedly planning to set up a fertiliser or power plant in Maharashtra to utilise its gas bounty from the nearby Daman and western offshore C-Series fields. The higher status in allocation of gas to the fertiliser sector could tilt the balance in favour of a urea plant. Although the exact investment is still being worked out, it could be Rs 13000-15000 crore. The move closely follows the commissioning of an ONGC power plant in Tripura and an agreement with the Tripura government to set up a fertiliser unit there, the report added.

Kishore Biyani's fashion retail company, Future Lifestyle Fashion (FLF), will list on the stock exchanges today, 1 October 2013. The stock will enter the list of 'T' group of securities on BSE. FLF was created in November 2012 from the demerger of the lifestyle businesses of Future Retail and Future Ventures.

Meanwhile, FLF said it executed definitive documents for selling its entire holding of 25.8% in Biba Apparels.

Tata Communications announced an agreement with Arkadin, one of the world's largest and fastest growing collaboration service providers. Arkadin has become an official APAC provider of Tata Communications' recently launched jamvee conferencing - an on-demand unified communication service which enables, for the first time, anyone, anywhere, to instantly access a business video meeting on any device. The partnership agreement with Arkadin will first roll-out in Australia and New Zealand followed by the rest of the Asia Pacific region, Tata Communications said in a statement.

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