Interest rate sensitive banking, auto and realty stocks will be watched ahead of the Reserve Bank of India's (RBI) monetary policy meeting today, 9 August 2016. Purchases of automobiles, including that of cars, utility vehicles and commercial vehicles are substantially driven by financing. Purchases of both residential and commercial property are largely driven by finance. The central bank had left its benchmark repo rate unchanged at 6.5% in its last meeting.
Among key corporate earnings, Adani Ports and Special Economic Zone (APSEZ) and Lupin are scheduled to announce Q1 June 2016 earnings today, 9 August 2016.
Idea Cellular's consolidated net profit slumped 74.21% to Rs 220.41 crore on 7.22% rise in total income to Rs 9552.44 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours yesterday, 8 August 2016.
HDFC after market hours yesterday, 8 August 2016 announced that a committee of the board of directors of the company at its meeting held yesterday, 8 August 2016, approved the entering into definitive agreements for amalgamation of business between HDFC Standard Life Inusrance Company (HDFC Life), Max Life Insurance Company (Max Life) and Max Financial Services (Max Financial) through a composite scheme of srrangement. As a part of the proposed transaction, the life insurance business of Max Financial, currently held through Max Life, would be finally amalgamated with HDFC Life and all other business of Max Financial would be finally amalgamated into Max India. The shares of HDFC Life are proposed to be listed on BSE and the National Stock Exchange of India (NSE) as a consequence of the scheme. Pursuant to the scheme and subject to receipt of the requisite approvals, the shareholding of HDFC in HDFC Life post completion of the proposed transaction would be 42.5% and consequently HDFC Life would cease to be a subsidiary of HDFC.
For the merger of Max Life into Max Financial, shareholders of Max Life will get one share of Max Financial for approximately five shares of Max Life. For the demerger of the life insurance undertaking from Max Financial into HDFC Life, shareholders of Max Financial (post the amalgamation with Max Life), will get 2.33 shares of HDFC Life for each share of Max Financial.
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Tata Motors announced that its group global wholesales rose 20% to 88,159 units in July 2016 over July 2015. The announcement was made after market hours yesterday, 8 August 2016.
Rural Electrification Corporation (REC) announced that it has scheduled a board meeting on 11 August 2016, to consider issue of bonus shares. The announcement was made after market hours yesterday, 8 August 2016.
Sun Pharmaceutical Industries (Sun Pharma) announced the extension of its Imatinib Mesylate Savings Card Program beyond 31 July 2016. Sun Pharma launched this program as part of the Imatinib Mesylate launch in February 2016. The program is aimed at delivering greater access to the drug by patients who have commercial insurance, but whose out-of-pocket cost may exceed an affordable amount. The announcement was made after market hours yesterday, 8 August 2016.
Skipper announced after market hours yesterday, 8 August 2016 that the board of directors gave in-principal approval for setting up of a new unit for engineering products and polymer moulded products at Guwahati, Assam, with an investment of around Rs 70 crore. The unit will be the company's fourth unit for engineering products and sixth unit for polymer products. The installed capacity for the proposed unit will be 30,000 tonnes for engineering products and 7,000 tonnes for polymer products.
Shriram Transport Finance Company announced after market hours yesterday, 8 August 2016 that the Allotment Committee - Non-Convertible Debentures (NCDs) of the company in its meeting held on 8 August 2016 approved and allotted 1,100 secured redeemable NCDs of face value of Rs. 10 lakh each, aggregating to Rs 110 crore on private placement basis. The NCDs have tenure of ten years and carry a coupon rate of 8.87% per annum. The NCDs have a call option after 4 years from the date of allotment.
Arvind announced after market hours yesterday, 8 August 2016 that Credit Analysis & Research (CARE) has revised upwards its rating for the company's long-term bank facilities from CARE A+ to CARE AA- and reaffirmed its rating for short-term bank facilities of CARE A1+.
LIC Housing Finance turns ex-dividend today, 9 August 2016 for dividend of Rs 5.50 per share for the year ended 31 March 2016 (FY 2016).
Bharti Infratel turns ex-dividend today, 9 August 2016 for final dividend of Rs 3 per share for the year ended 31 March 2016 (FY 2016).
Heritage Foods turns ex-dividend today, 9 August 2016 for dividend of Rs 3 per share for the year ended 31 March 2016 (FY 2016).
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