Shares of IndusInd Bank will be in spotlight as the bank is scheduled to announce its Q1 June 2016 earnings today, 11 July 2016.
Shares of Punjab National Bank (PNB) will be in focus after the Reserve Bank of India (RBI) notified on Friday, 8 July 2016 that the aggregate foreign share holding by Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs)/Non Resident Indian (NRI)/Persons of Indian Origin (PIO)/Foreign Direct Investment (FDI)/American Depository Receipts (ADR)/Global Depository Receipts (GDR) under Portfolio Investment Scheme (PIS) in PNB has gone below the prescribed threshold caution limit stipulated under the extant FDI policy. Hence, the restrictions placed on the purchase of shares of PNB are withdrawn with immediate effect.
IT stocks may edge lower on media reports that a bipartisan group of two US lawmakers has introduced in the House of Representatives a legislation, which if passed by the Congress would prevent Indian companies from hiring IT professionals on H-1B and L1 work visas. US is the biggest outsourcing market for Indian IT firms. The revenue model of many large-cap Indian IT companies is heavily dependent on H-1B and L1 visas in the US.
The H-1B is a non-immigrant visa in the United States which allows US employers to temporarily employ foreign workers in specialty occupations. The US L1 visa is a non-immigrant visa which allows companies operating both in the US and abroad to transfer certain classes of employee from its foreign operations to the US operations for up to seven years.
Bharti Airtel yesterday, 10 July 2016 announced that the transaction for acquisition of rights to use 20 MHz 2300 Band 4G TD spectrum from Aircel was successfully concluded for 6 out of 8 circles barring Andhra Pradesh and Orissa, following the receipt of all necessary approvals and satisfying all the conditions. Bharti Airtel said it will update the exchanges when the transactions for the remaining circles of Andhra Pradesh and Orissa are completed.
Tata Steel after trading hours on Friday, 8 July 2016, announced that it has entered into discussions with strategic players in the steel industry, including Thyssenkrupp AG for a strategic collaboration for its European businesses. The decision has been taken as an alternative to the ongoing process for the divestment of loss making Tata Steel UK. Tata Steel said that the discussions for strategic collaboration are currently at preliminary stage and there is no certainty of a transaction as the outcome depends on consultation and negotiations with various stakeholders. Tata Steel also said it would begin separate processes for the sale of its South Yorkshire specialty steels business and the Hartlepool pipe mills, excluding the 20-inch tube mill, in the UK. Tata Steel has already received interest from several bidders for these two businesses and the formal process for the sale of the businesses will commence shortly.
Shares of engineering and construction major L&T will be in focus as the company's subsidiary and IT outsourcing services provider Larsen & Toubro Infotech known as L&T Infotech's initial public offer (IPO) commences today, 11 July 2016. L&T Infotech's promoter L&T is selling a part of its stake through the IPO of L&T Infotech. L&T Infotech will not get any funds from the IPO and the entire sale proceeds will go to parent L&T. L&T is selling 1.75 crore shares of L&T Infotech through the IPO. The price band for the IPO has been fixed at Rs 705-710 per share. The IPO opens for bidding today, 11 July 2016 and closes on Wednesday, 13 July 2016.
Shares of Axis Bank, ITC and L&T will be in focus as media reports suggested that the central government has finally made up its mind to sell minority stakes held in many listed and unlisted companies through the Specified Undertaking of the Unit Trust of India (SUUTI), in a bid to meet its asset-sale target. The government invited bids from bankers for the mandate to manage the stake-sale process, reports suggested.
SUUTI held 11.53% stake in Axis Bank, 11.14% in ITC and 8.15% stake in L&T as per the shareholding pattern as on 31 March 2016.
Shares of Wipro turn ex-dividend today, 11 July 2016, for final dividend of Rs 1 per share for the year ended 31 March 2016.
Shares of JSW Energy turn ex-dividend today, 11 July 2016, dividend of Rs 2 per share for the year ended 31 March 2016.
Shares of GHCL turn ex-dividend today, 11 July 2016, for dividend of Rs 3.50 per share for the year ended 31 March 2016.
Shares of Exide Industries turn ex-dividend today, 11 July 2016, for final dividend of Rs 0.80 per share for the year ended 31 March 2016.
Shares of Jammu & Kashmir Bank turn ex-dividend today, 11 July 2016, for dividend of Rs 1.75 per share for the year ended 31 March 2016.
Shares of Onward Technologies turn ex-dividend today, 11 July 2016, for final dividend of Rs 1 per share for the year ended 31 March 2016.
Powered by Capital Market - Live News
