·WPI dips to -2.06% in Feb 2015; lower than estimates
Inflation for the month of February 2015 came in at -2.06% versus -0.39% seen in January.WPI Based inflation for February 2015 dipped to -2.06% from -0.39% (MoM).Manufacturing inflation (65% weightage in WPI) declined to 0.33% Vs 1.05% (MoM).Primary articles (weightage of Rs20% in WPI) dipped sharply to 1.43% Vs 3.27% (MoM).December 2014 WPI inflation revised down to -0.5% from 0.11%
·SAT quashes SEBI order on DLF
The Securities Appellate Tribunal (SAT) has quashed the order passed by Sebi against the company for alleged non-disclosure of information during its initial public offering. The ban has now been reduced to six months from 3 years earlier. The development is positive for DLF.
·Karnataka hikes VAT rate on cigarettes from 17% to 22%
VAT rate hike on cigarette: The government of Karnataka has increased the VAT rate on cigarette from 17% to 22%. Karnataka contributes close to 10% to overall ITC’s cigarette sales volume – negative read through for the ITC.
·Andhra Bank to raise fund in additional equity
Andhra Bank has got shareholder approval to raise Rs120 crore in additional equity by issuing shares to the government. The bank will issue 1,32,31,888 equity shares of face value Rs10 each for cash at Rs90.69 to the government.
·SBI to issue 10.04 crore shares to government on preferential basis
SBIs Board has decided to issue 10.04 crore shares to government on preferential basis to raise Rs2970 crore of equity capital.The price for the issues is fixed at Rs295.59 per share which is 6% premium to the current price and is book value accretive.
·Kaveri Seeds Management view: Unseasonal rains to impact loss
Unseasonal rains is likely to impact loss of around Rs1000 crore in Maharashtra and overall food grain production is estimated to fall by 3% in 2015.Company is optimistic about FY2016 despite current challenges. The company is likely to gain market share in cotton and higher corn acreage will drive growth FY2016. Company doesn’t see significant impact on cotton acreage next season.
·SBI to turn down $1 billion loan request from Adani Enterprises
As per media flash, SBI is preparing to turn down a $1 billion loan request from Adani Enterprises intended for a $7 billion coal project in Australia, scrapping a preliminary deal signed last year – Sentimentally negative for Adani Enterprise.
·BHEL gains on commissioning thermal unit
Bharat Heavy Electricals Ltd ( BHEL) rose over 2%, touching to Rs259.85, after the company said that it has successfully commissioned the fifth 270 MW thermal power project unit at the Amravati project of Rattan India Power.
·Hindalco faces trial in coal block allocation case
Hindalco is facing trial in the coal block allocation case for the Talabira II-mine in Odisha in a special court, the CBI has filed a fresh FIR and begun a separate probe into diversion of coal from Talabira-I mine –sentimentally negative for the stock.
Inflation for the month of February 2015 came in at -2.06% versus -0.39% seen in January.WPI Based inflation for February 2015 dipped to -2.06% from -0.39% (MoM).Manufacturing inflation (65% weightage in WPI) declined to 0.33% Vs 1.05% (MoM).Primary articles (weightage of Rs20% in WPI) dipped sharply to 1.43% Vs 3.27% (MoM).December 2014 WPI inflation revised down to -0.5% from 0.11%
·SAT quashes SEBI order on DLF
The Securities Appellate Tribunal (SAT) has quashed the order passed by Sebi against the company for alleged non-disclosure of information during its initial public offering. The ban has now been reduced to six months from 3 years earlier. The development is positive for DLF.
·Karnataka hikes VAT rate on cigarettes from 17% to 22%
VAT rate hike on cigarette: The government of Karnataka has increased the VAT rate on cigarette from 17% to 22%. Karnataka contributes close to 10% to overall ITC’s cigarette sales volume – negative read through for the ITC.
·Andhra Bank to raise fund in additional equity
Andhra Bank has got shareholder approval to raise Rs120 crore in additional equity by issuing shares to the government. The bank will issue 1,32,31,888 equity shares of face value Rs10 each for cash at Rs90.69 to the government.
·SBI to issue 10.04 crore shares to government on preferential basis
SBIs Board has decided to issue 10.04 crore shares to government on preferential basis to raise Rs2970 crore of equity capital.The price for the issues is fixed at Rs295.59 per share which is 6% premium to the current price and is book value accretive.
·Kaveri Seeds Management view: Unseasonal rains to impact loss
Unseasonal rains is likely to impact loss of around Rs1000 crore in Maharashtra and overall food grain production is estimated to fall by 3% in 2015.Company is optimistic about FY2016 despite current challenges. The company is likely to gain market share in cotton and higher corn acreage will drive growth FY2016. Company doesn’t see significant impact on cotton acreage next season.
·SBI to turn down $1 billion loan request from Adani Enterprises
As per media flash, SBI is preparing to turn down a $1 billion loan request from Adani Enterprises intended for a $7 billion coal project in Australia, scrapping a preliminary deal signed last year – Sentimentally negative for Adani Enterprise.
·BHEL gains on commissioning thermal unit
Bharat Heavy Electricals Ltd ( BHEL) rose over 2%, touching to Rs259.85, after the company said that it has successfully commissioned the fifth 270 MW thermal power project unit at the Amravati project of Rattan India Power.
·Hindalco faces trial in coal block allocation case
Hindalco is facing trial in the coal block allocation case for the Talabira II-mine in Odisha in a special court, the CBI has filed a fresh FIR and begun a separate probe into diversion of coal from Talabira-I mine –sentimentally negative for the stock.
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