7th July Morning Market Updates 9:02
Stock in news:
Stock in news:
RIL to Oil Ministry:-CAG audit beyond scope of govt powers, PSC
-Audit cannot transform into performance review
-Audit must concern itself with integrity of accounts
-Audit must be on adherence to management committee's decisions
-CAG audit cannot supplant management committee role
-Management Committee comprises RIL, Niko, DGH, MoPNG officials
-CAG's mandate not to second guess operator, management committee
-Will attend exit conference on July 12 'as courtesy'
-Attendance not part of contractual audit process
-Time given to reply to Draft CAG audit inadequate
-CAG's adverse comments have financial consequences
-Comments impact commercial standing & biz reputation
-CAG should be concerned with info & not sourceBoard meets today:
-Rainbow Papers to consider setting up of subsidiaries at UAE, USA & Singapore
-Pitti Laminations to consider issue of shares/warrants on preferential basis
-Neuland Laboratories to consider rights issue of shares
-Audit cannot transform into performance review
-Audit must concern itself with integrity of accounts
-Audit must be on adherence to management committee's decisions
-CAG audit cannot supplant management committee role
-Management Committee comprises RIL, Niko, DGH, MoPNG officials
-CAG's mandate not to second guess operator, management committee
-Will attend exit conference on July 12 'as courtesy'
-Attendance not part of contractual audit process
-Time given to reply to Draft CAG audit inadequate
-CAG's adverse comments have financial consequences
-Comments impact commercial standing & biz reputation
-CAG should be concerned with info & not sourceBoard meets today:
-Rainbow Papers to consider setting up of subsidiaries at UAE, USA & Singapore
-Pitti Laminations to consider issue of shares/warrants on preferential basis
-Neuland Laboratories to consider rights issue of shares
SBI sources-To make Rs 2,100 crore additional provision in Q1FY12
-Additional provision over & above normal provisions for slippages
-To provide Rs 1,000 crore towards enhanced provisions on bad loans
-To provide Rs 550 crore for counter cyclical provision in Q1FY12
-To make Rs 500-530 crore for provisions on restructured loan in Q1FY11
-SBI still collating provision data for fresh slippages
-Enhanced bad loan provisions post RBI provisioning rate hike
-Additional provision over & above normal provisions for slippages
-To provide Rs 1,000 crore towards enhanced provisions on bad loans
-To provide Rs 550 crore for counter cyclical provision in Q1FY12
-To make Rs 500-530 crore for provisions on restructured loan in Q1FY11
-SBI still collating provision data for fresh slippages
-Enhanced bad loan provisions post RBI provisioning rate hike
CAG says-Conducted performance review of KG-D6 basin
-CAG report on RIL only a draft report
-Will hear all parties involved in draft report
-Hold both entry & exit conferences on CAG report
MFIN CEO Says -Bill is now striking a good balance between RBI, state govt
-RBI to fix percentage margin of MFIs
-MFI to declare annual percentage rate to borrower
-Annual % rate to comprise interest rate & other fees
-Margin defined as gap between annual % rate & cost of funds
-All MFIs must get license from RBI
-Bill specifies registration process for MFIs
-RBI to be authority for MFI registration
-Proposed MFI bill to overwrite all other laws related to MFIs
-Proposed MFI bill to overwrite even state laws w.r.t MFIs
-CAG report on RIL only a draft report
-Will hear all parties involved in draft report
-Hold both entry & exit conferences on CAG report
MFIN CEO Says -Bill is now striking a good balance between RBI, state govt
-RBI to fix percentage margin of MFIs
-MFI to declare annual percentage rate to borrower
-Annual % rate to comprise interest rate & other fees
-Margin defined as gap between annual % rate & cost of funds
-All MFIs must get license from RBI
-Bill specifies registration process for MFIs
-RBI to be authority for MFI registration
-Proposed MFI bill to overwrite all other laws related to MFIs
-Proposed MFI bill to overwrite even state laws w.r.t MFIs
CBI says -Dayanidhi Maran blocked grant of licenses to Sivasankaran
-Dayanidhi Maran delayed Siva's application for over 2 years
-Sivasankaran was forced to sell out to Malaysian firm
-Maran's intention was to block issue of licenses
-Dayanidhi Maran delayed Siva's application for over 2 years
-Sivasankaran was forced to sell out to Malaysian firm
-Maran's intention was to block issue of licenses
Other stocks and sectors that are in news today:-Govt sources say cabinet to take up RIL-BP deal on Thursday
-Listing today: Rushil Décor , Birla Pacific Medspa
-F&O Ban: Kingfisher Airlines
-Finance Ministry releases MFI Development & Regulation Bill
-Perdaman Industries moves court against Lanco Infratech ; seeks restraint on mortgaging of Griffin coal
- SKS Microfinance auditors identifies 400 cases of alleged cash embezzlement, fictitious loans & unauthorized advances given by some employees to borrowers
- Excel Infoways to allot 1.01 crore shares at Rs 25.25/sh to QIB's under qualified institutional placement (QIP)
- Indo Asian Fusegear board meet on July 9 to consider buyback of shares
-Indo Asian Fusegear has changed its name to Eon Electric
-Kingfisher Airlines promoters pledge entire 53% stake
-Disney World in talks with Atlanta to setup a Disneyland style theme park in Gujarat for around USD 2.1 billion (ET)
-Insurance Regulator scraps the minimum three year profitability clause for life insurers to float IPO giving a fresh life to cos struggling for capital (ET)
-Shipping companies to face 20% rise in the operating costs on surge in bunker oil prices to USD 650 per barrel (ET)
- Trent shelves plans to open stores of UK’s Arcadia group in the country to focus on Spanish fashion brands Zara (BS)
- Tata Steel to utilize Riversdale funds of USD 1.14 billion to start new projects & expand & upgrade existing ones (BS)
-Vaswani Industries listing to get a go ahead but the investigation from SEBI still continue on the co (BS)
- Ashok Leyland , L&T , Bharat Forge , Tata Motors & M&M have bid for a Rs 44,000 crore defence ministry contract to supply combat vehicles for the Indian army (FE)
-Govt likely to to pay around Rs 30,000 crore more in subsidy to state refiners with global crude prices expected to substantially inflate govt’s oil subsidy bill (FE)
-Cabinet set to clear 3rd phase of FM expansion will boost the confidence of investors & FM radiocos as it envisages the rollout of 806 FM stations across 237 towns (FE)
- NMDC to start operations at a magnesite mine & plant in J&K with an investment of around Rs 150 cr (Mint)
-Ex Dividend: Astrazeneca Pharma Rs 10/sh, M&M Finance Rs 10/sh, Repro India Rs 6/sh, Thermax Rs 9/sh, Zodiac Clothing Rs 5/sh, Bank of India Rs 7/sh, Cadila Health Rs 6.25/sh, Graphite India Rs 3.5/sh
-Listing today: Rushil Décor , Birla Pacific Medspa
-F&O Ban: Kingfisher Airlines
-Finance Ministry releases MFI Development & Regulation Bill
-Perdaman Industries moves court against Lanco Infratech ; seeks restraint on mortgaging of Griffin coal
- SKS Microfinance auditors identifies 400 cases of alleged cash embezzlement, fictitious loans & unauthorized advances given by some employees to borrowers
- Excel Infoways to allot 1.01 crore shares at Rs 25.25/sh to QIB's under qualified institutional placement (QIP)
- Indo Asian Fusegear board meet on July 9 to consider buyback of shares
-Indo Asian Fusegear has changed its name to Eon Electric
-Kingfisher Airlines promoters pledge entire 53% stake
-Disney World in talks with Atlanta to setup a Disneyland style theme park in Gujarat for around USD 2.1 billion (ET)
-Insurance Regulator scraps the minimum three year profitability clause for life insurers to float IPO giving a fresh life to cos struggling for capital (ET)
-Shipping companies to face 20% rise in the operating costs on surge in bunker oil prices to USD 650 per barrel (ET)
- Trent shelves plans to open stores of UK’s Arcadia group in the country to focus on Spanish fashion brands Zara (BS)
- Tata Steel to utilize Riversdale funds of USD 1.14 billion to start new projects & expand & upgrade existing ones (BS)
-Vaswani Industries listing to get a go ahead but the investigation from SEBI still continue on the co (BS)
- Ashok Leyland , L&T , Bharat Forge , Tata Motors & M&M have bid for a Rs 44,000 crore defence ministry contract to supply combat vehicles for the Indian army (FE)
-Govt likely to to pay around Rs 30,000 crore more in subsidy to state refiners with global crude prices expected to substantially inflate govt’s oil subsidy bill (FE)
-Cabinet set to clear 3rd phase of FM expansion will boost the confidence of investors & FM radiocos as it envisages the rollout of 806 FM stations across 237 towns (FE)
- NMDC to start operations at a magnesite mine & plant in J&K with an investment of around Rs 150 cr (Mint)
-Ex Dividend: Astrazeneca Pharma Rs 10/sh, M&M Finance Rs 10/sh, Repro India Rs 6/sh, Thermax Rs 9/sh, Zodiac Clothing Rs 5/sh, Bank of India Rs 7/sh, Cadila Health Rs 6.25/sh, Graphite India Rs 3.5/sh
F&O:
Futures Open Int up Rs 167 cr and Options Open Int up Rs 2232 cr
Nifty Futures add 1 lakh shares in Open Int
Nifty Futures at 12-point premium
Nifty Open Int PCR unchanged at 1.25
Nifty Puts add 18 lakh shares
Nifty Calls add 14 lakh shares in Open Int
Nifty 5600 Put adds 4.6 lakh shares in Open Int
Nifty 5400 Put adds 4.2 lakh shares in Open Int
Nifty 5500 Put adds 3.5 lakh shares in Open Int
Nifty 5700 Call adds 5 lakh shares in Open Int
Stock futures Open Int unchanged
FIIs in F&O on July 6
Net buy Rs 10 cr in Nifty Futures, Nifty Fut Open Int up 8,514 contracts
Net buy Rs 71 cr in Nifty Options, Nifty Options Open Int up 24,459 contracts
Net sell Rs 278 cr in Stock Futures, Stock Fut Open Int up 10,823 contracts
European markets struggle on Portuguese concerns
Brent crude trading above $114/bbl
Dollar index at 75
NSE F&O Open Int was up by Rs 2399 crore at Rs 1.08 lakh crore
As per provisional data of July 6, FIIs were net buyers of Rs 220 cr in cash markets. DIIs were net sellers of Rs 80 cr in cash markets. FIIs were net sellers of Rs 178 cr in F&O.
Global markets positive
Brent Crude rallies towards $114/bbl
NSE F&O Open Int was up Rs 2950 crore at Rs 1.05 lakh crore
As per provisional data of July 5, FIIs were net buyers of Rs 826 cr in cash markets. DIIs were net sellers of Rs 898 cr in cash mkts. FIIs were net sellers of Rs 574 cr in F&O.
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