Rupee snaps 5-day falling spree, gains 8 paise to 63.76 against USD

 Snapping its five-day falling spree, the rupee rose 8 paise to 63.76 against the US dollar in early trade Tuesday on fresh selling of the American currency by exporters and banks amid a higher opening in the domestic equity market.

Selling of the American currency by exporters and banks supported the rupee, but the dollar's firmness against euro and other currencies overseas capped the gains, dealers said.

Besides, a higher opening in domestic equity market helped the rupee, they added.

The rupee depreciated 20 paise to close at 63.84 in yesterday's trade due to the looming debt default crisis in Greece amid month-end demand for the greenback from importers.

Meanwhile, the benchmark BSE Sensex rose 117.80 points, or 0.42 percent, to trade at 27,762.95 in early trade. 

Sensex gives up initial gains, but still up 54 points

 The benchmark Sensex turned choppy after its initial surge of 117 points though it's trading higher by 53.98 points on firm value-buying in healthcare, metal, realty, FMCG, capital goods and consumer durable sectors.

Higher Asian cues and country's strong macro economic parameters are helping the mood, despite Greek default fears looming large, a broker said.

The broader markets, midcap and smallcap indices also traded positive while IT saw some selling pressure.

The 30-share Sensex resumed lower at 27,627.39 and hit a high of 27,762.95 before quoting 27,699.13 at 1140 hrs, up by 53.98 points, or 0.20 percent.

The 50-share Nifty was also up 21 points, or 0.25 percent, at 8,338.85 at 1140 hours.

The stars were Sun Pharma (up 2.43 percent), Coal India (1.98 percent), Bharti Airtel (1.91 percent) and HUL (1.68 percent).

Meanwhile, foreign investors sold shares worth Rs 711.88 crore yesterday, according to provisional data.

Barring China, all other Asian indices were ruling higher. Key benchmark indices in Hong Kong, Indonesia, Taiwan, Japan, Singapore and South Korea were all up by up to 1.07 percent. 

Big day for IPOs: IndiGo, Infibeam, Teamlease eye over Rs 3,000 crore

 In a big day for IPOs, at least three companies -- low-cost carrier IndiGo, staffing firm Teamlease and e-retailer Infibeam -- have lined up public offers to raise an estimated over Rs 3,000 crore from investors.

Merchant banking sources said the draft papers for all the three Initial Public Offers (IPOs) were being submitted to capital markets regulator Sebi on Tuesday.

InterGlobe Enterprises, which runs the country's biggest airline by market share under 'IndiGo' brand, is looking to raise Rs 2,000-2,500 crore through the IPO, sources said, while Teamlease is looking to raise Rs 450-500 crore and Infibeam about Rs 400 crore.

The spokespersons for these companies could not be immediately contacted for their comments.

Continuing its market dominance, IndiGo flew 27.69 lakh passengers in May, accounting for more than a third of the total traffic. Last month, all Indian carriers together ferried a total of 71.27 lakh passengers.

The privately-held IndiGo is one of the two domestic carriers making profit. The other profitable airline is GoAir.

Earlier this month, Sydney-based aviation think-tank 'Centre for Asia Pacific Aviation' (CAPA) said IndiGo is estimated to have recorded a profit of USD 150-175 million in fiscal 2015.

The low-cost model using a single type of narrow-body planes is one of the contributing factors for IndiGo's profitability.

IndiGo was founded in 2006 by travel entrepreneur Rahul Bhatia and US Airways former chief executive Rakesh Gangwal.

After a prolonged lull, the IPO space has become very active and over 30 companies have lined up plans to raise funds totaling over Rs 20,000 crore through public offers, which also include Cafe Coffee Day, Matrix Cellular and GVK Airport.

At least 20 of these firms have already got the go-ahead from market regulator Sebi to launch their respective IPOs while draft IPO papers of five firms are currently "under process" but may be cleared soon.

Three companies -- Cafe Coffee Day, Matrix Cellular and RBL Bank -- approached the regulator last week itself and they are now being followed by the likes of IndiGo, Infibeam and Teamlease.

GVK Group also plans to list its airports business arm, GVK Airport Developers, and may raise an estimated Rs 3,000 crore. It has developed Mumbai and Bangalore airports.

The flurry of activity in the IPO space follows stabilising trends in the stock markets and the companies are looking to raise funds to finance their business expansion and loan repayments and meet working capital requirements.

It also comes at a time when the regulator Sebi has announced a slew of fresh reforms in the IPO space, including for halving the listing period to six days and making the application process for investors entirely cheque-free. 

Bank of Maharashtra, MUDRA seal pact to finance small business.

 Bank of Maharashtra and MUDRA Bank have signed an agreement to finance new entrepreneurs and small businesses.

To provide credit facilities to small business, the central government aims to facilitate credit up to Rs 1 lakh crore under MUDRA (Micro Units Development and Refinance Agency) scheme in the current year.

"Bank of Maharashtra and MUDRA Bank signed a general refinance agreement to finance new entrepreneurs and small business," Bank of Maharashtra said in a statement.

Under the new scheme, there are three categories of loans, 'Shishu' (loan of up to Rs 50,000), 'Kishor' (loan above Rs 50,000 up to Rs 5 lakh) and 'Tarun' (above Rs 5 lakh and up to Rs 10 lakh), that will be sanctioned and disbursed by banks, it said.

The amount will be refinanced through MUDRA Bank, it added.

S Muhnot, Chairman and Managing Director of Bank of Maharashtra, said the bank has already started financing new entrepreneurs/small business and sensitised its field functionaries on extending finance under the scheme.

Sensex falls nearly 2%, bonds retreat on Greece worries

India`s stock markets fell nearly 2 percent on Monday and bond yields rose as Greece looked set to default on its debt repayment this week, sparking concerns about foreign selling in emerging markets.

Greece closed its banks and imposed capital controls on Sunday to check the growing strains on its crippled financial system, bringing the prospect of being forced out of the euro into plain sight.

The Nifty fell 1.9 percent at 9:15 a.m., while the BSE Sensex was also down 1.9 percent.

The benchmark 10-year bond yield was up 3 basis points at 7.85 percent, while the rupee was trading at 63.90 compared to its 63.64/65 close on Friday.

Tech Mahindra shares hit over one-year low on Q1 warning

Shares of Tech Mahindra Ltd dropped almost 7 percent to a more than one-year low on Monday after the IT firm warned of a weak first quarter, partly due to higher U.S. visa sponsorship costs for its employees.

Local IT services companies send hundreds of workers to the United States to work on client projects, making them among the top applicants for U.S. visa.

Applications for H-1B visas allowing U.S. businesses to hire foreign workers in science, engineering and computer programming have already reached a record 233,000 in the financial year 2016.

Higher costs of H1-B visas will be a drag on first-quarter margins, Tech Mahindra said earlier in the day without elaborating.

The company also said its mobility business would be a seasonal drag on results in the first quarter.

"Organisation-wide there is renewed focus on improving operational levers and cost-control parameters, however the impact is expected to be visible only from Q3 FY16," the company said in a filing to the exchange.

Tech Mahindra shares were down 7.6 percent at Rs 482 on the NSE as of 1:23 p.m.

Rupee weakens by 3 paise at 63.65 against US dollar

 The rupee declined by 3 paise to 63.65 against the US dollar in early trade on Friday, extending weakness for the second day, at the Interbank Foreign Exchange due to appreciation of the American currency overseas.

Besides, month-end demand for the American currency from importers and a lower opening in the domestic equity market, weighed on the rupee, forex dealers said.

The rupee had shed 2 paise to close at 63.62 against the US currency in the previous session due to dollar demand from banks and importers.

Meanwhile, the benchmark BSE Sensex fell by 96.20 points or 0.34 per cent at 27,799.77 in early trade today. 

Additional $60 billion forex needed to fight volatilities: HSBC

As India's forex kitty is growing steadily, foreign brokerage HSBC on Friday said the country needs at least USD 60 billion more in reserves to fight a sustained period of global volatilities.

According to the global financial services major, India's forex reserves are above traditional norms but the country's "peculiar characteristics and experience" in recent crises suggest that about USD 60 billion more could buffer sufficiently against prolonged global financial tightness.

"We estimate an additional USD 60 billion of reserves, taking overall holdings to USD 420 billion, could take care of key vulnerabilities (such as unhedged external commercial debt, short-term external debt and portfolio outflows)," HSBC India Chief Economist Pranjul Bhandari said in a research note.

HSBC said India had lost USD 20 billion of foreign exchange reserves over the "taper tantrum" months of 2013.

However, since then, it has built up more than four times that amount.

At present, with about USD 360 billion (including USD 5.2 billion of net forward position) in reserves, India boasts of an import cover which is three times as large as the IMF's recommended value of three months, HSBC said.

Buying USD 60 billion of additional reserves would cost India USD 3.2 billion, the report said, adding that "anything more than this could really start hurting the fiscal balance".

The report noted that forex reserves are not the only line of defence available and as a second line of defence to forex reserves, swap arrangements with bilateral and regional partners, and similar mechanisms with G20 countries and multilateral organisations should be actively explored.

"Ultimately keeping the macro house in order, like lowering the twin deficits and inflation sustainably and increasing potential growth, is more important than reserve accumulation, as it can single-handedly make the economy resilient to shocks," HSBC said.

Sensex slides 84 points; bank stocks take a hit

 The benchmark BSE Sensex on Friday fell by 84 points to 27,811.84 as banking stocks plunged after RBI's stress test showed that deterioration in banks' asset quality is likely to continue for a few more quarters.

Sentiment was also hit after Greece failed to reach an agreement with its creditors ahead of a debt deadline, equity brokers said.

However, reports that monsoon has covered the entire country, except western Rajasthan, several days before its expected date lifted market mood to some extent.

The 30-share Sensex after opening in negative zone at 26,880.72 continued to slide as selling pressure gathered momentum amid a weak overseas trend. It touched a low of 27,675.16 before winding up 84.13 points or 0.30 percent down at 27,811.84. The index touched a high of 27,921.86 intra-day.

Also, the NSE Nifty ended 16.90 points or 0.20 percent down at 8,381.10 after shuttling between 8,408.55 and 8,339.70 intra-day.

However, both the Sensex and the Nifty indices posted their second-straight weekly gains by rising 495.67 points (1.81 pc) and 156.15 points (1.89 pc), respectively.

Reserve Bank of India's Financial Stability Report yesterday said that gross non-performing assets (NPAs) in the banking system have grown to 4.6 percent at the end of March this year from 4.5 percent in September.

Reacting to the news, the BSE banking index fell by 0.74 percent. Major losers from the Sensex were ICICI Bank, HDFC Bank and Axis Bank -- falling by up to 1.35 percent.

However, gains in TCS, NTPC, Infosys, Bajaj Auto, Cipla, Dr Reddy's, Maruti Suzuki, Tata Motors, Wipro, Lupin and HUL shares cushioned the fall in the indices.

Out of 30-Sensex constituents, 17 stocks ended lower.

Meanwhile, foreign investors bought shares worth Rs 280.21 crore yesterday.

Globally, Shanghai closed 7.4 percent down on fears that the Chinese stocks were overvalued after a year-long advance. European market was also down in their early trade.

MFs file papers with Sebi for 100 new offerings in 2015

 With rising demand from retail investors for mutual fund schemes, the draft papers by fund houses filed with capital markets regulator Sebi for launching New Fund Offers have gone as high as 100 since January.

The documents for these 100 NFOs have been submitted with the Securities and Exchange Board of India since the beginning of this year.

Some of these NFOs have already been launched, while other schemes would be opened for subscription soon after getting the necessary clearances.

UTI MF, Axis MF, ICICI Prudential MF, Birla Sunlife MF, and SBI MF are among the fund houses that are offering NFOs to investors.

A large number of these schemes are aimed at investment in equity and equity-related securities. Besides, the schemes are focused on debt fund, hybrid fund and Fixed Maturity Plan.

Manufacturing, economic recovery, resurgence of the business cycle, e-commerce and retirement, are some of the themes that are attracting mutual fund houses.

According to market participants, fund houses are rushing to Sebi to launch new schemes with growing interest among retail investors for mutual fund schemes. Recent fund launches have also received good response from investors.

Also, they said that the NFO market has picked up as the investors' confidence about equity markets is back and participation from retail investors is also on upswing.

In the past one year, several funds gave more than the index returns. This has brought retail investors' interest back into equities and they started participating through mutual funds, market participants added. 

Greece may cause churn in Indian stocks, debt market: Assocham

 The fallout of Greece crisis has largely been factored in by markets even though an immediate jolt is not ruled out and India can be impacted with upheavals expected in stocks and debt markets, Assocham has said.

"For some time, the markets would stay in a state of flux and the rupee may lose ground if situation in Greece worsens," Assocham Secretary General D S Rawat said.

Greece is currently facing a payment crisis, which is scheduled to repay a debt of USD 1.8 billion to the International Monetary Fund (IMF) on June 30, but it's believed that the country does not have the money to pay.

It becomes, therefore, imperative that "India should ring-fence itself as much as possible" by guarding its financial institutions and limiting exposure to countries where the impact of the crisis could be felt more.

"In a tumultuous global situation... We need to double our efforts to strengthen our economy in terms of domestic demand, investment and cleaning up the bottlenecks. Not only big-time investments should be announced, but also big-ticket projects should get off the ground," the industry said.

It suggested that while RBI should keep a close watch on the currency movement, the government should keep up efforts towards improving supply side to tackle inflationary issues.

However, with the monsoon making a decent progress, the prospects of rural economy look far better today than about two weeks ago.

"In the worst-case scenario for Greece, Indian exports to Europe may take a hit, but the world out there is much more prepared today than was the case in 2008 when the crisis was triggered by the Lehman Brothers collapse," Rawat said. 

Sensex rebounds 166 points; capital goods, realty stocks rally

 After taking a day's breather, the market on Thursday continued its upward journey with the benchmark BSE Sensex rebounding 166 points to 27,895.97 on buying in capital goods, realty and banking shares.

Ignoring Greek woes, the index recorded its ninth rise in last 10 sessions.

Besides, covering-up of short positions by speculators on expiry of June month series in the derivative contracts supported today's rally.

Globally, other Asian markets ended lower, while European stocks were little changed in their early trade as investors awaited progress in Greek talks.

In volatile movements, the 30-share BSE index opened lower at 26,660.22 and eased to touch the day's low of 27,635.76 in early trade. However, it bounced back to trade in positive terrain on across-the-board buying in blue-chip stocks to hit a high of 27,968.75 before winding up 166.30 points or 0.60 percent higher at 27,895.97.

Yesterday, the had Sensex lost 74.70 points.

The 50-share NSE Nifty after regaining the 8,400-level, scaled session's high of 8,423.15, before settling 37.15 points, or 0.44 percent higher at 8,398.

The recovery in the Sensex was supported by gains in Bajaj Auto that climbed 4.65 percent, while GAIL surged 3.44 percent. L&T advanced 3.28 percent and HDFC Bank 1.93 percent.

Among sectoral indices, BSE capital goods index gained the most by surging 2.12 percent, followed by realty 1.05 percent.

The broader markets also performed well on good buying by retail investors. The BSE mid-cap and the small-cap indices rose by 0.68 percent and 0.23 percent, respectively.

Stocks of mortgage lenders were in good demand on hopes the government's move on housing would improve their earnings.

HDFC rose by 2.20 percent, LIC Housing gained 0.55, while Dewan Housing up 2.41 percent.

Prime Minister Narendra Modi today unveiled three mega flagship urban schemes aimed at developing cities as engines of growth.

Meanwhile, foreign investors bought shares worth Rs 92.57 crore yesterday.

Sebi bans three firms from raising money from public

Market regulator Sebi has barred three firms -Matribhumi Projects, Jugantor Realty and Waris Finance and Investment- and their directors from mobilising money from investors through the issuance of securities for allegedly violating public issue norms.

The move follows Securities and Exchange Board of India (Sebi) receiving complaints against these companies alleging non-repayment of amount in respect of Non-Convertible Secured Redeemable Debentures (NCDs).

Sebi found that Matribhumi Projects raised Rs 4 crore through issuance of NCDs in 2012-13, Jugantor Realty and Waris Finance raked in Rs 13.28 crore and Rs 5.12 crore, respectively between 2010-11 and 2011-12 through such issue.

However, the number of allotees in these cases are not known.

The companies, through such activities, had allegedly violated various norms, Sebi said.

The regulator observed that allotment of NCDs by the firms were a public issue, which under the rules require a compulsory listing on a recognised stock exchange. It was also required to file a prospectus, among others, which they failed to do.

These companies are "engaged in fund mobilising activity from the public, through the offer of NCDs, and as a result of such activity has violated the provisions... Of the Companies Act," Sebi said in three separate interim orders.

Accordingly, Sebi has restrained the companies and its directors from mobilising any fresh "funds from investors through the offer of NCDs or through the issuance of equity shares or any other securities to the public, and/or invite subscription, in any manner whatsoever, either directly or indirectly till further directions".

Further, the firms and their directors have been barred from issuing any offer document or advertisement for soliciting money from the public for the issue of securities.

They have been restrained from accessing the securities markets, Sebi said.

The capital market watchdog also asked the entities not to dispose any of the properties or assets acquired by that company without prior permission from the regulator as well as not to divert the funds raised from the public.

Also, Sebi has prohibited debenture trustees of these firms from continuing with their assignment in respect of NCDs issue of these companies. It also barred them from taking up any new assignment in a similar capacity till further directions.

This order "shall come into force with immediate effect and shall continue to be in force till further directions".

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Sensex inches towards 28K; Nifty crosses 8,400-mark

 The benchmark BSE extended its gains and was up by 89 points in late morning trade Wednesday led by sustained buying in healthcare, FMCG, and teck sectors.

The broader markets advanced too with the BSE mid-cap and small-cap indices rising by 0.11 to 0.24 percent.

The 50-share Nifty rose by 19.44 points 0.23 percent to 8,401.10 at 1100 hrs.

Due to volatility, mild selling were seen in auto, banking and capital goods stocks.

The BSE Sensex resumed higher at 27,852.22 and moved in a range of 27,920.60 and 27,784.44 before quoting at 27,893.80 at 1100 hrs, a rise of 89.43 points or 0.32 percent.

Major gainers were, HUL by 2.14 percent, BHEL 1.84 percent, Lupin 1.49 percent, Sun Pharma 1.34 percent, ITC 1.03 percent, Vedanta 1.03 percent and Coal India 0.98 percent.

However, M&M eased by 0.87 percent followed by Tata Steel 0.83 percent, Hindalco 0.78 percent and SBI 0.54 percent.

Meanwhile, Foreign portfolio investors sold shares worth Rs 374.97 crore during yesterday's trading session, as per provisional data.

Overseas, Asian markets edged higher early today, as optimism around Greece's debt talks continues to buoy sentiment. 

Key indices in China, Japan, Hong Kong, Singapore, South Korea and Indonesia were up 0.03 to 0.91 percent. Taiwan index was down 0.08 percent.

In New York market, US stocks ended with slight gains yesterday.

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Infosys grants 1.24 lakh restricted stock units to Vishal Sikka

 Country's second largest software services firm Infosys has granted 1.24 lakh restricted stock units (RSUs) to its chief executive Vishal Sikka.

"Based on the recommendation of the Nomination and Remuneration Committee of the Board, the Board in its meeting held on June 22, 2015 granted 1,24,061 RSUs to Dr Vishal Sikka," Infosys said in a filing to the BSE.

The grant price of the RSU is Rs 5 per unit and is subject to terms, definitions, and provisions of the 2011 RSU Plan, it added.

The Board has also approved the proposal to buy the healthcare business from Infosys Public Services, Inc.

The Bengaluru-based firm has also released its annual sustainability report.

It said at the end of fiscal 2015, Infosys reduced its per capita consumption of electricity by 46 percent and 30 percent of its energy requirements are met through renewable sources.

"Furthermore, the company has lined up an investment outlay of USD 65 million to explore carbon-offset projects in an attempt to meet this commitment by 2018," it added.

During fiscal 2015, 74.98 million units of green power was used, which contributed to about 29.11 percent of the overall electricity requirements of the Infosys campuses in India.

Infosys said it plans to meet 40 percent of its electricity requirements from renewable energy sources.

"Infosys is also taking steps to reduce the water consumption and the company aims to reduce per capita freshwater consumption by 5 percent over fiscal 2015 levels by 2015-2016," it said.

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Lupin gets Board's nod to raise funds up to Rs 7,500 crore

Drug major Lupin on Tuesday said its Board of Directors have given in-principle approval for raising funds of up to Rs 7,500 crore.

"The Board of Directors at their meeting held on June 22, 2015, approved in principle the raising of funds up to Rs 75,000 million through issue of Securities i.E., equity shares, GDRs, ADRs, convertible bonds, equity linked instruments, etc. As may be appropriate," Lupin said in a filing to BSE.

Enabling approval of the shareholders to the above will be sought at the Annual General Meeting scheduled for July 23, 2015, it added.

The filing, however, did not disclose the purpose of raising the funding.

Shares of Lupin were trading at Rs 1,790.15, down 1.16 per cent from its previous close on BSE.

Venus Remedies shares surge nearly 14%

Shares of Venus Remedies surged nearly 14 percent today after the company announced the issue of equity shares to promoters on a preferential basis.

The stock jumped 13.52 percent to Rs 162 at BSE.

On NSE, it soared 13.6 percent to Rs 161.95.

Venus Remedies had informed BSE yesterday that a meeting of the Board of Directors of the company will be held on June 30, 2015 to consider and approve the issue of fully convertible warrants/equity shares to promoters on a preferential basis subject to approval in the general meeting.

The company's announcement came post market hours.

Meanwhile, in the broader market the BSE benchmark Sensex was trading 26.86 points higher at 27,757.07. 

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Sensex marks longest winning streak in five months

 The BSE Sensex rose on Tuesday for an eighth consecutive session of gains, its longest winning streak in nearly five months, on renewed optimism over Greek debt talks, while state-run banks gained on hopes of capital infusion.

The 30-share Sensex gained 0.27 percent, marking its longest gaining streak since an eight-session rally to Jan. 27, while the 50-share Nifty finished 0.34 percent higher. 

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Lupin shares gain on inclusion in Sensex

 Shares of drugmaker Lupin rose by almost 2 percent after the stock became part of the BSE benchmark Sensex from on Monday.

The stock gained 1.91 percent to Rs 1,851.15 at BSE.

On NSE, it climbed 1.86 percent to Rs 1,850.75.

Lupin replaced private sector electricity producer Tata Power.

Shares of Tata Power fell 0.76 percent to Rs 71.60 at BSE but later recovered the lost ground and was trading 0.35 percent higher at Rs 72.40.

Since May 22, when the announcement was made by BSE, shares of Tata Power had lost nearly 5 percent, while Lupin gained 4.6 percent.

Meanwhile, in the stock market, the Sensex was trading with a sharp gain of 313.33 points at 27,629.50.

Indiabulls Real Estate shares soar 22.5% on fund raising plans

Stocks of Indiabulls Real Estate soared 22.5 percent on Monday as the company said it will seek shareholders' nod to raise a total of Rs 538 crore from promoters, including convertible warrants worth Rs 290 crore.

The stock zoomed 22.47 percent to Rs 51.50 at BSE.

On the NSE, it surged 20.83 percent to Rs 50.75.

The company's board, during its meeting held on Saturday, approved 3.67 crore equity shares and 4.36 crore convertible warrants, Indiabulls Real Estate said in a BSE filing yesterday.

The move is part of effort for augmenting "the long-term resources of the company for meeting funding requirements for its business purposes," and also reflects the confidence that the promoters have, it added.

"The board approved issuance of 4,36,00,000 (four crore thirty six lakh) warrants, convertible into equivalent number of equity shares of Rs 2 each to the promoter group entities at an issue/conversion price of Rs 67 per share," it said.

At this price, these warrants would be worth over Rs 290 crore.

The shareholders' approval for the proposal would be sought during the meeting on July 20.

"The total equity investments by the promoters would amount to Rs 538 crore in the company, post conversion of warrants," it added.