SBI Chief Mrs Arundhati Bhattacharya said that, the bank will come out with roadmap of merger of its associate banks in a month’s time. The merger of associate banks with result in further expansion in market share and hence will be positive for bank over medium to long term.
Market hits new peak
The BSE Sensex and NSE Nifty are currently trading a new record high at 28,518 and 8,528, respectively. The Indian market has moved from strength-to-strength on the account unabated buying in metal, IT, banking, realty and power shares.
The BSE Sensex is currently trading at the highest point of the day - with a gain of nearly 200 points at 28,519 this is also a new peak for the BSE index.
The NSE Nifty is also trading at all-time at 8,528 - up 50 points. The CNX Nifty Junior and Mid-cap indices have gained 0.4 per cent each at 18,578 and 12,299, respectively. The Bank Nifty has rallied over a per cent at 18,273.
Sun Pharma-Ranbaxy: Court approves merger
Sun Pharma-Ranbaxy merger: Gujarat High Court approves merger; sentimentally positive. The Gujarat High Court has approved the proposed merger of Sun Pharma and Ranbaxy. However, a crucial clearance from competition commission of India (CCI) and competition commission in US remains pending.
A representative from CCI earlier disclosed to media that the CCI would take decision on merger by end of this month. Nonetheless, the approval of Gujarat High Court is a positive development for the company.
Power Grid falls 3% as FII limit reaches trigger level
Shares of Power Grid fall 3% to Rs 141 on NSE in otherwise strong markets as FII limit reaches trigger level. The FII investor limit in Power Grid Corporation has reached the trigger level and foreign investors can purchase further shares only upon getting the RBI's approval.
ICICI Bank gains 2% on stock split plans
Shares of private banking leader ICICI Bank Ltd gain 2% to Rs 1763 on NSE as the bank has fixed record date as December 05, 2014 for the purpose of ascertaining the eligible shareholders who would be entitled to receive 5 (Five) equity shares of nominal value of Rs 2 each in lieu of 1 (One) equity share of nominal value of Rs 10 each of the Bank. Today the stock gained another 2 % as the stock rallied to a fresh all-time high of Rs 1,770. The stock is now up 1.8 % at Rs 1,766, and around 142,000 shares have changed hands at the counter so far on the BSE.
Global Offshore Services zooms 9.5%
The stock so far has soared 11.6% on the BSE. Global Offshore Services is trading on a gung-ho note on the BSE after the subsidiary of the company has taken delivery of platform supply vessel. According to a media reports, Global Offshore Services B V, the company's subsidiary, based in the Netherlands has taken delivery of a newly build platform supply vessel. The stock scaled to record a fresh 52-week high at Rs 610 - up 11.6% from its previous close.
Now, the stocks has soared 9.5 % at Rs 599. On the BSE counter, so far, 129,000 shares are traded, against its two-week daily average volume of 28,000 shares.
Tata Steel’s Thai unit expects net profit for 2014-15
Tata Steel’s Thai unit expects net profit for 2014-15; Sentimentally positive. It expects to post a net profit for the FY2015, bouncing back from a H1FY2015 loss by boosting sales of high-margin products. During H1FY2015, it reported a net loss of USD 2.14mn due to weak construction demand and the impact of imports of steel bar products from China. It expects sales of more than 1.1 million tonne in the current financial year (as against 1.3 million tonne in previous year).
Aurobindo Pharma to consider raising of funds via securities
Aurobindo Pharma to consider raising of funds through securities; positive. The Board of Aurobindo Pharma is likely to meet on November 25, 2014, inter alia, to consider raising of funds through issue of securities. Aurobindo Pharma has recently announced to bidding for Natrol in US for US $132.5 million plus certain liabilities and it also plans Rs 1300 crore capex over next two years. The company currently has debts close to US $440mn. The additional equities will ease off pressure on balance sheet.
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