·L&T bags Rs468 crore of defence order for constructionL&T bags Rs468 crore of defence order for construction of floating dock. L&T has been awarded a defence orders to construction of floating dock for Indian Navy. The docks will confirm to international norms and incorporate fully automated ballast control system. This order came to L&T on the back of the recent order for design and construction of seven offshore patrol vessel.
·Bharti Airtel to raise funds via foreign debt
Private telecom operator Bharti Airtel today said it has approached investors for issuance of 10-year US dollar bonds. The Company has also approached investors for issuance of debt instruments in the form of dollar-denominated Senior Unsecured Notes. The notes are expected to be rated BBB- ( Fitch) / BBB- (S&P) / Baa3 (Moody's), it added.
·Reliance Industries will produce 23 mn cubic meters more gas
Reliance Industries will produce 23 million standard cubic meters per day of more gas from five discoveries in the flagging KG-D6 block by 2016-17, as per oil ministry – positive read thru for RIL.
·Punjab & Sind Bank trims base rate, BPLR by 0.25%
State-owned lender Punjab & Sind Bank has reduced its base rate and benchmark prime lending rate ( BPLR) by 25 basis points (0.25%), effective from June 03, 2015. The move has come after the Reserve Bank of India has announced the lowering of key policy rate for the third time this year and the RBI Governor Raghuram Rajan asked the banks to pass through the sequence of rate cuts into lending rates.
·Emami gains after acquisition of Kesh King for Rs1651 cr
Shares of Emami surged nearly 5%, touching to Rs1116.9, after FMCG player Emami on Tuesday announced acquisition of ayurvedic hair and scalp care brand Kesh King for Rs1,651 crore in its foray into the fast-growing haircare segment. The Kolkatta based firm will purchase the entire Kesh King portfolio such as shampoos, conditioners, capsules and hair oil.
·Nestle tanks as government finds Maggie unsafe to consume
Shares of Nestle dropped 8% to Rs6265 on the NSE after the Delhi government summoned officials of Nestle India claiming that the samples of Maggi noodles fail to meet food safety norms and are unsafe.
The stock opened at Rs6500 and touched a low of Rs6109 on the NSE. Delhi government says lab testing report shows Maggi samples found unsafe in national capital Delhi, govt says department of food safety tested samples of Maggi noodles and found 10 out of 13 samples unsafe.
·Domestic natural rubber prices rise 3.5% to Rs129/kg
Domestic natural rubber prices have risen 3.5% in the last week to touch Rs129/kg. The rise in rubber prices is on the back of some firming up in international rubber prices. Negative for tyre manufacturers such as Apollo Tyres, JK Tyre, Ceat and MRF.
·HSBC Services PMI contracts in May to 49.6
India's services activities fell for the first time in 13 months in May as demand remained subdued, showed a widely-tracked HSBC purchasing managers' index (PMI). This, coupled with the news of deficient rains does not augur well as now almost three-fourth of the economy faces problems. PMI was down to 49.6 points in May from 52.4 in April.
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