Stock Market News Today:SBI, OIL, Reliance.

Cabinet –Okays Reliance Industries (RIL) gas issue subject to company submitting bank guarantee -RIL can sell gas at new price from April 21, 2014 with riders -Cabinet rejects finance ministry demand to cap gas prices

Oil Minister Veerappa Moily says –No change needed in new gas formula w.r.t. spot prices -Cap/floor price need not be stipulated in gas pricing -RIL allowed to sell at new price after submitting bank guarantee (BG) -Allow Coal India to explore coal bed methane -RIL can sell D1, D3 gas at revised price subject to bank guarantee -Fertiliser, finance ministry to work out higher subsidy payout post gas price hike

Oil secretary says –Law ministry to decide final modalities, frequency of RIL bank guarantees -To notify new price formula as soon as cabinet meet minutes ready -Will sign a supplementary agreement with RIL on bank guarantee -RIL's D1 D3 gas shortfall till April 1, 2013 at 1 TCF -Disagree RIL bank guarantee can be over USD 9 billion -Fertiliser, finance ministry to work out higher subsidy payout post gas price hike

Power Grid to CNBC-TV18 -FPO subscribed 6 times; retail investors subscription at 2.2 times -Current capitalisation stands at Rs 8,000 crore -No need to raise equity in near future -Can expect a Rs 2,000-Rs 3,000 crore bond issue after few months -Marginal impact on CERC norms reducing availability -To ask CERC to reconsider availability incentive steps -May see impact of Rs 160 crore on back of CERC norms

SBI reduces home loan interest rates SBI says –Interest rates on home loans up to Rs 75 lakh to Be 10.15 percent -Interest rates on home loans above Rs 75 Lakh to be 10.30 percent -To offer 5 bps discount on home loans for women -New interest rates on home loans effective December 20 -Slab for lower interest rates raised from Rs 30 lakh to Rs 75 lakh

IDFC : -Seeks to cut foreign holding limit in company to 49.9 percent from 54 percent -To cut foreign holding limit to meet RBI bank licence norms -Foreign holding in company at 51.27 percent as on December 6 -To reinstate 74 percent foreign holding limit if no bank license given.

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Stock Market Latest News Today:SKS Microfinance Rose by 0.82% Today

SKS Micro finance inches up after completing securitization transaction

SKS Micro finance rose 0.82% to Rs 177.80 at 11:30 IST on BSE after the company said it has completed its third substantial micro finance securitization transaction of Rs 215 crore during current financial year.

The announcement was made before market hours today, 19 December 2013.

Meanwhile, the S&P BSE Sensex was down 157.41 points or 0.75% at 20,702.45.

On BSE, so far 81,000 shares were traded in the counter as against average daily volume of 2.63 lakh shares in the past one quarter.

The stock was volatile. The stock rose as much as 2.66% at the day's high of Rs 181.05 so far during the day. The stock lost as much as 0.65% at the day's low of Rs 175.20 so far during the day. The stock had hit a 52-week high of Rs 190.40 on 9 January 2013. The stock had hit a 52-week low of Rs 95.60 on 24 May 2013.

The stock had underperformed the market over the past one month till 18 December 2013, declining 3.74% compared with the Sensex's 0.04% rise. The scrip had, however, outperformed the market in past one quarter, jumping 31.95% as against Sensex's 4.5% rise.

The small-cap company has equity capital of Rs 108.21 crore. Face value per share is Rs 10.

Commenting on the development, S. Dilli Raj, Chief Financial Officer, SKS Microfinance said, "With this, the total sum of securitizations completed for FY 2014 (YTD) is Rs 616.81 crore. This transaction is priced at a good 200 basis points lower than our cost of borrowing for the previous quarter".

SKS Microfinance said it has downloaded the receivables from micro loans extended to more than 2,50,000 rural women entrepreneurs to a Special Purpose Vehicle, and Pass Through Certificates (PTCs) have been purchased by a major private sector bank. The entire pool qualifies for priority sector treatment as per RBI's priority sector lending guidelines, it added.

The pool is rated A + (SO) by a leading rating agency signifying 'adequate degree of safety regarding timely servicing of financial obligation'. Such instruments carry low credit risk, the company said in a statement. The pool is structured with geographical diversity as it comprises receivables from 14 non-Andhra Pradesh states and has been subjected to a seasoning of three months, it added.

SKS Microfinance reported net profit of Rs 16.34 crore in Q2 September 2013 as against net loss of Rs 262.16 crore in Q2 September 2012. Total income rose 67% to Rs 135.19 crore in Q2 September 2013 over Q2 September 2012.

SKS Microfinance is a non banking financial company – micro finance institution (NBFC-MFI), registered and regulated by the RBI, whose mission is to provide financial services to low-income households. SKS operates across 15 states of India. They include: Andhra Pradesh, Karnataka, Maharashtra, Odisha, Madhya Pradesh, Bihar, Uttar Pradesh, Rajasthan, Uttaranchal, Haryana, West Bengal, Jharkhand, Chhattisgarh, Kerala and Punjab.

CapitalHeight Provides Accurate Stock Tips/Share market tips with high accuracy.Stock Calls are given for NSE and BSE Stock Cash Traders with intense analysis done by our expert research Team. Our Expert teams provide you detail Technical and Fundamental analysis of the markets for Huge profit.

 

Stock Market Latest News Tesco Invest USD:110 Million in India

Tesco to invest USD 110 million in India Trent says

• Tesco in talks with company to buy stake in Trent Hypermarket
• Tesco will apply to Foreign Investment Promotion Board (FIPB) for hypermarket stake buy
• Tesco to own 50 percent in hypermarket if FIPB approves deal
• Tesco, company plan to operate on existing Star Bazaar stores

Commerce Minister Anand Sharma :

• Welcome Tesco's decision to invest in India
• Tesco to establish stores in Maharashtra, Karnatak
• Expect other international retailers to look at investing in India
• Tesco investment to help transforming Indian retail industry
• MBR FDI policy's key objective to manage post harvest losses
• MBR policy seeks to secure remunerative prices for farmers

CNBC-TV18 Exclusive: Tesco says –

• Like working with the Tata group in India
• Have developed great relations with local suppliers, farmers
• See tremendous potential in Indian market along with Tatas

PSU banks in focus

• Banks to go on strike today 
• Trade unions have decided to go on day long strike to press for wage revision and other demands

PTC India divests 16.76 percent stake in Meenakshi Energy for Rs 209 crore PTC India:

• Meenakshi Energy setting up 1,000 MW Andhra power plant
• Meenakshi Energy commissioned 300 MW of Andhra plant

Other stocks and sectors that are in news today:

• I-T Department versus Kingfisher Airlines (KFA): Karnataka High Court reserves order in TDS case against KFA
• Domestic roadshows for IOC divestment to begin today will end on December 20
• JM Financial allots 1.2 crore warrants to Vikram Pandit at Rs 19.05 apiece on a preferential basis
• JK Tyre allots 43 lakh warrants to promoters at Rs 115/Warrant
• Tata Steel puts Borivli land worth Rs 1000 crore up for sale: Mumbai Mirror
• Corporate action: HCL Technologies ex-date for dividend Rs 6 per share
• Board Meeting: Pipavav Defence AGM

SEBI chairman UK Sinha says

• Will consider not making IPO grading mandatory
• To consider making IPO grading non-compulsory in 7-10 days
• Shelf prospectus eligibility to list should be expanded
• To initiate process to bringing SMEs and PEs on common platform

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