Current account deficit improves to 1.6% of GDP
Current account deficit ( CAD) improves to 1.6% of GDP Q3FY15 CAD declined to $8.2bn (1.6% of GDP) from $10.1 bn in Q2FY15 ( 2.1% of GDP) largely driven by lower oil prices and higher foreign inflows, Trade deficit came in at $39 bn while there was BOP (balance of payment) surplus of $13.1 bn.
Hindalco slips on coal scam case
Shares of Hindalco Industries dipped over 5%, touching to Rs131, as Kumar Mangalam Birla is named in the coal allocation scam case. A Special Court has summoned him along with former Prime Minister Manmohan Singh & former coal secretary PC Parakh. They will have to appear in the court on April 8.
Jubilant Life gains after brokerage maintains buy rating
Shares of Jubilant Life Sciences surged over 5%, touching to Rs166.75, after a foreign brokerage maintained its buy rating on the stock, citing attractive valuations.
The brokerage feels that the valuations of the Jubilant Life Sciences stock are attractive, given expectations of improvement in EBITDA margins and free cash flows. The current financial year 2014-15 is tough for the company, but the brokerage expects revival in FY 2016.
SBI witnesses spurt in car loan sanctions
SBI witnesses spurt in car loan sanctions—positive read tru for SBI, HDFC Bank, ICICI Bank which are leading car financiers. Since auto sales are beginning to show signs of a recovery, SBI which is the leading car financier is seeing rise in car loan sanctions. The Bank has also eased the lending norms which saw number of daily sanctions growing to 1,300 during Q3FY15 against 300-400 in the first half (April-September 2014) of the current financial year.
HCL Tech hits record high on fixing Record Date
Shares of HCL Technologies rose over 3%, touching to Rs2116.4, after the company fixed March 20, 2015 as record date for liberal 1:1 bonus issue. The company has fixed record date as March 20, 2015 for the purpose of issue of bonus shares on the company’s equity shares in the ratio of 1:1 i.e. one additional equity share for every one equity share held,” HCL Technologies said in a statement.