Auto and cement stocks will be in focus as companies start unveiling sales data for the month just gone by.
Bharti Airtel will holds its annual general meeting today, 1 September 2010.
The United States Food and Drug Administration (US FDA) has issued a warning letter to Sun Pharmaceutical Industries for manufacturing practice violations at its Cranbury facility in New Jersey, USA. The decision is unlikely to have a significant impact on Sun Pharma's US operations, as the Cranbury plant manufacturers only limited products, mainly four or five controlled substance drugs or drugs that come under the narcotics category.
Sun Pharma said in a statement that it plans to respond to the US FDA within 15 days and would work cooperatively and expeditiously to resolve the matters mentioned in the letter. Sun Pharma also maintained its consolidated sales growth guidance for the current fiscal year to March 2011. It said last month it expected to meet its guidance of 18% to 20% revenue growth in 2010-11.
The board of directors of Kingfisher Airlines has passed an enabling resolution for issuing further capital through various instruments including preference shares and/or equity shares and/or GDRs or such other instruments, by way of rights issue/preferential issue/GDR issue or in such other manner as the Board may deem fit up to an amount of Rs 5000 crore (approximately $1 billion).
State-owned oil marketing companies have cut jet fuel prices by 4% to Rs 41,388 a kiloliter (kl) from Rs 43,188 a kl in Mumbai from Tuesday (31 August 2010) mid-night. Rates in Delhi came down by Rs 1,715 per kl, or 4.09%, to Rs 40,138 per kl.
Housing Development Finance Corporation (HDFC), India's largest dedicated mortgage lender by market capitalisation, has increased its retail prime lending rate (PLR) by 50 basis points (bps) to 14.25%. This is the first time HDFC is increasing its PLR in two years.
Adani Power reportedly plans to spend about Rs 82,500 crore to increase capacity almost 17-fold to 16,500 megawatts in the next four years.
Reliance Broadcast Network's board will meet today, 1 September 2010, to consider preferential allotment of equity shares/other equity related securities to promoters/other investors.
Jindal Poly Films' board will consider bonus issue on 3 September 2010.
Sayaji Hotels' board approved issuing 15 lakh fresh equity shares and 18 lakh fresh convertible warrants to promoters at Rs 125 each. Each warrant is convertible is convertible into one equity share within 8 months of allotment.