Daily Archives: Tuesday April 2nd, 2019

L & T Finance will offer 9.05% interest on NCD

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L & T Finance will offer 9.05% interest on NCD

Mumbai-L & T Finance Limited has introduced second secured redeemable non-convertible debentures (NCD). This NCD will open on April 8 and close on 18th April. Even though the company can close it earlier. Through this, the company has set a target of raising Rs 500 crores and it can be increased up to Rs 1000 crores on the arrival of more subscription.
According to the press release issued by the company, its face value is 1000 rupees. It has all the options in the second issue through which the interest is being offered. It will pay 9.05 per cent interest annually. In all stages, more interest will be given to retail investors than institutional investors. The safe NCD has given the rating of AAA (stable) while Care has also rated AAA (stable) rating.
According to the company, this NCD has seven options. In this, it will be 8.70 per cent and 8.90 per cent interest for three years, 8.80 to 9 per cent in 5 years and 8.86 per cent to 9.05 per cent in 8 years. However, at this time banking interest is getting 8 per cent interest, in that it can be a good investment option for long periods. The company will use this amount to spend on borrowing and payment of interest. Lead Managers of NCD are Edelweiss Financial Services, AK Capital Services, Axis Bank etc.

ICICI and Kotak Mahindra Bank deducted interest rates

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ICICI and Kotak Mahindra Bank deducted interest rates

Mumbai-Private sector second largest bank ICICI Bank has cut the 5 basis points in MCLR rates. On the other hand, Kotak Mahindra Bank has cut 10 basis points in MCLR. New rates have come into effect from April 1.
ICICI Bank has reduced MCLR to 8.5 percent for one night and one month period. MCLR 8.55 percent for the two-month period, 8.7 percent for a six-month period and MCLR has been reduced to 8.75 percent for a one-year period.
On the other hand, Kotak Mahindra Bank has cut the 10 basis points in MCLR rates. MCLR has now become 8.9% for a period of one year in the bank. For the period of two years and three years, MCLR has been reduced by 5 basis points to 9 per cent. Earlier, the bank had cut 5 basis points in MCLR for other periods.

Steady growth in the market

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Steady growth in the market

The Mumbai-Bazar continued to see fast for the fourth day. However, there was a turnover in the market with market volatility. In the last hour, the bank got support from the recovery in the Nifty, which has enabled the Sensex to closing at its highest level after several days of muscle power. At the turn of the end, the BSE 30-share index Sensex closed at 184.78 points, or 0.48 per cent, at 39056.65. On the other hand, NSE’s 50-share index Nifty closed 44.05 points, or 0.38 percent, at 11713.20.
Power companies have been in the spotlight today. After the court verdict, power shares today saw strong gains and BSE’s power index closed at a height of 6 months. Due to good sales figures, Godrej Properties today saw strong growth and the shares ran more than 9 per cent. The rise in other realty stocks in today’s business, and the Realty Index closed at the peak of 7 months.
Auto share also saw strong gains today, led by Tata Motors. Tata Motors gained momentum for the second consecutive day in hopes of better performance of Jaguar in fourth quarter. There has been a sharp decline in the Saints today. These shares are more than 10 percent broken today.
The biggest increase in auto, IT, realty and PSU bank stocks was seen. Bank Nifty closed at around 30355 level with an increase of 0.09 per cent. In today’s trade, Nifty’s auto index closed 1.07 percent, IT index 0.93 percent, Realty index 2.32 percent and PSU Bank index closed 1.19 percent higher.
However, today pharma, media, metal and FMCG sectors are under pressure. Nifty’s pharma index closed 0.84 percent, the media index was down 0.87 percent, the metal index was up 0.43 percent, and the FMCG Index was 0.40 percent lower.
In today’s turn, mid-and small-cap stocks have seen a decline. BSE’s mid-cap index closed at 15553.75, with a weakness of 0.04 per cent today. At the same time, the smallcap index declined by 0.18 per cent to 15116.84.

 

IPO 5 from PolyCab India

IPO Investment

The initial public offering (IPO) of Policab India, which will be incorporated in the manufacture and sale of Mumbai -Wires and Cables business, will open on April 5 and close on April 9. The company has fixed the scope of this IPO for the value of 533 to 538 rupees.
On Tuesday, the company said in Mumbai that Rs 400 crore will be mobilized through the new equity shares in this IPO, while together it will raise Rs 1,345 crore. The company will use this amount to repay the loan, which will be complete or partial. Also, the Kush amount will be used on the needs of incremental capital.
The company’s chief executive officer R. Ramkrishnan told that 100 crores rupees will be used in repayment of debt. Further, the company will remain a bit conservative in capital expenditure to save cash. Its book running lead managers are Kotak Mahindra Capital, Axis Capital, Citigroup Global Markets and Edelweiss Financial Services. For the eligible employees of the company, a discount of Rs 53 per share will be given. In India, the wireless and cable industry is 53,000 crores and after the listing of PolyBab, market capitalization can be Rs 8000 crores.

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