Stock News for 21st May 2014 ….

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Corporate News

Apollo Tyres

Shares of Apollo Tyres ended almost unchanged to close at Rs. 174. The company announced results, Apollo Tyres net sales for Q4 FY14 on standalone basis rose by 8.7% yoy. While volumes were higher by 6%, realizations rose marginally. Capacity utilization for the Indian operations was flat at 75%. Gross margins improved by 122bps yoy on the back of decline of natural rubber prices. On the margin front, I foresee EBIT margin to remain stable for European operations and expect South African operations to remain EBIT positive in Y15.”

ICICI Bank

ICICI Bank has reduced home loan rates by up to 10 basis points (bps) for loans up to Rs 75 lakh. Under the new scheme, which will be offered till June 30for new customers, interest on home loans up to Rs 75 lakh will be charged at 10.15% or 15 bps over the base rate. The stock was down 1.5% at Rs. 1,446 on NSE.

SKS Microfinance

SKS Microfinance decided to open a QIP (qualified institutional placement) issue by way of issue of equity shares. The Board has fixed May 19, 2014 as the ‘Relevant Date’ for the purpose and accordingly the floor price is Rs. 235.06 per equity share. SKS closed up 2.12% at Rs. 258.

Reliance Power

Reliance Power said that its fourth 660MW unit of the 3,960MW (6X660MW) Sasan Ultra Mega Power Plant has commenced power generation. The project is being developed by Sasan Power, a wholly-owned subsidiary Reliance Power. Reliance Power closed up 1.1% at Rs. 87.10.

Wipro

Wipro won an over US$400mn deal from Takeda Pharma under which the former will develop and support IT requirements of the largest Japanese pharmaceutical company. Wipro closed up 3.21% at Rs. 497.50 on NSE.

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