Moneycontrol Bureau11:55 am Interview: Mumbai-based producer and distributor of films Eros International is hopeful of bettering its margins, catalogue and syndication revenues in FY17. The production house's stock has gained traction on the success of Housefull 3 at the box office and a tie-up with Apple TV to showcase content.In a free-wheeling interview with CNBC-TV18, Kishore Lulla, Executive Director, Eros International, said the company is targeting at least a 15-20 percent increase in revenue growth is in the current fiscal year. His optimism stems from the company securing satellite revenue for all films under its banner for FY17. "The whole slate for satellite has been sold," he said.11:45 am FDI Pharma: Government is considering a proposal to relax foreign direct investment (FDI) norms in existing pharmaceutical companies with a view to attracting more overseas inflows.
According to a proposal of the Finance Ministry, FDI up to 49 percent should be allowed through the automatic route and anything beyond through approval of the Foreign Investment Promotion Board (FIPB), sources said.
The Department of Industrial Policy and Promotion (DIPP) and the Finance Ministry are discussing the proposal.
11:30 am Capital infusion: Government will have to infuse Rs 1.2 lakh crore into PSU banks by 2020 to bolster their balancesheets and make good the losses suffered by them, Moody's Investors Service said today.
This is way higher than an additional Rs 45,000 crore capital infusion plan envisaged by the government.
Moody's said the asset quality of the banks will remain under pressure over the next 12 months and increased provisioning would constrain profitability and limit internal capital generation.
"In view of their results for the fiscal year ended March 2016, Moody's analysis suggests capital requirements of about Rs 1.2 trillion for its 11 rated public sector banks, far higher than the remaining Rs 450 billion included in the government's budget for capital distribution to the banks until 2020," it said.
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There is a sharp surge in market supported by rally in index heavyweights. The Sensex is up 173.75 points or 0.6 percent at 26937.21, and the Nifty up 51.80 points or 0.6 percent at 8255.40. About 1419 shares have advanced, 656 shares declined, and 105 shares are unchanged.
BHEL, M&M, Lupin, Adani Ports and Cipla are top gainers while Asian Paints, Tata Motors and Bhrati are losers in the Sensex.
Crude prices dipped further in Asia on a stronger dollar, dampening a rally that saw the commodity hitting 11-month highs earlier in the week. The losses were in line with a sell-off on equities markets from Asia to the Americas fuelled by worries about the state of the global economy.
The greenback was boosted by better than expected US unemployment numbers, making oil more expensive and dampening demand.
Traders, however, expect a fresh boost for oil futures if there are new signs of tightening supplies.
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