Stocks in news: Axis Bank, Eicher Motors, Nestle, Rel Cap

Food Minister Ram Vilas Paswan says-Will take action once test results on Maggi are out-A complaint has been filed & National Consumer Disputes Redressal Commission (NCDRC) will take appropriate action-Maggi issue a serious issue, looking into this matter

Volvo to exit Eicher Motors, to sell its 3.7 percent stake (10 lakh shares) via block deal today: Sources-Volvo to sell 10 lakh shares in Eicher Motors at Rs 17,190-18,190/shareAlert: Volvo had sold 4.7 percent stake in Eicher Motors earlierAlert: Citi is banker to Volvo-Eicher Motors deal

NTPC to CNBC-TV18-20,000 MW of projects currently under execution-Will easily surpass the 12th plan targets-Health of discoms continues to be an issue-No point of producing power, if no buyers-States have shown intent towards resolving the discoms issue-Plants are comfortably placed w.r.t to coal stocks-All plants have surplus coal-Monsoon expected to be challenging w.r.t coal availability-If hydel power fails to meet targets due to poor rainfall, thermal power can compensate-Solar power currently costs 6.5 paisa, but still too expensive-Bundling solar with cheap thermal power will help bring down costs-Power ministry has allotted 1500 MW thermal power for bundling-Aiming to keep the fixed cost to below 1.5 paisa for power-Ideally power prices should be 3-3.5 paisa

S&P lowers Bank Of India's standalone credit profile to BB+ from BBB-S&P on Bank Of India:-Lowered standalone credit profile rating to BB+ from BBB--Have affirmed 'BBB-' long-term & 'A-3' short-term issuer credit ratings-Expect bank's asset quality to remain weak over the next 12 months-Long-term ratings affirmed due to continued expectations of government support

RBI releases results of professional forecasters survey on macro indicatorsRBI survey says-Forecasters expect real gross value added to rise by 7.8 percent in FY16-Forecasters see agri growth at 2.2 percent & services growth at 10 percent in FY16-Forecasters see industry growth at 6.2 percent in FY16-Forecasters see gross value added (GVA) up by 8.2 percent in FY17-Forecasters see agri growth at 3 percent & services growth at 10.1 percent in FY17-Forecasters see industry growth at 7 percent in FY17-Forecasters see gross savings rate at 30.8 percent of gross national disposable income (GNDI) in FY16 and 31 percent in FY17-Forecasters see gross fixed capital formation at 28.8 percent of GDP in FY16-Forecasters see gross fixed capital formation at 29.4 percent in FY17-Forecasters see gross fiscal deficit at 3.9 percent in FY16 & 3.5 percent in FY17-Forecasters see current account deficit at 1 percent of GDP in FY16 & CAD at 1.3 percent of GDP in FY17

Government signs global pact on Automatic Financial Information ExchangeGovernment says-Pact to help source foreign financial information to prevent tax invasion

India & US Sign 10-year pact for defenceGovernment says-India & US Pact for defence tech, trade initiative-India & US finalised two project pacts for joint development-Pact for joint development of mobile electric hybrid power sources & next generation protective ensembles

PCS Tech says-Bombay High Court sanctioned scheme of amalgamation & arrangement between PCS International, Mauritius & Company-No equity shares of company shall be issued pursuant to the scheme

Seshasayee Paper & Boards says-State Level Environment Impact Assessment Authority TN, granted environmental clearance for Tirunelveli unit-Clearance for enhancement of production of writing & printing paper, production of waste paper pulp & augmenting power generation

IOC says-Government has asked company and HPCL to procure oil from Iraq for Indian strategic petroleum reserves-Company acted as facilitator for import

Meeting between SBI and SBI Associates with SBI Associate Union was inconclusive: Sources-SBI Associate Bank union was represented by SBM MD, Sharad Sharma-Discussion was held on the following issues after meeting with the chief labour commission-Associate banks want change in associate bank policies-Associates want change in compassionate appointment policy-Associates seek enhancing limit for home loan for its employees-Associate wants SBI to change carried progression policy

SBI says-SBI and MDs of associate banks met unions of associate banks for a bipartite discussion on few issues-No conclusion could be arrived at in the meeting

Other stocks and sectors that are in news today:-Broadcast Initiatives to run ‘Prajatantra Live’ newspaper & ‘Live India’ magazine under own brand name instead of associate “Mi Marathi Media Ltd’-L&T Infrastructure Finance Company to issue Rs 750 crore debt instruments via private placement-Rohit Ferro-Tech to issue 7.12 crore convertible warrants at Rs 20/warrant on preferential basis-RBI says FIIs can investment in Axis Bank as shareholding is below threshold limit-Wipro appoints M Sanaulla Khan as company secretary w.e.f June 3, 2015-Bayer Crop to buy back shares worth Rs 506 crore at Rs 4,000/share-Axis Bank cuts deposit rates by 10-20 bps effective June 9-Pipavav Defence & Offshore CEO Rajiv Sarman Shukla resigns w.e.f May 30, 2015-Vedanta buys 4.98 percent stake in Cairn India for USD 315 million from Twin Star Mauritius Holdings-Railway Minister Suresh Prabhu says railways to launch new projects worth Rs 10,000 crore and several old projects to be completed-Warburg Pincus to invest Rs 850 crore in Ecom Express-Competition Commission approves Johnson unit’s acquisition of Hitachi HVAC unit