U.S. stocks rise on earnings, shrug off data, Ebola fears; Dow up 0.76%

Investing.com - Investing.com - U.S. stocks rose on Friday applauding a fresh batch of positive third-quarter earnings, which gave investors room to shrug off soft home sales data and a new case of Ebola diagnosed in the United States.

At the close of U.S. trading, the Dow 30 rose 0.76%, the S&P 500 index rose 0.71%, while the NASDAQ Composite index rose 0.69%.

The CBOE Volatility Index index, which measures the outlook for market volatility, was down 2.54% at 16.11.

Stocks rose as investors cheered better-than-expected earnings from Microsoft and Procter & Gamble one day after 3M Company (NYSE:MMM), General Motors Company (NYSE:GM) and Caterpillar Inc (NYSE:CAT) beat consensus forecasts, giving investors room to shrug off soft home sales data.

The Census Bureau reported earlier that U.S. new home sales rose 0.2% in September to 467,000 units, missing expectations for an increase to 470,000 units.

The August figure was downwardly revised to a 15.3% climb to 466,000 units from a previously estimated 18.0% jump to 504,000 units.

Still, a longer-range view of economic indicators still points to a sustained U.S. recovery, including in the housing sector.

Earlier in the week, the National Association of Realtors reported that U.S. existing home sales increased 2.4% to a 5.17 million units last month from 5.05 million in August. Analysts had expected existing home sales to rise 1% to 5.10 million units in September.

Elsewhere, a doctor who recently returned from Guinea tested positive for Ebola in New York City, though expectations for authorities to contain the virus gave investors room to focus on earnings and stocks room to rise.

Leading Dow Jones Industrial Average performers included Microsoft Corporation (NASDAQ:MSFT), up 2.45%, 3M Company (NYSE:MMM), up 2.44%, and Procter & Gamble Company (NYSE:PG), up 2.31%.

The Dow Jones Industrial Average's worst performers included Visa Inc (NYSE:V), down 0.39%, Chevron Corporation (NYSE:CVX), down 0.26%, and International Business Machines (NYSE:IBM), down 0.08%.

European indices, meanwhile, ended the day lower.

After the close of European trade, the DJ Euro Stoxx 50 fell 0.36%, France's CAC 40 fell 0.69%, while Germany's DAX fell 0.66%. Meanwhile, in the U.K. the FTSE 100 fell 0.47%.

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Natural gas dips as weather forecasts stay mild

Investing.com - Investing.com - Natural gas prices moved lower on Friday after updated weather-forecasting models continued to call for mild autumn temperatures to hold across much of the U.S. and curb demand for both heating and air conditioning, prompting thermal power plants to burn less of the commodity as a result.

On the New York Mercantile Exchange, natural gas futures for delivery in November were down 0.50% at $3.604 per million British thermal units during U.S. trading. The commodity hit a session low of $3.560, and a high of $3.666.

The November contract settled down 1.01% on Thursday to end at $3.622 per million British thermal units.

Natural gas futures were likely to find support at $3.545 per million British thermal units, the low from Nov. 19, 2013, and resistance at $3.718, Wednesday's.

Updated weather-forecasting models called for mild temperatures across much of the U.S. into early November, and while a blast of cold air could make their way into the northern U.S. in the coming week or two, uncertainty as to how far south it could reach kept natural gas prices in negative territory.

"If there were additional sub-freezing weather systems to follow it would be different, but the storms that impact the U.S. around November 4-7th will likely again be over the Northwest and Northeast corners," Natgwasweather.com reported in its Friday midday update.

"This simply leaves too much of the U.S. under pleasant conditions and should result in another larger than normal build for early November."

Elsewhere on the NYMEX, light sweet crude oil futures for delivery in December were down 1.04% at $81.24 a barrel, while heating oil for November delivery were down 0.61% at $2.4838 per gallon.

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Crude shoots up on Saudi output cut, U.S. data

Investing.com - Investing.com - Oil prices shot up on Thursday on news Saudi Arabia trimmed output in September to support the market, while upbeat U.S. data and earnings boosted prices by stoking hopes for a more robust U.S. recovery.

In the New York Mercantile Exchange, West Texas Intermediate crude oil futures for delivery in December traded up 1.52% at $81.74 a barrel during U.S. trading, up from a session low of $80.06 a barrel and off a high of $82.34 a barrel.

The December contract settled down 2.39% at $80.52 a barrel on Wednesday.

Support for the commodity was seen at $79.10 a barrel, last Thursday's low, and resistance at $83.26 a barrel, Tuesday's high.

Oil prices got a boost after Saudi Arabia said it cut crude oil production by about 328,000 barrels in September to a total of 9.36 million barrels.

London-traded Brent prices have fallen nearly 26% since June, while WTI futures are down almost 23% from a recent peak of $107.50 in June.

Concerns over weakening global demand combined with indications that the Organization of the Petroleum Exporting Countries will not cut output to support oil markets have weighed on prices in recent weeks.

OPEC oil output hit a two-year high of 31 million barrels per day in September, led by higher production from Iraq and Libya.

Some market analysts believe that only a cut in production by the oil cartel will halt the decline in prices.

Oil ministers from the 12-member group are scheduled to meet in Vienna on Nov. 27 to consider whether to adjust their production target for early 2015.

Elsewhere, bullish data out of the U.S. gave oil a boost as well on expectations that a more robust U.S. economy will consume more fuel and energy.

The Department of Labor reported earlier that the number of individuals filing for initial jobless benefits in the week ending Oct. 18 increased by 17,000 to 283,000, broadly in line with forecasts.

The four-week average fell to 281,000, the lowest since May 2000, while continuing claims, which includes those receiving benefits for at least a second month in a row, also hit a 14-year low, of 2.35 million, which bolstered the U.S. currency.

Better-than-expected earnings from General Motors Company (NYSE:GM) as well as Caterpillar Inc (NYSE:CAT), the latter of which hiked its profit outlook, boosted oil prices as did data out of Europe.

Research group Markit Economics reported earlier that its preliminary manufacturing purchasing managers' index for the euro area ticked up to 50.7 this month from a final reading of 50.3 in September. Analysts had expected the index to slide to 49.9.

The service-sector PMI held steady at 52.4, slightly above expectations of 52.0.

Separately, on the ICE Futures Exchange in London, Brent oil futures for December delivery were up 2.34% at US$86.70 a barrel, while the spread between Brent and U.S. crude contracts stood at $4.96.

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Natural gas moves off earlier highs on mild weather forecasts

Investing.com - Investing.com - Natural gas prices moved lower on Thursday on expectations that mild autumn temperatures will hold across much of the U.S. and curb demand for both heating and air conditioning, prompting thermal power plants to burn less of the commodity as a result.

A bullish supply report cushioned losses.

On the New York Mercantile Exchange, natural gas futures for delivery in November were down 0.11% at $3.655 per million British thermal units during U.S. trading. The commodity hit a session low of $3.609, and a high of $3.682.

The November contract settled down 1.40% on Wednesday to end at $3.659 per million British thermal units.

Natural gas futures were likely to find support at $3.545 per million British thermal units, the low from Nov. 19, 2013, and resistance at $3.718, Wednesday's.

Updated weather-forecasting models called for mild temperatures across much of the U.S. into early November.

"A weather system will track across the north-central U.S. to begin the outlook with cooler-than-normal temperatures. It will gradually push into the Northeast with reinforcing cool blasts set to follow. However, high pressure will strengthen over the southern and central U.S. late in the outlook and will bring mild temperatures with little demand for heating or cooling," Natgasweather.com reported in its Oct. 30-Nov.5 outlook.

"Weather systems will continue to impact the Northwest with showers, while offshore flow will bring warm temperatures to California. The pattern during the outlook is very messy and will require fine tuning."

Hopes for colder weather to arrive after the first week of November cushioned losses as did a bullish weekly inventory report.

The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ending Oct. 17 rose by 94 billion cubic feet, below expectations for an increase of 97 billion.

Elsewhere on the NYMEX, light sweet crude oil futures for delivery in December were up 1.23% at $81.51 a barrel, while heating oil for November delivery were up 0.79% at $2.4929 per gallon.

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Dollar gains on U.S. CPI report, ECB stimulus expectations

Investing.com - Investing.com - The dollar traded largely higher against most major currencies on Wednesday after U.S. inflation data met consensus forecasts, while expectations for the European Central Bank to loosen policy supported the unit further.

In U.S. trading on Wednesday, EUR/USD was down 0.61% at 1.2638.

The Labor Department reported earlier that the U.S. consumer price index rose 0.1% in September, meeting estimates and following a 0.2% decline in August, which sent investors flocking to the greenback.

Year-over-year, consumer prices rose 1.7% in September, beating expectations for a 1.6% reading.

Core consumer prices, which exclude food and energy costs, rose 0.1% in September, disappointing expectations for a 0.2% gain. Core consumer prices were flat in August, though the overall report confirmed market expectations for the Federal Reserve to make monetary policy less accommodating going forward.

The euro, meanwhile, continued to come under pressure after Reuters reported earlier this week that the European Central Bank may purchase corporate debt to boost slowing inflation rates in the euro area and kick start recovery.

The report said the bank could activate the new stimulus plan as soon as December and begin bond purchases by early next year.

The ECB began purchasing covered bonds on Monday in a bid to increase liquidity in the region, and talk of fresh stimulus programs softened the euro.

An ECB spokesperson said no decision had been taken but the report was seen as an indication that the bank is moving closer to purchasing government debt.

Reports by Spanish news agency Efe that at least 11 European banks are set to fail ECB stress tests this weekend also hit demand for the euro.

The ECB was to announce the results of stress tests on 130 banks on Sunday.

The dollar was up against the yen, with USD/JPY down 0.18% at 107.19, and up against the Swiss franc, with USD/CHF up 0.53% at 0.9540.

The greenback was up against the pound, with GBP/USD down 0.41% at 1.6049.

The minutes of the Bank of England's October policy meeting released earlier revealed that members voted unanimously to keep the asset purchase facility program on hold.

However, members Martin Weale and Ian McCafferty voted for the third consecutive time to raise interest rates to 0.75% from a record-low 0.5%.

The dollar was up against its cousins in Canada, Australia and New Zealand, with USD/CAD up 0.19% at 1.1243, AUD/USD down 0.03% at 0.8775 and NZD/USD down 0.45% at 0.7926.

In Canada earlier, a gunman killed a Canadian soldier before attempting to storm Parliament, which spooked markets.

Authorities shot and killed the gunman, though it was unclear if there more suspects on the loose at the time of writing.

Elsewhere, the Bank of Canada left its overnight cash rate unchanged at 1%, adding that domestic growth remains reliant on 'exceptional policy stimulus' and that 'persistent headwinds continue to buffet most economies'.

The statement came after Statistics Canada reported that retail sales fell 0.3% in August, compared to expectations for a 0.2% gain, after a 0.1% dip the previous month.

Core retail sales, which exclude automobiles, slipped 0.3% in August, confounding expectations for a 0.3% rise. July's figure was revised to a 0.5% decline from a previously estimated 0.6% drop.

The US dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.47% at 85.85.

On Thursday, the U.S. is to publish its weekly report on initial jobless claims.

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NYMEX crude oil rebounds in Asia on bargain hunting after overnight drop

Investing.com - Investing.com - Crude oil prices rebounded in Asia on Thursday on bargain hunting, but the underlying tone remained weak as ample global supplies weigh.

On the New York Mercantile Exchange, West Texas Intermediate crude oil futures for delivery in December traded at $80.48 a barrel, up 0.17%, after hitting an overnight session low of $81.13 a barrel and off a high of $83.13 a barrel.

Brent oil fell 1.8% to $84.71 a barrel on ICE Futures Europe.

Overnight, oil prices plunged after data revealed U.S. inventories rose more than three times markets were expecting, stoking growing concerns that the global market is awash in crude.

The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories rose by 7.1 million barrels in the week ended Oct. 17, far outpacing expectations for a gain of 2.7 million barrels.

Total U.S. crude oil inventories stood at 377.7 million barrels as of last week.

The report also showed that total motor gasoline inventories decreased by 1.3 million barrels, compared to forecasts for a decline of 1.0 million barrels, while distillate stockpiles increased by 1.0 million barrels.

A stronger dollar depressed oil prices as well, making the commodity less attractive asset on exchanges denominated in the U.S. currency.

The U.S. Labor Department reported earlier that consumer prices rose 0.1% in September, meeting estimates and following a 0.2% decline in August, which sent investors flocking to the greenback.

Core consumer prices, which exclude food and energy costs, rose 0.1% in September, disappointing expectations for a 0.2% gain.

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U.S. stocks surge on upbeat earnings; Dow rises 1.31%

Investing.com - Investing.com - U.S. stocks surged on Tuesday after a flurry of upbeat third-quarter earnings sparked a Wall Street rally.

At the close of U.S. trading, the Dow 30 rose 1.31%, the S&P 500 index rose 1.96%, while the Nasdaq Composite index rose 2.40%.

The S&P 500 VIX index, which measures the outlook for market volatility, was down 0.29% at 16.93.

Wall Street applauded earnings from Apple Inc (NASDAQ:AAPL), Texas Instruments Incorporated (NASDAQ:TXN), Verizon Communications Inc (NYSE:VZ) and United Technologies Corporation (NYSE:UTX) on Tuesday, which sent broader stock indices climbing.

Apple reported $42.1 billion in revenue and $8.5 billion in profit, which drew applause as did news that iPhone sales topped 39 million units in the quarter.

Disappointing earnings from soft drinks giant Coca-Cola Company (NYSE:KO) and the Chipotle Mexican Grill Inc (NYSE:CMG) restaurant chain failed to dampen spirits, as upbeat U.S. data added to the buying spree.

The National Association of Realtors reported earlier that existing home sales increased 2.4% to 5.17 million units in September from 5.05 million in August.

Analysts had expected existing home sales to rise 1% to 5.10 million units in September, and the better-than-expected figure boosted stock prices.

Leading Dow Jones Industrial Average performers included Intel Corporation (NASDAQ:INTC), up 3.25%, Chevron Corporation (NYSE:CVX), up 3.19%, and UnitedHealth Group Incorporated (NYSE:UNH), up 2.68%.

The Dow Jones Industrial Average's worst performers included Coca-Cola Enterprises Inc (NYSE:CCE), down 6.04%, International Business Machines (NYSE:IBM), down 3.47%, and McDonald's Corporation (NYSE:MCD), down 0.69%.

European indices, meanwhile, ended the day higher.

After the close of European trade, the Euro Stoxx 50 rose 2.19%, France's CAC 40 rose 2.25%, while Germany's DAX 30 rose 1.94%. Meanwhile, in the U.K. the FTSE 100 rose 1.68%.

On Wednesday, the U.S. is to produce data on consumer prices.

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New Maruti Suzuki Alto K10 first drive review

Maruti Suzuki are master strategists when it comes to the small car business. Not only do they have a small car portfolio that is the envy of any manufacturer but they constantly go about reinventing and redefining the business as a market leader rightly should. Case in point this new Alto, before this did anyone really need a micro hatchback with an automated transmission. Not really, but after this new Alto, everybody is definitely going to want one! So the question is how do you introduce a much scoffed at technology such as the... Read More

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Dollar dips on concerns global slowdown may cool U.S. recovery

Investing.com - Investing.com - The dollar traded largely lower against most major currencies on Monday albeit in tight trading ranges as investors priced in the possibility that softer European and Asian economies could dampen U.S. recovery.

In U.S. trading on Monday, EUR/USD was up 0.40% at 1.2811.

While many investors have priced in a cooler global economy into trading, concerns the U.S. may feel some fallout allowed the dollar to soften on Monday.

Germany's Bundesbank reported earlier the country's economy barely grew in the third quarter, as industrial output slowed and business sentiment deteriorated.

In its monthly report the German central bank said that while the euro zone's largest economy was unlikely to enter a recession the economic outlook for the fourth quarter was cautious.

The ECB launched its new stimulus program on Monday, purchasing covered bonds in a bid to increase liquidity in the region.

Still, the dollar softened against the euro on concerns that even though the Federal Reserve is seen closing its monthly bond-buying program next week, rate hikes may come later in 2015 than once anticipated to make sure cooling European and Asian economies won't seriously dampen U.S. recovery.

Elsewhere, falling European stock indices sent many investors chasing safe-haven positions, namely gold and the yen, which also came at the greenback's expense.

The dollar was down against the yen, with USD/JPY down 0.06% at 106.82, and down against the Swiss franc, with USD/CHF down 0.43% at 0.9420.

The greenback was down against the pound, with GBP/USD up 0.51% at 1.6176.

The dollar was mixed against its cousins in Canada, Australia and New Zealand, with USD/CAD up 0.04% at 1.1281, AUD/USD up 0.65% at 0.8801 and NZD/USD up 0.78% at 0.7978.

The US dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.35% at 85.01.

On Tuesday the U.S. is to release private-sector data on existing home sales.

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U.S. stocks rise on hopes for solid Apple earnings; Dow rises 0.12%

Investing.com - Investing.com - U.S. stocks traded largely higher on Monday on hopes for Apple to release upbeat third-quarter earnings, though disappointing numbers from IBM weighed on the Dow.

At the close of U.S. trading, the Dow 30 rose 0.12%, the S&P 500 index rose 0.91%, while the NASDAQ Composite index rose 1.35%.

The CBOE Volatility Index index, which measures the outlook for market volatility, was down 14.78% at 18.74.

Apple Inc (NASDAQ:AAPL) was due to release third-quarter earnings later on Monday after the closing bell, though expectations for a solid report boosted stock prices earlier.

Still, International Business Machines (NYSE:IBM) reported earlier that it was cutting its 2015 earnings forecast, pointing out it won't meet its $20 a share target, a figure that has held for five years, which weighed on broader stock indices, the Dow Jones especially.

The company's third-quarter earnings missed expectations, which also hammered its stock price.

The technology bellwether reported earnings excluding items of $3.68 a share and revenue of $22.40 billion.

Markets were expecting earnings excluding items of $4.31 a share and revenue of $23.37 billion.

Leading Dow Jones Industrial Average performers included Walt Disney Company (NYSE:DIS), up 2.00%, Nike Inc (NYSE:NKE), up 1.97%, and Home Depot Inc (NYSE:HD), up 1.80%.

The Dow Jones Industrial Average's worst performers included International Business Machines (NYSE:IBM), down 7.17%, Cisco Systems Inc (NASDAQ:CSCO), down 1.35%, and Caterpillar Inc (NYSE:CAT), down 1.07%.

European indices, meanwhile, ended the day lower.

After the close of European trade, the DJ Euro Stoxx 50 fell 1.09%, France's CAC 40 fell 1.04%, while Germany's DAX fell 1.50%. Meanwhile, in the U.K. the FTSE 100 fell 0.68%.

On Tuesday the U.S. is to release private-sector data on existing home sales.

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Pentagon to create medical support team for U.S. Ebola response

HEALTH-EBOLA-USA-PENTAGON:Pentagon to create medical support team for U.S. Ebola response

WASHINGTON (Reuters) - U.S. Defense Secretary Chuck Hagel has ordered the creation of a 30-member expeditionary medical support team to provide emergency help in a U.S. domestic Ebola response, a Pentagon spokesman said on Sunday.

The team of five doctors, 20 nurses and five trainers could respond on short notice to help civilian medical professionals, a statement from Rear Admiral John Kirby said. It would not be deployed to West Africa or elsewhere overseas.

(Reporting by Phil Stewart; Editing by Jim Loney)

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Meghan Trainor tops UK music chart for third week running

LONDON (Reuters) - U.S. singer Meghan Trainor topped the British singles chart for a third consecutive week on Sunday with her catchy pop tune "All about that Bass", the Official Charts Company said.

Trainor's three-week stint at number one is the longest by any female artist in 2014 and the second-longest reign at the top by any act in 2014.

"Shake it Off" by Taylor Swift rose to second place while British boy band One Direction entered in third place with "Steal my Girl" .

Singer-songwriter Ed Sheeran charted in fourth place with "Thinking Out Loud" while former chart-topper "Bang Bang" by pop supertrio Jessie J, Nicki Minaj and Ariana Grande came fifth.

Former talent show contestant Ella Henderson claimed the number one slot in the album chart with her debut "Chapter One", which sold over 16,000 copies ahead of second-placed Sheeran, whose album "X" spent two months at number one earlier this year.

Another long-running chart success, "In the Lonely Hour" by Sam Smith, held onto third spot while last week's number one "Wanted on Voyage" by George Ezra slipped to fourth. Jessie J's new album, "Sweet Talker" debuted in fifth position.

(Reporting by William Jame; editing by Susan Thomas)

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Gas price fixed at $5.61/mmbtu, diesel cut by Rs 3.37/l

The government on Saturday has fixed new gas price at USD 5.61 per million british thermal unit (MMBTU), increased from USD 4.2 per mmbtu earlier, reports CNBC-TV18. However, it has reduced diesel price in Delhi by Rs 3.37 per litre following sharp fall in crude oil prices in international markets.

This new gas price hike will be effective from November 1, 2014 while the diesel price cut will be effective from today midnight.

Domestic gas pricing has approved by the Cabinet today, said Finance Minister Arun Jaitley (after a cabinet meeting), adding the new gas price hike will be effective prospectively and will be revised on a half-yearly basis.

The Cabinet modified the Rangarajan formula approved by previous UPA government to bring down the increase in rates from USD 8.4 to USD 5.61, Jaitley said.

He further said, henceforth, diesel price will be linked to the market. On the DBT, he said, the government will link direct benefit transfer with Jan-Dhan Yojana and has decided to relaunch DBT scheme.

"We have decided to reduce prices and in Delhi, prices are likely to go down by Rs 3.37 a litre from midnight tonight," said B Ashok, chairman of Indian Oil Corporation , the country's biggest fuel retailer.

Kirit Parikh, former Planning Commission member, said he is delighted with the government's decision to deregulate diesel. "This move is a step in the right direction. Deregulating diesel will have positive effect on fiscal situation," he added.

Lalit Kumar Gupta, managing director and chief executive officer of Essar Oil , too welcomed the government's decision to deregulate diesel.
 
"Deregulation will up competition & benefit end-consumer and for upstream companies, this leaves more money to invest in exploration and production, Gupta added.

Former Oil secretary SC Tripathi said deregulation should improve competition and bring more players into market.

"This is the proper moment to deregulate diesel and excluding Japanese price from the formula is the right move," he added.

According to him, if crude rises, subsidies must go to players on per litre basis.

Meanwhile, the natural gas prices have not been increased since past three years as the oil ministry faced stiff resistance from power and fertiliser ministry.

Energy expert Narendra Taneja said today's gas price hike will boost production without making power or fertiliser too expensive.

However, RS Sharma, the former ONGC CMD, said he is disappointed with new gas price as the quantum of hike is not enough.

According to him, imported gas costs around USD 13-14 per mmbtu, so USD 7 is a better price than USD 5.61 per mmbtu.

Natural gas distribution company  Indraprastha Gas is the first company that decided to hike CNG prices post gas price hike decision. It said CNG prices will be hiked by Rs 4.50 per unit and domestic gas prices will be up by Rs 2.66 per unit."

(With inputs from agencies)

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IFCI's Rs 2000 cr NCD issue to open on October 20

State-run IFCI has come out with its public issue of secured, redeemable, non-convertible debentures of face value of Rs 1000 each for an amount aggregating up to Rs 2000 crore.

State-run NBFC IFCI has come out with its public issue of secured, redeemable, non-convertible debentures of face value of Rs 1000 each for an amount aggregating up to Rs 2000 crore.

The issue is going to open for subscription on October 20 which has scheduled to close on November 21, 2014.

Proceeds from the issue will be utilised towards lending minimum 75 percent of the amount raised and allotted in the issue; and for general corporate purpose: upto 25% of the amount raised and allotted in the issue.

Axis Trustee Services Limited is the book running lead manager and Karvy Computershare Private Limited is a registrar to the issue.

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