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The board of directors of Hikal will meet on Wednesday to consider a stock split of its equity shares. The current face value of the stock is ₹10. Currently, promoters hold 68.77 per cent stake in the pharmaceutical company while about 5,620 individual shareholders control 7.24 per cent stake. The International Finance Corporation holds 8.27 per cent stake in the company. Analysts will be keen to know the ratio as the stock climbed 60 per cent in 2014.
Exporters to shine on weak rupee
The Indian rupee fell to a 13-month low on Tuesday against the US dollar. The rupee closed at 63.53/54, a level not seen since November 2013. Software exporters earn more than 60 per cent of their revenue in dollars and gain every time the greenback strengthens as their expenses are almost entirely in rupees. Besides software firms such as TCS, Infosys, Wipro and HCL Tech, weaker rupee will also help other export earners in the textile space, such as Raymond, Arvind and Alok Industries.
Hindustan Oil Expl Q2 results today
The meeting of the audit committee and the board of directors of Hindustan Oil Exploration Company will meet on Wednesday to take into account standalone unaudited results for the quarter and six months ended September 30, 2014. The company has reported a loss of ₹11.43 crore for the quarter ended June. For fiscal 2014, Hindustan Oil Exploration reported a loss of ₹124.81 crore. The company has been reporting losses for several quarters.
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