Majority of the public sector banking stocks are trading in the red with United Bank of India and Allahabad bank being the major losers whereas Punjab National Bank and Indian Bank are among the few stocks trading positive. As per a leading financial daily, Union Bank of India would be raising funds to the tune of Rs 13.8 bn through Qualified Institutional Placement (QIP) to fund its business growth. The QIP was previously planned for last financial year but was shelved due to poor market conditions. The funds raised in QIP would enable the bank to improve its core Tier-I capital by 0.5% to 8%. Besides QIP, the bank is hoping that the government would also infuse capital in FY15. In FY14, the government had injected Rs 5 bn as part of its Ra 140 bn recapitalization plan. Besides this, the bank had Rs 21 bn through bonds from overseas markets. Union Bank stock is currently trading down by 1.1%.
Almost all of the auto stocks are trading higher today led by Maruti Suzuki and Tata Motors. The country's largest car maker by volumes, Maruti Suzuki has reported its June sales numbers. Its overall sales increased by 33.5% YoY in the month of June 2014. The company sold a total of 112,773 vehicles during the month. Of these, the company's sales in the domestic market grew by 31% YoY to 100,964 units. Its export segment grew at a higher rate of 58.4% YoY. At 11,800 units exports form a mere 10% of overall sales. Maruti's largest selling mini segment cars sales grew by 52.1% YoY to 47,618 units. This segment includes Maruti 800, Alto, A-Star and WagonR.