Global cues -U.S. Employment Data

In the U.S,a report shows that companies boosted payrolls by 163,000 workers last month, after they increased 165,000 in April, according to the forecast of 90 economist survey. The unemployment rate held at a four year low of 7.5 %

German Industrial production stagnated in April after a 1.2% rise the previous month, Ipsen rose 2.2 percent to 27.63 euros sachs raised its recommendation on the french drugmaker to buy from neutral, citing a turning point in its transition to growth. Deutsche Telekom climbed 1percent to 8.76 euros.

The Stoxx 600 rose 0.2 percent to 292.13 in London. The benchmark gauge has rallied 4.4 percent so far this year as central banks around the world continued their stimulus measures. standard & Poor's 500 Index futures lost 0.2 percent, while MSCI Asia pacific index declined 0.4 percent.

Tech Mahindra Announces Strategic Partnership with NIS

Tech Mahindra, provider of  solutions and services to the telecommunication industry signed a memorandum of understanding with Navigation Information system , acompany which offers a dual system chipset based navigation equipment to the Indian market.

Both the parties will jointly identify and develop potential opportunities, while agreeing to explore the emerging markets with strong focus on solutions such Fleet management solution, Geo-fencing and precision positioning services among others.

Beside India, the strategic partnership will cover emerging markets like MEA,APAC, and CIS countries and will support worlwide propogation GLONASS-based navigation solution.

Sensex above 100 points, IT stocks steal the show.

Market has recovered from days low ,  IT sector boosts market Wipro up by 2.01%, Infosys up by 1.37%.
Polaris Gains by 13.70%  as the company was close to finalising  the deal to sell its IT  services unit, Volume increased more than 5 times.

Banking stocks slips when RBI clarified on the cobra post allegations, and  restricted co-operative banks to give loans against loans. Canara bank down by 2.78%, Bank of baroda  slips 1.56% down, Axis bank by 2.05%, PNB by 0.90 %.

Rupee continues to weaken  trading at Rs.57.17 against dollar.

Reliance industries' Jio Infocomm a year away from launching 4G service

  Reliance industries Jio Infocomm a year away from launching  4G service, Reliance industries has informed regarding the comprehensive agreement between ' Reliance Jio infocomm and Reliance Communications for sharring of Towers infrastructure'.
     
 'We have charted an ambitious plan for the next 12 months and we foresee making rapid progress over this period towards launching over services in India.

RCOM opened at Rs.118.80 and is trading at days low Rs.116.75 down by1.31%.
Jio's entry in the Indian telecom market is expected to bring down prices for broadband.

SCI cheers on inking agreement for shipping LNG gas from US.

     SCI shipping corporation of India has inked an agreement with state - owned gas utility, Gail for transporting liquid gas from US. The shipping major will have GAIL charter ships to  move 5.8 million tonnes a year of LNG that the state run gas firm has contract from sabine Pass and Cove Point terminals in US.

    GAIL has signed a 20 year contract to buy 3.5million tonnes a year of LNG.  The company has also booked an additional 2.3 million tonnes capacity located at Lusby in the state of Maryland.SCI is the only Indian shipping company operating break-bulk service,international container service, liquid/dry bulk service, offshore service in addition to managing a large number of vessels on behalf of Government organisations.

The promoters holding in the company stood at 63.75% while institutional and non-institutional held 20.84% and 15.41% respectively.

The scrip opened at Rs.35.85 and is trading at Rs.37.15 up by 5.53%  from yesterdays closing.

Govt clarification on MULTIBRAND RETAIL

Cabinet clarifies on Multi Brand Retail:
1) sourcing restriction among 'group companies', and requirement of 50 per cent investment in back-end within three years of first FDI tranche are still being considered by the government.

2) Entire investment in back-end infrastructure has to be an additionality".
 Further, the companies would also not be allowed to supply the back-end services to franchisees run by its partners.

3)The retailers, however, will be able to set up such infrastructure in even in the states, which have not allowed the multi-brand retail in their jurisdiction.

 4)Foreign retailers would not be allowed to indulge in wholesale trade (business-to-business) or run operations through franchisees. The multi-brand retail trading (MBRT) store set up will have to be 'company owned and company operated'.

5)MBR front end stores to be opened, wholesale trading cannot be treated as backend infra.

Maruti Suzuki India goes for one day production shut-down

Maruti Gurgaon and Manesar plants  remains shut, The one day shut-down of the two plants on Friday is to adjust production to market demand.

    

   The plants will also remain closed on June 8 for a scheduled holiday the scheduled maintenance shutdown (of the two plants) is from June 17 to June 22,"

MSI has been producing about 5,000 units per day from its Gurgaon and Manesar plants. The company at present has a total installed annual capacity of about 15 lakh units, which will go up to 17.5 lakh units by September this year when its third unit at Manesar goes onstream.

  

Maruti trades at Rs.1562.20 in nse, giving a closing rate of Rs.1587.10 on thursday.

Rupee remains weak, opens at 56.93 against dollar.

 The partially convertible rupee opens at 56.90 per dollar, . The rupee had closed at 57.02 on thursday 0.19% lower than the previous close, lowest in almost a year. 

    

       The 10-year benchmark government bond yield closed at 7.22%, up 1 bps from the previous close. The local currency has depreciated as much as 4.91% in the past month.

 Finance minister P Chidambaram doesn’t appear to be too worried. “There is no alarm bell on the rupee front. I think the rupee will soon find its stable level. Inflows are good in the past two months, it was extremely good,” the FM said.