Telecom shares hit 52-week highs, Nifty ends in Green.

Shares of telecom companies are trading higher for the third straight day with Reliance Communications and Idea Cellular hitting 52-week highs after the Telecom Regulatory Authority of India (TRAI) reduces ceilings for national roaming calls and SMS.

The sector regulator also permitted flexibility to telecom service providers to customise tariffs for national roaming subscribers via Special Tariff Vouchers (STVs) and Combo Vouchers.

Analyst at Edelweiss Securities believes that this announcement as a positive as earlier TRAI had proposed abolition of national roaming charges in view of its intent of moving towards One Nation-Free Roaming.

Among the individual stocks, Reliance Communications made a high of Rs.130.10. The stock has rallied 20% in past three trading sessions compared to a 0.19% drop in benchmark Sensex.

Idea Cellular made gave a high of Rs.150.65, extending its 4.4% rally in past two days.

Bharti Airtel and Tata Teleservices (Maharahastra) were trading higher in the range of 1-3%.
Nifty closed at 5822.25 up by 8.65%.
 Hindalco, SesaGoa, Ambuja Cement, Jindal steel,Tatasteel were among the top gainers.

Tata Coffee commissions new instant coffee plant at Theni

 Tata coffee Limited today commissioned its premium coffee extraction plant at Instant Coffee manufacturing facility at Theni in Tamil Nadu. The new extraction plant, set up with an investment of Rs 80 crore, will help Tata Coffee position its Freeze dried coffee product at premium levels and increase its overall capacity by 30%.

Tata Coffee’s Instant Coffee Division is located 170 kms from Tuticorin port. This facility is a 100% EOU (Export Oriented Unit) with an installed capacity of 4,000 tons per annum. The plant produces and exports spray dried, agglomerated and freeze dried instant coffee. The new extraction plant will add 2,000 tonnes to the existing capacity.
With this, the installed capacity of Tata Coffee’s instant coffee production has gone up to 8,500 tonnes per annum. The company exports over 90% of its instant coffee to Russia, SE Asia, Korea, Japan and Central Europe among other markets.

Freeze dried coffee retains aroma better and gives excellent flavor, colour and appearance to the coffee. The company has also installed a fully automated packaging unit and supplies its instant coffee to several private labels in export markets.

Tata Coffee’s other instant coffee manufacturing plant is located in Hyderabad. The company imports green coffee from around the world and processes at these two plants.

Benign US Inflation Raised Hopes for Longer QE

The focus today is the FOMC meeting and the post-meeting press conference. Wall Street soared as weaker than expected inflation data should give the Fed more room to further stimulus. The DJIA and the S&P 500 indices rose +0.91% and +0.78% respectively. ECB President Draghi stated that the central bank is open-minded on non-standard measures. In the commodity sector, the front-month contract for WTI crude oil price added +0.69% while the Brent crude contract gained +0.52%. Gold slipped further with the benchmark Comex contract dropped to as low as 1360.2, a level not seen on May 23, before ending the day at 1366.9, down -1.17%.

Fed Chairman Ben Bernanke signaled at the Congress' Joint Economic Committee in May that the central bank "could take a step down in the next two meetings" if economic data warrants. His comments resulted in turbulent market reaction although later watered down by other policymakers. The key economic data the Fed is watching are mostly employment and inflation. The May's employment report showed that US payrolls increased +175K, up from the addition of +149K in the prior month. The jobless rate climbed modestly higher to 7.6%. Inflation has remained benign. Headline CPI in May rose +0.1%, following 2 consecutive months of contraction in April and March. On annual basis, inflation rose +1.4% from +1.1% in April. Core CPI stayed unchanged at +1.7% during the month. The Fed would only consider tapering when the number of payrolls reaches an average monthly rate of at least 175K while core inflation stopped moderating further.

Glenmark Generics receives final ANDA approval for Riluzole Tablets, 50mg

             Glenmark Generics Inc., USA the subsidiary of Glenmark Generics Limited has been granted final abbreviated new drug approval (ANDA) from the United States Food and Drug Administration (U.S. FDA) for Riluzole Tablets, 50mg. The Company will commence shipping immediately. Riluzole is indicated for the treatment of amyotrophic lateral sclerosis. Based on IMS Health sales data for the 12 month period ending March 2013, Riluzole garnered sales of USD 64 million.Glenmark’s current portfolio consists of 86 products authorized for distribution in the U.S. marketplace and 52 ANDA’s pending approval with the U.S. FDA. In addition to these internal filings, GGI continues to identify and explore external development partnerships to supplement and accelerate the growth of the existing pipeline and portfolio. 

            Glenmark Generics Limited (GGL) is a subsidiary of Glenmark Pharmaceuticals Limited (Glenmark) and aims to be a global integrated Generic and API leader. GGL has an established presence in North America and developing an EU presence. It primarily sells its FDF products in the United States ("US") and the European Union ("EU"), as well as its oncology FDF products in South America. The Company supplies APIs to customers in approximately 80 countries, including the US, various countries in the EU, South America and India.

Gujarat annual Plan fixed at Rs 59,000 cr

After Andhra Pradesh, Gujarat has raised the issue of pricing and availability of coal and natural gas in a meeting with the Planning Commission. The annual plan for the Gujarat has been fixed at Rs 59,000 crore, higher by 15 per cent from the previous year.

GAS, COAL PRICING

According to sources, Gujarat Chief Minister Narendra Modi, in his meeting with Deputy Chairman of the Planning Commission, Montek Singh Ahluwalia, asked why State utilities of Gujarat have to pay more for the gas and coal produced in the State.

Modi also point out that the Gujarat units are given priority in the allocation of these locally produced fuels. But, ironically, units from outside the State get fuel not only at a cheaper price, but also on priority. Montek is understood to have said that the Planning Commission will take up these issues with the concerned departments. At the same time, he is also believed to have said that price revision of gas and coal can provide a solution to this issue.

After the meeting, Modi announced that Planning Commission has approved Rs 59,000 crore plan for Gujarat, compared to the Rs 58,500 crore sought by the State. However, he sparred with the Centre over social sector development in the State, as he countered the Planning Commission’s assessment that lot more needs to be done.

In the presence of Modi, Ahluwalia said Gujarat needs to do more in social sectors. “There was a lot of discussion on the social sector. I think generally it has been our view that Gujarat needs, in order to bring its social sector performance up to the economic size, to have some special attention to this area,” he remarked. When his turn came, the Gujarat Chief Minister retorted back saying the State spends 42 per cent of its budget on social sector with a moto of “Sabka Saath, Sabka Vikas.”

Bharti Airtel’s arm enters into tie-up with J&K Bank

Bharti Airtel’s subsidiary - Airtel M Commerce Services (AMSL), has entered into a tie-up with Jammu and Kashmir Bank to offer ‘airtel money’ services through the bank’s 800 Khidmat Centres across the state. Through airtel money, the users can load cash on their mobile devices and spend it to pay utility bills, recharge mobile phones, shop at merchant outlets and transact online.

Besides, this alliance marks a unique joint commitment by both the companies towards taking the power of ‘airtel money’ to the masses and further promotes the nation’s financial inclusion agenda.

J&K Bank has taken the Khidmat Centres e-governance project to make information and knowledge reaches all corners of the state as well as to ensure growth for both urban and rural sections of the society.