Sensex falls 193 points; Mid and smallcaps outperform

Indian markets are reeling under pressure in the post noon trade today as better-than-expected US jobs data raised concern about Federal Reserve's bond buying program. Rupee too fell sharply below 61 against dollar that also weighed on the markets. PSU, realty, auto and oil & fas stocks led the decline.


At 2.18 p.m., the Sensex was trading down 192.57 points or 0.99% at 19,303.25 with 23 components falling. Meanwhile, the Nifty was trading lower by 64.35 points or 1.10% at 5,803.55 with 39 components falling.

Sensex Movers
Housing Development Finance Corporation contributed fall of 51.87 points in the Sensex. It was followed by I C I C I Bank (39.49 points), Oil & Natural Gas Corporation (29.95 points), Reliance Industries (20.96 points) and Tata Motors (17.42 points).

However, Infosys contributed rise of 12.24 points in the Sensex. It was followed by I T C (11.21 points), Reliance Communications (8.75 points), Sun Pharmaceutical Industries (4.15 points) and Wipro (3.77 points).

Biggest gainers in the 30-share index were Wipro (1.40%), Infosys (0.92%), Sun Pharmaceutical Industries (0.92%), Dr Reddy's Laboratories (0.78%), ITC (0.54%), and Hero Motocorp (0.22%).

On the other hand, Oil & Natural Gas Corporation (3.52%), Housing Development Finance Corporation (3.45%), NTPC (2.89%), Tata Motors (2.73%), ICICI Bank (2.56%), and G A I L (India) (2.51%) were the major losers in the Sensex.

Mid & Small-cap Space

The BSE Mid and small caps outperformed their larger counterparts declining-0.32% and -0.54% respectively.

The major losers in the BSE Midcap were CORE Education and Technologies (3.38%), Aban Offshore (2.23%), A B G Shipyard (2%), Alstom India (1.29%) and Allahabad Bank (0.56%).

The major losers in the BSE Smallcap were Aanjaneya Lifecare (3.31%), Action Construction Equipment (1.8%), A2Z Maintenance & Engineering Services (1.4%), Aarti Industries (1.19%) and Trident (0.27%).

Sectors in Limelight

The PSU index was at 5,898.29, down by 129.07 points or by 2.14%. The major losers were Balmer Lawrie & Company (5.74%), Bank Of Baroda (1%), Allahabad Bank (0.56%), Bank Of India (0.38%) and Andhra Bank (0.3%).

The Realty index was at 1,483.89, down by 29.33 points or by 1.94%. The major losers were Oberoi Realty (3.06%), Housing Development and Infrastructure (2.71%), Indiabulls Real Estate (2.4%), D L F (1.15%) and Anant Raj (0.88%).

The Oil & Gas index was at 8,749.97, down by 165.99 points or by 1.86%. The major losers were Bharat Petroleum Corporation (5.52%), Hindustan Petroleum Corporation (3.75%), Indian Oil Corporation (2.86%), G A I L (India) (2.51%) and Castrol India (0.88%).

On the other hand, the TECk index was at 3,709.96, up by 27.24 points or by 0.74%. The major gainers were H C L Technologies (2.66%), Idea Cellular (1.6%), Reliance MediaWorks (1.25%), Mphasis (1.25%) and HT Media (0.16%).

Market Breadth

Market breadth was negative with 929 advances against 1,293 declines.

Value and Volume Toppers

Reliance Communications topped the value chart on the BSE with a turnover of Rs. 1,235.19 million. It was followed by Reliance Capital (Rs. 494.93 million), United Spirits (Rs. 439.48 million) and State Bank Of India (Rs. 429.69 million).

The volume chart was led by Reliance Communications with trades of over 8.35 million shares. It was followed by Reliance Power (4.39 million), Dhanus Technologies (3.86 million) and Unitech (3.11 million).

Reliance ADA Group stocks in demand

Reliance Power (up 5.76%), Reliance Capital (up 2.80%), Reliance Infrastructure (up 2.76%) and Reliance MediaWorks (up 1.61%), edged higher. Reliance Broadcast Network was down 0.74%.

The S&P BSE Sensex was down 175 points, or 0.90% at 19,320.82.
Reliance Communications (RCom) was up 9% after the company said on Sunday, 7 July 2013, that its board of directors has in-principle decided on a demerger of the real estate held by RCom into a separate unit to be called Reliance Properties, to unlock substantial value for the benefit of its shareholders. The proposed separation of real estate into a separate unit is part of RCom's strategic plan to divest non-core assets, and focus on its core wireless and enterprise business. Reliance Properties will be a separate listed company. All shareholders of RCom will receive fully tradeable pro-rata shareholding in Reliance Properties, free of cost, based on their existing shareholding in RCom.

The preliminary and indicative monetisable value of RCom's real estate on development is estimated by independent valuers at over Rs 12000 crore ($2 billion), which is equal to Rs 60 ($1) per RCom share.
Reliance Properties will work with leading global partners to develop the real estate, and unlock this value for the benefit of its shareholders. The properties proposed to be developed by Reliance Properties include prime land at Dhirubhai Ambani Knowledge City, Navi Mumbai measuring nearly 135 acres, with saleable area of over 15 million square feet and prime property near Connaught Place, New Delhi measuring nearly 4 acres.

The board has constituted a committee to consider the matter in detail, and prepare the necessary Demerger Scheme, etc. in consultation with legal and other advisors. The demerger will be subject to approvals from shareholders, lenders, Courts, etc.
The interests of the Anil Dhirubhai Ambani-controlled Reliance ADA Group range from communications (Reliance Communications) and financial services (Reliance Capital), to generation, transmission and distribution of power (Reliance Energy), infrastructure and entertainment.

NTPC down 2.5% on higher fuel cost

At 2:35pm, the stock is trading at Rs. 140 down Rs. 3.75 or 2.6% on the National Stock Exchange


NTPC is down 2.5% after reports suggest that the country's largest power generator is having trouble finding takers for as much as 10 per cent of its output because higher fuel costs have increased the price of electricity.

At 2:35pm, the stock is trading at Rs. 140 down Rs. 3.75 or 2.6% on the National Stock Exchange. It traded in a range of Rs. 138.95 – Rs. 143.50. Total traded volume at the counter stood at 20.9lakh.

Sensex, Nifty fall; Tata Motors loses sheen

At 12.45 PM (IST), Sensex is trading 198 points down at 19,297, while Nifty is 65 points down at 5,802.

BSE Mid cap has declined 31 points to 5,960, while BSE Small Cap is trading 27 points down at 5,692.

Only BSE IT, Healthcare and Teck are the gainers, whereas FMCG, Capital Goods, Consumer Durables, Power, Bankex, Metal, Auto, Oil & Gas, PSU and Realty are the losers.

Wipro, Sun Pharma, Dr Reddy's Lab, Infosys, Bharti Airtel and Hero MotoCorp are leading, whereas Tata Motors, HDFC, Coal India, ONGC, ICICI Bank, NTPC, BHEL, Jindal Steel, Tata Steel, Mahindra & Mahindra, RIL, SBI and Gail India are seeing some weakness.

Japan's Nikkei 225 Index closed at 200 points down at 14,109 and Hong Kong's Hang Seng Index is 305 points down at 20,548.

Tata Motors falls 3.33% on reports that its JLR production line in the UK may grind to a halt within weeks after delivery workers from logistics company DHL voted for a strike, demanding a large pay rise and similair terms and conditions on par with JLR staff. The stock is trading at Rs. 286.

Ashok Leyland rose over 0.5% to Rs. 18 after the company bagged an order for 2,610 buses from the Institute of Road Transport in Tamil Nadu. The company has not disclosed details of the value of the order nor has it disclosed the time frame for order execution.

The weak market notwithstanding, shares of Mangalore Refinery and Petrochemicals Ltd are flaring on the bourses. The company announced that it has been upgraded from Schedule ''B'' status to Schedule ''A'' status by Department of Public Enterprises (DPE), Government of India from July 04. The stock rises 1.2% at Rs. 38 on the BSE.

It seems to be raining good news on the telecom counter. Bharti Airtel increases 0.49% to Rs. 297. The telecom service provider has retired equivalent debt worth Rs. 67.96 billion from the proceeds of the preferential allotment in June 2013 of 5% equity shares in Bharti Airtel @ Rs. 340 per share to Qatar Foundation Endowment.

Bharti Airtel said that this major debt reduction will result in an improvement in the capital structure and balance sheet leverage for the company.

In June 2013, Bharti had issued 199.8 million new equity shares, representing 5% equity stake in the company, to Qatar Foundation Endowment for a total consideration of Rs. 67.96 billion.

Reliance Communications (RCom) has risen 8.74% to Rs. 147.45. RCom is set to demerge the company’s real estate assets. A new company, Reliance Properties Ltd (RPL), would be spun off to unlock value. RPL will be listed separately and the existing shareholders will get one RPL share for each RCom share (of Rs 130 market price) held.

Neyveli Lignite (NLC) shares climbed 1.63% to Rs. 59.25 after market regulator SEBI allowed Tamil Nadu state to pick up central government's 5% equity in the state run company, provided the acquisition is done by a qualified state entity.

The Centre currently holds 93.56% stake in NLC. The stake sale is being proposed done to meet the minimum public holding norm.

The rupee fell to an all-time low of 61.09 per dollar, down 87 paise or 1.44% against its previous close. However, it recovered smartly and is 1.25% up to 60.96 per dollar.

The Reserve Bank of India will sell Rs. 120 billion through treasury bills on July 10, the central bank said on Friday.

Oil prices jumped nearly $2 a barrel on Friday, boosted by concerns over rising tensions in Egypt and better-than-expected US economic data.

Titan Industries inches up as its arm Tanishq unveils ‘Inara’ collection

Titan Industries is currently trading at Rs. 234.00, up by 2.50 points or 1.08% from its previous closing of Rs. 231.50 on the BSE.

The scrip opened at Rs. 230.50 and has touched a high and low of Rs. 234.40 and Rs. 225.90 respectively. So far 1, 06,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 313.60 on 30-Nov-2012 and a 52 week low of Rs. 200.00 on 13-Jun-2013.

Last one week high and low of the scrip stood at Rs. 239.00 and Rs. 219.00 respectively. The current market cap of the company is Rs. 20,774 crore.

The promoters holding in the company stood at 53.05%, while Institutions and Non-Institutions held 21.89% and 25.05% respectively.

 Titan Industries’ jewellery retail chain arm - Tanish, has launched ‘Inara’, the new age diamond jewellery collection that celebrates the promise of eternal love, strength and purity. Inara was unveiled to the jewellery lovers on July 05, 2013 in New Delhi. Derived from the Arabic word, the name ‘Inara’ symbolises the shine or illumination which seamlessly marries aesthetics and intelligent engineering, which is perfect for an ultimate diamond jewellery collection.

Tanishq currently has 146 retail stores in the country including 20 retail stores in the eastern region. Tata Group’s jewellery brand has recently unveiled a special edition of gold coins to pay tribute to Nobel laureate Rabindranath Tagore on his 152nd birth anniversary

Bharti Airtel repays debt worth Rs 6,796 cr

Telecom major Bharti Airtel  has clears Rs 6,796 crore, or over 10 percent, of its debt by using the equivalent sum of amount it received by selling five per cent stake to Qatar Foundation Endowment last month. 

The company said today in a statement "it has retired equivalent debt from the proceeds (Rs 6,796 crore) of the preferential allotment in June 2013 of 5 per cent equity shares in Bharti Airtel at the rate of Rs 340 per share to Qatar Foundation Endowment".

Bharti Airtel had reported a net debt of Rs 63,839.5 crore as on March 31, 2013.

"This significant debt reduction will result in an improvement in the capital structure and balance sheet leverage for the Company," Airtel said.

Last month, Bharti had issued 199,870,006 new equity shares, representing five per cent equity stake in the company, to Qatar Foundation Endowment for a total consideration of Rs 6,796 crore.

Tata Motors tumbles on buzz JLR factories face strike threat in UK

On BSE, 3.09 lakh shares were traded in the counter as against an average daily volume of 8.91 lakh shares in the past one quarter.
The stock hit a high of Rs 290.20 and a low of Rs 282.50 so far during the day. The stock had hit a 52-week high of Rs 337.05 on 10 January 2013. The stock had hit a 52-week low of Rs 202.95 on 26 July 2012.
The stock had underperformed the market over the past one month till 5 July 2013, sliding 3.57% compared with the Sensex's 0.37% fall. The scrip had, however, outperformed the market in past one quarter, rising 16.02% as against Sensex's 5.67% rise.
The large-cap company has an equity capital of Rs 643.72 crore. Face value per share is Rs 2.
According to reports, Tata Motors' owned Jaguar Land Rover (JLR) production line in the UK may halt within weeks after delivery workers from DHL voted for strike, demanding a large pay rise and similar terms and conditions on par with the JLR staff.
The staff of logistics giant DHL, which has about 1,800 workers at JLR's three main factories -- 1,000 between Castle Bromwich and Solihull in the Midlands and 800 at Halewood, Merseyside, perform a key role in managing warehouse operations and bringing parts to production lines.
Reports suggested that production could stop soon without parts reaching the production line. Any shutdown could potentially dent JLR's position as the biggest exporter of manufactured goods in the UK, reports added.
Tata Motors' consolidated net profit declined 36.7% to Rs 3945.47 crore on 10.2% growth in total income to Rs 56262.82 crore in Q4 March 2013 over Q4 March 2012.
The fall in Tata Motors' bottom line in Q4 March 2013 was due to base effect. Tata Motors had accounted for a large tax credit in Q4 March 2012. Tata Motors' British luxury car unit JLR had accounted for tax credit of 225 million pounds (Rs 1794 crore) in Q4 March 2012 for past income tax losses. Tata Motors' profit before tax (PBT) rose 6.1% to Rs 4694 crore in Q4 March 2013 over Q4 March 2012.
Tata Motors attributed revenue growth to strong demand, growth in volumes and favourable market mix at JLR and favourable operating foreign exchange at the British luxury car unit.
Tata Motors is India's largest automobile company, with consolidated revenues of Rs 1,88,818 crore ($34.7 billion) in 2012-13. Through subsidiaries and associate companies, Tata Motors has operations in the UK, South Korea, Thailand, Spain, South Africa and Indonesia. Among them is Jaguar Land Rover, the business comprising the two iconic British brands. It also has an industrial joint venture with Fiat in India. With over 7.5 million Tata vehicles plying in India, Tata Motors is the country's market leader in commercial vehicles and among the top in passenger vehicles. It is also the world's fourth largest truck and bus manufacturer. Tata cars, buses and trucks are being marketed in several countries in Europe, Africa, the Middle East, South Asia, South East Asia, South America, CIS and Russia.

Cairn India gains along with crude oil price

On BSE, 91,000 shares were traded in the counter as against average daily volume of 1.89 lakh shares in the past one quarter.

The stock hit a high of Rs 298.80 and a low of Rs 291 so far during the day. The stock had hit a 52-week high of Rs 365.90 on 17 September 2012. The stock had hit a 52-week low of Rs 267.90 on 28 March 2013.

The stock had outperformed the market over the past one month till 5 July 2013, rising 0.9% compared with the Sensex's 0.37% fall. The scrip had, however, underperformed the market in past one quarter, rising 0.81% as against Sensex's 5.67% gain.

The large-cap company has equity capital of Rs 1910.30 crore. Face value per share is Rs 10.

US crude oil futures for August 2013 delivery were down 9 cents a barrel at $103.13 a barrel in the electronic trading today, 8 July 2013. The contract had surged $1.98 a barrel or 1.95% to settle at $103.22 a barrel on the New York Mercantile Exchange on Friday, 5 July 2013, its highest closing level since May 2012. Prices rose 6.9% last week, the most since February 2011. Higher crude oil prices will result in higher realizations from crude sales for oil exploration firms like Cairn India.

United States added more jobs than forecast in June. The non-farm payrolls increased by 195,000 in June and the unemployment rate held steady at 7.6% as more people entered the workforce. Job growth in previous months also was revised higher. United States is the world's biggest oil consumer.

Egypt's new leaders late on Saturday, 6 July 2013, said they hadn't named opposition figure Mohamed ElBaradei as Egypt's interim prime minister, underscoring political instability in the country. Egypt controls the key Suez Canal and an adjacent pipeline which is used to transport a significant amount of the region's oil trade. ElBaradei is a leader of secular groups that opposed Mohammed Morsi, who was ousted last week as Egypt's president in the wake of massive protests.

Cairn India's consolidated net profit rose 17.3% to Rs 2563.60 crore on 19.5% growth in net sales to Rs 4363.36 crore in Q4 March 2013 over Q4 March 2012.

Cairn India is primarily engaged in the business of oil and gas exploration, production and transportation. The company sells its oil to major refineries in India and its gas to both public sector units and private buyers.

Jyoti Structures wins order worth Rs. 12bn

Jyoti Structures Ltd surged a massive 7.3% as the company announced that it secured export orders worth Rs. 1200 crore from several countries including Kenya, Tanzania, Namibia, Nigeria, Philippines and Tajikstan Monday.

The orders relate to engineering, tower testing and turn key construction of transmission lines and substations. The orders include manufacture and supply of 36000MT of towers. 

At 11:18am, the stock is trading at Rs. 22 up Rs. 1.50 or 7.32% on the National Stock Exchange Monday. It traded in a range of Rs. 20.15- Rs. 22.65. Total traded volume at the counter stood at 4.79lakh.

Neyveli Lignite Corp gains after Sebi OKs Tamil Nadu to buy 5% stake

Neyveli Lignite Corporation rose 2.23% to Rs 59.60 at 10:08 IST on BSE after market regulator Securities & Exchange Board of India approved Tamil Nadu state government to buy 5% stake in the company.

Meanwhile, the S&P BSE Sensex was down 280.20 points, or 1.44%, to 19,215.62.

On BSE, 20,000 shares were traded in the counter as against an average daily volume of 31,826 shares in the past one quarter.
The stock hit a high of Rs 60.55 and a low of Rs 58.80 so far during the day. The stock had hit a 52-week high of Rs 90.65 on 8 August 2012. The stock had hit a 52-week low of Rs 52.20 on 25 June 2013.

The stock had underperformed the market over the past one month till 5 July 2013, sliding 9.82% compared with the Sensex's 0.37% fall. The scrip had also underperformed the market in past one quarter, falling 13.44% as against Sensex's 5.67% rise.
The mid-cap company has an equity capital of Rs 1677.71 crore. Face value per share is Rs 10.

In a statement issued on Sunday, 7 July 2013, the finance ministry said the department of disinvestment has requested the Tamil Nadu government to nominate senior official for further discussions with Securities & Exchange Board of India (Sebi) with regard to its proposal to sell the proposed 5% stake of the central government in Neyveli Lignite Corporation (NLC) to the state undertakings of Tamil Nadu. The ministry said that Sebi is of the view that the proposal could get covered within the guidelines on IPP.

The ministry said that in the offer document for IPP, the seller can propose the criteria on the basis of which allocation could be made. This can be used to give preference to any set of qualified institutional buyers including stage undertakings of Tamil Nadu.

The central government has decided to sell 5% stake in NLC. The Government of India (GoI) holds 93.56% stake in NLC (as per the shareholding pattern as on 31 March 2013). The stake sale will also help the company to meet the minimum public holding norm.
Sebi has set a deadline of August 2013 for all listed central public sector units to have a minimum 10% public shareholding.

Last month, Tamil Nadu chief minister J Jayalalithaa had written to Manmohan Singh expressing interest to buy 5% in the company. Employee unions of the Tamil-Nadu headquartered firm are protesting against the stake sale and workers went on an indefinite strike since 3 July 2013.

Meanwhile, the union ministry of coal has allocated two coal blocks to NLC for implementing its power projects at Sirkali in Tamil Nadu and Neyveli Uttar Pradesh Power in Uttar Preadesh.

NLC's net profit rose 1.6% to Rs 614.79 crore on 9.5% growth in net sales to Rs 1653.35 crore in Q4 March 2013 over Q4 March 2012.

NLC's principal activities are exploration of lignite mines and power generation.

Stocks in news..

Tamil Nadu CM writes to PM on Neyveli Lignite (NLC) union strike issue -It could have crippling impact on power availability in state
-Labor unrest will result in state losing 1178 mw of power
-Power shortages will entail additional power cuts in state
-Entire south zone will be affected by loss of 2500 mw
-Power generation has come down by 400 mw already
     
Department of Divestment - on NLC stake sale
-Asks Tamil Nadu govt to nominate officials for further talks with SEBI

BGR Energy offer for sale (OFS): CMP Rs 123
-Subscribed 1.72 times; gets bids for 37.4 lakh shares
-Indicative price at Rs 119.24/share

Lupin says: PTI
-Scouting for global acquisitions of brands
-Company looking at brands in US, Japan and China to expand global footprint

SEBI on Gillette 
-Freezes all corporate benefits of promoters for not meeting minimum public shareholding (MPS)
-Bars promoters, directors from dealing in securities of company
-Restrains promoters, directors from holding any new position
-Order shall come into force with immediate effect
-Promoters, directors can file their replies within 21 days
-Freezes 55.04 percent voting rights of promoters
-Effective voting rights of company, Poddar Group capped at 33.72 percent
-Freezes promoters' rights till company complies with MPS norms

Wockhardt (stock under pressure on Friday)
-Company gets import alert from UK MHRA for Waluj plant
-Sales to UK market from Waluj less than Rs 100 crore per annum
-Products will be available for shipment from alternative sites
-To have negligible impact on financials

Bajaj Hindusthan
-Company seeks shareholders' approval to divest its stake in Bajaj Energy
Alert: Bajaj Hindusthan holds 29.96 percent stake in Bajaj Energy

Gail India to acquire 10% stake in RCF's fertiliser plant

"Talks are going on with Gail, and we would like them to be the part of the project," RCF Chairman and Managing Director R G Rajan reported.

Reports said that Gail India Ltd is planning to acquire 5 to 10% stake in Rashtriya Chemicals and Fertilizer Ltd's urea and ammonium nitrate plant at Talcher in Odisha.
"Talks are going on with Gail, and we would like them to be the part of the project," RCF Chairman and Managing Director R G Rajan reported.

The oil company is planning to take take a minimum 50% stake in the Rs 3,000-crore upstream coal-gasification project.

Sensex, Nifty down in early trade

Only IT and Teck gain, while FMCG, Healthcare, Capital Goods, Consumer Durables, Power, Bankex, Oil & Gas, Metal and Realty lose sheen


At 9:20 AM (IST), the Sensex is trading 171 points down at 19,324, while Nifty is 67 points down at 5,800.

BSE Mid cap declines 34 points to 5,957, while BSE Small Cap is trading 10 points down at 5,681.

Infosys, Wipro and TCS are leading, whereas Tata Motors, Hindalco, Sterlite, ICICI Bank, Jindal Steel, ONGC, SBI, RIL, Tata Steel, BHEL, HDFC, Bharti Airtel, L&T and Bajaj Auto are seeing some weakness.

Only BSE IT and Teck are the gainers, whereas FMCG, Healthcare, Capital Goods, Consumer Durables, Power, Bankex, Oil & Gas, Metal and Realty are the losers.


Japan's Nikkei 225 Index at 93 points up at 14,403 and Hong Kong's Hang Seng Index is 397 points down at 20,457.

Reliance Communications (RCom) is set to demerge the company’s real estate assets. A new company, Reliance Properties Ltd (RPL), would be spun off to unlock value. RPL will be listed separately and the existing shareholders will get one RPL share for each RCom share (of Rs 130 market price) held. RCom rises 5.94% to Rs. 143.

Ashok Leyland gains on new order

Ashok Leyland rose 1.62% to Rs 18.80 at 9:18 IST on BSE after the company said it has secured an order from the Institute of Road Transport, Tamil Nadu for the supply of 2,610 buses.

The new order was announced after market hours on Friday, 5 July 2013.

Meanwhile, the S&P BSE Sensex was down 151.50 points or 0.78% at 19,344.32.
On BSE, 58,000 shares were traded in the counter as against average daily volume of 3.73 lakh shares in the past one quarter.

The stock hit a high of Rs 19.20 so far during the day. The stock hit a low of Rs 18.35 so far during the day, matching its 52-week low of Rs 18.35 hit on Friday, 5 July 2013. The stock had hit a 52-week high of Rs 28.70 on 3 December 2012.

The stock had underperformed the market over the past one month till 5 July 2013, sliding 22.43% compared with the Sensex's 0.37% fall. The scrip had also underperformed the market in past one quarter, declining 16.67% as against Sensex's 5.67% gain.
The mid-cap commercial vehicle maker has equity capital of Rs 266.07 crore. Face value per share is Re 1.
The Institute of Road Transport (IRT) is a nodal organization that procures buses for all transport corporations in Tamil Nadu.

Ashok Leyland's net profit fell 42% to Rs 150.03 crore on 14.2% decline in net sales to Rs 3648.41 crore in Q4 March 2013 over Q4 March 2012.
Ashok Leyland, the flagship of the Hinduja Group, is the second largest maker of commercial vehicles in India after Tata Motors.

NSE announces launch of LIX 15 Index

The index includes 15 stocks, which are available in the F&O segment.

The National Stock Exchange is pleased to announce the launch of ‘LIX 15’ Index. The index shall be disseminated online, from Monday, the July 08, 2013.
‘LIX 15’ Index is designed to provide exposure to the liquid stocks while making the index easily replicable and tradable.

In order to make the index easily replicable and tradable, the index includes limited number of stocks and selection criterion is based on the minimum turnover ratio and free float market capitalization.

The index includes 15 stocks, which are available in the F&O segment. Currently these stocks represent 9 industries, 22% of turnover in Cash Segment and 34% of single stock derivatives turnover in F&O segment on NSE in previous 6 months. The weight of single stock in the index is capped at 15%.

The methodology and values of the index will be available on www.nseindia.com

Nikkei pares gains as losses in China temper U.S. optimism

Japan's Nikkei share average pared gains from an early push to a fresh 5-1/2 week high on Monday morning, as sharp losses in Chinese equities tempered optimism stemming from strong U.S. jobs and a weaker yen.

The benchmark Nikkei advanced 0.1 per cent to 14,322.22 in midmorning trade, after rising as high as 14,497.65, a level not seen since May 29, on the back of upbeat U.S. jobs data suggesting the world's largest economy was on a solid footing.

The broader Topix index edged up 0.1 per cent to 1189.55.

Both indices erased much of their morning gains as Hong Kong shares extended early losses, with Chinese growth plays hurt after Beijing said it would cut off credit to force consolidation in industries plagued by overcapacity.

"It was the tumble in Chinese stocks that sent the Nikkei and Topix lower. But I think the Japanese markets have become less vulnerable to volatile Chinese markets than late June," said Hiroaki Hiwada, a senior strategist at Toyo Securities.

At 0205 GMT, the Hang Seng Index was down 2.4 per cent, while the China Enterprises Index of the top Chinese listings in Hong Kong was down 2.8 per cent. The Shanghai Composite Index was down 2.2 per cent.

"There are so many positive factors encouraging buyers but at the same time, there is some feeling of overheating in the market. So profit-taking is quite likely," said Toshiyuki Kanayama, senior market analyst at Monex Inc.

Data on Friday showed U.S. jobs growth was better than expected in June and the two previous months of gains were revised higher, increasing the likelihood that the U.S. Federal Reserve will begin cutting its massive monetary stimulus, known as quantitative easing, as early as September.

The dollar posted broad gains, and U.S. stocks surged as equity investors were cheered by the strong economic momentum which offset some of the concerns over a reduction of the Fed's stimulus.

The yen hit a 5-1/2-week low of 101.47 yen to the dollar in early Asian trade on Monday. The pair last traded at 101.15 yen, according to EBS data.

Index heavyweight Fast Retailing Co advanced 2.2 per cent and contributed 32 positive points to the benchmark Nikkei, helped by index-related buying and hopes for quarterly earnings due Thursday.

Daiwa House Industry Co tumbled 8.4 percent after the construction company said it would raise up to 137.8 billion yen by issuing 60.5 million new shares and sell 20 million of its own.

The Nikkei is down 10 per cent from a 5-1/2-year high touched on May 23, hurt by slowing growth in China and concerns of an imminent rollback of the Fed's bond-buying programme. However, it's still up 38 percent this year, underpinned by the Japanese government's sweeping stimulus policies.

"There is no big reason to sell stocks at the moment," said Kenichi Hirano, a strategist at Tachibana Securities. "I think the Nikkei's rise to 15,000 is well in sight this week."

Rupee hits record low of 60.95 on strong US jobs data

The Indian rupee hit a new all-time low of 60.95 against the U.S. dollar in early trade on Monday surpassing the previous record low of 60.76. The partially convertible currency traded at 60.88 as of 09.05 a.m. against Friday's close of 60.23

Fresh weakness came on better than expected U.S. jobs growth, which increased the likelihood that the Federal Reserve will begin cutting its massive monetary stimulus, known as quantitative easing, as early as September.

Traders fear that cuts in the U.S. bond buying programme will trigger massive selling by foreign investors, which will make the financing of India's high current account deficit difficult.

The rupee fell 1.4 per cent last week and its nine-week losing streak is the longest since the last one ended June 3, 2012.

The Reserve Bank of India was cited selling dollars via state-run banks after the rupee fell to 60.59 on Friday, not far from its life low of 60.76 touched on June 26.

However, the central bank's intervention has not been strong during the current bout of rupee weakness, with Governor D Subbarao's comments on Thursday about the RBI not targeting any particular exchange rate also deepening the uncertainty.

RCOM to demerge real estate into separate unit

The proposed separation of real estate into a separate unit is part of RCOM’s strategic plan to divest non-core assets.

Reliance Communications (RCOM) announced that its Board of Directors has in-principle decided on a demerger of the real estate held by RCOM into a separate unit, Reliance Properties Ltd., to unlock substantial value for the benefit of its approx. 2 million institutional and retail shareholders.
The proposed separation of real estate into a separate unit is part of RCOM’s strategic plan to divest non-core assets, and focus on its core wireless and enterprise business.
Reliance Properties Ltd. will be a separate listed Company. All shareholders of RCOM will receive fully tradeable pro-rata shareholding in Reliance Properties Ltd., FREE OF COST, based on their existing shareholding in RCOM.

The preliminary and indicative monetisable value of RCOM’s real estate on development is estimated by independent valuers at over Rs. 12,000 crore (US$ 2 billion), which is equal to Rs. 60 (US$ 1) per RCOM share.
Reliance Properties will work with leading global partners to develop the real estate,
and unlock this value for the benefit of its approx. 2 million shareholders.
The properties proposed to be developed by Reliance Properties include inter alia:
 Prime land at Dhirubhai Ambani Knowledge City, Navi Mumbai measuring nearly 135 acres, with saleable area of over 15 million sq. ft.
 Prime property near Connaught Place, New Delhi measuring nearly 4 acres.
The Board has constituted a Committee to consider the matter in detail, and prepare the necessary Demerger Scheme, etc. in consultation with legal and other advisors.
The Demerger will be subject to approvals from shareholders, lenders, Courts, etc.