Sensex gains over 100 pts; Jindal Steel, M&M, HUL losers

Tightening their noose on loan defaulters, banks have decided to 'name and shame' the guarantors of such borrowers as well by publishing their photographs and other details in newspapers and at notice boards of bank branches and community centres, reports PTI.

Banks, mostly public sector lenders, began publishing pictures of wilful loan defaulters in newspapers and at other places around the areas of residence of such borrowers earlier this year to induce them to pay up.

 Management speaks: In an interview on CNBC-TV18 , Shekhar Bajaj, CMD, Bajaj Electricals , says the company has no choice but to pass on the impact of rupee depreciation to consumers. Giving a break-up, Bajaj says for Morphy Richards, 40 percent of its total turnover is imported products, for Bajaj Appliances it is about 20 percent and in case of fans and lighting, it is about 10 percent. The company plans to undertake a price hike this month.

Bajaj says the company is targeting an 18-20 percent growth in the lighting segment and a 20-22 percent growth in consumer durables. He further says they have not lost market share in lighting or consumer durables sector. In fact, he expects a 100 bps improvement in consumer durables margins.

In FY14, the company is targeting Rs 4,200 cr revenues and 20-25% growth.

Gold futures trade higher on MCX

Gold futures were trading marginally higher on MCX due to aggressive demand from stockists and investors amid firm overseas support. The trading sentiment improved further as gold in overseas markets rose the most in a week after data showed China's inflation accelerated more than estimated in June, boosting demand for the yellow metal as a hedge. The prices found further support from weakness in the US dollar, as dollar-priced commodities become less expensive to investors holding other currencies.

The contract for August delivery was trading at Rs 26222.00/10 GRMS, up by 0.44% or Rs 115.00 from its previous closing of Rs 26107.00/10 GRMS. The open interest of the contract stood at 13737.00 lots

The contract for October delivery was trading at Rs 26329.00/10 GRMS, up by 0.33% or Rs 86.00 from its previous closing of Rs 26243.00/10 GRMS. The open interest of the contract stood at 3217 lots on MCX.

Bond yields drop after regulators tighten rules for derivatives trading in the currency market

Bond yields dropped on Tuesday following measures by the central bank and the market regulator to curb speculative trading in foreign exchange derivatives. In a bid to arrest the steep decline of the rupee, which fell to a record low of 61.21 against the dollar on Monday, regulators tightened rules for derivatives trading in the currency market. The Reserve Bank of India banned banks from proprietary trading in domestic currency futures and the exchange-traded options market, while the Securities and Exchange Board of India (SEBI) increased the margin requirement on the domestic dollar-rupee forward trade to 100 percent of the traded amount.

On the global front, US Treasuries prices climbed in Asian trade on buying by bargain-minded investors, helping to bring benchmark yields down from near two-year highs. Brent crude dropped towards $107 a barrel on Tuesday as investors locked in profits after prices climbed to a three-month top in the previous session and as worries about supply for the Middle East eased.

Back home, the yields on 10-year 7.16% - 2013 bonds were trading 6 basis points lower at 7.51% from its previous close of 7.57% on Monday.

The benchmark five-year interest rate swaps were trading 10 basis points higher at 7.54% from its previous close of 7.60% on Monday.

The Reserve Bank of India has announced the auction of 91 and 364 day Government of India Treasury Bills for notified amount of Rs 7,000 crore each. The auction will be conducted on July 10, 2013 using 'Multiple Price Auction' method.

Reliance Infrastructure launches Mobile Wallet Bill Payment facility

The service would facilitate Reliance Infrastructure's 28 lakh consumers to pay their electricity bills through a simple SMS, anytime, anywhere.

Reliance Infrastructure Limited, India’s leading integrated power distribution company  launched the Mobile Wallet Bill Payment facility for their Mumbai customers. Customers who prefer to pay their bills in cash will be benefited by this fast and hassle free technology based bill payment system.The service would facilitate Reliance Infrastructure's 28 lakh consumers to pay their electricity bills through a simple SMS, anytime, anywhere. They can now avoid long queues and save time and money.

Reliance Infrastructure’s 23 lakh low end consumers will be most benefited as they normally prefers to pay their bills by cash.

With this, Reliance Infrastructure became first Indian power utility to offer both web based and mobile based wallet payment facility to their customer. 

Commenting on the development, Spokesperson, Reliance Infrastructure Ltd. said, “We are committed to take technology enabled services to all our consumers to facilitate them to save their precious time and money. We cater to around 23 lakh domestic users including approximately 12 lakh coming from the unstructured developments. Since, these consumers normally prefer to pay their power bills by cash, Mobile Wallet Bill Payment facility will thus benefit them the most.”

Anant Raj up 15% on Haryana govt nod for residential colony

Anant Raj  shares spiked more than 15 percent to hit an intraday high of Rs 58.70 in afternoon trade Tuesday. The real estate developer received license from Haryana government to set up a residential colony.

In its filing with exchange, the company says residential group housing colony over an area admeasuring 26.075 acres will have saleable area of 2.8 million square feet.

Anant Raj further says it also got license to set up a commercial project at Gurgaon over an admeasuring 4 acres and 2.95 acres, which will have saleable area of 0.8 million square feet.

Karnataka Bank jumps on co-financing pact with Reliance Capital

Karnataka Bank surged 5.41% to Rs 113.95 at 14:37 IST on BSE after the bank said it has entered into a memorandum of understanding with Reliance Capital for financing the micro, small and medium enterprises through co-financing arrangement.

The announcement was made during trading hours today, 9 July 2013.
Shares of Reliance Capital were trading 2.46% higher at Rs 379.60.
Meanwhile, the S&P BSE Sensex was up 92.48 points or 0.48% at 19,417.25.
On BSE, 14.89 lakh shares of Karnataka Bank changed hands in the counter as against average daily volume of 8.50 lakh shares over the past one quarter.
The stock hit a high of Rs 116.60 and a low of Rs 108.80 so far during the day. The stock had hit a 52-week high of Rs 198.80 on 11 December 2012. The stock had hit a 52-week low of Rs 78.10 on 11 September 2012.

The stock had underperformed the market over the past one month till 8 July 2013, sliding 26.44% compared with the Sensex's 0.54% fall. The scrip had also underperformed the market in past one quarter, declining 17.13% as against Sensex's 4.81% rise.
The private sector bank has equity capital of Rs 188.36 crore. Face value per share is Rs 10.

Under the memorandum of understanding (MoU) with Reliance Capital, Karnataka Bank will provide fund based/non-fund based finance to the eligible micro, small and medium enterprises (MSMEs) referred by Reliance Capital, as per the norms of the bank.
Reliance Capital, a part of the Reliance Group, is one of India's leading private sector financial services companies.
Karnataka Bank's net profit declined 19% to Rs 67.39 crore on 14.1% growth in total income to Rs 1090.32 crore in Q4 March 2013 over Q4 March 2012.
Karnataka Bank is a private sector banking institution based in the town of Mangalore in Karnataka and has major presence in South India. The bank is engaged in commercial banking and related activities.

Markets cool off from day’s high as investors went for profit-booking

Indian equity markets have come off their day’s high as investors went for profit-booking following the surge in early trade on account of measures taken by the central bank and the market regulator to curb speculative trading in foreign exchange derivatives and arrest rupee’s slide. Nevertheless, trade at D-street continues to remain in green territory amidst positive global cues, with benchmark indexes, Sensex and Nifty, trading with gains of over a quarter percent, comfortably cruising past the crucial 19,400 and 5,800 levels respectively. Meanwhile, broader indices showcasing degree of outperformance are trading with gains of over around half a percent. On the global front, taking cues from positive Asian shares, European market have also got off to a positive start after euro zone finance ministers decided to grant Greece a last substantial tranche of aid-but with strings attached.

Closer home, stocks from Metal, Auto and Oil & Gas counters were the weak pockets and have cut short bourses’ gains, while those from Consumer Durable, Health Care and Power counters are sustaining the uptrend of the bourses. Meanwhile, Sugar stocks have rallied after Government issued a notification to implement a hike in import duty on sugar to 15 per cent from 10 per cent as the world's top sugar consumer tries to prop up local prices which are falling due to ample and cheap global supplies.

The BSE Sensex is currently trading at 19401.04, up by 76.27 points or 0.39% after trading in a range of 19486.00 and 19380.25. There were 23 stocks advancing against 7 declines on the index.

The broader indices were trading in green; the BSE Mid cap and Small cap indices were trading up 0.36% and 0.50% respectively.

The top gaining sectoral indices on the BSE were, Consumer Durables up by 2.25%, Health Care up by 1.52%, Power up by 1.21%, Capital Goods up by 1.12%, and Bankex up by 0.77%, while Metal down by 0.25%, Auto down by 0.11% and Oil & Gas down by 0.07% were the top losers on the index.

Out of the 30 share, 19 stocks were advancing while 11 were declining on Sensex. The top gainers on the Sensex were Sun Pharma up by 4.32%, Bajaj Auto up by 2.42%, NTPC up by 1.28%, Infosys up by 1.24% and BHEL up by 1.18%. On the flip side, Coal India down by 1.79%, Maruti Suzuki down by 1.17%, Tata Motors down by 0.94%, Mahindra & Mahindra down by 0.92% and Hindustan Unilever down by 0.74%, were the top losers on the Sensex.

Meanwhile, amid the talk of government increasing import duty on pulses and Commission for Agriculture Costs and Prices (CACP) suggesting 10% import duty hike on pulse import to boost domestic production, the Food Ministry has favoured a 7.5% import duty on pulses. The pulses imports have been permitted at zero import duty since 2006. CACP, which recommends support price for agriculture commodities, had recommended 10% import duty on pulses in its report on kharif 2013-14 crops.

The government is of the view that import duty hike is necessary at this point to protect the domestic production because imported pulses have become cheaper compared to domestic pulses, especially after the hike in the minimum support price (MSP). As per the industry data, traders are now importing tur pulse at Rs 3,300-3,500 per quintal from Myanmar, while domestic prices are ruling at Rs 4,300 per quintal.

Although India is the largest producer of pulses but it imports about three million tonnes of pulses every year to fulfill its domestic demand. In last few years, the government has made progress in increasing the pulses production through higher MSP, which boosts confidence of Indian farmers to produce more pulses.

The CNX Nifty is currently trading at 5,840.70, up by 29.15 points or 0.50% after trading in a range of 5,864.95 and 5,834.60. Out of the 50 share index, 35 stocks were gaining; top gainers of the Nifty were Sun Pharmaceuticals up by 4.59%, Power Grid Corporation up by 2.52%, Bank of Baroda up by 2.28%, Bajaj Auto up by 2.20% and IndusInd Bank up by 1.69%. On the flip side, Coal India down by 1.74%, Maruti Suzuki down by 1.32%, Mahindra & Mahindra down by 0.94%, Jindal Steel down by 0.79% and Tata Motors down by 0.78% were the major losers on the index.

Most of the Asian equity indices were trading in green; Shanghai Composite rose 0.35%, Hang Seng increased 0.28%, KLSE Composite jumped 0.27%, Nikkei 225 surged 2.58%, Straits Times gained 0.78%, KOSPI Composite added 0.74%and Taiwan Weighted was up by 1.08%.

On the flip side, Jakarta Composite declined by 0.28% was the lone loser amongst Asian pack.

European markets too got off to a positive start; with CAC 40 inching higher by 0.38%, DAX rising by 2.08% and FTSE 100 advancing by 0.44%.

Canara Bank picks up 10% in Brickwork Rating

Canara Bank has invested in Bengaluru-based credit rating agency Brickwork Ratings. The completion of the deal was announced via an exchange release on Tuesday.

R K Dubey, chairman and managing director of Canara Bank suggested that there are many synergies at play.

“Brickwork and Canara Bank are both Bengaluru-based entities. Canara Bank and Brickwork would collaborate in various activities related to banking and credit rating. The strategic investment would help take up joint activities on risk management, training, research, financial inclusion, credit rating models, events, conferences,etc.” he said.

Vivek Kulkarni, Managing Director of Brickwork Ratings also alluded to the regional connection.

“We are very excited to be partnering with a hundred year old bank from Karnataka. Brickwork is committed to make a difference in the ratings industry and emphasizes research, training and financial literacy,” he said.

Canara Bank is a nationalized bank with a total business of over Rs.6 lakh crore, according to the press statement.
Brickwork Ratings  offers Bank Loan, NCD (Non Convertible Debenture), Commercial paper, MSME (Micro, Small and Medium Enterprises) ratings and other grading services, according to its website. Brickwork has presence in Bengaluru, New Delhi, Mumbai, Chennai, Hyderabad, Kolkata as well as forty cities in India.

Financial details of the deal were not disclosed.

Canara Bank was trading up 3.46%, at Rs.357.4 at the time of writing. It out-performed the banking index, which was up 1.23%.

Average basmati exports realisation
Financial year Price (Rs/kg)
2010-11          47.90
2011-12           48.61
2012-13         56.10

Just Dial hits record high, stock surges 58% against issue price

Just Dial has surged 12% to Rs 763, its record high since listing, on back of heavy volumes on the National Stock Exchange (NSE). The stock opened at Rs 686 and touched low of Rs 685 so far.

A combined 2.01 million shares representing 4.3% of total equity of the company changed hands on the counter till 1240 hours against an average less than 300,000 shares that were traded daily in past two weeks on NSE and BSE.

Just Dial has surged 58% against its issue price of Rs 483 per share offered to retail individual investors. The internet firm had raised Rs 950 through initial public offer (IPO) in May, by issuing shares at price of Rs 530 per share. The company offered a 10% or Rs 47 discount retail individual investors.

The company, founded in 1997, provides comprehensive listings of local small businesses across India, which can be accessed via a single telephone number (8888888888) or via the Web site.

Venkatachalam Sthanu Subramani, the founder of the company along with other promoters, held 33.13% stake in the company post listing. Foreign corporate bodies held 35.02% stake, followed by foreign institutional investors (14.85%), Individual shareholders (5.89%) and Foreign Venture Capital Investors (4.46%). The remaining 6.65% holdings are with mutual funds, financial institutions and others.

Sundaram Clayton promoter to sell equity shares via OFS

Sundaram Finance Limited (the "Seller"), the promoter of Sundaram Clayton Ltd (the "Company"), has informed to BSE that the Seller proposes to sell an aggregate of upto 4 equity shares of Rs. 5 each ("OFS Shares") representing approximately 0.00002 % of the equity share capital of the Company as on July 09, 2013.

The OFS shall be undertaken exclusively through Seller's Broker on a separate window provided by the BSE for this purpose.

- Date and time of the opening and closing of OFS : The OFS shall take place on the separate window of the Stock Exchanges and shall commence on July 11, 2013 at 2.30 pm and shall close on the same day at 3.30 pm (Indian Standard Time) ("OFS Date").

Thermax gains 7.1% in 3 days after securing large order

Thermax rose 1.73% to Rs 634 at 12:14 IST on BSE, with the stock extending recent gains triggered by the company receiving a prestigious order worth about Rs 1700 crore from a leading petrochemical company.

Meanwhile, the S&P BSE Sensex was up 90.51 points or 0.47% at 19,415.28.

On BSE, 5,908 shares were traded in the counter as against average daily volume of 12,704 shares in the past one quarter.

The stock hit a high of Rs 640 and a low of Rs 608.50 so far during the day. The stock had hit a 52-week high of Rs 684 on 22 February 2013. The stock had hit a 52-week low of Rs 463.15 on 27 July 2012.

The stock had outperformed the market over the past one month till 8 July 2013, rising 4.14% compared with the Sensex's 0.54% fall. The scrip had also outperformed the market in past one quarter, surging 8.95% as against Sensex's 4.81% rise.

The mid-cap company has equity capital of Rs 23.83 crore. Face value per share is Rs 2.
Shares of Thermax have rallied 7.1% in three trading sessions from a recent low of Rs 591.95 on 4 July 2013, after the company during trading hours on 5 July 2013 said it has received a prestigious order worth about Rs 1700 crore from a leading petrochemical company for the design, manufacture and commissioning of 9 circulating fluidized bed combustion (CFBC) high pressure boilers of 500 TPH each for two of its plants. This is the single largest order from a client for deployment of CFBC boilers, Thermax said.

Thermax's net profit fell 11.2% to Rs 115.32 crore on 12.8% decline in net sales to Rs 1448.73 crore in Q4 March 2013 over Q4 March 2012.

Thermax, a leading energy and environment solutions provider, is one of the few companies in the world that offers integrated innovative solutions in the areas of heating, cooling, power, water and waste management, air pollution control and chemicals.

LIC to buy shares worth Rs. 40,000 cr in current fiscal

State-run life insurer, Life Insurance Corporation (LIC), will go shopping for 30% more shares this fiscal as compared to last year. India's largest insurer will buy shares worth Rs 40,000 crore in the current financial year, said reports.
Is the move planned to counter the impact of recent FII outflows from Indian equity markets? For LIC like other investors this is the right time as valuations are cheap owing to recent burnout in the market largely emanating from weak macro-economic scenario in the country. 

Equity markets in emerging economies have witnessed flight of hot money back to United States as growth returned to world's biggest economy and equity markets.
FIIs have sold shares worth around $1.7 billion in the last five weeks, but net inflows remain positive during the current calendar year.

Listing of equity shares of Khoobsurat Ltd

The New listed company has informed the Exchanges that effective from July 09, 2013, the equity shares of Khoobsurat Ltd (Scrip Code: 535730) are listed and admitted to dealings on the Exchange in the list of 'T' Group Securities.
   KHOOBRSURAT LIMITED was incorporated on 17th April 1982. The Company's present Authorised Capital and Paid up Capital are Rs.1500.00 lacs and Rs. 1328.44 lacs respectively.
    The Company is one of the leading suppliers/traders in Kolkata and serving to entire state of West Bengal. The Company is in the business of Grey Cloth as well as Synthetic Fabric vide Suiting & Shirting as well as traditional Bengali Sarees.
 
Other areas of operations of Company are as under -
Development of Mobile Applications / Computer Software
Investment in Shares in Securities
Loans Syndication

Asian markets trade higher on Tuesday

Most of the Asian equity indices have rebounded after Monday’s sharp sell-off and open higher in Tuesday’s morning trade after US job creation accelerated in June raising hopes of growth recovery in world’s biggest economy. However, gains remained capped as investors were nervous over Beijing’s new drive to reform credit to restructure the economy. Meanwhile, China’s annual consumer inflation accelerated more than expected in June, as food cost soared, limiting any near-term room for the People’s Bank of China to loosen policy to underpin the slowing economy. 

Shanghai Composite rose 5.00 points or 0.26% to 1,963.27, Hang Seng increased 63.53 points or 0.31% to 20,645.72, KLSE Composite jumped 3.65 points or 0.21% to 1,766.52, Nikkei 225 surged 188.25 points or 1.33% to 14,297.59, Straits Times gained 18.37 points or 0.58% to 3,173.84, KOSPI Composite added 10.27 points or 0.57% to 1,827.12 and Taiwan Weighted was up by 71.20 points or 0.90% to 7,957.54.

On the flip side, Jakarta Composite was down by 20.03 points or 0.45% to 4,413.60.

RPower's 100 MW CSP project gets approval for carbon credit

This is the world's largest CSP project ever registered with the Clean Development Mechanism Executive board.

Reliance Power has announced that its 100 MW concentrated Solar Power Project in Rajasthan has received approvals for Carbon Credits under the United Nations Framework Convention on Climate change.

This is the world's largest CSP project ever registered with the Clean Development Mechanism Executive board.

Infosys spurts as LIC hikes stake

Infosys is currently trading at Rs. 2494.95, up by 23.25 points or 0.94% from its previous closing of Rs. 2471.70 on the BSE.

The scrip opened at Rs. 2477.00 and has touched a high and low of Rs. 2512.00 and Rs. 2477.00 respectively. So far 48858 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 3010.00 on 07-Mar-2013 and a 52 week low of Rs. 2101.65 on 26-Jul-2012.

Last one week high and low of the scrip stood at Rs. 2512.00 and Rs. 2392.85 respectively. The current market cap of the company is Rs. 143604.98 crore.

The promoters holding in the company stood at 16.04% while Institutions and Non-Institutions held 57.83% and 13.59% respectively.

State-owned Life Insurance Corporation of India (LIC) has acquired equity shares amounting to Rs 1,069 crore in the IT heavyweight Infosys during the quarter ended June 2013. LIC, the biggest domestic institutional investor in the equity market, held 5.96 per cent stake in Infosys in the Q4 FY13, which has now gone up to 6.72 per cent as of June 30.

However, foreign institutional investors (FIIs) trimmed their exposure in the company by almost a percent to 39.55 percent in the Q1FY14. The overseas investors held 40.52 per cent stake during the January-March quarter.

Maruti Suzuki, Alstom T&D, Tata Power and Deccan Chronicle may grab investors’ attention today

Alstom T&D India has been awarded a contract by Bajaj Infrastructure Development Company, to supply e-BoP (Electrical Balance of Plant) Package for their upcoming 3 x 660 MW Super Thermal Power Project (TPP) in Lalitpur, Uttar Pradesh. The contract is worth approximately Rs 200 crore (euro 28.5 million).

The country's largest carmaker Maruti Suzuki has shut the third shift at its diesel engine plant at Manesar, which has an annual capacity of 3,00,000 units. It has also been reported that the company has asked 200 contract workers to go on indefinite leave following cut in diesel engine production at its Manesar plant due to low demand.

A team of officials from the Central Bureau of Investigation (CBI) raided Deccan Chronicle Holdings’ premises on Monday evening. A fortnight ago income-tax (I-T) department sleuths swooped down on the offices of the company. The CBI has been probing the affairs of the debt-strapped DCHL following a complaint regarding irregularities in the company's balance sheet by the Bangalore-based Canara Bank.

Realty firm Ashiana Housing will invest about Rs 800 crore over the next seven years to develop a housing project at Bhiwadi in Rajasthan. The company has acquired about 52 acre of land in Bhiwadi where 4,000 units will be developed in phases. Ashiana Housing, which focuses on building homes for senior citizens, had posted a net profit of Rs 33 crore over a turnover of Rs 161 crore during 2012-13 fiscal. This is company's eighth project in Bhiwadi, the total development in this project will be 5 million sq ft, which will be completed in the next seven years.

Educomp Solutions, India's leading education company, has approached Corporate Debt Restructuring (CDR) forum to restructure its rupee debt to correct the asset liability mismatch on its Balance Sheet. The Company has also approached CDR forum for restructuring of debt in its K-12 business (2nd major business, operated through its Subsidiary - Educomp Infrastructure and School Management). The debt-restructuring exercise will enable the Company to comprehensively address the liquidity issues by matching the maturity profile of debt with the relatively long-term nature of its investments.

Mumbai-based education company, Aptech, is open to acquisition opportunities that are adjunct to career education, according to chief executive officer and managing director Ninad Karpe.  The 26-year-old company, which metamorphasised itself from being a computer education firm to a career education company, had in January 2010, acquired Maya Academy of Advanced Cinematics (MAAC) for Rs 76 crore. It is entering the African market aggressively and have signed up in Rwanda and Ghana recently. It should be in 15-20 countries in that continent, from the present six, within the next two to three years.

Infrastructure major Punj Lloyd will construct a residential complex for the Delhi Police at an estimated cost of Rs 1,300 crore at Dheerpur in the National Capital. The project, being developed on public-private partnership (PPP) mode, will have over 5,200 residential units, three schools and some commercial space, and will be maintained by Punj Lloyd for 25 years. To keep control on city's crime rate, the police needs to have better coordination with the public.

Tata Power, India’s largest integrated power company has inaugurated a first-ever pilot model of a Carbon Neutral Self Powered Eco-Hut, which was designed and constructed in India at Walwhan Garden, Lonavala. The Eco-Hut, made with an investment of Rs 10 lakh has zero carbon footprints as compared to a modern house. This initiative successfully demonstrates an integrated eco system of human habitat in harmony with nature, while conserving the environment for tomorrow. In a modern house, standard accessories cost about Rs 35 lakh and emit 4.2 tonnes of CO2.

Reliance Capital sells its 39.5% stake in DTDC for Rs. 158cr

Reliance Capital's private equity business has sold its entire stake in courier company DTDC to French logistics company Geopost SA. A Reliance Private Equity offloaded its entire 39.51% stake in a Rs. 158 crore deal. Anil Ambani-led company had bought the stake in 2006 for Rs. 66 crore

GeoPost, will invest additionally through a primary infusion in business development. GeoPost is a part of the French postal department La Poste Group.

"Reliance Private Equity has sold their entire 39.51 per cent stake to French company GeoPost for Rs 158 crore," DTDC Executive Director Abhishek Chakraborty was quoted by reports as saying.

The deal will allow DTDC & GeoPost to penetrate & consolidate its presence in India & key global markets more comprehensively, said a statement by DTDC.

Announcing the partnership, Chairman and Managing Director Subhasish Chakraborty of DTDC said, “We are very excited about the partnership. DTDC will get access to European markets & new technologies. The association will play a huge role in developing and strengthening the business relationships between the two great countries.”

Iain Johnson, Chief Operating Officer, GeoPost International added “India is a critical global market which is set for strong CEP growth and we’re delighted to invest in one of its leading players. The partnership will give us access to an unrivalled footprint in India and a great management team that shares our ambition to be a leading global CEP player serving both B2B and B2C markets.”

Earlier this year, DTDC had spread its roots to the APAC region and the Middle East through acquisitions and joint ventures with Eurostar in UAE, Fast World Express Pty Ltd in Australia, Kuwait Bayarek General Trading & Contracting Co. W.I.I. in Kuwait and Air Dragon Freight (Beijing) Co Ltd. in China.

CARE reaffirms 'AA+' rating to Shriram Transport Finance’s NCD

Credit rating agency, CARE has reaffirmed ‘AA+’ rating to Shriram Transport Finance Company’s Non convertible Debenture (NCD) worth Rs 10,850 crore. The rating agency has also reaffirmed ‘AA+’ ratings to company’s subordinated Debenture worth Rs 2750 crore.

The company has received the said rating on the back of its leadership position and almost three decades of experience in the pre-owned commercial vehicle (CV) financing segment, comfortable capital adequacy, overall healthy profitability parameters, strong resource raising capabilities, and proactive and experienced management team.

Shriram Transport Finance is the flagship company of the Chennai-based Shriram group and is classified as deposit taking Asset Financing NBFC. The company was with an objective to provide hire purchase and lease finance for the medium and heavy commercial vehicles to individual truck operators.

Bharti retires Rs 7k-cr debt with stake sale money

 the country’s largest telecom operators by subscriber base, on Monday, said it had repaid Rs 6,796 crore of debt from the proceeds of the five per cent stake sale to Qatar Foundation Endowment.

The debt reduction would result in improvement in the company’s capital structure and balance sheet leverage, Bharti said in a statement.

With this, Bharti’s total debt burden would come down to Rs 57,043 crore as the company had reported its total debt at Rs 63,839 crore till March 31. But it is likely the company might have reduced its debt further during the past quarter which would reflect in its quarterly results. In June, Bharti Airtel had issued 199,870,006 new equity shares at Rs 340 each, representing five per cent equity stake in the company, to Qatar Foundation Endowment for a total consideration of Rs 6,796 crore.

The company has recently raised $1.5 billion via issue of dollar bonds through its Netherlands-based subsidiary. It has announced plans for raising Rs 500 million through a second tranche of bonds, and has received bids worth four times the value on offer.

After the announcement, Bharti’s stock had touched a high at Rs 307.8, a rise of four per cent during the day, and was last traded at Rs 293.5 on BSE on Monday.

Indian telcos cut debt
Indian telecom companies have been selling assets to bring down huge debt. On Sunday, Reliance Communications (RCom) announced the demerger of its real estate assets into a separate company to unlock value.

Last week, RCom had said it has made full repayment of two loans amounting to Rs 1 billion (Rs 6,000 crore), during the June quarter. Further, RCom has made scheduled repayments of another $207 million foreign currency loan, on the respective due dates during the quarter ended June 30.

Government to select merchant bankers for NHPC stake sale

The government will finalise merchant bankers for managing disinvestment of NHPC, which is expected to mop up over Rs 2,200 crore to the exchequer, according to reports.
Reports said that they are about 10 merchant bankers, including Credit Suisse, ICICI Securities, SBI Cap and HSBC which have evinced interest in managing stake sale.
The government plans to sell 11.36% of its stake, or its 120 crore shares of NHPC through Offer For Sale (OFS).
Government currently holds 86.36% stake in NHPC.

Rupee falls to record low

Rupee slid to a new record low against the dollar on Monday (08 July 2013) as the greenback was boosted by stronger than expected US jobs numbers.
The currency hit 61.20 rupees to the US unit moving past its previous low of 60.76 rupees on June 26 — as worries mount that the US Federal Reserve will reduce its stimulus programmed that has prompted investor flows into emerging markets.
The currency closed on Monday at 60.62 rupees to the dollar.

Sensex to open on a positive note

A relief is in store this morning though it need not convert into a rally anytime soon. The global markets are breathing a bit easy. A speech by Federal Reserve chairman Ben Bernanke's tomorrow, some solution to Portugal's economic crisis are among the positive expectations. The slowdown in China's economy remains a concern. China’s inflation rose in June even as the decline in factory-gate prices extended its longest streak in a decade.

The outlook is a positive opening. A lot of stock-specific activity will pick up ahead of the results. The rupee, which breached the 61 to the dollar mark on Monday, will remain in focus. The RBI is believed to have intervened to stem the slide. Prime Minister Manmohan Singh will meet industry leaders on July 29 to discuss the rupee.

Mutual fund numbers are encouraging as investors pumped in Rs 37, 435 crore in various mutual fund schemes in May taking the total funds mobilisation during the first two months of the current fiscal to Rs 1.44 lakh crore, says a report. It may be recalled that in April there was a net outflow of Rs 1.06 lakh crore.

The Dow Jones and S&P 500 added around half a percent each while the Nasdaq was marginally higher. Asian stocks are mixed. Japan's Nikkei 225 is up 1.5% higher and Hong Kong's Hang Seng index has gained around half a percent. South Korea's Kospi index and China's Shanghai index are marginally higher.

China’s consumer price index rose 2.7% from a year earlier, the National Bureau of Statistics said.

Ramco Systems’ could see some profit booking today. The stock had risen on rumors that a major IT company is looking at buying stake. The company has denied the rumour.

Investment proposals by domestic and foreign businesses have dried up by a huge 75% since March last year, Assocham said. According to the chamber, a total of 697 proposals worth Rs1.4trn were made by foreign and domestic investors during 2012-13. This was, however, much lower than the 2,828 investment proposals worth Rs6trn received during FY12.

India’s gold imports in June have fallen 80% to about 32 tonnes. While the drop was sharp against the record May imports of 162 tonnes, compared to June 2012 level it is a 36% drop.