June IIP at -2.2%

The Quick Estimates of Index of Industrial Production (IIP) with base 2004-05 for the month of June 2013 have been released by the Central Statistics Office of the Ministry of Statistics and Programme Implementation. IIP is compiled using data received from 16 source agencies viz. Department of Industrial Policy & Promotion (DIPP); Indian Bureau of Mines; Central Electricity Authority; Joint Plant Committee; Ministry of Petroleum & Natural Gas; Office of Textile Commissioner; Department of Chemicals & Petrochemicals; Directorate of Sugar; Department of Fertilizers; Directorate of Vanaspati, Vegetable Oils & Fats; Tea Board; Office of Jute Commissioner; Office of Coal Controller; Railway Board; Office of Salt Commissioner and Coffee Board.

The General Index for the month of June 2013 stands at 164.3, which is 2.2% lower as compared to the level in the month of June 2012. The cumulative growth for the period April-June 2013-14 over the corresponding period of the previous year stands at (-) 1.1%.

The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of June 2013 stand at 117.1, 174.2 and 157.0 respectively, with the corresponding growth rates of  (-) 4.1%, (-) 2.2% and 0.0% as compared to June 2012 (Statement I). The cumulative growth in the three sectors during April-June 2013-14 over the corresponding period of 2012-13 has been (-) 4.5%, (-) 1.2% and 3.5% respectively.
 In terms of industries, thirteen (13) out of the twenty two (22) industry groups (as per 2-digit NIC-2004) in the manufacturing sector have shown negative growth during the month of June 2013 as compared to the corresponding month of the previous year (Statement II). The industry group ‘Furniture; manufacturing n.e.c.’ has shown the highest negative growth of 23.8% followed by 14.2% in ‘Medical, precision & optical instruments, watches and clocks’ and 13.7% in ‘Motor vehicles, trailers & semi-trailers’. On the other hand, the industry group ‘Wearing apparel; dressing and dyeing of fur’ has shown a positive growth of 31.8% followed by 7.6% in ‘Chemical and chemical products’ and 7.2% in ‘Electrical machinery & apparatus n.e.c.’.

As per Use-based classification, the growth rates in June 2013 over June 2012 are (-) 1.9% in Basic goods, (-) 6.6% in Capital goods and 1.1% in Intermediate goods (Statement III).  The Consumer durables and Consumer non-durables have recorded growth of (-) 10.5% and 5.0% respectively, with the overall growth in Consumer goods being (-) 2.3%.

Some of the important items showing high negative growth during the current month over the same month in previous year include ‘Cigarettes’ [(-) 25.1%], ‘Grinding Wheels’ [(-) 38.3%], ‘Copper Metal Cathode’ [(-) 72.5%], ‘Copper and Copper Products’ [(-) 67.9%], ‘Boilers’ [(-) 25.2%],  ‘Heat Exchangers’ [(-) 59.2%], ‘Earth Moving Machinery’ [(-) 23.7%], ‘Sugar Machinery’ [(-) 49.9%], ‘Plastic Machinery Incl. Moulding Machinery’ [(-) 25.3%] and ‘Gems and Jewellery’ [(-) 32.6%].
                                                         
Some of the other important items showing high positive growth are: ‘Rice’ (25.0%), ‘Aerated Water and Soft Drinks’ (28.2%), ‘Apparels’ (33.3%), ‘Leather Garments’ (25.5%), ‘Di Ammonium Phosphate (DAP)’ (164.7%), ‘Ethylene’ (34.1%), ‘Polypropylene’ (32.1%), ‘Vitamins’ (54.7%), ‘PVC Pipes and Tubes’ (30.0%), ‘Cable, Rubber Insulated’ (54.3%) and ‘Three- Wheelers (including passenger & goods carrier)’ (35.9%).

Along with the Q.E. of IIP for the month of June 2013, the indices for May 2013 have undergone the first revision and those for March 2013 have undergone the final revision in the light of the updated data received from the source agencies. It may be noted that these revised indices (first revision) in respect of May 2013 shall undergo final (second) revision along with the release of IIP for the month of August 2013.

Statements giving Quick Estimates of the Index of Industrial Production at Sectoral, 2-digit level of National Industrial Classification (NIC-2004) and by Use-based classification for the month of June 2013, along with the growth rates over the corresponding month of previous year, including the cumulative indices and growth rates, are enclosed.      

Exports up over 11% in July

Imports fall 6.2% from a year earlier to $38.1 billion

At last, India got good news on exports front. After two straight months of contraction, exports from India rose a whopping 11.64% at $25.83 billion in July 2013 against $23.14 billion in the same month of the previous year.

Besides, India's inbound shipments were down 6.2% to $38.10 from $40.62 billion over this period, pulled down by inbound shipments of gold. Imports of gold fell to $2.9 billion from $4.9 billion in this period.

As such, trade deficit fell to $12.27 billion in July versus $17.62 billion in the same month a year ago.

With this, total exports were up 1.72% at $98.29 billion in the first four months of the current financial year against $96.63 billion in the corresponding period a year ago.  Imports, on the other hand, were up 2.82% at $160.74 billion against $156.33 billion over this period.

As such, trade deficit widened to $62.45 billion against $59.7 billion over this period. While, July figures will give comfort on account of larger current account deficit, which is giving headache to the government, the cumulative deficit is yet to be brought under control.

Gold and silver imports stood at $2.9 billion in July, down from $4.4 billion in the same period last year.

Commerce Secretary S R Rao said exports to regions like Africa, ASEAN and Far East are helping the country's shipments to grow.

Oil imports in July declined by 8% to $12.7 billion and during April-July period it grew by 2.65% to $54.5 billion.

Marico Q1 net up 27% at Rs 158 cr

Company reported net profit of Rs 124 cr in the April-June quarter of the 2012-13 fiscal

FMCG  firm Marico Ltd today reported 27.36% increase in net profit at Rs 157.72 crore for the first quarter ended June 30, 2013.

The company had reported net profit of Rs 123.83 crore in the April-June quarter of the 2012-13 fiscal.

Marico's Q1, 2013-14, net sales were at Rs 1,379.66 crore, up 8.87% compared to Rs 1,267.2 crore in the year-ago period, the company said in a BSE filing.

Revenue from consumer products increase by 8.89% at Rs 1,295.55 crore and revenue from skin care increased by 7.67% at Rs 86.81 crore.

Overall expenses during Q1 were at Rs 1,173.28, up 6.40%, as against Rs 1,102.67 crore in the same quarter last year.

Marico Ltd scrip closed at Rs 202.10 in the afternoon trade, up 1.38% on the BSE.

Sensex up; re breaches 61/$, midcap & smallcap outperform

The market pares gains in the last trading hour. The Sensex is up 147.37 points at 18936.71 while the Nifty is up 43.20 points at 5608.85.  About 1443 shares have advanced, 796 shares declined, and 131 shares are unchanged.

HDFC shares rallied nearly 5 percent, while ONGC , ahead of its earnings, rose more than 2 percent.

Tech Mahindra rose more than 2 percent after higher-than-expected earnings during April-June quarter. The company also increased FII investment limit to 45 from 35 percent.

State Bank of India's ( SBI ) June quarter numbers disappointed the street with the bad loans surging by 19 percent over the previous quarter. Shares fell more than 3 percent as analysts see further downgrades.

GVK Power June quarter net loss at Rs. 30.59 crore

GVK Power and Infrastructure Ltd posted a net loss in its June quarter, weighed down by sluggish investments on infrastructure in a slowing economy and higher interest payments on outstanding debt.

The company posted a net loss of Rs. 30.59 crore in the quarter, compared with a loss of Rs. 64.3 crore a year earlier. Net sales fell 14.5 per cent to roughly Rs. 700 crore.

The company had been expected to post a loss of Rs. 1,100 crore, according to an estimate of two analysts tracking the company.

Like its peers in the power sector, GVK has grappled with fuel shortages for its power plants, while its highway construction business has been hit by environmental clearance hurdles.

Overseas, GVK's $10 billion coal mining project, which is a joint venture with Australian mining magnate Gina Rinehart's Hancock Coal, has been delayed to 2016.

Tech Mahindra net up 27% to Rs. 686 crore

IT firm Tech Mahindra on Monday reported a 27 per cent jump in consolidated net profit at Rs. 686 crore for the quarter ended June 30, 2013, led by broad-based growth across sectors like manufacturing and media and entertainment. Tech Mahindra had reported a net profit of Rs. 540.5 crore in the same period last year.

Tech Mahindra, part of the Mahindra and Mahindra group, saw revenues at Rs. 4,103 crore in the reported period, up 21.7 per cent as compared to Rs. 3,378 crore in the April-June 2012 quarter.

"We have completed one of the largest mergers in Indian corporate space this quarter in a seamless fashion. Our robust performance reinforces our belief in the inherent strength and cross leveraging possibilities," Tech Mahindra Executive Vice Chairman Vineet Nayyar told reporters here.

Tech Mahindra in June completed the merger of Mahindra Satyam with itself to create the country's fifth largest software services firm.

On sequential basis, the consolidated net profit was up 36.2 per cent (before exceptional reversal of impairment provision) as the same stood at Rs. 638 crore in the January-March 2013 quarter.

In U.S. dollar terms, revenues stood at $724 million (up 17.7 per cent year-on-year), while net profit was at $121 million (up 22.3 per cent y-o-y).

"We have seen good growth led by manufacturing, which is our second largest vertical after telecom, at 5.7 per cent growth quarter-on-quarter. Media and entertainment grew 8.7 per cent, while retail grew over six per cent. Telecom, despite of the accounts not growing significantly, saw q-o-q growth of 2.5 per cent," Tech Mahindra Managing Director C P Gurnani said.

Its total headcount stood at 83,063 for the quarter ended June 30, 2013, of which software professionals accounted for 53,337, BPO at 23,269 and support staff at 6,457. On the client side, Tech Mahindra said its active client count stood at 567 in Q1FY14 vs 516 in Q4FY13.

Tech Mahindra's cash and cash equivalent stood at Rs. 3,655 crore as of June 30, 2013.

India Cements Q1 net drops 73% to Rs 17 cr on higher expenses

Hit by higher expenses, India Cements’ net profit for the April-June quarter dipped by 73 per cent to Rs 16.82 crore.

The Chennai-based cement maker had clocked net profit of Rs 62.07 crore in the same quarter a year earlier, it said in a BSE filing.

Net sales rose slightly to Rs 1,238 crore from Rs 1,201 crore a year ago.

However, total expenses were up to Rs 1,115 crore from Rs 993 crore. It consumed power and fuel worth Rs 330 crore from Rs 288 crore a year earlier.

India Cements’ consumed raw material cost also went up to Rs 159 crore compared to Rs 137 crore a year earlier.

Finance costs also rose to Rs 100 crore from 95 crore a year ago.

Shares of the company were trading at Rs 43.25 apiece, down 3.46 per cent in afternoon trade in the BSE.

Sensex gains over 200 pts; Tata Steel, Jindal Steel up 8%

Ananth Narayan of Standard Chartered has given his vote of confidence to the Reserve Bank of India's (RBI) measures on the rupee by saying the currency hitting its all-time low of 61.80 again against the dollar is unlikely now.

"The action since July 15 and the words, which have come in from the ministry, clearly indicated the authorities are watching it extremely carefully. So purely from a sentiment perspective and from a market confidence perspective, I think the often talked about line in the sand is now there again," adds Narayan.

 The RBI will be auctioning Rs 22,000 crore of government cash management bills every week, it said in a statement, without specifying for how many weeks the sales would last.

Narayan expects the RBI to announce more policy reforms if the rupee starts showing signs of weakness again.

The market has managed to gather pace in afternoon trade as the Nifty is above 5600 led by metals and pharma but banks are refusing to budge from the weak levels. The Sensex is up 200.37 points at 18989.71, and the Nifty adds 55.25 points at 5620.90. About 1214 shares have advanced, 744 shares declined, and 116 shares are unchanged

The midcap index jumps over a percent.

Among the gainers, Tata Steel and Jindal Steel are leading with a gain of around 8 percent each. Shares of metal companies are gaining riding on positive Chinese economic data.

China's factory production increased 9.7 percent in July Y-o-Y, the National Bureau of Statistics said on Friday. China is the world's largest consumer of copper and aluminum.

On the downside is SBI (down 3 percent) on the back of dismal April-June qaurter. India's largest lender disappointed the street with the first quarter net profit falling higher-than-expected nearly 14 percent year-on-year to Rs 3,241 crore, dented by higher provisions against bad loans and muted growth in the net interest income, which grew just by 3.5 percent to Rs 11,512 crore in April-June quarter from Rs 11,119 crore.

However, the growth in net interest income was a little higher than analysts' forecast.

SBI net profit drops 14% to Rs 3,241 cr in Q1

Weighed down by bad loans, State Bank of India has reported a 14 per cent dip in its first quarter standalone net profit at Rs 3,241 crore against Rs 3,752 crore in the corresponding year ago period.

During the quarter, bad loans increased by Rs 9,702 crore to Rs 60,891 crore as of June 30, 2013.

SBI’s gross non-performing assets rose to 5.56 per cent of total advances (from 4.99 per cent a year ago).

Consolidated net profit declined 12 per cent to Rs 4,298 crore in April-June FY14 against Rs 4,874 crore in the first quarter of the previous fiscal.

At 1 p.m., SBI shares were trading at Rs 1,600.25 per share, down 3.68 per cent, on the BSE.

Punj Lloyd surges on winning project worth Rs 358 crore from Chennai Petroleum Corporation

Punj Lloyd is currently trading at Rs. 25.25, up by 0.90 points or 3.70% from its previous closing of Rs. 24.35 on the BSE.

The scrip opened at Rs. 24.50 and has touched a high and low of Rs. 25.60 and Rs. 23.90 respectively. So far 536675 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 64.10 on 09-Jan-2013 and a 52 week low of Rs. 22.15 on 01-Aug-2013.

Last one week high and low of the scrip stood at Rs. 25.60 and Rs. 22.35 respectively. The current market cap of the company is Rs. 841.86 crore.

The promoters holding in the company stood at 37.14% while Institutions and Non-Institutions held 22.74% and 40.12% respectively.

Punj Lloyd, a leading engineering, procurement and construction (EPC) conglomerate has been awarded a contract worth Rs 358 crores by Chennai Petroleum Corporation (CPCL) to build the Sulphur Block of Resid Upgradation Project at its Manall refinery near Chennal. Punj Lloyd's scope of work includes residual basic and detailed engineering, procurement, construction, installation, pre-commissioning, commissioning and project management for the sulphur block comprising 2 x 100 TPD Sulphur Recovery Unit including Tail Gas Treatment Unit, 60 m3/hr Sour Water Stripper and 250 TPH capacity Amine Regeneration Unit on a single point responsibility basis.

The project is expected to be commissioned in December 2015, With this contract, the order backlog for the Punj Lloyd Group on a consolidated basis has gone up to Rs 21,226 crore, reflecting the total value of unexecuted order as on June 30, 2013 and the orders received after the day.

Ashoka Buildcon shines on being lowest bidder for contracts worth Rs 47.04 crore

Ashoka Buildcon is currently trading at Rs. 46.05, up by 0.40 points or 0.88% from its previous closing of Rs. 45.65 on the BSE.

The scrip opened at Rs. 44.00 and has touched a high and low of Rs. 47.05 and Rs. 43.35 respectively. So far 1,589 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 5 has touched a 52 week high of Rs. 93.04 on 13-Aug-2012 and a 52 week low of Rs. 41.30 on 06-Aug-2013.

Last one week high and low of the scrip stood at Rs. 51.50 and Rs. 41.30 respectively. The current market cap of the company is Rs. 727.00 crore.

The promoters holding in the company stood at 67.52% while Institutions and Non-Institutions held 18.46% and 14.02% respectively.

Ashoka Buildcon has emerged as the lowest bidder at the price bid opening meeting dated August 07, 2013 for HVDS scheme under O&M Division Akaltara in state of Chhattisgarh, aggregating to Rs 47.04 crore from MSEDCL.

Ashoka Buildcon builds and operates roads and bridges in India on a build, operate and transfer (BOT) basis. It currently operates one of the highest numbers of toll-based BOT projects in India.

Aurobindo Pharma soars on plan to acquire 60% stake in Celon Laboratories’ manufacturing facility

Aurobindo Pharma is currently trading at Rs. 174.30, up by 13.25 points or 8.23% from its previous closing of Rs. 161.05 on the BSE.

The scrip opened at Rs. 166.15 and has touched a high and low of Rs. 176.65 and Rs. 166.15 respectively. So far 283761 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 204.90 on 03-Jan-2013 and a 52 week low of Rs. 99.65 on 10-Aug-2012.

Last one week high and low of the scrip stood at Rs. 176.65 and Rs. 138.45 respectively. The current market cap of the company is Rs. 5023.39 crore.

The promoters holding in the company stood at 54.84% while Institutions and Non-Institutions held 31.65% and 13.51% respectively.

Aurobindo Pharma has received its board’s approval to acquire 60% of an upcoming manufacturing facility (under construction) being established by Celon Laboratories to manufacture Hormonal and Oncology products for a total cash consideration of Rs 15.60 crore and also approved to further invest towards completion and approval of the facility including new product developments in above therapeutic areas with budgeted investment outlay of Rs 32.30 crore over next 12 months

Meanwhile, the company’s board has decided to acquire 57% of the equity stake in Silicon Life Sciences Private, a company engaged in manufacture of non-sterile penems, from its existing shareholders of 49% from VVR group and 8% from Trident Chemphar. Post this acquisition, the equity holding of the company would increase to 75%, thereby making Silicon a subsidiary of the company.

Aurobindo Pharma manufactures generic pharmaceuticals and active pharmaceutical ingredients. The company’s robust product portfolio is spread over 6 major therapeutic/product areas encompassing Antibiotics, Anti-Retrovirals, CVS, CNS, Gastroenterologicals, and Anti-Allergics, supported by an outstanding R&D set-up.

L&T’s arm secures new orders worth Rs 4160 crore across various verticals

Larsen & Toubro's (L&T) subsidiary L&T Construction has secured new orders worth Rs 4160 crore across various business segments in July and August 2013. The Building and Factories business, alone, has secured orders worth Rs 2319 crore from reputed customers across the country, with the major one being the construction of 12 Nos residential towers (No. of floors varying from 18 to 38) in Delhi and Chennai, including associated basement, car parking and external development works. The scope includes civil, structural, mechanical, electrical and plumbing and finishing works. The business has also secured an order for the construction of a commercial space development in Delhi (3 Basements, 1 Ground and 42 floors).

Company’s Power Transmission and Distribution business has secured new orders worth 974 crore, including a major turnkey order from Madhyanchal Vidyut Vitran Nigam for various rural electrification works under Rajiv Gandhi Grameen Vidyutikaran Yojna (RGGVY) phase -II in Barabanki and Lakhimpur District. Another order for this segment has been received from Kerala State Electricity Board for the strengthening, improvement and augmentation of distribution system in Kozhikode town under part-B of Restructured Accelerated Power Development and Reforms Programme (R-APDRP) on turnkey basis.

Meanwhile, company’s Water Renewable Energy business has bagged orders worth Rs 735 crore, out of which a major order has been received from Public Health Engineering Department, Rajasthan for Regional water supply schemes. The scope includes turnkey construction of water supply network for 256 villages and five towns under Ratangarh-Sujangarh Water supply project. Another order is received from Tuticorin Municipal Corporation, Tamil Nadu for the construction of an intake water treatment plant and water supply system at Tuticorin.

Further, other businesses of L&T Construction also received orders from Delhi Metro Rail Corporation Limited for design, supply, installation, testing and commissioning of radio systems for Delhi MTRS Project Phase.

MRPL advances on the plans of launching 120 fuel retail outlets

Mangalore Refinery & Petrochemicals (MRPL) is currently trading at Rs. 30.45, up by 0.50 points or 1.67 % from its previous closing of Rs. 29.95 on the BSE.

The scrip opened at Rs. 31.00 and has touched a high and low of Rs. 31.00 and Rs. 30.45 respectively. So far 17683 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 70.50 on 10-Oct-2012 and a 52 week low of Rs. 28.10 on 05-Aug-2013.

Last one week high and low of the scrip stood at Rs. 32.50 and Rs. 28.10 respectively. The current market cap of the company is Rs. 5380.48 crore.

The promoters holding in the company stood at 88.58% while Institutions and Non-Institutions held 3.18% and 8.23% respectively.

Mangalore Refinery and Petrochemicals (MRPL), the wholly owned subsidiary of state-run Oil and Natural Gas Corporation’s (ONGC) is planning to launch 120 fuel retail outlets in its base state, Karnataka in the first phase of its retail expansion strategy. The company already has an approval from the govt to set up 500 fuel retail outlets since 2006, while its parent company ONGC has an approval to set up 1100 retail outlets.

Recently, the company reported a net loss of Rs 454 crore in the June quarter on back of foreign exchange losses. The loss of Rs 454 crore in April-June quarter was, however, lower than a net loss of Rs 1,521 crore in the same period a year ago.

Syndicate Bank plans to open 100 branches in Andhra Pradesh

Manipal-based public sector lender, Syndicate Bank is reportedly planning to open 100 new branches in the state of Andhra Pradesh by the end of this year including 10 in the twin cities. Currently, the bank had 431 branches and 134 ATMs besides 251 ultra small branches in the State. The bank is also planning to achieve a business of Rs 40,000 crore in this State.

The bank has registered a rise of 2.74% in its net profit at Rs 452.28 crore for the quarter under review as compared to Rs 440.22 crore for the same quarter in the previous year. Total income of the bank has increased by 5.54% at Rs 4726.18 crore for Q1FY14 as compared Rs 4478.06 crore for the corresponding quarter previous year.

RCOM may ink deal with Reliance Jio

The agreement will allow Reliance Jio to offer telecom services using RCom's optic fibre network within a city.

Reports said that Reliance Communications (RCom) may sign an  fibre-optic sharing deal with Reliance Jio Infocomm in the next couple of months

The agreement will allow Reliance Jio to offer telecom services using RCom's optic fibre network within a city.
While Reliance Jio is preparing to launch its own telecom services across India.

This would be the third agreement between the two companies.
Earler in June, RCom signed a Rs 12,000-crore deal to share its telecom towers with Reliance Jio.


There are reports that RCom may announce its deal to sell 80% stake in wholly-owned wholesale telecommunications unit Reliance Globalcom BV.

Food Security Bill, RTI Act amendment in Lok Sabha

 The Lok Sabha will take up two important legislations – Food Security Bill and a bill to amend RTI Act in order to keep political parties out of its ambit - on Monday.

While there is near unanimity across the political spectrum on the issue of keeping political parties out of the ambit of the RTI Act, the government, despite the BJP announcing its support, will have to be cautious to ensure that Food Security Bill sails through. Food Security Bill Being seen as a 'gamechanger' by Congress for general elections scheduled next year, the Bill was introduced in Lok Sabha last week after government rejected apprehensions that it would impinge upon the rights of states.
Food Minister KV Thomas had introduced the fresh Bill after withdrawing an earlier one along with the ordinance which was promulgated on July 5.

Moving the National Food Security Bill, 2013, which promises to give right to the country's 80 crore people to get 5 kg of foodgrains every month at Rs 1-3 per kg, Thomas had said there is nothing in it against the states.

As per the provisions of the Bill, beneficiaries would get rice at Rs 3/kg, wheat at Rs 2/kg, and coarse grains at Re 1/kg. These rates would be valid for three years.

Every pregnant woman and lactating mother would get free meal during pregnancy and six months after child birth. They will also get maternity benefit of Rs 6,000 in instalments. Children up to 14 years would get free meals.

In case of non-supply of foodgrains, states will have to pay food security allowance to beneficiaries, as per the Bill.

RTI Act amendment A bill to amend RTI Act in order to keep political parties out of the ambit of the transparency law is slated to be introduced in Lok Sabha by the government.

The bill will be introduced in the Lower House by Minister of State for Personnel, Public Grievances and Pensions V Narayanasamy.

The Union Cabinet had on August 1 cleared a proposal to amend the RTI Act to give immunity to political parties.

The Cabinet's decision had come nearly two months after the Central Information Commission's order of bringing six national political parties — Congress, BJP, NCP, CPI-M, CPI and BSP — under the RTI Act.

The government may propose an amendment in Section 2 of the Act, which defines public authority, to shield the political parties, official sources said.

The proposed amendments will make it clear that the definition of public authority shall not include any political party registered under the Representation of the Peoples Act, they said.

The CIC had in its order on June 3 held that the six national parties have been substantially funded indirectly by the central government and were required to appoint Public Information Officers (PIOs) as they have the character of a public authority under the RTI Act.

The order of the transparency watchdog had evoked sharp reactions from political parties, especially Congress which has been credited with bringing in the transparency law.

The decision to amend the RTI Act was taken by the ministry of personnel, which acts as nodal department for the implementation of the Act, in consultation with law ministry and was based on consensus of all political parties, the sources said.

Puravankara Projects moves up on plan to launch an unrivalled super-luxury project

Puravankara Projects is currently trading at Rs. 64.40, up by 1.75 points or 2.79% from its previous closing of Rs. 62.65 on the BSE.

The scrip opened at Rs. 63.00 and has touched a high and low of Rs. 64.70 and Rs. 62.85 respectively. So far 1,399 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 5 has touched a 52 week high of Rs. 122.80 on 18-Jan-2013 and a 52 week low of Rs. 58.20 on 31-Aug-2012.

Last one week high and low of the scrip stood at Rs. 72.00 and Rs. 60.10 respectively. The current market cap of the company is Rs. 1,527.00 crore.

The promoters holding in the company stood at 75.00%, while Institutions and Non-Institutions held 20.83% and 4.17% respectively.

Puravankara Projects, a premier real-estate developer in the country, is set to launch an unrivalled super-luxury project in JP Nagar. The property, regally named Purva Coronation Square, is designed to indulge the inclinations of modern-day royalty. Superlative interiors and bespoke embellishments elevate refined living to stratospheric heights. Amenities are extravagant and exclusive. Private pools, private gardens, private elevators, private entertainment zones -private et al. After all, aristocrats can hardly be expected to share!

This project is equipped with a golf simulator, cigar & poker room and squash courts, making it a recreational haven. The stately Purva Coronation Square will be available only to a select few, even among the upper echelons. The property is limited to 20 homes, which are not simply villas, but befittingly, mansions. These palatial residences ranging from 6000 to 7000 square feet are priced between Rs. 5.00 to 7.50 crore. With construction underway, Puravankara intends to deliver this majestic property in 2 years.

Markets open higher, SBI results, June IIP eyed

Markets  have opened higher in trades today on the back of positive Asian cues. The Sensex has advanced 100 points to open at 18,889 and the 50-share Nifty has advanced 30 points to open at 5,596.

At the same time, the Indian rupee gained 41 paise to the US dollar and opened at 60.47.

The Asian markets are trading on a positive note. China's Shanghai Composite advanced 27 points to 2,079, Hang Seng is up 347 poihnts at 22,154, Straits Times has advanced 10 points at 3,240, taiwasn Weighted is up 52 points at 7,908 and the Japan's Nikkei is flat at 13,615.

Meanwhile, Wall Street closed out its worst week since June on Friday, pulling back from record highs as investors focused on when the Federal Reserve will start to wind down its stimulus program, while the dollar rebounded from a seven-week low.

Back home, on the macro economic front, industrial production for the month of June is due to be announced later in the day today.  The IIP may shrank an annual 1.2 percent, after unexpectedly falling 1.6 percent in May, a Reuters poll showed.

Sun Pharma is the top gainer among the Sensex stocks, the stock has opened higher by 5% at Rs 533 despite reporting a loss of Rs 1,276 crore on account of settlement of a patent suit with Wayeth worth Rs 2,517.41 crore. Tata Steel is also trading higher by 4% at Rs 227, the company has bagged an order to manufacture 60,000 tonnes of high-quality rail for a new high-speed line linking Mecca and Medina in Saudi Arabia.

The new railway will allow millions of pilgrims to cross the 276 miles (444km) between the two cities at speeds of 200mph (320kmh), the company said in a statement.

Other gainers on the Sensex include, Cipla, Coal India, HDFC, Jindal Steel, Sterlite Industries, ITC, Tata Motors, ICICI bank and Maruti Suzuki.

On the other hand, SBI is the top loser among the Sensex stocks, the stocks is trading lower by nearly 2% at Rs 1,632 ahead of its first quarter results which are due later in the day today. Dr Reddy's Labs, HDFC Bank, NTPC, TCS, BHEL, Mahindra & Mahindra, RIL and Tata power are also trading on a weak note, down 0.2-1.5% each.

BSE realty index is the top sectoral gainer, the index has advanced 2.2% to 1,249 levels. Healthcare, metal, consumer durables, FMCG, capital goods and auto indices are also up 1-2% each. On the other hand, BSE banking index- bankex is the top loser down 0.5%, power and oil & gas indices are also trading in the red.

The broader markets are trading on a firm note, BSE mid-cap and small-cap indices are up nearly a per cent each.

The overall marrket breadth is positive as 708 stocks are advancing while 313 are declining.

Lenders take over Mumbai office of Kingfisher Airlines

 Lenders to Kingfisher Airlines on Saturday took possession of Kingfisher House—the erstwhile corporate office of Kingfisher Airlines (KFA) near Mumbai airport's domestic terminal. The move is part of the lenders' moves to recover Rs 6,072 crore along with interest.

A SBI Caps trustee took physical possession of the 25,850-sq ft plot, which includes the office premises of over 17,072 sq ft, situated on the Western Express Highway. A notice announcing this was pasted on the building's doors.

SBI Caps, on behalf of the lenders, had issued a notice to KFA under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act on May 3, 2013. The notice is a precursor to acquiring a defaulter's property under the Act. "The Act says that if the borrower fails to repay within 60 days of the notice, lenders can take possession of assets and dispose of them," said a bank official who is among the lenders to Kingfisher Air.

Orient Paper & Industries’ CFL Lamps' production stood at 13.71 lakh units in July, 2013

Orient Paper & Industries has reported the operational performance of Electrical Division of the company for the month of July, 2013. The production of its CFL Lamps for July, 2013 stood at 1,371,000 units. The production of its CFL Lamps for May, 2013 stood at 1,000,000 units.

Orient Paper & Industries is part of the C K Birla Group. Today it has emerged as a multi-product, multi-location company. The company manufactures and markets range of fans under the name Orient Fans. It manufactures ceiling fans, desk fans, wall-mounted fans, pedestal fans, exhaust fans and multi-utility fans. It has production capacity of over 3 million units per annum.

Top economy news of the day

Good monsoon has brought some respite to the power sector as the peak power deficit for the month of July dropped to 4.5 %from 5.8 % in June

With public sector banks showing a marked increase in bad loans, the Finance Ministry has asked these banks to diligently conduct quarterly inspection of units/enterprises jointly financed by them.(BL)

The Reserve Bank will soon set up a high-level panel of eminent experts from the banking and financial sector to screen applications of 26 aspirants for new banking licences.(ET)

Good monsoon has brought some respite to the power sector as the peak power deficit for the month of July dropped to 4.5 %from 5.8 % in June.(ET)

India imported over 2 mn tonnes (MT) of urea in the first four months of this fiscal worth US$ 614 mn to meet domestic demand, which is expected to further rise on good monsoon. (ET)

US to hike fees for generic drugmakers

Indian generic makers will be watched on Monday after news came out that the US health regulator FDA is hiking the fees for generic drugmakers by up to 48% from October, making Indian generic drugs costlier in America.

Reports said that US regulations require companies to pay user fees to supplement the costs of reviewing generic drug applications.
The FDA said that it is aware that industry is adjusting to the new requirements and fees, and it has minimised the increase in fees "as much as possible
The new Abbreviated New Drug Application (ANDA) fee has been fixed at $ 63,860, which is around 24% higher than the existing $ 51,520, says media report.

Birla plans to invest $1 bn in US chemical plant

The Aditya Birla group is planning to invest $1 billion (about Rs 6,000 crore) in setting up a chemical/fertiliser plant in the US to take advantage of the falling gas prices in that country.

Another reason for the big-ticket investment plan was a reviving business sentiment there, a top official said.

"We have been looking at an investment in the US, as there is enough and cheap gas - priced at $3-3.50 a unit. So, like a lot of Indian chemical companies, we are looking at the country for investment in the next few months," said Aditya Birla Nuvo Managing Director Rakesh Jain. He added, depending on its due-diligence report, the group would make the investment either in a greenfield (new) plant or through an acquisition. A team was already camping in the US to scout for opportunities.

As of now, foreign markets account for nearly half of the group's $40-billion turnover, which it aims to increase to $65 billion by 2016.

The group has a significant presence in India's fertiliser space through Indo Gulf Fertiliser but it has to depend on government subsidy to make money. Amid a slowdown, subsidy payouts to fertiliser companies had delayed considerably. Hence, the look West policy, Jain said.

He added Chairman Kumar Mangalam Birla had made it clear the group would not depend on the government for any subsidy or dole-outs and would like to compete with companies across the world on its own. "By investing in the US, our goal is to de-risk our businesses and take advantage of the global opportunities. With the US economy reviving very fast - on the back of (President Barack) Obama's policies, this is the right time to invest in the US," he said.

Jain, who has spent 20 years of his professional life in the US, said $1 billion was typical of the investment the group made in a greenfield plant. Another group company, Novelis, is also planning to invest $1 billion in expanding its capacity, mainly in Latin America. The group expects, Novelis would from 2016 start generating cash surplus of close to $500 million a year and help its parent, Hindalco, meet its financial needs.

With its latest plan, Birla has joined a host of Indian companies investing in the North American markets for want of opportunities in India - and amid high interest rates and a slowdown here. Besides, the cost of gas price in the country is set to double, making investments in new power and chemical plants unviable.

In June this year, Apollo Tyres had announced it would invest $2.5 billion in acquiring US-based Cooper Tires. Similarly, Chairman Mukesh Ambani had recently said, with an investment of $5.7 billion as of March, Reliance Industries was the largest investor in the American shale gas space.