Tata Power's arm commissions 10 MW solar power plant in Karnataka

Tata Power Solar (TPS), a 100% subsidiary of Tata Power has successfully commissioned a 10 MW solar power plant for Jindal Aluminium (JAL) in Chitradurga, Karnataka, in June 2013. Executed in a record timeframe of four months from the day the land was made available, the solar power plant is Karnataka’s largest till date. The plant will produce over 18 million KWH annually (over 1.80 crore units) of solar power, covering the annual energy needs of over 70,000 Indian households.

JAL, India’s leading manufacturer of aluminium extruded profiles, foils and sheets with a turnover of Rs 1,300 crore, advocates the use of clean energy. It has a strong presence in renewable energy through its 12.04MW wind power project in Chitradurga. JAL adopted solar energy since it has emerged as the most important source of renewable energy. Due to Tata Power Solar’s market leadership, 24 years of strong technical expertise and excellent work ethics, JAL awarded this 10MW project to the company.

Tata Power is India's largest integrated power company with a significant international presence. The Company has an installed generation capacity of 8521 MW in India and a presence in all the segments of the power sector viz. Generation (thermal, hydro, solar and wind), Transmission, Distribution and Trading.

Flat Nifty holds 6200 mark...broader indices outperform

BSE Sensex closed at 20865 down 29 points, while NSE Nifty closed flat at 6,202 over the previous close.

The Nifty just about managed to stay afloat the 6200 mark for the second straight trading session on Tuesday. After opening with a slight negative bias, the benchmark indices were stuck in a narrow trading band throughout the day struggling around the 6200 mark. 

It also was the second consecutive day where the mid-cap and the small-cap indices outperformed the Sensex and the Nifty. Both the indices gained by 0.6% and 1.1% respectively.

Amar Ambani, Head of Research at IIFL said, “Although Nifty has been showing immense resilience above 6,100 but breakout on the upside will be confirmed only with a weekly close above 6,200. Yet again, action was subdued as index heavyweights consolidated after the recent rally. However, we see the momentum in broader markets to accelerate as the CNX Mid-Cap index has broken out from the neckline of a bullish head & shoulder pattern.”

UK regulator withdraws GMP Certificate of Wockhardt’s Nani Daman manufacturing facility

Wockhardt has received a communication from the Medicines and Healthcare Products Regulatory Agency, United Kingdom (UKMHRA), whereby the agency has decided to withdraw the previously issued GMP Certificate to the Company’s manufacturing facility situated at Survey No. 106/4-5-7, Kadaiya, Nani Daman and will be issuing a restricted GMP Certificate to the site along with a statement of noncompliance for the said site.

In order to avoid market shortage of medically essential products, the GMP certificate will be conditioned to permit continued manufacturing and QC testing of 'critical' products in situations where it has been agreed by the national competent authority or EMA (as appropriate) that there is no feasible alternative in the market concerned. The scope of the statement of non-compliance is therefore limited to medicinal products considered noncritical to public health. Accordingly, the Company shall be able to manufacture and supply from the said facility certain medicinal products critical to public health.

The impact of the same on existing business will only be known once the Company receives further communication from UKMHRA. The Company doesn't manufacture any products for the US market at the said manufacturing facility.

Lupin shines on receiving USFDA approval for its sNDA on Antara Capsules

Pharmaceutical Major, Lupin has received final approval for its supplemental New Drug Application (sNDA) for Antara (Fenofibrate) capsules, 30 mg & 90 mg strengths from the United States Food and Drug Administration (FDA). Lupin Pharmaceuticals (LPI), the company's US subsidiary would commence marketing the product shortly. LPI currently markets and promotes Antara Capsules, 43 mg & 130 mg strengths. The new drug would be manufactured by Lupin.

Lupin's Antara capsules enjoy strong brand equity with primary care physicians treating patients for high LDL-C, Total-C, triglycerides, Apo- B and low HDL-C. Antara capsules are prescribed for adjunct treatment of hypercholesterolemia (high blood cholesterol), mixed dyslipidemia and hyper- triglyceridemia (high triglycerides) in combination with diet

Lupin is an innovation led transnational pharmaceutical company producing and developing a wide range of branded and generic formulations and APIs globally.

Ashoka Buildcon spurts on receiving LoA from CSPDCL

Ashoka Buildcon has received Letters of Acceptance (LoA) from Chhattisgarh State Power Distribution Company (CSPDCL) for contracts aggregating Rs 32.07 crore. The company has received LoA for contracts with respect to Tender No: Akt-01, Akt-03 and Akt-04 amounting Rs 9.5 crore, Rs 11.16 crore and Rs 11.38 crore respectively.

The company had earlier on August 08, 2013 emerged as the lowest bidder for the above mentioned works for HVDS scheme under O & M Division Akaltara in the state of Chhattisgarh, aggregating Rs. 47.04 crore from CSPDCL.

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.

CII demands easing of interest rates and liquidity from RBI

At the pre-monetary policy meeting held by the RBI, Confederation of Indian Industry (CII) has sought easing of interest rates and liquidity and has suggested that the RBI sends out a signal in the forthcoming policy announcement that there would be no further tightening and the Central Bank would start to move to a more accommodative monetary stance.

The Industry body raised their demand at a meeting with RBI governor Raghuram Rajan, who is due to announce his first half-yearly monetary policy on October 29. CII has also suggested that a separate window be opened by RBI for SME financing to ensure the availability of credit at affordable rates to this important sector.

The apex association has also suggested that exports be provided priority sector lending status, at this time and asked the RBI to support the infrastructure sector through easing of norms. For this CII has suggested that the RBI consider forbearance for financing already made available to the infrastructure sector.

The other body Assocham had released a 10-point agenda and said that the central bank should consider normalising the monetary policy after a series of interest rate and liquidity tightening measures.

JB Chemicals & Pharmaceuticals rises on receiving USFDA approval for Tinidazole

JB Chemicals & Pharmaceuticals (JBCPL) has received US Food and Drug Administration (USFDA) approval for its Abbreviated New Drug Application (ANDA) for Tinidazole (for treatment of bacterial infection) 250 mg. and 500 mg. tablets.

The company plans to launch this prescription product in Q4 this year. The company would manufacture these formulations at its state-of-the-art manufacturing facility at Panoli in Gujarat.

The company’s US business has shown good growth in the last two years. The approval for Tinidazole has potential to further strengthen this business. In addition, the company expects approval of few more ANDAs already filed with USFDA. The company also plans to file more ANDAs to support its US business. 

Tata Steel surges on securing contract to supply rail track to Britain’s rail network

Tata Steel, one of the world’s biggest steelmakers, has bagged contract to supply rail track to Britain’s railway infrastructure operator Network Rail for at least five more years. Network Rail is planning to source over 95 percent of its rail from Tata Steel until 2019, with an option to extend the deal to 2024.

Tata Steel, the flagship company of the Tata group is the first integrated steel plant in Asia and is now the world’s second most geographically diversified steel producer and a Fortune 500 Company.

Tata Global Beverages’ JV opens one Starbucks store in Pune

Tata Global Beverages’ 50:50 joint venture (JV) with Starbucks Coffee Company - Tata Starbucks - has continued its expansion in India, with opening of one new outlet in Pune. This is the company’s second store in Pune and the total store count has reached to 25, across Mumbai, Delhi NCR and Pune.

Starbucks entered the Indian market in October 2012 and the opening of new store marks its first anniversary. The company has introduced the global favourite Salted Caramel Mocha to customers in India, as part of its anniversary celebration.

Tata Global Beverages, formerly known as Tata Tea, is a multinational non-alcoholic Beverages Company headquartered in Kolkata, West Bengal, India and a subsidiary of the Tata Group. It is the world's second-largest manufacturer and distributor of tea. Tata Global Beverages markets tea under the major brands Tata Tea, Tetley, Good Earth Teas and JEMCA.

Kellton Tech Solutions to acquire stake of Supremesoft Global Inc, USA

Kellton Tech Solutions has considered various opportunities for inorganic growth of the company and resolved to acquire stake of Supremesoft Global Inc, USA with offices in the Washington DC Metro Area, and Hyderabad. The board of directors of the company at its meeting held on October 18, 2013 have approved for the same.

On acquisition of the present stake, Supremesoft will become a subsidiary of Kellton Tech Inc, which is 100% subsidiary company to Kellton Tech Solutions. The process of acquisition would be completed after complying with the required statutory procedures in the due course of time.

Supremesoft is engaged in the business of IT Services, and Software Development in cutting edge technologies. Their revenue for last financial year was around $9 million.

Kellton Tech Solutions provides a suite of application development, integration, testing and maintenance services. Its consultants have extensive project management experience and expertise in areas like Business Analysis, Java/ J2EE, Microsoft Technologies, Testing, ERP, Business Intelligence and Data Warehousing (BI & DW), Database Administration, Infrastructure management, etc.

CAD to remain below $70 billion: C Rangarajan

Following the Deputy Chairman of the Planning Commission and echoing the government’s intentions, the Chairman of the Economic Advisory Council to Prime Minister (PMEAC) C Rangarajan has said that the Current Account Deficit (CAD) will go down well below $70 billion for the FY13-14.

Rangarajan pointing to the present trend in exports and imports said that if it continues, the overall CAD will reduce lower than $70 billion or 3.8% of the GDP. Further, noting the Indian rupee over the last few weeks had remained stable at around 61-62 against the US dollar, he said the rupee was well corrected for inflation differential.

The PMEAC chairman had earlier expressed optimism that India’s GDP growth would touch 5%-5.5% this year, as monsoon has been good this year leading to rise in agricultural production and pick up in rural demand and the good monsoon will also lead to improved exports figures.

States oppose inclusion of petroleum products and liquor in GST

At the meeting of the Empowered Committee of State Finance Ministers deliberating the revised draft of the Constitutional Amendment Bill for introduction of new indirect tax regime, among other things, several states opposed inclusion of petroleum products and liquor in the proposed Goods and Services Tax (GST) regime as the move would severely affect their revenues.

The issue was already discussed by a sub-committee of officials, set up to study the recommendations of Parliamentary Standing Committee and the revised draft of the Constitutional Amendment Bill and suggest ways for reconciling different positions. The government circulated the revised draft after incorporating the proposals of the standing committee of finance, headed by Bharatiya Janata Party leader Yashwant Sinha, which had suggested minimum exclusion to ensure an integrated, comprehensive and seamless GST regime. The industry too has been demanding that no item should be kept out of GST to ensure that there are no breaks in the supply chain.

However, majority of the states opposed bringing petroleum products and liquor in GST framework. Some were of the view that these goods have very short supply chain before consumption and could collect tax without any leakage. Some states also expressed their reservation to the inclusion of ‘entry tax’ in the GST fold. Earlier, petroleum products and alcoholic liquor for human consumption were kept outside the purview of VAT under the VAT regime.

Sensex to open on a flat note

After just about managing to cross the 6200 mark, the Nifty is set to see some cooling today. Global cues are lackluster are investors await the US jobs data which was delayed by the government shutdown.

The opening is a flat start. Some profit-taking may be seen in counters which have sprinted in recent days. Wipro results will be out today and some activity will be seen in the counter in anticipation. Other results include Cairn and Yes Bank.

The rupee saw some weakness losing 25 paise to end lower at 61.52 to a dollar; the weakness may continue today. Dr. Raghuram Rajan, Governor, Reserve Bank of India said "while we project the CAD to come down to 3.7% this year, I think we could be pleasantly surprised.  Not all the actions we have taken are pretty, and not all are sustainable, but they have done the job."

India’s GDP will probably grow by 5-5.5% this year – not great, but certainly not bad for what is likely to be a low point in economic performance, Rajan said.

Chinese property data is also due today. Japan's Nikkei is down a tad while Hong Kong's Hang Seng index has lost 0.60%. South Korea's Kospi is marginally lower and China's Shanghai is slightly down. The Dow Jones was down marginally while the Standard & Poor's 500 Index was flat. Nasdaq managed to add 5 points.

The Central Bureau of Investigation (CBI) will record a statement from Prime Minister Manmohan Singh in the controversial coal block allocation involving Birla group's Hindalco, according to reports.
HDFC and Zee Entertainment stock will be in focus post results.
HDFC has posted a net profit after tax of Rs. 12663.30 mn for the quarter ended September 30, 2013, while Zee Entertainment Enterprises Ltd has posted a net profit of Rs. 2279.80 million for the quarter ended September 30, 2013.
Etihad Airways, has expanded its code share agreement with Korean Air, South Korea’s largest airline, to include six new destinations.
The board of directors of Motherson Sumi Systems will consider issue of bonus shares on November 1. The board will also take on record the unaudited financial results for the quarter ended September 30, 2013, the company informed the BSE.