Markets record highest single-day gains in a month

On US US Fed plans to continue the stimulus measures and China's economic reforms

Benchmark share indices surged on Monday to record their highest single-day gains since October 18 after US Fed plans to continue the stimulus measures raised hopes of further foreign inflows and bold economic reforms unveiled by China boosted investor sentiment.

The 30-share Sensex ended up 451 points at 20,851 and the 50-share Nifty ended up 133 points to close at 6,189. As per today's closing levels the Sensex regained nearly 650 points of the 1000 points loss last week while the Nifty recovered nearly 200 points of the 330 point fall last week.

On October 18, the Sensex had gained 2.3% or 467 points and the Nifty had jumped 143 points or 2.4%.

The India rupee continued to strengthen on Monday due to dollar sale by banks. The bullish sentiments in equity market also helped the rupee. TheC Indian rupee was trading at Rs 62.46 to the US dollar against the previous close of 63.11.

Shares in Hong Kong and mainland China surged on Monday after bold economic reforms unveiled by China over the weekend. The Chinese government while relaxing its one-child policy with a view to boost urban population also said that it would further liberalise the financial sector. Hong Kong and Shanghai COmposite ended up nearly 3% each while Nikkie ended flat with negative bias and Straits Times ended 0.1% up.

However, European shares were trading mixed after recouping some of their early losses.The CAC-40 was up 0.4%, DAX was up 0.1% and FTSE-100 was down 0.1.

All the sectoral indices on the BSE ended with gains. The BSE Capital Goods index was the top gainer among the sectoral indices on the BSE, up 3.2% followed by Bankex, FMCG, Realty, Oil and Gas among others.

Index heavyweights ITC ended up 3.6% contributing the most to Sensex gains along with Reliance Industries which ended up 2.7%. ITC edged up after unwinding of short positions in its November futures, dealers said.

Bank shares firmed up ahead of the outcome of the RBI's Rs 8,000 crore bond purchase through open market operations today. Bank Nifty gained the most in percentage terms since October 29 and ended up 3.1% at 11,142. SBI, HDFC, HDFC Bank and ICICI Bank ended up 2.6-4.1% each.

Other Sensex gainers include, L&T, Infosys, Hindustan Unilever, ONGC, Tata Motors and TCS among others.

Among other shares, Cox and Kings ended 2% up at Rs 101, extending its Thursday’s nearly 8% rally, after reporting a 79% year-on-year (yoy) jump in consolidated net profit at Rs 264 crore for the quarter ended September 30, 2013 (Q2).

Mastek lost 7.6% to end at Rs 141 in otherwise firm market on BSE after the IT software products maker said the company’s revenue of the North American business may be impact due to a major customer is reprioritizing its multi-vendor transformation program.

SKS Microfinance has soared 15% to end at Rs 183 ahead of Sequoia Capital's stake sale plan to a fund managed by WestBridge Capital on or after November 20.

Shares of Financial Technologies (India) surged 20% and Multi Commodity Exchange of India (MCX) has surged 18% on back of heavy volumes on the Bombay Stock Exchange (BSE).

Ramco Systems ended in  20% upper circuit at Rs 130 on BSE after IT consulting and software firm said it will concentrate on the US market over the next two years to promote its human resource management software.

Elder Pharmaceuticals gained 4.4% to end at Rs 307 on reports that French drug maker Sanofi SA is close to acquiring the Mumbai-based pharmaceuticals company.

In the broader market, the BSE Mid-cap and Small-cap indices ended up 1% each.

Market breadth was positive with 1,401 gainers and 1,059 losers on the BSE.

Parliament winter session from Dec 5-20

The Winter Session of Parliament will be held from December 5-20.

An official announcement said the President has summoned the two Houses of Parliament to meet on December 5.

“Subject to exigencies of business, the Winter Session is scheduled to conclude on Friday, the 20th December,” it said.

A Rajya Sabha release said that there will be a total of 12 sittings.

This time, the Winter Session is a curtailed affair due to the ongoing Assembly polls in five states.

IT stocks spike up as Re strengthens

With the Indian rupee strengthening against the US dollar, the IT stocks were back in the reckoning with two IT majors — Infosys and Tech Mahindra — along with NIIT Technologies, touching a new 52-week high today.

While some of the smaller IT companies also joined the party, eClerx Services, which has been scaling new highs in the past few sessions, witnessed profit-booking.

Tech Mahindra rallied to a new yearly high of Rs 1,738.95 before easing to Rs 1,721.20, a gain of Rs 49.20. Infosys touched a fresh 52-week high of Rs 3,412, but shed some gains to trade at Rs 3,396.05, a gain of Rs 41.80.

Two other frontline IT stocks — TCS and HCL Tech — were relatively subdued. While TCS was up by Rs 12.35 at Rs 2,038.55, HCL Tech gained Rs 11.40 to trade at Rs 1,096. Wipro was somewhat muted, up by Rs 5 at Rs 491.30.

Financial Technologies was the biggest gainer in terms of percentage, up by Rs 30.15 or 19.98 per cent to trade at Rs 181.05. NIIT Technologies touched a new 52-week high of Rs 315 before moving down to Rs 312.55, a gain of Rs 9.45.

Persistent Systems and eClerx Services were under some selling pressure. While Persistent was down by Rs 8.55 at Rs 809, eClerx, which had been touching new yearly highs in the past few trading sessions, lost Rs 38.80 to trade at Rs 1,163.70, a loss of Rs 38.80.

The rupee was trading strong by 67 paise at 62.44 against the dollar at 3.09 p.m. local time on continued selling of the US dollar by banks and exporters and on the back of recovery in the domestic equity market.

ICICI Bank hits overseas debt market with benchmark issue

The largest private sector lender ICICI Bank today hit the overseas bond market with a benchmark 5.5-year issue at an initial pricing of 3.75 per cent over the US treasury.

This is the second debt raising by the city-based lender this year after it had raised SGD 225 million early January in a seven-year bond sale programme through its Dubai branch, offering a coupon of 3.65 per cent. The bond was sold denominated in Singapore dollars.

“We have launched a US dollar-denominated Reg S benchmark bond sale programme for ICICI Bank with an initial price guidance of 375 bps above the US treasury,” one of the merchant bankers told PTI.

A US dollar-denominated benchmark bond issue can be to the tune of $500 million and above, while a Singapore-marked could be of SGD 250 million and a Hong Kong sale could be HKD 300 million.

ICICI’s January issue was oversubscribed by over 13 times, which was lead-arranged by StanChart.

Last fiscal, ICICI had hit the market five times raising $1 billion in two instalments of $750 million and $250 million, respectively. The bank had also raised a 1 billion yuan bond earlier in 2012 apart from a 100 million Swiss franc bond.

Domestic corporates have been raising funds from the overseas bond market in an unprecedented manner following high interest rates in the country.

So far this calendar year, corporates such as Reliance, Bharti Airtel, ICICI Bank, HDFC Bank, Exim Bank, Tata Communications, Union Bank, among others, have lapped up over $13.5 billion through overseas bond issues between January and mid-May.

But since late May the appetite for overseas debt had almost evaporated as the cost of funds jumped in the overseas markets following the US Fed’s indication in late May to wind down its $85-billion monthly bond buying programme earlier than expected.

Repco Bank eyes 25% growth

Bank likely to close current fiscal with total business of around Rs 11,000 cr

Repco Bank, a co-operative bank under the Union Home Ministry, is looking at 25% growth in the total business for the next two years. The Bank, which was promoted by the Government of India along with four southern state governments, is likely to close the current fiscal with a total business of around Rs 11,000 crore.

Speaking to reporters after launching four new products today, on its 45th foundation day, Bank's Managing Director R Varadarajan said the Bank crossed the Rs 10,000-crore milestone in total business and by end of the fiscal it will reach around Rs 11,000 crore, Rs 100 crore profit and 100 branches.

As on September the Bank reported a profit of around Rs 49 crore and by March end the Rs 100 crore profit is easily achievable. As far as branch expansion, the Bank has 88 branches and will 12 during the current fiscal.

“Our target is to grow around 25% for the next two fiscals and capital is not an issue for the growth as the promoters (Centre and State Governments) are ready to infuse whenever necessary,” said Varadarajan.

To a question on Bank's commercial licence, he said the Bank is waiting for policy decisions both from the Centre and Reserve Bank of India. “We hope that after RBI issues licence for corporates, we will get some positive news,” he said.

Commenting on the business, he said, of the Rs 10,000 crore total business Rs 5,850 crore is deposit and Rs 4,150 crore is advances. Net NPA is nil and Repco is the only Bank in the country to report nil Net NPA, claimed Varadarajan. Bank's Gross NPA was around 1.68% and the Bank made a 100% provision towards the NPA.

Repco Bank launched four new products today including Repco Mahila Deposit Scheme for Women with a interest rate of 10.30% (normal rate offered to general customers is 10%) for 18 months. The other products are Repco Jewel Benefit, Repo Prospect and Repco Corp

Suzlon Energy to launch new offshore wind turbine

The new turbine features a rotor diameter of 152 metres

Wind turbine maker Suzlon Energy today said it will launch a new offshore turbine that will help in yielding more power.

"Suzlon Group company Suzlon Energy will unveil its new offshore turbine REpower 6.2M152. With the new offering, the company once again sets standards in the cost-effective generation of offshore wind energy," the company said in a statement.

"The new turbine features a rotor diameter of 152 metres, with the rotors sweeping an area larger than three football pitches. Bigger rotor increases energy yield by 20%," the statement added.

Each 6.2M152 turbine with a rated power of 6.15 MW can supply electricity to around 4,000 homes.

From 2015, 6.2M152 turbine will enter commercial production, the statement added.

Shares of Suzlon Energy were trading at Rs 9.75, up 6.56% on the BSE.

Sensex rallies 350 points; Capital goods, bank stocks hog the limelight

The Sensex and the Nifty rallied over 1.6 per cent in the mid-session on Monday on the back of a strong rupee indicating FII inflows.

At 1.15 p.m., the 30-share BSE index Sensex was up 350.19 points (1.72 per cent) at 20,749.61 and the 50-share NSE index Nifty was up 99.15 points (1.64 per cent) at 6,155.30.

All the broader and sectoral indices were in the green and the rally was led by capital goods (2.34 per cent), bank (2.22 per cent), FMCG (2.05 per cent) and oil & gas (1.74 per cent).

ITC, L&T, ONGC, HDFC Bank and ICICI Bank were the top five Sensex gainers, while the major losers were SSLT, Coal India, Cipla, Tata Power and Bajaj Auto.

The Nifty and the Sensex opened with a gap up. The Nifty opened at 6,111, up 55 points, while the Sensex opened at 20,571, up 172 points.

A report by Equentis capital said “Growth concerns remain same on Asian front as China's leaders failed to plan out economic policies as the country heads for its slowest annual growth in more than two decades. The EuropeanCentral Bank (ECB) keeps its key policy rate at a record-low 0.25 per cent.”

Most Asian stocks were up, with the benchmark index extending a two-week high, after China vowed to carry out the broadest expansion of economic freedom since at least the 1990s.

Chinese leaders pledged to allow more private investment in state-controlled industries, loosen the nation’s one-child policy and expand farmers’ land rights.

New York Federal Reserve Bank President William C. Dudley is scheduled to appear today, after Janet Yellen, the nominee for chairman, had said last week she wants to maintain the central bank’s record stimulus programme until the US economy improves.

Japan's Nikkei was down 1.62 points or 0.01 per cent at 15,164.30, Hong Kong's Hang Seng surged 630.65 points or 2.74 per cent to 23,662.80 and Australia's S&P/ASX 200 fell 17.01 points or 0.31 per cent to 5,384.66.

Crude oil eases ahead of Iran nuclear talks

Oil prices dipped in Asian trade today on profit-taking and ahead of fresh international talks on Iran’s nuclear programme, analysts said.

New York’s main contract, West Texas Intermediate crude for delivery in December, fell 31 cents to $93.53, while Brent North Sea crude for January was also down 31 cents at $108.19.

“Iran is likely to be one of the factors,” Ric Spooner, chief market analyst at CMC Markets in Sydney, said.

“Also, I think it’s a case of a relatively subdued beginning of the week news-wise,” he added. “There’s a little bit of profit-taking as we head into a new week.”

Negotiations between Iran and the so-called P5+1 — Britain, France, the United States, Russia and China plus Germany —— restart in Geneva on Wednesday after the last round failed to seal a deal.

Top diplomats insisted they were closing in on an interim agreement that would see Iran, a huge producer of oil, curb or freeze parts of its nuclear programme for some relief from crippling sanctions.

Israel and the West suspect Iran is pursuing a nuclear weapons capability alongside its uranium enrichment programme, which Tehran insists is entirely for peaceful purposes.

Rupee opens strong at 62.85

The rupee opened strong by 26 paise at 62.85 per dollar against the previous close of 63.11 per dollar on the back of recovery in the domestic equity market.

Last week, RBI Governor Raghuram Rajan had assured that he will not roll back the special dollar swap window for oil companies in a hurry after it lost more than one per cent during the week.

In fact, he said that majority of the oil demand is being met through the markets from almost a month now.

“There is no fundamental reason for volatility in the value of the rupee,” Rajan had said on Wednesday.

Current account deficit

He had also that India’s current account deficit is likely to be lower by $32 billion this year compared to last year.

A higher current account deficit exerts pressure on the local currency as more dollars are required to finance the same.

A dealer of a public sector bank said that the rupee will not fall below 63.50 during the week, while capping the lower limit at 62.75.

The overnight call money rate, the rate at which banks borrow short-term funds from each other, opened higher at 8.80 per cent from the previous close of 8.70 per cent.

Sebi panel mulls curbs on promoter trades

Might ask for insiders to inform bourses of share sales in advance

Promoters and top executives intending to buy or sell shares of their companies might soon have to inform the market well in advance for such transactions. The Securities and Exchange Board of India (Sebi), as part of an overhaul of its insider-trading rules, is considering this, to clamp on misuse of share-price-sensitive information.

The proposal has been made within a high-level 19-member committee set up by Sebi in April to review the country’s two-decade-old insider-trading regulations.

At present, promoters and other company insiders have to make disclosures with the stock exchange within five days of such trades. The thinking at the Sebi committee was that post-trade disclosure put minority shareholders in a disadvantageous position.

TELL AND SELL

Insiders may have to specify a window for dealing in shares Aimed at transparency, move to curb misuse of insider information Market will know in advance if a promoter has plans to buy or sell shares Proposal made by insider trading committee set up by Sebi in April Committee also looking at ways to optimise new powers to tackle insider trading 19-member committee to file its report next month

Once Sebi changes the rule, promoters and insiders might have to specify a window — possibly of up to three months before the transaction — during which they would buy or sell the shares of their companies, said people with direct knowledge of the development.

Insider trading refers to purchase or sale of a company’s shares by its insiders — promoters, senior management and directors — on the basis of information not available to public shareholders.

The Sebi committee, headed by N K Sodhi, former presiding officer at the Securities Appellate Tribunal, is also looking at revamping other disclosure requirements to ensure price-sensitive information reaches the public in a more symmetric way.

“The more effective methods being looked at will ensure companies don’t give out information selectively to fund managers or brokers and make it available to the general public,” said a source familiar with the matter.

Proxy advisory firms said improving disclosure standards alone could not help tackle the insider-trading menace.

“Improving disclosure standards is a positive. But that, by itself, cannot curb insider trading. There should be a stricter punishment, such as jail, that acts as a deterrent. Today, that’s not happening,” said InGovern Research Services Managing Director Shriram Subramanian.

Insider trading was often tough to prove and Sebi should improve its surveillance, so that the guilty were caught, he added.

The US had last year jailed former Goldman Sachs Group director Rajat Gupta and billionaire hedge-fund manager Raj Rajaratnam in one of the biggest insider trading crackdowns by the American government. Gupta had been found guilty of passing on confidential information to Rajaratnam.

Share Holder Empowerment Services MD J N Gupta said: “If an insider wants to pass on sensitive information to someone, it’s very difficult to stop him; even more difficult is proving that he did. The enforcement and surveillance should be stricter.”

The Sebi committee is also looking at optimising the regulator’s newly-gained powers, such as those of search and seizures, to crackdown on insider trading.

Another source close to the development said the expert panel had finished the bulk of the work and the final recommendations were expected soon.

“The report is almost ready. It is expected to be signed and presented to Sebi at a meeting on December 7. The regulation is expected to be passed within this calendar year,” the source said.

In May, Sebi had invited comments and suggestions from the public on insider-trading regulations.

The current norms — Sebi (Prohibition of Insider Trading) Regulations, 1992 — have seen several amendments over the years. However, Sebi is eyeing a complete revamp of the framework to deal more effectively with the menace of insider trading. It intends to bring the regulations on a par with global standards.

GSK Pharma in focus on investment plans in India

GlaxoSmithkline Pharmaceuticals (GSK) after market hours on Thursday, 14 November 2013 announced a new Rs 864 crore [85 million pound] factory creating 250 jobs in India as part of its continued commitment to ensuring access to medicines for people in the country.
During a visit to India on Thursday, 14 November 2013 to take part in a conference of international business leaders, GSK Chief Executive Officer Sir Andrew Witty said the location of the new factory is yet to be finalised, but that the lead site is in Bangalore.
GSK will partner with local design and construction companies to build a state of the art manufacturing facility which is expected to benefit from leading edge technologies including continuous manufacturing and automated systems.

The announcement is GSK's latest commitment to its manufacturing network in India where the company has invested Rs 1017 crore [100 million pound] over the last decade. GSK is proactively building capacity in the country as it delivers its portfolio of products in areas such as gastroenterology and anti-inflammatory medicines. When complete the new factory will make pharmaceutical products for the Indian market at a rate of up eight billion tablets and one billion capsules a year. The facility, expected to be operational by 2017, will also include a warehouse, site infrastructure and utilities to support the manufacturing and packing of the medicines.
Tata Consultancy Services (TCS) announced on Saturday, 16 November 2013 the launch of its 10,000-seat campus, Garima Park, in Gandhinagar, Gujarat.
N Chandrasekaran, Chief Executive Officer and Managing Director, said, TCS has played a pioneering role to make Gujarat an attractive IT destination for global companies and also helped drive technology-led growth by investing in talented youth of the state and building long-term partnerships with state institutions.” He added, “We are delighted to launch our new world-class campus in Gandhinagar. This will help TCS further scale up its presence and drive the expansion of the IT industry in Gujarat.
Developed over 25.5 acres of land with a built-up area of 1.6 million square feet, TCS Garima Park is the latest addition to the company's unique global network of software development and delivery centers. It features highly secure software development and delivery centers of multiple sizes to meet the needs of global clients.

NMDC said on Saturday, 16 November 2013 it achieved production and despatches of iron ore of 148.06 lakh tonnes and 160.66 lakh tonnes respectively (provisional) upto October 2013. It rolled over the October, 2013 prices of iron ore (lumps - Rs 4300 Rs/WMT, fines - Rs 2610 Rs/WMT) to the month of November, 2013.
Jaiprakash Associates after market hours on Thursday, 14 November 2013 reported a 47.1% drop in net profit to Rs 67.67 crore on 5.6% growth in net sales to Rs 3149.40 crore in Q2 September 2013 over Q2 September 2012.
Jaypee Cement Corporation, wholly owned subsidiary of the company, having a total capacity of 12.8 MTPA (including 3 MTPA under implementation), has entered into an agreement on 11 September 2013 with UltraTech Cement for sale of 4.8 MTPA cement plants in Gujarat. Accordingly, demerger of Gujarat cement plants is under process.
Amara Raja Batteries' net profit rose 34.92% to Rs 94.58 crore on 12.36% growth in net sales (excluding other income) to Rs 804.72 crore in Q2 September 2013 over Q2 September 2012. The result was announced after market hours on Thursday, 14 November 2013.
The company's profit before tax (PBT) rose 31.57% to Rs 133.90 crore in Q2 September 2013 over Q2 September 2012.
The Automotive battery business reported double digit growth in revenue, aided by strong volume expansion both in Four-wheeler and Two-wheeler batteries in the replacement market, while the OEM demand continued to be sluggish. The trading volume in home UPS business suffered due to unfavorable season on account of mild summer and good monsoon. The supplies of Two-wheeler batteries to Honda Motors have picked up momentum in line with their throughput enhancement, the company said in a statement.
Amara Raja Batteries said that the company's effort to enhance the capacities of Two-wheeler battery in the existing plant has witnessed some delay and is likely to go on stream by end January 2014. The enhanced capacities will support the company to commence business with other major Two-wheeler OEMs and to grow the aftermarket business in a big manner, it said. The green field project for enhancement of Four-wheeler capacity is progressing as per schedule and is likely to commence production by Q2 of next financial year, the company said in a statement.
The Industrial battery business has also reported double digit revenue growth despite capacity constraints and subdued demand for UPS batteries. The company said it has substantially enhanced the quality of business through various initiatives in the market coupled with internal efficiencies to improve overall profitability. The company's Quick Recharge series of telecom batteries (Powerstack) are gaining acceptance from all tower companies and operators enhancing the demand, it said. While the OEM demand in UPS sector is under stress, the preference for the company's UPS batteries (Quanta) in replacement market is encouraging, the company said in a statement.
Commenting on the company's Q2 performance, Mr. Jayadev Galla, Vice Chairman and Managing Director, Amara Raja Batteries said, I am happy to note that our sustained good performance continues to be in line with our annual plan and expectations, despite slowing economy, volatile rupee and sluggish demand in the automotive and UPS OEM sectors. The ongoing agitation for a united state of Andhra Pradesh in the Chittoor district has, so far, not had any major impact on the operations of the Company, largely supported by the credibility enjoyed by the organization.
Amara Raja Batteries said it is confident of continuing its growth in industrial battery business enabled by the ongoing capacity expansions and preferred vendor status built over the years both in the Telecom and UPS sectors. The Medium VRLA battery capacity expansion project will be completed in January 2014 with about 4 months delay due to conscious change in specifications and delay in supply of certain key equipment. Also the Large VRLA expanded capacity will support the business from February 2014, the company said in a statement.
Natco Pharma's consolidated net profit rose 28.57% to Rs 27 crore on 1.57% decline in revenue to Rs 188 crore in Q2 September 2013 over Q2 September 2012. The result was announced after market hours on Thursday, 14 November 2013.
The EBITDA (earnings before interest, taxation, depreciation and amortization) margins have expanded to 31% of the revenue in Q2 September 2013, from 26% of revenue in Q2 September 2012.
MT Educare's consolidated net profit rose 6.53% to Rs 9.62 crore on 32.54% growth in revenue from operations to Rs 60.89 crore in Q2 September 2013 over Q2 September 2012. The result was announced after market hours on Thursday, 14 November 2013.
Shares of SRS Finance will be listed and admitted to trading on BSE in the list of 'T' Group Securities with effect from today, 18 November 2013.
Bosch on Friday, 15 November 2013 said that workmen of the company's Bangalore plant have resorted to a 'Tool Down' strike with effect from second shift of 14 November 2013, without giving any prior notice to management. In view of the Union's illegal and unjustified strike, the management of the company has decided to shut down plant operations for workmen at Bangalore plant with effect from night shift of 14 November 2013 till further notice. Efforts are in hand to resolve the matter and restore normalcy at the earliest, the company said.
Mastek said on Saturday, 16 November 2013 that a major North American customer is reprioritizing its multi-vendor transformation program. While the company is yet to receive an official intimation from the client, the replanning by the customer is likely to result in the work being put on hold and as a result impact the revenue of the North American business. The company is engaged in discussions with the customer to better understand their plans and the impact of the pending changes on the company's plans - a clear picture is expected to emerge in next six to eight weeks, The company continue to have a strong relationship with the customer and company's solution continues to have customer's confidence. Mastek continues to see good momentum in its insurance business in North America and is expecting key wins in the next few months.
State Bank of Mysore said after market hours on Thursday, 14 November 2013 that the bank has increased the base rate by 10 basis points (bps) from 10.15% to 10.25% effective from 16 November 2013. There is no change in the benchmark prime lending rate (BPLR) which is presently at 15%.
Bhushan Steel's net profit declined 70.19% to Rs 60.06 crore on 10.99% fall in total income to Rs 2276.60 crore in Q2 September 2013 over Q2 September 2012. The company announced result after market hours on Thursday, 14 November 2013.
Bhushan Steel also said after market hours on Thursday, 14 November 2013 that the board of directors of the company at its meeting held on 14 November 2013 has considered and approved to raise further equity shares for sum not exceeding Rs 1000 crore by way of right Issue at such premium as may decided by committee constituted by the board for the purpose.
Unitech's consolidated net profit declined 48.01% to Rs 25.57 crore on 10.39% growth in total income to Rs 633.41 crore in Q2 September 2013 over Q2 September 2012. The result was announced after market hours on Thursday, 14 November 2013.
Unitech said it has a healthy balance sheet with a net debt to equity ratio of 0.54. Net debt as of 30 September 2013 was Rs 6240.02 crore.
Commenting on the company's Q2 results, Mr. Sanjay Chandra, MD, Unitech said, Prevailing challenging macro-economic environment had a strong bearing on the demand for real estate in the company's key markets during the second quarter. With the onset of the festive season, there has been a gradual improvement in demand and the company has been taking measures to boost sales. Company has recently resumed launch of new residential projects and the initial response has been quite encouraging.
Mr. Chandra added, I am particularly pleased with our performance on the commercial office space leasing as well as sales during the quarter. A number of blue chip multinational companies have leased space in our projects. Demand for office space is a good lead indicator of employment generation and residential demand in that area. We, therefore, expect the healthy growth in office space leasing in our projects to lead to an increase in demand for our residential projects in the neighborhood.
AVT Natural Products on Friday, 15 November 2013 said it has launched an exclusive range of condition-specific Health Supplements under the brand name Optim Health, in select cities. The range, targeted at consumers residing in the top cities seeking good health & living, will be distributed through leading Chemists and Modern Trade stores, the company said. The launch is initially limited to Bangalore, Hyderabad, Mumbai and Pune and will be scaled up in phases. Focused marketing activities will support the launch, the company added.
Sintex Industries on Friday, 15 November 2013 said that Credit Analysis and Research (CARE) has assigned the revised rating of CARE AA to the long term bank facilities and non-convertible debentures of the company, indicating the high degree of safety regarding timely servicing of financial obligations and re-affirmed short term debt/commercial paper rating of CARE A1+ indicating very strong degree of safety regarding timely payment of financial obligation, Sintex said.

RBI to consider several factors, besides inflation to make next monetary policy move

Highlighting no dependency on a single point or number for next monetary policy review in Mid-December, Reserve Bank of India’s governor has underscored that several factors, like price situation and other macroeconomic indicators, including the value of rupee, besides inflation, would be considered, while making next monetary policy decision.

Further, RBI’s governor, Raghuram Rajan averred that it would watch the incoming data carefully, especially the effects of the harvest on food prices as well as the second round effects of fuel price increases and exchange rate depreciation, before it could make further decisions on interest rates.

In an attempt to somewhat calm fears mainly on account of its tight monetary policy stance, RBI governor highlighted it would also consider inflation as well as economic growth. According to the governor, weak economy, increases in food supply, and recent policy rate hikes will provide a disinflationary impetus over time, and recent data does not dispels this view.

As per the government data, the industrial output grew by a meager 2% in September, while the retail inflation entered in the double digit with October figure at 10.09%. Meanwhile, raising the demand for rate cut to boost growth, India’s economic growth has slowed down to 4-year low of 4.4 percent in the first quarter of the fiscal.

NTPC soars on commencing movement of imported coal through inland waterway

NTPC is currently trading at Rs. 153.95, up by 1.20 points or 0.79% from its previous closing of Rs. 152.75 on the BSE.

The scrip opened at Rs. 152.60 and has touched a high and low of Rs. 155.20 and Rs. 152.50 respectively. So far 20,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 169.20 on 20-Nov-2012 and a 52 week low of Rs. 122.65 on 28-Aug-2013.

Last one week high and low of the scrip stood at Rs. 154.50 and Rs. 147.40 respectively. The current market cap of the company is Rs. 1,26,774 crore.

The promoters holding in the company stood at 75.00% while Institutions and Non-Institutions held 20.43% and 4.57% respectively.

NTPC’s Farakka Super Thermal Power Station situated in West Bengal had started the movement of imported coal by barges through inland waterway. The first set of 3 barges carrying about 1500 tonnes each of imported coal has berthed near Farakka station on November 13, 2013. NTPC will transport 3 MMTPA of coal through inland waterway to Farakka station for 7 years.

NTPC is the largest power generating company in the country. It has also diversified into hydro power, coal mining, power equipment manufacturing, oil & gas exploration, power trading & distribution.

Asian shares edge ahead, Tokyo climbs six-month peak

Encouraged by prospect of extended stimulus in US and economic reform in China

Asian share markets crept cautiously higher on Monday, encouraged both by the prospect of extended stimulus in the United States and real economic reform in China.

A weaker yen helped Tokyo's Nikkei add another 0.2% to reach a six-month peak. The index amassed its biggest weekly rise in four years last week.

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.5%, having gained 1.3% on Friday for its best daily rise in almost two months.

Singapore shares gained 0.3% as data showed exports beat forecasts in October.

It is another important week for US monetary policy as Federal Reserve Chairman Ben Bernanke speaks on "Communication and Monetary Policy" on Tuesday.

The day after the central bank releases minutes from its October policy meeting, which will get trawled for hints on when it might start winding back its asset buying program.

Last week, presumptive Fed chief Janet Yellen sounded in no rush to taper, reinforcing market speculation that any move was more likely in March than December.

"If Fed officials think a December tapering is a realistic possibility, some hints to that effect would presumably make their way into the minutes this week," said Michelle Girard, chief US economist at RBS.

"Just making clear that policymakers were open to taking action in December if the economic data showed the impact of the government shutdown was limited would likely suffice to shift expectations."

Girard still believes March is the more likely window for a move, if only because bond markets are typically very thin in December so a taper then could risk major dislocation.

Figures on consumer prices and retail sales are also due on Wednesday and are expected to show that both price pressures and spending were subdued in September.

Speculation over the timing of stimulus tapering has buffeted markets since May when Bernanke first suggested a rollback of the bond-buying programme was not far off.

The Bank of Japan holds its policy meeting on Wednesday and Thursday and is expected to maintain its ultra-loose policy. The BOJ has been perhaps the most aggressive of any major central bank in its asset buying, putting downward pressure on the yen in the process.

The US dollar was trading up at 100.30 yen on Monday, near a two-month high of 100.43. The euro bought 135.20 yen not far from the Oct 22 peak of 135.52, a peak not seen since November 2009.

The single currency drifted off on the US dollar to $1.3478, having edged slowly higher for the past week or so as tapering talk weighed on the dollar. The dollar index edged up to 80.912.

CHINA REFORM

Supporting markets in Asia was cautious optimism about reform in China after the Communist Party unwrapped surprisingly bold reforms late last week.

It pledged to let the market play a "decisive" role in the economy and outlined changes designed to unleash new sources of growth.

China's share index posted its biggest gain in two months on Friday, while the Shanghai Composite climbed 1.7%.

"Multiple growth-friendly measures were announced and represent the biggest freeing up of China's economic policy since the 1990s," said analysts at ANZ in a note.

"Our China economists think that if these reforms are implemented successfully it will substantially reduce the downside risks to China's economy."

In commodity markets, spot gold was steady at $1,287.05 an ounce, having crawled away from last week's trough of $1,260.89.

Brent crude for January delivery eased 25 cents to $108.25 a barrel. US crude for January also shed 25 cents to $94.24, having suffered their sixth weekly drop last week due to a larger-than-expected rise in inventories.

ICICI Bank inaugurates two new branches in West Bengal

ICICI Bank, India's largest private sector bank, has inaugurated two new branches at Contai and Egra at Purba Medinipore, in West Bengal. These branches will offer the entire gamut of ICICI Bank products including a comprehensive range of deposits, auto loan, home loan, personal loan, gold loan, PPF account, FCRA account and NRI services.

ICICI Bank has 3,514 branches and extension counters and 11,063 ATMs spread across the country. The Bank services its large customer base through a multi-channel delivery network of branches, ATMs, call center and internet banking.

Ramco Systems gains on strengthening global presence for HCM products

Ramco Systems, an enterprise software product company focused on delivering ERP on Cloud, Tablets and Smart phones has added consultants and boutique firms as business partners in North America strengthening its presence for HCM products in the region along with its ERP and Aviation Suite of offerings.

The company has been showcasing the HCM on Cloud offering across HR shows in the US and has received positive feedback from both partners and prospects. Interestingly, verticals such as Retail and Services which have a large talent pool and need for mobile-enabled solutions have been the first to move to Ramco HCM on Cloud. To address the Services industry in particular, the company has also launched Services Resource Planning (SRP) solution, a flavor of its ERP on Cloud offering.

Besides, the company’s Managed Services (BPO) division has witnessed good traction from large organizations looking for an outsourced vendor to support their Statutory and Payroll processing needs.

Markets have a gap-up opening; financials lead

Benchmark indices up 1% each in opening trades

Stock marketshad a gap up on Monday tracking gains in Asia on encouraging stance from the US Fed plans to continue its monetary stimulus measures coupled with bold economic reforms unveiled by China.

At 0915 hrs, the Sensex was at 20,663, up 264 points and the Nifty gained 78 points to open at 6,134.

Most Asian markets were trading higher led by Hong Kong's Hang Seng which was up nearly 2%. Shanghai Composite was up nearly 1% while Japan's Nikkei was up 0.4% and Straits Times was up 0.3%.

The Dow Jones and S&P 500 ended at new closing highs on Friday after Federal Reserve Chair nominee Janet Yellen commented that the US Fed will continue with its monetary stimulus measures to support the US economy.

The Dow Jones Industrial average ended up 0.5%, to end at 15,962 led by Exxon Mobil. The Standard & Poor's 500 Index gained nearly 0.4% at 1,798. The tech laden Nasdaq Composite Index ended up 0.3% at 3,986.