Sensex, Nifty rally continues

At 2:24 pm (IST), the BSE Sensex was trading at 20,965, up 8 points over the previous close, while NSE Nifty was quoting at 6,249, up 8 points over the previous close.

The BSE Small-Cap index and BSE Mid- Cap index was trading flat.
RIL, Infosys, ONGC, Coal India,  Tata Motors,  Hero MotoCorp, Maruti,  Jindal Steel, Tata Steel, Mahindra & Mahindra, are among gainers in Sensex and Nifty.
Infosys, Wipro, Bharti Airtel, Tata Steel, ICICI Bank, Tata Power, HDFC, Hindalco Inds  are among losers in Sensex and Nifty.
Teck, FMCG, Metal,  IT, PSU, Capital Goods, Consumer Durables, FMCG , Realty, Oil and gas, Power indices are the gainers.

The US government revised its initial report on third-quarter economic growth to 3.6% (earlier 2.8%). This again cropped up fears that the Fed may decide to taper its stimulus.

The Foreign Investment Promotion Board will take up 11 foreign investment proposals, including Vodafone Group Plc's proposal to acquire remaining stake in its Indian arm.
Standard & Poor's Ratings Services said that it had revised its outlook on Bharti Airtel Ltd. to positive from stable. S&P affirmed 'BB+' long-term corporate credit rating on the India-based telecommunication services provider, and our 'BB+' long-term issue rating on the company's guaranteed US$1.5 billion senior unsecured notes.
The International Air Transport Association (IATA) announced global passenger traffic results for October showing amoderate acceleration of the robust demand trend of the last few months. Total revenue passenger kilometers (RPKs) rose 6.6% compared to October 2012, an improvement over the September increase of 5.2%. A capacity increase of 6.5% meant that load factor was virtually flat at 78.9%.
Gross direct tax collections during April-November of the Financial Year 2013-14 is up by 13.18 percent and stood at Rs. 3,68,655 crore as against Rs. 3,25,736 crore in the same period last year.

Brent edges over $111; all eyes on US jobs report

It's on course to end the week more than 1% higher

Brent futures edged above $111 a barrel on Friday, on course to end the week more than 1% higher, as traders awaited a US jobs report later in the day and severe weather cut oil production in Europe and the United States.

The US economy grew faster than initially estimated in the third quarter, data also showed on Thursday, suggesting demand could improve in the world's top oil consumer.

Price gains were curbed, though, by speculation that positive economic data would prompt the US Federal Reserve to start unwinding its bond-buying programme, which could reduce support for riskier assets such as oil and other commodities.

"GDP numbers were strong, so that makes us more comfortable about a recovery in the US economy," said Tony Nunan, oil risk manager at Mitsubishi Corp in Tokyo.

"But once tapering starts, that's probably time for people to take profits and get out of risk assets, including oil."

Brent crude for January delivery was up 23 cents at $111.21 a barrel at 0345 GMT, after falling 90 cents in the previous session. The benchmark was on course for a 1.3 percent weekly gain, its third in four.

U.S. crude was down 6 cent at $97.32 a barrel, after rising 18 cents on Thursday and touching a five-week high just shy of $98 a barrel.

The contract, buoyed by a drop in U.S. crude stockpiles after a 10-week increase, has gained 5 percent so far this week and is on track for its best weekly showing in five months.

Oil prices on both sides of the Atlantic could be supported by severe weather in parts of Europe and the United States.

North Sea oil producers have cut output and moved staff from some platforms as a major storm blasted towards mainland Europe in what meteorologists warned could be the worst storm to hit the continent in years.

Cold weather has also dented some oil and gas production in the United States and could further crimp output in top crude-producing states like Texas and North Dakota.

Meanwhile, the U.S. Commerce Department on Thursday revised third quarter GDP growth sharply upwards. Weak demand and a pile-up in business inventories, however, buoyed the case for the Fed to keep buying bonds for now.

The focus will now be on U.S. nonfarm payrolls for November due at 1330 GMT for further signs of economic growth.

Transcanada Corp told shippers on Thursday that its 700,000-barrels-per-day pipeline from Cushing, Oklahoma, to Port Arthur, Texas, will be in service by mid-January.

The company said earlier this week it expected the pipeline to be in service on January 3, buoying U.S. oil prices. Oil traders have been awaiting details on the pipeline's start date as it will help relieve a supply glut at the Cushing hub, the delivery point for oil priced on WTI futures.

Also, with sanctions against Iran being eased last month in an interim deal, Tehran wants Western oil companies to revive its giant ageing oilfields and develop new oil and gas projects once sanctions are lifted.

Indian government is likely to infuse Rs 20 billion capital in the largest state run lender State Bank of India (SBI).

New capital infusion by the government will be value accretive, said RK Saraf, chief financial officer and deputy managing director, SBI in an interview with business news channel.

"We need to maintain core Tier I capital at 9% and overall capital 12%," Saraf said.



Government stake would have to go down to 58% for additional Rs 90 billion.

Saraf said rate transmission will not take place linearly as it is a function of multiple aggregates.

"We expect loan demand to remain moderate,'' Saraf said. However, he expects bank to grow slightly above industry average.

Shares of the bank gained Rs 1.3, or 0.07%, to trade at Rs 1,855. The total volume of shares traded was 49,564 at the BSE (10.30 a.m., Friday).

Bharti Infratel leads gainers in 'A' group

Bharti Infratel, a telcom tower company, is top gainer in A group stocks on Friday. Shares of the company are trading at Rs 172.70, up Rs 7.25, or 4.38% at the Bombay Stock Exchange (BSE) on Friday at 12:07 p.m.

The company's total volume of shares traded on the bourses today was higher by 24.17% to 262,677 compared with 22-day average volume of 211,547.

The scrip has touched an intra-day high of Rs 174.80 and low of Rs 163.50. In the earlier session, the shares climbed 1.25%, or Rs 2.05, at Rs 165.45.

Currently, the stock is trading down 19.86% from its 52-week high of Rs 215.50 and above 37.01% over the 52-week low of Rs 126.05.

Sensex turns negative in noon trade; HDFC drag

Indian equities turned negative in noon trade on Friday. The upward revision in the US GDP data raised fears about tapering of Federal bond buying program. At 12.19 am, the Sensex was trading down 15.56 points or 0.07% at 20,942.25 with 13 components falling. Meanwhile, the Nifty was trading higher by 1.85 points or 0.03% at 6,242.95 with 31 components gaining.

Sensex Movers

Housing Development Finance Corporation contributed fall of 19.79 points in the Sensex. It was followed by H D F C Bank (19.58 points), Infosys (9.03 points), I C I C I Bank (7.13 points) and Reliance Industries (7.12 points).

However, NTPC contributed rise of 10.09 points in the Sensex. It was followed by I T C (9.83 points), Oil & Natural Gas Corporation (8.57 points), Tata Consultancy Services (4.61 points) and Hero Motocorp (4.33 points).

Biggest gainers in the 30-share index were Coal India (3.34%), NTPC (2.60%), Hero Motocorp (2.25%), Tata Power Company (1.86%), Dr Reddy`S Laboratories (1.07%), and Oil & Natural Gas Corporation (0.93%).

On the other hand, Housing Development Finance Corporation (1.21%), H D F C Bank (1.19%), Hindalco Industries (1.15%), Bharti Airtel (1.10%), Hindustan Unilever (0.82%), and Wipro (0.70%) were the biggest losers in the Sensex.

Mid & Small-cap Space

The BSE Mid and small caps outperformed their larger counterparts gaining 0.25% and 0.20% respectively.

The major gainers in the BSE Midcap were Amara Raja Batteries (3.96%), A I A Engineering (3.79%), A B G Shipyard (3.74%), Alstom India (0.93%) and Allcargo Logistics (0.55%).

The major gainers in the BSE Smallcap were Genesys International Corporation (1.92%), Reliance MediaWorks (1.58%), Action Construction Equipment (1.13%), Advanta (0.23%) and Styrolution ABS (India) (0.19%).

Sectors in Limelight

The Consumer Durables index was at 5,817.45, up by 80.04 points or by 1.40%. The major gainers were Whirlpool Of India (1.6%), Gitanjali Gems (0.85%), Bajaj Electricals (0.42%), Blue Star (0.15%) and Symphony (0.12%).

The Power index was at 1,688.73, up by 20.39 points or by 1.22%. The major gainers were Crompton Greaves (1.81%), Bharat Heavy Electricals (0.76%), JSW Energy (0.74%), A B B India (0.48%) and Adani Power (0.13%).

The PSU index was at 5,928.71, up by 59.93 points or by 1.02%. The major gainers were BEML (6.45%), Bank Of Baroda (0.99%), Andhra Bank (0.24%), Balmer Lawrie & Company (0.18%) and Bank Of India (0.02%).

On the other hand, the Realty index was at 1,358.13, down by 4.69 points or by 0.34%. The major losers were Sobha Developers (2.04%), D L F (0.74%), Anant Raj (0.52%) and Indiabulls Real Estate (0.22%).

Market Breadth

Market breadth was negative with 1,127 advances against 1,060 declines.

Value and Volume Toppers

Infosys topped the value chart on the BSE with a turnover of Rs. 239.75 million. It was followed by Axis Bank (Rs. 181.49 million), Yes Bank (Rs. 169.69 million) and State Bank Of India (Rs. 150.21 million).

The volume chart was led by Cals Refineries with trades of over 3.03 million shares. It was followed by I V R C L (2.79 million), Yantra Natural Resources (2.32 million) and VKS Projects (1.82 million).

Power Grid up 2.5%, FPO subscribed 5 times

The FPO which opened on December 3 was subscribed 4.77 times on the third day of offer today with institutional buyers lapping up the shares. 

Shares of Power Grid Corporation jumps 2.5 percent intraday trade on Friday on strong response to its follow-on-public offer (FPO). The FPO which opened on December 3 was subscribed 4.77 times on the third day of offer with institutional buyers lapping up the shares. For the 78.70 crore shares offered for sale, the total number of bids received was 375.73 crore at close today.

 The number of bids at cut off price was 16.88 crore, as per data available on bourses. The shares are being offered at a price band of Rs 85-90 apiece. The 17 percent stake sale in the state-run company is expected to garner up to Rs 7,083 crore. The company may garner close to Rs 5,717 crore, while the government will get around Rs 1,758 crore. The issue closed on December 5 for institutional investors and will close on December 6 for retail category of investors and employees. At 11:27 hrs Power Grid Corporation of India was quoting at Rs 97.60, up Rs 1.45, or 1.51 percent on the BSE.

Gold most volatile asset class in 11 months; stocks and bonds fluctuate too

Gold and equities have been the most volatile asset classes among primary investment avenues in the last eleven months. Although oscillating views on the tapering of the US Federal Reserve’s quantitative easing and the sharp swings in the rupee affected all asset classes, gold has been the most volatile investment this year, shows an FE analysis.

To capture the volatility, we compared the daily swings in the benchmarks representing these investments as a percentage of the previous day’s closing price. For arriving at the daily swing, we took the difference between the day’s high and low for that benchmark.
Based on this, it was observed that in the year so far, on average the daily trading range of gold was (1.5% of the previous close) wider compared to that of the Sensex (1.3%) and the bond market as represented by the 10-year government bond yield (1%).

According to experts, the sharp moves in the international price of gold, combined with the swings in the rupee, lead to unnaturally high levels of volatility in domestic gold markets. “Even restrictive import measures have added to price swings as premiums to the lending price vary from 5% to 8%, depending on the demand scenario,” said an industry analyst.
For example, after rallying from $1,200 an ounce to $1,417 an ounce, or 18% between June and August, global spot gold prices have recently retreated to $1,230 — a decline of 13%. Although domestic MCX gold futures followed the same trend, the swings were of different magnitudes. In the first leg, domestic prices went up by 31% to R32,940 per 10 gm and subsequently corrected 7%. Volatility in domestic gold prices was the steepest in August, when the import duty was hiked to 10% along with imposition of stringent import restrictions.
Since May this year, the bond market — a relatively less volatile segment — has also shown sharp swings due to sudden changes in the RBI’s liquidity and interest rate policies in response to a weakening currency. Global and domestic factors have together led to daily swings in the benchmark bond, going

Interest rate futures to help bond investors hedge risks

RBI has launched cash-settled interest rate futures (IRF) contracts for investors to help them hedge interest rate risks while investing in government bonds.

The central bank has allowed IRF contracts in 91-day Treasury bills and other government bonds. The contract size will be R2,00,000 and will represent 2,000 underlying government bonds, said the Sebi in a separate notification. The tenure of the IRF shall be a maximum of three months.
Interest rate futures are exchange traded derivative products that allow a bond investor to hedge the interest rate risk in the investment. IRFs are a more transparent alternative to the current over-the-counter interest rate swaps.

In the 10-year benchmark government bonds, the RBI has allowed two different designs for cash settled IRFs. One is where the government bond is the underlying and the settlement price would be based on the prices during the last two hours of trading on the Negotiated Dealing System-Order Matching system.
The other option given is where the underlying for the IRF is a basket of government bonds. In this case, the settlement price would be based on the weighted average yield of the basket of bonds, the RBI said.
In an IRF contract with the 10-year government bond as underlying, the final settlement price will be calculated based on prices during the last two hours of the trading, the RBI said in a release on Thursday.
The cash settled 10-year IRF is being introduced on a pilot basis and the product features would be reviewed based on experience, said Sebi in it's circular.

Sebi has capped the gross open positions of market participants at 3% of the total open interest or R200 crore, whichever is higher.
Further, the gross open positions of trading members or brokers across all contracts must not exceed 10% of the total open interest or R600 crore, whichever is higher, the capital market regulator added.
FIIs can also hedge their bond investments through IRFs, the RBI said.

SKS Microfinance denies largest shareholder charge on proxy register

SKS Microfinance on Thursday said it maintains a proxy register and no shareholder asked for the same at December 3 annual general meeting.
Earlier this week, SKS Trust Advisors Pvt Ltd, single- largest shareholder in the Hyderabad-based micro-finance firm, had written to market regulator Sebi, saying the company had not produced the register of proxies for inspection as requested by it and sought recounting of votes.
“Proxy register is very much maintained by the company. No shareholder ever asked for it either at or before the annual general meeting,” India’s only listed micro-finance company said in a release here.
SKS Trust had also alleged the company did not show corporate resolutions of shareholders issuing the relevant proxies.
The micro-finance institution said it had received only one notice for inspection in connection with the AGM.
“That notice does not even mention the words “proxy register” or “corporate resolutions” anywhere. It only sought an inspection of the proxy forms, and these were made available for inspection at the AGM,” it said.
On the issue of improper proxy forms, the firm said the forms in question comply with all requirements of law.
“The proxy forms are duly signed and are complete in all legal respects. Apart from the company, these have also been reviewed by an independent and professional scrutiniser,” the company added.
Notably, Vikram Akula, founder of SKS Microfinance, who was forced to end his association with the company in November 2011, is said to be eyeing a comeback.
While SKS Trust and some other stake holders support a board position for Akula and had proposed the same before, the present management is against his induction.

Markets consolidate; Hero MotoCorp up 2.5%

Gains in index heavyweights like ONGC, ITC and TCS help the index remain in the positive territory

Markets continue to remain flat within a tight range. Gains in index heavyweights like ONGC, ITC and TCS helped the index remain in the positive territory. At 1130 hrs, the Sensex was 32 points at 20,989 and the Nifty added 13 points to trade at 6,254.

In the broader markets, the midcap index was up 0.5% and the smallcap index gained 0.4%, almost in line with the Sensex up 0.2%.

The rupee was higher for a third session, tracking euro gains after the ECB gave no indication of policy easing. The pair is at 61.64 versus 61.75 Thursday close.

In Asia, shares spent much of Friday in a state of suspended animation as tension mounted ahead of jobs data that could make or break the case for an imminent scaling back in U.S. stimulus.

Government borrowing costs from Japan hit fresh highs on trepidation the Federal Reserve could start tapering its $85 billion of monthly debt purchases at its policy meeting on December 17 and 18.

Share markets across Asia were mixed at best. MSCI's broadest index of Asia-Pacific shares outside Japan was dead flat, as was South Korea's.

Shanghai stocks slipped 0.6% as China set its yuan at a record high, continuing the slow appreciation of the currency.

Back home, on the sectoral front, Bankex, Teck and IT were the only indices in red.

Auto, Consumer Durables and Power indices were up with over 1% gain.

Capital Goods, Realty, Oil & Gas, Metal and FMCG indices added 0.2-0.4%.

Bharti Airtel, Wipro, HDFC Bank, Hindalco, HDFC and Tata Steel down 0.5-1% were the major losers among Sensex-30.

Among the gainers were Hero MotoCorp, Coal india, NTPC, Tata Power, ONGC, Mahindra & Mahindra and Sesa Sterlite up 1-2.5%.

Dr Reddys Lab, Jindal Steel, Bajaj Auto, BHEL, Sun Pharma, Tata Motors, TCS, Maruti Suzuki and ITC gained 0.5-0.9%.

PSU stocks were in focus on buzz that SU companies may announce an interim or special dividend to equity shareholders in third quarter (October-December) of the current financial year 2013-14.

BEML, Engineers India and HMT are up more than 2% each, while Shipping Corporation of India, STC and Power Grid Corporation are up between 1-2%.

Jubilant Life Sciences slipped 5% at Rs 120, extending its previous day’s 10% fall, after the company said that US drug regulator has issued a warning letter with regards to its facility in the US.

MphasiS was down 1.5% at Rs 395after reporting a 1.25% quarter-on-quarter (qoq) decline in net profit at Rs 190.22 crore for the quarter ended October 31, 2013 (Q4) due to lower revenue growth. The IT consulting and software firm had profit of Rs 192.64 crore in previous quarter.

The market breadth was very positive. 1132 stocks advanced while 877 stocks declined on the BSE.

Sugar shares in focus ahead of GoM meet today

Oudh Sugar Bajaj Hindustan, Shree Renuka Sugars, Balrampur Chini Mills and Mawana Sugar are up 2-5% on the BSE.

Shares of sugar manufacturer are trading higher on the bourses ahead of group of ministers (GoM) meeting today to discuss a bailout package for cash-starved sugar mills and to ensure timely payments to cane growers.

Oudh Sugar Mills, Bajaj Hindustan, Shree Renuka Sugars, Balrampur Chini Mills, Mawana Sugar, Jeypore Sugar, Dhampur Sugar Mills and Dwarikesh Sugar are up 2-5% on the Bombay Stock Exchange.

An informal group of ministers, headed by Agriculture Minister Sharad Pawar, is scheduled to hold the second round of meeting on Friday to discuss a bailout package for cash-starved sugar mills and to ensure timely payments to cane growers, the Business Standard report suggests.

The said committee was set up by Prime Minister Manmohan Singh last month to look into the issues concerning the sugar industry including the interest-free loans, added report.

JSPL extend gains on plan to add 1800 MW power by end of FY14

Jindal Steel and Power is currently trading at Rs. 283.40, up by 1.40 points or 0.50% from its previous closing of Rs. 282.00 on the BSE.

The scrip opened at Rs. 283.00 and has touched a high and low of Rs. 285.95 and Rs. 282.00 respectively. So far 52,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 473.90 on 20-Dec-2012 and a 52 week low of Rs. 181.55 on 02-Aug-2013.

Last one week high and low of the scrip stood at Rs. 286.80 and Rs. 257.00 respectively. The current market cap of the company is Rs. 26,484.00 crore.

The promoters holding in the company stood at 59.12% while Institutions and Non-Institutions held 27.57% and 13.31% respectively.

Jindal Steel and Power (JSPL) is reportedly planning to add 1800 MW power by end of FY14. With this, the total capacity of the company is expected to be around 2,800 MW by end of financial year 2014. Further, the company is planning to bring down its Debt-Equity ratio in FY15.

Recently, the company raised the prices of steel plates by Rs 500-1000 per tonne. The company also increased prices of rebars by about Rs 1,000 per tonne.

JSPL is a part of Jindal Group and is a leading player in Steel, Power, Mining, Oil & Gas and Infrastructure. The company produces economical and efficient steel and power through backward integration from its own captive coal and iron-ore mines and passes on the benefits to its customers.

M&M gains despite recalling 900 units of Scorpio’s Ex variant for offering proactive replacement

Mahindra & Mahindra (M&M) is currently trading at Rs. 952.65, up by 8.00 points or 0.85 % from its previous closing of Rs. 944.65 on the BSE.

The scrip opened at Rs. 947.00 and has touched a high and low of Rs. 954.85 and Rs. 944.15 respectively. So far 13411 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 1026.45 on 20-May-2013 and a 52 week low of Rs. 741.50 on 28-Aug-2013.

Last one week high and low of the scrip stood at Rs. 965.00 and Rs. 932.35 respectively. The current market cap of the company is Rs. 58672.99 crore.

The promoters holding in the company stood at 25.26 % while Institutions and Non-Institutions held 52.43 % and 17.34 % respectively.

Mahindra & Mahindra (M&M), a part of the $16.2 Billion Mahindra Group will be carrying out preventive replacement of one part in its Scorpio Ex variant. This is in keeping with its customer centric approach as well as in compliance with the recently announced voluntary code on vehicle recall.

Mahindra will carry out preventive replacement of a pressure regulating valve in 900 units of only Scorpio’s Ex variant, which were manufactured between October/November 2013. This replacement would be carried out with immediate effect and would be done free of cost for Scorpio Ex customers who would be individually contacted by the company/authorized dealers.

The recall is limited only to the Scorpio Ex variant manufactured during the said period and does not affect other Scorpio variants.

Investment into emerging markets to fall in 2014: World Bank

The findings suggest that the global recovery is still finding its footing after the 2007-2009 financial crisis

Foreign direct investment into emerging markets should decline next year because of persistent concerns about the global economy, the World Bank's political risk insurance arm said on Thursday.

For the first time in five years, companies listed macroeconomic instability as their biggest constraint for investing in emerging markets over the next three years, according to the report from the World Bank's Multilateral Investment Guarantee Agency.

"The persistent global economic uncertainty appears to have tainted the overall mood, with economic pessimism unpderinning the expected stagnant FDI levels," MIGA said in the report.

The findings suggest that the global recovery is still finding its footing after the 2007-2009 financial crisis.

In its latest global economic snapshot in October, the International Monetary Fund cut its world growth forecasts for the sixth straight time in two years, warning about a sluggish expansion in the developing world.

Overseas financing into developing countries is set to fall 4.5 percent next year after rising 2 percent in 2013, the MIGA report said. However, at around $600 billion a year, FDI to emerging markets is close to quadruple the levels seen a decade ago, it added.

Growing investments into sub-Saharan Africa and South Asia are a bright spot, although Europe and Central Asia are seeing declines.

But MIGA said most of the 459 companies it surveyed about their activities in emerging markets were not planning to withdraw or cancel existing investments.

MIGA aims to encourage FDI into emerging markets by protecting private investors from such political risks as war and sovereign default.

It said the market for political risk insurance expanded 33 percent last year to $100 billion, a historic high, and is on track for similar growth this year, even as FDI is falling.

Investors are most concerned about instability in the Middle East and North Africa, expropriations and legal disputes with governments in Latin America, contract renegotiations in countries with natural resources and general capital constraints, MIGA added.

Tata Motors shines on increasing FIIs investment limit under PIS in the Share Cpaital

Tata Motors is currently trading at Rs. 394.05, up by 3.50 points or 0.88% from its previous closing of Rs. 390.30 on the BSE.

The scrip opened at Rs. 387.70 and has touched a high and low of Rs. 394.00 and Rs. 386.00 respectively. So far 1, 75,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 405.00 on 28-Nov-2013 and a 52 week low of Rs. 252.10 on 05-Apr-2013.

Last one week high and low of the scrip stood at Rs. 403.60 and Rs. 388.40 respectively. The current market cap of the company is Rs. 1, 06,254 crore.

The promoters holding in the company stood at 34.33% while Institutions and Non-Institutions held 38.42% and 7.51% respectively. 

Tata Motors has increased its Foreign Institutional Investors (FIIs) investment limit under portfolio Investment Scheme (PIS) in the Share Cpaital. Tata Motors has fixed the limit for holdings by FIIs in the ‘A’ ordinary share capital of the company at 75% of the AOS paid-up capital of the company. However, the Foreign Institutional Investor limit for ordinary shares of the company will remain unchanged at 35%.

Earlier on October 31, 2013, the company has received the Reserve Bank of India’s (RBI’s) approval to increase Foreign Institutional Investor (FII) investment limit through differential voting right shares up to 75%. Under the scheme, FIIs/NRIs can acquire shares/debentures of Indian companies through the stock exchanges in India.

Tata Motors is India's largest automobile company, is the leader in commercial vehicles in each segment, and among the top in passenger vehicles with winning products in the compact, midsize car and utility vehicle segments. It is also the world's fourth largest truck and bus manufacturer.

Indian Bank launches special health card for customers

Indian Bank in collaboration with Apollo Hospitals Group has launched a special health card for its customers in the Chennai city on a pilot-basis. The bank’s customers who maintain Rs 10 lakh in their accounts for at least two to three months before December 31, 2014 are eligible for the health card.

Through this health card the bank’s customers can get up to 20% discount from the Apollo Hospitals chain for a range of services, including room charges, medical check up, investigation fees and pharma products.

The bank has launched the card in Chennai city on pilot-basis and in the next six months, eligible customers across the country will be covered by the bank.

Lupin launches Generic Trilipix® Delayed‐Release Capsules 45 mg & 135 mg in the US

Pharma Major Lupin Limited (Lupin) announced today that its US subsidiary, Lupin Pharmaceuticals, Inc. (LPI) has launched its generic Fenofibric Acid Delayed‐Release Capsules 45 mg and 135 mg. 

Lupin had earlier received final approval from the US FDA for the same.  

Lupin’s Fenofibric Acid Delayed‐Release Capsules 45 mg and 135 mg are the generic equivalent of AbbVie Inc.’s Trilipix® Delayed‐Release  Capsules  45 mg &  135 mg strengths  are  indicated  as  co‐administration therapy  with statins for the treatment of mixed dyslipidemia, treatment of severe hypertriglyceridemia and primary hypercholesterolemia or mixed dyslipidemia.  

Trilipix® Delayed‐Release Capsules 45 mg & 135 mg strengths had annual U.S sales of approximately US$ 449.5 million (IMS MAT Sep, 2013). 

NMDC gains on hiking iron ore prices by Rs 200 a tonne

State-owned National Mineral Development Corporation (NMDC) has hiked its iron ore prices by Rs 200 a tonne for December. The price hike is in line with the global pricing of the ore and domestic demand-supply scenario.

The company has increased the prices of lumps and fines both. At present, the prices are Rs 4,500 a tonne for lumps and Rs 2,810 a tonne for fines.

The company had hiked the prices by Rs 100 a tonne in October. The October spike had come after several months of iron ore prices being either unchanged or cut.

NMDC is a state-controlled mineral producer of the Government of India. It is fully owned by the Government of India and is under administrative control of the Ministry of Steel.

Nifty above 6,200 levels

At 9:44 am (IST), the BSE Sensex was trading at 20,992, up 47 points over the previous close, while NSE Nifty was quoting at 6,258, up 17 points over the previous close.

At 9:44 am (IST), the BSE Sensex was trading at 20,992, up 47 points over the previous close, while NSE Nifty was quoting at 6,258, up 17 points over the previous close.
The BSE Small-Cap index and BSE Mid- Cap index was trading flat.
RIL, Infosys, ONGC, Coal India,  Tata Motors,  Hero MotoCorp, Maruti,  Jindal Steel, Tata Steel, Mahindra & Mahindra, are among gainers in Sensex and Nifty.
Infosys, Wipro, Bharti Airtel, Tata Steel, ICICI Bank, Tata Power, HDFC, Hindalco Inds  are among losers in Sensex and Nifty.
Teck, FMCG, Metal,  IT, PSU, Capital Goods, Consumer Durables, FMCG , Realty, Oil and gas, Power indices are the gainers.
The good news turns out to be bad temporarily for the market. The US government revised its initial report on third-quarter economic growth to 3.6% (earlier 2.8%). This again cropped up fears that the Fed may decide to taper its stimulus. The US government's November jobs report is due Friday. European markets fell after the European Central Bank and the Bank of England both kept interest rates steady.

The Foreign Investment Promotion Board will take up 11 foreign investment proposals, including Vodafone Group Plc's proposal to acquire remaining stake in its Indian arm.
Standard & Poor's Ratings Services said today that it had revised its outlook on Bharti Airtel Ltd. to positive from stable. S&P affirmed 'BB+' long-term corporate credit rating on the India-based telecommunication services provider, and our 'BB+' long-term issue rating on the company's guaranteed US$1.5 billion senior unsecured notes.

Net direct tax collections up 14.6% in Apr-Nov

The growth has picked up in the recent months reflecting an uptick in the economy

Net direct tax collection in April-November increased by 14.6 per cent to Rs 3,10,317 crore, compared with Rs 2,70,771 crore in the corresponding months of the previous financial year. The growth has picked up in the recent months reflecting an uptick in the economy. However, it is still lower than the 19 per cent increase projected in direct tax collections for the entire year.

Gross direct tax collection (before payment of income tax refunds) during April-November this year went up by 13.18 per cent to Rs 3,68,655 crore, against Rs 3,25,736 crore in the year-ago period.

Gross collection of corporation tax showed an increase of 9.66 per cent to Rs 2,25,124 crore in the eight-month period this year, compared with Rs 2,05,291 crore in the same period of 2012-13. Gross collection of personal income tax was up by 19.60 per cent to Rs 1,39,763 crore, against Rs 1,16,862 crore in the same months last year, the  ministry said on Thursday.

Collection of Securities Transaction Tax stood at Rs 3,053 crore, showing a growth of 4.73 per cent. Revenue from the levy of wealth tax posted a growth of 13.38 per cent to Rs 712 crore, against Rs 628 crore in the corresponding period of 2012-13.

The government has set a direct tax collection target of Rs 6,68,108 crore for 2013-14, against Rs 5,65,835 crore in 2012-13. The collections had fallen short of the target by about Rs 5,000 crore last year.

Direct tax collections had increased by 13.33 per cent to Rs 2,84,339 crore in April-September this year. Finance ministry officials say though there has been a pick-up in tax collections, meeting the Budget target would still be difficult considering a slower-than-expected growth in the economy.

India’s GDP is expected to rise by around 5 per cent this year. It grew by a decade low of 5 per cent in 2012-13. In the first quarter of the current financial year (April-June 2013-14) it grew by 4.4 per cent, lowest in four years. The growth was higher at 4.8 per cent in the second quarter (July-September) led by a mild upturn in industry and a sharp pick-up in agriculture.

BSE to suspend trading in securities of 28 Cos for non-compliances

Trading in securities of these 28 Companies will be suspended w.e.f. Monday, December 30, 2013

As per the provision of Securities Contracts (Regulation) Rules, 1957 and the Rules, Bye-laws and Regulations of the Exchange, a Company listed on BSE Limited is required to comply with various clauses of the Listing Agreement, failing which trading in securities of such defaulting Companies is liable for suspension.

Trading members are requested to take note that the following 28 Companies have failed to comply with various provisions of the Listing Agreement up to quarter ended June 2013.

Sr. No	Scrip Code	Company Name
1	532919	Allied Computers International (Asia) Ltd
2	501622	Amalgamated Electricity Company Ltd
3	531678	Anand Credit Ltd
4	517565	Ashco Niulab Industries Ltd
5	532542	Crew B.O.S. Products Ltd
6	531470	Emporis Projects Ltd
7	531337	Iris Mediaworks Ltd
8	531269	KLG Systel Ltd
9	530039	Lords Chemicals Ltd
10	514446	LS Industries Ltd
11	501209	Maestros Mediline Systems Ltd
12	530497	Marvel Capital & Finance India Ltd
13	530375	Nakshatra Infrastructure Ltd
14	501482	Parekh Distributors Ltd
15	504288	Polar Industries Ltd
16	532435	Sanmit Infra Ltd
17	511503	Secure Earth Technologies Ltd
18	523359	Sharp Industries Ltd
19	532029	Sindhu Trade Links Ltd
20	522042	SM Energy Teknik & Electronics Ltd
21	532249	Sql Star International Ltd
22	513530	Stelco Strips Ltd
23	531013	Sun Granite Exports Ltd
24	533639	Taksheel Solutions Ltd
25	522091	United Van Der Horst Ltd
26	521046	Vanasthali Textile Industries Ltd
27	530487	Vibros Organics Ltd
28	512345	Yash Trading & Finance Ltd

Trading in securities of these 28 Companies will be suspended w.e.f. Monday, December 30, 2013 (being 15 trading days from issue of notice); on account of non-compliance with the provisions of the Listing Agreement.

In case, the Company complies (to the satisfaction of the Exchange) with all the provisions of the Listing Agreement on or before Thursday, December 19, 2013; trading in securities of the company will be suspended for Five Trading Days i.e. up to Friday, January 03, 2014.

However, in case the Company fails to comply with the provisions of the Listing Agreement, to the satisfaction of the Exchange on or before Thursday, December 19, 2013; the suspension will continue till such time the Company complies with the procedure prescribed for revoking suspension in a scrip and the Company complies with all extant norms for revocation of suspension laid out by the Exchange.

It may be noted that suspension of trading in securities of a Company will be revoked only if the Company has complied with all the provisions of the Listing Agreement up to the latest quarter for which the compliances are required.