Sensex sheds 76 points; Power, capital goods stocks trip

The Sensex and the Nifty fell over 0.4 per cent at the closing session on Tuesday due to profit-taking by funds and retail investors amid firm European cues.

The 30-share BSE index Sensex was down 76.38 points or 0.36 per cent at 21,250.04 and the 50-share NSE index Nifty was down 31.1 points or 0.49 per cent at 6,332.80.

On the BSE, power, capital goods, banking and realty sectors fell the most by 4.12 per cent, 2.98 per cent, 1.78 per cent and 1.48 per cent, respectively.

On the other hand, IT, TECk, FMCG and healthcare indices remained investors' favourite and were up 2.07 per cent, 1.47 per cent, 0.87 per cent and 0.4 per cent, respectively.

Hero MotoCorp, TCS, SSLT, Wipro and HUL were the top five Sensex gainers, while the top five losers were NTPC, L&T, ICICI Bank, BHEL and ONGC.

According to Equentis technical outlook market report, next major trigger for the market will be the outcome of US Fed meeting on stimulus and winter session of Indian Parliament.

On the macroeconomic front, the Government will release the industrial production (IIP) data for October and inflation data based on the general consumer price index (CPI) for November on December 12.

Asia’s benchmark equity index fell and European stocks were unchanged after China's industrial production trailed estimates.

According to government data, China's industrial production growth slowed last month, while retail sales unexpectedly accelerated. Investors await factory output data from France and Italy to be released today.

Investors also await the outcome of the US Federal Reserve’s FOMC meet during December 17-18. The majority view is that the US Fed will announce tapering of its $85-billion-a-month stimulus programme in view of signs that the economy is rebounding.

Ess Dee Aluminium surges on receiving approval from RBI to increase FIIs limit

The promoters holding in the company stood at 59.50 % while Institutions and Non-Institutions held 23.36 % and 17.14 % respectively.

Ess Dee Aluminium has received approval from Reserve Bank of India (RBI) to enhance the limit for purchase of its equity shares and convertible debentures by FIIs through primary market & stock exchanges up to 100% and by NRIs/PIOs up to 24% of its paid up capital, under the Portfolio Investment Scheme (PIS).

Ess Dee Aluminium (EDAL) is engaged in manufacturing of aluminium foil and poly vinyl chloride (PVC) based products. Currently the company owns 8 state of the art manufacturing plant spread across India. Ess Dee is a leading supplier of primary packaging materials.

Strides Arcolab spurts on declaring special dividend of Rs 500 for a share

The promoters holding in the company stood at 27.36% while Institutions and Non-Institutions held 58.54% and 14.11% respectively.

Strides Arcolab has declared a special dividend of Rs 500 per share in the wake of the $1.75-billion sale of its Agila Specialities Division to Mylan Inc of the US. The company returned 88% of the free cash available with it to the shareholders by way of special dividend.

Initially, the company had planned to distribute $700 million-$800 million pre-tax to the shareholders. But the board approved the special dividend of Rs 500 for a share, which would result in a pre-tax distribution of about $525 million.

Sensex down 123 points; Power, capital goods stocks trip

The Nifty and the Sensex were trading down over 0.5 per cent at about 1.45 p.m. on Tuesday due to profit-taking by funds and retail investors amid weak global cues.

The Nifty was trading at 6,316, down 48 points, and the Sensex at 21,203, down 123 points.

Volatility index, India Vix, was at 18.68, down 2.50 per cent.

On the BSE, power, capital goods, banking and realty sectors fell the most by 4.79 per cent, 3.15 per cent, 2.35 per cent and 1.99 per cent, respectively.

On the other hand, IT, TECk, FMCG and healthcare indices remained investors' favourite and were up 2.23 per cent, 1.59 per cent, 0.63 per cent and 0.01 per cent, respectively.

TCS, Wipro, Infosys, ITC and Hero MotoCorp were the top five Sensex gainers, while the top five losers were NTPC, BHEL, L&T, ICICI Bank and ONGC.

After closing on a euphoric high note on Monday following the outcome of the Assembly elections in four states, the markets opened on a tepid note on Tuesday on the back of profit-booking.

The Nifty opened at 6,355, down 9 points, while the Sensex opened at 21,294, down 32 points.

According to Equentis technical outlook market report, next major trigger for the market will be the outcome of US Fed meeting on stimulus and winter session of Indian Parliament.

On the macroeconomic front, the Government will release the industrial production (IIP) data for October and inflation data based on the general consumer price index (CPI) for November on December 12.

European stock-index futures and Asian equities fell after China’s industrial production trailed estimates.

According to government data, China's industrial production growth slowed last month, while retail sales unexpectedly accelerated. Investors await factory output data from France and Italy to be released today.

Investors also await the outcome of the US Federal Reserve’s FOMC meet during December 17-18. The majority view is that the US Fed will announce tapering of its $85-billion-a-month stimulus programme in view of signs that the economy is rebounding.

IIFCL bonds issue oversubscribed on Day 1; gets demand of Rs 1,034 cr

IIFCL's second tranche of tax-free bonds issue has been oversubscribed on the first day of its launch on December 9.

As against an issue size of Rs 1,000 crore, this State-owned infrastructure lender has received response for Rs 1,034 crore on Monday, which was the first day of the bond issue.

The issue will remain open till the green shoe option of Rs 2,000 crore is fully exhausted, Harsh Kumar Bhanwala, Acting Chairman & Managing Director, India Infrastructure Finance Company (IIFCL) told Business Line.

One of the reasons for this strong response is the higher coupon rates for the second tranche as compared to the first, which closed a month ago, Bhanwala said.

IIFCL also plans to launch a third tranche of such bonds this fiscal.

It had mobilised Rs 1,234 crore in the first tranche and had already mobilised as much as Rs 2,963 crore through the private placement route.

The Central Board of Direct Taxes had allowed IIFCL to raise as much as Rs 10,000 crore this fiscal through public issue of tax-free bonds.

Coconut oil prices cool as buyers stay away

Reports of limited arrivals of copra in the northern districts of Kerala has held down the firming trend in coconut oil prices.

The trend has affected the Tamil Nadu terminal markets too, where buyers from Kerala have abstained from buying, resulting in the price of coconut oil declining to Rs 98 a kg from Rs 106 a week ago, Prakash B. Rao, President, Cochin Oil Merchants’ Association (COMA), said.

While in Kerala prices eased to Rs 104 a kg from Rs 109 quoted last week, copra prices also declined to Rs 76 a kg in the Kerala market and in Tamil Nadu were quoting at Rs 70 a kg. This weakness in prices is likely to prevail in the coming days also, he said.

Due to this weakness, he said, major corporates have reduced purchases from the open market. Another reason for the weakness is fresh arrivals of Sabarimala copra to some manufacturing units.

Palm oil prices also declined to Rs 60 a kg from Rs 65, while palm kernel oil was quoting Rs 76 against Rs 80 a kg quoted in the previous week.

Thalath Mahmood, Director, COMA, said prices are expected to come down further in view of the absence of north Indian and domestic demand, which reported a 20 per cent drop in sales. The market is awaiting fresh stocks by the month-end, with the commencement of the new season in North Kerala.

The Coconut Development Board should come out with a forecast on the next season for the benefit of coconut farmers in Kerala, Tamil Nadu and Karnataka.

He also demanded deploying mobile laboratories of the Food Safety Department to check adulteration of coconut oil coming from Tamil Nadu in tankers.

According to Bharat N. Khona, former board member, COMA, the market has been showing a declining trend, with upcountry buyers waiting for price stabilisation. Besides, major corporates have started quoting lower prices for their purchase.

Dividend to buoy Strides Arcolab

Shares of Strides Arcolab are likely to see buying interest as the company board is meeting on December 10 (Tuesday) to consider special dividend for investors. The company has 27,974 shareholders, including 24,978 small investors. As of September 30, the promoters had a 27.36 per cent stake in the company, while foreign institutional investors had 53.42 per cent stake according to the BSE website. The company has announced Rs 2 or 20 per cent as dividend in May. Meanwhile, Goldman Sachs Investments Mauritius offloaded 3.80 lakh shares worth about Rs 33 crore on Friday.

NTPC generates 672 million units power in single day

NTPC the largest power generator in the country generated 672.44 Million Units (MUs) with 100.19% Capacity Availability from its coal stations on December 07, 2013, which is the highest daily generation achieved by NTPC coal stations in the current financial year. Total generation (coal + gas) on the day stood at 710.54 MUs, which is also the highest daily generation achieved by the company in the current financial year. Seven out of 16 coal stations achieved 95% PLF on December 7, 2013 out of which three stations achieved 100% PLF.

In 2012-13 NTPC stations achieved gross generation of 232.028 Billion Units (BUs) as against 222.068 BUs in the previous year, registering a growth of 4.49%. With an installed capacity of 42454 MW through 16 coal based, 7 gas based, 2 solar renewable and 7 Joint Venture power stations, NTPC contributes around 28 percent of electricity in the country, with about 19 percent of India's installed capacity.

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.

L&T’s arm bags order worth $154 million

Larsen & Toubro’s (L&T) subsidiary - L&T Shipbuilding - has bagged orders, valued at $154 million, for six specialized commercial vessels, in the third quarter of 2013-2014. The orders from Halul Offshore Services Company WLL, Qatar, are for design, construction, trials and commissioning of four Platform Supply Vessels (PSVs) and 2 Anchor Handling Towing, Supply and Standby Vessels (AHTSSVs) with 150 MT bollard pull. Secured at a time, when the export order book position of many Indian Shipyards is not so good, the orders reaffirm the customer's confidence in L&T's capabilities for building high end offshore support vessels.

The ships' design, to be optimized using modern tools including CFD, complies with the latest Marine Environmental and Crew Accommodation Regulations. The PSVs are designed for carriage of hazardous cargo like Methanol. The ships will be equipped with Dynamic Positioning (0P2) capability and will be suitable for fire-fighting, emergency response, rescue a standby, offshore supply, oil recovery and related duties. The PSVs will be provided with Diesel-Electric propulsion and AHTSSVs will be provided with advanced Diesel-Hybrid propulsion. The PSVs are to be delivered in the first quarter of 2015 and AHTSSVs in the last quarter of 2015. These orders are in addition to the order received Last year from Halul Offshore Services Company for 2 PSVs and 2 AHTSSVs.

Larsen & Toubro is a $14 billion technology, engineering, construction, manufacturing and financial services conglomerate, with global operations. Its products and systems are marketed in over 30 countries worldwide.

Call rates tread water on muted demand

Interbank call rates were trading flat at its Monday’s close of 7.75/80% on muted demand in the second week of reporting cycle. However, the call rates could pick up momentum going further in the week as select banks may scramble to cover their fortnightly needs in the last minute.

The banks via Liquidity Adjustment Facility (LAF) borrowed Rs 23729 crore through repo window on December 10, 2013, while banks using special LAF borrowed Rs 20009 crore through repo window and parked Rs 2982 crore via reverse repo window on December 09, 2013.

The overnight borrowing rates touched a high and low of 7.80% and 7.50% respectively.

According to the Clearing Corporation of India (CCIL), the weighted average rate (WAR) in the call money market was 7.80% on Tuesday and total volume stood at Rs 17724.44 crore, so far.

As per CCIL data, WAR in the CBLO (Collateralized Borrowing and Lending Obligation) market was 7.77% on Tuesday and total volume stood at Rs 29480.35 crore, so far.

The indicative call rates which closed at 7.75/7.80% on Monday were contributions made from Andhra Bank, AXIS Bank, Bank of America, Bank of Baroda, Bank of India, Canara Bank, J P Morgan Chase, Citibank N.A., Corporation Bank, Credit Agricole Bank, Indusind Bank, ICICI Bank, ICICI Securities, IDBI Bank, Jammu and Kashmir Bank, Punjab National Bank, RBS, Societe Generale, Standard Chartered, so far.

Lupin receives FDA approval for Generic Trizivir Tablets

Pharma Major Lupin (Lupin) has received final approval for its Abacavir Sulfate, Lamivudine, and Zidovudine Tablets, 300 mg (base) / 150 mg / 300 mg from the United States Food and Drugs Administration (FDA) to market a generic version of ViiV Healthcare's (ViiV)Trizivir Tablets, 300 mg (base) / 150 mg / 300mg.

Lupin's Abacavir Sulfate, Lamivudine, and Zidovudine Tablets, 300 mg (base) / 150 mg/ 300 mg is indicated in combination with other antiretrovirals or alone for the treatment of HIV-1 infection. Lupin was the first applicant to file an ANDA for Trizivir Tablets and as such will be entitled to 180 days of marketing exclusivity.

Trizivir Tablets, 300 mg (base) / 150 mg / 300mg had annual U.S sales of approximately $ 111.6 million (IMS MAT Sep, 2013).

Fund Transfer Charges of NEFT, RTGS and IMPS

World is moving faster and now there are various methods for fund transfer to another account within no time

Banking is an essential part of our lives and it has gone online just like everything else. There are still a lot of us who visit the banks for various services such as deposits, withdrawals, cheques, etc.

Gone are those days when depositing amount in a friend/relative’s bank account would take a few business days. World is moving faster and now there are various methods for fund transfer to another account within no time. Let us view some of those methods along with the associated charges in this article.

NEFT

NEFT or National Electronic Funds Transfer system has been introduced by the RBI to make funds transfer between banks throughout India fast and hassle free. A bank branch has to be NEFT enabled for a user to be able to transfer funds to another user using this facility. Check the list of bank branchesparticipating in NEFT. The structure of charges that can be levied on the customer for NEFT is given below (as per RBI guidelines):

a) Inward transactions at destination bank branches (for credit to beneficiary accounts)
– Free, no charges to be levied from beneficiaries

b) Outward transactions at originating bank branches – charges applicable for the remitter

-  For transactions up to Rs 10,000: not exceeding Rs 2.50 (+ Service Tax)

- For transactions above Rs 10,000 up to Rs 1 lakh: not exceeding Rs 5 (+ Service Tax)

-  For transactions above Rs 1 lakh and up to Rs 2 lakhs: not exceeding Rs 15 (+ Service Tax)

-  For transactions above Rs 2 lakhs: not exceeding Rs 25 (+ Service Tax)

NEFT transaction timings for Monday – Friday is 8 A.M to 6.30 P.M and for Saturday it is 8 A.M to 12 P.M. There is no minimum and maximum limit for transfer.

RTGS

Real time gross settlement (RTGS) as defined by RBI is a continuous (real-time) settlement of fund transfers individually on an order by order basis (without netting). ‘Real Time’ means the processing of instructions at the time they are received rather than at some later time; ‘Gross Settlement’ means the settlement of funds transfer instructions occurs individually (on an instruction by instruction basis).

RTGS differs from NEFT in the settlement time. In the case of NEFT, there are batches defined for settlement and if a transaction crosses the stated time, it has to wait for the next batch to be processed. Transactions in RTGS are processed continuously throughout the working hours.

Minimum amount of transfer required for RTGS is Rs. 2 lakh. There is no upper limit, though.  The beneficiary bank has to credit the beneficiary’s account within two hours of receiving the funds transfer message.
RTGS transaction timings for Monday – Friday is 9 A.M to 4.30 P.M and for Saturday it is 9 A.M to 2 P.M. RTGS charges are as below:

a) Inward transactions – Free, no charge to be levied.

b) Outward transaction –  Rs. 2 lakh to  5 lakh – not exceeding Rs. 30 per transaction;

Above Rs. 5 lakh – not exceeding Rs. 55 per transaction.

IMPS

IMPS (Interbank Mobile Payment Service) is also known as immediate payment service. This might be a lesser popular service than the ones listed above. However, with mobile phone usage increasing day by day, transactions using this service is expected to be huge in the coming years. Users can transfer funds to their desired bank accounts through their mobiles which have internet access.

Unlike RTGS and NEFT, IMPS can be used 24*7 to transfer funds between bank accounts throughout India. Following are the charges for IMPS transactions (similar to NEFT):

-  For transactions up to Rs 10,000: not exceeding Rs 2.50 (+ Service Tax)

- For transactions above Rs 10,000 up to Rs 1 lakh: not exceeding Rs 5 (+ Service Tax)

-  For transactions above Rs 1 lakh and up to Rs 2 lakhs: not exceeding Rs 15 (+ Service Tax)

Conclusion

All the above methods have a similar process. You need to first add the beneficiary bank account to your account first. Once it is activated, you can start transferring funds to the desired account. The charges given above are only minimum and maximum limits. Banks have their own charges within these limits. It is advisable to check the charges in the respective banks’ websites. These methods have been designed to provide comfort along with speed to the users. However, always exercise caution while dealing with bank accounts since a small mistake could dent you hard.

GE Shipping speeds up on placing order to build 3 new Kamsarmax dry bulk carriers

Great Eastern Shipping Company (GE Shipping) is currently trading at Rs. 295.00, up by 0.45 points or 0.15 % from its previous closing of Rs. 294.55 on the BSE.

The scrip opened at Rs. 291.50 and has touched a high and low of Rs. 296.25 and Rs. 291.50 respectively. So far 2770 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 325.00 on 26-Sep-2013 and a 52 week low of Rs. 199.25 on 24-Jun-2013.

Last one week high and low of the scrip stood at Rs. 301.75 and Rs. 286.10 respectively. The current market cap of the company is Rs. 4448.89 crore.

The promoters holding in the company stood at 30.13 % while Institutions and Non-Institutions held 40.92 % and 28.73 % respectively.

GE Shipping has placed an order for 3 new building Kamsarmax dry bulk carriers with the Jiangsu Yangzijiang Shipbuilding Group, China. The ships will be built at Jiangsu New Yangzi Shipbuilding Company, China (Builder’s Shipyard). The contracted ships, of about 82,000 dwt each, will be built according to the new eco design features which will result in greater fuel efficiency and be in compliance with Energy Efficiency Design Index requirements. The 3 vessels are expected to join the company’s fleet in 2Q and 3Q of CY16.

The company’s current fleet stands at 30 vessels, comprising 22 tankers (8 crude carriers, 13 product tankers, 1 LPG carrier) and 8 dry bulk carriers (1 Capesize, 3 Kamsarmax, 4 Supramax) with an average age of 9.0 years aggregating 2.42 million dwt. The company also has on order 3 other new building vessels of which 1 is an MR product tanker and 2 Kamsarmax dry bulk carriers.

Great Eastern Shipping Company is India’s largest private sector shipping company. The company’s major businesses include shipping and offshore

Crude oil rebounds on US economic data

Oil prices rebounded in Asian trade today, with strong US economic data lifting investor sentiment, analysts said.

New York’s main contract, West Texas Intermediate (WTI) crude for January delivery, was up 10 cents at $97.44 a barrel in mid-morning trade, while Brent North Sea crude for January delivery rose seven cents to $109.46.

“Crude oil continued to rally due to optimistic US economic data which lifted markets,” Phillip Futures said in a commentary.

The US jobless rate fell sharply to a five-year low of 7.0 per cent in November and the economy generated 203,000 jobs — well above expectations — providing further evidence of the gathering strength of the world’s biggest economy.

Those upbeat numbers came after figures showing the US economy grew at a speedy annual rate of 3.6 per cent in the third quarter.

“These data signal that the world’s largest consumer for crude oil may upsize their appetite for the commodity following an economic recovery,” Phillip Futures said.

Other analysts said bargain-hunting had also helped bolster prices, which tumbled sharply in the previous day.

Brent crude declined $2.22 in London trade yesterday, weighed down by weak German industrial output.

Hexaware Technologies shines on getting nod for merger of WOS with itself

Hexaware Technologies is currently trading at Rs. 120.80, up by 3.15 points or 2.68% from its previous closing of Rs. 117.65 on the BSE.

The scrip opened at Rs. 121.50 and has touched a high and low of Rs. 121.50 and Rs. 118.40 respectively. So far 67,000 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 139.35 on 11-Nov-2013 and a 52 week low of Rs. 72.30 on 25-Jun-2013.

Last one week high and low of the scrip stood at Rs. 122.05 and Rs. 112.10 respectively. The current market cap of the company is Rs. 3,622 crore.

The promoters holding in the company stood at 43.47% while Institutions and Non-Institutions held 30.19% and 19.23% respectively.

Hexaware Technologies has received its board approval to merger of the wholly owned subsidiary (WOS) company, Caliber Point Business Solutions (a BPO service provider) with itself. The board at its meeting held on December 09, 2013 has approved for the same.

Hexaware Technologies (HTL) is IT and Process outsourcing service provider in global space. The company provides technological solutions and specialises in Business Intelligence, Business Analytics, Enterprise Applications, Transportation, HR-IT and Legacy Modernization.

FIIs were net buyers of Rs 3705.48 crore in index futures and options segments on December 9

According to the data released by the NSE, the Foreign Institutional Investors (FIIs) were net buyers of Rs 3705.48 crore in index futures and options segments as per Monday’s data, December 9, 2013.

FIIs were buyers of index futures to the tune of Rs 1945.00 crore and they bought index options worth Rs 1760.48 crore. In the stock segment, FII’s were net buyers of stock futures worth Rs 24.82 crore, while they also bought stock options worth Rs 6.65 crore.

Venus Remedies gains on inking MoU with Austell Laboratories

Venus Remedies is currently trading at Rs. 241.00, up by 13.05 points or 5.70% from its previous closing of Rs. 228.95 on the BSE.

The scrip opened at Rs. 237.00 and has touched a high and low of Rs. 244.00 and Rs. 236.05 respectively. So far 5,487 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 358.05 on 15-May-2013 and a 52 week low of Rs. 140.00 on 02-Aug-2013.

Last one week high and low of the scrip stood at Rs. 245.25 and Rs. 207.65 respectively. The current market cap of the company is Rs. 273.00 crore.

The promoters holding in the company stood at 43.99% while Institutions and Non-Institutions held 8.58% and 47.43% respectively.

Venus Remedies, a research-based global pharmaceutical company, has signed a memorandum of understanding (MoU) with South African pharmaceutical firm Austell Laboratories to exclusively out-license its flagship product, Elores, in South Africa.

A novel antibiotic adjuvant entity that effectively counters serious hospital-acquired infections caused by multi-drug-resistant extended-spectrum beta-lactamase (ESBL) and metallo-beta-lactamase (MBL)-producing gram negative bacteria, Elores is likely to be launched in South Africa by mid-2015.

The overall systemic antibacterial market of South Africa is worth $ 275 million and growing at a compound annual growth rate (CAGR) of 10.5 per cent. Elores will cater to the needs of about 40 per cent segment of this market. Venus Remedies is projected to generate cumulative revenue of $ 20 million within five years of the launch of Elores in South Africa.

Globally, the systemic antibacterial market, which is growing at a CAGR of 7.2 per cent, is set to reach $44 billion by 2016. The infections caused by multi-drug-resistant ESBL/MBL-producing gram negative bacteria which Elores is capable of fighting comprise 25 per cent of this market, thus creating a tremendous opportunity for Venus Remedies. The MoU between Venus Remedies and Austell Laboratories was signed recently at the Patna Technology Expo, where the top 20 innovators under the ‘DST-Lockheed Martin India Innovation Growth Programme 2013”, including Venus Remedies, were awarded cash prizes.

Venus Remedies has already filed the common technical document for Elores in Europe and is planning to take this product to other international markets with the support of Lockheed Martin Foundation, Union Department of Science and Technology, FICCI and all other associated bodies.

Elores has a unique profile of action, which gives it an edge over all the existing therapies. It has resulted in more than 30 per cent reduction in treatment time and about 50 per cent reduction in the cost of treatment. Elores has been receiving a tremendous response from the medical fraternity across the country since its launch in India in January this year.

While other antibiotics fail to respond to ICU infections caused by multidrug-resistant ESBL and MBL-producing gram negative bacteria, Elores is effective against carbapenem-resistant bacterial strains such as E. coli, K. pneumoniae, P. aeruginosa and A. baumanni. It prevents both the growth and spread of drug-resistant genes from one bacterial species to another, thus making it one of the safest and most effective drugs available to cater to multidrug-resistant carbapenem-resistant enterobacteriaceae.

United Bank of India seeks additional Rs 1,000 crore from government

United Bank of India is seeking additional Rs 1,000 crore from government to meet its capitalisation requirements. The additional support from the government will help the bank to improve profitability in the longer run.

The bank’s gross non-performing asset (NPAs) widened to 7.52% of advances at the end of September from 3.88% a year ago. Net non-performing assets rose to 5.39% from 1.95%.

Earlier in October, the government had infused Rs 14,000 crore as capital in state-run banks. It had then said that a second round of capital infusion could take place in the fourth quarter depending on banks’ performance in lending to consumer sectors.

TVS Motor Company wins Best VLSI / Embedded Design - Automotive Award

TVS Motor Company has been awarded the Best VLSI/ Embedded Design in the fourth edition of the Silicon India - Mentors Graphics Leadership Awards for the Embedded/VLSI Industry 2013. These awards recognize the contribution of various companies/individuals in driving the semiconductor industry. The best in the VLSI/embedded software industry were honored at a function held in Bangalore.

The winners of these prestigious awards were chosen by a panel of judges consisting of eminent business leaders. TVS Motor Company was chosen as the Best VLSI / Embedded design company – in the automotive category.

TVS Motor Company is the flagship of the $6 billion Indian conglomerate, TVS Group which recently celebrated one hundred years in the automotive business in India. The company recently won 'India's Most Trusted Two Wheeler Brand' Award from the Times Group.

Markets to remain in jovial mood with a positive start

The Indian markets bucking global trends surged in last session on the back of local development of assembly elections results and benchmarks hit their lifetime highs. Today, the start is likely to remain positive, though global cautiousness may grip the markets in latter trade on concern of Fed tapering. Markets may get some support with Paris-based think tank OECD’s report that Indian economy is seeing a tentative positive change in momentum while most of the major economies are witnessing improved growth prospects. The trades will also be eyeing the rupee movement, which surged to its four months high in last session. Meanwhile, RBI Governor Raghuram Rajan has attributed the current economic woes to stimulus provided by the government to tide over the global crisis of 2008, saying that it eventually led to an overheated economy. There will be buzz in the telecom sector, as the Cabinet has fixed the minimum price for selling telecom spectrum at up to about half the rate set at the previous auction. It approved the start price for the sale of spectrum in the 1800 mega-Hertz band at a pan-India rate of Rs 1,765 crore per MHz, about 26 percent lower than the base price in the March sale, while for the 900 MHz band, it approved a rate about 53 percent lower than the previous auction price.

The US markets ended modestly higher in last session, though the trading remained somewhat subdued lacking any major announcement from the economy front and on concern that central bank may begin tapering its asset purchase plan next week. The Asian markets have made a mixed start and some of the indices are moving in and out of the red in early deals.

Back home, Indian equity benchmarks ended the session near record high level on Monday as Bhartiya Janata Party (BJP) emerged victorious with maximum seat count in four of the five states that went to polls in the month of November and December. Though, the benchmarks cooled off from day’s high in afternoon deals as select investors preferred cashing profits at record high level, but the frontline gauges managed to extend their rally for third straight day, with Sensex settling above its crucial 21,300 mark and Nifty ending near its psychological 6,350 bastion. Sentiments remained jubilant since morning as the poll results lived up to the street’s expectations of a win for the pro-growth BJP, which could also prompt foreign fund managers to bet on the return of the NDA-led coalition at the Centre, after the Lok Sabha elections next year. Sentiments also were boosted on data showing that foreign funds remained buyers of Indian stocks on December 6, 2013. Foreign institutional investors (FIIs) bought shares worth a net Rs 863.77 crore on Friday, as per provisional data from the stock exchanges. Meanwhile, the global cues were mixed, while Asian shares ended positive after U.S jobs report offset concerns that the Federal Reserve may reduce its monetary stimulus this month, European markets were mostly negative. Back home, bourses also got sentimental boost after Indian rupee appreciated sharply in today’s trade to hit four month high level that was sub 61/$ mark in intra-day trade. However, the Indian currency came off highs and was trading at Rs 61.08/$ at the time of equity markets closing as compared with previous close of Rs 61.44/S. Sectorally, Public sector Oil Marketing Companies stocks viz. HPCL, BPCL and IOC, gained out of the Rupee’s appreciation. Meanwhile, rally in metal stocks too aided the sentiments. Scrips like, Hindalco Industries, Tata Steel, Jindal Steel & Power, Hindustan Zinc SAIL and Sesa Sterlite edged higher after upbeat Chinese trade data. Finally, the BSE Sensex surged by 329.89 points or 1.57%, to settle at 21326.42, while the CNX Nifty gained 104.00 points or 1.66% to settle at 6,363.90.

US govt ends bailout of GM; sheds final shares at loss

It was a risky calculation: in 2009, as the world was reeling from the worst financial crisis since the 1929 crash, newly minted President Barack Obama stepped in to save the US car industry.

On Monday, the US government ended its near-five-year run as stockholder in the country’s largest car manufacturer, saying it had sold all of its remaining 31.1 million shares in General Motors.

The government took a $10-billion loss, recouping step by step only $39.9 billion of the original $50-billion stock-purchase that bailed out GM.

But Obama reminded the world on Monday of what had been the greater risk.

“In the midst of what was already the worst recession since the Great Depression, another 1 million Americans were in danger of losing their jobs,” he said after the announcement.

He noted that two of Detroit’s “Big Three” – GM and Chrysler – were on the brink of failure and threatened to take down suppliers, distributors and entire communities.

“As president, I refused to let that happen. I refused to walk away from American workers and an iconic American industry,” he said.

The move provoked snide criticism from the conservative Republican camp, which started calling GM “Government Motors.” Republican Mitt Romney, whose father was once a top car industry executive and who challenged Obama for the White House in 2012, had opposed the bailout and said the market should decide – words that came back to haunt him in the campaign and helped Obama win.

But Obama’s decision to bail out GM just months after he entered office was an issue in 2010 that helped fuel voter backlash against Obama’s Democratic Party in congressional elections and helped put Republicans in the majority in the lower House of Representatives – a key factor in current Washington gridlock.

GM was forced into a painful bankruptcy, but has since emerged with a robust performance.

General Motors wasn’t the only company to benefit from the auto bailout. The Obama administration also rescued Chrysler from collapse with a direct loan, but forced it to sell a majority share to the Italian car maker Fiat in exchange for its help.

Both automakers have emerged from bankruptcy and are now profitable, and Chrysler repaid its loan in full “and more” by 2011, Obama noted.

Ford, the last of Detroit’s Big Three, managed to survive the recession without government intervention, and Obama noted that each of the Big Three “is now strong enough to stand on its own.

“They’re profitable for the first time in nearly a decade,” Obama said.

He noted that the industry has created more than 372,000 new jobs, after travelling a “long and difficult” road.

With the government’s sale of the final 31.1 million shares, “this important chapter in our nation’s history is now closed,” said Treasury Secretary Jacob Lew.

“The president understood that inaction could have cost the broader economy more than 1 million jobs, billions in lost personal savings, and significantly reduced economic production,” Lew said.

The government has been reducing its share in GM bit by bit, from the original 61-per-cent holding. General Motors returned to the stock market at the end of 2010.