India’s steel consumption rises 0.4% during April-November

Impacted by economic slowdown, India’s steel consumption grew by merely 0.4 per cent to 48.291 million tonne during the April-November period of the current fiscal.

According to Joint Plant Committee (JPC), a body under the Steel Ministry, a sharp decline in imports also led to the fall in consumption.

The consumption of finished steel, a key indicator of the health of an economy, was at 48.09 MT in the first eight months of the last fiscal, 2012-13.

The Indian economy grew by 4.8 per cent during the July-September quarter. It had hit a decadal low of 5 per cent in 2012-13 on account of poor performance in the farm, manufacturing and mining sectors.

“India’s real consumption of total finished steel was...impacted by slowdown in domestic economy...and a sharp decline (28.3 per cent) in imports during this period which the 5.3 per cent rise in production for sale could not offset but on hindsight, the same appears to have checked real consumption growth,” JPC said.

Production for sale of total finished steel at 53.398 MT, registered a growth of 5.3 per cent during April-November, encouraged by a 10.7 per cent growth in the case of main producers. India is the world’s fourth largest steel maker.

Import of total finished steel showed downward trend, declining by 28.3 per cent year-on-year in April-November at 3.656 MT, JPC said.

It was impacted by factors like slowdown in the domestic economy, exchange rate volatility, relative prices, global downswing and bilateral agreements among others, it added.

Export of finished steel was up 6.9 per cent during the period at 3.53 MT driven by different economic conditions, impact of global downswing and depressed domestic demand.

“Real consumption of total finished steel grew by 0.6 per cent in November 2013 at 5.942 MT, discouraged by a moderate 4.3 per cent growth in production for sale, a 60 per cent fall in imports and a 26.6 per cent rise in exports,” JPC said.

Sensex down 56 points; Oil & gas, auto stocks skid

The Sensex and the Nifty ended marginally in the red as investors remained cautious ahead of RBI's mid-quarter monetary policy review on December 18 and the Federal Open Market Committee meeting on December 17 and 18.

The US Federal Reserve could spell out its plans on when it could begin tapering its $85-billion-a-month bond-buying programme.

Domestic sentiment was also dampened owing to rise in WPI inflation to a 14-month high of 7.52 per cent in November, higher-than-expected consumer price inflation at 11.2 per cent and lacklustre numbers from auto companies.

The 30-share BSE index Sensex was down 56.06 points (0.27 per cent) at 20,659.52 and the 50-share NSE index Nifty was down 13.7 points (0.22 per cent) at 6,154.70.

Sectoral gainers & losers

On the BSE, IT, consumer durables, TECk and healthcare indices remained investors' favourite and were up 1.56 per cent, 1.2 per cent, 1.03 per cent and 0.81 per cent.

On the other hand, oil & gas, auto, FMCG and banking indices succumbed to selling pressure and were down 1.61 per cent, 0.7 per cent, 0.49 per cent and 0.05 per cent, respectively.

Top 5 Sensex gainers/losers

SSLT, Infosys, Tata Power, Coal India and ICICI Bank were the top five Sensex gainers, while the top five losers were Jindal Steel, Sun Pharma, Bharti Airtel, RIL and M&M.

Rajesh Agarwal, Head-Research, Eastern Financiers, said in a report: “Markets are expected to remain volatile in the coming week on the headline inflation announcement, followed by the crucial RBI monetary policy review. Also, the Q3FY13 advance tax numbers that are going to trickle-in, in the early part of the week, is expected to have its effect on market performance. The other important factor on the investor’s watch-list would be the development in the next FOMC meet slated on December 17and 18.”

European stocks rose after a key index measuring economic output in the euro zone rose to 52.1 in December. Asian shares fell towards a three-month low as a survey showed Chinese manufacturing expanding less than estimated and the yen strengthened.

RIL declines on plans to shut crude distillation unit at Jamnagar refinery for maintenance

Reliance Industries is currently trading at Rs. 847.60, down by -15.75 points or -1.82 % from its previous closing of Rs. 863.35 on the BSE.

The scrip opened at Rs. 860.20 and has touched a high and low of Rs. 861.50 and Rs. 846.00 respectively. So far 219562 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 954.80 on 21-Jan-2013 and a 52 week low of Rs. 765.00 on 28-Aug-2013.

Last one week high and low of the scrip stood at Rs. 888.00 and Rs. 858.40 respectively. The current market cap of the company is Rs. 274526.77 crore.

The promoters holding in the company stood at 45.31 % while Institutions and Non-Institutions held 29.53 % and 21.74 % respectively.

Reliance Industries (RIL) is reportedly planning to shut its crude distillation unit (CDU) at its 660,000 barrels per day (bpd) Jamnagar refinery for maintenance purpose in early February. Moreover, the maintenance will take around two weeks and the capacity of the unit to be shut was estimated between 320,000 and 330,000 bpd.

Reliance operates two refineries in Jamnagar with a total capacity of 1.24 million bpd, making this one of the world's largest refining complex in a single location.

Power Grid trades in the green on the BSE

Power Grid Corporation of India is currently trading at Rs 98.55, up by 1.10 points or 1.13% from its previous closing of Rs 97.45 on the BSE.

The scrip opened at Rs 97.00 and has touched a high and low of Rs. 99.20 and Rs. 96.90 respectively. So far 314072 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 118.00 on 14-Dec-2012 and a 52 week low of Rs. 86.70 on 02-Aug-2013.

Last one week high and low of the scrip stood at Rs. 101.90 and Rs. 96.60 respectively. The current market cap of the company is Rs. 45695.39 crore.

The promoters holding in the company stood at 69.42 % while Institutions and Non-Institutions held 23.69 % and 6.88 % respectively.

Credit rating agency, CARE has reaffirmed ‘AAA’ rating to  Power Grid Corporation of India’s Long-term Borrowing Programme for FY14 worth Rs 13,000 crore which enhanced from 11,000 crore.

The ratings continue to take into account the ownership and continued support of the Government of India (GoI), PGCIL pivotal role in the Indian power sector for developing and maintaining inter-state and inter-regional power transmission network and national grid management, low risk business having cost-plus-tariff structure for majority of the projects, high operating efficiency, consistent increase in the operating income and net profit, superior profitability margins and strong project execution skills.

Power Grid is engaged in bulk power transmission and its responsibility include planning, coordination, supervision and control over inter-State transmission system and operation of National and Regional Power Grids.

Sensex down 39 points; Oil & gas, FMCG stocks major losers

The Sensex and the Nifty were trading marginally in the red in the afternoon session on Monday owing to rise in WPI inflation to a 14-month high of 7.52 per cent in November, higher-than-expected consumer price inflation at 11.2 per cent and lacklustre numbers from auto companies.

Domestic sentiment was also dampened as investors remained cautious ahead of RBI's mid-quarter monetary policy review on December 18 and Federal Open Market Committee meeting on December 17 and 18.

The US Federal Reserve could spell out its plans on when it could begin tapering its $85-billion-a-month bond-buying programme.

At 1.15 p.m., the 30-share BSE index Sensex was down 38.83 points (0.19 per cent) at 20,676.75 and the 50-share NSE index Nifty was down 13.55 points (0.22 per cent) at 6,154.85.

Sectoral gainers & losers

On the BSE, oil & gas, FMCG, power and metal sectors succumbed to selling pressure and were down 1.32 per cent, 0.85 per cent, 0.54 per cent and 0.43 per cent, respectively.

On the other hand, IT, consumer durables, TECk and healthcare indices remained investors' favourite and were up 1.57 per cent, 1.44 per cent, 1.21 per cent and 0.59 per cent.

Top 5 Sensex gainers/losers

Infosys, SSLT, Coal India, TCS and ICICI Bank were the top five Sensex gainers, while the top five losers were Jindal Steel, Hindalco, Sun Pharma, Tata Steel and RIL.

Rajesh Agarwal, Head-Research, Eastern Financiers, said in a report: “Markets are expected to remain volatile in the coming week on the headline inflation announcement, followed by the crucial RBI monetary policy review. Also, the Q3FY13 advance tax numbers that are going to trickle-in, in the early part of the week, is expected to have its effect on market performance. The other important factor on the investor’s watch-list would be the development in the next FOMC meet slated on December 17and 18.”

European stocks fell ahead of a two-day Federal Reserve meeting starting tomorrow. Asian stocks fell towards a three-month low as a survey showed Chinese manufacturing expanding less than estimated and the yen strengthened.

Blue Star surges on plan of entering into various countries with proper distribution channel

Blue Star is currently trading at Rs. 160.25, up by 2.50 points or 1.58% from its previous closing of Rs. 157.75 on the BSE.

The scrip opened at Rs. 160.00 and has touched a high and low of Rs. 165.25 and Rs. 159.00 respectively. So far 6915 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 195.00 on 17-Dec-2012 and a 52 week low of Rs. 130.15 on 28-Aug-2013.

Last one week high and low of the scrip stood at Rs. 170.00 and Rs. 156.65 respectively. The current market cap of the company is Rs. 1456.96 crore.

The promoters holding in the company stood at 40.07% while Institutions and Non-Institutions held 25.47% and 34.47% respectively.

In a bid to expand exports business, Blue Star is planning to foray into various countries with proper distribution channel. These countries include West Asia and African countries including Sri Lanka, Maldives, Iran, Saudi Arabia and Egypt. The company is expecting to increase exports turn over to Rs 200-250 crore from Rs 90 crore last year by 2015-16.

Meanwhile, the company is all set to launch its products in Sri Lanka this week, through a proper distribution channel. While the company had exports to the country based on the random orders received, there was no proper presence set up in Sri Lanka.

Blue Star is India’s leading central air-conditioning and commercial refrigeration company fulfilling the cooling requirements and providing end-to-end solutions as a manufacturer, contractor and after-sales service provider to corporate, commercial, institutional and residential customers.

Infosys moves up on the BSE

Infosys is currently trading at Rs. 3448.55, up by 74.70 points or 2.21% from its previous closing of Rs. 3373.85 on the BSE.

The scrip opened at Rs. 3370.00 and has touched a high and low of Rs. 3447.50 and Rs. 3354.60 respectively. So far 48,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 3447.90 on 19-Nov-2013 and a 52 week low of Rs. 2190.00 on 29-Apr-2013.

Last one week high and low of the scrip stood at Rs. 3389.65 and Rs. 3310.00 respectively. The current market cap of the company is Rs. 1,98,054 crore.

The promoters holding in the company stood at 15.94% while Institutions and Non-Institutions held 56.09% and 12.82% respectively.

Infosys McCamish Systems LLC, an Infosys BPO company, has unveiled a transformational customer service platform, VPAS Customer Service Work Desk (CSWD). VPAS CSWD blends the flexibility and configurability of the leading Business Process Management (BPM) software from Pegasystems, with the comprehensive VPAS Policy Administration System from Infosys McCamish to create a powerful and unique web-based customer service platform to enhance operational excellence and customer experience.

The platform offers a unique, configurable desktop with multiple communication options for service representatives. Irrespective of the insurance product, the distribution channel, or the underlying Policy Administration System, it enables delivery of unsurpassed flexibility through customized display of available information. The platform has the ability to leverage multiple Policy Administration Systems for end-to-end servicing of all types of life insurance and annuity contracts.

Infosys BPO, the business process outsourcing subsidiary of Infosys, was set up in April 2002. Infosys BPO focuses on integrated end-to-end outsourcing and delivers transformational benefits to its clients through reduced costs, ongoing productivity improvements, and process reengineering.

Silver futures decline to Rs 45,461 per kg

Silver prices fell 0.54 per cent to Rs 45,461 per kg at the futures trade today as speculators trimmed positions due to weak cues from global markets.

On the Multi Commodity Exchange, silver for delivery in May 2014 traded lower by Rs 246 or 0.54 per cent to Rs 45,461 per kg in a business turnover of five lots.

Similarly, the white metal for delivery in March declined Rs 231 or 0.52 per cent to Rs 44,545 per kg in a business volume of 282 lots.

In the international market, silver traded 0.7 per cent lower at $19.57 an ounce in Singapore.

Market analysts said a weak trend in precious metals overseas amid speculation that the Federal Reserve policy makers may decide to start cutting back asset purchases this week, and as a survey showed that holdings in exchange-traded products will contract further next year, led to fall in silver prices at the futures trade here.

WPI inflation at 7.52%

The annual rate of inflation stood at 7.52% for the month of November, 2013.

The annual rate of inflation, based on monthly WPI, stood at 7.52% (provisional) for the month of November, 2013 (over November, 2012) as compared to 7.00% (provisional) for the previous month and 7.24% during the corresponding month of the previous year.
Build up inflation rate in the financial year so far was 6.70% compared to a build up rate of 4.84% in the corresponding period of the previous year.

The movement of the index for the various commodity groups is summarized below:-

PRIMARY ARTICLES (Weight 20.12%)

The index for this major group rose by 1.9 percent to 256.3 (provisional) from 251.6 (provisional) for the previous month.  The groups and items which showed variations during the month are as follows:-

The index for 'Food Articles' group rose by 2.0 percent to 256.4 (provisional) from 251.4 (provisional) for the previous month due to higher price of egg (8%), condiments & spices (7%), fruits & vegetables (6%), beef & buffalo meat and fish-marine (5% each), pork (4%), urad and jowar (3% each), moong, maize, ragi and wheat (2% each) and       arhar, mutton, masur, milk and barley (1% each).  However, the price of fish-inland (10%), tea (5%), gram (2%) and  poultry chicken and rice (1% each) declined.

The index for 'Non-Food Articles' group rose by 2.1 percent to 216.7 (provisional) from 212.3  (provisional) for the previous month due to higher price of sugarcane (19%), gingelly seed (16%), soyabean (9%), copra (coconut) (8%), tobacco (4%), safflower (kardi seed), rape & mustard seed and castor seed (3% each) and coir fibre, niger seed, fodder and mesta (1% each).  However, the price of guar seed (12%), groundnut seed (6%), raw rubber (5%), raw cotton (4%), raw silk (3%), raw jute and flowers (2% each) and sunflower (1%) declined.

The index for 'Minerals' group rose by 0.5 percent to 365.7 (provisional) from 363.7 (provisional) for the previous month due to higher price of zinc concentrate (7%), steatite (4%) and crude petroleum (2%).  However, the price of      barytes (6%), copper ore (4%), phosphorite (3%), sillimanite (2%) and iron ore (1%) declined.

FUEL & POWER (Weight 14.91%)

The index for this major group rose by 0.1 percent to 209.6 (provisional) from 209.4 (provisional) for the previous month due to higher price of lpg (5%), bitumen (2%) and high speed diesel (1%).  However, the price of aviation turbine fuel (5%), petrol and kerosene (2% each) and furnace oil (1%) declined.

MANUFACTURED PRODUCTS (Weight 64.97%)

The index for this major group rose by 0.2 percent to 151.9 (provisional) from 151.6 (provisional) for the previous month. The groups and items for which the index showed variations during the month are as follows:-

The index for 'Food Products' group rose by 0.6 percent to 170.8 (provisional) from 169.8 (provisional) for the previous month due to higher price of gingelly oil (10%), processed prawn (6%), rice bran oil and wheat flour (atta) (3% each),  sooji (rawa), maida, ghee, oil cakes and palm oil (2% each) and copra oil, tea dust (blended), cotton seed oil, soyabean oil, groundnut oil and mustard & rapeseed oil (1% each).  However, the price of gur (5%), khandsari and tea leaf (unblended) (2% each) and tea dust (unblended), tea leaf (blended), sugar and sunflower oil (1% each) declined.


The index for 'Textiles' group rose by 0.5 percent to 140.4 (provisional) from 139.7 (provisional) for the previous month due to higher price of jute yarn (6%), tyre cord fabric (3%),  man made fibre, man made fabric, jute sacking cloth and cotton fabric (1% each).  However, the price of gunny and hessian cloth (2%) and jute sacking bag (1 % each) declined.

The index for 'Wood & Wood Products' group rose by 0.3 percent to 178.9 (provisional) from 178.4 (provisional) for the previous month due to higher price of plywood & fibre board (1%).

The index for 'Paper & Paper Products' group rose by  0.4  percent to 142.9 (provisional) from 142.3 (provisional) for the previous month due to higher price of kraft  paper & bags (2%) and cream laid woven paper and printing and writing paper (1% each).

The index for 'Leather & Leather Products' group rose by 1.3 percent to 145.6 (provisional) from 143.8 (provisional) for the previous month due to higher price of  leather footwear (2%) and leathers (1%).

The index for 'Rubber & Plastic Products' group rose by 0.1 percent to 146.7 (provisional) from 146.6 (provisional) for the previous month due to higher price of syringe (15%), rigid pvc (4%), rubber brakes and plastic/ldpe/polythene bags (2% each) and plastic/pvc suitcases, plastic rolls and rubber transmission belt (1% each).  However, the prices of rubber components & parts, foot ball and other rubber products (2% each) and tractor tyre, plastic bottles, polyester film and synthetic rubber compound (1% each).    

The index for 'Chemicals & Chemical Products' group declined by 0.1 percent to 148.7 (provisional) from 148.9 (provisional) for the previous month due to lower price of explosives (3%), rubber chemicals (2%) and synthetic resin, toilet soap, non-cyclic compound and pigment & pigment intermediates (1% each).  However, the price of      organic manure, hair / body oils, safety matches/ match box and pesticides (1% each) moved up

The index for 'Basic Metals, Alloys & Metal Products' group declined by 0.1 percent to 164.0 (provisional) from 164.1 (provisional) for the previous month due to lower price of steel castings (3%), pressure cooker (2%) and crc lead and iron & steel wire (1% each).  However, the price of steel rods (10%), steel: pipes & tubes (2%) and ferro silicon, brass, silver, steel structures, pig iron and melting scrap (1% each) moved up.

The index for 'Machinery & Machine Tools' group rose by 0.5 percent to 132.2 (provisional) from 131.6 (provisional) for the previous month due to higher price of electric switches (9%), sprinkler and t.v. accessories (5 % each), ball/roller bearing (3%), boiler & accessories (2%) and machine tools, electric switch gears, lamps and battery dry cells (1% each).  However, the price of electric motors (3%) and hydraulic equipment and electronic pcb /micro circuit (1% each) declined.

The index for 'Transport, Equipment & Parts' group declined by 0.1 percent to 135.5 (provisional) from 135.7 (provisional) for the previous month due to lower price of motor vehicles (1%).  However, the price of railway  axle & wheel and bi-cycles (1% each) moved up.

FINAL INDEX FOR THE MONTH OF SEPTEMBER, 2013 (BASE YEAR: 2004-05=100)
 
For the month of September, 2013, the final Wholesale Price Index for ‘All Commodities’ (Base: 2004-05=100) stood at 180.7 as compared to 179.7 (provisional) and annual rate of inflation based on final index stood at 7.05 percent as compared to 6.46 percent respectively  as reported on 14.10.2013.

ED attaches Rs 100 cr assets in NSEL case

The Enforcement Directorate has attached a fresh estimated Rs 100 crore assets of a borrower company and its associates in connection with money laundering probe in the National Spot Exchange Ltd (NSEL) scam case.

The agency’s latest action, under the Prevention of Money Laundering (PMLA) laws, had been taken against the borrower company and its two group companies, which owe the investors Rs 922 crore, sources said.

The ED had earlier attached Rs 75 crore assets belonging to the same firms. The latest attachment of about Rs 100 crore includes properties in Delhi and national capital region.

The firms are one of the largest borrowers in the businesses of this exchange.

The ED is probing the case alongside the Economic Offences Wing of the Mumbai Police.

The agency had conducted searches on the premises of the company on October 31 and had sealed a number of them in cities like Mumbai, National Capital Region, Lucknow, Punjab and Chandigarh.

The ED had earlier registered a criminal case under PMLA in this case which had rattled the bourse for allegations of large-scale financial misdeeds.

The ED, sources said, suspects that the firm laundered huge amounts of sums generated from the operations at NSEL and its investigations suggest these funds were ploughed into real estate and other avenues.

A flat in Delhi’s Jor Bagh area, a villa in Gurgaon, a farmhouse in Kapashera, a flat in Mumbai and few other locations in the NCR were searched and have been attached under the latest action, sources said.

An attachment action under money laundering laws is meant to deprive the accused of the benefits of the ill-gotten property or assets.

The order can be challenged before the Adjudicating Authority of PMLA within 180 days.

The ED, according to its probe till now, found no sugar stocks in the name of the firm which were reflected in the original documents.

Crude oil rises ahead of US Fed meet

Oil prices edged higher in Asian trade today as investors focused on the US Federal Reserve’s policy meeting this week for clues about its long-awaited stimulus pullback.

New York’s main contract, West Texas Intermediate (WTI) crude for January delivery, was up six cents at $96.66 in mid-morning trade, while Brent North Sea crude for January delivery gained 68 cents to $109.51.

“Investors mainly are waiting to hear the (Fed policy committee’s) assessment of the strength of the US economy, and how that will affect plans for the ... stimulus programme,” David Lennox, resource analyst at Fat Prophets in Sydney, said.

Analysts are waiting to see if the central bank will announce on Wednesday a cut to its $85-billion-a-month stimulus package following a string of upbeat economic data, including a sharp fall in the unemployment rate.

A so-called tapering of the programme would likely boost the greenback, making dollar-priced oil more expensive for countries using other currencies.

European benchmark Brent gained support after armed protesters in Libya had yesterday refused to lift a months-long blockade of vital oil terminals in the eastern part of the country. A tribal chief had last week said that the blockade would be lifted on December 15.

The protests, as well as blockades of fuel deliveries by the Berber minority, have slashed Libya’s output to about 250,000 barrels per day from the normal levels of nearly 1.5 million.

AIA Engineering gains on plan to enhance manufacturing capacity by setting up a new facility

AIA Engineering is currently trading at Rs. 475.25, up by 24.15 points or 5.09% from its previous closing of Rs. 450.10 on the BSE.

The scrip opened at Rs. 454.40 and has touched a high and low of Rs. 484.00 and Rs. 454.40 respectively. So far 25,000 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 484.00 on 16-Dec-2013 and a 52 week low of Rs. 275.00 on 24-May-2013.

Last one week high and low of the scrip stood at Rs. 468.00 and Rs. 436.00 respectively. The current market cap of the company is Rs. 4,461 crore.

The promoters holding in the company stood at 61.65% while Institutions and Non-Institutions held 33.22% and 5.13% respectively AIA Engineering’s manufacturing capacity is currently being augmented from 200,000 Mt of Wear Parts to 260,000 Mt by brownfield Project which is expected to be commissioned in February, 2014. The company’s board of directors have approved a green field project to further enhance this manufacturing capacity by setting up a new facility to produce Wear Parts with rated capacity of 180,000 Mt. The first phase of this project of 100,000 Mt is estimated to get commissioned by March, 2015 with the balance estimated to be completed by October, 2015.

Further, the land for the project has already been acquired, necessary environmental clearances have been obtained and the capex shall be funded through internal accruals and some external borrowing, if required.

AIA Engineering is engaged in business of designing, developing, manufacturing, installing and servicing of high chromium wear, corrosion and abrasion resistant parts. These products are mainly used by cement, mining and thermal power generation industries.

Dabur India surges on unveiling new skin fairness range

Dabur India is currently trading at Rs. 166.10, up by 0.35 points or 0.21 % from its previous closing of Rs. 165.75 on the BSE.

The scrip opened at Rs. 166.00 and has touched a high and low of Rs. 166.40 and Rs. 165.40 respectively. So far 3161 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 184.90 on 28-Oct-2013 and a 52 week low of Rs. 124.45 on 14-Jan-2013.

Last one week high and low of the scrip stood at Rs. 170.85 and Rs. 163.25 respectively. The current market cap of the company is Rs. 28903.70 crore.

The promoters holding in the company stood at 68.63 % while Institutions and Non-Institutions held 24.67 % and 6.70 % respectively.

Dabur India, the country's leading natural personal care company, has reportedly unveiled a new skin fairness range on the bleach platform with no ammonia under the brand Fem Fairness Naturals. The new Fem Fairness Naturals range has four bleach products priced in the range of Rs 25 to Rs 34.

Dabur India is one of the largest FMCG Company in India. Building on a legacy of quality and experience of over 125 years, Dabur operates in key consumer products categories like Hair Care, Oral Care, Health Care, Skin Care, Home Care & Foods.

Spicejet flies higher on inking three year interline agreement with Tigerair

Spicejet is currently trading at Rs. 17.10, up by 1.40 points or 8.92 % from its previous closing of Rs. 15.70 on the BSE.

The scrip opened at Rs. 15.85 and has touched a high and low of Rs. 17.60 and Rs. 15.85 respectively. So far 4564558 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 48.85 on 01-Feb-2013 and a 52 week low of Rs. 15.50 on 26-Nov-2013.

Last one week high and low of the scrip stood at Rs. 17.55 and Rs. 15.60 respectively. The current market cap of the company is Rs. 920.68 crore.

The promoters holding in the company stood at 52.14% while Institutions and Non-Institutions held 7.59% and 40.27% respectively.

SpiceJet, India's preferred budget airline, and Tigerair, Singapore's largest budget airline, have signed a three-year interline agreement to pave the way for greater connectivity between flights operated by both carriers. SpiceJet is the first Indian low fare airline to establish such an arrangement with a foreign airline. This partnership will result in a major boost for tourism and business travel between the two countries.

Starting from January 6, 2014, customers travelling on SpiceJet's domestic network from 14 Indian cities can enjoy seamless connection through Hyderabad's Rajiv Gandhi International Airport onto Tigerair's Singapore-bound flights. The 14 Indian cities are Ahmedabad, Bhopal, Chennai, Kolkata, Coimbatore, Delhi, Goa, Indore, Mangalore, Madurai, Pune, Bengaluru, Tirupati, and Visakhapatnam (Vizag).

Starting from January 12, 2014, Tigerair customers from Singapore will also enjoy easy access to SpiceJet's wide domestic network, making their holiday and business travel more seamless.

SpiceJet is the fourth largest airline and operates over 350 daily flights to over 47 domestic cities and eight international destinations. It has got 19.9% market share.

BSE to launch interest rate, equity derivatives by Jan

Leading stock exchange BSE is planning to launch interest rate derivatives and equity derivatives with advance systems by January. Announcing this plan, BSE Managing Director and CEO Ashishkumar Chauhan also said bourse's primary objective is capital formation for India. "Our primary objective is staying fully compliant and capital formation for India, and revenue is secondary," he told PTI. "What will be good for the country will be good for us," he added.

After the successful launch of currency derivatives last month, BSE is now ready to launch interest rate derivatives and equity derivatives with advance systems in January, he said. Chauhan said the currency and the interest rate derivatives trading platforms are set to open new avenues to investors. "The BSE has been continuously trying to bring new products and asset classes to meet investor needs," he said. An interest rate derivative is a financial product where the underlying asset (interest-bearing instrument) has gets paid or receive a notional amount of money at a given interest rate. Interest rate futures are used to hedge against risk of interest rate movements. Examples include treasury-bill and treasury-bond futures.

NSE had launched interest rate derivatives in 2009, offering futures contracts on 10-year notional coupon-bearing government securities, and introduced in 2011 on 91-day treasury bills. The currency derivatives, launched on November 29 this year on the BSE, has achieved a turnover of Rs 1,030 crore on December 13 with 1,64,892 contracts, Chauhan said. The products trade on technology BOLT+ , which BSE had acquired from Germany's Deutsche Boerse, which had quicken trading speeds from 10 milliseconds to 200 microseconds, making it the fastest trading platform in the country today, Chouhan claimed. With the new technology BOLT+ will enable acceptance of 500,000 orders per second capacity, which in turn leads to the currency derivative exchange trading success, he added. "The BSE trading platform is now 10 times faster than other bourses like NSE," Chauhan claimed. "We are bullish with our new trading platform Bolt plus as it will be a boon for algorithm based traders. Almost 95 per cent of total trade is generated from this segment," Chauhan said. "We are also set to launch 10 years G-sec bond futures," Chauhan said.

GSK Pharma surges on parent open offer at Rs 3100 per share

The stock has rallied nearly 20% to Rs 2,952 in early morning deals on the BSE.

Shares of GlaxoSmithKline Pharmaceuticals has surged nearly 20% at Rs 2,952 in early morning deals on the BSE after its parent company GlaxoSmithKline plc announced a voluntary open offer to increase its stake in its Indian arm, from 50.7% to up to 75% at a price of Rs 3,100 per share.

“GlaxoSmithKline plc made an open offer for acquisition of 20.61 million shares representing 24.33% of the total voting share capital from the public shareholders of GlaxoSmithKline Pharmaceuticals,” the company said in a BSE filing.

The stock opened at Rs 2,950 and touched a low of Rs 2,900 on the BSE. A combined around 190,000 shares have changed hands on the counter so far on the BSE and NSE.

Japan business sentiment improves for fourth straight quarter

Confidence among large Japanese manufacturers climbed in December for the fourth consecutive quarter thanks to a weaker yen, the central bank’s Tankan survey showed Monday.

The closely watched index in the quarterly survey rose by 4 points since September, to plus 16.

A positive number indicates optimists outnumber pessimists.

The index for large non-manufacturers also climbed four points, to plus 20, the survey said.

Large companies in the manufacturing and non-manufacturing sectors now plan to raise capital investment by 4.6 per cent for the current financial year through March 2014, compared with 5.1 per cent in the September survey.

Confidence among medium-sized manufacturers in the world’s third-largest economy rose to 6 from 0 while the index for small manufacturers climbed to 1 from minus 9.

Large manufacturers expected the index to edge down to plus 14 in the next quarter, the survey found.

The yen has fallen about 19 per cent against the US dollar since the start of this year as the Government and the central bank promoted monetary easing measures to pull the economy out of 15 years of deflation.

The average of predicted exchange rates has declined to 96.78 yen to the dollar over the year, from 94.45 yen in September, the survey found.

The depreciation of the currency has boosted profits for Japanese exporters and also helped increase the number of overseas tourists.

Consumer prices rose 0.9 per cent in October from a year earlier for the fifth straight month of increase on higher electricity and other energy prices amid the yen’s fall, the Government said.

The Japanese economy grew at an annual rate of 1.1 per cent in the July-to-September period, revised down from an initial estimate of 1.9 per cent growth due to stalled corporate investment.

Analysts, however, expected the economy to regain momentum as last-minute demand before the scheduled sales-tax hike in April starts to boost purchases of durable goods.

About 10,000 companies were questioned for the latest Tankan survey.

Sensex opens on a negative note

At 9:17 am (IST), the BSE Sensex was trading at 20,688, down 27 points over the previous close, while NSE Nifty was quoting at 6,157, down 10 points.

At 9:17 am (IST), the BSE Sensex was trading at 20,688, down 27 points over the previous close, while NSE Nifty was quoting at 6,157, down 10 points over the previous close.
The BSE Small-Cap index and BSE Mid- Cap index was trading flat.
RIL, Wipro, ONGC, Coal India, Gail India, Tata Motors, ICICI Bank, HDFC, Hero MotoCorp, Maruti,  Jindal Steel, Tata Steel, Mahindra & Mahindra, are among gainers in Sensex and Nifty.
Infosys, TCS,  Bharti Airtel, Bajaj Auto, HDFC Bank, Tata Power, Cipla, are among losers in Sensex and Nifty.
IT, Teck, FMCG, Healthcare Bankex indices are the gainers.
Metal,  PSU, Capital Goods, Consumer Durables, Realty, Oil and gas, PSU, Power indices are the losers.
Finance Minister P. Chidambaram met Reserve Bank of India Governor Raghuram Rajan last week to discuss the current macro-economic situation, ahead of the central bank’s mid-quarter monetary policy review.