Idea Cellular shines on unveiling 3G services in Punjab

Idea Cellular is currently trading at Rs. 136.50, up by 3.00 points or 2.25% from its previous closing of Rs. 133.50 on the BSE. The scrip opened at Rs. 133.50 and has touched a high and low of Rs. 137.00 and Rs. 132.85 respectively. So far 329985 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 188.35 on 15-Oct-2013 and a 52 week low of Rs. 124.40 on 10-Jun-2013. Last one week high and low of the scrip stood at Rs. 142.00 and Rs. 132.00 respectively. The current market cap of the company is Rs. 44887.26 crore. The promoters holding in the company stood at 45.81%, while Institutions and Non-Institutions held 21.92% and 32.27% respectively. Idea Cellular has unveiled 3G services in Punjab, expanding the coverage of its premium high speed Internet services. The company is also planning to put up 1,800 3G cell sites by the end of 2015 fiscal, taking services to 170 towns across Punjab. Consumers can now avail 3G services in regions that include Chandigarh, Ludhiana, Nawanshahr, Jagraon, Malerkotla and Nabha. With this launch, Idea expanded its 3G footprint to 28 Indian states. Idea Cellular, an AV Birla group company, provides Global System for Mobile communications (GSM)-based wireless service at the pan-India level, it is present in all 22 telecom circles.

ING Vysya Bank launches mobile banking app for Windows Phone devices

ING Vysya Bank, a private sector lender has launched its official mobile app for the Windows Phone platform. With this new app, users can perform the usual set of transactions - Account Checking, Funds Transfer, Pay Utility Bills and more. The new ING Vysya Mobile app is available through the Windows Phone Store for the Windows Phone 8 or higher running devices. The bank has posted a fall of 18.31% in its net profit at Rs 139.11 crore for the quarter ended March 31, 2014 as compared to Rs 170.30 crore for the same quarter in the previous year.  However, total income of the bank has increased by 5.17% at Rs 1,529.45 crore for quarter under review as compared to Rs 1,454.15 crore for the quarter ended March 31, 2013.

Kotak Mahindra Bank gains as its promoter sells 3.24% stake

Kotak Mahindra Bank is currently trading at Rs 866.90, up by 6.95 points or 0.81% from its previous closing of Rs 859.95 on the BSE. The scrip opened at Rs 861.00 and has touched a high and low of Rs 880.00 and Rs 843.90 respectively. So far 25101217 shares were traded on the counter. The BSE group 'A' stock of face value Rs 5 has touched a 52 week high of Rs 950.00 on 16-May-2014 and a 52 week low of Rs 588.00 on 28-Aug-2013. Last one week high and low of the scrip stood at Rs 899.00 and Rs 850.60 respectively. The current market cap of the company is Rs. 67059.00 crore. The promoters holding in the company stood at 43.58%, while Institutions and Non-Institutions held 33.53% and 22.73% respectively. Kotak Mahindra Bank’s promoter group entity Kotak Trustee Company has sold around 2.5 crore shares amounting to around 3.24 per cent shareholding. Post stake sale, the promoters’ stake in the company has reduced to 40.33 per cent. The Reserve Bank of India (RBI) had asked the bank to bring down its promoters’ shareholding to 40 per cent by September 30, 2014. Kotak Mahindra Finance is the first non-banking finance company in India to convert itself in to a bank as Kotak Mahindra Bank. Today, the bank is one of the fastest growing bank and among the most admired financial institutions in India.

Reliance Cement enters Madhya Pradesh

Reliance Cement already sells in the key cities of Maharashtra, Uttar Pradesh, West Bengal and Jharkhand where it has established itself to become the most favoured brand. Reliance Cement Company Private Ltd announced its entry in to the Madhya Pradesh market, thereby expanding its footprint in the domestic market in line with its vision to be a part of the Indian infrastructure development story. Commenting on the developments, Arvind Pathak, CEO Reliance Cement, said, “Madhya Pradesh is one of the largest cement consuming states in India with total consumption of around 13 million tonnes per annum. With the ever increasing industrial activities, realestate,construction and infrastructure, in addition to the onset of various Industrial Areas/Zones being developed in Madhya Pradesh the market is expected to grow at the rate of 8% over the next few years. Reliance Cement is well positioned and equipped to fulfill the gap in demand and supply.” He further added, “It is for the first time in Indian Cement Industry, that every bag of Reliance Cement will have the unique QR code printed on it. The customer, using smart phone, can scan this QR code for more information on the product features, and more importantly will get the Quality Assurance by the Company. This would help customers to identify and buy authentic cement from the market” Reliance Cement already sells in the key cities of Maharashtra, Uttar Pradesh, West Bengal and Jharkhand where it has established itself to become the most favoured brand. Reliance Cement delivers NEXTGEN experience to its customers in terms of customer service. Company is also planning to launch its innovative customer initiative “On-site Expert Service” in Madhya Pradesh soon. The initiative will provide an array of services, ranging from expert engineer’s advice to on-site concrete testing services, to assist people in building their perfect home with help of “Perfect Cement”. Reliance Cement is superior in quality and has new-age technology and unique features which allow consumers to build long lasting structures in the quickest possible construction time. The state-of-the-art packaging also ensures zero loss to end consumers. The product is also recommended as an alternative to Ordinary Portland Cement (OPC) 43 and (OPC) 53 grades.The Clinker from Reliance Cement is manufactured in hi-tech plants equipped with robotic quality control labs that ensure consistent quality of Cement across bags.

Tata Steel trades in green on BSE

Tata Steel is currently trading at Rs 472.85, up by 7.20 points or 1.55% from its previous closing of Rs 465.65 on the BSE. The scrip opened at Rs 468.00 and has touched a high and low of Rs 476.25 and Rs 463.50 respectively. So far 444668 shares were traded on the counter. The BSE group 'A' stock of face value Rs 10 has touched a 52 week high of Rs 494.90 on 26-May-2014 and a 52 week low of Rs 195.40 on 07-Aug-2013. Last one week high and low of the scrip stood at Rs 494.90 and Rs 455.05 respectively. The current market cap of the company is Rs 46074.46 crore. The promoters holding in the company stood at 31.35%, while Institutions and Non-Institutions held 40.87% and 24.81% respectively. Tata Steel was awarded the ‘Top Indian Company in the Iron and Steel Sector’ in the 14th edition of ‘Dun & Bradstreet Corporate Awards 2014’. This award was given by Dun & Bradstreet post inclusion of Tata Steel in their publication India’s Top 500 Companies 2014 and on basis excelling in various business and social parameters. Dun & Bradstreet (D&B) felicitates the top companies across various sectors for their contribution to the Indian economy. The country's top ranking companies based on 'India's Top 500 Companies 2014' across various categories of business excellence are honoured at the annual Dun & Bradstreet Corporate Awards. The winners at the award were chosen post extensive research conducted based on parameters which include total income, net profit, net worth, net profit margin, return on net worth, average market capitalisation for FY13, growth in total income and net profit besides other parameters. Tata Steel, the flagship company of the Tata group is the first integrated steel plant in Asia and is now the world’s second most geographically diversified steel producer and a Fortune 500 Company.

ICICI Prudential declares dividend under Multiple Yield Fund -Series 2 - Plan A

ICICI Prudential (MF) has declared dividend under the ICICI Prudential Multiple Yield Fund -Series 2 - Plan A - Dividend. The record date for dividend is June 04, 2014. The amount of dividend will be Rs 0.05 per unit under each plan on the face value of Rs 10 per unit. The investment objective of the Scheme is to  provide income distribution and / or medium to long term capital gains while at all times emphasizing the importance of capital appreciation.

Tata declares dividend under Balanced Fund

Tata (MF) has declared dividend under the monthly dividend option under Plan A and Direct plan of Tata Balanced Fund. The record date for dividend is June 04, 2014. The amount of dividend will be Rs 0.30 per unit under each plan on the face value of Rs 10 per unit.

The investment objective of the Scheme is to  provide income distribution and / or medium to long term capital gains while at all times emphasizing the importance of capital appreciation.

Kotak Mahindra Bank’s promoter sells 3.24% stake

Kotak Mahindra Bank’s promoter group entity Kotak Trustee Company has sold around 2.5 crore shares amounting to around 3.24 per cent shareholding. Post stake sale, the promoters’ stake in the company has reduced to 40.33 per cent. The Reserve Bank of India (RBI) had asked the bank to bring down its promoters’ shareholding to 40 per cent by September 30, 2014. Kotak Mahindra Finance is the first non-banking finance company in India to convert itself in to a bank as Kotak Mahindra Bank. Today, the bank is one of the fastest growing bank and among the most admired financial institutions in India.

Crude oil futures trade lower on weak Asian trend

Crude oil futures traded lower on MCX as speculators trimmed positions amid a weak trend in Asian trade. Furthermore, US crude stockpiles increased by a larger-than-expected also impacted the trading sentiments.

The contract for June delivery was trading Rs 6103.00, down by 0.41% or Rs 25.00 from its previous closing of Rs 6128.00. The open interest of the contract stood at 10707.00 lots.

The contract for July delivery was trading at Rs 6089.00, down by 0.36% or Rs 22.00 from its previous closing of Rs 6111.00. The open interest of the contract stood at 951.00 lots on MCX.

Coal India surges on mulling 5-10% price hike

Coal India is currently trading at Rs. 380.05, up by 6.45 points or 1.73% from its previous closing of Rs. 373.60 on the BSE. The scrip opened at Rs. 372.80 and has touched a high and low of Rs. 381.90 and Rs. 370.75 respectively. So far 231344 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 417.00 on 26-May-2014 and a 52 week low of Rs. 215.47 on 30-Aug-2013. Last one week high and low of the scrip stood at Rs. 417.00 and Rs. 371.05 respectively. The current market cap of the company is Rs. 237747.96 crore. The promoters holding in the company stood at 89.65% while Institutions and Non-Institutions held 8.27% and 2.08% respectively. In a bid to offset higher cost, Coal India, the world’s largest coal miner by output is mulling 5-10% price hike. In this regard, the company will be discussing the issue with Ministry this week. Recently, the company reported provisional production of 37.51 million tonnes in April 2014, as against target of 37.61 million tonnes. The company’s total off-take for the month of April stood at 40.54 million tonnes as against a target of 45.17 million tonnes. Coal India is the world’s largest coal mining company. It also produces non-coking coal and coking coal of various grades for diverse applications.

Castor seed futures trade higher on weak production

Castor seed futures traded higher on NCDEX on the back of some buying at lower levels due to weak production in the current year along with strong export demand of castor meal in local mandies. Moreover, lower supply and high demand for the commodity also supported the upside of the prices. The contract for June delivery was trading at Rs 3918.00, up by 3.16% or Rs 120.00 from its previous closing of Rs 3798.00. The open interest of the contract stood at 108780.00 lots. The contract for July delivery was trading at Rs 4029.00, up by 2.99% or Rs 117.00 from its previous closing of Rs 3912.00. The open interest of the contract stood at 171180.00 lots on NCDEX.

Nickel futures move higher on rising demand

Nickel futures moved higher on MCX as speculators enlarged positions, supported by rising demand from alloy-makers in the spot market. Furthermore, strong demand from copper and other base metals in overseas market also supported the commodity prices.

The contract for May delivery was trading at Rs 1115.60, up by 0.14% or Rs 1.60 from its previous closing of Rs 1114.00. The open interest of the contract stood at 5325.00 lots.

The contract for June delivery was trading at Rs 1117.70, up by 0.03% or Rs 0.30 from its previous closing of Rs 1117.40. The open interest of the contract stood at 3940.00 lots on MCX.

Potato futures gain on increased spot demand

Potato futures gained on MCX as speculators enlarged positions amid increased spot demand against restricted arrivals from producing regions. Besides, low production also influenced the upside of the commodity prices. The contract for May delivery was trading at Rs 1275.00, up by 0.06% or Rs 0.80 from its previous closing of Rs 1274.20. The open interest of the contract stood at 23.00 lots. The contract for June delivery was trading at Rs 1320.40, up by 0.25% or Rs 3.30 from its previous closing of Rs 1317.10. The open interest of the contract stood at 1552.00 lots on MCX.

CTIL touches the roof on plan to disinvest its stake in CTIL (Hong Kong)

CTIL is currently trading at its upper circuit limit of Rs. 3.41, up by 0.16 points or 4.92% from its previous closing of Rs. 3.25 on the BSE. The scrip opened at Rs. 3.41 and has touched a high and low of Rs. 3.41 and Rs. 3.41 respectively. So far 41835 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 9.80 on 28-Nov-2013 and a 52 week low of Rs. 2.46 on 21-May-2014. Last one week high and low of the scrip stood at Rs. 3.41 and Rs. 2.75 respectively. The current market cap of the company is Rs. 10.49 crore. The promoters holding in the company stood at 15.36% while Non-Institutions held 84.64% stake in the company. CTIL has received an approval for disinvestment of its stake in foreign subsidiary ‘CTIL (Hong Kong)’. The board of directors at its meeting held on May 29, 2014 has approved for the same. CTIL was established to provide cutting-edge information technology training to businesses and individuals through highly-focused, cost-effective and customized programs. It offers programs in web and client/server computing for both beginning and experienced participants.

BPCL surges on the buzz of inking naphtha sales deal with Unipec

Bharat Petroleum Corporation (BPCL) is currently trading at Rs. 544.45, up by 7.95 points or 1.48% from its previous closing of Rs. 536.50 on the BSE. The scrip opened at Rs. 539.00 and has touched a high and low of Rs. 549.00 and Rs. 537.75 respectively. So far 37321 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 588.50 on 19-May-2014 and a 52 week low of Rs. 256.00 on 06-Aug-2013. Last one week high and low of the scrip stood at Rs. 579.10 and Rs. 532.15 respectively. The current market cap of the company is Rs. 39335.78 crore. The promoters holding in the company stood at 54.93%, while Institutions and Non-Institutions held 28.13% and 16.94% respectively. Bharat Petroleum Corp (BPCL) has reportedly signed a four-month naphtha sales deal with Chinese trading house Unipec.  As per deal, Unipec will lift a 35,000-tonne cargo each month from Kochi port from July to October, or a total of 140,000 tonnes during the four-month period. The deal was done at around $1.00 a tonne premium to the refiner's own pricing formula on a free-on-board (FOB) basis. BPCL is into exploration, production and retailing of petroleum and petrol related products. The retail business unit of BPCL is into marketing of petrol, diesel and kerosene.

Pradeep Metals incorporates wholly owned foreign subsidiary

Pradeep Metals has completed all the necessary formalities / process for incorporation of wholly owned foreign subsidiary in April, 2014. The company had initiated the process in the previous year for incorporation of wholly owned subsidiary in United States of America. The said subsidiary is located at 350, 5th Avenue, Suite 5013, New York, USA. Pradeep Metals is engaged in manufacturing of forgings for the defence, automobile, engineering and petrochemical industries, both for domestic and international markets.

Turmeric futures trade higher on rising export demand

Turmeric futures traded higher on NCDEX as speculators created fresh positions amid rising export demand in the spot market. Besides, a decline in supplies from producing regions against limited stocks position in the physical market too influenced the prices. The contract for June delivery was trading at Rs 6176.00, up by 0.13% or Rs 8.00 from its previous closing of Rs 6168.00. The open interest of the contract stood at 12100.00 lots. The contract for July delivery was trading at Rs 6298.00, up by 0.19% or Rs 12.00 from its previous closing of Rs 6286.00. The open interest of the contract stood at 4200.00 lots on NCDEX.

Chana futures trade higher on NCDEX

Chana futures traded higher on NCDEX on concerns over production of summer-sown pulses. Further, rising demand in the spot market against tight arrivals from the major producing belts too supported chana prices. The contract for June delivery was trading at Rs 2841.00, up by 0.67% or Rs 19.00 from its previous closing of Rs 2822.00. The open interest of the contract stood at 91270 lots. The contract for July delivery was trading at Rs 2907.00, up by 0.73% or Rs 21.00 from its previous closing of Rs 2886.00. The open interest of the contract stood at 110430 lots on NCDEX.

Maharashtra state to achieve target of 10% agricultural growth

The agricultural production of Maharashtra state would be increased to achieve the target of 10% growth though the climate change is leading to rise in the natural calamities, Maharashtra Chief Minister Prithviraj Chavan stated while addressing a kharif season preview meeting. Around 1.5 lakh hectares of land in Maharashtra is under kharif cultivation. The recent hailstorms affected 40 lakh hectares of cultivated land in Maharashtra, and yet the agricultural production was on the rise. This year there is a prediction of deficient monsoon and therefore the Government’s would focus on ensuring availability of fertilizers, seeds, farm credit and electricity. The state of Maharashtra faced a drought, hailstorms and excessive rains in last one year and financial assistance worth Rs 6,635 crore had been given to farmers so far in the last one year.

Ashoka Buildcon shines on emerging as lowest bidder for project under RGGVY

Ashoka Buildcon is currently trading at Rs. 135.50, up by 3.05 points or 2.30% from its previous closing of Rs. 132.45 on the BSE. The scrip opened at Rs. 150.00 and has touched a high and low of Rs. 150.00 and Rs. 133.00 respectively. So far 27,000 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 5 has touched a 52 week high of Rs. 153.40 on 26-May-2014 and a 52 week low of Rs. 41.30 on 06-Aug-2013. Last one week high and low of the scrip stood at Rs. 153.40 and Rs. 123.65 respectively. The current market cap of the company is Rs. 2,140.00 crore. The promoters holding in the company stood at 67.59%, while Institutions and Non-Institutions held 17.93% and 14.48% respectively. Ashoka Buildcon has emerged as the lowest bidder at the bid opening meeting held on May 29, 2014, at the office of South Bihar Power Distribution Company, at Patna for the project in the state of Bihar. The cost of the project is Rs 291.87 crore. The project is for Composite Tender for Rural Electrification works under Rajiv Gandhi Grameen Vidyutikaran Yojana (RGGVY) in XIIth Plan and strengthening of Distribution Network under Special Plan (BRGF) for Munger District. Ashoka Buildcon builds and operates roads and bridges in India on a build, operate and transfer (BOT) basis. It currently operates one of the highest numbers of toll-based BOT projects in India.

GVK Power & Infrastructure gets nod to raise Rs 1,000 crore via sale of shares

GVK Power & Infrastructure’s board of directors at its meeting held on May 29, 2014,  has approved the resolution to raise Rs 1,000 crore through the sale of shares to qualified institutional investors. GVK Power & Infrastructure is engaged in infrastructure development in areas of power, airports and roads. Incorporated in 1994, the company till date has invested over Rs 5,000 crore in infrastructure projects.

VST Tillers’ Tractors sales stood at 1907 units during Q4FY14

VST Tillers Tractors has reported sales of Tractors and Power Tillers for quarter ended March 31, 2014. The company has sold 1,907 Tractors for quarter ended March 31, 2014, as compared to 1,949 Tractors sold during the same quarter last year. The Power Tillers sales of the company stood at 7,076 units for quarter, as compared to 5,956 units sold in quarter ended March 31, 2013. VST Tillers Tractors was incorporated in technical collaboration and joint venture with Mitsubishi Heavy Industries and Mitsubishi Corporation, Japan for the manufacture of Power Tillers and Diesel Engines.

Cotton future trade down on ample supply

Cotton future traded down on MCX due to subdued demand from local mills and exporters amid large supplies from the new season crop and on estimates of a record crop. Moreover, expectation of higher arrival also put pressure on cotton prices. The contract for May delivery was trading at Rs 19550.00, down by 0.66% or Rs 130.00 from its previous closing of Rs 19680.00. The open interest of the contract stood at 769.00 lots. The contract for June delivery was trading at Rs 19750.00, down by 0.50% or Rs 100.00 from its previous closing of Rs 19850.00. The open interest of the contract stood at 6052.00 lots on MCX.

Oberoi Realty shines on the buzz of launching residential project in Borivali

Oberoi Realty is currently trading at Rs. 238.50, up by 7.00 points or 3.02% from its previous closing of Rs. 231.50 on the BSE. The scrip opened at Rs. 234.50 and has touched a high and low of Rs. 238.60 and Rs. 231.05 respectively. So far 19740 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 261.55 on 20-May-2014 and a 52 week low of Rs. 154.00 on 04-Sep-2013. Last one week high and low of the scrip stood at Rs. 256.05 and Rs. 224.30 respectively. The current market cap of the company is Rs. 7798.82 crore. The promoters holding in the company stood at 75.00%, while Institutions and Non-Institutions held 13.78% and 11.22% respectively. Oberoi Realty is reportedly planning to launch a residential project in Borivali by January 2015 a land parcel it purchased from Tata Steel.  The company expects every apartment to be priced around Rs 2 crore. Earlier, SSIII Indian Investments Two had offloaded 60 lakh shares of Oberoi Realty through the open market route. The shares were sold on an average price of Rs 230.61 valuing the transaction to Rs 138.37 crore. On the other hand, Morgan Stanley Asia (Singapore) picked up 38.71 lakh shares of the real-estate firm for Rs 89.03 crore. Oberoi Realty is India’s leading real estate development company, headquartered in Mumbai, focused on premium developments in the residential, office space, retail, hospitality and social infrastructure verticals. Oberoi Realty has an established brand and a track record in the real estate industry of developing innovative projects through its emphasis on contemporary architecture, strong project execution and quality construction.

Crude palm oil futures trade higher on rising demand

Crude palm oil futures edged higher on MCX as speculators enlarged their positions on rising demand in the spot markets against insufficient supplies from the major producing areas. However, expectations of higher production from the major producing belts capped some gains in crude palm oil prices. The contract for May delivery was trading at Rs 524.90, up by 0.10% or Rs 0.50 from its previous closing of Rs 524.40. The open interest of the contract stood at 384 lots. The contract for June delivery was trading at Rs 519.00, up by 0.45% or Rs 2.30 from its previous closing of Rs 516.70. The open interest of the contract stood at 3098 lots on MCX.

Oberoi Realty to launch a residential project in Borivali: Report

Oberoi Realty is reportedly planning to launch a residential project in Borivali by January 2015 a land parcel it purchased from Tata Steel.  The company expects every apartment to be priced around Rs 2 crore. Earlier, SSIII Indian Investments Two had offloaded 60 lakh shares of Oberoi Realty through the open market route. The shares were sold on an average price of Rs 230.61 valuing the transaction to Rs 138.37 crore. On the other hand, Morgan Stanley Asia (Singapore) picked up 38.71 lakh shares of the real-estate firm for Rs 89.03 crore. Oberoi Realty is India’s leading real estate development company, headquartered in Mumbai, focused on premium developments in the residential, office space, retail, hospitality and social infrastructure verticals. Oberoi Realty has an established brand and a track record in the real estate industry of developing innovative projects through its emphasis on contemporary architecture, strong project execution and quality construction.

Bond yields edged lower on RBI chief's comments

Bond yields edged lower after the central bank chief Raghuram Rajan, while speaking at the Institute for Indian Economic Studies in Tokyo, underscored that public inflation expectations have come down and are expected to be lower going further.  On the global front, US benchmark Treasury yields inched up from 11-month lows on Thursday as data showed the US economy shrank for the first time in three years in the first quarter but did not alter the view of a solid rebound this spring. Meanwhile, Brent futures held above $110 a barrel on Friday as a steep drawdown in US gasoline stockpiles revived hopes of steady demand growth in the world's top oil consumer, with geopolitical tensions over Ukraine providing additional support. Back home, the yields on new 10 year Government Stock 2023 were trading 5 basis points lower at 8.62% from its previous close of 8.67% on Thursday. The benchmark five-year interest rate swaps were trading 6 basis points lower at 8.07% from its previous close of 8.13% on Thursday. The Government of India have announced the sale of four dated securities for Rs 16,000 crore on May 30, 2014, including (i) 8.35% Government Stock 2022 for Rs 4000 crore, (ii) New 14 Year Government Stock for Rs 7000 crore, (iii) 9.20% Government Stock 2030 for Rs 2000 crore and (iv) 9.23% Government Stock 2043 for a notified amount of Rs 3000 crore.

Apollo Tyres gains on plan to expand capacity at its Chennai facility

Apollo Tyres is currently trading at Rs. 179.90, up by 1.45 points or 0.81% from its previous closing of Rs. 178.45 on the BSE. The scrip opened at Rs. 177.50 and has touched a high and low of Rs. 182.50 and Rs. 177.10 respectively. So far 237210 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 193.90 on 23-May-2014 and a 52 week low of Rs. 54.60 on 21-Jun-2013. Last one week high and low of the scrip stood at Rs. 193.90 and Rs. 173.00 respectively. The current market cap of the company is Rs. 9090.09 crore. The promoters holding in the company stood at 43.50% while Institutions and Non-Institutions held 42.36% and 14.14% respectively. Apollo Tyres is planning to expand its capacity at its Chennai facility. Moreover, the company is also in the process of setting up a R&D centre in the same complex. The new Centre will take up R&D works related to commercial vehicles for all the Apollo plants, across the World. At present, the Chennai plant manufacture radial tyres for truck and capacity of the plant is 6,000 trucks tyres and 15,000 passenger car tyres a day and the capacity utilisation of around 70-75%. The facility caters to both domestic and export markets. Apollo Tyres produces the entire range of automotive tyres for ultra and high speed passenger cars, truck and bus, farm, off-the-road, industrial and specialty applications like mining, retreaded tyres and retreading material. These are produced across Apollo’s eight manufacturing locations in India, Netherlands and Southern Africa.

CAD to fall 2%-2.5% of GDP in mid-term: RBI

"There is a sense of conviction about our plan to bring inflation down to 8% this year and 6% next year," Raghuram Rajan says

Reserve Bank of India (RBI) Governor Raghuram Rajan said that he would join hands with the new government in order to bring down high inflation. Speaking at a seminar in Tokyo, Rajan said the new government's plan to curb food inflation seems sensible and that he expected the public's inflation expectations to fall in the future. "There is a sense of conviction about our plan to bring inflation down to 8% this year and 6% next year," Rajan said. Speaking about the current account deficit, Rajan said, it could fall to 2%-2.5% of GDP in mid-term.

Sugar futures decline on subdued demand

Sugar futures traded down on NCDEX as speculators indulged in reducing positions on the back of subdued demand from bulk consumer in the spot markets. Furthermore, adequate stocks following higher supplies from millers also put pressure on the prices of the sweetener.

The contract for June delivery was trading at Rs 2988.00, down by 0.23% or Rs 7.00 from its previous closing of Rs 2995.00. The open interest of the contract stood at 43140.00 lots.

The contract for July delivery was trading at Rs 2967.00, down by 0.03% or Rs 1.00 from its previous closing of Rs 2968.00. The open interest of the contract stood at 25120.00 lots on NCDEX.

Cardamom futures exhibit mixed trend on MCX

Cardamom futures showed a mixed trend on MCX. The June contracts traded lower on ample supply from the major producing belts, while July contracts traded higher on expectations of higher domestic as well as export demand in the spot market. The contract for June delivery was trading at Rs 907.00/Kg, down by 0.07% or Rs 0.60 from its previous closing of Rs 907.60/Kg. The open interest of the contract stood at 1502 lots. The contract for July delivery was trading at Rs 916.00/Kg, up by 0.41% or Rs 3.70 from its previous closing of Rs 912.30/Kg. The open interest of the contract stood at 1886 lots on MCX.

Jeera futures trade lower on adequate stocks

Jeera futures traded down on NCDEX due to fresh supplies in international market along with limited buying interest among stockiest and exporters at current level. Further, speculators indulged in offloading positions against adequate stocks position that kept pressure on jeera prices in futures trade. The contract for June delivery was trading at Rs 10980.00, down by 0.09% or Rs 10.00 from its previous closing of Rs 10990.00. The open interest of the contract stood at 6492.00 lots. The contract for July delivery was trading at Rs 11095.00, down by 0.14% or Rs 15.00 from its previous closing of Rs 11110.00. The open interest of the contract stood at 4173.00 lots on NCDEX.

ICRA assigns ‘A+’ rating to term loan facility of Rossell India

Credit rating agency, ICRA has assigned an ‘A+’ rating to the Rs 38 crore term loan facility of Rossell India. The outlook on the rating is stable. The rating agency also has the ‘A+’ and ‘A1+’ ratings outstanding for the Rs 38 crore fund based and non-fund based bank limits of the company.  The ratings primarily take into consideration the healthy financial profile of the company characterized by robust operating profitability, conservative capital structure and strong debt coverage indicators, and the increase in profits and cash accruals of the tea business during the financial year (FY14), on the back of firm tea prices and increase in tea production. Rossell India currently cultivates tea across 7 gardens after the acquisitions of two gardens in FY 2013. The company also operates 7 factories, one associated with each of the gardens. The gardens are located primarily in Upper Assam, with a total area of around 3,594 hectares.

MRO-TEK gets nod to raise Rs 10 crore by way of rights issue

MRO-TEK has received an approval for raising funds to the tune of Rs 10 crore by way of rights issue and authorized the management to initiate the process in consultation with the Investment Bankers, Consultants and Lawyers. The board of directors at its meeting held on May 29, 2014 has approved for the same. MRO-TEK today is a leader in the networking and last mile access segment. It has strategic alliances with leading international Networking Companies, providing it a strong product portfolio and technological back up.

BEML spurts on rolling out 50th Metro Train Set to BMRCL

BEML is currently trading at Rs. 652.00, up by 41.25 points or 6.75% from its previous closing of Rs. 610.75 on the BSE. The scrip opened at Rs. 650.10 and has touched a high and low of Rs. 677.50 and Rs. 645.50 respectively. So far 304461 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 694.00 on 26-May-2014 and a 52 week low of Rs. 126.00 on 07-Aug-2013. Last one week high and low of the scrip stood at Rs. 694.00 and Rs. 550.00 respectively. The current market cap of the company is Rs. 2735.84 crore. The promoters holding in the company stood at 54.03 % while Institutions and Non-Institutions held 27.63 % and 18.34 % respectively. BEML, the major manufacturer of Metro Cars in the Country, has rolled out 50th Metro Train Set to Bangalore Metro Rail Corporation (BMRCL). With this rollout, the company has fulfilled the supply of prestigious BMRCL 2 RS-DM Contract. BEML has forayed into the manufacture and supply of hi-tech Metro Cars during 2002. Since then, BEML had made significant strides and emerged as the preferred destination of Metro Coach Manufacturer in the country. BEML has so far supplied more than 700 Metro Cars to Delhi Metro, Bangalore Metro and Jaipur Metro. BEML (formerly Bharat Earth Movers) was established for undertaking manufacture of Rail Coaches & Spare Parts and Mining Equipment at its Bangalore Complex. It has been catering to the needs of core sectors such as mining, power and steel.

MMTC strengthens on reporting over 14 fold jump in Q4 net profit

MMTC is currently trading at Rs. 94.55, up by 3.75 points or 4.13% from its previous closing of Rs. 90.80 on the BSE. The scrip opened at Rs. 91.60 and has touched a high and low of Rs. 96.20 and Rs. 91.60 respectively. So far 681063 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 231.75 on 30-May-2013 and a 52 week low of Rs. 37.15 on 05-Aug-2013. Last one week high and low of the scrip stood at Rs. 102.35 and Rs. 83.75 respectively. The current market cap of the company is Rs. 9300.00 crore. The promoters holding in the company stood at 90.00% while Institutions and Non-Institutions held 7.25% and 2.75% respectively. MMTC has has registered over 14 fold jump in its net profit at Rs 32.73 crore for the quarter ended March 31, 2014 as compared to Rs 2.21 crore for the same quarter in the previous year. However, total income of the company decreased by 40.85% at Rs 4288.39 crore for quarter under review as compared to Rs 7250.14 crore for the quarter ended March 31, 2013. For the full year ended March 31, 2014, the company has posted net profit of Rs 18.64 crore as compared to the net loss of Rs 70.62 crore for the same period in the previous year. However, total income has decreased by 11.84% at Rs 25491.85 crore for year under review as compared to Rs 28916.27 crore for the period ended March 31, 2013. For the year ended March 31, 2014, on the consolidated basis, the company has reported net loss of Rs 18.16 crore as compared to the net loss of Rs 110.65 crore for the same period in the previous year. Total income of company has decreased by 14.56% at Rs 28382.23 crore for year under review as compared to Rs 33219.33 crore in the previous fiscal.

More players to get bank licences: Finance Ministry

Finance Ministry has stated that the Reserve Bank of India (RBI) will come out with fresh guidelines on new bank licences in the next four months. During April, the RBI has issued bank licences to only two companies IDFC and Bandhan Financial Services. Financial Services Secretary G. S. Sandhu said that the central bank will take four months to draft new guidelines for issuing banking licences to more players. Currently, there are 25 public and private sector applicants for new banking licence including NBFCs and various large corporates such as India Post, IFCI and large business houses such as the Anil Ambani group and the Aditya Birla group. The move will help to enhance the penetration level of the Indian banking industry which in turn will provide impetus to economic growth through providing more credit to small and medium size enterprises. At present, there are 27 public sector banks and 22 private sector lenders in India. According to the RBI’s final guidelines for new set of proposed banks, banks should have a minimum equity capital of around Rs 5 billion and not have foreign ownership of more than 49% for the first five years of operation. The norms also require that one out of every four branches opened by the new banks should be located in rural areas.

DIPP proposes 100% FDI in defence sector

In a bid to send a strong signal to global community, the Narendra Modi government, within two days of taking charge, has begun work on allowing up to 100% foreign investment in defense production. The proposal to raise FDI cap in defense from 26% to 100% is aimed at boosting manufacturing activities, which at the moment is the top priority of the new government for which Department of Industrial Policy & Promotion (DIPP) is working overtime. The department has proposed three different caps for FDI in defence- 49%, 75% and 100% -in order to incentivize technology transfer. It has proposed allowing 49% FDI in case of no technology transfer and 74% where there is a technology transfer and no cap policy only for cases which bring in state-of-the-art technology. Further, in the first and the most significant move by the government to revive manufacturing sector, the draft note stating the same has been circulated for ministerial comments. Permitting FDI in the sector will hugely help in reducing import bill for defence equipment and will help in boosting manufacturing and creating jobs. Presently, only 26% FDI is allowed in defence manufacturing, though the government can approve for more on a case-to-case basis. Back in May 2010, DIPP had rolled out a discussion paper suggesting increase in FDI cap for the defence sector, however it limited foreign participation to 26% in this capital-intensive and sensitive sector.

Fortis Healthcare to open Chennai facility soon

Fortis Healthcare is planning to open Chennai facility soon. The company is also mulling to expand its Mohali facility. Moreover, the company will set up 500-600 beds every year and its expansion plans would be focused on India. At present, the commissioned capacity of the company stands at 4,400 beds. Last year was an exceptional year, during which the company added 800 beds. Fortis Healthcare is an integrated healthcare delivery service provider in Asia. The healthcare verticals of the company span primary care, diagnostics, day care speciality and hospitals, with a healthcare network spanning 9 countries.

IOC to raise $900 million debt in overseas market

Indian Oil Corporation is planning to raise $1.65 billion debt in overseas market in the current financial year. The company will raise $900 million through external commercial borrowings to replace short-term costlier loan while another $750 million will be raised over the financial year.

The overseas debt interest rate was around 3 per cent - 3.5 per cent. The company raised $1.17 billion foreign debt in the last fiscal. The company will invest Rs 16,600 crore toward business expansion in 2014-15.

IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.

Tata Motors’ JV unveils new high-end hydraulic excavator

Tata Hitachi Construction Machinery Company, a joint venture between Tata Motors and Japanese manufacturer Hitachi Construction Machinery, has unveiled a new high-end hydraulic excavator. This new product, which costs Rs. 50-52 lakh, falls under the company’s Zaxis series of excavators, which is the more premium range that stresses on greater technology, power and fuel efficiency. The company believes that this new product will be attractive for premium contractors and buyers that value total cost of ownership over initial investment. 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.

Markets trade marginally higher ahead of Q4 GDP data

Indian equity benchmarks have made a positive start and are trading slightly in the green in early deals on Friday, tracking firm US cues. Though, gains remained capped as investors preferred to remain on sidelines ahead of Q4 GDP data, scheduled to be released later in the day and RBI policy review next week. Meanwhile, supporting RBI’s fight against inflation, Parliamentary Affairs Minister M. Venkaiah Naidu has said that containing inflation is a priority for the newly formed government. Earlier, Finance Minister Arun Jaitley too had vowed to check inflation. On the global front, the S&P 500 index posted its third record closing high in four sessions, as investors shrugged off the first quarterly contraction of the US economy in three years and focused on signs of a strengthening labour market. The Asian counterparts were trading mixed at this point of time, though up-side remained capped as some cautiousness emerged after a report that Japanese industrial production missed forecasts. Back home, public sector oil marketing companies (OMCs) viz. BPCL, HPCL and IOC edged higher on indication that the monthly diesel price hikes of 40-50 paise a litre are likely to continue. On the sectoral front, realty, capital goods and oil and gas witnessed the maximum gain in trade, while banking, software and auto remained the top losers on the BSE. The broader indices, however, were outperforming benchmarks, while the market breadth on the BSE was positive; there were 1,126 shares on the gaining side against 645 shares on the losing side while 58 shares remain unchanged. The BSE Sensex is currently trading at 24252.38, up by 18.23 points or 0.08% after trading in a range of 24353.59 and 24167.94. There were 18 stocks advancing against 12 declines on the index. The broader indices were traded in green; the BSE Mid cap index was up by 0.54% and Small cap index up by 0.72%. The top gaining sectoral indices on the BSE were, Realty up by 1.47%, Capital Goods up by 1.26%, Oil & Gas up by 1.16%, Metal up by 1.09 and Health Care up by 0.87% while Consumer Durables down by 0.84%, Bankex down by 0.81%, Auto down by 0.39% and IT down by 0.28% were the top losers. The top gainers on the Sensex were NTPC up by 1.74%, Bharti Airtel up by 1.72%, Dr Reddys Lab up by 1.69%, Hindustan Unilever up by 1.66% and Gail India up by 1.65%. On the flip side, Tata Motors was down by  1.89%, Axis Bank was down by 1.61%, Wipro was down by 1.14% , SBI was down by 1.07%  and HDFC Bank was down by 0.94%  were the losers on the Sensex. Meanwhile, industry chamber Assocham’s has stated that delay in key central sector projects have led to steep cost over-runs during the previous fiscal year. Assocham, in its latest report, has noted that the cost over-runs, which had been worked out at Rs 94,800 crore in about 285 Central projects till March 2013 would easily exceed Rs 1 lakh crore by March 2014. According to Assocham's report, railways sector is estimated to be most affected with maximum escalation in costs which were up nearly three times to Rs 73,500 crore by March 2014 from the original estimates of Rs. 27,900 crore in March 2013. Among other sectors, petroleum, power, and steel have also witnessed steep rise in costs due to delays. The industry body further said that the new government should take immediate measures to monitor and revive investment cycle in these central sector projects, report added. The infrastructure development is a most critical prerequisite to boost the economic growth. To boost infrastructure development in the country, India's Government has proposed an investment of $1 trillion for the sector during the 12th Five Year Plan, with 50 percent of the funds coming from the private sector. At present, Indian infrastructure sector is under pressure and the factors like slow reforms, worse land acquisition procedure and delay in environment and forest clearance have been impeding the business sentiments in the country which in turn adversely impacting investments in the sector. The CNX Nifty is currently trading at 7,240.20 up by 4.55 points or 0.06% after trading in a range of 7,272.50 and 7,118.45. There were 29 stocks advancing against 21 declines on the index. The top gainers of the Nifty were Jindal Steel up by 2.39%, HUL up by 2.04%, Bharti Airtel up by 2.03%, NTPC up by 1.87% and BPCL up by 1.81%. On the flip side, Tata Motors down by 2.17%, Kotak Bank down by 1.66%, AXIS Bank down by 1.59%, SBI down by 1.11% and Wipro down by 1.09% were the top losers on the index. Most of Asian markets were trading in red; Jakarta Composite declined 44.86 points or 0.90% to 4,940.72,  KLSE Composite slipped by 1.90 points or 0.10% to 1,874.72, Nikkei 225 tumbled by 50.58 points or 0.34% to 14,631.14, Straits Times decreased 8.76 points or 0.27% to 3,291.95, Seoul Composite shed by 7.46 points or 0.37% to 2,004.80 and Taiwan Weighted was down by 5.81 point or 0.06% to 9,103.19. On the flip side, Shanghai Composite was marginally in green by 0.04 points to 2,040.64 and Hang Seng was up by 52.11 points or 0.23% to 23,062.25.

YES Bank soars on plan to raise $500 million

Yes Bank is currently trading at Rs. 569.00, up by 19.10 points or 3.47% from its previous closing of Rs. 549.90 on the BSE. The scrip opened at Rs. 560.30 and has touched a high and low of Rs. 576.25 and Rs. 560.30 respectively. So far 304428 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 588.00 on 16-May-2014 and a 52 week low of Rs. 216.10 on 28-Aug-2013. Last one week high and low of the scrip stood at Rs. 583.55 and Rs. 530.50 respectively. The current market cap of the company is Rs. 20536.07 crore. The promoters holding in the company stood at 25.55% while Institutions and Non-Institutions held 58.95% and 15.50% respectively. Private sector lender YES Bank is set to raise $500 million by issuing fresh shares to a cluster of investors. This will lead to dilution of 10-12 per cent in promoter shareholding. The bank will sell shares at Rs 540-550 per share. Goldman Sachs, Deutsche Bank, UBS, HSBC, JM Financial and Motilal Oswal Financial Services have been appointed as the lead arrangers for the issue. At present, Rana Kapoor, and Madhu Kapur and her family are the company’s largest individual promoters; while Kapoor owns 5.55 per cent, Madhu Kapur and her family own 9.74 per cent. The bank reported a rise of 18.79% in its net profit at Rs 430.21 crore for the quarter ended March 31, 2014 as compared to Rs 362.15 crore for the same quarter in the previous year. Total income of the bank increased by 13% at Rs 3013.57 crore for quarter under review as compared to Rs 2667.03 crore for the quarter ended March 31, 2013.

HDFC Mutual Fund files offer document for Fixed Maturity Plans-Series 32

HDFC Mutual Fund has filed offer document with SEBI to launch a Close Ended Income Scheme named as “HDFC Fixed Maturity Plans - Series 32”. The New Fund Offer price is Rs 10 per unit. Entry and exit load charges will be nil for the scheme. The scheme offers growth and dividend option and seeks to collect a Minimum Target Amount of Rs 20 crore.The scheme will be benchmarked against for Plans having maturity upto 91 Days: Crisil Liquid Fund Index for Plans having maturity more than 91 Days and upto 36 months: Crisil Short Term Bond Fund Index, for Plans having maturity more than 36 months: Crisil Composite Bond Fund Index. The minimum application amount is Rs. 5,000 and in multiples of Rs.10 thereafter. The investment objective of the scheme is to generate income through investments in Debt / Money Market Instruments and Government Securities maturing on or before the maturity date of the respective Plan(s).

FIIs were net buyers of Rs 1593.43 crore in index futures and options segments on May 29

According to the data released by the NSE, the Foreign Institutional Investors (FIIs) were net buyers of Rs 1593.43 crore in index futures and options segments, as per Thursday’s data, May 29, 2014. FIIs were sellers of index futures to the tune of Rs 100.02 crore and they bought index options worth Rs 1693.45 crore. In the stock segment, FII’s were net sellers of stock futures worth Rs 2920.17 crore, while they bought stock options worth Rs 43.30 crore.

Jet Airways enhances codeshare with Etihad Airways

Jet Airways, India’s premier international airline, together with its strategic partner Etihad Airways has announced further expansion of its codeshare spanning a wide array of destinations across the globe. The new code share flights are available for sale with immediate effect. The expansion of the codeshare partnership also enhances the position of Jet Airways’ hub in Mumbai and Delhi with convenient mid-point option for traffic flowing between the Gulf, Middle East, Europe, America and Asia. Guests traveling from India can also seamlessly connect onto Jet Airways codeshare flights on the Etihad network via Abu Dhabi to European destinations including, Amsterdam, Brussels, Dusseldorf, Frankfurt, Geneva, Manchester, Munich, Paris, Dublin and Milan. The codeshare also covers North American destinations such as Chicago, New York (JFK) and Washington as well as Johannesburg and Nairobi on the African continent and Brisbane in Australia via Singapore. As per the expanded reciprocal agreement, Jet Airways places its marketing code (9W) on flights operated by Etihad Airways, between Abu Dhabi and key destinations across India such as Ahmedabad, Bangalore, Calicut, Chennai, Delhi, Hyderabad, Mumbai, Kochi and Trivandrum. Similarly, Etihad Airways places its marketing code (EY) on Jet Airways’ flights operated between Abu Dhabi and key destinations in India such as Mumbai, Delhi, Cochin, Bangalore, Hyderabad and Chennai offering guests a wider choice of frequency to and from India. The codeshare also enables Etihad guests to access Far East Asian destinations on Jet Airways operated flights between Mumbai, Delhi Chennai and Singapore, Hong Kong and Bangkok.

CTIL to disinvest its stake in CTIL (Hong Kong)

CTIL has received an approval for disinvestment of its stake in foreign subsidiary ‘CTIL (Hong Kong)’. The board of directors at its meeting held on May 29, 2014 has approved for the same.

CTIL was established to provide cutting-edge information technology training to businesses and individuals through highly-focused, cost-effective and customized programs. It offers programs in web and client/server computing for both beginning and experienced participants.

Unity Infraprojects bags projects worth Rs 257.11 crore

Unity Infraprojects has bagged different projects worth Rs 257.11 crore. The company has bagged first order worth Rs 116.11 crore for construction of 1000 Room (2000 seats) Boys Hostel (G+10) for ISM at Dhanbad i/c Internal water supply, Sanitary installation, Drainage & Civil Development work, Internal Electrical Installations, Fans & Fittings, Fire Alarm System, Fire Fighting System and Passenger Lifts by Central Public Works Department, Executive Engineer ISMU Project Division, CPWD Dhanbad and the said project is to be completed within a period of 26 months. The company has bagged second work order worth Rs 141.00 crore for construction of Karwar Institute of Medical Sciences at Karwar, Phase-I by Executive Engineer, Public Works, Ports and Inland Water Transport Department Division Karwar, Karnataka State and the said project is to be completed within a period of 24 months. Unity Infraprojects is one of the largest civil contractors in India. It is the flagship unit of the Mumbai-based KK Group of Companies, which has its interests spread across a wide spectrum of businesses such as concrete block manufacturing, quarrying, hotel and organized retailing industries.

Ashoka Buildcon emerges as lowest bidder for project worth Rs 291.87 crore

Ashoka Buildcon has emerged as the lowest bidder at the bid opening meeting held on May 29, 2014, at the office of South Bihar Power Distribution Company, at Patna for the project in the state of Bihar. The cost of the project is Rs 291.87 crore.

The project is for Composite Tender for Rural Electrification works under Rajiv Gandhi Grameen Vidyutikaran Yojana (RGGVY) in XIIth Plan and strengthening of Distribution Network under Special Plan (BRGF) for Munger District.

Ashoka Buildcon builds and operates roads and bridges in India on a build, operate and transfer (BOT) basis. It currently operates one of the highest numbers of toll-based BOT projects in India.

Unity Infraprojects gains on bagging projects worth Rs 257.11 crore

Unity Infraprojects is currently trading at Rs. 43.95, up by 1.20 points or 2.81% from its previous closing of Rs. 42.75 on the BSE. The scrip opened at Rs. 43.45 and has touched a high and low of Rs. 44.90 and Rs. 43.00 respectively. So far 21,000 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 48.20 on 26-May-2014 and a 52 week low of Rs. 16.10 on 07-Aug-2013. Last one week high and low of the scrip stood at Rs. 48.20 and Rs. 37.85 respectively. The current market cap of the company is Rs. 324.00 crore. The promoters holding in the company stood at 62.72%, while Institutions and Non-Institutions held 7.49% and 29.80% respectively. Unity Infraprojects has bagged different projects worth Rs 257.11 crore. The company has bagged first order worth Rs 116.11 crore for construction of 1000 Room (2000 seats) Boys Hostel (G+10) for ISM at Dhanbad i/c Internal water supply, Sanitary installation, Drainage & Civil Development work, Internal Electrical Installations, Fans & Fittings, Fire Alarm System, Fire Fighting System and Passenger Lifts by Central Public Works Department, Executive Engineer ISMU Project Division, CPWD Dhanbad and the said project is to be completed within a period of 26 months. The company has bagged second work order worth Rs 141.00 crore for construction of Karwar Institute of Medical Sciences at Karwar, Phase-I by Executive Engineer, Public Works, Ports and Inland Water Transport Department Division Karwar, Karnataka State and the said project is to be completed within a period of 24 months. Unity Infraprojects is one of the largest civil contractors in India. It is the flagship unit of the Mumbai-based KK Group of Companies, which has its interests spread across a wide spectrum of businesses such as concrete block manufacturing, quarrying, hotel and organized retailing industries.

Chinese PM Calls Modi, conveys desire to establish robust partnership with India

Chinese Prime Minister Li Keqiang called his Indian counterpart Narendra Modi and conveyed his government's desire to establish robust partnership with the new government of India for further development of ties. Li, who is the first foreign head of government to call up Modi since he took over as Prime Minister, congratulated him on his victory in the recent general elections. Modi, on his part, noted that China was always a priority in India's foreign policy and thanking Li for his earlier message of felicitations, he underlined his government's resolve to utilize the full potential of our strategic and cooperative partnership with China and his keenness to work closely with the Chinese leadership to deal with any outstanding issues in bilateral relations by proceeding from the strategic perspective of our developmental goals and long-term benefits to our peoples. Modi also welcomed greater economic engagement between the two countries. The two leaders agreed to maintain frequent high-level exchanges and communication. Modi extended through Premier Li an invitation to President Xi Jinping to pay a visit to India later this year.