Sensex, Nifty erase gains; banks, IT, FMCG under pressure

 Reliance Communications in focus While talking in Reliance Communications AGM, Anil Ambani says the company targets to reduce debt by Rs 15,000 crore in 24 months. Debt currently stands at Rs 35,000 crore, he adds. The company is looking to monetise both real estate and DTH. "We are looking to demerge real estate assets. We are working on contours of real estate demerger," says Ambani. He further said the company will be participating in next round of auctions that will enable company to launch 4G in 2015-16. The stock fell over 2 percent.

Live Market Updates: Sensex, Nifty sluggish; RBI keeps key rates unchanged

The market is still sluggish as RBI did not spring up any surprise move. The central bank has kept key rates unchanged. The Sensex is up 43.32 points at 26640.43 and the Nifty is down 4.20 points at 7954.70. About 1322 shares have advanced, 933 shares declined, and 69 shares are unchanged. HDFC, Bajaj Auto, Maruti, Dr Reddy's Labs and Sun Pharma are top gainers while GAIL, Hindalco, Infosys, Tata Steel and TCS are among the laggards in the Sensex. Asian markets were in hesitant mood on Tuesday as investors wondered what China's response would be to civil unrest in Hong Kong, while the U.S. dollar was on track to post its biggest monthly gain in well over a year. Tens of thousands of pro-democracy protesters blocked Hong Kong streets on Tuesday, in one of the biggest political challenges to Beijing since the Tiananmen Square crackdown 25 years ago. The unrest was an added complication for investors amid long-standing concerns about the health of China's economy.

Induslnd Bank inaugurates first Digital Branch at Gurgaon

Induslnd Bank, one of the fastest growing new-generation private sector banks in the country, has inaugurated its first Digital Branch at Induslnd Cybercity Rapid Metro station, Gurgaon. With this launch, the bank has become the first bank in India to have a fully Digital Branch at a metro station, whose branding rights are owned by the bank. The bank’s fully digital branch aims to deliver best-in-class service to its growing tech savvy customer base. This digital branch is strategically located in the heart of Cybercity, which houses Cyberhub and many other key commercial establishments of Gurgaon. One of the USPs of the Digital Branch is the Interactive Video Branch machine - another first in India. This Video Branch machine allows customers to connect with the remote teller over a real-time video call and perform regular banking transactions like statement printing, cheque deposits, opening of FD account and encashment, funds transfer along with dispensation of cash. The Digital Branch lobby also has a smart table with iPads on which customers can do a host of banking and non-banking transactions. Induslnd Bank, which commenced operations in 1994, caters to the needs of both consumer and corporate customers. Induslnd Bank has 638 branches, and 1238 ATMs spread across 439 geographical locations of the country. The Bank also has representative offices in London and Dubai.

All eyes on RBI policy today; Nifty may open weak

Today, all eyes will be on the RBI monetary policy. Most market experts and economist believe that RBI will leave the key rates unchanged, according to CNBC-TV18 poll. Majority also expect the governor Raghuram Rajan to retain his hawkish tone. With the SGX Nifty trading 39-points down following weak global cues, the Nifty is expected to see gap down opening. Yesterday, major indices ended with marginal losses but midcaps continued to rally. Traders too were cautious ahead of the Reserve Bank of India credit policy review. On the global market front, US stocks ended lower on Monday following protests in Hong Kong that added to worries about Chinese growth and after a disappointing forecast from Ford Motor Co. In Europe, shares closed down with disappointing data weighing on sentiment and protests in Hong Kong affecting some financial firms with exposure to the region. Asian markets too were cautious over developments in Hong Kong and as investors focused on data in China and Japan. Kospi weighed down by data showing August industrial output posted its worst monthly fall since 2008. From the currency space, the dollar is hovering at a four-year peak against a basket of major currencies and is on track to post its biggest monthly gain in well over a year In commodities, crude hovers around USD 97/bbl on support from strong US economic data last week From precious metals space-- gold holds steady above a nine-month low but poised to post its sharpest monthly loss in 15 months as a rapid climb in the dollar dimmed the metal's appeal. On the domestic front, the Indian Prime Minister after giving speeches at the United Nations Central Park and Madison Square Garden, yesterday he got down to business as his USvisit enters the most crucial The prime minister met with top CEOs of corporate America. He held a break-fast meeting with 11 CEOs including the heads of Google, Pepsi, Citigroup, Carlyle group among others. Then he held one-on-one meetings with Jeffrey Immelt of General Electric, James Mcnerney of Boeing, Virginia Rometty of IBM, Henry Kravis of K-K-R among others. US companies sought clarity from India on its FDI policy and PM is learnt to have assured the CEOs that he has an open mind. Speaking about the recent coal scam verdict, Prime Minister said: “We want to convert the SC judgment on coal allocation into an opportunity to move forward and clean up the past.” RELATED NEWS

Strides Arcolab approves merger with Shasun Pharma

The  Strides Arcolab  board of directors at a meeting held on September 29, 2014, approved a scheme of amalgamation between the company and  Shasun Pharmaceuticals  wherein, Shasun Pharmaceuticals will amalgamate with the Company. The scheme of amalgamation is subject to various statutory and regulatory approvals, as may be applicable. Shareholders will get five shares of Strides for every 16 shares held in Shasun. The merger will be an all-stock transaction. The Strides Arcolab board will also consider special dividend on October 7.

Strides Arcolab stock price On September 29, 2014, at 15:12 hrs Strides Arcolab was quoting at Rs 716.10, up Rs 73.30, or 11.40 percent. The 52-week high of the share was Rs 1050.00 and the 52-week low was Rs 343.80. The company's trailing 12-month (TTM) EPS was at Rs 588.59 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 1.22. The latest book value of the company is Rs 273.80 per share. At current value, the price-to-book value of the company is 2.62.

Cipla surges on strengthening presence in Kenya

Sep 29,2014   02:27 Hrs IST

Cipla is currently trading at Rs. 618.80, up by 7.30 points or 1.19% from its previous closing of Rs. 611.50 on the BSE. The scrip opened at Rs. 612.00 and has touched a high and low of Rs. 621.00 and Rs. 608.30 respectively. So far 103279 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 639.05 on 16-Sep-2014 and a 52 week low of Rs. 366.70 on 24-Feb-2014. Last one week high and low of the scrip stood at Rs. 626.70 and Rs. 574.00 respectively. The current market cap of the company is Rs. 49612.51 crore. The promoters holding in the company stood at 36.80% while Institutions and Non-Institutions held 35.85% and 26.23% respectively. Cipla is aiming to build a strong presence in Kenya. In line with its global strategy, Cipla continues to retain ownership of its marketing authorisations and trademarks for its products in Kenya and will continue to invest further in developing the Kenya market. The company has recently introduced its own office in Kenya. The products will be brought to Kenyan patients in partnership with Surgipharm. Over the years, Cipla has been working with various partners in Kenya and has been supplying a basket of products across various key therapies - anti-HIV, anti-malarial, anti-asthma, gastroenterology, anti-infectives, cardiovascular and oncology among others. Cipla is a global healthcare company which uses technology and innovation to meet the healthcare needs of patients in various therapy areas. For more than 70 years, Cipla has emerged as one of the most respected pharmaceutical names in India as well as across almost 170 countries. Cipla’s turnover in 2013-14 was $1.7 billion.

Nifty struggles below 8000; Sun Pharma, TCS gain 3%

The Nifty is struggling below the 8000-level. The 50-share index is up 5.70 points at 7974.55 and the Sensex is up 45.89 points at 26672.21. About 1434 shares have advanced, 510 shares declined, and 48 shares are unchanged. Both Sun Pharma and TCS are up 3 percent each. BHEL, Wipro and Infosys are top gainers in the Sensex. Among the losers are Hindalco, Tata Power, Bharti Airtel and Coal India. The dollar hit a four-year peak against a basket of currencies in early Asian trade on Monday, bolstering Japanese shares, but other Asian shares shrugged off Friday's Wall Street rebound in the face of political unrest in Hong Kong. Hong Kong shares dropped 2.3 percent to three-month lows in the worst unrest since China took back control of the former British colony two decades ago. MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.7 percent, hitting its lowest level since mid-May. Even the usually calm Hong Kong-dollar, which is pegged to a narrow band against the US dollar, slipped 0.1 percent to 7.761 against the greenback, its lowest level since March, as the street clashes affected some banks' operations.

Neyveli Lignite Corp gains on eyeing acquisition of multiple power projects

Sep 29,2014   10:00 Hrs IST

Neyveli Lignite Corporation is currently trading at Rs. 84.75, up by 0.90 points or 1.07 % from its previous closing of Rs. 83.85 on the BSE. The scrip opened at Rs. 84.00 and has touched a high and low of Rs. 84.75 and Rs. 83.85 respectively. So far 1992 shares were traded on the counter. The BSE group 'A ' stock of face value Rs. 10 has touched a 52 week high of Rs. 108.50 on 26-May-2014 and a 52 week low of Rs. 54.55 on 30-Jan-2014. Last one week high and low of the scrip stood at Rs. 89.90 and Rs. 81.00 respectively. The current market cap of the company is Rs. 14067.59 crore. The promoters holding in the company stood at 90.00 % while Institutions and Non-Institutions held 8.30 % and 1.70 % respectively. Neyveli Lignite Corporation (NLC) is examining a number of power projects on offer to scale up its generating capacity rapidly. The company is examining nine projects, where the promoters have showed interest in letting NLC acquire the projects. These proposals have been received in response to call for expressions of interest by the company. The Central public sector enterprise in lignite mining and power generation mines about 30 million tonnes of lignite annually and has association power generation of about 2,740 MW. NLC is engaged in the business of lignite mining and power generation. At present, the company has four opencast lignite mines with a capacity of about 30.60 million tonnes per annum, while it can produce about 2,740 MW of power from four power plants

OnMobile Global inks agreement with Tata Teleservices

Sep 29,2014   10:00 Hrs IST

OnMobile Global, a global leader in mobile services, has inked an agreement with Tata Teleservices, making it the exclusive Caller Ring Back Tone partner (CRBT) for the company. OnMobile will centrally manage Tata’s Content Management Systems across the Code Division Multiple Access (CDMA) and Global System for Mobile Communications (GSM). This deal will enable Tata Teleservices to improve operational efficiency, reduce turnaround time and provide a superior user experience to all its subscribers. This deal, which has been signed for an initial term of 3 years, will allow Tata’s CDMA subscribers to access a slew of CRBT features which were earlier available only for GSM subscribers. Some of the features include enabling song search and activation through SMS and Tata’s website. Subscribers will also be able to copy each other’s songs by using OnMobile’s Press * to copy feature.

S&P upgrades India's credit outlook to 'stable'

In a huge sentiment booster for India, global rating agency Standard & Poor's on Friday revised India's credit outlook to "stable" from "negative", acknowledging the improvement in the country’s economic environment. Though the agency has maintained its rating at BBB-, the revision in outlook will definitely boost the sentiments. India registered its fastest growth in nine quarters between April and June 2014. The new government led by Prime Minister Narendra Modi has vowed to keep the fiscal deficit under control at 4.1 percent of GDP.

109 stocks from BSE-500 index hits three-month low

An over 1,000 points correction in the S&P BSE Sensex from its record high have seen 109 stocks from BSE-500 index hits three-month low.

Reliance Industries, Hindalco Industries, Tata Steel, Larsen and Toubro, BHEL, DLF, Tata Power Company, Reliance Infrastructure, Cairn India and Reliance Capital are among few notable shares touched three-month low on BSE during current week.

Jet Airways, Sun TV Network, Reliance Communications, Jindal Steel and Power, Shree Renuka Sugars, Ess Dee Aluminium and Parsvnath Developers have hit 52-week low today.

The S&P BSE Sensex hits low of 26,220 during intra-day trade today, fallen nearly 1,100 points from its record closing of 27,320 on September 8, 2014. At 1405 hours, the benchmark index was trading at 26,489.

The 50-share CNX Nifty index also declined 331 points at 7,842 from its lifetime high 8,173.

The foreign institutional investors have sold equity shares net amount of Rs 3,016 crore in past four trading sessions, as per provisional stock exchange data.

Shares of most of public sector undertakings (PSU) banks trading at their three-month low price on concerns of asset quality on account of their advances to companies whose coal block allocations have been cancelled by the Supreme Court.

Allahabad Bank, Andhra Bank, Canara Bank, Central Bank of India, Corporation Bank, Indian Overseas Bank, IDBI Bank, Oriental Bank of Commerce, Syndicate Bank, Uco Bank and United Bank of India  are touched three-month low.

Among the sectoral indices, S&P BSE Metal, S&P BSE Oil and Gas, S&P BSE Power and S&P BSE Realty hits three-month low.
 

China imports more gold for holiday; Indian demand set to climb

 Top bullion consumer China has been importing more gold in September than in the previous month due to demand from retailers stocking up for the upcoming National Day holiday, market sources said.

Demand in India - the second biggest buyer of the metal - is also set to pick up as the festival and wedding season kicked off this week.

With gold trading close to a key psychological level of $1,200 an ounce, markets are keenly watching physical demand in Asia - the top consuming region - to see if it could lend support to prices.

"The physical volumes have been high this month compared to August. I would say imports could be at least 30 percent higher than last month," said a trader with one of the 15 importing banks in China.

From Oct. 1, Chinese markets will be closed for a week, and retails sales are expected to increase.

Data on Thursday showed that China's net gold imports from Hong Kong alone tumbled in August to their lowest since 2011 as lower premiums deterred banks from importing big quantities.

Another trader said imports will remain elevated all through the fourth quarter due to seasonal demand.

"Since the price is near $1,200, we have seen more purchases. If gold dips below that level, we can see a further increase," the trader said.

Premiums on the Shanghai Gold Exchange were about $5-$6 an ounce on Friday, largely steady from last week.

In India, an inauspicious phase called Shradh - a period for paying homage to ancestors - ended on Wednesday, giving way to a string of festivals.

"Typically, as soon as Shradh is over, demand should kick in," said a dealer with one of the top bullion importing banks in India. "There is a feeling that gold prices will go further down, so some have chosen to wait a little longer before purchasing immediately."

"With gold prices lower, there are expectations for good demand this time as we head to October."

The nine-day Hindu festival of Navratri began on Thursday, which will then be followed by Dussehra, Dhanteras and Diwali - all considered auspicious time periods to buy gold jewellery, coins or bars.

Since the wedding season also kicks off around the same time, lasting all through the year, markets expect strong purchases. Gold forms an essential part of a bride's dowry in Indian weddings.

Monthly gold imports are set to rise by as much 50 percent from current levels while premiums could almost double to as high as $15 an ounce because of the festivities and wedding season, industry sources told Reuters earlier this month.

Indian premiums are currently less than $10 an ounce. In other trading hubs such as Singapore, Hong Kong and Tokyo, premiums were largely unchanged from a week ago.

Deepak Fertilisers revises offer price to acquire additional 26% stake in MCF

Sep 26,2014   12:05 Hrs IST

Deepak Fertilisers has revised its open offer to acquire additional 26% stake in Mangalore Chemicals and Fertilisers (MCF) from Rs 63 per share to Rs 93.60 per share. Meanwhile, Zuari Industries along with United Breweries (Holdings) and Kighfisher Finvest India have also revised their open offer to Rs 81.60 per share from Rs 68.55 per share. Mangalore Chemicals and Fertilizers (MCF) is a part of The UB Group, a large and diversified business house. The group is one of the foremost multinational organizations based in the sub-continent with operations in many world markets. It has diverse interests – Brewing, Distilling, Aviation, Fertilizers, Life Sciences, Engineering, Research and Development and Information Technology.

SC coal ruling: SBI certain Rs4k cr exposure won't turn bad

India’s largest lender  State Bank of India has more than Rs 4000-crore exposure to companies that will be impacted by the recent Supreme Court judgement quashing 214 coal blocks. The bank has a loan exposure of Rs 4341 crore to six companies whose coal mines have been deallocated. Arundhati Bhattacharya, chairman of SBI does not believe that the entire exposure will be written off. She does not see loans extended to power plants turning into bad loans. "Have to see what coal linkages these companies get," she told CNBC-TV18. The government has promised linkages despite cancellation of mines. SBI’s exposure to large companies such as  JSPL and  Hindalco stands at Rs 21,000 crore, while the same for  Usha Martin and others stands at Rs 5,000 crore. Despite all this, Bhattacharya does not see much of an impact on asset quality. She also does not expect any write-offs on JP Group, not even in the near-term. On power pass-through, she believes it is most definitely required, especially with respect to variable cost. She doesn’t see how consumers can be protected when prices go up. On upcoming Reserve Bank policy on Tuesday, she is expecting a status quo, with maybe some tweaking on the CRR side.

Ashoka Buildcon rises as its SPV receives sanction letter for premium deferment from NHAI

Sep 26,2014   11:43 Hrs IST

Ashoka Buildcon is currently trading at Rs. 130.75, up by 0.60 points or 0.46% from its previous closing of Rs. 130.15 on the BSE. The scrip opened at Rs. 129.55 and has touched a high and low of Rs. 136.00 and Rs. 127.10 respectively. So far 5080 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 5 has touched a 52 week high of Rs. 158.85 on 18-Jul-2014 and a 52 week low of Rs. 42.15 on 29-Oct-2013. Last one week high and low of the scrip stood at Rs. 144.65 and Rs. 128.00 respectively. The current market cap of the company is Rs. 2112.92 crore. The promoters holding in the company stood at 67.53% while Institutions and Non-Institutions held 17.15% and 15.33% respectively. Ashoka Buildcon’s SPV - Ashoka Belgaum Dharwad Tollway which currently operates 6 laning of Belgaum Dharwad section of NH-4 from km 433.000 to km 515.000 under NHDP Phase V in the state of Karnataka on DBFOT basis, has received a sanction letter from National Highways Authority of India (NHAI) for the premium deferment for the mentioned project and has signed a supplementary agreement to the concession agreement with NHAI under its Premium deferment scheme. 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.

HDFC, Sesa Sterlite, Hero laggards; Sensex, Nifty flat

The market is absolutely flat as weak global cues, the recent streak of FII selling and impact of the Supreme Court verdict on coal blocks remains an overhang. The Sensex is up 2.96 points at 26471 and the Nifty is down 0.35 points at 7911.50. About 1148 shares have advanced, 1182 shares declined, and 77 shares are unchanged. Sun Pharma is up 6 percent, reversing its early morning losses reacting to a Credit Suisse note that says the comoany has received the form 483 for the Halol plant. It lists 23 observations with no data integrity issues. Hence chances of an import alert are low now. Hindalco, ONGC, Tata Steel and M&M are top gainers in the Sensex. Among the losers are HDFC, Coal India, Sesa Sterlite, TCS and Hero MotoCorp. Globally, Asian markets are mostly weak reacting to the US sell off.  The dollar is at near-four-year highs against a basket of major currencies. Month-end dollar demand from importers also hurting the rupee.   

Cotton futures trade higher on bargain buying

Sep 26,2014   11:29 Hrs IST

Cotton futures traded up on MCX due to rise in exports demand and bargain buying by traders and stockists, who created fresh positions inducing demand for the fiber. Moreover, decline in arrivals and improved demands from millers, supported the price rise in futures market The contract for October delivery was trading at Rs 16910.00, up by 1.14% or Rs 190.00 from its previous closing of Rs 16720.00. The open interest of the contract stood at 1792.00 lots. The contract for November delivery was trading at Rs 16170.00, up  by 1.00% or Rs 160.00 from its previous closing of Rs 16010.00. The open interest of the contract stood at 2548.00 lots on MCX.

Rasoi trades jubilantly on the BSE

Sep 26,2014   11:34 Hrs IST

Rasoi is currently trading at Rs. 742.00, up by 43.80 points or 6.27% from its previous closing of Rs. 698.20 on the BSE. The scrip opened at Rs. 667.00 and has touched a high and low of Rs. 742.00 and Rs. 667.00 respectively. So far 5 shares were traded on the counter. The BSE group 'B ' stock of face value Rs. 10 has touched a 52 week high of Rs. 920.00 on 12-Sep-2014 and a 52 week low of Rs. 345.00 on 15-Oct-2013. Last one week high and low of the scrip stood at Rs. 830.00 and Rs. 641.00 respectively. The current market cap of the company is Rs. 128.86 crore. The promoters holding in the company stood at 74.93% while Non-Institutions held 25.07% stake in the company.  Emami Group’s edible oil arm Emami Biotech has entered into agreement with Rasoi, edible oil arm of Rasoi Group to acquire edible oil brand ‘Rasoi’. The Rasoi brand of edible oils did annual business of around Rs 150 crore. Further, Emami group is planning to revive Rasoi and make it a national brand. The 70-years old Rasoi brand has a big lineage but its presence got limited to mostly the eastern region. The vanaspati market in India is estimated at around Rs 7,200 crore, led by Bunge's Dalda and Cargill’s Rath. Bunge bought Dalda from Hindustan Unilever and Cargill acquired Rath from Agro Tech Foods. Rasoi processes and sells vanaspati & refined oils (including Palm, Soya bean, Rice bran and Mustard oils) under the brand ‘Rasoi’. The firm was converted into a company and the name was changed to its present name in 1982. The manufacturing facility of the company is located at Falta in West Bengal and has installed capacity of 42,000 MT of vanaspati and 30,000 MT of refined oil.

Indian business environment continue to deter foreign investors: UN-ESCAP

Sep 26,2014   10:35 Hrs IST

Elements of the Indian business environment continue to deter foreign investors, according to Economic and Social Commission for Asia and the Pacific, UN-ESCAP, which also expects the macroeconomic uncertainties and structural constraints in India to continue to concern foreign investors. According to the commission, the country currently is experiencing slower economic growth, high current account deficit, and enduring high inflation and pointed that despite this the foreign direct investment inflows into India have grown by 16.5% to $28 billion in 2013. However, pressing upon the growing need for FDI, the commission in its Asia-Pacific Trade and Investment Report 2014, highlighted that with reforms of investments there would be a potential for attracting higher rates on investments in India and that higher FDI could help strengthen the economy and provide incremental level of productive employment, besides encouraging technological up-gradation. Additionally, the commission also highlighted that many sectors continue to retain the equity limits on foreign ownership, which is quite usual and that finding suitable joint venture partner could risk hampering FDI inflows. It pointed that FDI cap of 51% in the multi-brand retail was a major obstacle in the FDI inflows to the sector and that foreign investors have been awaiting positive signals from the new government, which was elected in early 2014.

City Union Back up 7%, RBI hikes foreign investment cap

Shares of  City Union Bank  surged 7 percent intraday on Friday after Reserve Bank of India raised its limit of foreign investment. The central bank has increased foreign investment limit in City Union Bank to 40 percent, following which the restriction placed on purchase of shares of the firm by overseas investors has been lifted. "...the foreign shareholding by FIIs/RFPIs in City Union Bank has gone below the revised threshold limit stipulated under the extant FDI Policy. "Hence, the restrictions placed on the purchase of shares of the above company on July 18, 2014 are withdrawn with immediate effect," RBI said a release. Earlier the limit for such investment was 35 percent. The restiction was lifted after the company board passed resolution for purchase of equity shares by FIIs/RFPIs/QFIs up to 40 per cent (from 35 per cent earlier) of their paid-up capital. "Equity shares of City Union Bank can now be purchased through primary market and stock exchanges," RBI said.   At 11:02 hrs, the stock was quoting at Rs 83.20, up Rs 4.70, or 5.99 percent on the BSE.

Budget make or break for govt; Sensex at 30K unlikely: MS

Ruchir Sharma, Head Of Emerging Markets and Global Macro, Morgan Stanley Investment Management dismisses all the hoopla about Prime Minister Narendra Modi’s maiden visit to the United States. While the first year of the Modi government should not be judged too soon, Sharma says it is the Budget next year that will be the make or break for the government. “All the investment talks in US will be just that. Talks and slogans. But from a domestic policy perspective, the second year beginning with the Budget will be critical for the government,” he says. On the road ahead, Sharma expects the rupee to depreciate to as low as Rs 70 against the dollar in the next 2-3 years. This, he says, will be beneficial for the economy. “If we want to grow by 6 percent, exports will be critical especially at a time when the global economy is weak. Hence, we need a competitive rupee for manufacturing advantage,” he further adds. Sharma also believes that the Sensex hitting a year-end high of 30000 is unlikely as the global economic environment is not conducive for the market rally.

Nifty above 7900, Sensex firm; Sun Pharma, Tata Steel surge

Sun Pharma recouped early losses, up over 3 percent. It had shed 3 percent in early trade after Credit Suisse in its note said the company has received the Form 483 for the Halol plant. US Food and Drug Administration lists 23 observations with no data integrity issues hence the chances of an import alert are low now. The observations are mostly procedural issues where resolution may take time and there is a possibility of approvals being blocked in the near term. 10:00am The market bounced back in morning trade with the Sensex rising 27.59 points to 26495.95 and the Nifty gaining 14.75 points at 7926.60 supported by buying in most beaten down sectors like oil & gas, metals, auto and select banks. The broader markets too rebounded with the BSE Midcap and Smallcap indices advancing 0.2 percent and 0.6 percent, respectively. About 1043 shares have advanced, 954 shares declined, and 53 shares are unchanged. Deven Choksey of KR Choksey Shares & Securities does not see a rough ride for market in the October series. He says fundamentals – market as well as on the macro front – continue to remain strong and chances are it will only improve further. "Whenever the market runs ahead of time, it gets into a consolidation mood, I think that is what the market is doing right now," he told CNBC-TV18. Choksey advises investors to use every dip as a buying opportunity. He believes investors should look at all those companies where the fall is maximum. Hindalco Industries topped the buying list, rising over 3 percent followed by L&T, ONGC, M&M, Tata Steel, Bajaj Auto and DLF with 1-2 percent gains. Reliance Industries, State Bank of India, HDFC Bank, Axis Bank, Sun Pharma, Wipro and NTPC were up 0.5-0.9 percent. However, HDFC, ITC, Infosys, ICICI Bank, HUL, Cipla, Hero Motocorp, Bharti Airtel, Dr Reddy's Labs, Coal India and Sesa Sterlite fell 0.3-1 percent.

NTPC strengthens on inking contract agreement with NTPI

NTPC strengthens on inking contract agreement with NTPI

Sep 26,2014   10:23 Hrs IST

NTPC is currently trading at Rs. 137.40, up by 1.00 points or 0.73% from its previous closing of Rs. 136.40 on the BSE. The scrip opened at Rs. 136.00 and has touched a high and low of Rs. 137.80 and Rs. 135.80 respectively. So far 72871 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 168.80 on 06-Jun-2014 and a 52 week low of Rs. 110.90 on 04-Mar-2014. Last one week high and low of the scrip stood at Rs. 139.50 and Rs. 135.60 respectively. The current market cap of the company is Rs. 113498.82 crore. The promoters holding in the company stood at 74.96% while Institutions and Non-Institutions held 22.27% and 2.77% respectively. NTPC has inked a contract agreement with National Power Training Institute (NPTI) for Skill Development of Power Plant Engineers across the country. Under this agreement NTPC will provide consultancy services to NPTI for procurement, engineering, supervision and testing of Simulators at six locations in the country. These Simulators will be installed at NPTI buildings at Badarpur in Delhi, Faridabad in Haryana, Durgapur in West Bengal, Nagpur in Maharashtra, Shivpuri in Madhya Pradesh and Allappuzha in Kerala. NTPC is the largest power generating company in the country. It has also diversified into hydro power, coal mining, power equipment manufacturing, oil & gas exploration, power trading & distribution.

Hindustan Foods to manufacture, supply Pepsico products up to July 2015

Hindustan Foods to manufacture, supply Pepsico products up to July 2015

Sep 26,2014   09:08 Hrs IST

Hindustan Foods had entered into a Manufacturing and Supply agreement with Pepsico India Holdings to manufacture ‘Kurkure’ Extruded Products and any other products, as may be mutually agreed in future, under the trademark of ‘Pepsico’ at the company’s manufacturing facility located at Usgaon, Ponda, Goa, for the period up to June 30, 2014, is now extended up to July 31, 2015. Therefore, the company will continue to manufacture the products as said above to Pepsico on same terms and conditions as informed before, up to the period of July 31, 2015. Hindustan Foods manufactures high quality cereal based food products and a range of instant mixes, baby foods, instant porridges, breakfast cereals and health drinks.

Bharat Forge surges as its JV secures order worth Euro 130 million from NTPC

Bharat Forge surges as its JV secures order worth Euro 130 million from NTPC

Sep 25,2014   03:06 Hrs IST

Bharat Forge is currently trading at Rs. 797.90, up by 4.25 points or 0.54% from its previous closing of Rs. 793.65 on the BSE. The scrip opened at Rs. 792.00 and has touched a high and low of Rs. 815.75 and Rs. 782.50 respectively. So far 124056 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 934.40 on 11-Sep-2014 and a 52 week low of Rs. 244.00 on 30-Sep-2013. Last one week high and low of the scrip stood at Rs. 878.00 and Rs. 784.15 respectively. The current market cap of the company is Rs. 18483.87 crore. The promoters holding in the company stood at 46.74% while Institutions and Non-Institutions held 30.60% and 22.65% respectively. Alstom Bharat Forge Power (ABFPL), the joint venture (JV) between Bharat Forge and Alstom, has bagged contract worth around Euro 130 million from NTPC. The order is for supply of two units of 660 MW supercritical turbine islands for NTPC’s Tanda coal power plant in Uttar Pradesh. The scope of work comprises, engineering, manufacturing, supply and commissioning of the two turbine islands and auxiliaries for the plant. The equipment for the project will be made at ABFPL’s manufacturing facility at Sanand, Gujarat, which is to be commissioned in October 2014. Bharat Forge is engaged in manufacturing of close die and open die forging, crankshafts, front axle beams, steering knuckle, connecting rods, rocker arm and many more components.

RIL, ONGC and Adani Enterprises to see some action today

RIL, ONGC and Adani Enterprises to see some action today

Sep 26,2014   08:50 Hrs IST

Mukesh Ambani-controlled Reliance Jio Infocomm, a telecom arm ofReliance Industries (RIL), has raised $750 million as a loan backed by Korea Exim Bank, to partly fund infrastructure spending. The loan is guaranteed by RIL and will be primarily used to finance goods and services procured from Samsung Electronics for the infrastructure roll-out of Reliance Jio. The loan is for 12 years that includes a two-year availability period and repayable over 10 years thereafter. This is the first loan between Reliance group and Korea Exim Bank. The deal is Korea Exim Bank’s largest telecom infrastructure financing till date and the largest deal in India. Brazil’s state-run oil company Petroleo Brasileiro SA discovered natural gas in a well being drilled to help measure the potential of a giant Brazilian offshore find. Petrobras, as the company is known, owns 75% and its Indian partner Oil and Natural Gas Corporation (ONGC) owns 25% of the discovery. The discovery was made in an extension well being used to evaluate the Poco Verde prospect in the BM-SEAL-4 block. The well was drilled in 2,196 meters of water 58 kilometers off the coast of Aracaju, the capital of Brazil’s Sergipe state. The discovery is one of several in recent years in an area believed to hold more than 1 billion barrels of recoverable oil. Adani Mining took a step closer to the development of a $2.2 billion ($1.94 billion) coal mining project in Australia after the federal government approved construction of a rail haulage line. The Australian unit of Adani Enterprises needed the approval of Environment Minister Greg Hunt to proceed with the 300-km (186-mile) line, after last month gaining clearance from the state of Queensland. Known as the North Galilee Basin Rail project, it is being designed to connect collieries owned by Adani and potentially other developers in the largely unpopulated Galilee Basin to the east coast port of Abbot Point. JSW Energy would acquire Jaiprakash Power Ventures’ 1,891-Mw power assets. The move comes a day after talks in this regard between Jaypee Group and Reliance Power collapsed and the Supreme Court cancelled the allocation of four coal blocks of Jaypee Group entities JP Associates and Jaiprakash Power Ventures. JSW Energy and Jaypee Group has signed a memorandum of understanding for three operating plants - the 300-Mw Baspa stage-II plant, the 1,091-Mw Karcham Wangtoo plant (both hydro power plants) and the 500-Mw Bina thermal power plant. The deal was estimated at about Rs 12,000 crore, the sum Reliance Power had offered for the three plants two months ago. Indian state-run Andhra Bank has a loan exposure of Rs 4,346 crore ($711.8 million) to companies that have been ordered by the Supreme Court to return coal blocks. Andhra Bank’s total exposure to steel and power companies is between Rs 12,000 crore and Rs 13,000 crore. The bank’s net profit for first quarter ended June 30, 2014 declined by 53.74% at Rs 107.00 crore as compared to Rs 231.28 crore for the quarter ended June 30, 2013. However, the bank’s total income has increased by 9.14% to Rs 4205.06 crore for the quarter under review from Rs 3854.16 crore for the corresponding quarter of the previous year. The bank’s gross NPA for the April-June quarter of the current fiscal stood at 5.98%, as compared to 4.73% in the same quarter of the previous year. Besides, bank’s Net NPA stood at 3.89% in Q1FY15. Alstom Bharat Forge Power (ABFPL), the joint venture between Alstom andBharat Forge, has secured a contract worth about Euro 130 million from NTPC. The order is for supply of two units of 660 MW supercritical turbine islands for NTPC’s Tanda coal power plant in Uttar Pradesh. The scope of work comprises, engineering, manufacturing, supply and commissioning of the two turbine islands and auxiliaries for the plant. The equipment for the project will be made at ABFPL’s manufacturing facility at Sanand, Gujarat, which is to be commissioned in October 2014. Multi Commodity Exchange (MCX) has finalized the technology agreement with Financial Technologies (India) (FTIL), thus paving the way for launch of new contracts up to March next year. The exchange will be allowed to launch contracts for the full year once Financial Technologies sells off its residual 15% stake to Kotak Mahindra Bank. The board of directors has approved the Master Amendment to Principal Agreements to be entered into between MCX and Financial Technologies for availing Technology support and Managed Services. Pursuant to this Agreement, MCX will continue to avail technology support and managed services from FTIL. In yet another low-fare offer, SpiceJet has announced 50 percent off on base fares on limited tickets for travel till March next year, on sale till Saturday. The offer would allow customers to avail themselves of 50 percent discount on available fares for travel in two phases - between October 28 and December 15 this year and from January 15 till March 31 next year. A customer can save up to 50 percent on tickets booked between today and Saturday midnight adding fares under this offer are non-refundable and non-changeable, barring taxes and fees. Havells India has announced its expansion plans for the newly formed States of Telangana and Andhra Pradesh targeting business of Rs 500 crore in three years. As part of its expansion plans to capture the growing demand for electrical goods in Andhra Pradesh, the company inaugurated its new office in Vijayawada. The company plans to take its dealer network in Andhra Pradesh to about 300, up from 200. Apart from widening its dealer network, the company is planning to open 10 more Havells Galaxy showrooms in the state. Currently, there are more than 240 Havells Galaxy stores across India including three in Andhra Pradesh. The Heavy Industries Ministry will move the Cabinet with a proposal to shut down six sick central public sector undertakings, including HMT Watches. The companies are - HMT Watches, HMT Barings, HMT Chinar Watch, Hindustan Photo Films, Hindustan Cables and Tungbhadra Steel. The Ministry plans to spend Rs 1,080 crore towards one-time settlement through a voluntary retirement scheme for workers. The six companies have around 3,600 workers. HMT Watches, which is a subsidiary of HMT, has already submitted a voluntary retirement/voluntary separation scheme to the Government for downsizing its manpower.

CRISIL reaffirms ratings of Bajaj Finance’s debt instruments and bank facilities

CRISIL reaffirms ratings of Bajaj Finance’s debt instruments and bank facilities

Sep 25,2014   11:13 Hrs IST

Credit rating agency, CRISIL has reaffirmed ‘AA+/Stable/A1+’ ratings on debt instruments and bank facilities of Bajaj Finance. The ratings remained centrally based on the company’s strategic importance to, and the continued support expected from, the Bajaj group. The ratings also factor in the company's healthy capitalisation. The rating strengths are partially offset by the company’s focus on relatively riskier asset segments and the under-seasoned nature of the mortgage loan book. Bajaj Finance is one of the leading financial companies in India. It offers personal loans that are convenient, flexible, quickly processed, have superior features like zero prepayment charges & requires no security with minimum paper work. The company offers personal loans for home renovation, marriage in family, holiday, and medical expenses without providing security or guarantors.

GDP growth of 8% achievable in 2-3 years following path of fiscal prudence: Chidambaram

GDP growth of 8% achievable in 2-3 years following path of fiscal prudence: Chidambaram

Sep 24,2014   10:30 Hrs IST

Former Finance Minister P Chidambaram said that India could achieve 8% growth in the next 2-3 years if it followed the path of fiscal prudence, which could be financed by domestic savings and some foreign direct investment. However, he underscored that growth beyond 8% would bring its own set of problems as it is bound to become inflationary, which will exacerbate fiscal deficit. It would lead to additional borrowing, which in turn would enlarge twin deficits, i.e. fiscal deficit and Current Account Deficit (CAD). Further, Chidambaram emphasized that if the government continued to remain on the path of fiscal prudence, promotes savings and investments, and be more diligent in implementing projects, it would be possible to get back to 8% growth. The Indian economy grew by 4.9% in 2013-14 fiscal. However, in the April-June quarter, the growth picked up to 5.7%. Notably, the country clocked an enviable 9% growth during pre- global financial crisis in 2008. Also, he highlighted that the key to control inflation was to contain fiscal deficit, which the government aims to bring down to 4.1% in the current fiscal from 4.5% in 2013-14. The minister pressed upon the need for financial sector reforms to achieve 8% growth. It added that FSLRC (Financial Sector Legislative Reforms Commission) had made far reaching recommendations, some are legislative, some are non-legislative in nature and the Non-legislative recommendations should be carried out over a period of next 2-3 years. The minister also lauded the Modi government's decision to do away with the Planning Commission and suggested to put in place a small body of not more than 100 people in its place, who could do prospective planning, and lay out the future roadmap.

Thermax soars as JV bags export order worth Rs 339 crore

Thermax soars as JV bags export order worth Rs 339 crore

Sep 24,2014   09:27 Hrs IST

Thermax is currently trading at Rs. 937.05, up by 48.40 points or 5.45% from its previous closing of Rs. 888.65 on the BSE. The scrip opened at Rs. 935.00 and has touched a high and low of Rs. 950.00 and Rs. 929.20 respectively. So far 6,069 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 989.70 on 02-Jul-2014 and a 52 week low of Rs. 578.00 on 01-Oct-2013. Last one week high and low of the scrip stood at Rs. 950.00 and Rs. 843.45 respectively. The current market cap of the company is Rs. 11,165.00 crore. The promoters holding in the company stood at 61.98% while Institutions and Non-Institutions held 22.99% and 15.03% respectively. Thermax’s joint venture (JV) - TBWES has received an export order from B&W PGG for detailed engineering, manufacturing and supply of selective items for two pulverized coal-fired boilers for an international project. The contract value is approximately Rs 339 crore. Thermax Babcock & Wilcox Energy Solutions (TBWES) is a JV between Thermax and US based Babcock & Wilcox Power Generation Group, Inc. (B&W PGG). The contract, booked in the second quarter of 2014, involves detailed engineering, manufacturing and supply of boiler pressure parts, critical piping, pulverisers, plate work for casing, ducts and hoppers. The contract also includes the supply of ancillary items, including valves, dampers, expansion joints and instrumentation items. Detailed engineering and supply of material are scheduled to be completed within 21 months for the first unit and 24 months for the second unit. Thermax, a leading energy and environment solutions provider, is one of the few companies in the world that offers integrated innovative solutions in the areas of heating, cooling, power, water and waste management, air pollution control and chemicals.

TCS gains on featuring as 'Front Runner' in Digital Transformation Services

TCS gains on featuring as 'Front Runner' in Digital Transformation Services

Sep 23,2014   10:10 Hrs IST

Tata Consultancy Services (TCS) is currently trading at Rs. 2759.00, up by 38.40 points or 1.41% from its previous closing of Rs. 2720.60 on the BSE. The scrip opened at Rs. 2726.00 and has touched a high and low of Rs. 2780.00 and Rs. 2725.00 respectively. So far 15868 shares were traded on the counter. The BSE group 'A' stock of face value Re. 1 has touched a 52 week high of Rs. 2735.00 on 22-Sep-2014 and a 52 week low of Rs. 1911.10 on 01-Oct-2013. Last one week high and low of the scrip stood at Rs. 2735.00 and Rs. 2548.30 respectively. The current market cap of the company is Rs. 540853.76 crore. The promoters holding in the company stood at 73.90 % while Institutions and Non-Institutions held 21.63 % and 4.47 % respectively. Tata Consultancy Services (TCS), a leading IT services, consulting and business solutions organization, has been recognized as a ‘Front Runner’ by analyst firm HfS Research in its ‘Digital Transformation Services: An HfS Blueprint Primer’, authored by Ned May, Senior Vice President, Digital Transformation Services & Solutions, HfS Research. The report analyzed more than 2,500 data points with 11 leading global IT Service providers in mobility, analytics and cloud, who were ranked in HfS’ annual enterprise buyer survey. Interviews were conducted and data was collected during Q4 2013 through Q2 2014, covering buyers, providers, advisors, and influencers of digital transformation services. Ratings were based on the evaluation of service provider’s offerings, structure and strategy in innovation and execution. TCS is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT, BPO, infrastructure, engineering and assurance services.

Reliance Industries’ telecom arm inks MSA with Indus Towers

Reliance Industries’ telecom arm inks MSA with Indus Towers

Sep 23,2014   09:13 Hrs IST

Reliance Industries’ (RIL) telecom arm - Reliance Jio Infocomm (RJio), the only pan India operator with BWA spectrum preparing to launch 4G services has inked a Master Services Agreement (MSA) with Indus Towers, for tower infrastructure sharing. Under the agreement, Reliance Jio would utilize the telecom tower infrastructure services being provided by Indus Towers to launch its services across the country. As per the agreement, the pricing would be based on prevailing market rates. The agreement will help in avoiding duplication of infrastructure and preserving the environment. It will also ensure seamless services to Reliance Jio customers through Indus’ world class tower infrastructure.

Tata Motors trades in green on BSE

Tata Motors trades in green on BSE

Sep 22,2014   11:59 Hrs IST

Tata Motors is currently trading at Rs. 530.10, up by 11.10 points or 2.14% from its previous closing of Rs. 519.00 on the BSE. The scrip opened at Rs. 514.00 and has touched a high and low of Rs. 531.00 and Rs. 514.00 respectively. So far 134643 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 531.00 on 28-Aug-2014 and a 52 week low of Rs. 330.25 on 01-Oct-2013. Last one week high and low of the scrip stood at Rs. 528.95 and Rs. 491.05 respectively. The current market cap of the company is Rs. 144512.14 crore. The promoters holding in the company stood at 34.33 % while Institutions and Non-Institutions held 37.16% and 7.25% respectively. Tata Motors’ British-based arm Jaguar and Land Rover (JLR) has launched locally manufactured Jaguar XJ 2.0L. The petrol-powered sedan carries a price tag of Rs 93.24 lakh at Mumbai showroom. This new luxury saloon, which is being made at the company' Pune plant, comes after the successful launch of locally produced diesel-powered Jaguar XJ 3.0L earlier this year. This new car comes with various luxury features including electrically adjustable rear seats with massage function in three intensity settings, increased rear headroom and rear seat entertainment. 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.

Forex reserves stood at $315.697 billion for the week ended September 12, 2014

Forex reserves stood at $315.697 billion for the week ended September 12, 2014

Sep 20,2014   10:56 Hrs IST

According to the latest press release from the Reserve Bank of India (RBI), the country’s forex reserves decreased by $1615.40 million to $315.697 billion during the week ended September 12, 2014. The decrease in valuation of Foreign Currency Assets in the IMF pulled the forex kitty lower during the reporting week. Valuation of foreign currency assets decreased by $1599.60 million in the week and stood at $288.764 billion, while the value of gold in the reserves remained unchanged to $20.933 billion during the week. SDRs’ (Special Drawing Rights) valuation decreased by $11.40 million and stood at $4.333 billion in the week. This valuation is inclusive of SDR 3,082.5 million (equivalent to $4,883 million) allocated under general allocation and SDR 214.6 million (equivalent to $340 million) allocated under special allocation by International Monetary Fund (IMF) done on August 28, 2009 and September 9, 2009, respectively. The country’s reserve position in the IMF further witnessed a drop of $4.40 million during the week ended September 12, 2014 to $1.666 billion. Reserve position in the IMF, i.e., Reserve Tranche Position (RTP) which was shown as a memo item from May 23, 2003 to March 26, 2004 has been included in the reserves from the week ended April 2, 2004 in keeping with the international best practice.

South Indian Bank gains on plan to raise Rs 500 crore through QIP

South Indian Bank gains on plan to raise Rs 500 crore through QIP

Sep 22,2014   10:55 Hrs IST

The South Indian Bank is currently trading at Rs. 27.75, up by 0.15 points or 0.54% from its previous closing of Rs. 27.60 on the BSE. The scrip opened at Rs. 27.60 and has touched a high and low of Rs. 27.75 and Rs. 27.50 respectively. So far 45741 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 35.05 on 07-Jul-2014 and a 52 week low of Rs. 19.65 on 04-Feb-2014. Last one week high and low of the scrip stood at Rs. 28.60 and Rs. 27.20 respectively. The current market cap of the company is Rs. 3733.77 crore. The institutions and non-institutions held 52.69% and 47.31% stake in the company, respectively. South Indian Bank is planning to raise up to Rs 500 crore through qualified institutional placements (QIP). The bank has already received approval from its board for the proposed QIP, which will mostly be for meeting its capital requirement. Meanwhile, the bank is also planning to add around 50 branches this financial year to its 835 branches. The bank’s net profit for the quarter ended June 30, 2014 rose by 10.28% at Rs 126.65 crore as compared to Rs 114.84 crore for the quarter ended June 30, 2013. Its total Income increased by 9.15% to Rs 1465.84 crore for the quarter under review from Rs 1342.88 crore for the corresponding quarter of the previous year.

Shree Cement rises on entering into BTA for acquisition of 1.5 MTPA Cement Grinding Unit

Shree Cement rises on entering into BTA for acquisition of 1.5 MTPA Cement Grinding Unit

Sep 22,2014   09:48 Hrs IST

Shree Cement is currently trading at Rs. 8628.25, up by 53.30 points or 0.62% from its previous closing of Rs. 8574.95 on the BSE. The scrip opened at Rs. 8628.25 and has touched a high and low of Rs. 8628.25 and Rs. 8628.25 respectively. So far 1 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 8810.00 on 12-Sep-2014 and a 52 week low of Rs. 3965.00 on 27-Sep-2013. Last one week high and low of the scrip stood at Rs. 8765.35 and Rs. 8444.15 respectively. The current market cap of the company is Rs. 29872.75 crore. The promoters holding in the company stood at 64.79% while institutions and non-institutions held 15.88% and 19.33% respectively. Shree Cement has entered into a Business Transaction Agreement (BTA) with Jaiprakash Associates for acquisition of its 1.5 MTPA Cement Grinding Unit situated at Panipat, Haryana for a tentative consideration of around Rs 360 crore. The transaction is subject to necessary regulatory approvals. The company had already received board of directors approval for the same at their meeting held on August 25, 2014. Shree Cement (SCL), belonging to B G Bangur - H M Bangur faction of Bangur family of Kolkata, is engaged in manufacturing of cement and power generation. SCL’s eight cement plants in Rajasthan and one grinding unit in Uttrakhand have an aggregate capacity of 13.5 mn tonnes p.a.

Sep 22,2014   09:48 Hrs IST

Shree Cement is currently trading at Rs. 8628.25, up by 53.30 points or 0.62% from its previous closing of Rs. 8574.95 on the BSE. The scrip opened at Rs. 8628.25 and has touched a high and low of Rs. 8628.25 and Rs. 8628.25 respectively. So far 1 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 8810.00 on 12-Sep-2014 and a 52 week low of Rs. 3965.00 on 27-Sep-2013. Last one week high and low of the scrip stood at Rs. 8765.35 and Rs. 8444.15 respectively. The current market cap of the company is Rs. 29872.75 crore. The promoters holding in the company stood at 64.79% while institutions and non-institutions held 15.88% and 19.33% respectively. Shree Cement has entered into a Business Transaction Agreement (BTA) with Jaiprakash Associates for acquisition of its 1.5 MTPA Cement Grinding Unit situated at Panipat, Haryana for a tentative consideration of around Rs 360 crore. The transaction is subject to necessary regulatory approvals. The company had already received board of directors approval for the same at their meeting held on August 25, 2014. Shree Cement (SCL), belonging to B G Bangur - H M Bangur faction of Bangur family of Kolkata, is engaged in manufacturing of cement and power generation. SCL’s eight cement plants in Rajasthan and one grinding unit in Uttrakhand have an aggregate capacity of 13.5 mn tonnes p.a.

RBI should hike interest rates to bring down inflation: IMF

RBI should hike interest rates to bring down inflation: IMF

Sep 19,2014   10:22 Hrs IST

Little ahead of the Reserve Bank of India (RBI)'s monetary policy review on September 30, the International Monetary Fund (IMF) has suggested the central bank should increase its guard to fight against stubbornly high inflation by hiking its key policy rates so that inflation remains lower on sustainable basis. In a note released ahead of the G20 meeting of Finance Ministers and central bank governors at Cairns in Australia, IMF underscored that India needs to take more steps to reduce the large fiscal deficit and fight against stubbornly high inflation, which would warrant a hike in interest rates and a simpler monetary framework with clear objectives and operational autonomy for the central bank. Notably, right after the release of five year low August WPI data, Reserve Bank of India’s governor, Raghuram Rajan clearly had ruled out the chances of rate cut at the month-end monetary policy announcement, citing that Inflation in Asia's third-largest economy, India, was still high and hence there was no point in slashing interest rates since this would further build on to inflationary pressures. He then had underscored that Reserve Bank of India would bring down interest rates as and when it is “feasible”. Helped by slower annual rises in prices of fuel and clothes, retail inflation edged down marginally to 7.8% in August from 7.96% a month earlier. Meanwhile, extending its easing trend, India's main inflation gauge, based on monthly WPI, softened more than expected at 3.74% for the month of August, as compared to 5.19% (Provisional) for the previous month of July. Street widely was expecting a number above 4% for the month under review. Further, the international agency which also called for higher public spending on infrastructure to ease supply bottlenecks and support economic development, asserted that removing supply bottlenecks would lead to more sustainable growth. Separately, IMF, though acknowledging government’s stand on fiscal consolidation, flagged concerns over its quality and durability. The government has proposed to bring down the fiscal deficit to 4.1% of GDP in current year from 4.5% last fiscal and also has put up in place a fiscal consolidation roadmap as per which the fiscal deficit has to be brought down to 3% of the GDP by 2016-17.

Tata Steel opens new automotive finishing line

Sep 19,2014   10:10 Hrs IST

Tata Steel has opened a new finishing line at its IJmuiden steelworks in the Netherlands to strengthen the supply of high-value steels to the automotive sector and other markets. The company has invested 12 million euros in Finishing Line 32, which will process up to 400,000 tonnes of galvanised (corrosion resistant) steel coil a year. The finishing line’s location at the end of the company’s three hot-dip galvanising lines in IJmuiden will increase processing speed and delivery reliability for customers, while also reducing on-site steel movements. Finishing Line 32 enables inspection, cutting to width and length, laser welding, slitting, two sided oiling, marking, coiling and binding of galvanised steel. After the finishing, coils are wrapped and loaded onto trucks or trains for direct delivery to customers. 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.

Eros International trades jubilantly on continuing partnership with NGE for Housefull 3

Eros International trades jubilantly on continuing partnership with NGE for Housefull 3

Sep 18,2014   01:03 Hrs IST

Eros International Media is currently trading at Rs. 269.20, up by 14.20 points or 5.57% from its previous closing of Rs. 255.00 on the BSE. The scrip opened at Rs. 255.15 and has touched a high and low of Rs. 273.15 and Rs. 253.40 respectively. So far 71854 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 282.00 on 03-Sep-2014 and a 52 week low of Rs. 131.25 on 23-Sep-2013. Last one week high and low of the scrip stood at Rs. 273.15 and Rs. 234.80 respectively. The current market cap of the company is Rs. 2493.01 crore. The promoters holding in the company stood at 74.76% while Institutions and Non-Institutions held 17.38% and 7.85% respectively. Eros International Media (Eros), a leading global company in the Indian film entertainment industry has continued its partnership with Sajid Nadiadwala to release the third instalment of the hugely successful comedy franchise Housefull. Following the unprecedented success of the first two in the series, Eros once again teams up with Nadiadwala Grandson Entertainment (NGE) for the much awaited Housefull 3, directed by writer-turned-director duo Sajid-Farhad. The film is slated for a 2015 release. Eros International Media is a part of the Eros Group., which has an extensive film library and is in the business of sourcing Indian and other film content and exploiting it worldwide through its offices in India, UK, USA, UAE, Singapore, Australia, the Isle of Man and Fiji across formats such as theatres, home entertainment, television and digital new media.

Bajaj Auto trades higher on the bourses

Bajaj Auto trades higher on the bourses

Sep 18,2014   12:51 Hrs IST

Bajaj Auto is currently trading at Rs. 2345.00, up by 29.85 points or 1.29% from its previous closing of Rs. 2315.15 on the BSE. The scrip opened at Rs. 2315.50 and has touched a high and low of Rs. 2350.70 and Rs. 2306.70 respectively. So far 8336 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2380.00 on 08-Sep-2014 and a 52 week low of Rs. 1796.00 on 04-Feb-2014. Last one week high and low of the scrip stood at Rs. 2372.00 and Rs. 2295.00 respectively. The current market cap of the company is Rs. 67596.14 crore. The promoters holding in the company stood at 50.02% while Institutions and Non-Institutions held 25.67% and 24.29% respectively. Pune-based automaker Bajaj Auto has announced a contribution of Rs 20 crore for the Prime Minister's National Relief Fund. The company has contributed this amount to provide relief efforts in the flood ravaged areas of Jammu & Kashmir (J&K). Jammu and Kashmir has seen unforeseen disaster and damage to property and infrastructure worth crores of rupees. The company would like to join the Government’s effort to help in relief operations in flood-ravaged Jammu & Kashmir and provide all support to the affected countrymen in the State. Bajaj Auto is a $2.3 billion company founded in 1926. It is world’s fourth largest two and three-wheeler manufacturer. Bajaj Auto has three plants in all, two at Waluj and Chakan in Maharashtra and one plant at Pant Nagar in Uttaranchal.

Reserve Bank eases FDI norms to issue shares to NRIs

Reserve Bank eases FDI norms to issue shares to NRIs

Sep 18,2014   10:02 Hrs IST

Giving a reason to cheer to the India Inc. Reserve Bank of India (RBI) has allowed companies to issue equity shares to a resident outside India against any type of fund, subject to certain conditions like entry route, sectoral cap, pricing guidelines and compliance with the applicable tax laws. RBI reviewed the existing guidelines in consultation with the Government of India and, accordingly, decided to permit issue of equity shares against any other funds payable by the investee company, remittance of which does not require prior permission of the Government of India or Reserve Bank of India under FEMA, 1999 or any rules/ regulations framed or directions issued thereunder As per the latest RBI guidelines the equity shares shall be issued in accordance with the existing FDI guidelines on sectoral caps, pricing guidelines and the issue of equity shares under this provision shall be subject to tax laws as applicable to the funds payable and the conversion to equity should be net of applicable taxes. Earlier, an Indian company under the automatic route could issue shares/convertible debentures to a person resident outside India against lump-sum technical know-how fee, royalty External Commercial Borrowings (other than import dues deemed as ECB or Trade Credit) and import payables of capital goods by units in Special Economic Zones. Through government route, FDI in activities not covered under the automatic route requires prior approval of the Government which are considered by the Foreign Investment Promotion Board (FIPB), Department of Economic Affairs, Ministry of Finance. Indian companies having foreign investment approval through FIPB route do not require any further clearance from RBI for receiving inward remittance and issue of shares to the foreign investors.

BHEL strengthens on plan of developing a 20 MW solar power plant at Manamunda

BHEL strengthens on plan of developing a 20 MW solar power plant at Manamunda

Sep 17,2014   01:07 Hrs IST

Bharat Heavy Electricals is currently trading at Rs. 217.30, up by 1.30 points or 0.60% from its previous closing of Rs. 216.00 on the BSE. The scrip opened at Rs. 217.00 and has touched a high and low of Rs. 218.45 and Rs. 215.10 respectively. So far 173146 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 291.50 on 26-May-2014 and a 52 week low of Rs. 126.40 on 18-Sep-2013. Last one week high and low of the scrip stood at Rs. 225.65 and Rs. 215.00 respectively. The current market cap of the company is Rs. 53174.11 crore. The promoters holding in the company stood at 63.06% while Institutions and Non-Institutions held 32.52% and 4.42% respectively. Bharat Heavy Electricals (BHEL) is planning to develop a 20 MW solar power plant at Manamunda industrial estate in Boudh district. The engineering and manufacturing major will also operate and maintain the plant for a period ten years. The solar plant at Manamunda will be set up over 100 acres of land entailing an investment of about Rs 150 crore. BHEL is currently engaged in the design, engineering, manufacture, construction, testing, commissioning and servicing of a wide range of products, systems and services for the core sector companies in the field of power, transmission, transportation, renewable energy, oil and natural gas and defence.