Coal India gets nod for MCL project worth Rs 11363.18 crore

Coal India has received its board's approval for Project Report of 2X800 MW Coal-based Super-critical Thermal Power Plant (STPP), Hemgir (Sundargarh, Odisha), MCL with a total capital investment of Rs 11363.18 crore. This Project is being set up by Mahanadi Basin Power (MBPL) a wholly owned subsidiary of Mahanadi Coalfields, which is a wholly owned subsidiary of Coal India. 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.

BF Utilities reports 26% drop in Q4 net profit

BF Utilities has reported results for the fourth quarter ended September 30, 2014. The company has registered 25.78% fall in its net profit at Rs 4.26 crore for the quarter under review as compared to Rs 5.74 crore for the same quarter in the previous year. Total income of the company has decreased by 21.83% at Rs 9.7 crore for quarter under review as compared to Rs 12.41 crore for the quarter ended September 30, 2013. The Company has reported a fall of 73.61% in its net profit at Rs 1.29 crore for the year ended as compared to Rs 4.89 crore for the previous year. Total income of the company has decreased by 14.92% at Rs 25.19 crore for year ended under review as compared to Rs 29.61 crore for the year ended September 30, 2013.

Bond yields fall to a 16-month low on Friday

Bond yields fell to a 16-month low on Friday, tracking the fall in global crude oil prices after oil producers' club OPEC decided not to cut oil output. The yields also slipped tracking overnight drop of US treasury yields. Though, losses were limited as the central bank announced an open market sale of up to Rs 12,000 crore worth of debt on December 1, 2014. Meanwhile, prevailing caution ahead of the release of Q2 GDP data due to be released on Friday and estimated to have grown at 5% or even lower in the second quarter of 2014-15, sharply lower than the 5.7% witnessed in the first quarter also weighed on the sentiment On an assessment of current and evolving liquidity conditions, Reserve Bank has decided to conduct sale of government securities under Open Market Operations for an aggregate amount of Rs 12,000 crore on December 1, 2014 through multi-security auction using the multiple price method. On the global front, benchmark U.S. Treasury yields hit their lowest levels in over a month on Wednesday, while long-dated yields hit more than one-month lows for a second straight day on weaker-than-expected U.S. economic data and continued low yields in Europe. Meanwhile, brent crude held above $72 a barrel on Friday, close to a four-year low touched in the previous session after OPEC decided not to cut oil output to support prices. Back home, the yields on new 10 year Government Stock 2023 was trading 4 basis points lower at 8.11% from its previous close of 8.15% on Thursday. The benchmark five-year interest rate swaps were trading 7 basis points lower at 7.16% from its previous close of 7.23% on Thursday. The Government of India have announced the sale (re-issue) of the Government Stock through auctions to be held on November 28, 2014, including (i) 8.27 per cent GS 2020 for a notified amount of Rs 3000 crore (ii) 8.40 per cent GS 2024 for a notified amount of Rs 6000 crore and (iii) 9.20 per cent GS 2030 for a notified amount of Rs 2000 crore and (iv) New 30 Years GS for a notified amount of Rs 3000 crore.

Crude oil futures decline on MCX

Crude oil futures declined on MCX as speculators indulged in reducing their exposures amid a weakening trend in Asian trade where it plunged to over four-year lows after the OPEC cartel refused to cut production. The contract for December delivery was trading Rs 4232.00, down by 1.37% or Rs 59.00 from its previous closing of Rs 4291.00. The open interest of the contract stood at 23236.00 lots. The contract for January delivery was trading at Rs 4267.00, down by 1.39% or Rs 60.00 from its previous closing of Rs 4327.00. The open interest of the contract stood at 2177.00 lots on MCX.

Avantha Holdings sells 8% stake in Crompton Greaves to institutional investors

Avantha Holdings has sold 52 million shares, representing about 8% of its stake in Crompton Greaves to institutional investors Goldman Sachs and Merrill Lynch Capital Markets at Rs 193 a share. Avantha Holdings is planning to raise about Rs 3,000 crore from asset sales and the proceeds will be used to cut the group’s debt. Further, Avantha Holdings is also planning to cut stake in the Crompton Greaves’ consumer product business, which is being hived off as a separate subsidiary. Avantha Group has been under pressure to cut debt raised through private equity firms and banks for its power business and earlier in the week had also announced its plan to sell of a 600-Mw power plant in Chhattisgarh to Adani Power for Rs 4,200 crore. Crompton Greaves is a global pioneering leader in the management and application of electrical energy. With more than 15,000 employees across its operations in around 85 countries, CG provides electrical products, systems and services for utilities, power generation, industries, and consumers.

Record high opening: Sensex jumps 300 pts, Nifty eyes 8600

Equity benchmarks started of December series on a strong note with the Sensex and Nifty hitting an all-time highs led by banking and financials. The Sensex climbed 277.05 points or 0.97 percent to 28715.96, and the Nifty rose 83.60 points or 0.98 percent to 8577.80. About 971 shares have advanced, 258 shares declined, and 27 shares are unchanged on the Bomaby Stock Exchange.   ICICI Bank, SBI, M&M, Axis Bank, Tata Motors, BPCL, Asian Paints and Jindal Steel topped the buying list, up 2-4 percent while Gail and Infosys are marginally in red. Cairn India fell 3.56 percent and DLF declined 1.59 percent. Indian rupee has opened lower by 6 paise at 61.93 a dollar on Friday, compared to previous day's closing value of 61.87 per dollar. Pramit Brahmbhatt, Veracity says investors are likely to trade cautiously today as markets are already trading near all-time high levels & investors are short of confidence & are unsure of market upside. According to him, the rupee is expected to trade rangebound to slightly weak, taking cues from a strong Dollar. "Range for the day is seen between 61.40-62.20/dollar," he adds. 

Ceat raises Rs 400 crore through QIP

Ceat, one of India’s leading tyre manufacturing companies, has raised Rs 400 crore through a qualified institution placement (QIP). The funds will be used for capacity expansion. The company will issue 44,94,382 equity shares at a price of Rs 890 per equity share. Earlier, the company’s Board of Directors had approved an investment of Rs. 420 crore for setting up a plant for manufacture of 2-3 wheeler tyres with a capacity of 120 metric tonnes per day. Ceat is among the best tyre manufacturers in India. It manufactures a wide range of tyres for two-wheelers, three-wheelers, four-wheelers, tractors and tippers and trucks. Besides tyres, the company also manufactures and markets tubes and flaps.

AXIS MF introduces Fixed Term Plan - Series 73 (1098 days)

AXIS Mutual Fund has launched the New Fund Offer (NFO) of AXIS Fixed Term Plan - Series 73 (1098 days), a close ended income scheme. The NFO opens for subscription on Nov 28, 2014 and closes on Dec 03, 2014.  No entry load or exit load will be applicable for the scheme. The minimum subscription amount is Rs 5,000 in multiples of Re. 10/- thereafter. The investment objective of the scheme is to generate returns through a portfolio of debt & money market instruments that are maturing on or before the maturity of the respective plan(s).

Coal India, Essar Steel and Punj Lloyd to see some action today

Coal India will soon start mining in Mozambique, which, along with the projects of the Adani group in Australia and Sanjiv Goanka in South Africa, will increase supplies of the dry fuel in India. The final phase of exploration for Coal India's A1 and A2 mining blocks at Tete Province in Mozambique is complete. Coal sampling is in progress. Geological report and detailed project report will be prepared. Essar Steel has commissioned  its Integrated Pellet Complex comprising an iron ore beneficiation facility at Dabuna in Keonjhar district and a six million tonne per annum (MTPA) pellet plant at Paradip connected by a 253 km long slurry pipeline. The company has invested `6000 crore in the project, designed to process low grade iron ore fines into pellets that can be used as raw material for steel making. Punj Lloyd will soon foray into the power transmission and distribution business and is preparing a blueprint for the same. The government’s initiative to build independent transmission projects is the prime reason for the company’s foray into that space. The Ministry of Power has earlier announced setting up of independent transmission projects by seeking greater participation from the private sector. The objective of this initiative is to develop transmission capacities in India. Britannia Industries has tied up with e-tailer Amazon India for a pilot launch of Good Day Chunkies, a new chocolate chip cookie, for a period of 15 days. The offer, which is currently on, will close on December 5, following which the product will hit offline stores. Interestingly, Britannia is the first biscuit company in the country to leverage e-commerce for brand promotions ahead of players such as Parle Products and Mondelez. The Bombay High Court has adjourned the NSEL-FTIL merger matter till December 22, giving the government time till then to file its reply on why the amalgamation should go through. The government on the recommendation of commodity market regulator FMC passed a  draft order to merge NSEL with FTIL last month in public interest. Odisha's nodal agency for land acquisition and industrial infrastructure development, Odisha Industrial Infrastructure Development Corporation (Idco) has sought the nod of the state government to execute a memorandum of understanding (MoU) with Indian Oil Corporation(IOCL). The pact's objective is to chalk out a roadmap for development of a petrochemical complex at Paradeep. The petrochemical complex to set up by IOCL is a part of the PCPIR (petroleum, chemicals and petrochemicals investment region) hub. The PCPIR hub is planned across an area of 284 sq km straddling the coastal districts of Jagatsinghpur and Kendrapara. Ceat has raised Rs 400 crore through a qualified institutional placement and the funds would be utilised for expansion. The company will issue 4494,382 equity shares at a price of Rs. 890.00 per share. The issue price translates to a discount of approximately 0.8 per cent on closing price on November 26, 2014. Wintac has decided to hive-off Trade Marks and Marketing Division for the marketing of the Oncology Products in order to have complete focus on the core activity of Product Development and Manufacturing activity for the Regulated Export markets. The size of the Oncology Division business was small and during the previous financial year (2013-14) recorded a sales of Rs. 201 lakhs and contributes about 6.48% to the sales turnover of the Company.

Amtek India gains on plan to raise up to Rs 200 crore

Amtek India is currently trading at Rs. 87.40, up by 0.85 points or 0.98% from its previous closing of Rs. 86.55 on the BSE. The scrip opened at Rs. 87.30 and has touched a high and low of Rs. 88.60 and Rs. 87.00 respectively. So far 71381 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 137.85 on 16-Jun-2014 and a 52 week low of Rs. 54.50 on 20-Dec-2013. Last one week high and low of the scrip stood at Rs. 95.00 and Rs. 85.75 respectively. The current market cap of the company is Rs. 2441.86 crore. The promoters holding in the company stood at 71.12 % while Institutions and Non-Institutions held 9.75 % and 19.13 % respectively. Automobile parts maker Amtek India is planning to raise up to Rs 200 crore by issuing non-convertible preference shares. In this regard, the company’s board at its meeting held on November 24, 2014, has considered and approved issuance of non-convertible preference shares up to Rs 200 crore. Recently, the company reported 12.13 per cent increase in net profit at Rs 61.82 crore for the quarter ended September 30, compared with Rs 55.13 crore in the year-ago period. Net sales of the company stood at Rs 760.09 crore, up 36.15 per cent as against Rs 558.25 crore in the same quarter last year. Amtek India, India’s largest iron casting company, is a majority owned subsidiary of Amtek Auto, the flagship company of the Amtek Group.

PC Jeweller to open 48th showroom in Uttar Pradesh

PC Jeweller will be opening its 48th showroom, Civil Lines, Bareilly (Uttar Pradesh) on November 30, 2014. Earlier, the company had opened its showroom on October 19, 2014, at 190/2, Krishna Nagar, Mathura in state of Uttar Pradesh. PC Jeweller is one of the leading jewellery companies in India in the organized jewellery retail sector. Its operations include the manufacture, retail and export of jewellery. The company has developed a strong brand in north and central India markets.

Religare Invesco Mutual Fund files offer document for Fixed Maturity Plan-Series 25 - Plan A to F

Religare Invesco Mutual Fund has filed offer document with SEBI to launch a Close Ended Debt Scheme as Religare Invesco Fixed Maturity Plan - Series 25 - Plan A to F. 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 3 months / 91 days: CRISIL Liquid Fund Index, For Plans having maturity of more than 3 months / 91 days and upto 36 months: CRISIL Short-Term Bond Fund Index and For Plans having maturity of more than 36 months: CRISIL Composite Bond Fund Index. The minimum application amount is Rs 5000 per application and in multiples of Rs 10 thereafter. The investment objective of the scheme is to  generate income by investing in a portfolio of debt and money market instruments maturing on or before the date of maturity of the Scheme.

US markets made a green close despite a lackluster day of trade

US markets made a positive close on Wednesday with trade remaining lackluster and the traders in a holiday mood, as the market will be closed on Thursday, while Friday will be a half-day session. Traders were also cautious with mixed set of macro data, while the US consumer spending rose modestly in October and the consumer confidence was near a 7-1/2-year high, a measure of business spending plans fell for a second straight month. Also, the Labor Department released a report before the start of trading, showing an unexpected increase in initial jobless claims in the week ended November 22nd. The report said initial jobless claims rose to 313,000, an increase of 21,000 from the previous week's revised level of 292,000. Separately, pending home sales in the US despite unexpectedly declining in the month of October remained at a healthy level. National Association of Realtors’ pending home sales index tumbled 1.1 percent to 104.1 in October from an upwardly-revised 105.3 in September. A Commerce Department report said durable goods orders climbed by 0.4 percent in October following a revised 0.9 percent decrease in September. The Dow Jones industrial average gained 12.81 points or 0.07 per cent, to 17,827.75, the S&P 500 ended higher by 5.8 points or 0.28 per cent, to 2,072.83, while the Nasdaq Composite added 29.07 points or 0.61 per cent, to 4,787.32. Indian ADRs made a mixed closing on Wednesday, HDFC Bank was up by 0.49%, Wipro was up by 0.07% and Infosys was up by 1.02%. On the other hand ICICI Bank was down by 0.16% and Tata Motors was down by 1.26%.

RCom strengthens on plan to raise funds by issuing US dollar-denominated debt instruments

Reliance Communications is currently trading at Rs 103.25, up by 0.90 points or 0.88% from its previous closing of Rs 102.35 on the BSE. The scrip opened at Rs. 101.55 and has touched a high and low of Rs. 104.70 and Rs. 101.50 respectively. So far 610944 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 156.90 on 10-Jun-2014 and a 52 week low of Rs. 93.10 on 26-Sep-2014. Last one week high and low of the scrip stood at Rs. 116.35 and Rs. 99.50 respectively. The current market cap of the company is Rs. 24695.78 crore. The promoters holding in the company stood at 58.25% while Institutions and Non-Institutions held 31.33% and 10.19% respectively. In a bid to refinance $255 million of overseas loans, Reliance Communications (RCom) is planning to raise funds by issuing US dollar-denominated debt instruments. The proceeds will be used to repay existing foreign currency debt to avail of longer maturity redemption period. There will be no increase in the company's overall borrowing. The notes, if issued, will be listed on the Singapore Stock Exchange. The notes won't be available to investors in the US or India. The company’s net debt fell by Rs 3,900 crore to Rs 36,334 crore at the end of September after it raised funds via an institutional share sale. Reliance Communications is India’s foremost and truly integrated telecommunications service provider. The company, with a customer base of about 150 million, including over 2.5 million individual overseas retail customers, ranks among the Top 4 Telecom companies in the world by number of customers in a single country.

Ranbaxy, MRF and Bank of Baroda to see some action today

DC Federal Court in the U.S. has not granted Ranbaxy Laboratoriestemporary restraining order to block the U.S. health regulator from approving other ANDAs for generic versions of digestive disorder medicine Nexium and anti-viral Valcyte.  However, the court ordered the parties to the suit to agree upon a schedule for filing additional legal briefs, addressing Ranbaxy’s request for a preliminary injunction by November 21, 2014. Ranbaxy Laboratories had sued USFDA over revoking an approval to sell generic versions of Nexium and Valcyte in the US market. It had also sought restraining the approval given by the USFDA to Dr Reddy’s Laboratories and Endo Pharmaceuticals from launching generics of Valcyte. MRF has posted 72.14 per cent increase in net profit at Rs 316.91 crore for its fourth quarter ended September 30, on account of robust sales. The company had posted a net profit of Rs 184.10 crore during the same period of previous fiscal. Net sales of the company rose to Rs 3,359.91 crore for the fourth quarter, 2013-14, as against Rs 3,145.70 crore in the same period of the previous fiscal. Bank of Baroda has decided to raise funds by way of private placement of AT-1 Bonds (Basel lll Compliant- Tier l) of Rs 1000 crore with a green shoe option of additional Rs 500 crore, limiting the aggregate issue size up to Rs 1500 crore. This is to augment Additional Tier- I Capital of the Bank. The Exchange had sought clarification from Puravankara Projects with respect to press release dated November 26, 2014 titled "Puravankara enters into Prime Land Deal in Pune - Land Parcel Earmarked for Joint Prime Residential Development". In this regard, the Exchange has advised the Company to provide clarification/confirmation with respect to the following: (1) Consideration (2) Names of Parties in the Joint Venture. The US Food and Drug Administration (FDA) has issued a Form 483 to Hyderabad-based Dr Reddy's Laboratories where the drug regulator raised inspectional observations at the latter's active pharmaceutical ingredients (API) facility located in the Srikakulam district of Andhra Pradesh. Dewan Housing Finance Corporation (DHFL), India's second largest private sector housing finance company, is bullish on the housing finance market in Uttar Pradesh. The company is targeting 150% growth in loan book in UP from Rs 400 crore to Rs 1,000 crore by March 2016. It also targets to expand its footprint to 30 locations from 16 at present. DHFL loan book outstanding grew 25% to Rs 44,742 crore in July-Sep 2014 quarter against Rs 35,805 crore in the corresponding quarter of previous fiscal. Almost 70% of its advances happened in the top 15 urban centres compared to about 85% three years back. Rating agency Moody's has downgraded Indian Overseas Bank's (IOB) financial strength rating from ‘D-' to ‘E+’. The rating action reflects weakening asset quality and capital profile. However, rating agency affirmed IOB's senior unsecured and local currency deposit ratings at ‘Baa3’. It reflects the high likelihood of support that senior creditors of public sector lender IOB can expect to receive from the Government of India (Baa3 stable). The government of India holds 73.80% stake in Chennai-based lender. IOB reported a loss for the quarter ended 30 September 2014 due to lower operating revenues and higher provisioning expenses. Falling global prices and subdued demand may prompt country's largest iron ore miner NMDC to cut the price of steel-making raw material for the second month in a row in December.  The company had reduced the rate of lumps, which has higher iron content, by Rs 200 per tonne for November to Rs 4,400 a tonne, after holding the price for previous four months.  The company, however, rolled over the October price for fines, the inferior grade of the raw material, now stands at Rs 3,16o per tonne.  The possible reduction in the price of iron ore is likely to happen because of two major reasons - subdued demand in the domestic market and nose-diving international prices of the raw material. Aris International has decided to cancel the acquisition of NBFC Company namely Jeewan Commodities because of non completion of formalities of shifting of NBFC under the jurisdiction of RBI, Maharashtra.

Valecha Engineering bags projects worth Rs 157.95 crores

Valecha Engineering, a leading infrastructure company has bagged projects worth Rs 157.95 crore. First project includes upgrading/improvement works of Joleshor-Loharpatti section of Janakpur Parikarma road at Kathmandu, Nepal worth Rs 19.88 crores. Another project includes construction of flyover and underpasses at Hero Honda chowk at km 36.175 on Delhi Gurgaon section of access controlled highway of NH-8 in the state of Haryana worth Rs 138.07 crores. Valecha Engineering is engaged in the construction of major infrastructure and engineering projects such as irrigation dams, reservoirs and canals, roads, highways and expressways, bridges and tunnels, railways, airports and foundation and piling works. Presently, the company is focusing on getting an appropriate product mix involving leading edge infrastructure technologies which will help it to achieve a de-risked business model and increased operation growth.

Tech Mahindra rises on launching Telematics Platform for the Insurance Industry

Tech Mahindra is currently trading at Rs 2637.00, up by 15.85 points or 0.60% from its previous closing of Rs. 2621.15 on the BSE. The scrip opened at Rs 2623.00 and has touched a high and low of Rs 2640.90 and Rs. 2603.00 respectively. So far 10131 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2741.00 on 21-Nov-2014 and a 52 week low of Rs. 1661.20 on 09-Dec-2013. Last one week high and low of the scrip stood at Rs. 2741.00 and Rs. 2582.00 respectively. The current market cap of the company is Rs. 61806.77 crore. The promoters holding in the company stood at 35.99% while Institutions and Non-Institutions held 50.27% and 13.74% respectively. Tech Mahindra, a specialist provider of connected solutions, has launched Usage Based Insurance (UBI), a big data and predictive analysis driven platform for auto insurers. It allows them to adjust premiums according to actual usage patterns of individual drivers instead of industry averages. The platform is flexible to fit to the growing needs of global insurance enterprises, where the market is expected to grow $100 billion plus by the end of the decade. The solution utilizes the capabilities of Tech Mahindra and AT&T in the areas of multi-vertical, engineering and infrastructure capabilities. As a result of this, the global insurers can reduce their claim costs by up to 20%, while reducing eligible insured driver premiums up to 40%. This Usage Based Insurance solution is hosted on the seamless AT&T cloud and served through AT&T’s global Machine-to-Machine (M2M) capabilities. The initial launch encompasses two products, UBI Lite and UBI Plus. UBI Plus offers a big data driven approach that takes into account real time physical world data to provide accurate information. Tech Mahindra is a leading provider of solutions and services to the telecommunications industry with a majority stake owned by Mahindra & Mahindra. The company, since 2002 has operations in China with offices in Beijing, Shanghai, Nanjing and Guangzhou.

Bond yields edge lower tailing lower crude prices and US yields

Bond yields edged lower as fall in global crude oil prices and U.S. yields, supported sentiments. However, further fall of yields is unlikely ahead of GDP data on Friday and RBI policy review on Tuesday. Q2 GDP data is estimated to have grown at 5 per cent or even lower in the second quarter of 2014-15, sharply lower than the 5.7 per cent witnessed in the first quarter. On the global front U.S. Treasuries yields fell on Tuesday, with long-dated ones hitting their lowest in over a month, after a strong auction of five-year notes and a single major bid for long-dated U.S. debt. Meanwhile, Oil prices dropped early on Wednesday as Asia's top economies showed signs of weakness, but hopes for output cuts by producer club OPEC curbed losses. Back home, the yields on new 10 year Government Stock 2023 was trading 1 basis point lower at 8.15% from its previous close of 8.16% on Tuesday. The benchmark five-year interest rate swaps were trading 1 basis point lower at 7.27% from its previous close of 7.28% on Tuesday. The Reserve Bank of India has announced the auction of 91 and 364 days Government of India Treasury Bills for notified amount of Rs 8,000 crore and Rs 6,000 crore respectively. The auction was conducted on November 27, 2014 using 'Multiple Price Auction' method. The allocation to the non-competitive bidders will be outside the notified amount at the discretion of the Bank. The Government of India have announced the sale (re-issue) of the Government Stock through auctions to be held on November 28, 2014, including (i) 8.27 per cent GS 2020 for a notified amount of Rs 3000 crore (ii) 8.40 per cent GS 2024 for a notified amount of Rs 6000 crore and (iii) 9.20 per cent GS 2030 for a notified amount of Rs 2000 crore and (iv) New 30 Years GS for a notified amount of Rs 3000 crore.

Reliance Capital gains as Nippon Life decides to raise stake in RCAM

Reliance Capital is currently trading at Rs 495.75, up by 14.70 points or 3.06% from its previous closing of Rs. 481.05 on the BSE. The scrip opened at Rs. 479.80 and has touched a high and low of Rs 496.70 and Rs. 478.00 respectively. So far 515622 shares were traded on the counter. The BSE group 'A ' stock of face value Rs. 10 has touched a 52 week high of Rs. 668.40 on 09-Jun-2014 and a 52 week low of Rs. 304.55 on 28-Feb-2014. Last one week high and low of the scrip stood at Rs. 527.40 and Rs. 469.75 respectively. The current market cap of the company is Rs. 12139.17 crore. The promoters holding in the company stood at 54.14% while Institutions and Non-Institutions held 27.26% and 18.35% respectively. Nippon Life Insurance (NLI), a Fortune 100 company and the seventh largest life insurer in the world, has decided to increase its stake in Reliance Capital Asset Management (RCAM), a part of Reliance Capital. NLI will be increasing its stake in Reliance Capital Asset Management from the existing 26 per cent to 49 per cent in two or more tranches. The Boards of Directors of both the companies - Nippon Life Insurance and Reliance Capital Asset Management - have approved the stake increase by the Japanese partner, subject to regulatory approvals. NLI will be investing an aggregate value of Rs 657 crore ($108 million) to acquire an additional stake of 9% in RCAM in the first tranche, to reach a 35% stake. The transaction pegs Reliance Capital Asset Management’s valuation at Rs 7,300 crore ($1.2 billion), the highest valuation till date for any asset management company in the country. This transaction is expected to be completed within the current financial year, subject to receipt of regulatory approvals. Reliance Capital Asset Management is the largest asset manager in India managing Rs. 2,18,338 crore ($36.0 billion) as on September 30, 2014, across mutual funds, pension funds, managed accounts and offshore funds.

SAIL plans to increase hot metal production capacity

Steel Authority of India (SAIL) is planning to increase its Rourkela Steel Plant's installed capacity of producing hot metal to 10 million tonnes per annum (MTPA) from the present level of around 4.5 MTPA.  Besides, the company is also planning to expand the capacity of its mines. Earlier, the company was in the process of finalising plan to increase the production capacity to 50 MTPA by 2025. SAIL is India's largest steel producing company. The company is among the five Maharatnas of the country's Central Public Sector Enterprises. The company has five integrated steel plants, three special plants, and one subsidiary in different parts of the country.

Birla Sun Life MF introduces Fixed Term Plan - Series ME (1099 days)

Birla Sun Life Mutual Fund has launched the New Fund Offer (NFO) of Birla Sun Life Fixed Term Plan - Series ME (1099 days), a close ended income scheme. The NFO opens for subscription on Nov 25, 2014 and closes on Dec 10, 2014.  No entry load or exit load will be applicable for the scheme. The minimum subscription amount is Rs 5,000 and in multiples of Rs.10 thereafter. The scheme’s performance will be benchmarked against CRISIL Composite Bond Fund Index and its fund manager is Kaustubh Gupta The investment objective of the scheme is to generate income by investing in a portfolio of fixed income securities maturing on or before the duration of the scheme.

GMR Infrastructure receives SEBI approval to raise funds upto Rs 1500 Crore

GMR Infrastructure has received approval from Securities and Exchange Board of India (SEBI) to raise funds upto Rs 1500 crore through rights issue.  The funds raised from the issue would be utilised towards repayment of certain borrowings availed by GMR Infrastructure, investment in its subsidiary - GMR Energy Ltd - as well as for general corporate purposes. In a rights issue, shares are issued to existing investors as per their holding at a pre-determined price and ratio. GMR Infrastructure is a Bangalore headquartered global infrastructure major with interests in Airports, Energy, Highways and Urban Infrastructure sectors. It has successfully employed the public-private partnership model to build a portfolio of high quality assets.

Atul Auto gains as Birla Mutual Fund buys stake

Atul Auto is currently trading at Rs 441.00, up by 23.50 points or 5.63% from its previous closing of Rs. 417.50 on the BSE. The scrip opened at Rs. 422.00 and has touched a high and low of Rs. 444.00 and Rs. 410.00 respectively. So far 168127 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 5 has touched a 52 week high of Rs. 447.00 on 12-Sep-2014 and a 52 week low of Rs. 135.00 on 24-Feb-2014. Last one week high and low of the scrip stood at Rs. 434.00 and Rs. 380.00 respectively. The current market cap of the company is Rs. 941.36 crore. The promoters holding in the company stood at 55.07% while Institutions and Non-Institutions held 6.85% and 38.07% respectively. Birla Mutual Fund has acquired 200,000 equity shares of Atul Auto at Rs 405 per share through a bulk deal. Meanwhile, Vijay Kishanlal Kedia sold 175,000 shares of the company at Rs 405. Recently, Kedia Securities has sold 3.21 lakh shares of Atul Auto through the open market route. The shares were sold on an average price of Rs 398.07 valuing the transaction to Rs 12.78 crore. Atul Auto is a leading manufacturer of 3-Wheeled Commercial Vehicles in the state of Gujarat, presently engaged in the manufacturing of Three Wheelers like 6-seater Auto Rickshaws, Pick-Up Vans and Chassis of Passenger Vehicles.

GAIL rises on plan to sign gas-supply pact with Vega Energy Partners

GAIL (India) is currently trading at Rs. 476.80, up by 2.10 points or 0.44% from its previous closing of Rs. 474.70 on the BSE. The scrip opened at Rs. 471.10 and has touched a high and low of Rs. 479.70 and Rs. 470.00 respectively. So far 43765 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 551.35 on 31-Oct-2014 and a 52 week low of Rs. 323.50 on 27-Nov-2013. Last one week high and low of the scrip stood at Rs. 502.00 and Rs. 469.25 respectively. The current market cap of the company is Rs. 60576.14 crore. The promoters holding in the company stood at 56.11% while Institutions and Non-Institutions held 40.01% and 2.32% respectively. State-run gas utility GAIL India is reportedly planning to sign a gas-supply agreement with Houston-based Vega Energy Partners soon. The deal is for supplying gas to the Cove Point LNG Terminal project located at Lusby in Maryland, US. Vega Energy Partners is engaged in the management, optimization, and development of natural gas assets. The $3.8-billion Cove Point LNG project is owned by Dominion Cove Point LNG, LP with which GAIL had signed a terminal service agreement in April 2013 (through GAIL Global (USA) LNG LLC) for booking 2.3 million tonnes per annum (mtpa) liquefaction capacity in Cove Point LNG Terminal. Earlier in November, the company signed a Memorandum of Understanding (MoU) with State Oil Company of Republic of Azerbaijan (SOCAR). Under the MoU, GAIL and SOCAR intend to jointly pursue LNG opportunities through capacity booking, LNG procurement and promotion of LNG projects globally. GAIL is India’s flagship natural gas company integrating all aspects of the natural gas value chain including exploration and production, processing, transmission, distribution and marketing and related services.

Kotak Mahindra Bank gets RBI’s nod to form arm to enter into General Insurance Biz

Kotak Mahindra Bank has received approval from Reserve Bank of India (RBI) to form a subsidiary to enter the General Insurance business. The bank had earlier received an in-principle approval from Insurance Regulatory and Development Authority (IRDA) for incorporation of a General Insurance Company. The company would now be required to apply and complete the registration process with IRDA to act as a General Insurance company, subject to the provisions of Insurance Act 1938, Companies Act, 2013, regulations notified by IRDA and all other laws prevailing in India. Kotak Mahindra Bank is engaged in commercial banking, stock broking, mutual funds, life insurance and investment banking. The bank has an international presence through its subsidiaries with offices in London, New York, Dubai, Mauritius, San Francisco and Singapore that specialize in providing services to overseas investors seeking to invest into India.

Ricoh India bags order worth Rs 1370 crore

Ricoh India has bagged order worth Rs 1370 crore from Department of Posts, Government of India towards 5 Year Project of Rural Information and Communication Technology (ICT) of Department of Posts, Government of India. Ricoh India is a leading global player in the area of imaging solutions like Digital Plain Paper Copiers, Colour Plain Paper Copiers, Colour & Mono Lazer Printers, Fax machines, Thermal paper etc.

Asian markets exhibit mixed trade in early deals on Tuesday

Asian equity indices are exhibiting mixed trade in early deals on Tuesday, following the previous session's sharp rally after an unexpected rate cut announcement from the Chinese central bank lifted stocks across the board. On the regional front, the Japanese stock market is trading higher tracking the overnight gains on Wall Street and playing catch-up with its Asian peers following Monday's holiday. Besides, weakness in yen versus the dollar, boosting the outlook for export earnings, amid growing confidence in the global economy also contributed to the upside. On the economic front, the Bank of Japan expanded its massive quantitative and qualitative easing in a 5-4 vote, raising the monetary base at an annual pace of about 80 trillion yen. The Chinese stock market improved amid speculation the government will extend cuts in interest rates and accelerate state-owned enterprise reform to support the economy. Among other markets in the Asia-Pacific region, Hong Kong, Singapore, Indonesia and South Korea are trading marginally lower. Meanwhile, Shanghai, Malaysia and Taiwan are modestly higher. Nikkei 225 soared 45.15 points or 0.26% to 17,402.66, Shanghai Composite added 17.90 points or 0.71% to 2,550.78, FTSE Bursa Malaysia KLCI strengthened by 4.97 points or 0.27% to 1,838.74 and  Taiwan Weighted was up by 9.70 points or 0.11% to 9,132.03. On the flip side, Hang Seng dropped by 30.23 points or 0.13% to 23,862.91, KOSPI Index slipped 1.16 points or 0.06% to 1,977.38, Straits Times contracted by 1.32 points or 0.04% to 3,339.21 and Jakarta Composite was down by 16.69 points or 0.32% to 5,125.07.

Essar Steel raises $1 billion through long term export securitization

In a bid to pre-pay existing rupee debt, Essar Steel has raised $1 billion through long term export securitization. The company had earlier raised $1 billion through external commercial borrowings (ECB) route. With this financing, the company has dollarised $2 billion of its debt which has led to significant benefits. The move was prompted by reduction in average interest cost from the rupee linked rate to the dollar. The conversion is estimated to save an interest to the tune of Rs 720 crore annually on elongation of the average maturity period of its debt from 3.5-6.75 years. It will help Essar Steel to de-risk its balance sheet as its revenues are dollar linked or dollar denominated and hence provides a natural hedge for dollar denominated debt. Essar Steel, as part of its business activity of steel manufacturing has a gas plant which produces oxygen, nitrogen, and argon gases, while Inox Air Products is engaged in the business of manufacturing and supplying industrial gases across India.

Ashok Leyland rises on selling 32% stake in HTL

Ashok Leyland is currently trading at Rs. 51.95, up by 0.20 points or 0.39% from its previous closing of Rs. 51.75 on the BSE. The scrip opened at Rs. 51.95 and has touched a high and low of Rs. 52.20 and Rs. 51.75 respectively. So far 83,000 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 56.15 on 13-Nov-2014 and a 52 week low of Rs. 14.90 on 17-Feb-2014. Last one week high and low of the scrip stood at Rs. 55.75 and Rs. 51.55 respectively. The current market cap of the company is Rs. 14727.41 crore. The promoters holding in the company stood at 38.82% while Institutions and Non-Institutions held 34.70% and 14.10% respectively. Hinduja Group flagship company Ashok Leyland has sold 32 per cent stake in its subsidiary firm Hinduja Tech (HTL) to a strategic investor. However, the company did not disclose the amount for which the stake has been sold. Consequent to the allotment of equity shares to the strategic investor, the holding of Ashok Leyland now stands at 68 per cent from 100 per cent. Hinduja Tech was incorporated in 2009 with a focus to provide engineering, manufacturing and enterprise (EME) services and solutions for automotive, aerospace, defence, industrial and general manufacturing industries, while Ashok Leyland is engaged in the manufacturing of commercial vehicles and related components. The company’s products include buses, trucks, engines, defense and special vehicles.

Bharti Airtel inks pact with American Tower for Nigeria tower sale

American Tower Corporation and Bharti Airtel have entered into a definitive agreement, through Bharti Airtel’s subsidiary company, Bharti Airtel International (Netherlands) BV (Airtel),  for the sale of over 4,800 of Airtel’s communications towers in Nigeria. Airtel will be the anchor tenant on the portfolio under a lease with a ten‐year initial term.  The agreement will allow Airtel to focus on its core business and customers, enable it to deleverage through debt reduction and will significantly reduce its on‐going capital expenditures on passive infrastructure in Nigeria. American Tower and Airtel expect to close the acquisition during the first half of 2015. Bharti Airtel is a leading integrated telecommunications company with operations in 20 countries across Asia and Africa. The company ranks amongst the top 5 mobile service providers globally in terms of subscribers.

Tata Power surges as its arm emerges as a leader in the solar rooftop market

Tata Power Company is currently trading at Rs. 90.30, up by 2.20 points or 2.50% from its previous closing of Rs. 88.10 on the BSE. The scrip opened at Rs. 88.20 and has touched a high and low of Rs. 90.45 and Rs. 88.15 respectively. So far 277318 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 115.25 on 09-Jun-2014 and a 52 week low of Rs. 68.95 on 30-Jan-2014. Last one week high and low of the scrip stood at Rs. 90.60 and Rs. 87.25 respectively. The current market cap of the company is Rs. 24219.92 crore. The promoters holding in the company stood at 33.04% while Institutions and Non-Institutions held 50.93% and 15.87% respectively. Tata Power’s 100% subsidiary - Tata Power Solar (TPS), one of the pioneering solar manufacturers in the world, has emerged as a leader in the industrial and commercial rooftop segment, in the recently released India Solar Rooftop Map 2015 by Bridge To India, a leading cleantech consulting firm. Tata Power Solar also ranked 2 under the residential rooftop space, in the Solar Rooftop Map 2015. Tata Power Solar stands out as the market leader in industrial and commercial rooftop with a 15% market share and considerable lead over the rest of the players. Additionally in the residential rooftop segment, the company has been ranked 2 for cumulative residential rooftop projects with a market share of over 12%. In the solar rooftop space, Tata Power Solar has completed several prestigious projects, including commissioning of the largest rooftop solar plant in South India of 2 MW for Murugan Textiles - the largest power loom producer in India.

India Ratings assigns ‘AAA’ rating to NHPC’s non-convertible taxable bonds

India Ratings & Research (Ind-Ra) has assigned NHPC’s Rs 1600 crore secured non-convertible taxable bonds a final long-term ‘AAA’ rating. The bonds will be raised in two tranches- S1 with a tenor of 10 years with no moratorium and S2 with a tenor of 15 years including a three year moratorium period.  The funds raised will be used by NHPC to meet capital expenditure requirements of the on-going projects and recoup the expenditure already incurred. NHPC is an Indian Hydro Power Generation company that was incorporated with an objective to plan, promote and organize an integrated and efficient development of hydroelectric power in all aspects.

Canara Bank trades higher on the bourses

Canara Bank is currently trading at Rs. 399.25, up by 2.75 points or 0.69% from its previous closing of Rs. 396.50 on the BSE. The scrip opened at Rs. 404.00 and has touched a high and low of Rs. 404.00 and Rs. 396.50 respectively. So far 44789 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 498.00 on 09-Jun-2014 and a 52 week low of Rs. 209.00 on 14-Feb-2014. Last one week high and low of the scrip stood at Rs. 421.65 and Rs. 387.95 respectively. The current market cap of the company is Rs. 18392.70 crore. The promoters holding in the company stood at 69.00% while Institutions and Non-Institutions held 23.53% and 7.48% respectively. Canara Bank, a leading nationalized bank has opened new branch at Bypass Road in Madurai, taking the number of branches in its network in Madurai Circle to 185. The Bank’s Madurai Circle Office has jurisdiction over eight southern districts and is having lead bank responsibilities in Madurai and Theni districts. Over the years, the bank has been scaling up its market position to emerge as a major 'Financial Conglomerate' with as many as nine subsidiaries/sponsored institutions/joint ventures in India and abroad. In the current fiscal, the bank had opened 875 branches, taking the total number to 5,632, including seven in overseas locations. The bank opened 1,188 ATMs during the year taking the total to 7,500.

Kotak MF introduces Banking ETF

Kotak Mutual Fund has launched the New Fund Offer (NFO) of Kotak Banking ETF, a close ended income scheme. The NFO opens for subscription on Nov 24, 2014 and closes on Nov 28, 2014.  No entry load or exit load will be applicable for the scheme. The minimum subscription amount is Rs 5,000 and in multiples of Rs 1000 for purchase. The scheme’s performance will be benchmarked against CNX Bank Index and its fund manager is Deepak Gupta The investment objective of the scheme is to provide returns before expenses that closely correspond to the total returns of stocks as represented by the CNX Bank Index subject to tracking errors.

Gold futures edge higher on Monday

Gold futures edged higher on Monday on hopes that a surprise rate cut in China would boost demand for bullion in the top consumer. However, the investors weighed a stronger dollar amid the outlook for rising US borrowing costs limited the gains to some extent. Gold futures for December delivery edged up 0.32 percent at $1,202.20 an ounce on the Comex division of the New York Mercantile Exchange. While spot gold was steady at $1,202.20 an ounce

Government may allow commercial mining of coal after auction: Finance Minister

In a major policy development government will allow commercial mining of coal by private companies after allocating mines to public sector companies and auction to specific end users. Allowing private companies into commercial mining will help raise coal output as state monopoly Coal India, which produces about 80 percent of the nation's coal has missed all its output targets in last four years. Finance Minister Arun Jaitley said that 'First you give it to the state and central PSUs. Thereafter, you make a pool of all actual users and have an auction. 'Then the extra resource, while preserving the character of Coal India, without disturbing it, you then start exploring the possibility of commercial mining.' However, the minister has not given a timeline for allowing commercial mining by private firms. The government had last month promulgated an Ordinance for auctioning the 204 coal blocks whose allocation was cancelled by the Supreme Court in September. The auction and allocation of coal blocks through a transparent methodology would ensure that coal exploration will begin and the actual users will get the fuel rather than importing and putting a burden on current account. However, describing the government's move to reallocate the blocks by e-auction as 'not at all a welcome decision,” the Centre of Indian Trade Unions (CITU) has said it condemns any move to nullify the Coal Nationalisation Act.

Titan Company’s arm Tanishq re-launches gold deposit scheme

Titan Company’s jewellery retail chain arm -- Tanishq -- has revived its ‘gold harvest’ scheme, which it had to discontinue a few months back due to the new Companies Act which terms such schemes as public-deposit schemes. The old golden harvest scheme was popular with customers as they had to pay equated sums for 11 months, and the company paying up the last instalment. The customer could then buy gold worth 12 months of deposits. Titan Company is an Indian designer and manufacturer of watches, jewellery, precision engineering components and other accessories including sunglasses, wallets, bags and belts.

VA Tech Wabag shines on bagging order worth Rs 100 crore

VA Tech Wabag is currently trading at Rs. 1633.45, up by 34.30 points or 2.14% from its previous closing of Rs. 1599.15 on the BSE. The scrip opened at Rs. 1621.00 and has touched a high and low of Rs. 1649.30 and Rs. 1621.00respectively. So far 273 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 1748.00 on 30-Sep-2014 and a 52 week low of Rs. 480.00 on 27-Nov-2013. Last one week high and low of the scrip stood at Rs. 1633.80 and Rs. 1564.20 respectively. The current market cap of the company is Rs. 4309.74 crore. The promoters holding in the company stood at 29.43% while Institutions and Non-Institutions held 49.93% and 20.64% respectively. VA Tech Wabag has bagged an order from Maynilad Water Services, Philippines for construction of 20 MLD Sewage Treatment Plant (STP) at Tunasan. The project is funded by World Bank and the order value is around Rs 100 crore. After designing and building the plant, the company will operate and maintain the plant for a period of one year as part of the contract. This project is unique since this STP is constructed to handle wastewater flowing into the Laguna Lake which is one of the biggest alternate drinking water sources of Philippines. The company has already executed three projects in Philippines at Bagbag, Tatalon and Dona Imelda and is currently executing two large projects at Illugin and Putatan. VA Tech Wabag is a multinational player in the water treatment industry. It offers complete life cycle solutions including conceptualization, design, engineering, procurement, supply, installation, construction and O&M services.

HDIL re-launches Premier Exotica

In a bid to meet the needs of aspiring middle-class in the heart of the country’s financial capital, Housing Development Infrastructure (HDIL) has re-launched of its Kurla property -- Premier Exotica. The project -- Premier Exotica -- strategically located in Kurla, offers affordable luxury apartments to the aspiring middle-class of the city. Premier Exotica offers 1, 2, 3 & 4 bedroom apartments. The re-launch also witnesses additional 1 and 2 BHK apartments being added to the inventory in view of the growing importance of Kurla and strong housing demand in the region. Premier Exotica, which has all necessary approvals in place from various authorities, is in advanced stage of construction. Aimed to provide spacious homes and superior amenities, Premier Exotica boasts of a clubhouse, gymnasium, kids play area and landscaped gardens to name a few. HDIL is a real estate development company. Its business activity comprises of construction and development of residential projects, commercial, retail and slum rehabilitation projects. It is also engaged in construction of special economic zone (SEZ).

Iron ore price fall takes a massive toll in Goa e-auction

Falling iron ore prices took a big toll on the fifth round of the state government’s e-auction in Goa. Two-thirds of the allocated quantity remained unsold, as the base price was fixed higher than that in global markets. By contrast, earlier auctions saw good participation from local steel mills, sponge iron units and mineral exporters. The fifth e-auction was earlier this month and 2.3 million tonnes was offered for sale. About 699,000 tonnes was sold. Relatively poor quality of ore was another factor for the lack of buyer interest. There were no domestic taker for these grades. Besides, exports of these grades are unviable due to the 30 per cent export duty, in addition to other state levies recently imposed. Iron ore prices are down 40 per cent since January to a current $80 a tonne, due to falling demand from steel mills. Import was cheaper than buying from Goa. Of the total sales, ore-deficient JSW Steel bought 345,000 tonnes. Other major buyers were Royalline Resources, Sesa Sterlite and Bagadiya Brothers. Grade and logistics cost are the two determining factors for participation. For certain low grades, transportation cost becomes higher than the cost of mineral itself. Falling iron ore prices in the international market was another reason for selective interest in participation. Weak buying sentiment, however, may affect iron ore e-auction in future.

ICICI Bank trades higher on the BSE

ICICI Bank is currently trading at Rs 1732.80, up by 43.70 points or 2.59% from its previous closing of Rs. 1689.10 on the BSE. The scrip opened at Rs. 1690.00 and has touched a high and low of Rs. 1739.20 and Rs. 1678.50 respectively. So far 189166 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1715.00 on 13-Nov-2014 and a 52 week low of Rs. 944.25 on 04-Feb-2014. Last one week high and low of the scrip stood at Rs. 1703.95 and Rs. 1663.05 respectively. The current market cap of the company is Rs. 200521.72 crore. The promoters holding in the company stood at NA % while Institutions and Non-Institutions held 63.44 % and 7.46 % respectively. ICICI Bank, India’s largest private sector bank, is planning to introduce the NFC (Near Field Communication) based credit and debit cards in Indian markets. The NFC technology will make it super easy and fast to make payments - without having to swipe or dip your cards at the POS machines at malls and shops. All the customer will need to do is just bring a card very close (2cm) to the point of sale machine in order to make the payment. The bank will introduce these cards in Mumbai, Delhi and Hyderabad and has already tied up with 200 merchants that include shops and restaurants. ICICI Bank is India’s largest private sector bank. ICICI Bank’s subsidiaries include India’s leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Bank’s presence currently spans across 18 international locations.

KSS ties up with TV18 Broadcast for its CNBC Bazaar channel

KSS, country’s leading digital Media and Entertainment Company, has tied up with TV18 Broadcast as the leading partner of its newly launched channel CNBC Bazaar. Both the companies would not only air several programs but also host several investor education conferences. CNBC BAZAAR a new business channel from the TV18 kitty is being aired in Gujarati and gets a very reputed and strong media brand.

Recently, the company tied up with SONY Corporation, Hong Kong. With this SONY tie-up KSS became the first company in India to foray into 4K space to provide best in class movie experience for audiences.

KSS has a presence on Pan India basis through its wholly owned subsidiaries K Sera Sera Miniplex and K Sera Sera Digital Cinema.

NSE Corporate Bonds Trading report

As per the NSE data, LIC HOUSING FINANCE LIMITED 9.38 NCD 06NV15 FVRS10LAC LOA UPTO 06MR13, currently trading at Rs 100.5275 with Last Trade Yield (YTM) Annualized of 8.7653% was in maximum demand, followed by POWER FINANCE CORPORATION LTD. SR-121 A 8.9 BD 21OT17 FVRS10LAC, trading at Rs 100.8719 with YTM Annualized of 8.5300%, HOUSING DEVELOPMENT FINANCE CORPORATION LTD SR-M 018 9.34 NCD 28AG24 FVRS10LAC, trading at Rs 103.3244 with YTM Annualized of 8.8001% and LIC HOUSING FINANCE LIMITED 9.7624 NCD 08MR19 FVRS10LAC LOA UPTO 09JU14, trading at Rs 102.8573 at a YTM of 8.9000%.

Crude oil futures edge higher on MCX

Crude oil futures edged higher on MCX, as investors and speculators booked fresh positions in the energy commodity due to rising bets that the OPEC may reduce production to ease a supply glut, while a pickup in the US economy too lifted the demand outlook for the fuel.

The contract for December delivery was trading Rs 4734.00, up by 1.15% or Rs 54.00 from its previous closing of Rs 4680.00. The open interest of the contract stood at 17009.00 lots.

The contract for January delivery was trading at Rs 4762.00, up by 1.08% or Rs 51.00 from its previous closing of Rs 4711.00. The open interest of the contract stood at 1087.00 lots on MCX.

Tata Power launches two new Consumer Centres in mumbai

Tata Power, India's largest integrated power utility, has launched two Consumer Centres in Mumbai, adding to a total of 31 centres. These centres have been designed with the mantra of convenience and being closer to consumer’s homes, which will provide unmatched convenience of over-the-counter bill payment options. Tata Power has brought many such conveniences for its consumers in the area of customer care, and plans to undertake similar initiatives in the future. Tata Power is India’s largest integrated power company with a significant international presence. The Company has an installed generation capacity of 8521 MW in India and a presence in all the segments of the power sector viz. Generation (thermal, hydro, solar and wind), Transmission, Distribution and Trading.

Canara Bank opens 109 new branches

Canara Bank, a leading nationalized bank has opened 109 new branches and an equal number of ATMs on the occasion of Founders’ Day on November 19, 2014. The bank has completed 109 years of its successful banking. The bank wants to further enhance its banking, deliver faster products and offer better banking services to the customers.

Over the years, the bank has been scaling up its market position to emerge as a major 'Financial Conglomerate' with as many as nine subsidiaries/sponsored institutions/joint ventures in India and abroad. In the current fiscal, the bank had opened 875 branches, taking the total number to 5,632, including seven in overseas locations. The bank opened 1,188 ATMs during the year taking the total to 7,500.

The Bank has gone through the various phases of its growth trajectory over hundred years of its existence. Growth of Canara Bank was phenomenal, especially after nationalization in the year 1969, attaining the status of a national level player in terms of geographical reach and clientele segments.

Hindustan Zinc moves higher on the bourses

Hindustan Zinc is currently trading at Rs. 163.00, up by 0.50 points or 0.31% from its previous closing of Rs. 162.50 on the BSE.

The scrip opened at Rs. 163.00 and has touched a high and low of Rs. 164.40 and Rs. 162.55 respectively. So far 26596 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 184.00 on 09-Jun-2014 and a 52 week low of Rs. 114.80 on 26-Feb-2014.

Last one week high and low of the scrip stood at Rs. 168.95 and Rs. 160.65 respectively. The current market cap of the company is Rs. 69126.22 crore.

The promoters holding in the company stood at 64.92%, while Institutions and Non-Institutions held 33.18% and 1.89% respectively.

Hindustan Zinc is all set to make Bio-toilets in 152 schools in Rajasthan on the occasion of World’s Toilet Day with a total project cost of Rs 4 crore. The company’s decision to build 10,000 toilets and a 20 million litres a day sewage treatment plant forms a key corporate initiative under the Swachh Bharat campaign, along with efforts towards green energy and zero-discharge in business units

Hindustan Zinc manufactures three qualities of zinc -- special high grade zinc used in construction, infrastructure, household appliances etc; high grade zinc and prime western zinc. It manufactures silver used in photographic material, conductor, jewellery, etc.

Bond yields tread water on Friday; caution ahead of Rs 14,000 crore debt sale weighs

Bond yields were treading water on Friday in account of prevailing cautiousness ahead of central bank's monetary policy review on December 2, nevertheless the uptrend of yields is likely as traders could reduce their position ahead of Rs 14,000 crore debt sale later in the day. On the global front, U.S. Treasury debt prices inched higher on Thursday as investors sought the safety of government bonds amid concerns about global growth following weak manufacturing data from China and Europe. Meanwhile, brent crude briefly rose to $80 a barrel on Friday on speculation OPEC could agree to output cuts at its meeting next week, with strong U.S. economic data also bolstering oil prices. Back home, the yields on new benchmark 8.40%-2024 bonds was trading flat at Thursday’s close of 8.16%. The benchmark five-year interest rate swaps were trading 1 basis point higher at 7.36% from its previous close of 7.35% on Thursday. The Government of India announce the sale of Four dated securities for Rs 14,000 crore on November 21, 2014, including (i) 8.27% Government Stock 2020 for a notified amount of Rs 2000 crore, (ii) New 12 year Government Stock for a notified amount of Rs 6,000 crore, (iii) 8.24% Government Stock 2033 for a notified amount of Rs 3000 crore and (iv) 8.30% Government Stock 2040 for a notified amount of Rs 3000 crore respectively.

Cipla soars as its arm inks distribution pact with Serum Institute of India

Cipla is currently trading at Rs. 632.00, up by 13.40 points or 2.17% from its previous closing of Rs. 618.60 on the BSE. The scrip opened at Rs. 625.00 and has touched a high and low of Rs. 645.00 and Rs. 625.00 respectively. So far 211954 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 671.95 on 31-Oct-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. 645.00 and Rs. 593.25 respectively. The current market cap of the company is Rs. 50684.41 crore. The promoters holding in the company stood at 36.80% while Institutions and Non-Institutions held 34.67% and 27.38% respectively. Cipla’s wholly owned subsidiary, Cipla Europe NV has signed a distribution agreement with Serum Institute of India (SII), a global leader in the production of vaccines. Under the agreement, SII will develop and manufacture paediatric vaccines, while Cipla will seek European Medicines Agency approval and market the products in Europe. This collaboration with SII enables Cipla to enter into the vaccines segment, continuing our commitment to inclusive healthcare for the world. The vaccines will be manufactured in Serum’s world class production facilities approved by World Health Organisation (WHO). Cipla has emerged as one of the most respected pharmaceutical names in India as well as across more than 170 countries. Its portfolio includes 2000 products in 65 therapeutic categories with one quality standard globally.

Axis Bank trades with traction on the BSE

Axis Bank is currently trading at Rs. 479.05, up by 12.35 points or 2.65% from its previous closing of Rs. 466.70 on the BSE. The scrip opened at Rs. 465.25 and has touched a high and low of Rs. 482.20 and Rs. 465.25 respectively. So far 260314 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 485.50 on 13-Nov-2014 and a 52 week low of Rs. 215.68 on 22-Nov-2013. Last one week high and low of the scrip stood at Rs. 482.20 and Rs. 463.00 respectively. The current market cap of the company is Rs. 113102.41 crore. The promoters holding in the company stood at 28.88% while Institutions and Non-Institutions held 58.42% and 9.00% respectively. Axis Bank has launched a smart self-service terminal that allows customers to deposit as well as withdraw cash from the same machine. Customers can initiate a deposit transaction through the smart self-service terminal even without using a debit card and will receive instant credit for the deposited amount. There is no cap on the amount of cash deposited by the customer through these terminals, provided his/her PAN details are available with the bank. The smart self-service terminal will reduce the frequency of loading cash in the machine as well as the cost of idle cash as it allows cash recycling operations by dispensing deposited cash for future withdrawal transactions, thereby improving efficiency of the bank's cash operations.

Soyabean futures edge up on improved demand

Soyabean futures traded higher on NCDEX on improved demand for the bean for cattle feed in global market following robust export data from the US. However, improved International production forecasts, capped some gains in soyabean prices to some extent.

The contract for December delivery was trading at Rs 3298.00, up by 0.21% or Rs 7.00 from its previous closing of Rs 3291.00. The open interest of the contract stood at 124790 lots.

The contract for January delivery was trading at Rs 3338.00, up by 0.24% or Rs 8.00 from its previous closing of Rs 3330.00. The open interest of the contract stood at 58280 lots on NCDEX.

CARE reaffirms ratings of TCL’s bank facilities

Credit rating agency, CARE has reaffirmed ‘BBB-’ rating to Thirumalai Chemicals’(TCL’s) long term bank facilities worth Rs 205.54 crore and ‘A3’ rating to company’s Short term Bank Facilities worth Rs 376.00 crore. The ratings continue to derive strength from TCL’s experienced management, its long track record in the domestic PAN (Pthalic Anhydride) industry, healthy demand potential of its products and consistent improvement in its capital structure.

Thirumalai Chemicals is engaged in the manufacturing of industrial chemicals viz Phthalic Anhydride (PAN), Phthalate Esters (PE; diethyl phthalate and phthalimide) and food acids (maleic acid, fumaric acid and malic acid) which find applications in plastics, paints & resins industry and as additives for the food industry.

Govt approves new Rs 43,033-crore rural electrification scheme

The government has approved rural electrification scheme Deendayal Upadhyaya Gram Jyoti Yojana, which would replace the existing Rajiv Gandhi Grameen Vidyutikaran Yojana (RGGVY) and would entail an investment of Rs 43,033 crore. The balance work relating of the ongoing scheme of RGGVY till 2022 will get subsumed in this scheme as a distinct component for rural electrification and the Cabinet Committee on Economic Affairs (CCEA), for this purpose, has already approved the scheme cost of Rs 39,275 crore including budgetary support of Rs 35,447 crore. This outlay will be carried forward to the new scheme of DDUGJY in addition to the outlay of Rs 43,033 crore. The scheme is aimed at strengthening and augmentation of sub transmission and distribution infrastructure in rural areas, including metering of distribution transformers and feeders.  It would have components to separate agriculture and non-agriculture feeders facilitating judicious rostering of supply to agricultural and non-agricultural consumers in rural areas. The estimated cost of the scheme for two components of Rs 43,033 crore, includes the requirement of budgetary support of Rs 33,453 crore from the government over the entire implementation period. Further, the scheme is likely to work towards improvement in hours of power supply in rural areas, reduction in peak load and improvement in billed energy based on metered consumption and providing access to electricity to rural households.

ICRA assigns ‘A1’ rating to CP programme of KEC International

Credit rating agency, ICRA has assigned a short-term rating of ‘A1’ to the Rs 50.00 crore Commercial Paper (CP) programme of KEC International. The rating agency has long-term rating of ‘A+’ and short-term rating of ‘A1’ outstanding on term loans, fund based limits and non-fund based limits of the company aggregating to Rs 10972.09 crore. The outlook on the long-term rating is stable. The rating takes into account the strong order book position of the company, i.e. Rs 9,322 crore as on September 2014, which provides healthy revenue visibility in the medium term as well as its diversified geographical presence. KEC International is a global infrastructure Engineering, Procurement and Construction (EPC) major. It has a presence in the verticals of power transmission, power systems, cables, railways, telecom and water.

Coromandel International trades higher on the bourses

Coromandel International is currently trading at Rs. 326.00, up by 3.85 points or 1.20% from its previous closing of Rs. 322.15 on the BSE.

The scrip opened at Rs. 328.00 and has touched a high and low of Rs. 330.95 and Rs. 324.00 respectively. So far 1014 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 340.00 on 05-Nov-2014 and a 52 week low of Rs. 195.50 on 04-Feb-2014.

Last one week high and low of the scrip stood at Rs. 330.95 and Rs. 311.05 respectively. The current market cap of the company is Rs. 9318.71 crore.

The promoters holding in the company stood at 63.20% while Institutions and Non-Institutions held 12.22% and 24.59% respectively.

Coromandel International‘s production at Visakhapatnam plant has now been stabilized and the plant is operating at its normal capacity. The operations of the plant were recently impacted due to Hudhud cyclone.

Coromandel International is the country’s second-largest phosphatic fertilizer player. Its crop protection business produces insecticides, fungicides and herbicides and markets these products in India and across the globe. The firm has also ventured into the retail business, setting up more than 640 rural retail centres in Andhra Pradesh and Karnataka.

Govt to roll out industry friendly bulk drug policy in two weeks

The Government will be rolling out a new industry friendly pharma policy for bulk drugs in 10-15 days, which could help the sector in growing manifold over the next 5-7 year. Given the Prime Minister Modi’s fanaticism to shape up the sector so as to meet its sufficient for future growth both in terms of production and exports, the policy will be released by himself in next two week’s time at the most. Further, the committee and task force set up by the government for this purpose have finalized their recommendations which have been sent to Prime Minister’s Office (PMO) for final approval. The new policy is expected to eliminate all the existing irritants and prevailing ills that have overtaken the pharma sector in the last few years. It would have multiple concessions for all stakeholders of the pharmaceuticals sector so that it is put on the growth trajectory, matching its potential as the government realizes that it has done little for the sector and that whatever growth it has clocked, the credit entirely went to the private sector. With this policy, the pharma sector which is of Rs 1.8 lakh crore in size at present is likely to grow by 4-5 times in next 5-7 years with both its domestic production and exports rising phenomenally.

Yes Bank gains as RBI allows FIIs to buy shares

Yes Bank is currently trading at Rs. 698.10, up by 21.85 points or 3.23% from its previous closing of Rs. 676.25 on the BSE. The scrip opened at Rs. 690.65 and has touched a high and low of Rs. 702.00 and Rs. 688.30 respectively. So far 169784 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 712.70 on 13-Nov-2014 and a 52 week low of Rs. 292.10 on 04-Feb-2014. Last one week high and low of the scrip stood at Rs. 702.00 and Rs. 670.40 respectively. The current market cap of the company is Rs. 29093.38 crore. The promoters holding in the company stood at 22.14% while Institutions and Non-Institutions held 65.96% and 11.90% respectively. Reserve Bank of India (RBI) has allowed Foreign Institutional Investors (FIIs) to buy shares in Yes Bank as the foreign shareholding in the company has gone below the prescribed limit. The restrictions placed on the purchase of shares of the bank are withdrawn with immediate effect. Reserve Bank of India has notified that the aggregate share holdings in Yes Bank by FII/Registered Foreign Portfolios Investors (RFPI)/Non-Resident Indians (NRI)/Persons of Indian Origin (PIO) and through American Depository Receipts (ADR)/Global Depository Receipts (GDR)/Foreign Direct Investment (FDI) have gone below the prescribed threshold caution limit stipulated under the extant FDI policy. The bank has posted a rise of 30.01% in its net profit at Rs 482.54 crore for the quarter ended September 30, 2014 as compared to Rs 371.13 crore for the same quarter in the previous year. Total income has increased by 13.25% at Rs 3337.97 crore for quarter under review as compared to Rs 2947.39 crore for the quarter ended September 30, 2013.