Alstom T&D India bags order worth Rs 54.40 crore

AlstomT&D India has secured an order worth Rs 54.40 crore (6.5 million euros) approximately, for a turnkey 220kV Air-Insulated substation (AIS) at Bihta and associated 220/132/33kV bays extensions at various locations for Bihar State Power Transmission Company Limited (BSPTCL) in Bihar.

The state government of Bihar plans to add a number of new 400kV/220kV voltage level substations at various locations in the state in near future. In this context the substation at Bihta is important as it is the first in the series in the energy expansion plan of the state. It also aims to strengthen the state's transmission network at 220kV level.

The scope of this turnkey contract covers the design, engineering, manufacture, supply, testing, erection and commissioning of 220/132/33 KV AIS substation including supply of two 160 MVA and two 50 MVA transformers. In addition to this, all major equipments like circuit breakers, instruments transformers and control and protection system will be manufactured in Alstom T&D India's state-of-the-art manufacturing facilities spread across the country.

Bihar is one of the most rapidly growing states in India and it plans to revamp and replace its obsolete power as well as T&D infrastructure. These steps will aim to increase the capacity, reduce reliance on central pool as well as provide electricity to the end consumers.

SAIL moves up on raising prices of flat products by Rs 500-1000/tn

Steel Authority of India (SAIL), the country’s largest steel producer has raised prices of flat products by Rs 500-1000 per tonne with effect from January 1, 2014. The company has also increased prices of its long products by Rs 500-1000 per tonne effective Jan 1.

Earlier in December 2013, the company had hiked prices of some long products by Rs 500 per tonne.

SAIL is India's largest steel producing company. With a turnover of Rs 49,350 crore, the company is among the five Maharatnas of the country's Central Public Sector Enterprises. SAIL has five integrated steel plants, three special plants, and one subsidiary in different parts of the country.

Kirloskar Brothers’ arm acquires remaining 40% holding in KBE

Kirloskar Brothers International B.V. Netherlands, a wholly owned subsidiary of Kirloskar Brothers, has acquired balance 40% holding in Kirloskar Brothers Europe B.V. (KBE), on December 31, 2013. As a result, Kirloskar Brothers Europe B.V. has now become 100% subsidiary of Kirloskar Brothers International B.V.

Kirloskar Brothers is engaged in manufacturing pumps. It is a part of $2.2 billion Kirloskar group and India’s largest manufacturer and exporter of pumps and valves.

Insider trading, risk management to remain key focus areas for 2014: SEBI

In order to safeguard the interest of small investors and overall market place, the Securities and Exchange Board of India (SEBI) has decided to put in place a greater oversight mechanism on insider trading and a stronger risk management framework as among key focus areas for 2014.

SEBI will soon issue a new set of insider trading norms, which would replace nearly two-decade old norms currently in operation. Further, new guidelines for insider trading are likely to put in place stricter penalties for those found to be indulging in insider trading activities. New norms would bring new categories of persons, including public servants, regulatory officials, and judiciary and government officials dealing with unpublished price-sensitive information under the purview of insider trading. Further, new insider trading norms clearly demarcate mistakes from serious violations committed by top corporate executives and other connected entities while trading in shares of listed companies.

The market regulator is also working on a number of initiatives such as risk management framework, trade annulment policy, interoperability of clearing corporations, policy on stress testing and a securities guarantee fund without including margin money. Furthermore, in order to attract more capital inflows into the Indian capital market, SEBI has sought for clarity on taxation policy to be applied to retirement- focused funds and also taking measures to attract foreign investors. SEBI prescribed adoption of risk-based Know Your Client (KYC) norms for foreign investors by categorising them into three segments.

Derive Investments acquires 4.64% stake in Gati

Derive Investments, an investment company run by Radhakishan Damani, has bought 40.17 lakh shares or 4.64% stake in Gati through bulk deals on BSE and NSE. Derive Investments has acquired 7.38 lakh equity shares in a single block deal on BSE at Rs 42.23 per share, while it struck two bulk deals on NSE; in the first deal, it bought 6.50 lakh shares at Rs 44 each and purchased 26.29 lakh shares at Rs 41.76 each in the second deal.

As on September 31, 2013, the promoters holding in the company stood at 37.99%, while institutions and non-institutions held 0.64% and 61.37% stake in the company, respectively.

Gati is a leading player in express distribution and logistics and operates through two divisions - Express Distribution & Supply Chain (EDSC) and Coast- to-Coast (C2C) division. It also operates two container yards at Chennai and Port Blair which increases capability and provides for efficient handling of the cargo.

Lupin gains on the buzz of receiving tentative USFDA approval for Niacin oral tablets

Lupin has reportedly received tentative US Food & Drug Administration (USFDA) approval to sell Niacin oral tablets of strength 500 mg, 750 mg and 1000 mg in the US market. The company has semi-exclusivity for the drug and will launch the drug after getting final approval from the USFDA. The drug Niacin is used in treatment of cardiovascular diseases as it increases HDL cholesterol levels.

Earlier on December 18, 2013, the company’s US subsidiary-Lupin Pharmaceuticals Inc had launched Abacavir Sulfate, Lamivudine, and Zidovudine Tablets, 300mg (base) / 150mg / 300mg in the US after the US District Court for the District of Delaware ruled that the Lupin’s generic version of Trizivir did not infringe on patents.

Lupin is an innovation led transnational pharmaceutical company producing and developing a wide range of branded and generic formulations and APIs globally.

Pratibha Industries gains on bagging orders worth Rs 589.69 crore

Pratibha Industries is currently trading at Rs. 30.50, up by 3.40 points or 12.55% from its previous closing of Rs 27.10 on the BSE.

The scrip opened at Rs 27.00 and has touched a high and low of Rs 31.10 and Rs 27.00 respectively. So far 367470 shares were traded on the counter.

The BSE group 'B' stock of face value Rs 2 has touched a 52 week high of Rs 58.65 on 10-Jan-2013 and a 52 week low of Rs 16.80 on 23-Aug-2013.

Last one week high and low of the scrip stood at Rs 27.75 and Rs 23.65 respectively. The current market cap of the company is Rs 308.22 crore.

The promoters holding in the company stood at 51.72% while Institutions and Non-Institutions held 21.63% and 26.65% respectively.

Pratibha Industries has secured orders worth Rs 589.69 crore under Water Management Division and Building Division. Under Water Management Division, the company has bagged order worth Rs 224.80 crore awarded by Gujarat Water Supply & Sewerage Board (GWSSB). The contract is for construction of underground drainage system for Jetpur, Bhayavadar, Wankaner, Dhoraji and Maliya Miyana towns of Rajkot district under Rajkot Package. The contract is scheduled to be completed in 18 months.

Under Building Division, the company has bagged order for Rs 117.92 crore awarded by National Buildings Construction Corporation, New Delhi. The contract is for construction of 200 bedded hospital at Ambedkar Nagar, New Delhi with total built up area of 2.95 square feet. The scope of work covers construction of hospital block -LBF+UBF+Gr + six floors & Infrastructure development work including external development works. The work include a number of specialized Civil / Electrical / HVAC / Mechanical / Electronic services etc. to be executed as integral parts of the project. The contract is scheduled to be completed in 18 months.

Besides, it has also bagged an order worth Rs 171.43 crore which was awarded by Bhartiya City Developers. The contract is for the construction of housing project ‘Nikoo Homes Residential Blocks nos. 1 to 4, Phase – II’ at Thannisandra Outer Ring Road, Bengaluru - Civil, Structural & Finishing and allied works. The contract is scheduled to be completed in 28 months. Significantly, this is a repeat order from the Bhartiya City Developers to the company.

Further, it has bagged order worth Rs 75.54 crore awarded by R J Group, Bangalore. The contract is for construction of ‘RJ Lake Gardenia’ project with total built up area of 7 lakh square feet. The contract is awarded for construction of Civil & Structural works including all associated works like club house, compound wall, security office etc. of proposed multistoried residential building complex comprising of three levels of parking, 27 floors of residential apartments project. The contract is scheduled to be completed in 21 months.

Govt strives to liberalise FDI policy in coming weeks: Commerce Minister

With an aim to attract more foreign investment in the country, the government has indicated that further liberalisation of the Foreign Direct Investment (FDI) policy may be done soon in key sectors, such as civil aviation, retail and telecom. Commerce and Industry Minister Anand Sharma has asserted that the government will continue its endeavour for liberalising the FDI Policy to ensure that India retains its leadership position for attracting foreign investments.

FDI is considered crucial for economic development of a country and to attract maximum FDI into the country, the government has been liberalizing the foreign investment policy. The government has relaxed FDI norms in around 12 sectors, which include telecom, tea, pension and petroleum and natural gas. Meanwhile, despite the government's various efforts to increase FDI, foreign investments in April-October period of 2013-14 declined by 15 percent to $12.6 billion from a year earlier, which reflects the need to take more measures to improve the business situation in the country.

Referring to Indian manufacturing sector, Anand Sharma highlighted that with greater foreign investment and technology collaborations, Indian manufacturing sector will also move up the value chain and acquire greater competitiveness globally. The minister had expressed the need to boost manufacturing capability underscoring that India is not a country very much endowed with natural resources such as oil and gas, which are necessary for economic growth. Manufacturing sector, constituting around 75 percent share in IIP index, contracted by 0.3 percent during April-October’2013 as compared to the 1.1 percent growth in the same period of previous fiscal.

Price of non-subsidised LPG hiked by Rs 220 per cylinder on firming international rates

Marking third increase in rates since the past month, state-owned petroleum companies have upped the price of non-subsidized cooking gas (LPG), which customers buy after consuming their quota of subsidized cylinders, by a steep Rs 220 per bottle in the backdrop of firming international rates. With this, the 14.2-kg cooking gas cylinder that consumers buy beyond their entitled nine bottles at subsidised rates, will now cost Rs 1,241, up from Rs 1,021 in Delhi. Meanwhile, in Mumbai, the prices have been increased to Rs 1,264.50 per cylinder from Rs 1,038.

The decision to go ahead with the hike was taken as international prices are on an uptrend. Earlier, the price was hiked by Rs 63 a cylinder to Rs 1,017.50 on December 1 and was further increased by Rs 3.50 to Rs 1,021 on December 11, when the government decided to increase the commission for LPG dealers and distributors by Rs. 3.51 per cylinder.

Government currently subsidizes nine cylinders a year for each household. Hence, any families requiring more cylinders will have to buy them at higher rates. This limit of subsidized cylinders has been raised from previous allotted quota of 6 cylinders per household, decided by the government on September 2012.

RBI grants qualified central counterparty status to Clearing Corp

The Reserve Bank of India on Wednesday granted the status of a Qualified Central Counterparty (QCCP) to Clearing Corporation of India Ltd in the Indian jurisdiction. 

The mandate came in view of the fact that CCIL is authorised and supervised by the Reserve Bank of India under the Payment and Settlement Systems Act, 2007. 
A qualifying central counterparty (QCCP) is a licensed entity. It operates as a central counterparty, which is a clearing house. 

CCIL was authorised in 2009 to operate payment systems for (i) Securities segment covering Government Securities; (ii) Collateralised Borrowing and Lending Obligations (CBLO); (iii) Forex Settlement segment comprising sub-segments – (a) USD-INR segment, (b) Continuous Linked Settlement segment (settlement of Cross Currency deals), (c) Forex Forward segment; (iv) Rupee Derivatives segment – Rupee denominated trades in Interest Rate Swaps (IRS) and Forward Rate Agreements (FRA) under section 7 of the Payment and Settlement Systems Act, 2007. 

In July 2013, CCIL was designated as a critical Financial Market Infrastructure (FMI) for oversight considering its systemic importance in financial markets regulated by RBI. 

ONGC JV OTPC commences commercial operations at Palatana power plant

ONGC Tripura Power Corporation (OTPC), a joint venture company of ONGC, IL&FS Energy Development Co. and Govt. of Tripura has commenced commercial operations at its first unit of the 3 MW Palatana power plant. The Rs 4,047 crore power plant is capable of injecting 8.7 million units per day in the power grid which can be beneficial for the entire Northeast region.

Of total, the Ministry of Power has allocated more than 58 per cent of power from the project to the Northeast states with Assam (240 MW), Tripura (196 MW), Meghalaya (79 MW), Manipur (42 MW), Nagaland (27 MW), Arunachal Pradesh & Mizoram (22 MW each), while 98 MW is allocated to OTPC for merchant sales.

ONGC is a premier oil and gas company in India, accounting for 71% of the country’s crude oil production and 54% of its natural gas production in 2011-12. It is also a significant producer of value added products such as liquefied petroleum gas (LPG), superior kerosene oil (SKO), and naphtha. GoI is the majority shareholder in ONGC, with a 69% equity stake as of now.

Gujarat Gas Company extends gain on executing gas supply contracts with GSPC

Gujarat Gas Company is currently trading at Rs. 280.00, up by 4.05 points or 1.47% from its previous closing of Rs. 275.95 on the BSE.

The scrip opened at Rs. 280.05 and has touched a high and low of Rs. 281.00 and Rs. 280.00 respectively.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 313.25 on 01-Feb-2013 and a 52 week low of Rs. 159.00 on 07-Aug-2013.

Last one week high and low of the scrip stood at Rs. 284.90 and Rs. 265.50 respectively. The current market cap of the company is Rs. 3,578.00 crore.

The promoters holding in the company stood at 73.70% while Institutions and Non-Institutions held 17.49% and 8.81% respectively.

Gujarat Gas Company (GGCL) has executed Gas Supply Contracts with Gujarat State Petroleum Corporation (GSPC) for supply of Regassified LNG up to 0.65 million metric standard cubic metre (mmscmd) on long term basis comprising of - Purchase of 0.574 mmscmd between period March 01, 2014 up to July 01, 2025, and Purchase of 0.076 mmscmd between period January 01, 2014 upto July 01, 2025.

The Memorandum of Understanding was executed between GGCL and GSPC on September 03, 2013.

Gujarat Gas Company, a 65.12 percent subsidiary of BG Asia, is India’s largest private sector natural gas distribution company in terms of sales volumes, with operations in Gujarat. The company distributes natural gas to domestic, commercial and industrial consumers, and compressed natural gas as automobile fuel, in the cities of Surat, Ankleshwar, Bharuch, and surrounding areas.

JSPL hikes product prices by Rs 1,000 per tonne: Report

Jindal Steel and Power (JSPL) has reportedly increased the prices of its steel products effective from January 1. It hiked the prices for steel plates, hot rolled coils, wired rod coils and TMT rebars by Rs 1,000 per tonne each.

JSPL is a part of Jindal Group and is a leading player in Steel, Power, Mining, Oil & Gas and Infrastructure. The company produces economical and efficient steel and power through backward integration from its own captive coal and iron-ore mines and passes on the benefits to its customers.

FIIs were net buyers of Rs 537.14 crore in index futures and options segments on January 1

According to the data released by the NSE, the Foreign Institutional Investors (FIIs) were net buyers of Rs 537.14 crore in index futures and options segments as per Wednesday’s data, January 1, 2014.

FIIs were sellers of index futures to the tune of Rs 15.36 crore and they bought index options worth Rs 552.50 crore. In the stock segment, FII’s were net buyers of stock futures worth Rs 23.96 crore, while they sold stock options worth Rs 1.35 crore.     

Canara Bank mops up Rs 500 crore through preferential basis

Canara Bank has raised Rs 500 crore by allotting 1,82,58,837 equity shares on preferential basis to the Government of India, the public sector lender’s principal shareholder. With this preferential allotment, the centre’s shareholding has risen from 67.72% to 69%. The bank will use the funds to strengthen its capital base and fund its general business activities.

The shares had a face value of Rs 10 each with a premium of Rs 273.84 per share, determined in accordance with the Securities and Exchange Board of India’s Issue of Capital Disclosure Requirements norms.

Canara Bank is India’s fifth largest Public Sector bank (PSB) in terms of assets. As on September 30, 2013, it had assets of around Rs 450,200 crore and advances of around Rs 281100 crore. The bank’s strong market position is underpinned by its market share of around 5.0 percent in deposits and 4.8 percent in advances as on September 30, 2013.

Allahabad Bank plans 500 e-Lobbies and 200 cash deposit kiosks: Report

Allahabad Bank, the public sector lender, has reported that it will inaugurate 500 e-Lobbies and 200 cash deposit kiosks over a two-year period. The e-lobbies will have self-service passbook printers, separate cash and cheque deposit kiosks and Net-banking facilities. The first such e-lobby was inaugurated by the bank at Kolkata city branch.

Allahabad Bank reported a rise of 17.76% in its net profit at Rs 275.81 crore for the quarter ended September 30, 2013 as compared to Rs 234.20 crore for the same quarter in the previous year. Total income of the bank increased by 15.72% at Rs 5303.06 crore for quarter under review as compared to Rs 4582.64 crore for the quarter ended September 30, 2012.

Forest Department suspends mining operations of Sandur Manganese & Iron Ores

Sandur Manganese & Iron Ores has suspended all activities in its mining leases with effect from January 01, 2014. The company has taken this step after the Forest Department directed suspension of mining operations without taking cognizance of the deemed renewal provisions. The company is making all efforts to obtain orders for resumption of operations.

The company had mining leases granted under the provisions of Mines & Minerals (Development & Regulation) Act, 1957 (MMDR Act) for a period of 20 years effective from January 01, 1994 and the same period has expired on December 31, 2013.

The company in compliance with the provisions of rule of the Mineral Concession Rules, 1960 (MC Rules) had applied for its renewal more than 12 months prior to its expiry and accordingly the company is entitled to continue its operations under the deemed renewal provisions prescribed under MC Rules.

Indian rupee opens flat at 61.90 per dollar

Indian rupee was unchanged at 61.90 per dollar in opening trade on Thursday as compared previous day's closing value. 

Ashutosh Raina of HDFC Bank believes the rupee is moving sideways and is expected to continue this trajectory for some more time, till more data cues come in. 

He expects rupee to trade in the range of 61.50-62.50/dollar for some more time. 

After being the best performing currency of 2013, the euro trades flat this morning at 1.37/dollar, while the dollar index holds above 80 levels and the yen is elevated at 105/dollar.

Indices to open on a flat note

The stock market may not be exuding as much confidence as Arvind Kejriwal these days. Former-Infosys board member V Balakrishnan has joined the Arvind Kejriwal-led Aam Aadmi Party (AAP). Sure markets are at relatively higher levels but the action has been missing for some time now. 

Meanwhile, the AAP goverment in Delhi will seek a vote of confidence today. There shouldn’t be many problems on this front as the AAP has 28 MLAs and will need the support of eight legislators of Congress to prove majority. Kejriwal has lived up to his word and provided free supply of 700 litres of water every day for Delhi households and reduced electricity tariffs by 50%. Now the Congress-led government in Maharashtra, too, is considering a cut in power rates. Kejriwal has also ordered an audit of accounts of discoms by the CAG.

Back to the market, a flat start is in the offing. Not much in terms of global cues as US markets were closed on New Year. Among markets which are open today, Hong Kong's Hang Seng is flat with a positive bias while South Korea's Kospi is marginally lower. The action continues on mid- and small cap counters as both the S&P BSE mid-cap and small-cap indices touching their respective ten-month highs on New Year. Investors will also watch out for Manufacturing PMI for Dec, by HSBC today. The weekly meeting of Union Cabinet, followed by Cabinet Committee on Economic Affairs will be held post market hours.

Meanwhile, the Union government is also likely to step up its activity. On the agenda in the coming days is easing of FDI policy and considering converting shares in some PSU bks into equity.

The rupee ended lower on Wednesday, the first trading session of 2014, ahead of the Reserve Bank of India's rate meeting this month.The rupee closed at 61.90/91 per dollar compared with 61.80/81 on Tuesday.

The auto sales for the December Month showed a mixed response. Maruti Suzuki India reported 4.4% decline in its total sales at 90,924 units in December 2013. Ford India reported 2.84% increase in total sales at 11,209 units in December 2013.

While Mahindra & Mahindra Ltd’s Farm Equipment Sector tractor announced sales numbers for December 2013 which stood at 16257 units in the domestic market, as against 13712 units during December 2012, a growth of 19%.  

China's official Purchasing Managers' Index (PMI) fell to 51.0 in December, from 51.4 the previous month and below forecasts for 51.2.