Weak rupee, global sell-off plunges Sensex below 21000

Ahead of the RBI policy meet, the Indian equity market plunged sharply on Monday amid a sell-off witnessed across equity markets in the world. Concerns about China's economic slowdown, coupled with expectations that the Federal Reserve would further cut its bond buying are piling up the pressure. In addition, political uncertainty in Turkey and Thailand coupled with a financial crisis in Argentina are adding to the woes. This week the Fed is largely expected to cut its monthly bond purchases by another $10 billion. If all these issues were not enough, the Indian rupee further weakened declining past the 63 per US dollar market to lowest in over two months. 

The fall was so sharp that not a single sectoral index on the BSE ended in the green. The interest rate sensitive realty, auto and banking stocks led the fall followed by power, oil & gas, metals and the capital goods stocks. Even the mid-cap and the small-cap stocks were battered.

Finally, BSE Sensex closed at 20,707 down 426 points, while NSE Nifty closed at 6,136 down 131 points over the previous close.

Hindustan Unilever reports 22% rise in Q3 net profit

Hindustan Unilever has reported results for third quarter ended December 31, 2013.

The company has reported 21.91% rise in its net profit at Rs 1062.31 crore for the quarter, as compared to Rs 871.36 crore for the same quarter in the previous year. Total income from operation of the company increased by 8.51% at Rs 7366.01 crore for quarter under review as compared to Rs 6788.54 crore for the quarter ended December 31, 2012.

HUL is India’s largest fast moving consumer goods company, with leadership in Home & Personal Care Products and Foods & Beverages. HUL's brands, spread across 20 distinct consumer categories, touch the lives of two out of three Indians.

Sundaram Finance reports 9% fall in Q3 net profit

Sundaram Finance has reported results for third quarter ended December 31, 2013.

The company has reported 8.87% fall in its net profit at Rs 103.56 crore for the quarter, as compared to Rs 113.65 crore for the same quarter in the previous year. However, total income from operation of the company has increased by 4.55% at Rs 572.40 crore for quarter under review as compared to Rs 547.48 crore for the quarter ended December 31, 2012.

Sundaram Finance is one of the oldest and largest providers of finance for the acquisition of commercial vehicles of all makes. The commercial vehicle finance provided by it helps the small operators to acquire vehicles with minimum hassle and documentation.

Adani Ports and Special Economic Zone reports 25% rise in Q3 consolidated net profit

Adani Ports and Special Economic Zone has reported results for third quarter ended December 31, 2013.

The company has reported 14.83% rise in its net profit at Rs 477.05 crore for the quarter as compared to Rs 415.43 crore for the same quarter in the previous year. Total income from operations of the company increased by 13.44% at Rs 1052.01 crore for quarter under review, as compared to Rs 927.36 crore for the quarter ended December 31, 2012.

On the consolidated basis, the group has reported 24.76% rise in its net profit after taxes and Minority Interest at Rs 450.51 crore for the quarter as compared to Rs 361.09 crore for the same quarter in the previous year. Total income from operations of the company has increased by 15.54% at Rs 1243.68 crore for quarter under review as compared to Rs 1076.43 crore for the quarter ended December 31, 2012.

City Union Bank inaugurates 2 branches in Tanjore District

City Union Bank has inaugurated two new branches in Tanjore District on January 27, 2014. The bank has opened the first branch at Vellalar Street, Main Road, Annalagraharam while the second branch has been opened at Gandhi Salai, Patteeswaram.

City Union Bank was started at the temple town of Kumbakonam as a part of Swadeshi Movement to support Local Agriculture and Commerce in the year 1904 and entered the 110th year of service to the nation on October 31, 2013. The bank proudly dedicates this milestone to the participants in the Swadeshi Movement, Freedom Fighters and Customers / Stake holders / Employees of the bank -past, present and future.

Shree Cement reports 47% fall in Q2 net profit

Shree Cement has reported results for second quarter ended December 31, 2013.

The company has reported 46.88% fall in its net profit at Rs 115.49 crore for the quarter as compared to Rs 217.44 crore for the same quarter in the previous year. Total income from operations of the company has decreased by 7.22% at Rs 1328.03 crore for quarter under review as compared to Rs 1431.43 crore for the quarter ended December 31, 2012.

Shree Cement (SCL), belonging to B G Bangur - H M Bangur faction of Bangur family of Kolkata, is engaged in manufacturing of cement and power generation. SCL’s eight cement plants in Rajasthan and one grinding unit in Uttrakhand have an aggregate capacity of 13.5 mn tonnes p.a. (PPC; OPC capacity -9 mn tonnes p.a.).

Allahabad Bank reports 5% rise in Q3 net profit

Allahabad Bank has reported results for third quarter ended December 31, 2013.

The bank has reported 4.67% rise in its net profit at Rs 325.36 crore for the quarter as compared to Rs 310.83 crore for the same quarter in the previous year. Total income of the bank has increased by 10.89% at Rs 5306.74 crore for quarter under review as compared to Rs 4785.34 crore for the quarter ended December 31, 2012.

The bank’s gross NPA for the December 31, 2013 quarter of the current fiscal stood at 5.47%, as compared to 2.91% in the same quarter of the previous year. Besides, bank’s Net NPA stood at 4.19% as compared to 2.06% in the same quarter of the previous year.

India’s crude oil production up by 1.6%; natural gas output down by 10% in December

India's crude oil production rose by 1.6 percent to 3.25 million tonnes (MT) in December 2013 from 3.20 MT in the same month of last year, on the back of higher output from Cairn India's Rajasthan oilfields helping to offset the drop in production from state-owned Oil and Natural Gas Corp (ONGC) fields. ONGC’s crude oil production declined by around 3 percent to 1.88 MT in December from 1.94 MT recorded in same month of previous year. On the other hand, Cairn India's oil output soared by around 16 percent to 0.83 MT.

Indian natural gas production dipped by 9.9 percent to 3,001 million cubic meters in the month as Reliance Industries' KG-D6 field reported 35.8 percent drop in offshore natural gas output to 672 million cubic meters. RIL's domestic refinery at Jamnagar recorded 11.9 percent drop in fuel output in December due to a planned maintenance shutdown. Country’s overall fuel production from 22 domestic refineries declined by 1.7 percent 18.63 MT in December’ 2013 from 18.95 MT petroleum products produced in December’ 2012.

As India’s oil and gas demand has been increasing at robust pace, it has become imperative to enhance the country’s oil and gas production. Oil ministry has formulated a roadmap for cutting India's dependence on imports to meet its oil and gas needs. India currently imports around 80 percent of its oil needs and the Ministry wants this to be cut to 50 percent by 2020 and by 25 percent in 2025 through intensive exploration and exploitation of untapped reserves.

Oil Minister M V Moily has also announced setting up of a Multi-Organisational Team (MOT) to re-examine India’s hydrocarbon resources in all 26 sedimentary basins in the country. India will offer at least 46 oil and gas blocks soon under the 10th round of NELP auction under completely revamped terms. Tenth round of NELP auction will be the second highest offering of blocks since the advent of NELP in 1997, a common platform for public and private sector companies to bid for the blocks.

Ajanta Pharma reports 92% rise in Q3 net profit

Ajanta Pharma has reported results for third quarter ended December 31, 2013.

The company has reported 91.65% rise in its net profit at Rs 62.42 crore for the quarter as compared to Rs 32.57 crore for the same quarter in the previous year. Total income from operations of the company has increased by 31.18% at Rs 300.85 crore for quarter under review as compared to Rs 229.34 crore for the quarter ended December 31, 2012.

Ajanta Pharma is engaged in manufacturing pharmaceutical products. The company runs three divisions -- prescription drugs, OTC and institutional sales.

Neyveli Lignite to expand production capacity to 11,195 MW

Neyveli Lignite Corporation (NLC) is planning to expand its production capacity to 11,195 MW from the current 2,740 MW over the next 10 years. The expansion of 11,195 MW capacity consist of 4,140 MW (lignite based capacity), 6,980 MW (coal based) and 70 MW in wind and solar.

Meanwhile, the company is all set to commence commercial operation of TPS-II Expansion - the 2X250 MW and 2X500 MW - in this fiscal (Unit-I by February 2014 and Unit-2 in March 2014).

NLC is engaged in the business of lignite mining and power generation. At present, the company has four opencast lignite mines with a capacity of about 30.60 million tonnes per annum, while it can produce about 2,740 MW of power from four power plants.

JK Cement reports 79% fall in Q3 net profit

JK Cement has reported results for third quarter ended December 31, 2013.

The company has reported 79.38% fall in its net profit at Rs 11.21 crore for the quarter as compared to Rs 54.38 crore for the same quarter in the previous year. Total income from operations of the company has decreased by 1.58% at Rs 677.15 crore for quarter under review as compared to Rs 688.08 crore for the quarter ended December 31, 2012.

JK Cement is one of the largest cement manufacturers in north India. It is also second largest producer of white cement in India. The company exports white cement to countries like South Africa, Nigeria, Singapore, Bahrain, Bangladesh, Sri Lanka, Tanzania, UAE and Nepal.

IVRCL’s Power Division bags two orders worth Rs 475.05 crore

IVRCL’s Power Division has bagged two orders of the value of Rs 475.05 crore. The company has bagged  first order for Supply of Equipment & Materials for Rural Electrification & Associated 33 KV works and ‘Erection, Testing & Commissioning of all Equipments & Materials for Rural Electrification & Associated 33 KV works’ in 1994 No. of Unelectrified Habitations (under the single contract) in Shahjahanpur District of U.P. on ‘Turnkey’ basis under Government of India scheme of ‘Rajiv Gandhi Gramin Vidyutikaran Yojna Phase-11’ awarded by Madhyanchal Vidyut Vitran Nigam, Lucknow. The value of work is Rs 255.67 crore and the completion period is 24 months.

The company has bagged second order for Supply of Equipment & Materials for Rural Electrification & Associated 33 KV works’ and ‘Erection, Testing & Commissioning of all Equipments & Materials for Rural Electrification & Associated 33 KV works’ in 1836 No. of Unelectrified Habitations (under the single contract) in Gonda District of U.P. on ‘Turnkey’ basis under Government of India scheme of ‘Rajiv Gandhi Gramin Vidyutikaran Yojna Phase-II’ awarded by Madhyanchal Vidyut Vitran Nigam, Lucknow. The value of work is Rs 219.38 crore and the completion period is 24 months.

IVRCL is engaged into engineering procurement and construction (EPC) activities in India. It conducts operations in 5 sectors namely Water and Environment, Transportation, Buildings, Power and Industrial Structures.

ICICI Bank opens a new branch in Visakhaptnam

ICICI Bank, India's largest private sector bank has opened a new branch in Visakhaptnam, increasing its total number of branches in the city to eight. The new branch is located at HIG-2, Mithilapuri Vuda Colony, Madhurawada in Visakhaptnam. This new branch will remain open for customers from 9:00 am to 6:00 pm on Monday to Friday and 9.00 am to 2.00 pm on Saturday. This new branch will offer the entire gamut of ICICI Bank products including a comprehensive range of deposits, loans and NRI services.

ICICI Bank has more than 3,595 branches and extension counters, and over 11,160 ATMs spread across the country. The Bank services its large customer base through a multi-channel delivery network of branches, ATMs, call center and internet banking.

India's economic growth slows down mainly due to domestic factors: Ahluwalia

Amid rising concerns over the prevailing economic slowdown, Planning Commission Deputy Chairman Montek Singh Ahluwalia has attributed the decline in India's growth rate mainly to domestic factors and expressed the need for the government to take quick decisions to boost the economic growth.

Highlighting that the government cannot blame the global factors entirely for the country's flat growth, Ahluwalia asserted that the one third of prevailing economic downturn could be attributed to global factors and two-thirds to domestic factors. In the previous fiscal, India's economy’s growth slowed down to a decade low of 5 percent owing to the global slowdown as well as domestic factors such as high inflation and interest rates. The growth is estimated to remain around the same level in current fiscal.

By adding further, Ahluwalia said that India could potentially sustain a growth rate of 7 percent in future. Referring to growth in infrastructure sector, he asserted that major development in country’s infrastructure would be taken place after India's general elections in May.

Mcnally Bharat bags order worth Rs 118.58 crore

Mcnally Bharat Engineering Company has bagged an order worth Rs 118.58 crore. The order is for construction works of Super Speciality Hospitals.

Recently, The company received an order for Civil, Structural & Supply works of an Ash Handling Package for a Value of Rs 97.19 crore.

McNally Bharat Engineering Company is one of the leading engineering companies. It provides turnkey solutions in areas of power, steel, alumina, material handling, mineral beneficiation, coal washing, ash handling and disposal, port cranes, civic and industrial water supply etc.

ONGC inks MoU with Japanese conglomerate Mitsui & Company

State-owned Oil and Natural Gas Corporation (ONGC) has inked a Memorandum of Understanding (MoU) with Japanese conglomerate Mitsui & Company on January 24, 2014 in New Delhi. The MoU provides for cooperation in Exploration and Production for conventional and unconventional petroleum and natural gas opportunities in India and in third countries.

In August 2012, ONGC and Mitsui had entered into an MoU for wide ranging cooperation in gas and LNG business. Later in March, 2013, Mitsui had entered into another MoU with ONGC, BPCL and New Mangalore Port Trust for feasibility study of a LNG Terminal at Mangalore.

ONGC is the national oil & gas exploration and production company with interest across the hydrocarbon value chain including LNG terminal, re-gasification and marketing infrastructure. Mitsui is one of the most diversified and comprehensive trading, investment and service enterprises in the world, with 151 offices in 67 countries as of April, 2013.

EGoM to take up spectrum usage charge issue in its meeting

The Empowered Group of Ministers (EGoM) on telecom, headed by Finance Minister P Chidambaram, is likely to deliberate upon the controversial issue of spectrum fee and long-awaited mergers and acquisitions norms in a meeting on Monday

EGoM could pick and choose from Telecom Commission’s (TC) suggested three opinions. With the first one being, charging a flat fee of 1 per cent on BWA and 3 per cent when combined with other sets of airwaves, a proposal which is backed by TRAI’s approval. The second option suggested by TC in its meeting held on January 25, 2014, is to continue to charge a differential fee of 3-5 per cent for airwaves now held by operators and 5 per cent for new spectrum. The third option suggested by the group is of levying a charge of 3 per cent for new spectrum, while continuing with differential pricing for existing spectrum.

Some reports suggests that EGoM is likely to accept either the first option or the third option of 3 per cent for new spectrum. However, the move could be interpreted as a concession for telecom firms, who had threatened to shun the upcoming 2G spectrum auctions, if the differences over spectrum use charge were not resolved.

ICICI Bank and Korea Eximbank sign Line of Credit

ICICI Bank has signed an agreement for a $200 million Line of Credit with The Export-Import Bank of Korea (Korea Eximbank). With this, the total volume of credit lines between the two institutions has reached $1 billion, making it Korea Eximbank’s single largest credit line relationship with any partner bank.

This new Line of Credit would be availed by ICICI Bank through its Hong Kong branch, and can be utilised to finance its corporate clients having business relationships with Korean companies globally as well as joint ventures or subsidiaries of Korean companies.

ICICI Bank is India's largest private sector bank and the second largest bank in the country, with consolidated total assets of $122 billion at December 31, 2012. The Bank’s presence currently spans 19 countries, including India.

Coromandel International reports over 38% rise in Q3 consolidated net profit

Coromandel International has reported results for third quarter ended December 31, 2013.

The company has reported 48.70% rise in its net profit at Rs 102.08 crore for the quarter as compared to Rs 68.65 crore for the same quarter in the previous year. Total income from operations of the company  increased by 8.17% at Rs 2513.27 crore for quarter under review as compared to Rs  2323.38 crore for the quarter ended December 31, 2012.

On the consolidated basis, the group has reported 37.75% rise in its net profit after taxes and Minority Interest at Rs 94.21 crore for the quarter as compared to Rs 68.39 crore for the same quarter in the previous year. Total income from operations of the company increased by 13.53% at Rs 2768.81 crore for quarter under review as compared to Rs 2438.72 crore for the quarter ended December 31, 2012.

Oriental Bank introduces Aadhar-based electronic e-KYC service

Oriental Bank of Commerce (OBC) has launched Aadhar-based electronic know your customer (e-KYC) service at its branches. With this, the bank has become the first public sector bank to launch e-KYC services in coordination with the National Payments Corporation of India and Unique Identification Authority of India (UIDAI).

This will provide customers the comfort of opening an account quickly with online authentication of their Aadhaar number using the e-KYC service of UIDAI.

Oriental Bank of Commerce is a Government of India undertaking whose business activities includes monetary intermediation of commercial banks, saving banks and discount houses. The bank has a pan-India network of 2,089 branches, 1,829 ATMs and a customer base of about 2.16 crore.

Glenmark Pharmaceuticals reports over 1.56% rise in Q3 consolidated net profit

Glenmark Pharmaceuticals has reported results for third quarter ended December 31, 2013.

The company has reported 46.44% fall in its net profit at Rs 58.40 crore for the quarter as compared to Rs 109.03 crore for the same quarter in the previous year. Total income from operations of the company decreased by 2.30% at Rs 543.16 crore for quarter under review, as compared to Rs  555.94 crore for the quarter ended December 31, 2012.

On the consolidated basis, the group has reported modest 1.56% rise in its net profit at Rs 216.23 crore for the quarter as compared to Rs 212.91 crore for the same quarter in the previous year. Total income from operations of the company has increased by 15.87% at Rs 1606.83 crore for quarter under review as compared to Rs 1386.76 crore for the quarter ended December 31, 2012.

BSE Sensex down over 290 points

At 9:41 AM, S&P BSE Sensex is down 291 points at 20,842, while NSE Nifty is down 86 points at 6,180. 

BSE Mid-cap is down 113 points at 6,341, while BSE Small-cap is down 99 points at 6,344.

Except IT all sectoral indices are in red on BSE. The BSE Bankex index is down 2.63%, while capital goods declined 1.81% and realty fell 2.08

Elder Healthcare to introduce new range of products

Elder Healthcare is planning to introduce complete range of solutions in women's nail colour segment in India, says report.

Media report stated that the company is targeting to capture 10% of the estimated Rs 250 crore market.

The company's product - Rhyme, will introduce nail polish remover at a later stage.
Elder Healthcare Ltd Managing Director Anuj Saxena said: "Nail varnish is becoming the top selling fashion accessory and beauty business and is likely to grow in double digit in coming years."

Bharat Gears gains on commencing trail production at Lonand Plant

Bharat Gears is currently trading at Rs. 53.50, up by 1.60 points or 3.08% from its previous closing of Rs. 51.90 on the BSE.

The scrip opened at Rs. 53.85 and has touched a high and low of Rs. 53.85 and Rs. 52.95 respectively.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 53.85 on 27-Jan-2014 and a 52 week low of Rs. 23.25 on 28-Aug-2013.

Last one week high and low of the scrip stood at Rs. 53.85 and Rs. 40.50 respectively. The current market cap of the company is Rs. 41.00 crore.

The promoters holding in the company stood at 52.98% while Institutions and Non-Institutions held 0.07% and 46.95% respectively.

Bharat Gears’ Lonand Plant at Satara has become operational as the trail production has started in the quarter ended December, 2013. The Company is awaiting some regulatory approvals to start the commercial production at the Lonand Plant.

Bharat Gears manufactures a wide range of gears for HCV, MCV, LCV, utility and off-highway vehicles. The products includes bevel, straight bevel and transmission gears.

GMR Infrastructure gets nod to raise up to Rs 2,500 crore

GMR Infrastructure has received an approval for raising of funds through issue of Foreign Currency Convertible Bonds and / or other securities up to an amount of Rs 2,500 crore through follow on offer, further public offer and / or private placement etc. The board of directors at its meeting held on January 24, 2014 has approved for the same.

GMR Infrastructure is a Bangalore headquartered global infrastructure major with interests in Airports, Energy, Highways and Urban Infrastructure sectors. The company has 14 power generation assets of which 8 are operational and 6 are under various stages of development and 8 Road assets, of which 7 are operational and one is under construction.

Reliance Infrastructure acquires 9.5 crore equity shares of Reliance Power

Reliance Infrastructure has acquired 9.5 crore equity shares of Rs 10 each of Reliance Power on January 24, 2014 from Reliance Enterprises and Ventures in a bulk deal at the prevailing market price by way of an inter se transfer.

Reliance Infrastructure is the largest power distribution licensee in Mumbai, with 25 years license to distribute electricity in its licensed distribution areas spread over 400 Sq. Kms. in the suburbs and surrounding areas of Mumbai, and supplying power to around 29 lakh consumers.