Reliance Power surges as its Sasan UMPP achieves boiler light up for fourth 660 MW unit

Reliance Power is currently trading at Rs. 73.20, up by 1.55 points or 2.16% from its previous closing of Rs. 71.65 on the BSE. The scrip opened at Rs. 71.90 and has touched a high and low of Rs. 73.55 and Rs. 71.90 respectively. So far 695224 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 83.10 on 21-May-2013 and a 52 week low of Rs. 60.10 on 04-Fab-2014. Last one week high and low of the scrip stood at Rs. 74.00 and Rs. 69.20 respectively. The current market cap of the company is Rs. 20421.32 crore. The promoters holding in the company stood at 74.98% while Institutions and Non-Institutions held 11.68% and 13.31% respectively. Reliance Power’s Sasan Ultra Mega Power Project (UMPP) has achieved boiler light up for fourth 660 MW unit. With this, the total capacity of Sasan UMPP is now 2640 MW (4X660 MW). Sasan UMPP is an upcoming 3,960 MW pit-head coal-based power plant in Madhya Pradesh. The project is the first domestic coal-based UMPP awarded in the country by the Government of India. The first 660 MW unit of the Smart UMPP was commissioned in March 2013 and the 2nd Unit in Jan 2014. The 3rd unit was synchronized to the grid in March 2014, reached full load and is operational. First three 660 MW units of the project comprising 50% of total capacity are already operating, 4th Unit Boiler lighted up and the balance two units are in advanced stages of construction. Reliance Power is a part of the Reliance Anil Dhirubhai Ambani Group and is established to develop, construct and operate power projects domestically and internationally.

SBI trades higher on the bourses

State Bank of India (SBI) is currently trading at Rs. 1956.15, up by 33.90 points or 1.76% from its previous closing of Rs. 1922.25 on the BSE.

The scrip opened at Rs. 1920.25 and has touched a high and low of Rs. 1958.90 and Rs. 1920.25 respectively. So far 100465 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2469.25 on 20-May-2013 and a 52 week low of Rs. 1452.90 on 28-Aug-2013.

Last one week high and low of the scrip stood at Rs. 1958.90 and Rs. 1867.40 respectively. The current market cap of the company is Rs. 145578.02 crore.

The promoters holding in the company stood at 58.60% while Institutions and Non-Institutions held 30.53% and 8.75% respectively.

State Bank of India (SBI) has sold non-performing assets (NPAs) worth Rs 4,000 crore in 2013-14 to asset reconstruction companies (ARCs). The ARCs largely pay in the form of Government security receipts (SR).

This helps a bank to take the equivalent NPA figure out of its books and make an yearly provision for recovery or actual cash payment.

The bank’s Gross non-performing assets (NPAs) as a percentage of gross advances increased to 5.73 percent in Q3FY14 as against 5.64 percent in Q2FY14 and 5.3 percent in Q3FY13 while net NPAs rose to 3.24 percent from 2.91 percent and 2.59 percent during the same period.

India’s steel demand grows marginally at 0.6% in FY14

India’s steel consumption grew at a four-year low rate of 0.6 percent in FY'14 to 73.93 million tonnes (MT) mainly impacted by a prevailing economic slowdown and high interest rates. As steel demand derived from construction and automobile sectors, the performance of the steel industry is therefore largely dependent on overall economic growth of the country. Steel consumption in the country grows by 1.2 to 1.3 percent of the GDP growth. Construction sector accounts for around 60 percent of the country's total steel demand while the automobile industry consumes 15 percent. Both sectors were plagued by a slowdown in the economy. Indian economy’s growth slowed down to a decade low at 4.5 percent in FY13 and 4.6 percent during the first three quarter of FY'14. Furthermore, financial year 2013 was also not good for the steel industry as well with steel consumption growing by a mere 3.3 percent on account of subdued demand. However, domestic steel consumption grew by 5.5 percent in FY'12 and 9.9 percent in FY'11. Domestic steel consumption is likely to remain under pressure in coming future on account of ongoing economic downturn. The government has been taking various measures to enhance the domestic steel demand. In previous month, it has relaxed the norms for import of steel and its products amid subdued domestic production. Over the past few years, domestic steel industry has been struggling with increased input cost, leading to decline in steel production. Further, low iron ore production, a main raw material for steel production, mainly in Goa and Karnataka region has not only hampered the capacity utilization of various steel players, but also led to significant rise in the cost of iron ore in the domestic market due to limited supplies.

SpiceJet unveils special promotional airfare offer

SpiceJet, the second largest low-cost airline has unveiled a 3 day special promotional airfare offer for travel originating in Andhra Pradesh, Tamil Nadu and West Bengal. Under this offer passengers can book their tickets with all inclusive fares starting at Rs 1,773 (from Hyderabad), Rs 1806 (from Vijayawada, Madurai, Rajahmundry & Tuticorin), Rs 1,859 (from Coimbatore & Tirupati), Rs 1,907 (from Chennai), Rs 2,009 (from Vizag) and Rs 2,123 (from Kolkata). The tickets could be booked till April 10, 2014 for travel between June one and July 31, 2014. This is the sixth discounted ticket sale SpiceJet has come up with in this calendar year. It comes less than a week after the carrier closed another discounted ticket sale that offered passengers the opportunity to fly for Rs 1. SpiceJet is India’s most preferred airline delivers the lowest air fares with the highest consumer value. The airline currently operates more than 350 daily flights to over 44 Indian cities and 9 international destinations.

Onmobile Global strengthens on executing non-binding MOU for disinvestment of ‘Voxmobili SA’

Onmobile Global is currently trading at Rs. 37.10, up by 3.00 points or 8.80 % from its previous closing of Rs. 34.10 on the BSE.

The scrip opened at Rs. 34.70 and has touched a high and low of Rs. 38.10 and Rs. 34.15 respectively. So far 853434 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 41.80 on 16-May-2013 and a 52 week low of Rs. 19.05 on 06-Aug-2013.

Last one week high and low of the scrip stood at Rs. 35.20 and Rs. 33.05 respectively. The current market cap of the company is Rs. 425.53 crore.

The promoters holding in the company stood at 38.27 % while Institutions and Non-Institutions held 13.61 % and 48.12 % respectively.

OnMobile Global has executed a non-binding Memorandum of Understanding (MOU) for the potential divestment of its group company, Voxmobili SA, which specializes in mobile telecommunication products. The proposed deal will be subject to and contingent upon certain events, including applicable regulatory and shareholders’ approvals.

If the proposed deal were to consummate, the company could realize an amount ranging between $23 million to $26 million for the divestment of the said company, which is around its book value, subject to escrows and other conditions customarily contracted as a part of such a deal.

Onmobile Global offers contest management, content aggregation and distribution, voice short codes,  missed call alerts, multimedia push services, mobile advertising, mobile search, ringtones, ring back tones, personalized music greetings, mobile media portals, phone backup, voice portals, and voice SMS.

Bharti Airtel gains on entering into cross-border remittance partnership with MTN

Bharti Airtel is currently trading at Rs. 318.00, up by 0.30 points or 0.09% from its previous closing of Rs. 317.70 on the BSE.

The scrip opened at Rs. 318.60 and has touched a high and low of Rs. 319.75 and Rs. 317.35 respectively.

The BSE group 'A ' stock of face value Rs. 5 has touched a 52 week high of Rs. 373.50 on 01-Nov-2013 and a 52 week low of Rs. 270.25 on 08-Apr-2013.

Last one week high and low of the scrip stood at Rs. 328.50 and Rs. 312.00 respectively. The current market cap of the company is Rs. 126977.41 crore.

The promoters holding in the company stood at 65.23 % while Institutions and Non-Institutions held 24.53 % and 10.24 % respectively.

Bharti Airtel, country's largest telecom operator, has entered into a cross-border remittance partnership with South Africa's MTN Group to facilitate mobile money transfer between the two West African countries of Ivory Coast and Burkina Faso. This new partnership would help both the operators’ customers on either side of the border. MTN and Airtel already enjoy great adoption of Mobile Money services in their respective footprints, and connecting their operations through remittance services appears a logical next step.

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.