Post Session: Quick Review

Local equity markets succumbed to selling pressure, a day after witnessing consolidation as market-participants preferred winding up their position heading towards long weekend. (Markets remains shut for trade on Monday on account of ‘Baba Saheb Ambedkar Jayanti’.) Additionally, prevailing caution ahead of release of Index of Industrial Production (IIP) data later in the day and Consumer Price Inflation (CPI) data and most importantly earning season which kicks starts with the results of IT bellwether Infosys next week, added to the pessimistic milieu. On the macro-front, while consumer inflation rate is forecasted to have edged up slightly in March due to higher food prices, factory output in February is expected to have risen at its fastest annual pace in five months.

In an extremely dismal session of trade, benchmarks for once did not break out in green and kept languishing below the neutral line, though some recovery emerged in the last hour of trade that too was sold out by the traders at Dalal Street. By close, both Sensex and Nifty ended above the crucial 22,600 and 6,750  levels respectively, with loss of close to one tenth of a percent. However, for the week both Sensex and Nifty added gains over a percent. Meanwhile, broader indices for the session showed dissimilar trend, with Midcap index ending a little above the neutral line and Smallcap index ending with gains of over half a percent. For the week, CNX midcap puffed up gains over 2%, BSE Smallcap index rallied over 3%.

On the global front, Asia pacific shares and European market slumped on Friday as a sharp selloff in biotechnology and Internet companies on Wall Street overnight triggered a retreat from global stock markets.

Closer home, losses at Dalal Street were led by stocks from Oil & Gas, Auto and Capital Goods counters, which were top losers of the session that were beaten blue in trade. The drop in Oil & Gas counter came on the back of plunge of Reliance Industries which succumbed to selling pressure after Oil ministry shunned the plan to form an inter-ministerial committee to determine gas prices every quarter based on the C Rangarajan committee formula and decided to utilize its own expertise to compute new rates. Additionally, banking stocks witnessed beating after a Reserve Bank of India (RBI) panel recommended a slew of measures, including potentially changing how lending rates are set for the sector, raising worries about overall profitability.

On the flip side, bourses’ losses were restricted on account of gains in Information Technology, Technology and Healthcare counters, which were the top gainers of the sessions.  Information Technology stocks which were dumped by traders in past couple of session, witnessed significant recovery by close of trade on bargain buying. The market breadth on the BSE ended positive; advances and declining stocks were in a ratio of 1516: 1291, while 124 scrips remained unchanged. (Provisional)

The BSE Sensex lost 86.37 points or 0.38% to settle at 22628.96. The index touched a high and a low of 22679.18 and 22526.89 respectively. Among the 30-share Sensex, 11 stocks gained, while 19 stocks declined. (Provisional)

The BSE Mid cap and Small cap indices ended higher by 0.10% and 0.66% respectively. (Provisional)

On the BSE Sectoral front, IT up by 1.54%, Teck up by 1.21%, Healthcare up by 0.91%, Consumer Durables up by 0.40% and Realty up by 0.29%, were the only gainers, while Oil & Gas down by 1.28%, Auto down by 1.20%, Capital Goods down by 0.98%, Bankex down by 0.78% and PSU down by 0.35% were the top losers in the space. (Provisional)

The top gainers on the Sensex were Sun Pharma up by 1.87%, TCS up by 1.62%, Wipro up by 1.34%, Cipla up by 1.14% and Infosys up by 0.91%, while, Mahindra & Mahindra down by 2.08%, Gail India down by 2.06%, Hindalco down by 1.93%, SBI down by 1.83% and Hero MotoCorp down by 1.82% were the top losers in the index. (Provisional)

Meanwhile, India has signed a memorandum of understanding (MoU) with Russia to source data on diamond trade between two countries. Russia is the world’s largest rough diamond producer, while, India is the largest diamond processor. Presently, most of the rough diamonds produced in Russia are cut and polished in India.

The agreement was signed between the Gem and Jewellery Export Promotion Council (GJEPC) and Russian Government-owned diamond mining firm Alrosa which accounts for around 25 per cent of the world total diamond output. The GJEPC Chairman Vipul Shah has asserted that India has sought long-term contracts between Russian firm Alrosa and Indian cutting and polishing industry. By adding further, he said that with this agreement, both trade bodies can look forward to exchange information and cooperation for the implementation of Kimberley Process Certification Scheme (KPCS) which prevents diamond industry finance to human rights abuses or war.

Diamonds have occupied a special place among the precious gemstones. India has emerged as the leading diamond cutting and polishing hub of the world with 11 out of 12 diamonds being cut and polished in India. Indian represents around 60 percent of global polished diamond output in value terms. During 2013, India exported 36.46 million carats of polished diamonds worth $20.23 billion and imported 163.11 million carats of rough diamonds worth $16.34 billion. While, a predominant portion of rough, uncut diamonds processed in India is exported either in the form of polished diamonds or in the form of finished diamond jewellery. Indian gems and jewellery industry is a significant contributor to India’s foreign exchange earnings and represents around 14 percent of the total country’s export. Cut and polished diamonds along with rough diamonds constitutes the 50 percent share of the total industry’s export. India exported gems and jewellery worth $36.04 billion in 2013.

India VIX, a gauge for markets short term expectation of marginally gained 1.62% at 29.18 from its previous close of 28.71 on Thursday. (Provisional)

The CNX Nifty lost 26.90 points or 0.40% to settle at 6,769.50. The index touched high and low of 6,789.35 and 6,743.15 respectively. Out of the 50 stocks on the Nifty, 19 ended in the green, while 31 ended in the red.

The major gainers of the Nifty were HCL Tech up 3.35%, Ambuja Cements up by 2.33%, Sun Pharma up by 1.92%, Tech Mahindra up by 1.68% and TCS up by 1.66%.

The key losers were IndusInd Bank down by 4.32%, SBI down by 2.06%, M&M down by 1.97%, Gail down by 1.90% and Reliance Industries down by 1.84%. (Provisional)

European markets were trading in red; France’s CAC 40 was down 1.16%, UK’s FTSE 100 was down 1.27% and Germany’s DAX was down by 1.51%.

The Asian markets concluded Friday’s trade mostly in red with stock indices dropping from an almost three-month high amid a renewed selloff of technology shares and as a gain in the yen dragged Japan’s Topix index to its worst week since June. Indonesian shares however rose amid bargain hunting in battered large caps as investors weighed political uncertainties after an unconvincing election win by the main opposition party. Chinese CPI rose to an annual rate of 2.4%, from 2.0% in the preceding month while Chinese PPI fell to an annual rate of -2.3%, from -2.0% in the preceding month.

Sobha Developers gains on registering 6% rise in sales bookings in FY14

Sobha Developers is currently trading at Rs. 374.90, up by 2.55 points or 0.68% from its previous closing of Rs. 372.35 on the BSE. The scrip opened at Rs. 372.95 and has touched a high and low of Rs. 385.00 and Rs. 367.25 respectively. So far 24364 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 425.00 on 17-May-2013 and a 52 week low of Rs. 214.10 on 04-Sep-2013. Last one week high and low of the scrip stood at Rs. 400.00 and Rs. 366.80 respectively. The current market cap of the company is Rs. 3658.76 crore. The promoters holding in the company stood at 60.58 % while Institutions and Non-Institutions held 35.87 % and 3.54 % respectively. Sobha Developers has registered 6% rise in sales bookings to Rs 2,343 crore in the FY14, on higher realization but missed its target due to the slowdown, especially in the NCR-Gurgaon region. The company had achieved sales bookings of Rs 2,215 crore during 2012-13. At the close of the financial year, the company has registered new sales area of 3.59-million sqft valued at Rs 2,343 crore at an average price realisation of Rs 6,534 per sft. At the start of the previous financial year, the company had estimated new sales at Rs 2,600 crore and 4.2-million sqft for 2013-14. While the sales value increased by 5.78 per cent, the average price realisation registered a growth of 10.8 per cent year-on-year. Sobha Developers has presence in seven cities -- Bangalore, Gurgaon, Chennai, Pune, Coimbatore, Mysore and Thrissur. It has completed 83 projects aggregating to 20.78 million sq ft of saleable area and is presently developing 43 projects with 17.4 million sq ft of saleable area.

Aegis Logistics trades in the green on BSE

Aegis Logistics is currently trading at Rs. 169.50, up by 0.40 points or 0.24% from its previous closing of Rs. 169.10 on the BSE. The scrip opened at Rs. 169.00 and has touched a high and low of Rs. 175.85 and Rs. 168.00 respectively. So far 19794 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 187.95 on 02-Jan-2014 and a 52 week low of Rs. 100.25 on 02-Aug-2013. Last one week high and low of the scrip stood at Rs. 179.10 and Rs. 166.30 respectively. The current market cap of the company is Rs. 566.13 crore. The promoters holding in the company stood at 62.44 % while Institutions and Non-Institutions held 7.29 % and 30.28 % respectively. Aegis Group, a leader in oil, gas and chemical logistics has successfully commissioned the 70,120 KL Bulk Liquid Terminal at Pipavav port in Gujarat. The Pipavav - Phase I expansion was initiated in February 2013 to set up Bulk Liquid Terminal of 1,20,000 KL & 2,700 MT of Gas Terminal & was targeted to commission in H2 FY2015.However, the best efforts of in-house project team resulted in advancement of project by six months. Over 50% Liquid Facilities has now been commissioned with 13 additional tanks operational with a storage capacity totaling to 70,120 KL.  The Phase I of capacity expansion at Pipavav is a green-field project to set up Bulk Liquid Terminal with 31 tanks aggregating to the storage capacity of 1,20,000 KL and 2700 MT Bulk Gas Terminal with estimated LPG handling capacity of 1,00,000 MT. With partial commissioning already done, the company is confident that the project would be fully commissioned by H2 FY2015. The expanded facilities at Pipavav Port shall enable the company to expand its horizons by catering to market of Northern and North Western Hinterlands. The new facilities shall store & handle Petroleum, Chemicals and Petrochemical products.  With new capacity, Aegis Group will be able to handling liquid volumes of over 3 to 4 Million MT and Gas volumes of over 750,000 MT.

FIIs, DIIs reduce stake in Tata Motors

Foreign institutional investors (FIIs) have reduced shareholding in Tata Motors to 27.52% at the end of March 2014 quarter from 28% as on December 31, 2013. Moreover, domestic institutional investors (DIIs) have also reduced shareholding in the company to 9.37% at the end of March 2014 quarter from 9.56% as on December 31, 2013. Meanwhile, promoter and promoter group shareholding in the company was unchanged at 34.33% at the end of March 2014 quarter. Tata Motors is India's largest automobile company, is the leader in commercial vehicles in each segment, and among the top in passenger vehicles with winning products in the compact, midsize car and utility vehicle segments. It is also the world's fourth largest truck and bus manufacturer.

Dr Reddy’s Laboratories gains on plan to spend $400 million for R&D

Dr. Reddys Laboratories is currently trading at Rs. 2581.85, up by 32.75 points or 1.28 % from its previous closing of Rs. 2549.10 on the BSE. The scrip opened at Rs. 2550.00 and has touched a high and low of Rs. 2589.00 and Rs. 2522.00 respectively. So far 25809 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 2939.80 on 28-Feb-2014 and a 52 week low of Rs. 1846.45 on 15-Apr-2013. Last one week high and low of the scrip stood at Rs. 2676.50 and Rs. 2539.95 respectively. The current market cap of the company is Rs. 43804.73 crore. The promoters holding in the company stood at 25.52 % while Institutions and Non-Institutions held 40.90 % and 16.48 % respectively. Dr Reddy’s Laboratories is planning to spend around $400 million on research and development (R&D) over 3-4 years in biologics and proprietary products. The company had 21 active products in the proprietary products pipeline, of which six were in clinical development stage as on March 31, 2013. Moreover, the drugs currently in clinical development stage are targeted in the areas of cardiovascular disorders, psoriasis, pain, anti-infective atopic dermatitis/ psoriasis and migraine. The new drug research on metabolic disorders/ cardiovascular disorders is in Phase-II while the remaining five drugs are in the clinical stage. Dr. Reddy’s is an integrated global pharmaceutical company, committed to providing affordable and innovative medicines for healthier lives. Through its three businesses - Pharmaceutical Services and Active Ingredients, Global Generics and Proprietary Products - the company offers a portfolio of products and services including APIs, custom pharmaceutical services, generics, bio-similars, differentiated formulations and NCEs.

SeQuent Scientific’s JV company allots 74 lakh shares to Shasun Pharmaceuticals

SeQuent Scientific and Shasun Pharmaceuticals’ joint venture (JV) company -- Alivira Animal Health -- has allotted 74,00,000 equity shares to Shasun Pharmaceuticals in consideration for the transfer of the Shasun’s Vizag Unit. Moreover, Alivira has also allotted 21,14,165 shares to Devicam Capital LLP, an enterprise jointly owned by the promoters of Shasun Pharmaceuticals and Sequent Scientific for cash. Earlier in July 2013, SeQuent Scientific signed a Letter of Intent (LOI) with Shasun Pharmaceuticals to form a joint venture company (JVC) to develop, manufacture and sell veterinary products inclusive of both API (Active Pharmaceutical Ingredients) and formulations in the global market. SeQuent Scientific is an integrated pharmaceutical company with a global footprint headquartered in Bangalore, India which has presence in different pharmaceutical verticals including APIs, Animal Health, Analytical Services, CRAMS and specialty chemicals. Sequent is the world's largest producer of Anthelmintics and by far the strongest player in the Veterinary API business.

Suven Life gains on securing two product patents for NCEs in Canada and Hong Kong

Suven Life Sciences is currently trading at Rs. 78.00, up by 0.55 points or 0.71% from its previous closing of Rs. 77.45 on the BSE. The scrip opened at Rs. 78.00 and has touched a high and low of Rs. 79.20 and Rs. 77.30 respectively. So far 161170 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 83.40 on 12-Nov-2013 and a 52 week low of Rs. 22.00 on 13-Jun-2013. Last one week high and low of the scrip stood at Rs. 79.20 and Rs. 72.70 respectively. The current market cap of the company is Rs. 911.26 crore. The promoters holding in the company stood at 64.76% while Institutions and Non-Institutions held 0.89% and 34.35% respectively. Suven Life Sciences (Suven) has secured two product patents for New Chemical Entities (NCEs) in Hong Kong and Canada for the treatment of disorders associated with Neurodegenerative diseases and these patents are valid through 2023 and 2029 respectively. The granted claims of the patents include the class of selective 5-HT compounds discovered by Suven and are being developed as therapeutic agents and are useful in the treatment of cognitive impairment associated with neurodegenerative disorders like Alzheimer’s disease, Attention deficient hyperactivity disorder (ADHD), Huntington’s disease, Parkinson and Schizophrenia. With these new patents, the company has a total of fifteen granted patents from Canada and fourteen product patents from Hong Kong. These granted patents are exclusive intellectual property of Suven and are achieved through the internal discovery research efforts. Products out of these inventions may be out-licensed at various phases of clinical development like at Phase-I or Phase-II. Suven Life Science is a biopharmaceutical company focused on discovering, developing and commercializing novel pharmaceutical products, which are first in class or best in class CNS therapies through the use of GPCR targets.

Bajaj Electricals reports 21% rise in turnover in FY14

Bajaj Electricals has achieved a turnover of Rs 4,102 crore (Provisional) for FY14, an increase of 21% over the previous financial year FY13. Of the total, sales from consumer durables business grew 6.15% to Rs 1950 crore, sales from lighting and luminaries surged by 11.63% to Rs 960 crore and sales from engineering and project business increased by 72.97% to Rs 1190 crore. Bajaj Electricals (BEL), part of the Rs 20000 crore Bajaj Group, is engaged in business appliances, fans, lighting, luminaries and engineering and projects.

Crude oil futures decline on MCX

Crude oil futures declined on MCX as data showing a slowdown in China's giant economy sparked concerns about weak demand. Further, expectations that Libyan oil will return to the market after rebels lifted a blockade of crude terminals also dampened the sentiments.   

The contract for April delivery was trading at Rs 6229.00, down by 0.27% or Rs 17.00 from its previous closing of Rs 6246.00. The open interest of the contract stood at 11605.00 lots.

The contract for May delivery was trading at Rs 6203.00, down by 0.27% or Rs 17.00 from its previous closing of Rs 6220.00. The open interest of the contract stood at 1466.00 lots on MCX.

Piramal Enterprises trades jubilantly on the bourses

Piramal Enterprises is currently trading at Rs. 578.80, up by 22.65 points or 4.07% from its previous closing of Rs. 556.15 on the BSE. The scrip opened at Rs. 563.00 and has touched a high and low of Rs. 583.30 and Rs. 563.00 respectively. So far 45843 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 648.30 on 02-Sep-2013 and a 52 week low of Rs. 476.00 on 25-Jun-2013. Last one week high and low of the scrip stood at Rs. 583.30 and Rs. 522.00 respectively. The current market cap of the company is Rs. 9897.36 crore. The promoters holding in the company stood at 52.95% while Institutions and Non-Institutions held 30.75% and 16.30% respectively. Piramal Enterprises (Piramal) has decided to divest its entire equity stake, comprising 45,425,328 shares (11%), in Vodafone India to Prime Metals, an indirect subsidiary of Vodafone Group Plc, for a total consideration of Rs 8,900 crore, valuing the shares of Vodafone India at Rs 1,960 per share. Piramal had acquired these shares at an average price of Rs 1,290 per share for a total consideration of Rs 5,864 crore in two tranches during FY12. Piramal Enterprises is one of India’s largest diversified companies, with a presence in pharmaceutical, financial services and healthcare information management sectors.

India signs agreement with Russia to share diamond trade data

India has signed a memorandum of understanding (MoU) with Russia to source data on diamond trade between two countries. Russia is the world’s largest rough diamond producer, while, India is the largest diamond processor. Presently, most of the rough diamonds produced in Russia are cut and polished in India. The agreement was signed between the Gem and Jewellery Export Promotion Council (GJEPC) and Russian Government-owned diamond mining firm Alrosa which accounts for around 25 per cent of the world total diamond output. The GJEPC Chairman Vipul Shah has asserted that India has sought long-term contracts between Russian firm Alrosa and Indian cutting and polishing industry. By adding further, he said that with this agreement, both trade bodies can look forward to exchange information and cooperation for the implementation of Kimberley Process Certification Scheme (KPCS) which prevents diamond industry finance to human rights abuses or war. Diamonds have occupied a special place among the precious gemstones. India has emerged as the leading diamond cutting and polishing hub of the world with 11 out of 12 diamonds being cut and polished in India. Indian represents around 60 percent of global polished diamond output in value terms. During 2013, India exported 36.46 million carats of polished diamonds worth $20.23 billion and imported 163.11 million carats of rough diamonds worth $16.34 billion. While, a predominant portion of rough, uncut diamonds processed in India is exported either in the form of polished diamonds or in the form of finished diamond jewellery. Indian gems and jewellery industry is a significant contributor to India’s foreign exchange earnings and represents around 14 percent of the total country’s export. Cut and polished diamonds along with rough diamonds constitutes the 50 percent share of the total industry’s export. India exported gems and jewellery worth $36.04 billion in 2013.

Kotak Securities launches Kotak Pearl for women investors

Kotak Securities, a subsidiary of Kotak Mahindra Bank has introduced ‘Kotak Pearl', a special trading account for women. This new trading account comes with 50% brokerage cash-back on cash market trades for the first three months and brokerage of 0.01% on Kotak Gold ETF (exchange traded fund) transactions. Moreover, the account will allow women investors to enjoy the regular offerings of Kotak Securities such as online trading platform KEAT ProX, mobile trading application Kotak Stock Trader, expert research recommendations and a customer service desk that can service in 10 different languages. Kotak Mahindra Bank has reported 6.00% fall in its net profit at Rs 339.98 crore for third quarter ended December 31, 2013 as compared to Rs 361.68 crore for the same quarter in the previous year.  However, total income of the bank has increased by 3.86% at Rs 2492.01 crore for quarter under review as compared to Rs 2399.44 crore for the quarter ended December 31, 2012.

NCC soars on getting nod to raise up to Rs 650 crore through Rights Issue

NCC is currently trading at Rs. 47.65, up by 2.15 points or 4.73% from its previous closing of Rs. 45.50 on the BSE. The scrip opened at Rs. 45.00 and has touched a high and low of Rs. 48.80 and Rs. 44.65 respectively. So far 488536 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 48.90 on 10-Apr-2014 and a 52 week low of Rs. 16.55 on 04-Sep-2013. Last one week high and low of the scrip stood at Rs. 48.90 and Rs. 36.20 respectively. The current market cap of the company is Rs. 1221.34 crore. The promoters holding in the company stood at 20.41% while Institutions and Non-Institutions held 44.34% and 35.23% respectively. NCC has received an approval for raising of funds up to an amount of Rs 650 crore through Rights Issue of equity shares to the existing members of the company. The board of directors at its meeting held on April 09, 2014 has approved for the same subject to the requisite statutory & regulatory approvals. The terms and conditions of the Rights Issue including the rights entitlement ratio, the issue price, issue size, record date, timing of the Rights Issue and other related matters shall be decided subsequently by the board / a duly constituted Committee of the board in consultation with the lead managers to the Rights Issue. Further, the board had also accorded in-principle approval for increasing the authorized share capital from Rs 60 crore to Rs 150 crore. NCC is engaged in development of real estate. The company’s projects stand on credentials of its work in various sectors such as Housing, Transportation, Power, water, Metals and Oil and gas.

Tata Steel gains on seeking environment clearance for coal mine expansion project in Jharkhand

Tata Steel is currently trading at Rs. 419.70, up by 2.90 points or 0.70% from its previous closing of Rs. 416.80 on the BSE. The scrip opened at Rs. 416.00 and has touched a high and low of Rs. 421.00 and Rs. 411.00 respectively. So far 407269 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 435.40 on 02-Jan-2014 and a 52 week low of Rs. 195.40 on 07-Aug-2013. Last one week high and low of the scrip stood at Rs. 424.50 and Rs. 395.55 respectively. The current market cap of the company is Rs. 40873.59 crore. The promoters holding in the company stood at 31.35% while Institutions and Non-Institutions held 41.45% and 24.22% respectively. Tata Steel is seeking environment clearance from Centre for its coal mine expansion project in Jharkhand. The expansion will enhance the capacity of Tata Steel's West Bokaro project by two million tonnes per annum (MTPA). Further, the Expert Committee of the Ministry of Environment and Forests (MoEF) is slated to take up the matter in May for grant of environment clearance to West Bokaro Opencast Expansion Coal Mine Project from 7 MTPA to 9 MTPA in a mining lease (ML) area of 1,740 hectares. The Committee would also look into grant of environment clearance for expansion of Tata Steel’s Washery-II from 2.9 MTPA to 4 MTPA. Tata Steel, the flagship company of the Tata group is the first integrated steel plant in Asia and is now the world’s second most geographically diversified steel producer and a Fortune 500 Company.

Jet Airways moves up on the bourses

Jet Airways (India) is currently trading at Rs. 303.20, up by 0.60 points or 0.20% from its previous closing of Rs. 302.60 on the BSE. The scrip opened at Rs. 302.60 and has touched a high and low of Rs. 309.70 and Rs. 298.30 respectively. So far 281860 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 688.60 on 25-Apr-2013 and a 52 week low of Rs. 210.25 on 05-Feb-2014. Last one week high and low of the scrip stood at Rs. 311.25 and Rs. 261.00 respectively. The current market cap of the company is Rs. 3420.99 crore. The promoters holding in the company stood at 51.00% while Institutions and Non-Institutions held 10.50% and 38.50% respectively. Etihad Airways, the national airline of the United Arab Emirates (UAE), continues to strengthen ties with India and equity partner, Jet Airways, following a new sponsorship deal naming both airlines as principal sponsors and official airlines of the celebrated Mumbai Indians cricket team. This is the Abu Dhabi-based airline’s first high profile sports sponsorship in the region and one that underscores its expanding commitment to the Indian market. Etihad Airways sponsorship portfolio includes, Manchester City Football Club, the Etihad Stadium in Melbourne, Etihad Stadium in Manchester, the Formula 1 Etihad Airways Abu Dhabi Grand Prix, Harlequins Rugby Club, GAA Hurling All Ireland Senior Championship, and most recently the Major League Soccer in the US. Jet Airways currently operates a fleet of 113 aircraft, which include 10 Boeing 777-300 ER aircraft, 8 Airbus A330-200 aircraft, 4 Airbus A330-300 aircraft, 73 next generations Boeing 737-700/800/900/900 ER aircraft and 15 ATR 72-500 and 3 ATR72-600.

Gammon Infrastructure eyeing to cross Rs 1,000 crore topline in FY15

Gammon Infrastructure Projects is eyeing to cross Rs 1,000 crore in topline for FY15. The company is on a sound footing with seven operational projects underway and three projects on verge of completion.

Gammon Infrastructure Projects is among the first companies in India to be modeled as an infrastructure developer holding company with investments spread across various sectors.

Call rates edged higher with the end of first half of reporting cycle

Interbank call rates were trading higher at 8.15/8.20% versus its Thursday’s close of 7.00/7.10% as demand from banks to fulfill their fortnightly requirements gained momentum with the end of first half of reporting cycle and also ahead a long weekend. Money market remaining shut for trade on Monday on account of ‘Baba Saheb Ambedkar Jayanti’. The banks via Liquidity Adjustment Facility (LAF) borrowed Rs 17793 crore through repo auction on April 11, 2014. The banks via LAF borrowed Rs 17453 crore through repo auction and parked Rs 7200 crore via reverse repo window on April 10, 2014. The overnight borrowing rates touched a high and low of 8.20% and 8.10% respectively. According to the Clearing Corporation of India (CCIL), the weighted average rate (WAR) in the call money market was at 8.01% on Friday and total volume stood at Rs 28664.85 crore, so far. As per CCIL data, WAR in the CBLO (Collateralized Borrowing and Lending Obligation) market was at 8.10% on Friday and total volume stood at Rs 24871.15 crore, so far. The indicative call rates which closed 7.00/7.10% on Thursday were contributions made from Andhra Bank, AXIS Bank, Bank of America, Bank of Baroda, Bank of India, Canara Bank, J P Morgan Chase, Citibank N.A., Corporation Bank, Credit Agricole Bank, Indusind Bank, ICICI Bank, ICICI Securities, IDBI Bank, Jammu and Kashmir Bank, Punjab National Bank, RBS, Societe Generale, Standard Chartered, so far.

Etihad Airways and Jet Airways sign sponsorship of Mumbai Indians cricket team

Etihad Airways, the national airline of the United Arab Emirates (UAE), continues to strengthen ties with India and equity partner, Jet Airways, following a new sponsorship deal naming both airlines as principal sponsors and official airlines of the celebrated Mumbai Indians cricket team. This is the Abu Dhabi-based airline’s first high profile sports sponsorship in the region and one that underscores its expanding commitment to the Indian market. Etihad Airways sponsorship portfolio includes, Manchester City Football Club, the Etihad Stadium in Melbourne, Etihad Stadium in Manchester, the Formula 1 Etihad Airways Abu Dhabi Grand Prix, Harlequins Rugby Club, GAA Hurling All Ireland Senior Championship, and most recently the Major League Soccer in the US. Jet Airways currently operates a fleet of 113 aircraft, which include 10 Boeing 777-300 ER aircraft, 8 Airbus A330-200 aircraft, 4 Airbus A330-300 aircraft, 73 next generations Boeing 737-700/800/900/900 ER aircraft and 15 ATR 72-500 and 3 ATR72-600.

Rupee trades weak in line with Asian currencies; weak local equities weigh too

Indian rupee, after opening on weaker note and although recouping some of its ground, continues to trade weak against dollar on Friday, tracking losses in most other Asian currencies. Additionally, losses of local equity markets are weighing on the sentiment of Indian currency. Besides prevailing caution ahead of Index of Industrial Production (IIP) data later in the day and Retail inflation data early next week, is adding to underlying pessimistic environment. On the macro-front, while consumer inflation rate is forecasted to have edged up slightly in March due to higher food prices, factory output in February is expected to have risen at its fastest annual pace in five months. Te partially convertible currency is currently trading at 60.28, weaker by 14 paise from its previous close of 60.14 on Thursday. The currency touched a high and low of 60.35 and 60.22 respectively.  The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 60.21 and for Euro stood at 83.33 on April 10, 2014. While, the RBI’s reference rate for the Yen stood at 59.18, the reference rate for the Great Britain Pound (GBP) stood at 101.0469. The reference rates are based on 12 noon rates of a few select banks in Mumbai. Date 1US$ 1GBP April 10, 14  60.21 101.0469 April 09, 2014 60..07 100.5639 (RBI-Reference Rate)

NCC extends gain on receiving approval to raise up to Rs 650 crore

NCC is currently trading at Rs. 47.60, up by 2.10 points or 4.62% from its previous closing of Rs. 45.50 on the BSE. The scrip opened at Rs. 45.00 and has touched a high and low of Rs. 48.80 and Rs. 44.65 respectively. So far 4,65,000 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 48.90 on 10-Apr-2014 and a 52 week low of Rs. 16.55 on 04-Sep-2013. Last one week high and low of the scrip stood at Rs. 48.90 and Rs. 36.20 respectively. The current market cap of the company is Rs. 1,221.00 crore. The promoters holding in the company stood at 20.41% while Institutions and Non-Institutions held 44.34% and 35.23% respectively. NCC has received an approval for raising of funds up to an amount of Rs 650 crore through Rights Issue of equity shares to the existing members of the company. The board of directors at its meeting held on April 09, 2014 has approved for the same subject to the requisite statutory & regulatory approvals. The terms and conditions of the Rights Issue including the rights entitlement ratio, the issue price, issue size, record date, timing of the Rights Issue and other related matters shall be decided subsequently by the board / a duly constituted Committee of the board in consultation with the lead managers to the Rights Issue. Further, the board had also accorded in-principle approval for increasing the authorized share capital from Rs 60 crore to Rs 150 crore. NCC is engaged in development of real estate. The company’s projects stand on credentials of its work in various sectors such as Housing, Transportation, Power, water, Metals and Oil and gas.

Cotton futures trade higher on domestic demand

Cotton futures traded higher on MCX on account of strong domestic demand from mills buying along with some export enquiries that emerged in the market. However, a rise in local supplies and estimates of higher output limited the upside. The contract for April delivery was trading at Rs 19850.00, up by 0.40% or Rs 80.00 from its previous closing of Rs 19770.000. The open interest of the contract stood at 5208.00 lots. The contract for May delivery was trading at Rs 20130.00, up by 0.40% or Rs 80.00 from its previous closing of Rs 20050.00. The open interest of the contract stood at 4172.00 lots on MCX.

BF Utilities trades higher on the bourses

BF Utilities is currently trading at Rs. 657.30, up by 2.00 points or 0.31% from its previous closing of Rs. 655.30 on the BSE. The scrip opened at Rs. 657.00 and has touched a high and low of Rs. 666.00 and Rs. 646.10 respectively. So far 21603 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 5 has touched a 52 week high of Rs. 682.10 on 10-Apr-2014 and a 52 week low of Rs. 118.10 on 07-Aug-2013. Last one week high and low of the scrip stood at Rs. 682.10 and Rs. 611.00 respectively. The current market cap of the company is Rs. 2481.35 crore. The promoters holding in the company stood at 66.06% while Institutions and Non-Institutions held 1.06% and 32.88% respectively. Global private equity companies JPMorgan and 3i Capital is reportedly expected to buy stake worth close to $200 million in BF Utilities. The promoters currently own a little over 66 per cent in the company. BF Utilities is executing the Rs 6,000-crore Bangalore-Mysore expressway for the past two decades. The company was in the process of restructuring NICE as well as its special purpose vehicle (SPV) subsidiary Nandi Economic Corridor Enterprise (NECE) to enhance shareholder value. BF Utilities is engaged in power generation through wind mill technology. The company was set up to satiate the power requirements of the Kalyani Group companies, which have business interests in areas of steel making, forging, machining, etc.

Sun Pharma trades with traction on the bourses

Sun Pharmaceutical Industries is currently trading at Rs. 628.40, up by 12.20 points or 1.98% from its previous closing of Rs. 616.20 on the BSE. The scrip opened at Rs. 618.00 and has touched a high and low of Rs. 630.60 and Rs. 617.80 respectively. So far 180617 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 653.10 on 03-Mar-2014 and a 52 week low of Rs. 428.95 on 11-Apr-2013. Last one week high and low of the scrip stood at Rs. 643.20 and Rs. 571.00 respectively. The current market cap of the company is Rs. 130027.67 crore. The promoters holding in the company stood at 63.65% while Institutions and Non-Institutions held 28.23% and 8.11% respectively. Sun Pharmaceutical Industries’ subsidiary Caraco has received US Food and Drug Administration (US FDA) approval for hypertension drug Microzide Generic. Microzide is used for treating high blood pressure. It is also used to treat fluid buildup in the body caused by certain conditions (eg, heart failure, liver cirrhosis, kidney problems) or medicines (eg, corticosteroids, estrogen). Earlier in March, Caraco received US FDA approval for Risperidone oral tablets. The oral tablet is used for the treatment of schizophrenia (a mental disorder). Sun Pharmaceutical Industries is an international, integrated, specialty pharmaceutical company. It manufactures and markets a large basket of pharmaceutical formulations as branded generics as well as generics in India, US and several other markets across the world.

Jeera futures decline on weak demand

Jeera futures traded down on NCDEX due to higher domestic supplies, weak local demand amid rising hopes of better sowing in the main cultivating areas. However, expectations of higher exports in coming months capped the downtrend. The contract for April delivery was trading at Rs 9825.00, down by 0.61% or Rs 60.00 from its previous closing of Rs 9885.00. The open interest of the contract stood at 1431.00 lots. The contract for May delivery was trading at Rs 9950.00, down by 0.65% or Rs 65.00 from its previous closing of Rs 10015.00. The open interest of the contract stood at 9234.00 lots on NCDEX.

KEC International advances on promoter hiking it stake in company

KEC International is currently trading at Rs. 72.60, up by 0.85 points or 1.18 % from its previous closing of Rs. 71.75 on the BSE. The scrip opened at Rs. 71.50 and has touched a high and low of Rs. 72.60 and Rs. 70.30 respectively. So far 18867 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 74.80 on 01-Apr-2014 and a 52 week low of Rs. 23.25 on 04-Sep-2013. Last one week high and low of the scrip stood at Rs. 72.10 and Rs. 66.55 respectively. The current market cap of the company is Rs. 1840.75 crore. The promoters holding in the company stood at 48.16% while Institutions and Non-Institutions held 35.78% and 16.06% respectively. KEC International’s promoter Harsh Goenka has increased holding in the company to 1.53 per cent after acquiring 5.66 lakh equity shares of the company since April 4. Goenka, who also heads the RPG group of companies, acquired 99,967 shares of KEC International on April 4. He also bought a total of 4.66 lakh shares in two separate transactions on April 7 and on April 9. 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.

CARE reaffirms rating of JVL Agro Industries’ bank facilities

Credit rating agency, CARE has reaffirmed ‘BBB’ rating to JVL Agro Industries’ bank facilities worth Rs 306.64 crore. The rating agency has revised rating of short term bank facilities worth Rs 2181.50 crore of the company to 'A3+' from 'A3'.

The company has received the said rating reaffirmation on account of better financial performance in 9MFY14, despite sharp volatility in foreign exchange and inverted duty structure for processing of crude palm oil into refined palm oil.

JVL Agro Industries is engaged in the production and trading of hydrogenated vegetable oil (vanaspati) and refined oil in India. The company’s products include saturated fats, refined palmolein and soybean oil, kachi ghani mustard oil, and de-oiled cake.

Tata Teleservices spurts post reporting March subscriber’s figures

Tata Teleservices (Maharashtra) is currently trading at Rs. 8.35, up by 0.49 points or 6.23% from its previous closing of Rs. 7.86 on the BSE. The scrip opened at Rs. 7.98 and has touched a high and low of Rs. 8.57 and Rs. 7.98 respectively. So far 1900959 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 10.26 on 21-May-2013 and a 52 week low of Rs. 4.83 on 13-Jun-2013. Last one week high and low of the scrip stood at Rs. 8.08 and Rs. 7.30 respectively. The current market cap of the company is Rs. 1646.05 crore. The promoters holding in the company stood at 74.90 % while Institutions and Non-Institutions held 0.69 % and 24.42 % respectively. Tata Teleservices (Maharashtra) (TTML) has reported the subscriber figures as on March 31, 2014. The company’s total subscribers stood at 10,578,258 of which Wireline contributes 779,780, FWT 742,054 and Mobile 9,056,424 subscribers. In Mumbai service area, the company’s total subscribers stood at 3,996,088 of which Wireline contributes 523,926, FWT 7,356 and Mobile 3,464,806 subscribers while in Rest of Maharashtra, the company’s total subscribers stood at 6,582,170 of which Wireline contributes 255,854, FWT 734,698 and Mobile 5,591,618 subscribers. Tata Teleservices Maharashtra (TTML) is a part of the Tata Group. This telecom services company has its presence all over Maharashtra and Goa.

Cardamom futures edge higher on strong demand

Cardamom futures traded higher on MCX as speculators enlarged their positions driven by strong demand in the spot market against restricted arrivals from the major producing belts. Further, firm export demand too supported cardamom price uptrend. The contract for April delivery was trading at Rs 949.00, up by 0.48% or Rs 4.50 from its previous closing of Rs 944.50. The open interest of the contract stood at 449 lots. The contract for May delivery was trading at Rs 915.30, up by 0.64% or Rs 5.80 from its previous closing of Rs 909.50. The open interest of the contract stood at 3213 lots on MCX.

HDIL trades jubilantly as Credit Suisse buys 21.42 lakh shares of the company

Housing Development & Infrastructure (HDIL) is currently trading at Rs. 79.10, up by 3.55 points or 4.70% from its previous closing of Rs. 75.55 on the BSE. The scrip opened at Rs. 74.55 and has touched a high and low of Rs. 79.75 and Rs. 74.45 respectively. So far 2344309 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 77.95 on 10-Apr-2014 and a 52 week low of Rs. 26.10 on 07-Aug-2013. Last one week high and low of the scrip stood at Rs. 77.95 and Rs. 58.50 respectively. The current market cap of the company is Rs. 3215.86 crore. The promoters holding in the company stood at 36.17% while Institutions and Non-Institutions held 38.39% and 25.44% respectively. Credit Suisse (Singapore) has bought 21.42 lakh shares of Housing Development and Infrastructure (HDIL) through open market route. The shares were purchased on an average price of Rs 73.81 valuing the transaction to Rs 15.81 crore. 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).

Credit Suisse buys 21.42 lakh shares of HDIL

Credit Suisse (Singapore) has bought 21.42 lakh shares of Housing Development and Infrastructure (HDIL) through open market route. The shares were purchased on an average price of Rs 73.81 valuing the transaction to Rs 15.81 crore. 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).

Titan Company moves up on the bourses

Titan Company is currently trading at Rs. 263.80, up by 1.20 points or 0.46% from its previous closing of Rs. 262.60 on the BSE. The scrip opened at Rs. 262.40 and has touched a high and low of Rs. 266.25 and Rs. 261.90 respectively. So far 35314 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 302.00 on 30-May-2013 and a 52 week low of Rs. 200.00 on 13-Jun-2013. Last one week high and low of the scrip stood at Rs. 275.00 and Rs. 258.00 respectively. The current market cap of the company is Rs. 23424.24 crore. The promoters holding in the company stood at 53.05% while Institutions and Non-Institutions held 23.55% and 23.39% respectively. Titan Company’s jewellery retail chain arm - Tanishq has made it to the list of Interbrand’s top 30 Best Retail Brands in Asia Pacific. The jewellery brand stands at number 13 with a brand value of $670 million. This is the first time an Indian brand has made it to the Best Retail Brands Report. Titan Company is an Indian designer and manufacturer of watches, jewellery, precision engineering components and other accessories including sunglasses, wallets, bags and belts.

CARE reaffirms ratings of JSW Steel’s bank facilities

Credit rating agency, CARE has reaffirmed ‘AA’ rating to JSW Steel’s long term bank facilities worth Rs 22,995.80 crore and ‘A1+’ rating to company’s Short term Bank Facilities worth Rs 11,744.00 crore. The rating agency has also reaffirmed AA/A1+ rating to the company’s Long-term/Short-term bank facilities worth Rs 9,900.20 crore. The company has received the said ratings on the back of its significant presence in the Indian steel sector, its experienced management with well-established track record in brownfield project execution and cost management expertise, well-diversified product mix with increasing share of value added and upstream products, improvement in operational performance during FY13 (refers to the period from April 1, 2012 to March 31, 2013) and 9MFY14 (refers to the period from April 1, 2013 to December 31, 2013) as well as improving availability of iron ore in Karnataka, though, at a slow pace. JSW Steel is part of the JSW group which, in turn, is a part of the O P Jindal group. JSW Steel is one of the largest steel manufacturing companies in India having units in Karnataka and Maharashtra producing crude steel, long steel and flat steel products.

GMR Infra rises on completing Chennai outer ring road phase I project

GMR Infrastructure is currently trading at Rs. 26.00, up by 0.30 points or 1.17% from its previous closing of Rs. 25.70 on the BSE. The scrip opened at Rs. 25.60 and has touched a high and low of Rs. 26.15 and Rs. 25.20 respectively. So far 183314 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 26.80 on 10-Apr-2014 and a 52 week low of Rs. 10.65 on 06-Aug-2013. Last one week high and low of the scrip stood at Rs. 26.80 and Rs. 22.85 respectively. The current market cap of the company is Rs. 10100.87 crore. The promoters holding in the company stood at 71.70% while Institutions and Non-Institutions held 18.88% and 9.42% respectively. GMR Infrastructure has completed Chennai outer ring road phase I project. Government of Tamil Nadu and all concerned agencies issued a provisional Certificate for Completion with effect from June 15, 2013 for Group’s Chennai Outer Ring Road project. This milestone will add to the cash-flow of GMR by Rs 118 crore every year for the next 17 and half years. It adds almost Rs.95 Crore to the revenues of Road Project in the year just ended on 31st March 2014. Completed on design, build, finance, operate and transfer basis, the GMR Chennai Outer Ring Road project connects Vandalur on NH-45 to Nemillicheri on NH-205 via Nazaratpet on NH-4. GMR won this prestigious 29.65 Km project through international competitive bidding. The Concession Period of the project is 20 years including 30 months of construction. Commissioning of the project will significantly ease traffic congestion along the western periphery of Chennai city. The Outer Ring Road connects the northern and southern suburbs of Chennai and will be a catalyst for expansion of the city and help growth of the industrial hubs in this region through better connectivity. 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.

LIC Nomura MF introduces Fixed Maturity Plan Series 80 (366 Days)

LIC Nomura Mutual Fund has launched the New Fund Offer (NFO) of LIC Nomura MF Fixed Maturity Plan Series 80 (366 Days), a close ended income scheme. The NFO opens for subscription on Apr 11, 2014 and closes on Apr 15, 2014. No entry load or exit load will be applicable for the scheme. The minimum subscription amount is Rs 10000 and in multiples of Rs 10 thereafter.

The scheme’s performance will be benchmarked against CRISIL Short Term Bond Fund Index and its fund manager is Y D Prasanna.

The investment objective of the scheme is to minimize interest rate risk by investing in a portfolio of fixed income securities which mature on or before the maturity of the scheme.

Asian markets mostly trade lower in early deals on Friday

All the Asian equity indices barring Jakarta Composite traded lower in the early deals on Friday, tracking cues from Wall Street where the major averages plunged sharply overnight amid worries about a slowdown in China and on heavy profit taking in technology stocks ahead of quarterly earnings reports. The Japanese stock market dropped on continued worries about a slowdown in China as well as the yen strengthened against the dollar as weaker-than-forecast Chinese exports revived demand for safer assets. On the economic front, an index measuring the prices of domestic corporate goods in Japan was flat on month in March, at 102.8, that missed forecasts for an increase of 0.1 percent following the upwardly revised 0.1 percent contraction in February. Among other markets in the Asia-Pacific region, Hong Kong, Shanghai, Singapore, Malaysia, South Korea and Taiwan are all trading weak, while Indonesia is trading notably higher. Shanghai Composite declined 12.59 points or 0.59% to 2,121.71, Hang Seng slipped by 153.28 points or 0.66% to 23,033.68, KLSE Composite contracted 10.05 points or 0.54% to 1,849.47, Nikkei 225 tumbled 302.13 points or 2.11% to 13,997.99, Straits Times shed by 6.02 points or 0.19% to 3,197.56, KOSPI Composite dropped by 18.46 points or 0.92% to 1,990.15 and  Taiwan Weighted was down by 88.72 points or 0.99% to 8,859.38. On the flip side, Jakarta Composite was up by 28.91 points or 0.61% to 4,794.64.

Suzlon Energy gains on plan to sell non-core assets amounting to Rs 1,000 crore

Suzlon Energy is currently trading at Rs. 14.95, up by 0.03 points or 0.20 % from its previous closing of Rs. 14.92 on the BSE. The scrip opened at Rs. 15.00 and has touched a high and low of Rs. 15.20 and Rs. 14.64 respectively. So far 936953 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 15.55 on 10-Apr-2014 and a 52 week low of Rs. 5.72 on 28-Aug-2013. Last one week high and low of the scrip stood at Rs. 15.55 and Rs. 11.03 respectively. The current market cap of the company is Rs. 3692.41 crore. The promoters holding in the company stood at 39.19 % while Institutions and Non-Institutions held 29.15 % and 31.38 % respectively. Suzlon Energy, a wind power major is planning to sell its non-core assets amounting to Rs 1,000 crore in order to reduce its piling debt. The sale of non-critical assets would be in India only. With an installed wind energy capacity of 24,000 MW globally, 70% of Suzlon’s revenue comes from overseas. The company’s installed capacity in India is about 8,000 MW with a 40% market share. The company’s current order book position globally stands around $8 billion. Suzlon Group comprises of Suzlon Energy and its subsidiaries, including Repower Systems SE. Suzlon Energy is leader in wind energy in the India, which is world’s fifth largest wind energy market. Its business model has range of services that include development, manufacturing, marketing, EPC project delivery and operations and maintenance of wind turbine generators around the world.

Foreign investment in Alfa Transformers reaches trigger limit

Reserve Bank of India has notified that the foreign share holding in Alfa Transformers by Non-Resident Indians (NRIs)/Persons of Indian Origin (PIOs) under Portfolio Investment Scheme (PIS) has reached the trigger limit of 8%. Hence, further purchases of equity shares of this company would be allowed only after obtaining prior approval of the Reserve Bank of India. Alfa Transformers produces Electrical Distribution & Power Transformers ranging from 10KVA, 12KV Class to Transformers of 10 MVA, 36 KV Class.

Foreign investment in Induslnd Bank reaches trigger limit

Reserve Bank of India has notified that the foreign share holding through Foreign Institutional Investors (FIIs)/Non-Resident Indians (NRIs)/Persons of Indian Origin (PIOs)/Foreign Direct Investment (FDI)/American Depository Receipt (ADR)/Global Depository Receipts (GDRs) in IndusInd Bank has reached the trigger limit. Accordingly, further purchases of equity shares of the bank would be allowed only after obtaining the Reserve Bank's prior approval. Under the portfolio investment scheme, FIIs are allowed to buy up to 49% of the paid-up capital in the bank through primary or secondary markets subject to aggregate foreign investment limit not exceeding sectoral cap of 74%.

Suzlon Energy to sell non-core assets amounting Rs 1,000 crore

Suzlon Energy, a wind power major is planning to sell its non-core assets amounting to Rs 1,000 crore in order to reduce its piling debt. The sale of non-critical assets would be in India only. With an installed wind energy capacity of 24,000 MW globally, 70% of Suzlon’s revenue comes from overseas. The company’s installed capacity in India is about 8,000 MW with a 40% market share. The company’s current order book position globally stands around $8 billion. Suzlon Group comprises of Suzlon Energy and its subsidiaries, including Repower Systems SE. Suzlon Energy is leader in wind energy in the India, which is world’s fifth largest wind energy market. Its business model has range of services that include development, manufacturing, marketing, EPC project delivery and operations and maintenance of wind turbine generators around the world.

Gold futures surge on Thursday

Gold futures surged on Thursday, with investors opting for its safe haven appeal with US equity markets dropping significantly. Further, the Federal Reserve's March policy meeting revealed concerns among monetary authorities that US consumer prices remain soft also supported the precious metal price.

Gold futures for June delivery settled up 1.04 percent at $1,319.50 an ounce on the Comex division of the New York Mercantile Exchange. While spot gold rose 0.06 percent at $1,319.76 an ounce.

Ramco Systems to raise over Rs 123 crore through Rights Issue

Ramco Systems, the Chennai-based company, is eyeing to raise over Rs 123 crore by offering shares to existing investors. The company will offer about 79.58 lakh shares through the rights issue in a ratio of one equity share for every two held as of the record date of April 23. Each share with a face value of Rs 10 will be offered at Rs 155. The rights issue will open on May 5 and close on May 19. The issue closing date may be extended provided the offer period does not exceed 30 days. The company is increasing focus on enterprise cloud platform, products and services as well as increasing its marketing presence globally. Ramco Systems is a leading software company focused on consulting, product and managed services business. The company focuses on providing innovative business solutions that can be delivered quickly and cost-effectively in complex environments.

ICICI Prudential MF introduces Fixed Maturity Plan-Series 74-369 Days Plan B

ICICI Prudential Mutual Fund has launched the New Fund Offer (NFO) of ICICI Prudential Fixed Maturity Plan-Series 74-369 Days Plan B, a close ended income scheme. The NFO opens for subscription on Apr 11, 2014 and closes on Apr 16, 2014. No entry load or exit load will be applicable for the scheme. The minimum subscription amount is Rs 5000.

The scheme’s performance will be benchmarked against CRISIL Short Term Bond Fund Index and its fund managers are Rahul Goswami and Rohan Maru.

The investment objective of the scheme is to generate income by investing in a portfolio of fixed income securities/debt instruments maturing on or before the maturity of the Scheme.

FIIs were net buyers of Rs 1756.66 crore in index futures and options segments on April 10

According to the data released by the NSE, the Foreign Institutional Investors (FIIs) were net buyers of Rs 1756.66 crore in index futures and options segments as per Thursday’s data, April 10, 2014.

FIIs were sellers of index futures to the tune of Rs 354.91 crore and they bought index options worth Rs 2111.57 crore. In the stock segment, FII’s were net sellers of stock futures worth Rs 353.95 crore, while they sold stock options worth Rs 37.58 crore.     

Tata Motors gains on launching the all-new ‘Tata Aria’

Tata Motors is currently trading at Rs. 432.40, up by 1.60 points or 0.37% from its previous closing of Rs. 430.80 on the BSE. The scrip opened at Rs. 430.00 and has touched a high and low of Rs. 433.80 and Rs. 426.75 respectively. So far 31,000 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 435.00 on 10-Apr-2014 and a 52 week low of Rs. 263.10 on 27-Jun-2013. Last one week high and low of the scrip stood at Rs. 435.00 and Rs. 400.20 respectively. The current market cap of the company is Rs. 1,16,559.00 crore. The promoters holding in the company stood at 34.33% while Institutions and Non-Institutions held 36.89% and 7.53% respectively. Tata Motors has launched the all-new Aria in an exciting new avatar, with best-in-class performance and unmatched features at Rs 9.95 lakh (ex-showroom New Delhi). The vehicle is available in 3 trims levels - PURE LX, PLEASURE and PRIDE 4x4. It boasts state-of-the-art high-speed stability & safety features and a powerful new engine, making the all-new Aria perfect for every journey. The all-new Aria features a new 2.2 litre VARICOR engine, with a powerful output of 150PS and a high low-end torque of 320Nm for better pick-up and quick response, returning a fuel efficiency of 15.05km/litre (ARAI certified). The new engine with VGT (Variable-Geometry Turbocharger) is electronically controlled with a lower-end flat torque, which kicks in from as low as 1500 rpm, for a more precise response from the engine, improving in-city driving capabilities. Tata Motors is India's largest automobile company, is the leader in commercial vehicles in each segment, and among the top in passenger vehicles with winning products in the compact, midsize car and utility vehicle segments. It is also the world's fourth largest truck and bus manufacturer.

Indian markets to mirror global sell-off with a soft start

The Indian markets showed some volatility but managed a modestly positive close in last session. Today, the start is likely to be soft to cautious going for a long weekend. Traders will be concerned by the global sell-off and caution of the Reserve Bank of India (RBI) governor Raghuram Rajan, who has said that if the spillover effect of monetary easing in the US was not controlled; emerging markets like India would be forced to build large foreign exchange reserves through aggressive intervention in the foreign exchange markets. He also said that a very accommodative monetary policy can lead to more problems for an economy rather than help sustain growth. IT sector is likely to come under pressure impacted by the selling in global peers. There will be some buzz in the banking sector, as the RBI has urged banks to stick to policies approved by their respective Boards while investing in real estate or carrying out transactions related to realty at overseas branches. Also, an RBI appointed panel has backed sweeping changes in the way bank fix interest rates and end the discrimination of old customers. The US markets suffered sharp cuts led by sell-off in technology stocks and profit booking after big gains of previous session. However, the economic news remained good and initial jobless claims fell to a nearly seven-year low in the week ended April 5th. The Asian markets have made mostly a weak start on reduced demand for riskier assets tailing the fall in US markets, though China’s producer-price index retreated following the previous month’s 2 percent drop. Back home, Indian equity benchmarks ended the volatile session of trade on a flat note on Thursday, a day after touching their fresh all-time closing high levels. The bourses went through volatility where benchmarks, despite making decent opening, slipped into red for a couple of times during the session. Investors in last leg of trade turned cautious and booked profit ahead of the Infosys’ fourth quarter performance which will set the tone of earnings season for the January-March quarter. Overall, sentiments remained up-beat after World Bank projected an economic growth rate of 5.7 percent in fiscal year 2015 for India on the back of a more competitive exchange rate and many large investments going forward. Investors’ confidence also got boost with report that India Inc raised $2.72 billion more through external commercial borrowings (ECB) in the first 11 months of financial year 2013-14 on the back of better business environment. Some support also came in on report that foreign institutional investors (FIIs) bought shares worth a net Rs 1043.86 crore on April 9, 2014, as per provisional data from the stock exchanges. Supportive cues from US markets led the gains in local markets and sentiments remained up-beat following the release of the minutes of the latest Federal Reserve meeting. Asian markets too ended mostly in the green; however, disappointing start of European markets took their toll on domestic sentiments and capped the gains. Back home, selling pressure in software manufacturer Infosys, cigarette to hotel conglomerate ITC and private lender ICICI Bank pulled the benchmarks lower in dying hour of trade. Meanwhile, stocks related to healthcare space which witnessed splendid run in last few sessions witnessed massacre in today’s trade. Software and technology counters too witnessed selling pressure as investors remained concerned ahead of the release of quarterly earnings next week. On the flip side, steel stocks like Tata Steel, JSW Steel, SSLT and SAIL all edged higher on the World Steel Association (WSA) statement that India’s steel demand may grow 3.3 per cent this year on higher demand from construction and manufacturing sectors. Stocks related to aviation stocks too remained on buyers’ radar, as the SEBI is likely to pass final order on Jet Airways, Etihad Airways deal soon. Finally, the BSE Sensex gained 12.99 points or 0.06%, to settle at 22715.33, while the CNX Nifty added 0.20 points to settle at 6,796.40.