Post Session: Quick Review

Infosys’ good set of Q4 numbers failed to infuse any strength at Dalal Street, wherein market-participants made a bee-line to cash out their profits ahead of Retail Inflation i.e. CPI data, slated to be announced later in the day. Squandering a positive start, benchmarks soon succumbed to selling pressure on the back of weakness of rate sensitive counters, while absence of positive global cues also intensified sentiment further. There appeared no sign of recovery as benchmarks kept losing ground steadily, though some buying was witnessed in fag end of trade, but too little to be termed recovery.

Earlier in the day, markets made a positive start after IT bellwether Infosys reported better-than-expected margins and profits for the March quarter, though sales were flat. Country’s second largest outsourcer said its dollar revenues are likely to grow at 7-9% in the current fiscal, sending its shares higher by as much as 4.2% in early deals. This optimism in Infosys stocks was sensed across entire IT space, which provided a floor to bourses’ losses.

However, trade took a turn for worse after annual rate of inflation, based on monthly WPI, accelerated to three months high at 5.70%, from multi month low at 4.68% (provisional) in month of February, 2014, as compared to 5.65% during the corresponding month of the previous year, thereby limiting the ability of RBI to support growth and ease key monetary policy rates. By close of trade, both Sensex and Nifty settled below the crucial 22,500 and 6,750 levels respectively, with loss of around 3/4 of a percent. Meanwhile, broader indices too succumbing to selling pressure ended with loss of over quarter of a percent.

On the global front, nerves got better of Asian share markets on Tuesday as they turned lower after an upbeat US retail sales report was eclipsed by soft data from China, providing a stark reminder to investors of the headwinds facing the world's second-largest economy. Additionally, European shares  extended losses on Monday, with a major index slipping to its lowest level in three weeks, as fresh tension in Ukraine prompted investors to shun cyclical sectors such as travel, autos and technology.

Closer home, losses at Dalal Street were most by the stocks belonging to Realty, Metal and banking counters, ending with loss of over 2%. All the rate sensitive counters, Realty, Auto and Banking counters got beaten blue in trade on diminished chances of rate cut post dismal headline inflation data. Meanwhile, high beta metal stocks too took a beating on account of weak Chinese data, which is word’s single largest consumer of base metal. On the flip side, Information Technology (IT) and Technology counters, were the only gainers of the session on the back of good showing of IT bellwether Infosys. The market breadth on the BSE ended negative; advances and declining stocks were in a ratio of 1318: 1466, while 127 scrips remained unchanged. (Provisional)

The BSE Sensex lost 144.03 points or 0.64% to settle at 22484.93. The index touched a high and a low of 22737.31 and 22416.24 respectively. Among the 30-share Sensex, 8 stocks gained, while 22 stocks declined. (Provisional)

The BSE Mid cap and Small cap indices ended lower by 0.36% and 0.29% respectively. (Provisional)

On the BSE Sectoral front, IT up by 2.16%, Teck up by 1.62% and FMCG up by 0.27%, were the only gainers, while Realty down by 2.99%, Metal down by 2.81%, Bankex down by 2.07%, Consumer Durables down by 1.31% and PSU down by 0.98% were the top losers in the space. (Provisional)

The top gainers on the Sensex were TCS up by 4.13%, Wipro up by 3.92%, Hero MotoCorp up by 2.69%, Infosys up by 1.21% and Hindustan Unilever up by 0.84%, while, Hindalco down by 5.16%, SSLT down by 3.68%, HDFC down by 3.45%, Axis Bank down by 3.44% and  Tata Steel down by 3.11% were the top losers in the index. (Provisional)

Meanwhile, limiting central bank’s scope for easing policy rates, the annual rate of inflation, based on monthly WPI, accelerated to three months high of 5.70% in March, 2014 from its multi month low level of 4.68% (provisional) seen in February, 2014 and as compared to 5.65% during the corresponding month of the previous year. The figures were higher than street expectation of 5.20%. However, January inflation figures were revised upwards to 5.17% against 5.05% earlier. Meanwhile, build up inflation rate in the financial year so far was 5.70% compared to a build up rate of 5.65% in the corresponding period of the previous year.

The acceleration in headline inflation figure was on account of rise in prices of food articles group, which rose by 1.0 percent to 235.3 (provisional) from 232.9 for the previous month that lifted Primary article index, which occupies 20.12% weight in the overall headline index, higher by 0.7% to 240.2 (provisional) from 238.6 (provisional) for the previous month. The index for Non-Food Articles group declined by 0.1% to 217.2 (provisional) from 217.4 (provisional) for the previous month.

Further, index of Fuel & Power, too contributed to the rise of overall headline inflation number. The group’s index, which has weight of 14.91% in the overall index, rose by 0.2% to  213.1 (provisional) from 212.6 (provisional) for the previous month due to higher price of high speed diesel and petrol (1% each).  However, the price of kerosene (2%), bitumen and LPG (1% each) declined.

Additionally, the index of Manufactured Products, which occupies 64.97% of weight in the overall index, rose by 0.5% to 153.5 (provisional) from 152.7 for February.

The latest figure would reduce scope of Reserve Bank of India (RBI) supporting the industries with any rate cuts amid fresh signs of slowdown. India has been battling a prolonged spell of high inflation and low growth, which is expected to remain stubborn as food inflation may yet again see a rise in the coming month with El Nino hitting the monsoon.

India VIX, a gauge for markets short term expectation of volatility gained 9.21% at 31.87 from its previous close of 29.18 on Friday. (Provisional)

The CNX Nifty lost 45.90 points or 0.68% to settle at 6,730.40. The index touched high and low of 6,813.40 and 6,711.75 respectively. Out of the 50 stocks on the Nifty, 12 ended in the green, while 38 ended in the red.

The major gainers of the Nifty were United Spirits up 11.62%, TCS up by 4.18%, Wipro up by 3.94%, Hero MotoCorp up by 2.39% and HCL Tech up by 1.74%.

The key losers were DLF down by 6.41%, Hindalco down by 5.26%, Jindal Steel down by 4.48%, Bank of Baroda down by 3.68% and IDFC down by 3.44%. (Provisional)

European markets were trading in red; France’s CAC 40 was down 0.30%, UK’s FTSE 100 was down 0.29% and Germany’s DAX was down by 0.80%.

The Asian markets concluded Tuesday’s trade mostly in green with major indexes following the US gains while Hong Kong and Shanghai are the standouts, taking a slam from the latest liquidity draining of China’s central bank. China’s foreign exchange reserves rose by $129 billion in the first quarter to $3.95 trillion at the end of March. Shanghai’s Consumer Price Index rose 2.5 percent from a year earlier in March, down from the 2.7 percent gain in February. Food costs remained the biggest contributor as they rose 4.3 percent in March while prices of transport, healthcare and clothing all dropped. The confidence of Chinese households continued to be strong despite China’s economy softening. The China Wealth Index to gauge sentiment among Chinese households remained flat at 130 in April, a similar reading to that in January but it was up from 127 in November of last year. Shanghai’s new home sales fell for the second consecutive week as buyers and developers adopted a wait-and-see stance. The purchases of new homes, excluding government-subsidized affordable housing, shrank 28.7 percent week on week to 146,900 square meters. In Hong Kong, the Exchange Fund’s foreign assets increased by $6.4 billion in March to $2.6308 trillion. The Monetary Base amounted to $1.2557 trillion.

Mentha oil futures edge lower on lackluster demand in spot markets

Mentha oil futures edged lower tracing the lackluster demand of the commodity in the spot markets. Trading sentiment weakened further due to adequate stocks position in the physical market following increased arrivals from producing region. Moreover, the international mint consuming segments are shifting towards synthetic mentha oil, which is also driving mentha oil prices lower.

The contract for April delivery was trading at Rs 846.70 /Kg, down by 0.39% or Rs 3.30 from its previous closing of Rs 850.00 /Kg. The open interest of the contract stood at 3838.00 lots.

The contract for May delivery was trading at 858.00/Kg, down by 0.49% or Rs 4.20 from its previous closing of Rs 862.20 /Kg. The open interest of the contract stood at 1145.00 lots on MCX.

Swelect Energy Systems strengthens on commencing 15 MW SPV Solar Power Park

Swelect Energy Systems is currently trading at Rs. 256.00, up by 11.30 points or 4.62 % from its previous closing of Rs. 244.70 on the BSE. The scrip opened at Rs. 241.50 and has touched a high and low of Rs. 256.00 and Rs. 241.50 respectively. So far 5214 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 251.95 on 07-Apr-2014 and a 52 week low of Rs. 126.10 on 24-Jul-2013. Last one week high and low of the scrip stood at Rs. 251.95 and Rs. 235.00 respectively. The current market cap of the company is Rs. 255.17 crore. The promoters holding in the company stood at 65.29 % while Institutions and Non-Institutions held 0.66 % and 34.06 % respectively. Swelect Energy Systems has successfully completed design, installation and commissioning of its 15 MW SPV Solar Park on April 11, 2014 located at Monjanur Village, Aravakurichi Taluka, Karur District in state of Tamil Nadu. The park is generating power to its near full capacity and Evacuation of Power made through a 33 KV dedicated feeder to TANGEDCO Sub-Station and further stepped - up to 110 KV in to the grid. The above SPV Park has been commissioned in two stages - 12 MW by March 28, 2014 and 3 MW by April 11, 2014. The final overall cost of the SPV Park with all the other remaining civil works will cost approximately Rs 110 crore. Swelect Energy was formerly Numeric Power Systems, a major player in the Uninterruptible Power Supply business. Last year, Numeric Power sold its UPS business and decided to concentrate on solar power and was renamed Swelect Energy.

CMC to expand its foot print in Education and Training business in FY15: Report

CMC is reportedly planning to expand its foot print in Education and Training business segment in FY15 by entering into vocational training market domestically as well as internationally. In this regard, the special initiatives are going on in the company to focus and grow its foot print in this segment to make it a broader base of knowledge management. The company’s Education and Training segment is the smallest revenue generator of the four strategic business units it has. In the quarter ended March, this segment reported consolidated revenues worth Rs 13.77 crore compared with Rs 77.44 crore from IT enabled services and the highest of Rs 398 crore from the systems integration segment. The customer services segment churned Rs 119.82 crore in the period under review. Further, the company is planning to invest more on research and development in the current financial year and will keep a budget 15% higher from last year. CMC is leading system engineering and Integration Company in India and is a subsidiary of Tata Consultancy Services, Asia’s largest software company. Operating out of 18 offices and 180 services locations in the country, CMC employs over 10,000 people and has a wholly owned subsidiary in USA called CMC Americas, Inc.

Benchmarks continue weak trade; Realty, Metal drag

Indian equity benchmarks continued their weak trade in the late afternoon session on account of selling in frontline blue chip counters taking cues from European counterparts. The sentiments were on pessimistic note after the WPI snapped a three-month easing trend which would give the Reserve Bank of India (RBI) less scope to support the economy amid fresh signs of slowdown. The annual rate of inflation, based on monthly WPI, edged higher to 5.70%, from multi month low at 4.68% (provisional) in month of February, 2014, as compared to 5.65% during the corresponding month of the previous year. Traders were seen piling positions in IT and TECK stocks while selling was witnessed in Realty, Metal and Bankex sector stocks. In scrip specific development, Yes Bank was trading under pressure after foreign brokerage firm downgraded the stock to underweight from overweight, saying absolute valuations are not that attractive in the context of slowing earnings. Clariant Chemicals (India) was trading firm after the company signed an agreement to sell land in Thane for Rs 1,154.25 crore. On the global front, most of the Asian markets were trading in green, while the European markets were trading on pessimistic note. Back home, the NSE Nifty and BSE Sensex were trading below their psychological 6,750 and 22,500 levels respectively. The market breadth on BSE was negative in the ratio of 1190:1421 while 126 scrips remained unchanged. The BSE Sensex is currently trading at 22454.91, down by 174.05 points or 0.77% after trading in a range of 22737.31 and 22416.24. There were 7 stocks advancing against 23 stocks declining on the index. The broader indices too completely succumbed to selling pressure; the BSE Mid cap index was down by 0.21%, while Small cap index down by 0.16%. The gaining sectoral indices on the BSE were IT up by 2.07% and TECK up by 1.61% while, Realty down by 2.06%, Metal down by 1.95%, Bankex down by 1.69%, Auto down by 1.59% and Consumer Durables down by 0.92% were the losing indices on BSE.    The top gainers on the Sensex were Wipro up by 3.44%, TCS up by 3.25%, Infosys up by 1.50%, Bharti Airtel up by 1.32% and Dr. Reddy’s Lab up by 0.75%. On the flip side, HDFC down by 3.73%, Hindalco Industries down by 3.31%, Axis Bank down by 2.76%, Tata Motors down by 2.42% and SSLT down by 2.14%. Meanwhile, with an aim to accelerate exploration and production of oil and gas in the country for enhancing energy security, Oil Ministry has introduced a proposal to simplify exploration norms. The Ministry’s draft note seeks to revise the policy guidelines for exploration in the mining lease area after the expiry of the exploration period. Further, the draft also proposes to recognise such exploration activity for the purpose of cost recovery as well. Currently, production-sharing contract between the oil exploration company and the Government does not recognize such activities for the purpose of cost recovery. The proposal was circulated amid concerns about some clauses in the existing policy which has been restricting investments in the industry. If Ministry’s proposal is accepted, it would be beneficial to a lot of domestic players such as Reliance Industries and Cairn as they can search for hydrocarbons without any hassles and even after expiry of the exploration period. As per the proposal, cost recovery will be provided to contractors after resultant discovery is proved commercially and techno-economically viable with requisite computation of cash flows and profit. Further, the draft also proposed existing contractors to continue to apply for development and production relating to such discoveries. However, the approval for further exploration, development and production will not confer any right on the contractors for further extension in the tenure of the contract, except as provided. Further, the contractors will also be permitted to develop and monetise existing discoveries in the mining lease area which have not been monetized or developed earlier. The draft also noted that the contractors will have to get the Management Committee’s approval for quarterly allocation of cost petroleum and profit petroleum. Till now, the Government has signed 254 PSCs under nine rounds of the New Exploration Licensing Policy (NELP). Meanwhile, Oil Ministry has formulated a roadmap for cutting India's dependence on imports to meet its oil 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. Presently, only 0.93 million sq km area in India is held under exploration and production in 19 basins as compared to total estimated sedimentary area of 3.14 million square kilometres, comprising 26 sedimentary basins. The CNX Nifty is currently trading at 6,726.95, down by 49.35 points or 0.73% after trading in a range of 6,813.40 and 6,711.75. There were 12 stocks advancing against 38 declining stocks on the index. The top gainers of the Nifty were Mcdowell up by 11.76%, Wipro up by 3.59%, TCS up by 3.35%, Infosys up by 1.54% and Bharti Airtel up by 1.29%. On the flip side, DLF down by 4.14%, Jindal Steel down by 3.75%, Hindalco down by 3.73%, HDFC down by 3.59% and Axis Bank down by 2.82% were the major losers on the index. Asian equity indices were trading mostly in green; Nikkei 225 up by 0.62%, Taiwan Weighted up by 0.67%, Straits Times was up by 0.85% and Jakarta Composite up by 0.04% while, Shanghai Composite down by 1.40% and Hang Seng down by 1.60% were the losers. The European markets were trading in red; France’s CAC 40 was down 0.25%, Germany’s DAX lost 0.66% and UK’s FTSE 100 declined 0.16%.

Indraprastha Gas trades with traction on the bourses

Indraprastha Gas is currently trading at Rs. 286.90, up by 6.10 points or 2.17% from its previous closing of Rs. 280.80 on the BSE. The scrip opened at Rs. 282.90 and has touched a high and low of Rs. 289.15 and Rs. 282.90 respectively. So far 13877 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 328.50 on 09-May-2013 and a 52 week low of Rs. 236.00 on 28-Aug-2013. Last one week high and low of the scrip stood at Rs. 297.10 and Rs. 278.50 respectively. The current market cap of the company is Rs. 3987.90 crore. The promoters holding in the company stood at 45.00% while Institutions and Non-Institutions held 38.32% and 16.68% respectively. Indraprastha Gas (IGL) has entered into an agreement with Bharat Petroleum Corporation (BPCL) for selling BPCL’s MAK Lubricants at its Gas Stations across Delhi and adjoining towns. The agreement is initially valid for a period of 5 years. IGL currently has a network of 115 CNG Stations across Delhi/NCR and lakhs of customers visit these outlets every day. BPCL is looking to sell 100 tonnes of lubricants through IGL network in 2014-15. Indraprastha Gas, incorporated in 1998, is engaged in distribution of Compressed Natural Gas (CNG) and Piped Natural Gas (PNG) in Delhi. In 1999 the company took over Delhi City Gas Distribution Project from GAIL (India). IGL laid the network for the distribution of natural gas in the National Capital of Delhi to consumers in the domestic, transport, and commercial sectors.

Zinc futures decline on weak demand

Zinc futures were trading lower as participants indulged in reducing positions amid subdued demand in the domestic spot markets. Besides, a losing trend in overseas markets on demand concern as a measure for new credit in China, the largest metals consumer, suggested the economy was slowing, also put pressure on the Zinc futures prices. The contract for April delivery was trading at Rs 123.45, down by 0.24% or Rs 0.30 from its previous closing of Rs 123.75. The open interest of the contract stood at 2126.00 lots. The contract for May delivery was trading at Rs 124.40, down by 0.16% or Rs 0.20 from its previous closing of Rs 124.60. The open interest of the contract stood at 137.00 lots on MCX.

Crude palm oil futures rise on strong demand

Crude palm oil futures showed a positive trend on MCX as investors enlarged their holdings on strong demand. Trading Sentiments improved further as India's palm oil imports rose 35% in March, snapping a two-month losing streak as buyers built stocks after overseas purchases hit a near three-year low in the previous month. Moreover, the prices found some support on speculation that a rally in crude oil prices in international market to the highest level in more than six-week will boost demand for the vegetable oil as feedstock for biofuels. The contract for April delivery was trading at Rs 562.00/10Kg, up by 0.25% or Rs 1.40 from its previous closing of Rs 560.60 /10 Kg. The open interest of the contract stood at 2602.00 lots. The contract for May delivery was trading at 558.30 /10Kg, up by 0.29% or Rs 1.60 from its previous closing of Rs 556.70/10 Kg. The open interest of the contract stood at 3559.00 lots on MCX.

March WPI inflation accelerates to three-month high of 5.7%

Limiting central bank’s scope for easing policy rates, the annual rate of inflation, based on monthly WPI, accelerated to three months high of 5.70% in March, 2014 from its multi month low level of 4.68% (provisional) seen in February, 2014 and as compared to 5.65% during the corresponding month of the previous year. The figures were higher than street expectation of 5.20%. However, January inflation figures were revised upwards to 5.17% against 5.05% earlier. Meanwhile, build up inflation rate in the financial year so far was 5.70% compared to a build up rate of 5.65% in the corresponding period of the previous year. The acceleration in headline inflation figure was on account of rise in prices of food articles group, which rose by 1.0 percent to 235.3 (provisional) from 232.9 for the previous month that lifted Primary article index, which occupies 20.12% weight in the overall headline index, higher by 0.7% to 240.2 (provisional) from 238.6 (provisional) for the previous month. The index for Non-Food Articles group declined by 0.1% to 217.2 (provisional) from 217.4 (provisional) for the previous month. Further, index of Fuel & Power, too contributed to the rise of overall headline inflation number. The group’s index, which has weight of 14.91% in the overall index, rose by 0.2% to  213.1 (provisional) from 212.6 (provisional) for the previous month due to higher price of high speed diesel and petrol (1% each).  However, the price of kerosene (2%), bitumen and LPG (1% each) declined. Additionally, the index of Manufactured Products, which occupies 64.97% of weight in the overall index, rose by 0.5% to 153.5 (provisional) from 152.7 for February. The latest figure would reduce scope of Reserve Bank of India (RBI) supporting the industries with any rate cuts amid fresh signs of slowdown. India has been battling a prolonged spell of high inflation and low growth, which is expected to remain stubborn as food inflation may yet again see a rise in the coming month with El Nino hitting the monsoon.

Shree Cement gains on Rs 2,200 crore capex plan

Shree Cement is currently trading at Rs. 5844.95, up by 9.00 points or 0.15% from its previous closing of Rs. 5835.95 on the BSE. The scrip opened at Rs. 5950.00 and has touched a high and low of Rs. 5977.00 and Rs. 5802.00 respectively. So far 202 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 6699.70 on 07-Apr-2014 and a 52 week low of Rs. 3412.65 on 28-Aug-2013. Last one week high and low of the scrip stood at Rs. 6699.70 and Rs. 5482.25 respectively. The current market cap of the company is Rs. 20450.84 crore. The promoters holding in the company stood at 64.79% while Institutions and Non-Institutions held 14.01% and 21.21% respectively. Shree Cement is planning to invest Rs 2,200 crore on capex in FY15. The company will set up Rs 1,700 crore Chhattisgarh unit, which will be starting operation by April 2015. Moreover, the company’s Bihar Grinding unit is expected to start operations in three months. Further, the company is planning to increase its total capacity to 20 mtpa by April 2015. The company’s current total capacity stood at 16.5 mtpa. 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.).

CMC inches up on reporting 46% rise in Q4 consolidated net profit

CMC is currently trading at Rs. 1526.00, up by 1.30 points or 0.09% from its previous closing of Rs. 1524.70 on the BSE. The scrip opened at Rs. 1600.00 and has touched a high and low of Rs. 1600.00 and Rs. 1516.25 respectively. So far 18693 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 1780.00 on 07-Jan-2014 and a 52 week low of Rs. 1106.80 on 05-Aug-2013. Last one week high and low of the scrip stood at Rs. 1600.00 and Rs. 1428.70 respectively. The current market cap of the company is Rs. 4675.29 crore. The promoters holding in the company stood at 51.12% while Institutions and Non-Institutions held 40.21% and 8.67% respectively. CMC has posted a jump of 183.54% in its net profit at Rs 130.74 crore for the quarter ended March 31, 2014 as compared to Rs 46.11 crore for the same quarter in the previous year. Total income from operation of the company has increased marginally by 1.22% at Rs 338.83 crore for quarter under review as compared to Rs 334.75 crore for the quarter ended March 31, 2013. On consolidated basis, the company has reported 45.79% rise in its net profit at Rs 89.43 crore for the quarter ended March 31, 2014 as compared to Rs 61.34 crore for the same quarter in the previous year. Total income from operation of the company has increased by 19.19% at Rs 623.21 crore for quarter under review as compared to Rs 522.88 crore for the quarter ended March 31, 2013. For the year ended March 31, 2014, the company has posted a jump of 63.13% in its net profit at Rs 323.61 crore as compared to Rs 198.38 crore for the same period in the previous year. Total income from operation of company rose 5.94% at Rs 1189.79 crore for year under review as compared to Rs 1123.13 crore for the period ended March 31, 2013. For the year ended March 31, 2014, on the consolidated basis, the company has posted a rise of 21.80% in its net profit at Rs 280.41 crore as compared to Rs 230.23 crore for the same period in the previous year. Total income from operation of company has increased by 15.83% at Rs 2230.91 crore for year under review as compared to Rs 1926.09 crore for the period ended March 31, 2013.

Clariant Chemicals to sell 87 acres of Thane land for Rs 1,154.25 crore

Clariant Chemicals (India) has entered into an agreement to sell its land located in Kolshet, Thane aggregating to about 87 acres to Ishwer Realty and Technologies, a subsidiary of Lodha Developers for an aggregate consideration of Rs 1,154.25 crore. The company has taken this step in accordance with the approval of shareholders. Further, the transaction is subject to customary closing conditions and is subject to relevant approvals and permissions from the Government and other Statutory Bodies, as may be necessary. Clariant Chemicals (India) represents a valuable repository of manufacturing and marketing experience. Its constituents were all well respected companies who played an invaluable role in the development of the textiles, leather, paints, plastics, printing inks and agrochemicals industries in India.

Roto Pumps soars on getting nod to set-up JVC in Singapore

Roto Pumps is currently trading at Rs. 150.00, up by 3.60 points or 2.46% from its previous closing of Rs. 146.40 on the BSE. The scrip opened at Rs. 144.00 and has touched a high and low of Rs. 150.00 and Rs. 144.00 respectively. So far 1016 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 155.90 on 20-Nov-2013 and a 52 week low of Rs. 82.00 on 26-Aug-2013. Last one week high and low of the scrip stood at Rs. 150.00 and Rs. 137.50 respectively. The current market cap of the company is Rs. 45.74 crore. The promoters holding in the company stood at 69.71% while Institutions and Non-Institutions held 0.05% and 30.24% respectively. Roto Pumps has received an approval for setting-up of a joint venture company (JVC) in Singapore. The JVC would further make strategic investments in the related field including business development of company’s products in African continent. The board of directors at its meeting held on April 11, 2014 has approved for the same. The board also approved setting-up of a wholly owned subsidiary company in United States to establish and grow significantly the sales and marketing of the company’s products in North America. Roto Pumps is an engineering company with global focus. With presence in over 40 countries, the company aim to provide localized solutions in application engineering, deliveries and sales support.

Call rates edge higher amidst tight liquidity condition

Interbank call rates were trading higher at 8.25/8.30% versus its Friday’s close of 8.10/8.15%% as demand from banks to fulfill their fortnightly requirements gained momentum amidst tight liquidity condition due to pent up demand from its customer. Banks and Money markets were closed on Monday on account of ‘Baba Saheb Ambedkar Jayanti’. The banks via Liquidity Adjustment Facility (LAF) borrowed Rs 19835 crore through repo auction on April 15, 2014. The banks via LAF borrowed Rs 17793crore through repo auction and parked Rs 1935 crore via reverse repo window on April 11, 2014. The overnight borrowing rates touched a high and low of 8.35% and 8.25% respectively. According to the Clearing Corporation of India (CCIL), the weighted average rate (WAR) in the call money market was at 8.20% on Tuesday and total volume stood at Rs 30266.93 crore, so far. As per CCIL data, WAR in the CBLO (Collateralized Borrowing and Lending Obligation) market was at 8.29% on Tuesday and total volume stood at Rs 27239.10 crore, so far. The indicative call rates which closed 8.00/8.15% on Friday 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.

Dynavest India buys 26 lakh shares of Max India

Dynavest India has bought 26 lakh shares of Max India through open market route. The shares were purchased on an average price of Rs 198.65 valuing the transaction to Rs 51.64 lakh.

Max India is a multi-business enterprise. The company has business interest in area of life insurance, healthcare and clinical research. Max India holds 91% equity stake in Max Healthcare Institute.

Bajaj Electricals rises on reporting 21% rise in turnover in FY14

Bajaj Electricals is currently trading at Rs. 280.55, up by 2.95 points or 1.06% from its previous closing of Rs. 277.60 on the BSE. The scrip opened at Rs. 277.60 and has touched a high and low of Rs. 282.60 and Rs. 275.00 respectively. So far 12647 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 292.30 on 01-Apr-2014 and a 52 week low of Rs. 149.85 on 07-Aug-2013. Last one week high and low of the scrip stood at Rs. 287.30 and Rs. 264.30 respectively. The current market cap of the company is Rs. 2799.14 crore. The promoters holding in the company stood at 66.10% while Institutions and Non-Institutions held 18.48% and 15.41% respectively. 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.

Ashoka Buildcon achieves financial closure for Chennai ORR project

Ashoka Buildcon has received letter from Government of Tamil Nadu, Highways and Minor Ports Department regarding declaration of achievement of financial closure for development of Chennai Outer Ring Road Phase II from Nemilicheri in NH 205 To Minjur in Thiruvottiyur - Ponneri - Panchetti (TPP) Road on design, build, finance, operate and transfer (DBFOT) annuity basis at Chennai, in the state of Tamil Nadu. The said project will be executed by Special Purpose Vehicle (SPV) GVR Ashoka Chennai ORR at a total project cost of Rs 1,440 crore and having a concession period of 20 years. Ashoka Buildcon builds and operates roads and bridges in India on a build, operate and transfer (BOT) basis. It currently operates one of the highest numbers of toll-based BOT projects in India.

Gold futures exhibit a negative trade on MCX

Gold futures showed a negative trade on MCX as traders offloaded their positions driven by weak trend in domestic market. The prices fall further due to dollar gains against Indian Rupee which made the yellow metal’s import costlier. However, a firming trend in the overseas markets, as heightened tensions between the West and Russia over Ukraine raised the metal's safe-haven appeal, limited the downside. The contract for June delivery was trading at Rs 28781.00, down by 0.61% or Rs 178.00 from its previous closing of Rs 28959.00. The open interest of the contract stood at 9469.00 lots. The contract for August delivery was trading at Rs 28504.00, down by 0.54% or Rs 155.00 from its previous closing of Rs 28659.00. The open interest of the contract stood at 1508.00 lots on MCX.

Reliance Infrastructure surges as its arm enters into Jharkhand market

Reliance Infrastructure is currently trading at Rs. 506.00, up by 1.25 points or 0.25% from its previous closing of Rs. 504.75 on the BSE. The scrip opened at Rs. 505.00 and has touched a high and low of Rs. 512.75 and Rs. 496.10 respectively. So far 203075 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 518.00 on 10-Apr-2014 and a 52 week low of Rs. 308.00 on 02-Aug-2013. Last one week high and low of the scrip stood at Rs. 518.00 and Rs. 419.00 respectively. The current market cap of the company is Rs. 13361.21 crore. The promoters holding in the company stood at 48.53% while Institutions and Non-Institutions held 37.04% and 13.02% respectively. Reliance Infrastructure’s arm Reliance Cement has entered into Jharkhand market in line with its vision to be a part of the Indian infrastructure development story. Moreover, the company is planning to launch its innovative customer initiative, ‘On-site Expert Service’ in Jharkhand soon. The initiative will provide an array of services, ranging from expert engineer’s advice to on-site concrete testing services, to assist people in building their home. Company will also be providing training to masons and contractors across Jharkhand. Reliance Cement already sells in key cities of Maharashtra, Madhya Pradesh and Uttar Pradesh where it has established itself to become the most favoured brand. Reliance Cement delivers NEXTGEN experience to its customers in terms of customer service and product quality. 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.

Bharti Airtel rings loud amidst sluggish trade

Bharti Airtel is currently trading at Rs. 326.50, up by 4.60 points or 1.43 % from its previous closing of Rs. 321.90 on the BSE. The scrip opened at Rs. 322.00 and has touched a high and low of Rs. 329.90 and Rs. 321.30 respectively. So far 88895 shares were traded on the counter. 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. 271.50 on 15-Apr-2013. Last one week high and low of the scrip stood at Rs. 326.00 and Rs. 312.00 respectively. The current market cap of the company is Rs. 130655.02 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 has hiked mobile services rates of both internet and calls under certain schemes. There has been change in Airtel services rates from April 3 onwards. Moreover, the company has reduced validity of Rs 125 mobile internet pack from 28 to 21 days. It has also reduced benefit on recharge that reduce call rates. Earlier, the company reduced STD and local call rates to 45 per minute now it will be 50 paisa per minute. There are lot many changes in such vouchers. 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.

NCDEX launches hybrid Chilli-Teja contract with direct delivery

National Commodity & Derivatives Exchange (NCDEX), the leading commodity exchange, is launching its Chilli-Teja contract, this contract with modified specifications of Chilli -Teja will be available for trading from Tuesday, April 15, 2014. The contract which has been designed for the benefit of the major consuming industries of chilli has an innovative direct delivery mechanism (sellers warehouse model). This will be of tremendous benefit to buyers who can now be rest assured of quality delivery of goods meeting contract specifications since it entails compulsory outbound quality check by exchange approved assayer at the time of settlement. Based on the feedback received from market participants and approval received from FMC, the exchange is launching the Chilli Teja contract with Khammam as the delivery centre and Guntur as the additional delivery center.

Gruh Finance trades jubilantly on reporting 17% rise in Q4 net profit

Gruh Finance is currently trading at Rs. 337.20, up by 24.70 points or 7.90% from its previous closing of Rs. 312.50 on the BSE. The scrip opened at Rs. 337.00 and has touched a high and low of Rs. 359.00 and Rs. 331.40 respectively. So far 53068 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 359.00 on 15-Apr-2014 and a 52 week low of Rs. 188.00 on 30-Apr-2013. Last one week high and low of the scrip stood at Rs. 359.00 and Rs. 289.25 respectively. The current market cap of the company is Rs. 6043.40 crore. The promoters holding in the company stood at 59.27% while Institutions and Non-Institutions held 17.48% and 23.25% respectively. Gruh Finance has reported results for fourth quarter and year ended March 31, 2014 The company has posted a rise of 16.71% in its net profit at Rs 73.60 crore for the quarter ended March 31, 2014 as compared to Rs 63.06 crore for the same quarter in the previous year. Total income of the company has increased by 31% at Rs 254.42 crore for quarter under review as compared to Rs 194.22 crore for the quarter ended March 31, 2013. For the year ended March 31, 2014, the company has posted a jump of 30.09% in its net profit at Rs 846.16 crore as compared to Rs 650.45 crore for the same period in the previous year. Total income of company has surged by 21.31% at Rs 176.96 crore for year under review as compared to Rs 145.88 crore for the period ended March 31, 2013.

SBI raises $1.25 billion through issue of overseas bond

State Bank of India (SBI) has raised $1.25 billion in a dual tranche overseas bond sale, making it the largest investment grade US dollar-denominated bond transaction out of India since August 2012. This is also the largest dual-tranche offering by a state-owned bank from India. Recently, the state run lender raised $750 million through five-year bonds and $500 million through 10-year bonds. The total order book of the offering was in excess of $5.9 billion and was oversubscribed 4.72 times with demand from 520 investors, underscoring SBI’s strong credit profile and its position as India’s largest bank.

MRF surges on plan of supplying tyres for Indian Air Force’s Sukhoi aircraft

MRF is currently trading at Rs. 23170.00, up by 381.75 points or 1.68% from its previous closing of Rs. 22788.25 on the BSE. The scrip opened at Rs. 23000.00 and has touched a high and low of Rs. 23174.00 and Rs. 22701.50 respectively. So far 574 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 24500.00 on 07-Apr-2014 and a 52 week low of Rs. 11469.85 on 12-Apr-2013. Last one week high and low of the scrip stood at Rs. 24500.00 and Rs. 21907.00 respectively. The current market cap of the company is Rs. 9746.13 crore. The promoters holding in the company stood at 27.32% while Institutions and Non-Institutions held 16.49% and 56.19% respectively. MRF, the 15th largest tyre company in the world, has decided to produce and supply main wheel tyres of the Sukhoi-30 MKI fighter aircraft to the Indian Air Force. These tyres will be manufactured at MRF’s Medak factory in Andhra Pradesh. The company will supply these tyres at about Rs 56,000 a piece compared with over Rs 1 lakh it costs to import. MRF (Madras Rubber Factory) is India’s No.1 tyre manufacturing company. Currently, the company exports tyres to over 65 countries including America, Europe, Middle East, Japan, and the Pacific region.

Shriram City Union Finance gains on plan to raise Rs 200 crore via NCD issue

Shriram City Union Finance is currently trading at Rs. 1215.00, up by 12.50 points or 1.04% from its previous closing of Rs. 1202.50 on the BSE. The scrip opened at Rs. 1215.00 and has touched a high and low of Rs. 1215.00 and Rs. 1215.00 respectively. So far 4 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1248.80 on 03-Apr-2014 and a 52 week low of Rs. 850.05 on 08-Aug-2013. Last one week high and low of the scrip stood at Rs. 1220.00 and Rs. 1200.00 respectively. The current market cap of the company is Rs. 0.00 crore. The promoters holding in the company stood at 37.57% while Institutions and Non-Institutions held 28.71% and 33.73% respectively. Shriram City Union Finance is all set to raise Rs 200 crore from a public issue of secured Redeemable Non-Convertible Debentures (NCD) of face value of Rs 1,000 each. The issue will open on April 16, 2014 and the lead managers are ICICI Securities and A K Capital Services. The fund raising is up to Rs 100 crore with an option to retain oversubscription up to Rs 100 crore for issuance of additional NCDs aggregating to a total of up to Rs 200 crore. An NCD (Non Convertible debenture) is a debt instrument with a fixed tenure that pays interest monthly, quarterly, annually or at the end of the tenure. The money invested is returned either over the tenure of the investment or at the end of the tenure. These are certificates issued by companies to raise funds through the public issue and cannot be converted into equity shares. Shriram City Union Finance has presence in the following business segments - loan Against Gold (LAG), Small Business Finance Loans (SBF), Auto Loans, 2-Wheeler loans, Personal Loans and Consumer Durables Loans.

India’s share in global exports remains unchanged in 2013

India’s share in global exports and its ranking amongst top exporters remained unchanged in 2013. Although, the country posted a 5 per cent rise over the previous year, by exporting goods worth $312 billion in 2013, it’s share in world exports remained the same as the previous year i.e. 1.7 per cent. Additionally, the country is ranked 13th amongst top exporting countries as opposed to last year’s ranking of 19, but the improvement is only on paper. This development was on account of the European Union being considered as a single member in contrast to the earlier practice of EU member-countries being ranked separately. However, World Trade Organization (WTO) in its trade forecast report released on Monday, flagged country’s growing Current Account Deficit (CAD) as an area of concern. Besides, it also pointed country’s vulnerability to financial market volatility. The report highlighted that the rise in financial market volatility was most keenly felt in emerging markets with large current account deficits, especially India, where output growth see-sawed from 2.6 per cent in the second quarter to 7.2 per cent in the third, then back to 3.9 per cent in the fourth. Further, this report upgraded the expected world trade growth for 2014 to 4.7 per cent from 4.5 per cent estimated earlier. Nevertheless, WTO expects better growth of 5.3% in merchandise trade for the year 2015.

Fitch revises outlook on Tata Steel to stable

Credit rating agency, Fitch has revised its outlook on Tata Steel and its subsidiary Tata Steel UK Holdings from negative to stable. The outlook has been revised on expectations of improvement in Tata Steel’s financial profile in the near to medium term. The agency has affirmed the long-term foreign currency issuer default rating on Tata Steel at ‘BB+’. The agency also affirmed the ‘B+’ long-term foreign currency issuer default rating on Tata Steel UK Holdings. Fitch stated that Tata Steel’s strong cash generation is expected to support the company’s deleveraging over the medium term despite debt levels likely to peak in FY 2015 as the company expands its capacity in India. The agency also added that the commissioning of the first phase of its new plant at Odisha in the fourth quarter of FY 2015 will also support stronger earnings. The first phase of the new plant is expected to add 3 million tonnes per annum (MTPA) of capacity. Tata Steel is among the top ten global producers of steel with a capacity of over 29 million tonnes (MT) and has undertaken expansion drive.

Infosys spurts on reporting good set of Q4 numbers

Infosys is currently trading at Rs. 3344.50, up by 108.65 points or 3.36% from its previous closing of Rs. 3235.85 on the BSE. The scrip opened at Rs. 3347.00 and has touched a high and low of Rs. 3371.80 and Rs. 3325.00 respectively. So far 81359 shares were traded on the counter. The BSE group 'A ' stock of face value Rs. 5 has touched a 52 week high of Rs. 3847.20 on 03-Mar-2014 and a 52 week low of Rs. 2190.00 on 29-Apr-2013. Last one week high and low of the scrip stood at Rs. 3320.00 and Rs. 3165.00 respectively. The current market cap of the company is Rs. 192090.61 crore. The promoters holding in the company stood at 15.94% while Institutions and Non-Institutions held 55.76% and 12.20% respectively. Infosys has posted a rise of 25.07% in its net profit at Rs 2883 crore for the quarter ended March 31, 2014 as compared to Rs 2305 crore for the same quarter in the previous year. Total income of the company has increased by 21.97% at Rs 12168 crore for quarter under review as compared to Rs 9976 crore for the quarter ended March 31, 2013. On consolidated basis, the company has reported 24.98% rise in its net profit at Rs 2992 crore for the quarter ended March 31, 2014 as compared to Rs 2394 crore for the same quarter in the previous year. Total income of the company has soared by 23.35% at Rs 13726 crore for quarter under review as compared to Rs 11128 crore for the quarter ended March 31, 2013. For the year ended March 31, 2014, the company has posted a jump of 11.82% in its net profit at Rs 10194 crore as compared to Rs 9116 crore for the same period in the previous year. Total income of company has surged by 20.36% at Rs 46919 crore for year under review as compared to Rs 38980 crore for the period ended March 31, 2013. For the year ended March 31, 2014, on the consolidated basis, the company has posted a rise of 13.02% in its net profit at Rs 10648 crore as compared to Rs 9421 crore for the same period in the previous year. Total income of company has increased by 23.62% at Rs 52802 crore for year under review as compared to Rs 42711 crore for the period ended March 31, 2013.

M&M’s arm inks JV pact with UNIVEG

Mahindra & Mahindra’s (M&M) subsidiary Mahindra ShubhLabh Services has entered into a 60:40 joint venture (JV) with UNIVEG, a Belgium-based Euro 3.2 billion fresh produce company, in which it will have a majority stake. The company has entered into the JV to give fresh momentum to its agri-business. The joint venture company would be investing Rs 30 crore in the first two years, with additional investments made by logistics and supply chain partners and will focus on developing a fresh fruit supply chain to provide high quality fruits for domestic and international markets. Other than grapes, the venture would focus on select fruits such as bananas, apples, pears and citrus fruits. Mahindra & Mahindra (M&M) is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.

Oil Ministry shuns the plan to form panel for fixing gas prices

The oil ministry has shunned the plan to form an inter-ministerial committee to determine gas prices every quarter based on the C Rangarajan committee formula and has decided to utilize its own expertise to compute new rates. With this development, the ministry now wants its number-crunching wing, the Petroleum Planning & Analysis Cell (PPAC), to approve and notify gas prices calculated on the basis of the complex formula every quarter. The formula was notified in January and the new system to determine gas prices was to be adopted starting April 1, but since the model code of conduct for elections restricted the government from taking any policy decision, the Election Commission held back the ministry from implementing the new system. Initially, the ministry wanted the committee to be led by the PPAC's director-general, while other members were to be the financial adviser to the integrated finance division, Gail India's marketing director, Petronet LNG's commercial director and a Customs official. But later it was observed that no committee was required and the prices could be fixed by the ministry after obtaining data. With this, Oil ministry has now requested the PPAC to determine gas prices three weeks before the beginning of every quarter after obtaining data subscriptions and manpower from Gail, which has expertise in gas marketing. Post to which, PPAC could notify the prices on a quarterly basis based on the procedure approved by the Cabinet Committee on Economic Affairs (CCEA) and by obtaining the data from standard sources.

TCS gains on launching gamified app on Android platform ‘iElect’

Tata Consultancy Services (TCS) is currently trading at Rs. 2208.00, up by 44.30 points or 2.05 % from its previous closing of Rs. 2163.70 on the BSE. The scrip opened at Rs. 2163.70 and has touched a high and low of Rs. 2210.00 and Rs. 2163.70 respectively. So far 34568 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 2384.20 on 14-Jan-2014 and a 52 week low of Rs. 1364.00 on 30-Apr-2013. Last one week high and low of the scrip stood at Rs. 2175.00 and Rs. 2101.15 respectively. The current market cap of the company is Rs. 432869.09 crore. The promoters holding in the company stood at 73.90 % while Institutions and Non-Institutions held 21.59 % and 4.51 % respectively. Tata Consultancy Services (TCS), a leading IT services, consulting and business solutions organization, has launched iElect – a gamified app on the Android platform that generates social insights about India’s General Elections in 2014. The TCS iElect app is a completely new way to observe, analyze and participate in the social conversations around the world’s largest general elections. The users of iElect app will have access to fascinating insights and trends on a real-time basis. The app harnesses the power of social media, big data, analytics and mobility to make sense of what seems to be a complex web of conversations. TCS has put its expertise in big data, cloud computing, analytics and social media to help the Indian voter understand the General elections 2014 through its app TCS iElect (Beta version) - to cut through the clutter, drown out the noise and make sense of the world’s largest democratic event.

ICICI Prudential MF introduces Capital Protection Oriented Fund V - PLAN E - 1100 Days

ICICI Prudential Mutual Fund has launched the New Fund Offer (NFO) of Capital Protection Oriented Fund V - PLAN E - 1100 Days, a close ended income scheme. The NFO opens for subscription on April 15, 2014 and closes on April 29, 2014. No entry load or exit load will be applicable for the scheme. The minimum subscription amount is Rs 5000 and in multiples of Rs 10 thereafter. The scheme’s performance will be benchmarked against CRISIL MIP Blended Index and its fund managers are Rajat Chandak, Aditya Pagaria, Ashwin Jain and Rahul Goswami. The investment objective of the of the Scheme is to seek to protect capital by investing a portion of the portfolio in highest rated debt securities and money market instruments and also to provide capital appreciation by investing the balance in equity and equity related securities. The securities would mature on or before the maturity of the Plan under the Scheme.

LIC reduces stake in Infosys to 3.25% in Q4 FY14

Life Insurance Corporation of India (LIC), the biggest institutional investor in the stock market, has trimmed its holding in Infosys to 3.25 per cent in the last quarter, with the share sale estimated at over Rs 850 crore. The State-run firm has been reducing its stake in Infosys since June quarter. It held 6.72 per cent stake in the country’s second largest software services exporter at the end of June 30, 2012, according to the latest data available with the stock exchanges. The State-run insurer held 3.71 per cent stake in Infosys during the October-December quarter, which has fallen to 3.25 per cent as of March 31, 2014 Recently, foreign institutional investors (FIIs) increased shareholding in Infosys to 42.1% at the end of March 2014 quarter from 40.65% as on December 31, 2013. Infosys is a global leader in consulting, technology and outsourcing solutions. The company enables clients, in more than 30 countries, to stay a step ahead of emerging business trends and outperform the competition.

HDFC Mutual Fund introduces FMP 370D April 2014 (2)

HDFC Mutual Fund has launched the New Fund Offer (NFO) of HDFC FMP 370D April 2014 (2), a close ended income scheme. The NFO opens for subscription on Apr 15, 2014 and closes on the same day. No entry load or exit load will be applicable for the scheme. The minimum subscription amount is Rs 5000 and in multiples of Rs 10 thereafter. The scheme’s performance for plans having maturity upto 91 Days will be benchmarked against Crisil Liquid Fund Index, for plans having maturity more than 91 Days and upto 36 months- Crisil Short Term Bond Fund Index and for Plans having maturity more than 36 months will be benchmarked against Crisil Composite Bond Fund Index and its fund manager is Shobhit Mehrotra, while Rakesh Vyas will be Dedicated Fund Manager for Overseas Investments. The investment objective of the Plans under the Scheme is to generate income through investments in Debt / Money Market Instruments and Government Securities maturing on or before the maturity date of the respective Plan(s).

Tata Steel’s Bedding Blending and Sinter Plant 2 celebrates its Silver Jubilee

Tata Steel’s Bedding, Blending & Sinter Plant known as BBSP2 located in Jamshedpur celebrated the successful 25 years of operations. During the past 25 years the two sections of the Sinter Plant have contributed significantly to the company.

Since its inception, BBSP2 Plant at the Tata Steel plant in Jamshedpur has stood out in its performance of superior quality of sinter & RMBB#1’s consumption of solid waste.

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.

BOI AXA Mutual Fund introduces Fixed Maturity Plan - Series 14

BOI AXA Mutual Fund has launched the New Fund Offer (NFO) of BOI AXA Fixed Maturity Plan - Series 14, a close ended income scheme. The NFO opens for subscription on Apr 15, 2014 and closes on Apr 22, 2014. No entry load or exit load will be applicable for the scheme. The minimum subscription amount is Rs 5000 and in multiples of Rs 1 thereafter. The scheme’s performance will be benchmarked against CRISIL Short Term Bond Fund Index and its fund manager is Alok Singh. The investment objective of the scheme is to generate income by investing in a portfolio of fixed income and moneymarket instruments maturing on or before the maturity date of the Scheme.

Central Bank of India gains on inking MOU for commercial vehicle finance

Central Bank of India is currently trading at Rs. 51.40, up by 0.25 points or 0.49% from its previous closing of Rs. 51.15 on the BSE. The scrip opened at Rs. 51.25 and has touched a high and low of Rs. 51.50 and Rs. 51.05 respectively. So far 1,28,000 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 76.40 on 10-May-2013 and a 52 week low of Rs. 43.05 on 24-Feb-2014. Last one week high and low of the scrip stood at Rs. 53.50 and Rs. 49.65 respectively. The current market cap of the company is Rs. 5,363.00 crore. The promoters holding in the company stood at 88.63% while Institutions and Non-Institutions held 7.02% and 4.35% respectively. Public-sector bank, Central Bank of India has signed a Memorandum of Understanding (MOU) with Tata Motors for financing of commercial vehicles in India. As per MOU, the bank will provide loan up to 85% to eligible borrowers on merit for a maximum tenure of 5 years at a very competitive rate of interest. Central Bank of India has been serving more than 3,50,00,000 account holders with more than its 4,500 branches, 6 extension counters, 29 Satellite offices, 1,970 ATMs and 2,413 ultra small branches (USBs).

Glenmark Pharmaceuticals receives $5 million as milestone payment from Sanofi

Glenmark Pharmaceuticals through its Swiss subsidiary has received $5 million as milestone payment from Sanofi on a collaboration of its VLA2 (alpha2-beta l) integrin monoclonal antibody. GBR 500 is a first-in-class therapeutic monoclonal antibody for chronic autoimmune disorders. The company has already received $50 million from Sanofi as an upfront payment in FY2011-12. Hence, the total amount received by Glenmark from Sanofi for its first in class VLA-2 monoclonal antibody is $55 million. Glenmark’s current portfolio consists of 90 products authorized for distribution in the US marketplace and 53 ANDA’s pending approval with the USFDA. In addition to these internal Filings, GGI continues to identify and explore external development partnerships to supplement and accelerate the growth of the existing pipeline and portfolio.

FIIs were net sellers of Rs 599.55 crore in index futures and options segments on April 11

According to the data released by the NSE, the Foreign Institutional Investors (FIIs) were net sellers of Rs 599.55 crore in index futures and options segments as per Friday’s data, April 11, 2014. FIIs were sellers of index futures to the tune of Rs 304.87 crore and they sold index options worth Rs 294.68 crore. In the stock segment, FII’s were net sellers of stock futures worth Rs 719.83 crore, while they bought stock options worth Rs 33.03 crore.

Markets to get a cautious start eyeing Infosys numbers

The Indian markets turned cautious before going for a long weekend and ended marginally in red in last session. Today, the start is likely to be cautious as the traders will be eying the official start of the Q4 earnings season with IT bellwether Infosys announcing its numbers. Street is expecting the company to report a flattish revenue growth with improvement in margins due to cost optimization measures. The whole IT pack will be in focus, as Infosys numbers guide the whole block and their performance is more or less in line to it. Traders will also be reacting to different macro data, starting with the IIP numbers announced late Friday, which slipped to its 9-month low, showing de-growth of 1.9% in February as compared to marginal expansion of 0.1% in January. Traders will also be watching the WPI and CPI data to be announced later in the day. Traders may take some support with the World Trade Organisation’s statement that global commerce is set to grow by 4.7 per cent this year, with recovery in rich economies expected to mitigate risks in developing nations. Also, amid the election euphoria there has been report that several US companies committed themselves to increasing investment after the ongoing general elections in the country. There will be some buzz in the oil & gas stocks on reports that Petroleum Ministry is looking to simplify exploration norms. The US markets managed a positive close in last session despite some late hour volatility on the back of upbeat retail sales data, the largest jump since 2012. Traders also reacted positively to quarterly earnings news from Citigroup. The Asian markets have made a green start tailing US cues though some of the indices have given up their gains and the Chinese market were trading weak on expectation of lower economic momentum. Back home, Friday’s trading session turned out to be a disappointing day of trade for the Indian equity markets, as market participants booked profits ahead of February Index of Industrial Production (IIP) data due for release later in the day. Domestic gauges traded in the red throughout the session, amid weak global cues but pared some losses in late trades following a rebound in software counter ahead of fourth quarter earnings from Infosys next week. Meanwhile, foreign institutional investors continued investing in Indian equities for the past few weeks and remained net buyers to the tune of Rs 343 crore on April 10, as per the provisional data released on the stock exchanges. Overall, sentiments remained dampened after Reserve Bank of India (RBI) Governor Raghuram Rajan 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 could lead to more problems for an economy rather than help sustain growth. Some disappointment also came after India’s trade deficit widened to $10.51 billion in the month of March as compared to $8.13 billion in February and $10.41 billion reported in the corresponding month of the previous year. The increase in trade deficit was mainly attributed to lower exports, which declined by 3.15% to $29.58 billion in the reported month from $30.54 reported in March 2013. Furthermore, Indian imports contracted marginally by 2.11% to $40.09 billion in March from a year earlier, the first single digit decline in imports after sixth consecutive month of double digit contraction. Global cues too remained sluggish and Asian equity indices shut shop mostly in the red, while the European markets too made a weak. Back home, stocks related to banking sector remained under pressure after a committee set up by the Reserve Bank of India (RBI) on credit pricing framework submitted a draft report on April 10, 2014. Selling in oil and gas space too weighed down sentiments, led by decline in 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. Finally, the BSE Sensex declined by 86.37 points or 0.38%, to settle at 22628.96, while the CNX Nifty lost 20.10 points or 0.30% to settle at 6,776.30. Indian markets remained closed on Monday on account of a public holiday.