Reversal of trend which took place during the second half of trading session eroded all the early gains at Dalal Street, leading to dismal performance of benchmarks for third successive session on Wednesday. Concerns over foreign institutional investors (FII’s)’s sell-off after data showed that overseas investors sold Indian shares worth of Rs 216.3 million ($3.59 million) on Tuesday -- the second straight session of outflows, led to some jitters across Indian equity markets. Nothing practically could salvage the sentiments at Dalal Street, not even positive IndusInd Bank Q4 results and positive global counterparts. By close of trade, both Sensex and Nifty lost about one percent and ended below the crucial 22,300 and 6,700 levels respectively. Meanwhile, broader indices too following suite, succumbed to profit-booking and ended with colossal losses of over a percent.
On the global front, Asian share markets were mostly in the black on Wednesday after China reported economic growth a touch above forecast, a relief for investors who had feared a much weaker outcome. China's economy grew 7.4 percent in the first quarter, from a year earlier, beating forecasts of 7.3 percent. That was welcome news to many investors given foreboding whispers that growth would be nearer 7.0 percent following a string of soft numbers recently. Additionally, European shares rose early on Wednesday, reversing the previous session's losses as data showed economic growth in China a touch above forecasts, while gains in Tesco also lifted markets.
Closer home, while selling was broad-based, losses at Dalal Street were led by stocks from Information Technology (IT), Technology and Power counters, which were battered down cruelly in trade. On the flip side, stocks from Metal and Fast Moving Consumer Goods (FMCG) counters were the only saving grace for the session. While, good macro-economic data from China, world’ largest metal consumer, bolstered metal stocks, defensive play lifted FMCG stocks. However, cautiousness ahead of TCS and HCL Technologies result weighed on IT stocks. Meanwhile, sentiment remained downbeat for banking counter, which ended lower despite good Q4 earnings of IndusInd Bank. The bank beat street’s forecast by reporting net profit at Rs 396 crore in the quarter ended March 2014, up 29 percent compared to a year-ago period supported by other income. Besides, telecom stocks rang loud in the session after Reliance Communication announced a hike tariffs by up to 20 per cent for all its pre-paid customers, too lost steam by close of trade. Moreover, Adani group stocks, vis-a-vis, Adani Enterprises and Adani Port and Special Economic Zone, once again turned out to be investors’ darling for the session. The market breadth on the BSE ended negative; advances and declining stocks were in a ratio of 1088: 1651, while 133 scrips remained unchanged. (Provisional)
The BSE Sensex lost 207.70 points or 0.92% to settle at 22277.23. The index touched a high and a low of 22533.61 and 22247.39 respectively. Among the 30-share Sensex, 9 stocks gained, while 21 stocks declined. (Provisional)
The BSE Mid cap and Small cap indices ended lower by 1.08% and 1.11% respectively. (Provisional)
On the BSE Sectoral front, FMCG up by 0.63% and Metal up by 0.19%, were the only gainers, while Realty down by 3.87%, IT down by 2.49%, Capital Goods down by 2.47%, Teck down by 2.14% and Power down by 1.86% were the top losers in the space. (Provisional)
The top gainers on the Sensex were Tata Steel up by 1.55%, ITC up by 1.32%, Hindalco up by 1.19%, Maruti Suzuki up by 0.61% and Tata Motors up by 0.25%, while, Tata Power down by 3.55%, BHEL down by 3.28%, Infosys down by 3.08%, L&T down by 2.91% and Wipro down by 2.89% were the top losers in the index. (Provisional)
Meanwhile, questioning the assumptions that worst is over for Asia's third-largest economy, the provisional annual inflation rate based on all India general Consumer Price Index (CPI) (Combined) disappointed the street by accelerating to 8.31% from 25 months low level of 8.10% in February. However, in a bit of surprise, February Inflation was revised downwards to 8.03% v/s 8.10% earlier.
According to the data, CPI numbers of February 2014 for Rural, Urban and Combined stood at 139.7, 136.0 and 138.1 respectively. The corresponding provisional inflation rates for rural and urban areas for March 2014 stood at 8.89% and 7.51%, while inflation rates (final) for rural and urban areas for February 2014 stood at 8.43% and 7.55%respectively.
Food prices for consumers rose at 9.10% in last month from a year earlier, higher than February’s 8.57% rise. The Provisional annual inflation rates of February 2014 for Rural and Urban in respect of ‘food and beverages’ stood at 9.95% and 7.47% for month under review compared to 9.27% and 7.10% respectively in February, 2014. Additionally, Provisional annual inflation rates (Combined) for Fuel and light; Clothing, bedding and footwear stood at 6.29% and 9.03% respectively for the month of March.
Offering a bit of relief, core consumer price index (CPI) rose by 7.8% in March from a year earlier, easing from a 7.9% in February. This is a positive since core inflation for the past few months has been stuck at around 8 per cent, a level Reserve Bank of India’s (RBI) chief Raghuram Rajan deems uncomfortably high.
However, latest reading adds to woes of policy makers, which are struggling with sluggish economic growth on one hand and higher inflation on the other. India has been battling a prolonged spell of high inflation and low growth. While economic growth has almost halved to below 5 percent for the past two years, the worst slowdown for the South Asian nation since the 1980s.
India VIX, a gauge for markets short term expectation of volatility lost 2.24% at 31.16 from its previous close of 31.87 on Tuesday. (Provisional)
The CNX Nifty lost 59.10 points or 0.88% to settle at 6,674.00. The index touched high and low of 6,748.65 and 6,665.15 respectively. Out of the 50 stocks on the Nifty, 15 ended in the green, while 34 ended in the red and one stock remain unchanged.
The major gainers of the Nifty were ITC up 1.57%, Hindalco up by 1.38%, Lupin up by 1.26%, Bank of Baroda up by 1.12% and Jindal Steel up by 0.97%.
The key losers were DLF down by 4.87%, BHEL down by 3.60%, Tata Power down by 3.54%, Infosys down by 3.00% and L&T down by 2.92%. (Provisional)
European markets were trading in green; France’s CAC 40 was up 0.86%, UK’s FTSE 100 was up 0.29% and Germany’s DAX was up by 0.75%.
The Asian markets concluded Wednesday’s trade mostly in green with Japan’s Nikkei jumping as bargain buying and a weaker yen lifted the market, following a rise on Wall Street bolstered by strong US corporate earnings. Bank Indonesia deputy governor Halim Alamsyah stated that Indonesia will have a chance to ease monetary policy next year as inflation slows, after maintaining a tight stance in 2014. Inflationary pressures are easing after interest rates were raised last year. He added that consumer-price gains will probably slow to about 5% by the end of this year and less than 4.5% in 2015. Japan’s industrial production fell to a seasonally adjusted -2.3%.
China’s economy grew at its slowest pace in six quarters in the first quarter of 2014 with signs of waning momentum already prompting limited government action to steady the world’s second-largest economy. China’s annual economic growth slowed between January and March 2014 to 7.4% from 7.7% in the previous three months while Chinese Industrial Production rose to 8.8%, from 8.6% in the preceding month. Chinese Retail Sales rose to an annual rate of 12.2%, from 11.8% in the preceding month while Chinese Fixed Asset Investment fell to a seasonally adjusted 17.6%, from 17.9% in the preceding month.
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Wednesday, 16 April 2014
Post Session: Quick Review
DCM Shriram rises as Axiall acquires 50% stake
DCM Shriram is currently trading at Rs 87.45, up by 0.30 points or 0.34% from its previous closing of Rs. 87.15 on the BSE.
The scrip opened at Rs. 87.30 and has touched a high and low of Rs 90.95 and Rs 86.35 respectively. So far 82559 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 95.50 on 07-Apr-2014 and a 52 week low of Rs. 50.40 on 29-Aug-2013.
Last one week high and low of the scrip stood at Rs 94.65 and Rs. 85.65 respectively. The current market cap of the company is Rs. 1430.92 crore.
The promoters holding in the company stood at 62.53% while Institutions and Non-Institutions held 11.55% and 25.92% respectively.
US-based company Axiall has acquired 50% stake in DCM Shriram’s arm -- Shriram Vinyl Polytech -- an entity involved in the production and sale of poly vinyl chloride (PVC) compounds. Axiall has spent Rs 34.65 crore for the said acquisition.
Earlier this month, fair trade regulator Competition Commission of India (CCI) approved the proposed deal between DCM Shriram Consolidated and US-based Axiall related to poly vinyl chloride compounds business.
Axiall is a subsidiary of Axiall Corporation and is engaged in the production of PVC and PVC compounds, while DCM Shriram is a diversified company with business in agriculture, chemicals, plastics, cement, textiles and energy services. DCM Shriram had transferred its PVC compounding business to Shriram Vinyl, last year.
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ITC gains on increasing India Kings 20 cigarette pack’s price by Rs 20
ITC is currently trading at Rs 346.25, up by 5.25 points or 1.54% from its previous closing of Rs 341.00 on the BSE.
The scrip opened at Rs 340.00 and has touched a high and low of Rs 347.55 and Rs 340.00 respectively. So far 259194 shares were traded on the counter.
The BSE group 'A' stock of face value Rs 1 has touched a 52 week high of Rs 380.00 on 24-Jul-2013 and a 52 week low of Rs 285.40 on 28-Aug-2013.
Last one week high and low of the scrip stood at Rs 349.00 and Rs 336.75 respectively. The current market cap of the company is Rs 276214.04 crore.
The Institutions and Non-Institutions held 53.94% and 45.80% respectively.
ITC has increased price of India Kings 20 cigarette pack by Rs 20. Following the price hike, the cost of 20 cigarette pack has increased to Rs 200 from Rs 180 per pack earlier. Earlier in March, the company had increased price of gold flake kings and classic 20-stick pack by 13%.
ITC, a diversified conglomerate has business interests in cigarettes, hotels, paperboards and specialty papers, packaging, agri-business, packaged foods and confectionery, information technology, branded apparel, personal care, stationery, safety matches and other FMCG products.
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Tata Power plans to increase generation capacity to 646.7 MW from green energy sources
Tata Power, one of India’s largest integrated power companies, is planning to increase generation capacity to 646.7 MW from green energy sources by executing projects which are in advance stages. The company has a gross installed capacity of 912 MW from clean energy sources of which 447 MW comes from hydropower, and 465 MW comes from renewable sources of energy, namely, wind and solar power.
The company’s clean energy projects comprise of hydro power projects in Maharashtra with gross installed capacity of 447MW; wind farms in Maharashtra, Gujarat, Karnataka, Tamil Nadu and Rajasthan, with gross installed capacity of 437MW and solar projects in Maharashtra, Gujarat and Delhi, with gross installed capacity of 28MW.
Tata Power is India's largest integrated power company with a significant international presence. The Company has an installed generation capacity of 8521 MW in India and a presence in all the segments of the power sector viz. Generation (thermal, hydro, solar and wind), Transmission, Distribution and Trading.
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Punjab National Bank trades in green on BSE
Punjab National Bank is currently trading at Rs 769.20, up by 6.20 points or 0.81% from its previous closing of Rs. 763.00 on the BSE.
The scrip opened at Rs 764.00 and has touched a high and low of Rs 781.05 and Rs 758.75 respectively. So far 125274 shares were traded on the counter.
The BSE group 'A' stock of face value Rs 10 has touched a 52 week high of Rs 852.15 on 20-May-2013 and a 52 week low of Rs 402.20 on 04-Sep-2013.
Last one week high and low of the scrip stood at Rs. 794.70 and Rs. 751.90 respectively. The current market cap of the company is Rs. 27792.49 crore.
The promoters holding in the company stood at 58.87% while Institutions and Non-Institutions held 36.01% and 5.11% respectively.
Punjab National Bank (PNB), the country’s largest lender has opened 120 new branches across the country in order to mark its 120th Foundation Day. The bank started its operation on April 12, 1895, in Lahore, now in Pakistan. The 120th branch of the bank is located near the birth place of its founding father Lala Lajpat Rai.
Besides, the bank has also launched its PNB Platinum Credit Card with various features including maximum limit of Rs 10 lakh.
Punjab National Bank has reported 42.14% fall in its net profit at Rs 755.41 crore for third quarter ended December 31, 2013 as compared to Rs 1305.62 crore for the same quarter in the previous year. However, total income of the bank has increased by 3.68% at Rs 11922.30 crore for quarter under review as compared to Rs 11499.27 crore for the quarter ended December 31, 2012.
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SpiceJet unveils limited time offers from seven cities
SpiceJet, the second largest low-cost airline has unveiled limited time low fares from seven cities including Pune, Mumbai, Goa and Surat. This is the seventh discounted ticket sale SpiceJet has come up with in this calendar year. The low fares offered by SpiceJet, which vary from the various cities from which a passenger is taking the flight.
From Mumbai, the offer begins Rs 2,249 to 30 cities including Delhi, Chennai, Coimbatore, Madurai, Kochi. From Pune, the offer is for 10 cities starting at Rs 1,849 including Hyderabad, Kochi, Vijawada. The tickets could be booked till April 18, 2014 for travel between June 10 and August 10, 2014.
SpiceJet is India’s most preferred airline delivers the lowest air fares with the highest consumer value. The airline currently operates more than 350 daily flights to over 44 Indian cities and 9 international destinations.
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Exide Industries moves up on the BSE
Exide Industries is currently trading at Rs. 126.10, up by 0.10 points or 0.08% from its previous closing of Rs. 126.00 on the BSE.
The scrip opened at Rs. 127.10 and has touched a high and low of Rs. 129.35 and Rs. 125.80 respectively. So far 186014 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 143.30 on 17-May-2013 and a 52 week low of Rs. 99.05 on 27-Jan-2014.
Last one week high and low of the scrip stood at Rs. 129.35 and Rs. 121.60 respectively. The current market cap of the company is Rs. 10710.00 crore.
The promoters holding in the company stood at 45.99% while Institutions and Non-Institutions held 34.43% and 19.58% respectively.
Credit rating agency, ICRA has reaffirmed the AAA rating to the Rs 300 crore fund based bank facilities and the Rs 400 crore non fund based bank facilities of Exide Industries (EIL). The outlook on the long-term rating is ‘Stable’. The rating agency has also reaffirmed the A1+ rating to the Rs 50 crore Commercial Paper (CP) programme of the company.
The reaffirmation of the ratings takes into account the company’s dominant market position in the Indian lead acid storage battery industry, its well-diversified and established OEM customer base, strong brand equity and a large product portfolio with multiple brands positioned across the entire price spectrum.
Exide Industries manufactures the widest range of storage batteries in the world from 2.5 Ah to 20,400 Ah capacities, covering the broadest spectrum of applications. EIL is India’s largest producer of automotive and industrial batteries, with seven manufacturing plants strategically located across the country.
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MRF trades higher on the bourses
MRF is currently trading at Rs. 23523.50, up by 80.20 points or 0.34% from its previous closing of Rs. 23443.30 on the BSE.
The scrip opened at Rs. 23400.00 and has touched a high and low of Rs. 23690.00 and Rs. 23400.00 respectively. So far 816 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. 11871.70 on 16-Apr-2013.
Last one week high and low of the scrip stood at Rs. 23690.00 and Rs. 21907.00 respectively. The current market cap of the company is Rs. 9984.56 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.
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Tata Teleservices’ arm launches new offers in Tamil Nadu
Tata Teleservices’ mobility and business services brand - Tata DOCOMO, has launched special schemes in Tamil Nadu. The special range of voice offers include TN-25 and India Express 30 where all local mobile calls can be made at 1.25 paise per three seconds and 25 paise per minute and all India mobile calls at one paise per two seconds and 30 paise per minute respectively.
Tata Teleservices Maharashtra (TTML) is a part of the Tata Group. This telecom services company has its presence all over Maharashtra and Goa. Tata Docomo currently has presence in over 13,690 villages and 660 towns taking the total network footprint to over 11,700 sites in Tamil Nadu.
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Tata Steel rises on registering best ever performance in production and sales in FY14
Tata Steel is currently trading at Rs. 413.80, up by 5.40 points or 1.32% from its previous closing of Rs. 408.40 on the BSE.
The scrip opened at Rs. 409.20 and has touched a high and low of Rs. 416.50 and Rs. 408.00 respectively. So far 281558 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. 407.00 respectively. The current market cap of the company is Rs. 40305.44 crore.
The promoters holding in the company stood at 31.35% while Institutions and Non-Institutions held 40.87% and 24.81% respectively.
Tata Steel has registered its best ever performance in FY14 in Hot Metal, Crude Steel, Saleable Steel production and total Sales. For the fiscal ended March, the company’s sales were up by 14% at 8.52 million tonnes (MT). Annual sales to the automotive, industrial products and LPG segments rose to 1.17 MT, 1.7 MT and 1.1 lakh tonnes, respectively.
The company’s crude steel production touched the highest-ever at 9.15 MT compared with the previous best of 8.13 MT in 2012-13. Saleable steel production of the company has increased by 12% to 8.93 MT in the April-March period from 7.94 MT a year ago. The company’s Hot metal production exceeded the previous best at 9.89 MT in the previous financial year against 8.86 MT in 2012-13.
The company’s Ore Mines & Quarries (OMQ) division has achieved its highest ever iron ore dispatch of 17.30 MT as compared to 15.0 MT in FY13. Moreover, West Bokaro Division (one of the Collieries) has achieved its highest ever clean coal production of 2.57 MT as against 2.33 MT in FY13. Further, the company has registered best ever total Coke Production (Jamshedpur & Haldia) of 4.28 MT as compared to 3.71 MT in FY13.
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Gujarat Pipavav Port surges as board to mull expansion plan
Gujarat Pipavav Port is currently trading at Rs. 86.80, up by 1.90 points or 2.24% from its previous closing of Rs. 84.90 on the BSE.
The scrip opened at Rs. 85.50 and has touched a high and low of Rs. 88.10 and Rs. 85.00 respectively. So far 107201 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 92.00 on 10-Apr-2014 and a 52 week low of Rs. 42.05 on 27-Aug-2013.
Last one week high and low of the scrip stood at Rs. 92.00 and Rs. 84.55 respectively. The current market cap of the company is Rs. 4201.09 crore.
The promoters holding in the company stood at 43.01 % while Institutions and Non-Institutions held 46.60 % and 10.40 % respectively.
Gujarat Pipavav Port has informed that a meeting of the board of directors of the company will be held on April 17, 2014, to consider and approve revision in expansion plan and its commencement.
Gujarat Pipavav Port is the developer and operator of APM Terminals Pipavav, India's first private sector port, which has multi-cargo and multi-user operations.
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CMC gains on plan to expand its foot print in Education and Training business in FY15
CMC is currently trading at Rs. 1530.35, up by 8.90 points or 0.58% from its previous closing of Rs. 1521.45 on the BSE.
The scrip opened at Rs. 1522.90 and has touched a high and low of Rs. 1537.00 and Rs. 1510.60 respectively. So far 4651 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. 4629.84 crore.
The promoters holding in the company stood at 51.12% while Institutions and Non-Institutions held 40.21% and 8.67% respectively.
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.
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Tata Steel registers best ever performance in production and sales in FY14
Tata Steel has registered its best ever performance in FY14 in Hot Metal, Crude Steel, Saleable Steel production and total Sales. For the fiscal ended March, the company’s sales were up by 14% at 8.52 million tonnes (MT). Annual sales to the automotive, industrial products and LPG segments rose to 1.17 MT, 1.7 MT and 1.1 lakh tonnes, respectively.
The company’s crude steel production touched the highest-ever at 9.15 MT compared with the previous best of 8.13 MT in 2012-13. Saleable steel production of the company has increased by 12% to 8.93 MT in the April-March period from 7.94 MT a year ago. The company’s Hot metal production exceeded the previous best at 9.89 MT in the previous financial year against 8.86 MT in 2012-13.
The company’s Ore Mines & Quarries (OMQ) division has achieved its highest ever iron ore dispatch of 17.30 MT as compared to 15.0 MT in FY13. Moreover, West Bokaro Division (one of the Collieries) has achieved its highest ever clean coal production of 2.57 MT as against 2.33 MT in FY13. Further, the company has registered best ever total Coke Production (Jamshedpur & Haldia) of 4.28 MT as compared to 3.71 MT in FY13.
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Tata Motors gains as Land Rover enters into global partnership with Virgin Galactic
Tata Motors is currently trading at Rs. 415.70, up by 3.35 points or 0.81% from its previous closing of Rs. 412.35 on the BSE.
The scrip opened at Rs. 412.65 and has touched a high and low of Rs. 418.80 and Rs. 410.15 respectively. So far 1,05,000 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 437.70 on 11-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. 437.70 and Rs. 409.70 respectively. The current market cap of the company is Rs. 1,12,006.00 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’ subsidiary - Land Rover, the British brand synonymous with adventure, has revealed a long-term global partnership with Richard Branson’s pioneering commercial spaceline, Virgin Galactic. The ground breaking partnership was announced against the backdrop of SpaceShipTwo, the world’s first commercial passenger carrying spacecraft, together with Land Rover’s new Discovery Vision Concept vehicle.
The partnership will see Land Rover vehicles become part of daily life for the Virgin Galactic team and for all ‘future astronauts’, the space experience will now begin with Land Rover as they arrive in New Mexico for training, and continue to the moment they drive from the space terminal building to the waiting spaceship. Land Rover will base a fleet of vehicles at the Virgin Galactic test centre in the Mojave Desert, California and at its astounding operational New Mexico base, Spaceport America.
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.
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Rupee treads water on Wednesday; further gains limited
Indian rupee, after getting a somewhat weak start, recovered most of its losses to trade almost unchanged from its previous close on Wednesday, tracing the cautious, but positive local equities. A higher-than-expected Consumer Price Inflation (CPI) data and concerns over escalating tensions in Ukraine which sapped global risk appetite for emerging market’s assets, restricted further up-move of Indian currency. Cautiousness also built in the currency after data showed that overseas investors sold Indian shares worth of Rs 216.3 million ($3.59 million) on Tuesday -- the second straight session of outflows. On the global front, dollar climbed against a basket of major currencies on Tuesday, staying on firm footing after U.S. retail sales data the previous day signalled a brighter outlook for the U.S. economy.
The partially convertible currency is currently trading at 60.22, unchanged from its previous close of 60.23 on Tuesday. The currency touched a high and low of 60.29 and 60.21 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 60.26 and for Euro stood at 83.27 on April 15, 2014. While, the RBI’s reference rate for the Yen stood at 59.14, the reference rate for the Great Britain Pound (GBP) stood at 100.7099. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| April 15, 2014 | 60.26 | 100.7099 |
| April 11, 2014 | 60.26 | 101.0979 |
(RBI-Reference Rate)
United Spirits moves up on the bourses
United Spirits is currently trading at Rs. 2860.35, up by 7.20 points or 0.25% from its previous closing of Rs. 2853.15 on the BSE.
The scrip opened at Rs. 2875.00 and has touched a high and low of Rs. 2877.00 and Rs. 2855.05 respectively. So far 22311 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2940.55 on 15-Apr-2014 and a 52 week low of Rs. 1976.80 on 16-Apr-2013.
Last one week high and low of the scrip stood at Rs. 2940.55 and Rs. 2537.35 respectively. The current market cap of the company is Rs. 41592.07 crore.
The promoters holding in the company stood at 38.62 % while Institutions and Non-Institutions held 44.11 % and 16.74 % respectively.
The London-headquartered Diageo Plc has re-launched a bid and offered to pay $1.9 billion for an additional 26 per cent stake in Bangalore-based United Spirits (USL). The open offer is expected to open on June 11 this year and close on June 24.
The move, the company’s second attempt to extend its reach in the world’s largest whisky market, is expected to further strengthen the yields for the global investors of Diageo, best known for its Johnnie Walker scotch whisky.
If successful, Diageo would end up with 54.8 per cent of India's largest spirits maker, which was previously controlled by tycoon Vijay Mallya, who has shed assets under heavy debt and the collapse of his Kingfisher Airlines.
United Spirits is the largest spirits company in India and a flagship entity of $2 billion UB group. It manufactures wide range of whisky, vodka, rum and other spirits.
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Mahindra Two Wheelers plans to launch its first electric 2-wheeler in USA
Mahindra Two Wheelers (MTWL), part of the $16.7 billion Mahindra Group, is planning to launch the hybrid scooter after inaugurating their R&D centre in Pune. The launch of the electric vehicle is scheduled for this summer but the launch will happen in the USA instead of being launched in India. The vehicle has been christened GenZe STS (Single Track Shuttle) and a team in Palo Alto, California is busy readying the product.
The GenZe is a simple-looking scooter which scores high on utility. It is designed to carry the rider as well as groceries, laundry, or anything else that fits in the generous amount of space in the bucket behind the rider. The GenZe is expected to have a range of around 50km and a top speed of 50kph. It will be driven by a 1.4KW (1.8bhp) motor.
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.
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Diageo Plc offers to pay $1.9 billion for 26% stake in United Spirits
The London-headquartered Diageo Plc has re-launched a bid and offered to pay $1.9 billion for an additional 26 per cent stake in Bangalore-based United Spirits (USL). The open offer is expected to open on June 11 this year and close on June 24.
The move, the company’s second attempt to extend its reach in the world’s largest whisky market, is expected to further strengthen the yields for the global investors of Diageo, best known for its Johnnie Walker scotch whisky.
If successful, Diageo would end up with 54.8 per cent of India's largest spirits maker, which was previously controlled by tycoon Vijay Mallya, who has shed assets under heavy debt and the collapse of his Kingfisher Airlines.
United Spirits is the largest spirits company in India and a flagship entity of $2 billion UB group. It manufactures wide range of whisky, vodka, rum and other spirits.
Apollo Tyres speeds up on eyeing 50% growth in export revenue
| Apollo Tyres is currently trading at Rs. 166.55, up by 0.55 points or 0.33% from its previous closing of Rs. 166.00 on the BSE. The scrip opened at Rs. 165.80 and has touched a high and low of Rs. 168.65 and Rs. 165.05 respectively. So far 133702 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 170.50 on 07-Apr-2014 and a 52 week low of Rs. 54.60 on 21-Jun-2013. Last one week high and low of the scrip stood at Rs. 169.50 and Rs. 159.00 respectively. The current market cap of the company is Rs. 8392.01 crore. The promoters holding in the company stood at 43.50 % while Institutions and Non-Institutions held 38.15 % and 18.35 % respectively. Apollo Tyres is reportedly expecting 50 per cent increase in export revenue from Asia Pacific, West Asia and North African markets in this fiscal. The region has contributed around 11 per cent of the company’s turnover of Rs 8,507 crore in FY13. Meanwhile, the company has set up its own dealership network with 18 people on ground. The marketing structure is the same as in India and does not involve any intermediary. While the company nurtures a long term dream of setting up manufacturing base in ASEAN (Association of South East Asian Nations), so as to further reduce the cost of distribution, Apollo claims its competitively priced truck bus radials, are doing exceedingly well in the Philippines. Apollo Tyres produces the entire range of automotive tyres for ultra and high speed passenger cars, truck and bus, farm, off-the-road, industrial and specialty applications like mining, retreaded tyres and retreading material. These are produced across Apollo’s eight manufacturing locations in India, Netherlands and Southern Africa. |
Chana futures trade higher on rising demand
| Chana futures traded higher on NCDEX as speculators created fresh positions, supported by rising demand in the spot market and expectation of lower output. Further, lower arrivals from producing regions and limited stock position in the physical market also supported the upside of commodity prices. The contract for April delivery was trading at Rs 3100.00, up by 0.23% or Rs 7.00 from its previous closing of Rs 3093.00. The open interest of the contract stood at 6840.00 lots. The contract for May delivery was trading at Rs 3154.00, up by 0.13% or Rs 4.00 from its previous closing of Rs 3150.00. The open interest of the contract stood at 95130.00 lots on NCDEX. |
Apollo Tyres expects 50% growth in export revenue: Report
Apollo Tyres is reportedly expecting 50 per cent increase in export revenue from Asia Pacific, West Asia and North African markets in this fiscal. The region has contributed around 11 per cent of the company’s turnover of Rs 8,507 crore in FY13. Meanwhile, the company has set up its own dealership network with 18 people on ground. The marketing structure is the same as in India and does not involve any intermediary.
While the company nurtures a long term dream of setting up manufacturing base in ASEAN (Association of South East Asian Nations), so as to further reduce the cost of distribution, Apollo claims its competitively priced truck bus radials, are doing exceedingly well in the Philippines.
Apollo Tyres produces the entire range of automotive tyres for ultra and high speed passenger cars, truck and bus, farm, off-the-road, industrial and specialty applications like mining, retreaded tyres and retreading material. These are produced across Apollo’s eight manufacturing locations in India, Netherlands and Southern Africa.
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SBI gains on unveiling three digital banking facilities for customers
| State Bank of India (SBI) is currently trading at Rs. 1986.15, up by 22.65 points or 1.15% from its previous closing of Rs. 1963.50 on the BSE. The scrip opened at Rs. 1965.25 and has touched a high and low of Rs. 1992.00 and Rs. 1951.85 respectively. So far 82798 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2469.25 on 20-May-2013 and a 52 week low of Rs. 1452.90 on 28-Aug-2013. Last one week high and low of the scrip stood at Rs. 2038.00 and Rs. 1920.25 respectively. The current market cap of the company is Rs. 148642.70 crore. The promoters holding in the company stood at 58.60 % while Institutions and Non-Institutions held 30.53 % and 8.75 % respectively. State Bank of India (SBI) has launched three digital banking facilities for the convenience of its customers. Two at the customer’s door step using TAB banking - one for customers opening Savings Bank accounts and another for Housing Loan applicants. The third one is e-KYC (Know your Customer). SBI will offer its valued customers the facility of opening accounts at their door step through Tab Banking. The bank will also offer TAB banking facility at the place of the Housing Loan applicant, for in-principle approval of home loan. The Home Loan Sales Team will visit the applicant and capture on the tablet KYC details, information on the income & deductions and details of the proposed property purchase (House/Flat). State Bank of India also launched e-KYC services. Under this facility, e-KYC certificate is generated as an identity document. |
Dr. Reddy’s Laboratories gets USFDA nod to launch Eszopiclone Tablets C-IV
Dr. Reddy’s Laboratories has launched Eszopiclone Tablets (C-IV) 1 mg, 2 mg and 3 mg, a therapeutic equivalent generic version of LUNESTA (eszopiclone) tablets C-IV in the US market on April 15, 2014, following the approval by the United States Food & Drug Administration (USFDA). Dr. Reddy’s Eszopiclone Tablets (C-IV) 1 mg is available in bottle counts of 30. Eszopiclone Tablets (C-IV) 2 mg and 3 mg are available in bottle counts of 100.
According to IMS Health, the LUNESTA (eszopiclone) tablets C-IV brand and generic combined had US sales of approximately $887 million MAT for the most recent twelve months ending in January 2014.
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.
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Glenmark Pharma gains as its arm receives final ANDA approval for Eszopiclone Tablets
Glenmark Pharmaceuticals is currently trading at Rs. 584.95, up by 3.60 points or 0.62% from its previous closing of Rs. 581.35 on the BSE.
The scrip opened at Rs. 583.00 and has touched a high and low of Rs. 587.00 and Rs. 582.50 respectively. So far 7000 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 612.00 on 12-Jul-2013 and a 52 week low of Rs. 467.50 on 26-Apr-2013.
Last one week high and low of the scrip stood at Rs. 594.00 and Rs. 561.40 respectively. The current market cap of the company is Rs. 15866.58 crore.
The promoters holding in the company stood at 48.28% while Institutions and Non-Institutions held 41.03% and 10.68% respectively.
Glenmark Generics Inc., USA a subsidiary of Glenmark Generics has been granted final abbreviated new drug approval (ANDA) from the United States Food and Drug Administration (USFDA) for Eszopiclone Tablets. Glenmark will commence distribution of the product immediately.
Eszopiclone Tablets are Glenmark’s generic version of Sunovion’s Lunesta. Eszopiclone is indicated for the treatment of insomnia. The approval is for the 1mg, 2mg and 3mg tablets. Lunesta garnered annual sales of $824 million according to IMS Health, for the 12 month period ending December 2013.
Glenmark’s current portfolio consists of 91 products authorized for distribution in the US marketplace and 63 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.
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FIIs increase stake in HCL Technologies in Q4FY14
Foreign institutional investors (FIIs) have increased shareholding in HCL Technologies to 28.59% at the end of March 2014 quarter from 28.05% in December 31, 2013. On the other hand, domestic institutional investors (DIIs) have reduced shareholding in the company to 3.69% at the end of March 2014 quarter from 4.20% as on December 31, 2013.
Meanwhile, promoter and promoter group shareholding also went down to 61.69% at the end of March 2014 quarter from 61.75% as on December 31, 2013.
HCL Technologies is a leading global IT services company working with clients in the areas that impact and redefine the core of their businesses. HCL leverages its extensive global offshore infrastructure and network of offices in 31countries to provide holistic, multi-service delivery in key industry verticals including Financial Services, Manufacturing, Consumer Services, Public Services and Healthcare & Life sciences.
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Crompton Greaves gains on report of Hitachi eyeing stake
Crompton Greaves is currently trading at Rs. 180.65, up by 2.40 points or 1.35% from its previous closing of Rs. 178.25 on the BSE.
The scrip opened at Rs. 182.15 and has touched a high and low of Rs. 188.00 and Rs. 180.35 respectively. So far 597841 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 188.00 on 16-Apr-2014 and a 52 week low of Rs. 71.70 on 25-Jun-2013.
Last one week high and low of the scrip stood at Rs. 188.00 and Rs. 152.00 respectively. The current market cap of the company is Rs. 11449.62 crore.
The promoters holding in the company stood at 42.67% while Institutions and Non-Institutions held 42.47% and 14.64% respectively.
Crompton Greaves’ promoter is planning to sell stake in the company. Hitachi, the Japanese maker of industrial power equipment and electronic goods, has emerged as the front-runner to buy the promoter’s stake in the power transmission and distribution company promoted by Gautam Thapar.
Moreover, the promoters have appointed Goldman Sachs to scout for a buyer
Crompton Greaves is a global pioneering leader in the management and application of electrical energy. With more than 15,000 employees across its operations in around 85 countries, CG provides electrical products, systems and services for utilities, power generation, industries, and consumers.
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Markets trade slightly higher in early deals
Indian equity benchmarks, after witnessing a bout of volatility in initial trade, are trading slightly higher in early deals on Wednesday. Investors remained cautious as rise in CPI numbers announced after the market hours, has dashed hopes of any rate cut for India Inc. The inflation concern is likely to linger further with a private forecast that India should prepare for below normal rainfall in the crucial monsoon season this year, particularly in the agriculturally significant north-western and western central regions. Meanwhile, foreign institutional investors (FIIs) sold shares worth a net Rs 21.63 crore on April 15, 2014, as per provisional data from the stock exchanges.
On the global front, the US markets managed a green close despite a volatile day of trade in last session, traders reacted to some positive earnings announcements, while there was some concern on disappointing homebuilder confidence data. The Asian markets too were trading mostly in the green tailing US cues and as China reported economic growth that was faster than estimated.
Back home, on the sectoral front consumer durables, metal and fast moving consumer goods witnessed the maximum gain in trade, while software, technology and capital goods remained the top losers on the BSE sectoral space. The broader indices were outperforming benchmarks, while the market breadth on the BSE was positive; there were 983 shares on the gaining side against 619 shares on the losing side while 73 shares remain unchanged.
The BSE Sensex opened at 22486.73; about 2 points higher compared to its previous closing of 22484.93, and touched a high and a low of 22533.61 and 22458.52 respectively. The index is currently trading at 22498.31, up by 13.38 points or 0.06%. There were 22 stocks advancing against 8 declines on the index.
The overall market breadth has made a strong start with 58.69% stocks advancing against 36.96% declines. The broader indices too were trading in green; the BSE Mid cap index up was by 0.36% and Small cap gained 0.44%.
The top gaining sectoral indices on the BSE were, Bankex up by 1%, Consumer Durables up by 0.85%, Metal up by 0.83%, FMCG up by 0.81% and Auto up by 0.71%, while IT down by 1.86%, Teck down by 1.30%, Capital Goods down by 0.25% and Healthcare down by 0.12% were the top losers on the sectoral index.
The top gainers on the Sensex were Hindalco up by 1.42%, Bharti Airtel up by 1.31%, Tata Motors up by 1.26%, Tata Steel up by 1.20% and SBI up by 1.19%. On the flip side, Infosys was down by 2.65%, TCS was down by 2.02%, Wipro was down by 1.12%, L&T was down by 0.82% and Cipla was down by 0.79% were the top losers on the Sensex.
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.
Meanwhile, 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 opened at 6,727.25; about 12 point lower as compared to its previous closing of 6,733.10, and has touched a high and a low of 6,748.65 and 6,724.65 respectively. The index is currently trading at 6,739.55, up by 6.45 points or 0.10%. There were 36 stocks advancing against 14 declines on the index.
The top gainers of the Nifty were Bank of Baroda up by 2.17%, IndusInd Bank up by 1.70%, Tata Motors up by 1.40%, Hindalco up by 1.23% and SBI up by 1.17%. On the flip side, Infosys down by 2.63%, TCS down by 2.33%, BPCL down by 1.46%, L&T down by 0.87% and Tech Mahindra down by 0.77% were the top losers on the index.
Most of the Asian equity indices were trading in green; Shanghai Composite rose 5.46 points or 0.26% to 2,107.06, Hang Seng increased by 142.66 points or 0.63% to 22,813.92, Jakarta Composite jumped 13.70 points or 0.28% to 4,883.92, Nikkei 225 soared by 332.51 points or 2.38% to 14,329.32, Straits Times added by 6.02 points or 0.19% to 3,252.34, KOSPI Composite rose 1.18 points or 0.06% to 1,993.45 and Taiwan Weighted was up by 4.01 points or 0.04% to 8,920.72.
On the flip side, KLSE Composite was down by 3.98 points or 0.21% to 1,849.90.
Ashok Leyland edges higher on launching light commercial vehicle ‘Partner’
Ashok Leyland is currently trading at Rs. 23.65, up by 0.05 points or 0.21% from its previous closing of Rs. 23.60 on the BSE.
The scrip opened at Rs. 23.60 and has touched a high and low of Rs. 23.70 and Rs. 23.15 respectively. So far 182090 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 25.20 on 11-Apr-2014 and a 52 week low of Rs. 11.82 on 29-Aug-2013.
Last one week high and low of the scrip stood at Rs. 25.20 and Rs. 23.00 respectively. The current market cap of the company is Rs. 6239.29 crore.
The promoters holding in the company stood at 41.52 % while Institutions and Non-Institutions held 26.02 % and 19.23 % respectively.
Ashok Leyland, a Hinduja Group flagship company, has launched ‘Partner’, a light commercial vehicle (LCV), priced in the range of Rs 8.73-9.29 lakh (ex-showroom Delhi). The LCV comes with various features including air-conditioning, focuses on driver comfort and sports car-like interiors.
With a Gross Vehicle Weight (GVW) capacity of 6.6T, Partner will address various applications like parcel goods, durables, perishables and FMCG products among others. Besides, Partner is the latest offering from the Ashok Leyland-Nissan Joint Venture, after the commercial successful launch of Dost and the recently launched Stile.
Ashok Leyland, the Hinduja Group flagship company in India, is engaged in the manufacturing of commercial vehicles and related components. The company’s products include buses, trucks, engines, defense and special vehicles.
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SBI unveils three digital banking facilities for customers Apr-16-2014 10:08 Hrs IST
State Bank of India (SBI) has launched three digital banking facilities for the convenience of its customers. Two at the customer’s door step using TAB banking - one for customers opening Savings Bank accounts and another for Housing Loan applicants. The third one is e-KYC (Know your Customer).
SBI will offer its valued customers the facility of opening accounts at their door step through Tab Banking. The bank will also offer TAB banking facility at the place of the Housing Loan applicant, for in-principle approval of home loan. The Home Loan Sales Team will visit the applicant and capture on the tablet KYC details, information on the income & deductions and details of the proposed property purchase (House/Flat).
State Bank of India also launched e-KYC services. Under this facility, e-KYC certificate is generated as an identity document.
HDFC MF introduces FMP 369D April 2014 (2)
HDFC Mutual Fund has launched the New Fund Offer (NFO) of HDFC FMP 369D April 2014 (2), a close ended income scheme. The NFO opens and closes for subscription 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 Fund Index and its fund managers are Shobhit Mehrotra and Rakesh Vyas.
The investment objective of 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).
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Kirloskar Brothers sets-up service irrigation systems in Egypt
Kirloskar Brothers, an engineering and infrastructure major, has set up a giant facility in the Egyptian capital Cairo to provide services like energy audits and systems analysis. The new setup will also provide pump testing, assembling and packaging facilities, which are crucial in irrigation and agriculture.
The company has set up a mammoth 10,000 sq metre facility in Cairo under its subsidiary SPP Pumps MENA LLC. This facility is the first establishment in Egypt to receive UL certification for assembly, testing and packaging of firefighting pumping units, which is the single-most accepted certification in the industry.
Kirloskar Brothers is engaged in manufacturing pumps. It is a part of $2.2 billion Kirloskar group and India’s largest manufacturer and exporter of pumps and valves.
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Jubilant FoodWorks inches up as RBI allows hike in FII limit
Jubilant FoodWorks is currently trading at Rs. 1045.00, up by 15.45 points or 1.50 % from its previous closing of Rs. 1029.55 on the BSE.
The scrip opened at Rs. 1055.00 and has touched a high and low of Rs. 1065.00 and Rs. 1037.80 respectively. So far 9697 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1389.95 on 05-Nov-2013 and a 52 week low of Rs. 928.00 on 18-Jun-2013.
Last one week high and low of the scrip stood at Rs. 1055.00 and Rs. 1013.00 respectively. The current market cap of the company is Rs. 6737.28 crore.
The promoters holding in the company stood at 49.58 % while Institutions and Non-Institutions held 46.69 % and 3.73 % respectively.
The Reserve Bank of India (RBI) has permitted Foreign Institutional Investors (FIIs) to purchase up to 55% of the paid-up capital in Jubilant FoodWorks, which operates Domino’s Pizza brand in the country. The limit has been enhanced from earlier 49% that FIIs could acquire under the portfolio investment scheme (PIS) from primary market.
The company has passed resolutions at the board of directors’ level and a special resolution by the shareholders, agreeing for enhancing the limit from 49% to 55% for the purchase of its equity shares and convertible debentures by FIIs.
Jubilant FoodWorks and its subsidiary operates Domino’s Pizza brand with the exclusive rights for India, Nepal, Bangladesh and Sri Lanka.
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Hatsun Agro sets up 50-seat Arokya Milk parlour in Chennai
In a bid to serve milk-based beverages, snacks and other dairy products, Hatsun Agro Product has set up a 50-seat Arokya Milk parlour in Chennai. The parlour is modelled along the lines of modern fast food outlets.
The dairy parlour is aimed at familiarising the brand and highlighting the varied, healthy milk-based food items that can be prepared with Arokya Milk, the company’s branded milk. Moreover, the company is planning to open one more outlet in the city.
Hatsun Agro Products is the largest private sector dairy company in India and has a distinct advantage of dealing in cow's milk. The company procures around 1.65 million liters of liquid milk per day by directly collecting it from farmers spread over 4,500 villages in south India.
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Ashok Leyland launches light commercial vehicle ‘Partner’
Ashok Leyland, a Hinduja Group flagship company, has launched ‘Partner’, a light commercial vehicle (LCV), priced in the range of Rs 8.73-9.29 lakh (ex-showroom Delhi). The LCV comes with various features including air-conditioning, focuses on driver comfort and sports car-like interiors.
With a Gross Vehicle Weight (GVW) capacity of 6.6T, Partner will address various applications like parcel goods, durables, perishables and FMCG products among others. Besides, Partner is the latest offering from the Ashok Leyland-Nissan Joint Venture, after the commercial successful launch of Dost and the recently launched Stile.
Ashok Leyland, the Hinduja Group flagship company in India, is engaged in the manufacturing of commercial vehicles and related components. The company’s products include buses, trucks, engines, defense and special vehicles.
Gold futures decline on profit taking
Gold futures declined on Tuesday on account of profit taking and also as the dollar strengthened against a basket of major currencies. Further, heavy stop-loss orders placed by momentum traders as prices broke below the key 200-day moving average too influenced the precious metal price.
Gold futures for June delivery settled down $27.20 at $1,300.30 an ounce on the Comex division of the New York Mercantile Exchange. While spot gold fell 1.8 percent at $1,302.89 an ounce.
Markets to get a cautious start; may see some recovery in latter trade
The Indian markets suffered sharp profit booking in last session on getting weak macro data, though the start of the official earnings season was good but traders turned cautious of the economic conditions. Today, the start is likely to remain cautious, as traders will be reacting to the rise in CPI numbers announced after the market hours, which has dashed hopes of any rate cut for India Inc. The inflation concern is likely to linger further with a private forecast that India should prepare for below normal rainfall in the crucial monsoon season this year, particularly in the agriculturally significant north-western and western central regions. However, some recovery can be expected in the latter part of the day and export oriented stocks may lead the gains with exporters body FIEO, based on the WTO’s projections of global trade saying that India’s exports are likely to grow by at least 10 percent in 2014. Meanwhile, amid the election euphoria the global rating agency Standard & Poor’s has said that the direction and pace of policy reforms, more than which party takes control after the general elections, can affect India's sovereign rating. There will be some buzz in the aviation sector too, as the directorate general of civil aviation (DGCA) has stipulated that foreign carriers or investors will not have the right to control a local airline.
There will some important result announcements too, to keep the markets ticking. Indusind Bank, Jay Bharat Maruti, Mindtree, Reliance Indl Infra and TCS will be reporting their numbers today.
The US markets managed a green close despite a volatile day of trade in last session, traders reacted to some positive earnings announcements, while there was some concern on disappointing homebuilder confidence data. The Asian markets have made mostly a positive start tailing US cues and as China reported economic growth that was faster than estimated. Gross domestic product of the country rose 7.4 percent in the first quarter, though the expansion slowed from a previously reported 7.7 percent in the fourth quarter.
Back home, Tuesday’s trading session turned out to be a daunting one for stock markets in India and benchmarks ended below their crucial 6750 (Nifty) and 22,500 (Sensex) levels. Sentiments were weighed down after whole-sale-price inflation in March hit 3-month high, which could lead to delay in policy rate cuts by the central bank in the near to medium term. Earlier, markets made a positive start with Infosys heralding the result season with a decent set of numbers. The company 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. However, the gains were short-lived as weakness on the financial counters negated the gains on the IT counters. Traders also reacted negatively 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. Sentiments also remained dampened after the wholesale price index (WPI) based inflation rose to 5.70% in March from a nine-month low of 4.68% in February. The inflation stood higher in all the three broad categories -- primary articles (unprocessed items), fuel and power and manufactured goods. Food inflation went up to 9.90% in March from 8.12% in February. With fears of El Nino hitting the monsoon, food inflation may see further rise in the coming months. On the global front, Asian markets ended mostly in the green led by Japanese Nikkei, however, European markets trades mostly in the red in early deals as fresh tension in Ukraine prompted investors to shun cyclical sectors such as travel, autos and technology. Back home, shares related to metal and mining space like Hindalco, Sesa Sterlite, Tata Steel etc edged lower as China’s broadest measure of new credit fell 19% in March from a year earlier and money supply grew at the slowest pace since 2001. Moreover, bank stocks declined after the latest data showed the rate of inflation based on wholesale price index (WPI) accelerated in March 2014. On the flip side, shares of information technology companies remained on buyers’ radar after Infosys surprised the Street with a 4.1% q-o-q rise in its net profit for the fourth quarter ended March 2014 (Q4) at Rs 2,992 crore. Finally, the BSE Sensex plunged by 144.03 points or 0.64%, to settle at 22484.93, while the CNX Nifty declined by 43.20 points or 0.64% to settle at 6,733.10.
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