CRISIL surges on reporting 39% rise in Q1 consolidated net profit

CRISIL is currently trading at Rs 1251.00, up by 37.90 points or 3.12% from its previous closing of Rs 1213.10 on the BSE. The scrip opened at Rs. 1220.00 and has touched a high and low of Rs. 1276.00 and Rs. 1220.00 respectively. So far 1990 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 1276.00 on 17-Apr-2013 and a 52 week low of Rs. 889.05 on 23-Apr-2013. Last one week high and low of the scrip stood at Rs. 1245.00 and Rs. 1201.90 respectively. The current market cap of the company is Rs. 8838.68 crore. The promoters holding in the company stood at 67.70 % while Institutions and Non-Institutions held 18.52 % and 13.78 % respectively. CRISIL has reported results for first quarter ended March 31, 2014 The company has posted a rise of 11.75% in its net profit at Rs 50.96 crore for the quarter ended March 31, 2014 as compared to Rs 45.60 crore for the same quarter in the previous year. Total income of the company has increased by 16.61% at Rs 224.62 crore for quarter under review as compared to Rs 192.61 crore for the quarter ended March 31, 2013. On the consolidated basis, the company has reported 38.61% rise in its net profit at Rs 68.71 crore for the quarter as compared to Rs 49.57 crore for the same quarter in the previous year. Total income of the company has increased by 20.87% at Rs 312.12 crore for quarter under review as compared to Rs 258.21 crore for the quarter ended March 31, 2013.

GlaxoSmithKline Pharma declines on reporting 43% fall in Q1 net profit

Glaxosmithkline Pharmaceuticals is currently trading at Rs 2475.00, down by 33.10 points or 1.32% from its previous closing of Rs 2508.10 on the BSE. The scrip opened at Rs. 2510.00 and has touched a high and low of Rs 2547.00 and Rs 2455.25 respectively. So far 2521 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 3054.40 on 03-Mar-2014 and a 52 week low of Rs. 2155.00 on 29-Apr-2013. Last one week high and low of the scrip stood at Rs. 2561.00 and Rs. 2485.00 respectively. The current market cap of the company is Rs. 21218.53 crore. The promoters holding in the company stood at 75.00 % while Institutions and Non-Institutions held 11.46 % and 13.54 % respectively. GlaxoSmithKline Pharmaceuticals has reported results for first quarter ended March 31, 2014 The company has posted 42.88% fall in net profit at Rs 96.54 crore for the quarter ended March 31, 2014 as compared to Rs 169.00 crore for the same quarter in the previous year. Total income of the company has decreased by 8.28% at Rs 654.73 crore for quarter under review as compared to Rs 713.84 crore for the quarter ended March 31, 2013. GlaxoSmithKline Pharmaceuticals is one oldest pharmaceutical company in India. Internationally it has created many brands such as Ribena, Horlicks, Lucozade, Aquafresh, Sensodyne, Panadol, Tums and Zovirax, among others. It employs 5,000 people and has turnover of more than $1 billion in India.

FIIs reduce stake in Indraprastha Gas to 15.52% during March quarter

Foreign Institutional Investors (FIIs) have reduced their shareholding in Indraprastha Gas to 15.52% at the end of March 2014 quarter from 19.58% as on December 31, 2013. On the other hand, domestic institutional investors’ (DIIs) shareholding went up to 23.12% during Q4FY14from 18.74% as on December 31, 2013. Under DIIs, Insurance companies held maximum stake of 8.87%, followed by mutual funds / UTI (8.32% stake), Central Government / State Government (5% stake) and financial institutions / banks (0.93% stake). Meanwhile, promoter and promoter group shareholding was unchanged at 45% at the end of March 2014 quarter. 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.

CRISIL reports 39% rise in Q1 consolidated net profit

CRISIL has reported results for first quarter ended March 31, 2014 The company has posted a rise of 11.75% in its net profit at Rs 50.96 crore for the quarter ended March 31, 2014 as compared to Rs 45.60 crore for the same quarter in the previous year. Total income of the company has increased by 16.61% at Rs 224.62 crore for quarter under review as compared to Rs 192.61 crore for the quarter ended March 31, 2013. On the consolidated basis, the company has reported 38.61% rise in its net profit at Rs 68.71 crore for the quarter as compared to Rs 49.57 crore for the same quarter in the previous year. Total income of the company has increased by 20.87% at Rs 312.12 crore for quarter under review as compared to Rs 258.21 crore for the quarter ended March 31, 2013.

Mahindra & Mahindra surges on BSE

Mahindra & Mahindra is currently trading at Rs. 995.00, up by 19.65 points or 2.01 % from its previous closing of Rs. 975.35 on the BSE. The scrip opened at Rs. 978.00 and has touched a high and low of Rs. 997.70 and Rs. 978.00 respectively. So far 22745 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 1054.00 on 18-Mar-2014 and a 52 week low of Rs. 741.50 on 28-Aug-2013. Last one week high and low of the scrip stood at Rs. 1026.00 and Rs. 964.70 respectively. The current market cap of the company is Rs. 61142.72 crore. The promoters holding in the company stood at 25.29 % while Institutions and Non-Institutions held 52.80 % and 16.92 % respectively. Credit rating agency, CARE has reaffirmed ‘AA+’ rating to Mahindra & Mahindra’s long term bank facilities worth Rs 178.28 crore and ‘A1+’ rating to company’s Short term Bank Facilities worth Rs 71.72 crore. The company has received the said ratings on the back of its experience promoters and management and dominant position in the Utility Vehicle (UV) and Farm equipment (FE) segments, its established brand image, diversified product portfolio, strong dealer and after-sales service network and its global presence. 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.

Religare Invesco MF introduces Fixed Maturity Plan - Series 23 - Plan K (775 Days)

Religare Invesco Mutual Fund has launched the New Fund Offer (NFO) of Religare Invesco Fixed Maturity Plan - Series 23 - Plan K (775 Days), a close ended income scheme. The NFO opens for subscription on Apr 17, 2014, and closes on Apr 23, 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 Short Term Bond Fund Index and its fund manager is Nitish Sikand. The investment objective of the scheme is to generate income by investing in a portfolio of debt and money market instruments maturing on or before the date of maturity of the scheme.

GlaxoSmithKline Pharma reports around six fold jump in Q1 net profit

GlaxoSmithKline Pharmaceuticals has reported results for first quarter ended March 31, 2014 The company has posted a jump of around six fold in its net profit at Rs 96.54 crore for the quarter ended March 31, 2014 as compared to Rs 16.90 crore for the same quarter in the previous year. However, total income of the company has decreased by 8.28% at Rs 654.73 crore for quarter under review as compared to Rs 713.84 crore for the quarter ended March 31, 2013. GlaxoSmithKline Pharmaceuticals is one oldest pharmaceutical company in India. Internationally it has created many brands such as Ribena, Horlicks, Lucozade, Aquafresh, Sensodyne, Panadol, Tums and Zovirax, among others. It employs 5,000 people and has turnover of more than $1 billion in India.

Reliance MF introduces Fixed Horizon Fund XXVI- Series 15

Reliance Mutual Fund has launched the New Fund Offer (NFO) of Reliance Fixed Horizon Fund XXVI- Series 15, a close ended income scheme. The NFO opens for subscription on Apr 17, 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 Re 1 thereafter.

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

The investment objective of the scheme is to generate returns and growth of capital by investing in a diversified portfolio of the following securities maturing on or before the date of maturity of the scheme with the objective of limiting interest rate volatility - Central and State Government securities and other fixed income/ debt securities.

Bharti Airtel trades higher on the bourses

Bharti Airtel is currently trading at Rs. 324.80, up by 1.50 points or 0.46% from its previous closing of Rs. 323.30 on the BSE. The scrip opened at Rs. 324.55 and has touched a high and low of Rs. 326.75 and Rs. 321.30 respectively. So far 88071 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. 274.50 on 11-Jun-2013. Last one week high and low of the scrip stood at Rs. 330.00 and Rs. 316.50 respectively. The current market cap of the company is Rs. 130075.40 crore. The promoters holding in the company stood at 65.32% while Institutions and Non-Institutions held 24.17% and 10.51% respectively. Bharti Airtel has unveiled its ‘Night Store’, a first of its kind store that will enable customers to buy value for money offers on their prepaid mobile for internet usage and local calling at night, 12 midnight - 6am. Under these services, the company’s pre-paid customers can make unlimited calls to local Airtel numbers for Rs 7, unlimited 2G mobile internet for Rs 8 and combination of both these services for Rs 15. The company is also offering 500 MB of 3G service for Rs 29 and 1GB of 3G for Rs 49 during night in service areas where it has 3G spectrum. It has also made access to Facebook free during night hours which users can activate by dialing 129. 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.

ICICI Bank surges as FIIs hike stake during March quarter

ICICI Bank is currently trading at Rs. 1249.00, up by 26.70 points or 2.18% from its previous closing of Rs. 1222.30 on the BSE. The scrip opened at Rs. 1236.25 and has touched a high and low of Rs. 1259.90 and Rs. 1227.20 respectively. So far 166876 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1272.90 on 27-Mar-2014 and a 52 week low of Rs. 758.80 on 28-Aug-2013. Last one week high and low of the scrip stood at Rs. 1268.95 and Rs. 1214.40 respectively. The current market cap of the company is Rs. 145095.98 crore. The Institutions and Non-Institutions held 63.07% and 7.77% stake in the bank, respectively. Foreign institutional investors (FIIs) are continuing their buying spree in ICICI Bank, with their holdings in the country’s leading private sector lender touching a six-year high of 39.85% in the January-March period of 2014. FIIs bought an additional 1.46 percentage points stake in the bank during Q4FY14. FIIs held 38.39% stake in the bank during the October-December quarter. Moreover, the current FII holding of 39.85% in the country’s second largest private sector bank in terms of market capitalization is the highest in six years. The level stood at 40.30% during the quarter ended March 31, 2008. FIIs held as much as 46.4% stake in ICICI Bank during the December 2004 quarter. This was the second quarterly increase in FII holding in ICICI Bank. In the past two quarters, FIIs hiked their stake in ICICI Bank by 2.31 percentage points from 37.54% at the end of September 30, 2013 quarter. Meanwhile, Life Insurance Corporation of India has reduced its holdings in ICICI Bank to 8.74% in the March quarter from 9.7% in the December quarter. The insurance giant held 10.46% stake in the bank at the end of September quarter.

Idea Cellular climbs up on entering into tie up with Acotel Interactive

Idea Cellular is currently trading at Rs. 139.20, up by 1.35 points or 0.98% from its previous closing of Rs. 137.85 on the BSE. The scrip opened at Rs. 139.50 and has touched a high and low of Rs. 140.30 and Rs. 136.80 respectively. So far 140423 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 188.35 on 15-Oct-2013 and a 52 week low of Rs. 110.50 on 18-Apr-2013. Last one week high and low of the scrip stood at Rs. 148.50 and Rs. 137.00 respectively. The current market cap of the company is Rs. 46192.68 crore. The promoters holding in the company stood at 45.81% while Institutions and Non-Institutions held 21.92% and 32.27% respectively. Idea Cellular, one of the biggest cellular carrier of the country has entered into a tie up with Acotel Interactive India to launch skill-based mobile gaming service to mobile users in India. The first product that is being launched in India is called 'SkillDerby', which will allow over 130 million Idea users to play and enjoy high quality and challenging games on their smartphones, without having to download them. These are browser-based games that can be played on any device with a modern browser and not restricted to iOS and Android. Earlier in March 2014, the company had entered into a similar deal with Gameloft to offer Java and Android games through its mobile website as part of Gameloft Club subscription. Idea Cellular, an AV Birla group company, provides Global System for Mobile communications (GSM)-based wireless service at the pan-India level, it is present in all 22 telecom circles.

Geometric enters into engineering contract with Aerolia

Geometric, a leader in developing advanced manufacturing software has entered into a multi-year engineering services engagement with Aerolia, one of the largest tier-1 aerospace suppliers. Under the agreement, Geometric has set up a dedicated center for mechanical systems installations in Bengaluru, India. Aerolia, a part of the Airbus group, selected Geometric for its expertise in setting up offshore engineering centers and to leverage Geometric’s engineering capabilities along with its IP and software development strengths for intelligent engineering. Geometric’s deep understanding of the product development cycle and technology will help Aerolia’s global operations to enhance their competitive advantage. Geometric is a specialist in the domain of engineering solutions, services and technologies. Its portfolio of Global Engineering services, Product Lifecycle Management (PLM) solutions, Embedded System solutions, and Digital Technology solutions enables companies to formulate, implement, and execute global engineering and manufacturing strategies aimed at achieving greater efficiencies in the product realization lifecycle.

Tata Power strengthens on plan to increase generation capacity to 646.7 MW from green energy sources

Tata Power Company is currently trading at Rs 82.80, up by 1.25 points or 1.53% from its previous closing of Rs. 81.55 on the BSE. The scrip opened at Rs 82.00 and has touched a high and low of Rs 83.05 and Rs 81.55 respectively. So far 162610 shares were traded on the counter. The BSE group 'A' stock of face value Rs 1 has touched a 52 week high of Rs 93.61 on 17-Apr-2013 and a 52 week low of Rs 65.86 on 06-Aug-2013. Last one week high and low of the scrip stood at Rs. 87.85 and Rs. 81.10 respectively. The current market cap of the company is Rs. 22386.38 crore. The promoters holding in the company stood at 32.47% while Institutions and Non-Institutions held 48.24% and 19.10% respectively. 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.

RCom rings loud on the bourses

Reliance Communications (RCom), is currently trading at Rs. 131.00, up by 1.30 points or 1.00% from its previous closing of Rs. 129.70 on the BSE. The scrip opened at Rs. 131.00 and has touched a high and low of Rs. 132.20 and Rs. 130.40 respectively. So far 466965 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 164.45 on 20-Sep-2013 and a 52 week low of Rs. 81.15 on 17-Apr-2013. Last one week high and low of the scrip stood at Rs. 138.50 and Rs. 124.45 respectively. The current market cap of the company is Rs. 27090.35 crore. The promoters holding in the company stood at 67.80% while Institutions and Non-Institutions held 20.73% and 11.20% respectively. RCom, India’s fully integrated telecommunications service provider, has increased tariffs by up to 20 per cent for all its pre-paid customers. Headline Tariffs will increase from 1.5 paise to 1.6 paise per second, while tariffs on discounted and promotional plans will increase by up to 20 per cent. The revised tariffs, which will be applicable for pre-paid customers across the country, come into effect from April 25, 2014. RCom is India’s foremost and truly integrated telecommunications service provider. The company, with a customer base of about 150 million, including over 2.5 million individual overseas retail customers, ranks among the Top 4 Telecom companies in the world by number of customers in a single country.

Idea Cellular enters into tie up with Acotel Interactive

Idea Cellular, one of the biggest cellular carrier of the country has entered into a tie up with Acotel Interactive India to launch skill-based mobile gaming service to mobile users in India. The first product that is being launched in India is called 'SkillDerby', which will allow over 130 million Idea users to play and enjoy high quality and challenging games on their smartphones, without having to download them. These are browser-based games that can be played on any device with a modern browser and not restricted to iOS and Android. Earlier in March 2014, the company had entered into a similar deal with Gameloft to offer Java and Android games through its mobile website as part of Gameloft Club subscription. Idea Cellular, an AV Birla group company, provides Global System for Mobile communications (GSM)-based wireless service at the pan-India level, it is present in all 22 telecom circles.

Bond yields edge higher ahead of Rs 20,000 crore bonds auction

Bond yields edged higher as traders cut positions bracing for the Rs 20,000 crore bond auction later in the session. Most bonds on offer are among the least traded, but select dealers are of the view that possibility of devolvement have reduced after a consistent selling spree over the last two sessions. On the global front, U.S. Treasuries prices fell on Wednesday as rising stocks reduced demand for lower risk government bonds, and as Federal Reserve Chair Janet Yellen expressed optimism on the economy. Meanwhile, brent oil steadied above $109 a barrel on Thursday, trading not far from a six-week high, as escalating tensions in Ukraine kept the geopolitical risk premium on crude prices intact, while an upbeat view on U.S. and Chinese demand was also supportive. Back home, the yields on new 10 year Government Stock 2023 were trading 3 basis points higher at 8.99% from its previous close of 8.96% on Wednesday. The benchmark five-year interest rate swaps were trading unchanged at its previous close of 8.51% on Wednesday. The Government of India has announced the sale (re-issue) of four dated securities for Rs 20,000 crore on April 17, 2014, including (i) 8.35% Government Stock 2022 for a notified amount of Rs 5000 crore, (ii) 8.24% Government Stock 2027 for a notified amount of Rs 9,000 crore, (iii) 9.20% Government Stock 2030 for a notified amount of Rs 3000 crore and lastly, (iv) 9.23% Government Stock 2043 for a notified amount of Rs 3000 crore respectively.

NCC strengthens on the buzz of selling select highway assets

NCC is currently trading at Rs. 46.75, up by 1.45 points or 3.20% from its previous closing of Rs. 45.30 on the BSE. The scrip opened at Rs. 46.10 and has touched a high and low of Rs. 48.80 and Rs. 46.10 respectively. So far 613287 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 52.00 on 15-Apr-2014 and a 52 week low of Rs. 16.55 on 04-Sep-2013. Last one week high and low of the scrip stood at Rs. 52.00 and Rs. 41.85 respectively. The current market cap of the company is Rs. 1200.81 crore. The promoters holding in the company stood at 20.41% while Institutions and Non-Institutions held 44.58% and 35.00% respectively. In a bid to reduce its debt burden, infrastructure major NCC is reportedly planning to sell select highway assets. IDFC and two funds Squared Capital and Acropolis Capital are in the race for the two highway assets namely, the Meerut-Muzaffarnagar highway and the Bengaluru-elevated expressway. The company is expecting to garner a combined enterprise value of around Rs 2000 crore for the said assets. NCC is engaged in development of real estate. The company’s projects stand on credentials of its work in various sectors such as Housing, Transportation, Power, water, Metals and Oil and gas.

Call rates edge higher on last trading session of reporting fortnight

Interbank call rates were trading higher at 7.95/8.00% from its previous close of 7.05/7.10% on Wednesday as demand from banks picked up pace on last trading session of reporting fortnight, with money market remaining shut for trade on April 18 in observance of local holiday on account of Good Friday. The banks via Liquidity Adjustment Facility (LAF) borrowed Rs 3728 crore through repo auction on April 17, 2014. The banks via LAF borrowed Rs 12207 crore through repo auction and parked Rs 8827 crore via reverse repo window on April 16, 2014. The overnight borrowing rates touched a high and low of 8.15% and 7.70% respectively. According to the Clearing Corporation of India (CCIL), the weighted average rate (WAR) in the call money market was at 8.08% on Thursday and total volume stood at Rs 4235298 crore, so far. As per CCIL data, WAR in the CBLO (Collateralized Borrowing and Lending Obligation) market was at 7.52% on Thursday and total volume stood at Rs 13358.45 crore, so far. The indicative call rates which closed 7.05/7.10% on Wednesday 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

NCC to sell select highway assets: Report

In a bid to reduce its debt burden, infrastructure major NCC is reportedly planning to sell select highway assets. IDFC and two funds Squared Capital and Acropolis Capital are in the race for the two highway assets namely, the Meerut-Muzaffarnagar highway and the Bengaluru-elevated expressway. The company is expecting to garner a combined enterprise value of around Rs 2000 crore for the said assets. NCC is engaged in development of real estate. The company’s projects stand on credentials of its work in various sectors such as Housing, Transportation, Power, water, Metals and Oil and gas.

JPMorgan MF introduces Fixed Maturity Plan - Sr 37

JPMorgan Mutual Fund has launched the New Fund Offer (NFO) of JPMorgan Fixed Maturity Plan-Sr 37, a close ended income scheme. The NFO opens for subscription on Apr 17, 2014 and closes on Apr 25, 2014. No entry load or exit load will be applicable for the scheme. The minimum subscription amount is Rs 5000.

The scheme’s performance will be benchmarked against CRISIL Short Term Bond Fund Index and its fund managers are Namdev Chougule and Ravi Ratanpal

The investment objective of the scheme is to generate income through investments in Debt Securities /Money Market Instruments and Government of India Securities (“GoI Securities”) maturing on or before the maturity date of the Scheme

CARE reaffirms ratings of Mahindra & Mahindra’s bank facilities

Credit rating agency, CARE has reaffirmed ‘AA+’ rating to Mahindra & Mahindra’s long term bank facilities worth Rs 178.28 crore and ‘A1+’ rating to company’s Short term Bank Facilities worth Rs 71.72 crore. The company has received the said ratings on the back of its experience promoters and management and dominant position in the Utility Vehicle (UV) and Farm equipment (FE) segments, its established brand image, diversified product portfolio, strong dealer and after-sales service network and its global presence. 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.

JSW Steel rises on hiking stake in VTPL to 50%

JSW Steel is currently trading at Rs. 1027.85, up by 13.35 points or 1.32% from its previous closing of Rs. 1014.50 on the BSE. The scrip opened at Rs. 1015.00 and has touched a high and low of Rs. 1029.85 and Rs. 1007.00 respectively. So far 18078 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1084.50 on 10-Apr-2014 and a 52 week low of Rs. 451.50 on 19-Aug-2013. Last one week high and low of the scrip stood at Rs. 1084.50 and Rs. 996.20 respectively. The current market cap of the company is Rs. 24694.32 crore. The promoters holding in the company stood at 38.45% while Institutions and Non-Institutions held 23.29% and 38.27% respectively. JSW Steel has further acquired equity stake in Vallabh Tinplate (VTPL) on April 15, 2014 raising its stake to 50%. The company had earlier on April 07, 2014 acquired 26% equity stake in VTPL. Vallabh Tinplate is currently operating a 60,000 MT per annum tinplate manufacturing facility in Beopror Village, Rajpura, Patiala District in the state of Punjab in India. VTPL is owned by Vardhaman Industries (VIL) along with its promoters.  JSW Steel is part of the JSW group which, in turn, is a part of the O P Jindal group. JSW Steel is one of the largest steel manufacturing companies in India having units in Karnataka and Maharashtra producing crude steel, long steel and flat steel products.

IMC to discuss upon coal bidder’s concern in its meeting on

With the government having initiated the process of auctioning coal blocks, bidders have raised concerns on several serious and trivial issues, including discrepancies in reserves in the biggest of the three mines put up for sale, number of participating companies that consortium can have and the color of ink on which copies need to initialed. These issues are likely to be taken up in an Inter-Ministerial Committee (IMC)’s meeting on Thursday. i.e. April 17, 2014. The ministers in this meeting would also deliberate on the issue whether bidders would be permitted to take sample of coal from Central Coalfields (CCL) to perform the yield analysis of Jhirki coal block. The issues that came to light at the pre-bidding meeting on April 4, included discrepancy in the coal reserves and area of the block given in the GR and the FRP of Jhirki & Jhirki (West) coal block. According to government estimates, Jhirki & Jhirki (West) of East Bokaro Coalfield has geological reserves of 267.91 MT coking coal for steel (blast furnace) and Tokisud-II of South Karanpura Coalfield with 127.692 MT of reserves for cement plant. Additionally, another issue that would be on agenda of this meeting is the clarity on whether the permitted EUP (end use plans) would remain unchanged throughout the life of the mine or not and whether the bidders would have a free hand to change the proportion of coal consumption for different EUPs of the bidder mentioned at the time of the bidding. The Centre in late February had began the auction process putting two mines in Jharkhand and one in West Bengal on block, having an estimated 500 million tonnes of reserves, for captive use of steel, cement and sponge iron firms. This was Centre’s first auction after its earlier practice was criticized by the Comptroller and Auditor (CAG) General for having caused notional loss of Rs 1.8 lakh crore to the exchequer.

Markets trade in fine fettle in early deals

Indian equity benchmarks, after witnessing blood bath in previous session, have made a decent start and are trading in fine fettle tracking firm global cues. Further, better-than-expected fourth quarter earnings from Tata Consultancy Services (TCS) and HCL Tech’s Q3 stellar performance boosted sentiment. TCS reported a 48.2% jump in consolidated net profit to Rs 5,357.6 crore for the quarter ended March 31, helped by growth in Europe and APAC and investments in digital technologies, while HCL Technologies posted a jump of 69.67% in its net profit at Rs 1412.54 crore for the quarter ended March 31, 2014 as compared to Rs 832.96 crore for the same quarter in the previous year. Global cues too remained supportive with the US markets extending their gains for the third straight day ended sharply higher in last session, on the back of positive remarks by Federal Reserve Chairman Janet Yellen who insisted again that the Fed will remain highly accommodative until employment and inflation reach healthier levels. Asian markets too were trading mostly in the green at this point of time taking cues from the US markets. Back home, the rupee firmed up against the US dollar and was up at Rs 60.28 compared to the previous close of Rs 60.39. On the sectoral front, auto, software and consumer durables witnessed the maximum gain in trade, while capital goods, banking and fast moving consumer goods remained the top losers on the BSE sectoral space. The broader indices were trading in line with benchmarks, while the market breadth on the BSE was positive; there were 1,036 shares on the gaining side against 497 shares on the losing side while 78 shares remain unchanged. The BSE Sensex opened at 22327.76; about 50 points higher compared to its previous closing of 22277.23, and touched a high and a low of 22364.90 and 22312.19 respectively. The index is currently trading at 22330.37, up by 53.14 points or 0.24%. There were 20 stocks advancing against 10 declines on the index. The overall market breadth has made a strong start with 64.31% stocks advancing against 30.85% declines. The broader indices too were trading in green; the BSE Mid cap index up was by 0.48% and Small cap gained 0.82%.  The top gaining sectoral indices on the BSE were, Auto up by 1.10%, IT up by 1.09%, Consumer Durables up by 0.89%, Teck up by 0.87% and Realty up by 0.77%, while Capital Goods down by 0.38%, FMCG down by 0.22%, Bankex down by 0.21%, PSU down by 0.07% and Power down by 0.05% were the top losers on the sectoral index. The top gainers on the Sensex were Tata Motors up by 2.02%, Wipro up by 1.85%, Hindalco up by 1.33%, Infosys up by 1% and ICICI Bank up by 0.96%. On the flip side, HDFC Bank was down by 2.14%, BHEL was down by 1.25%, L&T was down by 0.66%, ONGC was down by 0.58% and Hindustan Unilever was down by 0.42% were the top losers on the Sensex. Meanwhile, taking into account the rising concerns of India’s subdued exports performance, the new foreign trade policy (FTP) to be introduced this year, is expected to focus on issues such as services sector shipments, standards and branding of products. The five-year FTP (2009-14) ended on March 31 and the new government formed after the general election will introduce new FTP for the period 2014-19. FTP governs all exports and imports related activities and mainly aims at enhancing the country's exports and use trade expansion as an effective instrument of economic growth and employment generation.  It has become imperative to boost country’s exports which have been hovering near $300 billion over the last three fiscal years. The new FTP is likely to promote exports of specific products in specific geographies and would also abolish conventional method of exports through focusing more on areas like high-tech items, branding of products in the global market and new strategy for marketing. The policy may also review the current schemes which are not in compliance with the World Trade Organization (WTO) norms. According to global exports norms, India cannot provide export subsidies to a sector if outbound shipments from those particular segment crosses 3.5 percent share in the global market. Therefore, India would not be able to provide export subsidies to textile sector as the sector is reported to have crossed the 3.5 percent share in the global market. India's share in global trade stands at about 2 percent. In FY14, India's exports grew marginally by 3.96 percent to $312.35 billion, which was below the set export target at $325 billion. During April-February period, services exports, which contribute about 60 per cent to the country's GDP were worth $152.69 billion. The CNX Nifty opened at 6,695.45; about 20 point higher as compared to its previous closing of 6,675.30, and has touched a high and a low of 6,701.80 and 6,686.85 respectively. The index is currently trading at 6,696.85, up by 21.55 points or 0.32%. There were 34 stocks advancing against 16 declines on the index. The top gainers of the Nifty were Tata Motors up by 2.04%, Wipro up by 1.93%, Hindalco up by 1.37%, HCL Tech up by 1.31% and Infosys up by 1.23%. On the flip side, HDFC Bank down by 2.08%, BHEL down by 1.14%, Power Grid down by 0.70%, L&T down by 0.63% and Bank of Baroda down by 0.59% were the top losers on the index. Most of the Asian equity indices were trading in green; Shanghai Composite up by 0.16 points or 0.01% to 2,105.28, Hang Seng up by 53.86 points or 0.24% to 22,749.87, Taiwan Weighted was up by 23.79 points or 0.27% to 8,947.61 and Jakarta Composite was up by 15.50 points or 0.32% to 4,888.51. On the flip side, Nikkei 225 tumbled 24.34 points or 0.17% to 14,393.34, Straits Times shed by 3.23 points or 0.10% to 3,249.97 and KOSPI Composite dropped by 5.02 points or 0.25% to 1,987.19.

HCL Technologies gains on reporting 70% rise in Q3 net profit

HCL Technologies is currently trading at Rs. 1436.00, up by 26.60 points or 1.89% from its previous closing of Rs. 1409.40 on the BSE. The scrip opened at Rs. 1446.00 and has touched a high and low of Rs. 1455.00 and Rs. 1415.65 respectively. So far 50182 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 1588.65 on 28-Feb-2014 and a 52 week low of Rs. 673.60 on 29-Apr-2013. Last one week high and low of the scrip stood at Rs. 1435.50 and Rs. 1337.05 respectively. The current market cap of the company is Rs. 100456.89 crore. The promoters holding in the company stood at 61.69 % while Institutions and Non-Institutions held 32.28 % and 6.03 % respectively. HCL Technologies has posted a jump of 69.67% in its net profit at Rs 1412.54 crore for third quarter ended March 31, 2014 as compared to Rs 832.96 crore for the same quarter in the previous year. Total income from operations of the company has increased by 40.34% at Rs 4215.84 crore for quarter under review as compared to Rs 3004.06 crore for the quarter ended March 31, 2013. On consolidated basis (as per US GAAP) , the company has reported 39.79% rise in its net income at $264.20 million for the quarter ended March 31, 2014 as compared to $189.00 million for the same quarter in the previous year. Total income from operations of the company has increased by 14.31% at $ 1361.20 million for quarter under review as compared to $1190.80 million for the quarter ended March 31, 2013.

Essar Oil cuts its gasoline production due to technical problem at CCR

Essar Oil has reportedly reduced its gasoline production on account of technical problem at a continuous catalytic reformer (CCR). Though, the problem at the reformer would not affect the crude runs at the plant and it will take about a fortnight to fix it. Operations at the CCR were hit earlier this week and Essar would have to shut the reformer completely in the next few days for maintenance. Essar operates a 900,000 tonne-per-year CCR at its 400,000 barrels-per-day Vadinar plant in Western India. A CCR converts naphtha into superior grade gasoline. Essar Oil is a fully integrated oil & gas company of international scale with strong presence across the hydrocarbon value chain from exploration & production to refining and oil retail.

Piramal Enterprises rises on plan to acquire 20% equity stake in Shriram Capital

Piramal Enterprises is currently trading at Rs 603.00, up by 7.15 points or 1.20% from its previous closing of Rs 595.85 on the BSE. The scrip opened at Rs. 600.00 and has touched a high and low of Rs 624.80 and Rs 600.00 respectively. So far 23867 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 648.30 on 02-Sep-2013 and a 52 week low of Rs. 476.00 on 25-Jun-2013. Last one week high and low of the scrip stood at Rs. 599.00 and Rs. 539.10 respectively. The current market cap of the company is Rs. 10282.17 crore. The promoters holding in the company stood at 52.94% while Institutions and Non-Institutions held 30.57% and 16.48% respectively. Piramal Enterprises has agreed to acquire an effective 20% equity stake in Shriram Capital, a financial services company, for an aggregate consideration of Rs 2,014 crore. Shriram Capital (SCL) is the overarching holding company for the financial services and insurance entities of the Shriram Group, created with the primary objective of optimizing the synergies across the group’s entities. Shriram Capital’s operating entities, have an overall customer base in excess of 9 million, more than 53,000 employees across 2,600 offices, net profit of Rs 800 crore with assets under management (AUM) in excess of Rs 78,000 crore. Piramal had invested Rs 1,636 crore in May last year to acquire 9.9% equity in Shriram Transport Finance Company, one of the listed NBFCs forming part of the Shriram Group. UBS was the sole financial advisor to Piramal for this transaction. Amarchand & Mangaldas & Suresh A. Shroff & Company acted as sole legal advisors to Piramal Enterprises. Trilegal acted as sole legal advisor to Shriram Capital.

State Bank of India unveils financing scheme for women boutique owners

State Bank of India (SBI) has launched ‘Boutique Financing’, a financing scheme for women fashion boutique owners. The scheme is designed to offer working capital expenses as well as term loan to boutique owners. Under the scheme, the bank would give loans at concessional interest rates and the maximum loan to be made available would be Rs 50 lakh for a period of seven years. Besides, the owners would also get overdraft facilities. Besides, the bank has also 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).

HCC surges on bagging order worth Rs 1539 crore from DMRC

Hindustan Construction Company is currently trading at Rs. 18.75, up by 0.70 points or 3.88% from its previous closing of Rs. 18.05 on the BSE. The scrip opened at Rs. 18.50 and has touched a high and low of Rs. 18.90 and Rs. 18.50 respectively. So far 1,49,000 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 19.80 on 10-Apr-2014 and a 52 week low of Rs. 7.75 on 02-Aug-2013. Last one week high and low of the scrip stood at Rs. 19.80 and Rs. 17.55 respectively. The current market cap of the company is Rs. 1,137.00 crore. The promoters holding in the company stood at 39.86% while Institutions and Non-Institutions held 17.55% and 42.57% respectively. Hindustan Construction Company (HCC), India’s leading infrastructure company, has been awarded Rs 300 crore contract by Delhi Metro Rail Corporation (DMRC). This is the third contract for underground metro received by HCC since October 2012 under the phase III development of Delhi Metro aggregating to Rs 1539 crore. The contract is for design and construction of 1.54 km long twin tunnel on Dwarka-Najafgarh metro corridor of phase III of Delhi Metro. The twin tunnels will be constructed using Shield Tunnel Boring Machine. The contract also includes construction of one of the biggest underground station namely Municipal Corporation which is 290 meters long and 30 meters in width. The station will be built at depth of 18 meters. The work will be completed in 36 months. Prior to this order, the company has received two contracts under the Phase III of Metro development for package CC30 on the Mukundpur- Yamuna Vihar corridor in October 2012 and package CC34 on Janakpuri West-Kalindi Kunj Corridor in February 2013. HCC is a leader in engineering and construction space. The company has established a vast presence and gained recognition in the sectors of Hydro Power, Water Solutions, Transportation and Nuclear Power.

Mahindra First Choice Services inaugurates 4th authorized dealership in Indore

Mahindra & Mahindra’s (M&M) business unit - Mahindra First Choice Services (MFCS) multi-brand certified used car company, has launched its 4th authorized dealership at Indore, in state of Madhya Pradesh. The dealership, Gujarat Motors, is located at Presige Tower, Indra Complex, Navlakha and is spread over 2000 square feet. MFCWL closed FY 14 with 351 outlets, a growth of 30% from FY13. These outlets are present in 208 towns across the country, with 64 towns boasting of more than one outlet. It plans to expand Madhya Pradesh footprint to 21 outlets by year end. Mahindra First Choice Services (MFCS), a wholly owned subsidiary of Mahindra & Mahindra, is a chain of multi brand car workshops across major cities in India like Bangalore, Nasik, Hyderabad, Mumbai, Pune, Surat, Vapi, Nellore, Coimbatore, Chennai, Ludhiana and Delhi NCR. The company aims to offer a world class car servicing experience in India at value for money prices.

Markets to get a flat start, may move higher in latter part of trade

The Indian markets dashing all hopes of recovery plunged further in last session and both the benchmarks ended lower by around a percent. Today, the start is likely to be flat-to positive on good global cues, and traders will be reacting to the better than expected results of number one IT company TCS, announced after the market hours. The company has reported stellar performance due to growth and deal wins in Europe and Asia Pacific region and investments in digital technologies. Apart from equity, money markets too are likely to remain in action, as the Reserve Bank of India (RBI) has asked the Fixed Income Money Market and Derivatives Association of India (FIMMDA) and the Foreign Exchange Dealers’ Association of India (FEDAI) to act as administrators of the Indian rupee interest rate and foreign exchange benchmarks. There will be some buzz in the coal and mining sector stocks, as an Inter-Ministerial Committee (IMC) will be meeting to discuss “whether bidders should be allowed to take sample of coal from Central Coalfields (CCL) to perform the yield analysis of Jhirki coal block.” The IMC in its meeting will also look at “when the coal will be considered surplus. If it is beyond 80 percent of demand or beyond 100 percent of demand.” PSU oil marketing companies are likely to get some relief, as the loss on sale of diesel has been trimmed by 44 paise to Rs 5.49 a litre after appreciation in the value of the rupee made imports cheaper. The US markets extending their gains for the third straight day ended sharply higher in last session, on the back of positive remarks by Federal Reserve Chairman Janet Yellen who insisted again that the Fed will remain highly accommodative until employment and inflation reach healthier levels. Asian markets have made a mixed start though some of the indices are trading higher taking cues from the US markets. Chinese market was marginally in red, as the Premier Li Keqiang said China isn’t considering "strong" stimulus. Back home, extending the southward journey for third straight session, distressed markets clobbered out of shape in Wednesday’s trade with benchmarks ending the session with a cut of around a percentage point and frontline gauges tumbled below their crucial 6,700 (Nifty) and 22,300 (Sensex) levels. Selling was both brutal and wide based as none of the sectoral indices, barring metal and FMCG on BSE were spared. Those counter which featured in the list of worst performers, included software, technology and capital goods. Earlier, markets made a flat but positive start but reversal of trend, which took place in second half of trade due to caution surrounding foreign institutional investors (FIIs) outflows, mainly weighed down sentiments. Further, muted Q4 growth expectations from TCS which will announce its earnings after market hours further dampened sentiments. Investors also remained cautious on rise in CPI numbers 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. The markets cracked further in noon trades, ignoring the positive cues from the global bourses. While, Asian markets ended mostly in the green after China reported economic growth a touch above forecast, European stocks made a firm start. Back home, domestic bourses continued to trade in the red after Indian rupee depreciated against dollar. The rupee was trading at 60.36 per dollar at the time of equity markets closing versus its previous close of 60.24 per dollar. Meanwhile, the information technology pack witnessed immense selling pressure, ahead of the Q4 results from Wipro and TCS. Infosys tumbled over three percent on investor concerns about the company’s ability to bag lucrative contracts due to high attrition rate in the January-March quarter even as it posted a higher-than-expected net profit for the period. Finally, the BSE Sensex plunged by 207.70 points or 0.92%, to settle at 22277.23, while the CNX Nifty declined by 57.80 points or 0.86% to settle at 6,675.30.