ICICI Bank is currently trading at Rs. 1299.60, up by 11.70 points or 0.91 % from its previous closing of Rs. 1287.90 on the BSE. The scrip opened at Rs. 1276.00 and has touched a high and low of Rs. 1304.30 and Rs. 1276.00 respectively. So far 137309 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1295.90 on 22-Apr-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. 1295.90 and Rs. 1215.00 respectively. The current market cap of the company is Rs. 150011.41 crore. The Institutions holding in the company stood at 63.07% while Non-Institutions held 7.77% of the stake of the company ICICI Bank, India's largest private sector bank, has scaled up the number of its fully-automated Touch Banking branches to 100 in 33 cities across the country. These branches, which are open on all days 24X7, help customers do real-time cash deposits, withdraw money, deposit cheques and get instant receipts, transfer funds, open fixed deposits and generate bank statements. The transactions at Touch Banking branches have doubled in the last six months to close to 2 million in February, 2014. Around a lakh new customers transact at these branches every month. The bank has already opened Touch Banking branches in cities like Rajkot, Vadodara, Vizag, Lucknow, Raipur, Surat, Siliguri and Guwahati, among others, in addition to big metro cities. |
Wednesday, 23 April 2014
ICICI Bank trades in fine fettle on bourses
Soyabean futures gain on limited supplies
Soyabean futures gained on NCDEX on the back of limited supplies of the commodity in the mandis across Madhya Pradesh. Further, the estimates of lower US inventory and higher crushing data from the world's biggest bean producer also impacted the sentiments.
The contract for May delivery was trading at Rs 4524.00, up by 0.65% or Rs 29.00 from its previous closing of Rs 4495.00. The open interest of the contract stood at 103350.00 lots.
The contract for June delivery was trading at Rs 4521.00, up by 0.89% or Rs 40.00 from its previous closing of Rs 4481.00. The open interest of the contract stood at 93250.00 lots on NCDEX.
Bharti Airtel surges on adding 18.90 lakh subscribers in March
Bharti Airtel is currently trading at Rs. 339.80, up by 4.50 points or 1.34% from its previous closing of Rs. 335.30 on the BSE.
The scrip opened at Rs. 337.00 and has touched a high and low of Rs. 340.70 and Rs. 335.05 respectively. So far 84854 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. 340.70 and Rs. 321.30 respectively. The current market cap of the company is Rs. 135771.69 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, a leading global telecommunications company with operations in 20 countries across Asia and Africa, has added 18.90 lakh users in March, 2014. Following this, the company’s total customer base has increased to 20.53 crore with a market share of 28.45%.
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.
|
Hindustan Zinc to rework on its plan to boost volumes
In a bid to boost volumes, Hindustan Zinc, a Vedanta Resources company is planning to rework on its plan as it remained unable to meet its 2013-14 mining target. The company’s mined metal production for the year ended March was 880,000 tonnes, down from its target of 1 million tonnes announced in the beginning of the financial year.
Production in the second half of 2013-14 was lower than the company’s expectation due to a slower than expected ramp-up of underground mining projects and changes in the mining sequence.
For the year ended March 31, 2014, the company posted a marginal rise of 0.07% in its net profit at Rs 6,904.62 crore as compared to Rs 6,899.48 crore for the same period in the previous year. Total income increased by 5.66% at Rs 15,535.43 crore for year under review as compared to Rs 14,703.03 crore for the period ended March 31, 2013.
|
United Spirits moves up on resuming operations at its bottling unit in Kerala
United Spirits is currently trading at Rs. 2834.00, up by 0.90 points or 0.03% from its previous closing of Rs. 2833.10 on the BSE.
The scrip opened at Rs. 2830.00 and has touched a high and low of Rs. 2847.25 and Rs. 2826.75 respectively. So far 15115 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. 1993.30 on 28-Aug-2013.
Last one week high and low of the scrip stood at Rs. 2882.00 and Rs. 2828.05 respectively. The current market cap of the company is Rs. 41204.77 crore.
The promoters holding in the company stood at 38.62% while Institutions and Non-Institutions held 44.11% and 16.74% respectively.
United Spirits has lifted lock-out and resumed operations at its bottling unit of Palakkad in the State of Kerala from April 21, 2014.
Earlier, the company declared a lock-out on November 12, 2013 at its bottling unit located at Palakkad in the state of Kerala. The lock-out not had any material impact on the operations of the company.
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.
|
Castor seed futures extend gains on restricted arrivals
Castor seed futures extended their gains on NCDEX as a result of rise in demand from consuming industries. The sentiments further improved on the restricted arrivals in domestic markets which in turn encouraged the investors to enlarge their holdings. The contract for May delivery was trading at Rs 4023.00, up by 0.65% or Rs 26.00 from its previous closing of Rs 3997.00. The open interest of the contract stood at 152920.00 lots. The contract for June delivery was trading at Rs 4081.00, up by 0.69% or Rs 28.00 from its previous closing of Rs 4053.00. The open interest of the contract stood at 59050.00 lots on NCDEX. |
Eicher Motors trades in green on BSE
Eicher Motors is currently trading at Rs 6156.50, up by 102.45 points or 1.69% from its previous closing of Rs. 6054.05 on the BSE.
The scrip opened at Rs 6120.00 and has touched a high and low of Rs 6156.50 and Rs. 6075.00 respectively. So far 354 shares were traded on the counter.
The BSE group 'A' stock of face value Rs 10 has touched a 52 week high of Rs 6373.00 on 10-Apr-2014 and a 52 week low of Rs 2811.10 on 23-Apr-2013.
Last one week high and low of the scrip stood at Rs 6120.00 and Rs 5756.20 respectively. The current market cap of the company is Rs. 16533.18 crore.
The promoters holding in the company stood at 55.08% while Institutions and Non-Institutions held 24.91% and 20.00% respectively.
Credit rating agency, ICRA has re-affirmed ‘AA/A1+’ ratings to Eicher Motors’ bank facilities worth Rs 24 crore. The outlook on long-term rating is Stable.
The ratings re-affirmation takes into account the strong market position of the company in the niche segment of leisure bikes which has helped the company record a robust volume growth over the past two years. The rating also factors in the strong growth expected in 2014 in light of the new product launches as well as waiting period for company's products providing revenue visibility.
Eicher Motors is one of the leading manufacturers of commercial vehicle. It has manufacturing facilities located in Madhya Pradesh, Tamil Nadu, Maharashtra, and Haryana.
|
Shriram Transport Finance trades higher on the BSE
Shriram Transport Finance Company is currently trading at Rs. 818.05, up by 36.00 points or 4.60% from its previous closing of Rs. 782.05 on the BSE.
The scrip opened at Rs. 783.00 and has touched a high and low of Rs. 833.40 and Rs. 783.00 respectively. So far 38940 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 841.80 on 28-May-2013 and a 52 week low of Rs. 465.20 on 28-Aug-2013.
Last one week high and low of the scrip stood at Rs. 833.40 and Rs. 722.40 respectively. The current market cap of the company is Rs. 18552.20 crore.
The promoters holding in the company stood at 26.05% while Institutions and Non-Institutions held 54.95% and 19.00% respectively.
Shriram Transport Finance Company’s - 100% subsidiary - Shriram Automall India (SAMIL), is reportedly planning to open 20 automall facilities across the country this financial year. Through an automall facility, the company provides a platform for buyers and sellers to transact in used vehicles - commercial vehicles, cars, tractors and also two-wheelers. Recently, the company has opened its 33rd Automall Facility in Thrissur in Kerala.
Shriram Automall India pioneers in serving the most organised bidding platforms to facilitate the trade of used vehicles and equipment. It serves an exhaustive range of pre-owned commercial vehicles, construction equipment, tractors, cars & SUVs, 3 wheelers, and 2 wheelers to create a unique bidding experience for its customers across India. Every deal at SAMIL is structured on the ground of transparency where several Indian dreams ride with utmost dignity. In the financial year ended March 2014, SAMIL had facilitated transactions worth Rs 1,500 crore, a 50% increase over Rs 1,000 crore in the previous fiscal.
|
Aurionpro Solutions achieves Oracle Partnernetwork Specialization for Financial Services Industry
Aurionpro Solutions, a leading provider of expert-level consulting services and software solutions and a Platinum-level member of Oracle PartnerNetwork (OPN), has achieved OPN Specialized status for the Financial Services Industry. To achieve OPN Specialized status, Oracle partners are required to meet a stringent set of requirements that are based on the needs and priorities of the customer and partner community. By achieving a specialized distinction, Aurionpro has been recognized by Oracle for its expertise in delivering services specifically around the Financial Services industry through competency development, business results, and proven success.
AurionPro Solutions is a publicly traded technology company providing software products and expert level consulting services to an extensive global customer base. The company provides valuable operational and technical experience in helping banks provide new and innovative products to their customers.
|
State Bank of Bikaner surges on reporting 33% rise in Q4 net profit
State Bank Of Bikaner and Jaipur is currently trading at Rs. 350.50, up by 10.80 points or 3.18% from its previous closing of Rs. 339.70 on the BSE.
The scrip opened at Rs. 340.00 and has touched a high and low of Rs. 357.70 and Rs. 339.00 respectively. So far 81351 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 449.00 on 10-Jun-2013 and a 52 week low of Rs. 281.90 on 04-Mar-2014.
Last one week high and low of the scrip stood at Rs. 348.60 and Rs. 338.10 respectively. The current market cap of the company is Rs. 2478.00 crore.
The promoters holding in the company stood at 75.07% while Institutions and Non-Institutions held 9.51% and 15.42% respectively.
State Bank of Bikaner & Jaipur has reported results for fourth quarter and year ended March 31, 2014.
The bank has reported a rise of 33.32% in its net profit at Rs 237.63 crore for the quarter ended March 31, 2014 as compared to Rs 178.24 crore for the same quarter in the previous year. Total income of the bank has increased by 15.33% at Rs 2453.94 crore for quarter under review as compared to Rs 2127.67 crore for the quarter ended March 31, 2013.
For the full year ended March 31, 2014, the bank has reported a marginally rise of 0.20% in its net profit at Rs 731.69 crore as compared to Rs 730.24 crore for FY13. Total income has increased by 9.98% at Rs 9044.90 crore for year under review as compared to Rs 8224.27 crore for the year ended March 31, 2013.
|
VST Industries soars on reporting 49% rise in Q4 net profit
VST Industries is currently trading at Rs. 1895.00, up by 114.20 points or 6.41% from its previous closing of Rs. 1780.80 on the BSE.
The scrip opened at Rs. 1816.10 and has touched a high and low of Rs. 1924.90 and Rs. 1816.10 respectively. So far 5468 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 1924.90 on 23-Apr-2014 and a 52 week low of Rs. 1400.00 on 20-Aug-2013.
Last one week high and low of the scrip stood at Rs. 1924.90 and Rs. 1722.00 respectively. The current market cap of the company is Rs. 2912.27 crore.
The promoters holding in the company stood at 32.16 % while Institutions and Non-Institutions held 26.52 % and 41.32 % respectively.
VST Industries has reported results for fourth quarter and year ended March 31, 2014
The company has reported 49.37% rise in its net profit at Rs 51.89 crore for the quarter ended March 31, 2014 as compared to Rs 34.74 crore for the same quarter in the previous year. Total income from operations of the company has increased by 17.54% at Rs 189.08 crore for quarter under review as compared to Rs 160.86 crore for the quarter ended March 31, 2013.
For the year ended March 31, 2014, the company has posted a jump of 18.93% in its net profit at Rs 150.15 crore as compared to Rs 126.25 crore for the same period in the previous year. Total income from operations of the company has surged by 18.02% at Rs 789.17 crore for year under review as compared to Rs 668.68 crore for the period ended March 31, 2013.
|
Rasoya Proteins plans to enter into maize based ethanol production: Report
Rasoya Proteins is reportedly planning to enter into maize-based ethanol production with a capital expenditure of Rs 400 crore. The company has decided to set up a large ethanol production unit for which orders for plants and machinery have already been placed. The company plans to procure maize directly from local stockists in Nagpur and surrounding regions in Maharashtra. The company is also looking to set up a large rice milling unit for selling in packed form under 'Rasoya' brand in addition to a rice bran processing unit for producing health conscious edible oil.
Rasoya Proteins presently sells whole wheat flour under Mejwani brand in western markets. The company is engaged in manufacturing of soya-based products and edible oil such as soya oil, soyameal and value added soya products.
ICRA reaffirms ‘AA/A1+’ ratings to Eicher Motors’ bank facilities
Credit rating agency, ICRA has re-affirmed ‘AA/A1+’ ratings to Eicher Motors’ bank facilities worth Rs 24 crore. The outlook on long-term rating is Stable.
The ratings re-affirmation takes into account the strong market position of the company in the niche segment of leisure bikes which has helped the company record a robust volume growth over the past two years. The rating also factors in the strong growth expected in 2014 in light of the new product launches as well as waiting period for company's products providing revenue visibility.
Eicher Motors is one of the leading manufacturers of commercial vehicle. It has manufacturing facilities located in Madhya Pradesh, Tamil Nadu, Maharashtra, and Haryana.
|
UCO Bank surges on targeting 20-22% growth in deposits and advances in FY15
UCO Bank is currently trading at Rs. 76.65, up by 0.85 points or 1.12% from its previous closing of Rs. 75.80 on the BSE.
The scrip opened at Rs. 76.00 and has touched a high and low of Rs. 76.80 and Rs. 75.65 respectively. So far 1,36,000 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 84.10 on 16-May-2013 and a 52 week low of Rs. 46.00 on 28-Aug-2013.
Last one week high and low of the scrip stood at Rs. 77.15 and Rs. 72.75 respectively. The current market cap of the company is Rs. 5,772.00 crore.
The promoters holding in the company stood at 77.20% while Institutions and Non-Institutions held 13.17% and 9.63% respectively.
UCO Bank, a public sector lender is targeting 20-22% growth in its deposits and advances for the financial year 2014-15. The bank's advances were at Rs 141,457 crore at the end of December, 2013, up 16.5% from a year earlier. Total deposits were up by 13.4% from a year ago at Rs 192,406 crore at the end of December, 2013.
The bank halved its loan loss provisions from a year earlier to Rs 204 crore in October-December quarter as asset quality improved. Gross non-performing asset (NPA) ratio declined by 33 basis points from a year ago to 5.20%, while net bad loan ratio fell by 26 basis points on a year-on-year basis to 3.06% at the end of the quarter.
UCO Bank has reported over three fold jump in its net profit at Rs 314.53 crore for the quarter as compared to Rs 102.47 crore for the same quarter in the previous year. Total income of the bank has increased by 12.80% at Rs 4919.04 crore for quarter under review as compared to Rs 4360.88 crore for the quarter ended December 31, 2012.
|
Sugar futures extend gains on seasonal demand
Sugar futures rose on NCDEX as demand from bulk consumers like cold drink and ice-cream makers improves due to the summer season. Moreover, restricted supply from mills against increased off take by stockists and bulk consumers mainly pushed up sweetner prices.
The contract for May delivery was trading at Rs 3190.00, up by 0.60% or Rs 19.00 from its previous closing of Rs 3171.00. The open interest of the contract stood at 62640.00 lots.
The contract for June delivery was trading at Rs 3211.00, up by 0.66% or Rs 21.00 from its previous closing of Rs 3190.00. The open interest of the contract stood at 26500.00 lots on NCDEX.
|
Lupin gains on inking strategic joint venture agreement with Yoshindo
Lupin is currently trading at Rs. 990.00, up by 7.85 points or 0.80% from its previous closing of Rs. 982.15 on the BSE.
The scrip opened at Rs. 983.00 and has touched a high and low of Rs. 992.00 and Rs. 976.30 respectively. So far 31169 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 1012.00 on 15-Apr-2014 and a 52 week low of Rs. 673.25 on 23-Apr-2013.
Last one week high and low of the scrip stood at Rs. 992.00 and Rs. 940.30 respectively. The current market cap of the company is Rs. 44420.59 crore.
The promoters holding in the company stood at 46.75% while Institutions and Non-Institutions held 43.17% and 10.08% respectively.
Lupin has entered into a strategic joint venture agreement with Toyama based Japanese pharmaceuticals company, Yoshindo Inc. (Yoshindo) to create a new entity, YL Biologics (YLB). YLB will be jointly managed by both partners and will be responsible for conducting clinical development of certain Biosimilars including regulatory filings and obtaining marketing authorizations in Japan.
The new entity YLB will in-license Monoclonal Antibodies (mAbs) from Lupin and also partner with other companies across the globe for the Japanese market which already has a clear cut regulatory regime in place for the development and commercialization of Biologicals. Lupin’s Etanercept biosimilar, developed by its Biotechnology Research Group in Pune will be the first product to be licensed for clinical development to YLB.
Etanercept (Originator Trade name Enbrel) is a biopharmaceutical product approved globally for treating autoimmune diseases such as Rheumatoid arthritis, Psoriasis and Ankylosing spondylitis. Enbrel is marketed in Japan by Takeda Pharmaceutical and had sales of $496 million, as per IMS MAT March, 2013.
Lupin will be entitled to milestone based licensing income in addition to commercial supplies of the drug substance. Both Lupin & Yoshindo will then market the product under their own brand names by leveraging their respective sales networks.
|
Prestige Estate trades jubilantly on selling space worth Rs 879 crore in Q4 FY14
Prestige Estate Projects is currently trading at Rs. 173.80, up by 7.75 points or 4.67% from its previous closing of Rs. 166.05 on the BSE.
The scrip opened at Rs. 168.90 and has touched a high and low of Rs. 174.40 and Rs. 168.90 respectively. So far 6539 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 195.00 on 04-Apr-2014 and a 52 week low of Rs. 105.10 on 28-Aug-2013.
Last one week high and low of the scrip stood at Rs. 182.60 and Rs. 161.55 respectively. The current market cap of the company is Rs. 6069.00 crore.
The promoters holding in the company stood at 75.00% while Institutions and Non-Institutions held 23.64% and 1.36% respectively.
Prestige Estate Projects has sold space worth Rs 879 crore in Q4 FY14 as against Rs 650.70 crore y-o-y. The company has sold space of 1.4m sq ft in Q4 versus 1.08m sq ft y-o-y. Moreover, the company’s total sales stood at Rs 4,435 crore.
Prestige Estate Projects commenced operations as a partnership firm constituted under the Indian Partnership Act, 1932 on April 1, 1986 under the name and style of Prestige Estates and Properties. The partners of the firm were the Late S Razack, Irfan Razack, Rezwan Razack and Sameera Noaman.
|
Planning Commission to formulate new policy framework for building new airports
The Planning Commission will hold a meeting soon to discuss a new policy framework for building new airports in the country under public-private partnerships (PPPs). The meeting is likely to be organized on April 29 and will be attended by top bureaucrats, industry experts, chairmen of leading financiers and prospective global investors. Planning Commission also urged the invitees to send their clause-wise comments for the formation of fresh policy.
Planning Commission deputy chairman Montek Singh Ahluwalia has asseted that it is an official-level consultation and no final decisions are expected to be taken. Further, he added that the process to award the contracts will put on hold until a new government is formed after the general elections. Ahluwalia also cleared that this exercise is not about privatising existing airports but building new airports in various states and for those interested in greenfield airport priojects. The commission also highlighted that policy framework can also be applied to brownfield PPP projects where an existing airport is upgraded through PPPs with some modifications.
Planning Commission had earlier in the year 2009 published a model concession agreement for new airports via PPPs, but the aviation ministry rejected the proposal. Since then, the aviation sector has undergone a number of regulatory and policy changes.
|
Jet Airways flies high on the bourses
Jet Airways is currently trading at Rs. 291.65, up by 3.00 points or 1.04% from its previous closing of Rs. 288.65 on the BSE.
The scrip opened at Rs. 289.90 and has touched a high and low of Rs. 296.30 and Rs. 284.00 respectively. So far 270937 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 688.60 on 25-Apr-2013 and a 52 week low of Rs. 210.25 on 05-Feb-2014.
Last one week high and low of the scrip stood at Rs. 298.00 and Rs. 272.65 respectively. The current market cap of the company is Rs. 3331.24 crore.
The promoters holding in the company stood at 51.00% while Institutions and Non-Institutions held 9.09% and 39.91% respectively.
Jet Airways, India’s premier international airline, has decided to shut down its Visakhapatnam operations from June 1, 2014. The airline management has already sent letters to its employees in Visakhapatnam giving them a few options, including asking them to be prepared for transfer or face the prospect of putting in their papers. The contract workers, hired by an agency to handle the airline’s luggage have also been told that they would have to leave by May 31, 2014.
Jet Airways currently operates a fleet of 112 aircraft, which include 10 Boeing 777-300 ER aircraft, 8 Airbus A330-200 aircraft, 4 Airbus A330-300 aircraft, 72 next generations Boeing 737-700/800/900/900 ER aircraft and 15 ATR 72-500 and 3 ATR72-600.
|
Chana futures edge higher on renewed demand
Chana futures edged higher on NCDEX on the back of good buying support from local traders amid tight supply from producing regions. Further, renewed demand from local millers and reports about sharp decline in gram production in this season also supported the upsurge. The contract for May delivery was trading at Rs 3113.00, up by 0.68% or Rs 21.00 from its previous closing of Rs 3092.00. The open interest of the contract stood at 97910.00 lots. The contract for June delivery was trading at Rs 3173.00, up by 0.63% or Rs 20.00 from its previous closing of Rs 3153.00. The open interest of the contract stood at 48490.00 lots on NCDEX. |
Jet Airways to shut down its Visakhapatnam operations from June 1
Jet Airways, India’s premier international airline, has decided to shut down its Visakhapatnam operations from June 1, 2014. The airline management has already sent letters to its employees in Visakhapatnam giving them a few options, including asking them to be prepared for transfer or face the prospect of putting in their papers. The contract workers, hired by an agency to handle the airline’s luggage have also been told that they would have to leave by May 31, 2014.
Jet Airways currently operates a fleet of 112 aircraft, which include 10 Boeing 777-300 ER aircraft, 8 Airbus A330-200 aircraft, 4 Airbus A330-300 aircraft, 72 next generations Boeing 737-700/800/900/900 ER aircraft and 15 ATR 72-500 and 3 ATR72-600.
|
FIIs raise stake in Bombay Rayon Fashions during Q4 FY14
Foreign Institutional Investors (FIIs) have raised their stake in Bombay Rayon Fashions to 0.18% during Q4 FY14 from 0.14% as on December 31, 2013. On the other hand, domestic institutional investors’ (DIIs) shareholding went down marginally to 0.51% at the end of March 2014 quarter from 0.52% as on December 31, 2013.
Meanwhile, promoter and promoter group shareholding was unchanged at 92.27% at the end of March 2014 quarter.
Bombay Rayon Fashions is engaged into manufacturing of fabrics and apparels. It manufactures one of the most versatile and technically advanced fabrics and apparels in India.
L&T Finance spurts on subsidiary inking pact with International Tractors
L&T Finance Holdings is currently trading at Rs. 69.65, up by 1.15 points or 1.68 % from its previous closing of Rs. 68.50 on the BSE.
The scrip opened at Rs. 69.75 and has touched a high and low of Rs. 70.45 and Rs. 69.50 respectively. So far 1121323 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 88.35 on 13-Mar-2014 and a 52 week low of Rs. 53.00 on 07-Aug-2013.
Last one week high and low of the scrip stood at Rs. 69.35 and Rs. 66.15 respectively. The current market cap of the company is Rs. 11977.59 crore.
The promoters holding in the company stood at 76.61 % while Institutions and Non-Institutions held 5.22 % and 18.16 % respectively.
L&T Finance Holdings’ wholly owned subsidiary, L&T Finance (LTF) has inked pact with International Tractors, a Sonalika Group farm equipment maker, for tractor loan financing. The partnership aims at providing easy credit and financing benefits to Sonalika’s customers across the country.
L&T Finance, which offers a wide spectrum of financial products and services for trade, industry and agriculture, is looking to further expand its base in rural retail financing.
|
India’s fuel demand marginally up by 0.7% in FY14
India’s fuel demand grew by slowest pace in almost 12 years at 0.7% to 158.197 million tonnes (MT) in FY14 from a year earlier. The world's fourth-largest oil consumer witnessed meager petroleum product demand since 2001-02 when demand had expanded by 0.4% to 100.432 MT.
The demand for diesel, India's most consumed fuel accounting for around 45 percent of the total petroleum product demand, registered the first decline since 2001-02 and fell by 1% at 68.37 MT in FY14 as the move to deregulate diesel rates through small monthly increases dried out the domestic demand. Small adjustments of 50 paise every month has increased the Diesel rates by a cumulative Rs 8.33 per since January 2013, leading to drop in demand. Furthermore, better power production had also resulted in moderation in diesel demand. However, diesel demand had risen by 6.7 percent in 2012-13 to 69.08 MT.
On the other hand, petrol consumption during FY14 rose by 8.8% to 17.13 MT while LPG demand was up 4.7 percent to 16.337 MT. Presently, petrol prices are at par with its cost of production, while the current selling price of diesel is still Rs 5.49 litre lower than its cost. In India, fuel retailers are currently losing Rs 5.49 a litre on diesel and Rs 34.43 per litre on kerosene sold through the public distribution system and Rs 506.06 per 14.2-kg cylinder of domestic cooking gas (LPG).
India imports about 75 percent of petroleum products requirement and pay an import bill of around $160 billion for petroleum and natural gas alone. Presently, India imports around 80% of its total oil needs and 25% of natural gas domestic demand. Meanwhile, oil ministry has formulated a roadmap for cutting India's dependence on imports to meet its energy needs. As per the Ministry, domestic crude oil demand 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 kilometers, comprising 26 sedimentary basins.
|
Turmeric futures trade lower on weak demand
Turmeric futures traded lower on NCDEX as short sellers increased their positions triggered by inflow of the crop. Besides, fall in demand at prevailing levels in the spot market against expectation of increase in supply in coming days also dampened the trading sentiments.
The contract for May delivery was trading at Rs 6942.00, down by 0.52% or Rs 36.00 from its previous closing of Rs 6978.00. The open interest of the contract stood at 10145.00 lots.
The contract for June delivery was trading at Rs 7064.00, down by 0.25% or Rs 18.00 from its previous closing of Rs 7082.00. The open interest of the contract stood at 3920.00 lots on NCDEX.
Wipro moves up on the bourses
Wipro is currently trading at Rs. 531.55, up by 0.25 points or 0.05% from its previous closing of Rs. 531.30 on the BSE.
The scrip opened at Rs. 534.85 and has touched a high and low of Rs. 538.00 and Rs. 523.80 respectively. So far 206310 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 610.50 on 26-Feb-2014 and a 52 week low of Rs. 315.30 on 31-May-2013.
Last one week high and low of the scrip stood at Rs. 595.00 and Rs. 526.85 respectively. The current market cap of the company is Rs. 130733.93 crore.
The promoters holding in the company stood at 73.47% while Institutions and Non-Institutions held 13.62% and 10.97% respectively.
Wipro, a leading global Information Technology, Consulting and Outsourcing company has been named a 'Leader' by advisory and research firm International Data Corporation (IDC) in its report, IDC MarketScape: Worldwide Mobile Application Development, Testing, Management and Infrastructure (mADTMI) Services 2014 Vendor Assessment.
IDC evaluated 14 service providers on 117 criteria as part of its IDC MarketScape on the mADTMI services market. Relative to other vendors discussed in the report, and based on feedback from customer references, Wipro's capabilities and forward-looking strategy positioned it as a Leader in the IDC MarketScape. Wipro was also rated favourably for offering a wide variety of pricing options that enable buyers to engage in models ranging from traditional pricing, pay-per-use, and shared risk/outcome-based models.
Wipro is a leading provider of analytics and information management solutions - enabling customers to derive actionable business insights from data to drive growth, enhance cost management and strengthen risk management.
|
ICICI Bank’s Touch Banking crosses 100 branches in 33 cities
ICICI Bank, India's largest private sector bank, has scaled up the number of its fully-automated Touch Banking branches to 100 in 33 cities across the country. These branches, which are open on all days 24X7, help customers do real-time cash deposits, withdraw money, deposit cheques and get instant receipts, transfer funds, open fixed deposits and generate bank statements.
The transactions at Touch Banking branches have doubled in the last six months to close to 2 million in February, 2014. Around a lakh new customers transact at these branches every month.
The bank has already opened Touch Banking branches in cities like Rajkot, Vadodara, Vizag, Lucknow, Raipur, Surat, Siliguri and Guwahati, among others, in addition to big metro cities.
|
Wipro features as a Global Leader in IDC MarketScape on Enterprise Mobility
Wipro, a leading global Information Technology, Consulting and Outsourcing company has been named a 'Leader' by advisory and research firm International Data Corporation (IDC) in its report, IDC MarketScape: Worldwide Mobile Application Development, Testing, Management and Infrastructure (mADTMI) Services 2014 Vendor Assessment.
IDC evaluated 14 service providers on 117 criteria as part of its IDC MarketScape on the mADTMI services market. Relative to other vendors discussed in the report, and based on feedback from customer references, Wipro's capabilities and forward-looking strategy positioned it as a Leader in the IDC MarketScape. Wipro was also rated favourably for offering a wide variety of pricing options that enable buyers to engage in models ranging from traditional pricing, pay-per-use, and shared risk/outcome-based models.
Wipro is a leading provider of analytics and information management solutions - enabling customers to derive actionable business insights from data to drive growth, enhance cost management and strengthen risk management.
|
Dr Reddy’s Lab launches Fenofibrate Capsules
Dr Reddy’s Laboratories has launched Fenofibrate Capsules, USP 43 mg and 130 mg a therapeutic equivalent generic version of ANTARA (fenofibrate) capsules, in the US market on April 22, 2014, approved by the United States Food & Drug Administration (USFDA).
The ANTARA (fenofibrate) capsules brand and generic had U.S. sales of approximately $74 Million MAT for the most recent twelve months ending in February 2014 according to IMS Health. The company’s Fenofibrate capsules, USP 43 mg is available in bottle counts of 30 and 130 mg are available in bottle counts of 30 and 90.
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.
|
RBI restricts banks from extending ECB for repaying domestic loans
The Reserve Bank of India (RBI) has barred companies from repaying rupee loans taken from the domestic banking system via funds raised through external commercial borrowings (ECBs) from foreign branches of Indian banks. It has done so by restricting non-fund based credit facilities-guarantees, stand-by letters of credit, letters of comfort, and so on, which up-till now were extended by banks to Indian companies’ overseas arms.
The RBI has barred banks, including their overseas branches/subsidiaries, from issuing non-fund based credit facilities on behalf of overseas arms of local companies for the purpose of raising loans/advances of any kind from other entities except in connection with the ordinary course of overseas business.
This development came right after RBI found that banks were extending non-fund based credit on behalf of Indian companies’ overseas arms for purposes which were not connected with their business and rather it was found that this credit was used to get foreign currency loans for repaying rupee loans.
Besides, the central bank also has asked exporter-borrowers to desist from the practice of using export advances, received on the strength of guarantees issued by Indian banks, for repayment of loans taken from Indian banks. According to RBI, this practice is a clear violation of its instructions except in cases where banks have given approval under the Foreign Exchange Management Act.
|
Physical Rubber prices declined on Tuesday
Physical Rubber prices declined on Tuesday due to the heavy imports, a fall in the international markets and oversupply weighed heavily on prices, amidst extremely dull local demand.
Spot prices for RSS-4 variety declined to Rs 137 compared to its previous closing of Rs 140; while the RSS-5 variety closed at Rs 134 compared to its previous closing of Rs 136.
In the futures market, contract of May delivery dropped to Rs 138.60 compared to its previous close of Rs 138.44, while June delivery closed at Rs 141 compared to its previous closing of Rs 140.76 on the National Multi Commodity Exchange (NMCE)
L&T Finance Holdings’ arm inks pact with International Tractors
L&T Finance Holdings’ wholly owned subsidiary, L&T Finance (LTF) has inked pact with International Tractors, a Sonalika Group farm equipment maker, for tractor loan financing. The partnership aims at providing easy credit and financing benefits to Sonalika’s customers across the country.
L&T Finance, which offers a wide spectrum of financial products and services for trade, industry and agriculture, is looking to further expand its base in rural retail financing.
|
Asian markets mostly trade lower in early deals on Wednesday
All the Asian equity indices barring Nikkei 225 are trading in red terrain in the early deals on Wednesday after Chinese manufacturing data signaled persistent weakness in the world’s second-largest economy. Disappointing earnings from blue-chip Chinese companies also weighed on stocks in Chinese market. Meanwhile, Japanese stock market traded higher with financial, precision instruments, communications and technology stocks surging higher on strong buying support, but buying was tempered as investors were wary of the looming local reporting season. Among other markets in the Asia-Pacific region, Taiwan, Indonesia, South Korea, Singapore, Hong Kong, Malaysia and Shanghai are trading lower.
Shanghai Composite dropped 9.26 points or 0.45% to 2,063.57, Hang Seng declined by 164.54 points or 0.72% to 22,566.14, Jakarta Composite contracted 4.78 points or 0.10% to 4,893.43, KLSE Composite dipped by 0.22 points or 0.01% to 1,866.20, Straits Times decreased 19.17 points or 0.58% to 3,258.36, Seoul Composite crumbled by 1.83 points or 0.09% to 2,002.39 and Taiwan Weighted was down by 11.48 points or 0.13% to 8,963.23.
On the flip side, Nikkei 225 was up by 113.83 points or 0.79% to 14,502.60.
|
Tata Motors in talks with banks to raise $300 million
Tata Motors is in talks with banks for raising $300 million through dollar-denominated bonds. The issuance would be carried out in two-three weeks.
In this regard, the company has appointed ANZ, Bank of America Merrill Lynch, Citigroup and HSBC as arrangers for the issue.
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.
|
RIL edges up on tying ECA facility of up-to $550 million
Reliance Industries (RIL) is currently trading at Rs. 973.45, up by 5.10 points or 0.53% from its previous closing of Rs. 968.35 on the BSE.
The scrip opened at Rs. 970.00 and has touched a high and low of Rs. 975.55 and Rs. 967.00 respectively. So far 39432 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 988.90 on 22-Apr-2014 and a 52 week low of Rs. 765.00 on 28-Aug-2013.
Last one week high and low of the scrip stood at Rs. 988.90 and Rs. 938.20 respectively. The current market cap of the company is Rs. 314822.45 crore.
The promoters holding in the company stood at 45.30 % while Institutions and Non-Institutions held 29.86% and 21.41% respectively.
Reliance Industries (RIL) has tied up Export Credit Agency (ECA) facility of up to $550 million co-financed by JBIC and a group of other Japanese banks backed by NEXI to part finance the proposed expansion of its petrochemical plants and setting up new gasification plant and refinery off-gas cracker over the next two to three years. This is the company’s eighth ECA facility for the largest capital expenditure program it has undertaken.
This is the first time that JBIC is extending credit to RIL. JBIC will provide direct financing of up to $330 million and Japanese banks, supported by a 95% NEXI insurance cover, will finance up to $220 million. The participating banks include The Bank of Tokyo-Mitsubishi UFJ, Sumitomo Mitsui Banking Corporation, Mizuho Bank, and three regional Japanese banks namely The Gunma Bank, The Hachijuni Bank, and The Chiba Bank. This facility will have a door-to-door tenor of twelve years and will be used to finance contracts for imports of goods & services signed with more than 20 Japanese suppliers, including some SMEs and MMEs.
With this facility, NEXI has established a new insurance program that extends support to Japanese regional banks’ for financing such overseas projects. In addition to the aforesaid six Japanese banks, some more banks (Japanese regional banks) are expected to participate through a partial assignment of the contractual rights and obligations of NEXI covered portion.
|
M&M gains as its arm receives Rs 200 crore PE investment from Kedaara Capital
Mahindra & Mahindra is currently trading at Rs 1031.00, up by 6.70 points or 0.65% from its previous closing of Rs. 1024.30 on the BSE.
The scrip opened at Rs. 1030.35 and has touched a high and low of Rs. 1036.75 and Rs. 1029.00 respectively. So far 3834 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. 1045.00 and Rs. 964.70 respectively. The current market cap of the company is Rs. 63085.86 crore.
The promoters holding in the company stood at 25.29% while Institutions and Non-Institutions held 52.80% and 16.92% respectively.
Mahindra Logistics (MLL), a subsidiary of Mahindra & Mahindra (M&M), has received an investment of Rs 200 crore for a significant minority stake from Kedaara Capital. This is Kedaara Capital’s maiden investment and is an endorsement of the long term growth potential of the Indian logistics sector.
Mahindra Logistics is India’s leading Third Party Logistics (3PL) service provider. Over the past four years, MLL has grown rapidly by diversifying its industry segment focus, developing an integrated supply chain services portfolio, and unique people transport solutions.
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.
|
Emami enters into light hair oil segment
Emami has entered into light hair oil segment with its new product Emami 7 Oils in One. In this regard, the company has roped in film actress Yami Gautam.
Developed in collaboration with international hair expert Tony Pearce, the oil will offer a formulation for hair damage repair and nourishment. The product will be available in 50 ml and 100 ml packs, priced at Rs 28 and Rs 55, respectively. It will also be available in 3-ml Re-1 trial sachets.
Emami manufactures products under various categories namely Hair Care, Skin Creams and Lotions, Talcum Powder and ayurvedic health care products. Emami's Boroplus portfolio is worth Rs 400 crore, comprising of three brands -- BoroPlus Antiseptic Cream, Boroplus Advanced Moisturizing Lotion and BoroPlus Prickly Heat Powder.
|
MIC Electronics unveils LED based 3D-Hologram
MIC Electronics, a pioneer in India in the field of LED technologies has unveiled a sensational and epoch making Holographic-3D product. This product is a departure from traditional 3D-Hologram technology as it uses millions of LEDs as an image source instead of projectors and bounce/reflective screens.
MIC’s indigenous technology enables Bright, Sharp, True-Color and outdoor daytime visible 3D Holographic images. The company has created a very comprehensive infrastructure encompassing software and hardware, mechanical and transportation facilities to capture, process, and recreate the 3D Holographic images.
MIC Electronics is a global leader in the design, development & manufacturing of LED Video Displays and Lighting Products. Recognized by the Department of Scientific and Industrial Research for its LED technology, MIC has been at the forefront of LED Applications for more than 25 years and acknowledged as the market share leader for Indian LED products.
|
Gujarat Gas to merge with GDNL along with three entities
Gujarat Gas Company has received its board’s approval for amalgamation of the company along with Gujarat Gas Financial Services (GFSL), Gujarat Gas Trading Company (GTCL), and GSPC Gas Company (GSPC Gas) into GSPC Distribution Networks (GDNL).
Gujarat Gas, GFSL, GTCL, and GSPC Gas would be amalgamated with GDNL and all assets and liabilities of Gujarat Gas, GFSL, GTCL and GSPC Gas would be transferred to GDNL. Further, GDNL will issue and allot shares in swap ratio to Gujarat Gas, GFSL, and GSPC Gas.
The new amalgamated entity GDNL may be listed in next 6-8 months under a new name. A combined network of the amalgamated entities under GDNL now stands at 16 districts out of 33 districts in Gujarat. The combined volume is now slightly below 8 mmscmd, 1.5 mmscmd of which serves CNG (transport) and PNG (domestic) while rest serves industries.
Gujarat Gas, a 65.12 per cent subsidiary of BG Asia, is India’s largest private sector natural gas distribution company in terms of sales volumes, with operations in Gujarat. The company distributes natural gas to domestic, commercial and industrial consumers, and compressed natural gas as automobile fuel, in the cities of Surat, Ankleshwar, Bharuch, and surrounding areas.
|
Reliance MF introduces Fixed Horizon Fund - XXVI - Series 17
Reliance Mutual Fund has launched the New Fund Offer (NFO) of Reliance Fixed Horizon Fund-XXVI-Series 17, a close ended income scheme. The NFO opens for subscription on Apr 23, 2014 and closes on Apr 28, 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.
Gold futures edge lower as US equities strengthen
Gold futures edged lower on Tuesday on the back of gains in Wall Street stocks and also outflows from physical gold funds pointed to weak investment appetite. Investors preferred to stay with the more volatile equity assets on some mixed economic data from the US, although indicative of the underlying strength of the economy.
Gold futures for June delivery settled down $7.40 at $1,281.10 an ounce on the Comex division of the New York Mercantile Exchange. While spot gold fell 0.5 percent at $1,282.49 an ounce.
|
TCS bags ‘2014 Community Corps Corporate Champion’ award
Tata Consultancy Services (TCS), a leading IT services, consulting and business solutions organization, has been honored as the 2014 Community Corps Corporate Champion by Lumity, a Chicago-based non-profit organization that helps charity organizations fulfill their mission through technology, financial support services, and trainings.
The software major was recognized for its myriad programs to improve the quality and accessibility of STEM (science, technology, engineering, and math) education in North America, and its multi-year partnership with Lumity in support of the organization’s goals.
Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT, BPO, infrastructure, engineering and assurance services.
|
PVP Ventures executes participation agreement with Football Sports Development
PVP Ventures has executed participation agreement with Football Sports Development (an SPV formed by IMG Reliance; Star India and All India Football Federation). With the execution of this agreement, now PVP Ventures has become eligible to own a football team and participate in the football league being organized by Football Sports Development. The first season of the Indian Super League (ISL) may commence in the month of September, 2014.
PVP Ventures is currently engaged in different business activities. Initially the major areas of operations of PVP Ventures included purchasing, acquiring and leasing of land, buildings, structures and properties to develop the same into townships, markets, residential, industrial or commercial complexes.
RIL ties-up ECA facility of up to $550 million co-financed by JBIC and Japanese banks backed by NEXI
Reliance Industries (RIL) has tied up Export Credit Agency (ECA) facility of up to $550 million co-financed by JBIC and a group of other Japanese banks backed by NEXI to part finance the proposed expansion of its petrochemical plants and setting up new gasification plant and refinery off-gas cracker over the next two to three years. This is the company’s eighth ECA facility for the largest capital expenditure program it has undertaken.
This is the first time that JBIC is extending credit to RIL. JBIC will provide direct financing of up to $330 million and Japanese banks, supported by a 95% NEXI insurance cover, will finance up to $220 million. The participating banks include The Bank of Tokyo-Mitsubishi UFJ, Sumitomo Mitsui Banking Corporation, Mizuho Bank, and three regional Japanese banks namely The Gunma Bank, The Hachijuni Bank, and The Chiba Bank. This facility will have a door-to-door tenor of twelve years and will be used to finance contracts for imports of goods & services signed with more than 20 Japanese suppliers, including some SMEs and MMEs.
With this facility, NEXI has established a new insurance program that extends support to Japanese regional banks’ for financing such overseas projects. In addition to the aforesaid six Japanese banks, some more banks (Japanese regional banks) are expected to participate through a partial assignment of the contractual rights and obligations of NEXI covered portion.
M&M’s arm receives Rs 200 crore PE investment from Kedaara Capital
Mahindra Logistics (MLL), a subsidiary of Mahindra & Mahindra (M&M), has received an investment of Rs 200 crore for a significant minority stake from Kedaara Capital. This is Kedaara Capital’s maiden investment and is an endorsement of the long term growth potential of the Indian logistics sector.
Mahindra Logistics is India’s leading Third Party Logistics (3PL) service provider. Over the past four years, MLL has grown rapidly by diversifying its industry segment focus, developing an integrated supply chain services portfolio, and unique people transport solutions.
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.
Tech Mahindra to implement MOVES for New Hampshire’s Division of Motor Vehicles
Tech Mahindra, a specialist provider of connected solutions to the connected world, has been chosen by New Hampshire’s Division of Motor Vehicles (DMV) to implement its Motor Vehicle Enterprise System (MOVES), a configurable Microsoft Dynamics CRM-based solution. The solution will replace and modernize New Hampshire DMV’s existing legacy system.
The new DMV solution for New Hampshire, based on MOVES, will digitally manage all Driver Licenses, Financials, Financial Responsibility, Hearings, Inventory, Dealers, and Inspection Stations. This is a multi-million deal, and the system will be implemented over a span of 22 months.
Tech Mahindra worked closely with Microsoft in developing the Dynamics CRM-based MOVES solution. This flexible and highly configurable solution, specially designed for Motor Vehicle agencies, will allow the DMV to provide superior customer service, compliance checks, performance measures, and fraud prevention mechanisms. MOVES is built on the premise that in today’s world, business process areas are highly interdependent and individuals interact with the DMV jurisdictions in more than one role and using more than one channel of access.
TCS wins prestigious Association of Management Consulting Firms award
Tata Consultancy Services (TCS), a leading IT services, consulting and business solutions organization, has won the prestigious Internal Initiative award at the recent Association of Management Consulting Firms’ (AMCF) 2014 Spotlight Awards, for its project entitled, ‘Consulting in a Global Network Delivery Model - A paradigm shift’.
The third annual Spotlight Awards honor specific consulting teams for excellence and value in management consulting, and their work in helping clients thrive amidst changing and challenging markets across the business landscape.
Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT, BPO, infrastructure, engineering and assurance services.
Speciality Restaurants opens ‘Sigree Global Grill’ restaurant at Bengaluru
Speciality Restaurants has opened a ‘Sigree Global Grill’ restaurant located at Service Road, 2nd Block, HRBR Layout, Kammanahalli, Bengaluru.
Speciality Restaurants focuses on providing the guests an affordable fine dining experience with quality food and service in a modern ambience. The company’s restaurants consist of different restaurant concepts and are located across India, particularly in the western region. Its flagship brand is Mainland China which serves Chinese cuisine in a standalone fine dining setting.
US markets gain; S&P 500 marks longest rally in 2014
The US markets closed higher on Tuesday, with the S&P 500 extending its winning streak to sixth day, the longest streak of gains since September 2013. On the economy front, the Federal Housing Finance Agency reported that home prices rose a seasonally adjusted 0.6% in February, and were up 6.9% from the year-ago period. In January, prices rose a downwardly revised 0.4% compared with the initial estimate of a 0.5% gain. Separately, the sales pace of existing homes ticked down in March to the slowest rate since July 2012, showing weakness in the early spring sales season, though underlying trends signal a firming in market fundamentals. The National Association of Realtors reported that the annual sales pace of existing homes declined 0.2% last month to a seasonally adjusted annual 4.59 million.
Meanwhile, John Williams, president of the San Francisco Federal Reserve, stated that Federal Reserve policy is on the right track and efforts to try to spur faster growth might be counterproductive. Williams predicted that unemployment rate will keep falling and hit 5.5% by the end of 2015. Over the same period, inflation should move higher and come close to the Fed’s 2% target. Williams enlightened that trying to achieve these goals of full employment and price stability any sooner would take policy actions that might have more negative effects, such as possibly contributing to risks with financial stability.
The Dow Jones Industrial Average added 65.12 points or 0.40 percent, to 16,514.37, the Nasdaq Composite was up by 39.91 points or 0.97 percent, to 4,161.46, while the S&P 500 gained 7.66 points or 0.41 percent, to close at 1,879.55.
The Indian ADRs closed mostly in red on Tuesday; Wipro was down by 0.5%, Infosys was down 0.40% and ICICI Bank was down 0.20%. On the other hand, Tata Motors was up 0.50% and Dr. Reddy’s Lab was up 0.20%.
|
Markets to get a cautious start on F&O expiry day
The Indian markets turned into a consolidation mood in last session and some choppiness too was witnessed. Today, the start of the F&O expiry session is likely to be flat-to-cautious and trade is likely to turn volatile in latter trade, as the expiry is expected to be at higher levels than the present. There will be some buzz in the India Inc and the banking sector, as the Reserve Bank of India (RBI) has barred companies from repaying domestic loans through funds raised through external commercial borrowings (ECBs) from foreign branches of Indian banks. It has also asked the banks to put restrictions on their foreign branches in terms of giving guarantees to offshore joint ventures/subsidiaries of Indian companies to avail of foreign currency loans to repay rupee credit. There will be some cautiousness in the oil & gas sector after Oil Ministry reported that India’s fuel demand rose by its slowest pace in almost 12 years, by a meager 0.7 percent to 158.197 million tons in 2013-14. India had recorded a 6 percent growth in fuel consumption in 2012-13 to 157.057 million tons.
Today, there will be lots of important result announcements to keep the markets buzzing. Cairn India, Indiabulls Real Estate, L&T Finance Holdings, M&M Finance, SKF India, Ultratech Cements and Yes Bank are among many to announce their numbers.
The US markets ended higher, continuing their gaining streak for yet another day on the back of some positive corporate earnings and some M&A news. Also, there was report of a smaller than expected drop in existing home sales in the month of March. The Asian markets have made mostly a positive start, though the Chinese market has pared the gains after preliminary manufacturing data signaled persisting weakness in the world’s second-largest economy.
Back home, after clocking record levels in previous session, Indian equity indices went through consolidation on Tuesday as investors remained on sidelines on the penultimate day of F&O expiry. Benchmark indices moved in a narrow range for the major part of the day with bouts of volatility witnessed during the trade. Earlier, markets made a positive start as election euphoria played its part with international credit rating agency Crisil saying that a stable government post-elections is likely to help the country grow at an average of 6.5 percent for the next five years. However, Crisil said it is not the election results which impact the economy, except in improving sentiment, but policies formulated by the new government that will boost growth. Some support also came on report that foreign institutional investors (FIIs) bought shares worth a net Rs 212.85 crore on April 21, 2014, as per provisional data from the stock exchanges. However, sentiments turned down-beat after Indian rupee fell to its weakest level against the dollar since March 21 weighed down by heavy greenback demand from importers, particularly oil firms, as well as weaker regional currencies. On the global front, merger and acquisition (M&A) talk in the pharmaceutical sector lifted European shares and Asian markets shut shop mostly in the green. Back home, metal stock lost its sheen on profit-booking. Nearly one-and-a-half years after it banned mining in Goa, the Supreme Court on Monday allowed mining in the state, but with an annual cap of 20 million tonnes of iron ore extraction. Tyre shares dropped after tyre major MRF declared weak Q2 result. The company reported a fall of 18.87% in its net profit at Rs 170.87 crore for the quarter ended March 31, 2014 as compared to Rs 210.61 crore for the same quarter in the previous year. Finally, the BSE Sensex ended lower by 6.46 points or 0.03%, to 22758.37, while the CNX Nifty was down by 2.30 points or 0.03% to 6,815.35.
|
Subscribe to:
Posts (Atom)