NMDC trades higher on the bourses

NMDC is currently trading at Rs 151.40, up by 1.90 points or 1.27% from its previous closing of Rs. 149.50 on the BSE. The scrip opened at Rs 149.85 and has touched a high and low of Rs 152.90 and Rs. 149.85 respectively. So far 190395 shares were traded on the counter. The BSE group 'A ' stock of face value Rs 1 has touched a 52 week high of Rs 153.65 on 11-Apr-2014 and a 52 week low of Rs 92.65 on 06-Aug-2013. Last one week high and low of the scrip stood at Rs 151.90 and Rs 148.70 respectively. The current market cap of the company is Rs 60045.62 crore. The promoters holding in the company stood at 80.00% while Institutions and Non-Institutions held 16.80% and 3.20% respectively. NMDC is all set to start trial production at its Rs 572 crore pellet plant at Donimalai in Karnataka, though commercial output may begin towards the end of the year. The pellet plant will commence trial operation in April-May this year. In this regard, the company has already floated a tender seeking expression of interest from prospective buyers. The 1.2 million tonne per annum Donimalai plant will produce blast furnace-grade pellets with 65 per cent iron content in sizes between six and 16 mm. Further, the company is also setting up a 2 million tonne per annum pellet plant in Chhattisgarh. NMDC is a state-controlled mineral producer of the Government of India. It is fully owned by the Government of India and is under administrative control of the Ministry of Steel.

Jubilant Life Sciences receives ANDA approval

Jubilant Life Sciences, an integrated Pharmaceuticals and Life Sciences Company has received Abbreviated New Drug Application (ANDA) approval from the US Food and Drug Administration (USFDA) for Spironolactone Tablets, 25 mg, 50 mg and 100 mg, the generic version of Aldactone (of GD Searle), which is used as a diuretic to treat fluid retention (edema) caused by congestive heart failure and cirrhosis of the liver. The company is likely to launch this product in Q1 FY15. The total market size for Spironolactone Tablets as per IMS is $87 million per annum. Jubilant has also received a tentative approval from the USFDA for Memantine Tablets, 5 mg and 10 mg, the generic version of Namenda (of Forest Labs), which is used for treatment of moderate‐to‐severe Alzheimer’s disease. The company expects to launch this product post patent expiry in 2015. The total market size for Namenda as per IMS is $1.85 billion per annum. As on December 31, 2013, Jubilant Life Sciences had a total of 689 filings for formulations of which 230 have been approved in various regions globally. This includes 60 ANDAs filed in the US and 42Dossier filings in Europe. Jubilant Life Sciences is a global Pharmaceutical and Life Sciences Company engaged in manufacture and supply of APIs, Solid Dosage Formulations, Radiopharmaceuticals, Allergy Therapy Products and Life Science Ingredients.

Bosch surges on reporting 26% jump in Q1 net

Bosch is currently trading at Rs. 10720.00, up by 297.65 points or 2.86% from its previous closing of Rs 10422.35 on the BSE. The scrip opened at Rs 10394.30 and has touched a high and low of Rs. 10730.00 and Rs 10270.00 respectively. So far 2604 shares were traded on the counter. The BSE group 'A' stock of face value Rs 10 has touched a 52 week high of Rs 11500.00 on 26-Dec-2013 and a 52 week low of Rs. 8000.00 on 20-Aug-2013. Last one week high and low of the scrip stood at Rs 10500.00 and Rs 10100.00 respectively. The current market cap of the company is Rs 32952.83 crore. The promoters holding in the company stood at 71.18% while Institutions and Non-Institutions held 18.91% and 9.91% respectively. Bosch has reported results for the first quarter ended March 31, 2014 The company has posted a rise of 25.60% in its net profit at Rs 326.29 crore for the quarter ended March 31, 2013 as compared to Rs 259.77 crore for the same quarter in the previous year. Total income of the company has increased by 12.82% at Rs 2592.75 crore for quarter under review as compared to Rs 2297.97 crore for the quarter ended March 31, 2013. Bosch is a major player in the diesel segment and 60% of its sales come from diesel segment. It is also among the larger suppliers of common rail direct injection (CRDI) systems in India. The company buys half of the components required for the CRDI systems (by value) locally.

UltraTech Cement reports 15% rise in Q4 net profit

UltraTech Cement has reported results for fourth quarter and year ended March 31, 2014 The company has reported 15.40% rise in net profit of Rs 838.00 crore for the quarter ended March 31, 2014 as against Rs 726.20 crore for the corresponding period last fiscal. Total income of the company has increased by 7.96% at Rs 6017.62 crore for quarter under review as compared to Rs 5573.89 crore for the quarter ended March 31, 2013. For the full year ended March 31, 2014, the company has reported a fall of 19.24% in its net profit at Rs 2144.47 crore as compared to Rs 2655.43 crore for FY13. Total income has increased marginally by 0.60% at Rs 20608.84 crore for year under review as compared to Rs 20484.96 crore for the year ended March 31, 2013. For the year ended March 31, 2014, on the consolidated basis, the company has posted a fall of 17.62% in its net profit after taxes and minority interest at Rs 2206.03 crore as compared to Rs 2677.73 crore for the same period in the previous year. Total income from operations of company has increased marginally by 1.61% at Rs 21974.92 crore for year under review as compared to Rs 21627.70 crore for the period ended March 31, 2013.

ICICI Bank reports 9% rise in Q4 consolidated net profit

ICICI Bank has reported results for fourth quarter and year ended March 31, 2014. The bank has reported a rise of 15.10% in its net profit at Rs 2652.01 crore for the quarter ended March 31, 2014 as compared to Rs 2304.07 crore for the same quarter in the previous year. Total income of the bank has increased by 15.05% at Rs 14465.34 crore for quarter under review as compared to Rs 12573.52 crore for the quarter ended March 31, 2013. On consolidated basis, the bank has reported 9.32% rise in its net profit at Rs 2724.26 crore for the quarter ended March 31, 2014 as compared to Rs 2492.05 crore for the same quarter in the previous year. Total income of the bank has increased by 6.98% at Rs 21652.96 crore for quarter under review as compared to Rs 20239.87 crore for the quarter ended March 31, 2013. For the full year ended March 31, 2014, the bank has reported a rise of 17.84% in its net profit at Rs 9810.48 crore as compared to Rs 8325.47 crore for FY13. Total income has increased by 12.77% at Rs 54606.02 crore for year under review as compared to Rs 48421.30 crore for the year ended March 31, 2013. For the year ended March 31, 2014, on the consolidated basis, the group has posted a rise of 14.97% in its net profit at Rs 11041.37 crore as compared to Rs 9603.61 crore for the same period in the previous year. Total income of the bank has increased by 7.22% at Rs 79563.85 crore for year under review as compared to Rs 74204.40 crore for the period ended March 31, 2013.

Jindal Steel strengthens on the buzz of acquiring management control of WCL

Jindal Steel & Power is currently trading at Rs. 278.35, up by 4.35 points or 1.59% from its previous closing of Rs. 274.00 on the BSE. The scrip opened at Rs. 274.00 and has touched a high and low of Rs. 282.00 and Rs. 273.85 respectively. So far 97724 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 338.40 on 08-May-2013 and a 52 week low of Rs. 181.55 on 02-Aug-2013. Last one week high and low of the scrip stood at Rs. 285.25 and Rs. 268.35 respectively. The current market cap of the company is Rs. 25598.51 crore. The promoters holding in the company stood at 60.41% while Institutions and Non-Institutions held 26.45% and 13.14% respectively. Jindal Steel & Power (JSPL) has reportedly acquired management control of Australian metallurgical coal miner Wollongong Coal (WCL) from the original promoters -- Gujarat NRE Coke. Following this, WCL formerly Gujarat NRE Coking Coal (GNCCL), is now a subsidiary of JSPL. Navin Jindal-controlled JSPL is investing Australian $45 million for around 45 per cent in the company. At present, WCL has planned to raise $42.84 million through prorate rights issue in the ratio of two for 11 shares at $0.075 a share. JSPL is a part of Jindal Group and is a leading player in Steel, Power, Mining, Oil & Gas and Infrastructure. The company produces economical and efficient steel and power through backward integration from its own captive coal and iron-ore mines and passes on the benefits to its customers.

Crude Palm Oil futures extend gains on spot demand

Crude palm oil futures traded up on MCX as speculators created fresh positions supported by pick up in demand in the spot market. Further, apart from a firming trend overseas, pick-up in the spot demand at domestic markets influenced crude palm oil futures prices.

The contract for April delivery was trading at Rs 570.10, up by 0.64% or Rs 3.60 from its previous closing of Rs 566.50. The open interest of the contract stood at 1157.00 lots.

The contract for May delivery was trading at Rs 568.30, up by 0.69% or Rs 3.90 from its previous closing of Rs 564.40. The open interest of the contract stood at 3430.00 lots on MCX.

South Indian Bank declines on reporting 19% drop in Q4 net profit

South Indian Bank is currently trading at Rs 24.20, down by 0.70 points or 2.81% from its previous closing of Rs. 24.90 on the BSE. The scrip opened at Rs 24.40 and has touched a high and low of Rs 24.65 and Rs 23.90 respectively. So far 725160 shares were traded on the counter. The BSE group 'A' stock of face value Rs 1 has touched a 52 week high of Rs 26.35 on 07-Jun-2013 and a 52 week low of Rs 18.95 on 04-Sep-2013. Last one week high and low of the scrip stood at Rs 25.95 and Rs 23.90 respectively. The current market cap of the company is Rs. 3272.51 crore. The Institutions and Non-Institutions held 53.71% and 46.29% respectively. South Indian Bank has reported results for fourth quarter and year ended March 31, 2014. The bank has posted a fall of 19% in its net profit at Rs 124.60 crore for the quarter ended March 31, 2014 as compared to Rs 153.83 crore for the same quarter in the previous year.  However, total income of the company has increased by 8.77% at Rs 1399.18 crore for quarter under review as compared to Rs 1286.37 crore for the quarter ended March 31, 2013. For the full year ended March 31, 2014, the bank has reported a marginally rise of 1.04% in its net profit at Rs 507.50 crore as compared to Rs 502.27 crore for FY13. Total income has increased by 12.88% at Rs 5383.53 crore for year under review as compared to Rs 4769.22 crore for the year ended March 31, 2013.

Somany Ceramics to invest Rs 150 crore for capacity expansion, brand building

In order to expand its capacity and build its brand, Somany Ceramics is planning to invest Rs 150 crore over the next 12 to 24 months. At present, the company produces 41 million sq m of vitrified and ceramic tiles from three fully-owned facilities (two in Kadi in Gujarat and one in Kassar, Haryana) and six joint venture facilities at Morbi in Gujarat. Further, the company is in negotiations to acquire between 26 and 51 per cent stake in two more tile-makers in Gujarat. Also on the cards are expansion of own facilities. Somany Ceramics is a pioneering manufacturer, supplier and exporter of Floor Tiles, Wall Tiles, Sanitary Ware including urinals, basins, etc. Somany strives to bring its customers floor, wall, vitrified, ceramic, porcelain and innovative tiles that are the very latest in the world.

Benchmarks continue to trade in red in afternoon session

Indian bourses continued to trade in red in the afternoon session dragged down by selling witnessed in oil and gas, FMCG and capital goods stocks amid weak global cues. Sentiments got a hit after India Meteorological Department (IMD) predicted that this year’s southwest monsoon rains will be just below normal. Depreciation in rupee value coupled with the weak Asian cues and absence of any positive triggers also weighed on investors’ sentiments. However, gains in realty, metal and consumer durables stocks has restrained the market to extend losses. Banking stocks were trading up by over 0.40% amid better than expected earning of banks for Q4 FY14. The broader markets once again outperformed the benchmarks with both small and mid cap indices trading up by over 0.10%. On Stock specific movement, YES Bank was trading higher by 5% to Rs 463 after reporting a healthy 18.8% year on year (yoy) growth in net profit at Rs 430 crore Q4 FY14. Mahindra and Mahindra (M&M) has rallied nearly 4% to Rs 1,081 after global brokerages upgraded its rating on to outperform from neutral. Shares of Deepak Fertilisers and Chemicals were up 2% at around Rs 128 after the company announced that its arm acquired marginal stake in Mangalore Chemicals and Fertilisers. On global front, most of the Asian equity indices were trading in red with Hang Seng down by 1.25% and Shanghai Composite down by 0.28% as global investors weighed escalating tensions in Ukraine, Japanese inflation data and corporate earnings. Back home, the NSE Nifty and BSE Sensex were trading above their psychological 6,800 and 22,800 levels respectively. The market breadth on BSE was positive, out of 2,379 stocks traded, 1,133 stocks advanced, while 1,129 stocks declined on the BSE. The BSE Sensex is currently trading at 22,838.07 down by 38.47 points or 0.17% after trading in a range of 22,939.31and 22,806.54. There were 14 stocks advancing against 16 stocks declining on the index. The broader indices were trading in green; the BSE Mid cap index was up by 0.13%, while Small cap index up by 0.18%. The gaining sectoral indices on the BSE were Realty up by 2.08%, Consumer Durables up by 1.31%, Metal up by 0.70%, Auto up by 0.47% and Bankex up by 0.44%. While, Oil and Gas down by 1.55%, FMCG down by 1.10%, Capital Goods down by 0.47%, IT down by 0.31% and Power down by 0.07% were the losing indices on BSE.    The top gainers on the Sensex were M&M up by 3.50%, Dr Reddy’s Lab up by 1.93%, BHEL up by 1.88%, HDFC up by 1.63% and Bharti Airtel up by 1.27%. On the flip side, Maruti Suzuki down by 1.85%, HUL down by 1.69%, RIL down by 1.67%, ITC down by 1.49% and NTPC down by 1.27%. Meanwhile, the government has set a target of electricity generation of 1,023 billion units during the current financial year, which is about 5 percent higher than previous fiscal year target. Further, the Central Electricity Authority (CEA) planned to achieve electricity generation of 252 billion units in the April-June period, while the target for each of the subsequent quarters is 257 billion units. As per the CEA, over 368 billion units may be generated from state utilities and over 393 billion units from central utilities, while the rest will generate from private entities.  Furthermore, it estimates that around 859 billion units of electricity will be generated by thermal power projects during 2014-15 out of which 784 billion units are expected to come from coal-based stations and the remaining 75 billion units from fuels such as diesel, lignite, naphtha and natural gas. However, target for hydel generation has been lowered to 124 billion units in current fiscal from 135 billion units in 2013-14. India produced 967 billion units of power during FY14, lower than the target of 975 billion units. Electricity in India is produced with the use of coal, crude oil, water and natural gas. Acute coal shortages in the country has become primary reason for power deficit in the country as coal-fired plants account for 68% of India's installed electricity capacity. India’s gas based installed capacity stands at nearly 8 percent at 20,000 MW of which around 6,000 MW is currently stranded because of unavailability of natural gas. The CNX Nifty is currently trading at 6,821.30 down by 19.50 points or 0.29% after trading in a range of 6,869.85 and 6,818.20. There were only 21 stocks advancing against 29 declining on the index. The top gainers of the Nifty were M&M up by 3.35%, DLF up by 2.86%, Jindal Steel up by 1.99%, Dr Reddy’s Lab up by 1.84% and BHEL up by 1.82%. On the flip side, Cairn down by 4.92%, ACC down by 3.65%, Ambuja Cement down by 3.31%, Ultratech Cement down by 2.85% and BPCL down by 2.64% were the major losers on the index. Asian equity indices were trading in red; Hang Seng down by 1.25% to 22,281.39, Shanghai Composite down by 0.28% to 2,051.13, Straits Times was down by 0.43% to 3,269.90 and Taiwan Weighted down by 1.92% to 8,774.12. While, Nikkei 225 up by 0.14% to 14,425.84 and Jakarta Composite up by 0.39% to 4,909.96.

Mentha Oil futures decline on low demand

Mentha Oil futures traded down on MCX as reducing of positions by participants due to lower demand from consuming industries in the spot market against higher supplies from Chandausi in Uttar Pradesh mainly influenced mentha oil prices at futures trade. The contract for April delivery was trading at Rs 830.90, down by 0.29% or Rs 2.40 from its previous closing of Rs 833.30. The open interest of the contract stood at 2229.00 lots. The contract for May delivery was trading at Rs 843.10, down by 0.31% or Rs 2.60 from its previous closing of Rs 845.70. The open interest of the contract stood at 2712.00 lots on MCX.

IHCL moves up on aim of trimming debt by Rs 550 crore

The Indian Hotels Company (IHCL) is currently trading at Rs. 74.00, up by 0.10 points or 0.14% from its previous closing of Rs. 73.90 on the BSE. The scrip opened at Rs. 74.15 and has touched a high and low of Rs. 74.50 and Rs. 73.65 respectively. So far 29165 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 79.00 on 07-Apr-2014 and a 52 week low of Rs. 37.55 on 06-Aug-2013. Last one week high and low of the scrip stood at Rs. 76.55 and Rs. 73.20 respectively. The current market cap of the company is Rs. 5975.30 crore. The promoters holding in the company stood at 37.53% while Institutions and Non-Institutions held 38.40% and 24.04% respectively. Indian Hotels Company (IHCL) is targeting to cut high cost debt by Rs 550 crore by utilizing a part of the proceeds from its upcoming rights issue. IHCL is to issue compulsorily convertible debentures (CCDs) for Rs 1,000 crore on a rights basis. Part of the proceeds would be utilised towards capital expenditure proposed to be incurred by the company for construction of its Vivanta by Taj in Guwahati. The company is aiming to use Rs 70 crore towards the upcoming property. The estimated cost of construction and commissioning of the Vivanta Guwahati stands at Rs 166.80 crore, of which the company has already incurred capex of Rs 68.18 crore till March 31, 2014. The Indian Hotels Company and its subsidiaries are collectively known as Taj Hotels Resorts and Palaces and is recognized as one of Asia's largest and finest hotel company. IHCL operate in the luxury, premium, mid-market and value segments of the market. Ginger (economy hotels) is IHCL’s revolutionary concept in hospitality. It currently comprises 105 hotels across India and 17 international hotels in the Maldives, Malaysia, Australia, UK, USA, Bhutan, Sri Lanka, Africa and the Middle East.

Chana futures trade up on rising demand

Chana futures traded up on NCDEX as speculators increasing their holdings on hopes of a rise in spot market demand due to marriage season. Moreover, renewed demand from local millers amid tight supply from producing regions also influenced the commodity prices in future trade.

The contract for May delivery was trading at Rs 3095.00, up by 0.75% or Rs 23.00 from its previous closing of Rs 3072.00. The open interest of the contract stood at 95770.00 lots.

The contract for June delivery was trading at Rs 3156.00, up by 0.77% or Rs 24.00 from its previous closing of Rs 3132.00. The open interest of the contract stood at 59720.00 lots on NCDEX.

Cardamom futures trade marginally higher on improved demand

Cardamom futures trade marginally higher on MCX on account of strong demand amidst short supply in the major spot market. Hoever, speculators booking profits on account of higher price levels restricted the gains in the commodity.

The contract for May delivery was trading at Rs 980.60, up by 0.04% or Rs 0.40 from its previous closing of Rs 980.20. The open interest of the contract stood at 2769.00 lots.

The contract for June delivery was trading at Rs 1011.00, up by 0.24% or Rs 2.40 from its previous closing of Rs 1008.60. The open interest of the contract stood at 1403.00 lots on MCX.

ACC declines on reporting 9% fall in Q1 consolidated net profit

ACC is currently trading at Rs. 1298.90, down by 48.85 points or 3.62% from its previous closing of Rs. 1347.75 on the BSE. The scrip opened at Rs. 1340.00 and has touched a high and low of Rs. 1345.00 and Rs. 1290.00 respectively. So far 26590 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1402.35 on 10-Apr-2014 and a 52 week low of Rs. 912.05 on 28-Aug-2013. Last one week high and low of the scrip stood at Rs. 1366.25 and Rs. 1290.00 respectively. The current market cap of the company is Rs. 24300.82 crore. The promoters holding in the company stood at 50.30% while Institutions and Non-Institutions held 32.86% and 16.84% respectively. ACC has posted a fall of 8.90% in its net profit at Rs 398.73 crore for the quarter ended March 31, 2014 as compared to Rs 437.70 crore for the same quarter in the previous year. However, total income of the company has increased marginally by 2.63% at Rs 3133.95 crore for quarter under review as compared to Rs 3053.50 crore for the quarter ended March 31, 2013. On consolidated basis, the company has reported 8.77% fall in its net profit after taxes and minority interest and share of profit of associate at Rs 399.85 crore for the quarter ended March 31, 2014 as compared to Rs 438.29 crore for the same quarter in the previous year. Total income of the group has gained 2.68% at Rs 3134.82 crore for quarter under review as compared to Rs 3052.89 crore for the quarter ended March 31, 2013.

IHCL aims to trim debt by Rs 550 crore

Indian Hotels Company (IHCL) is targeting to cut high cost debt by Rs 550 crore by utilizing a part of the proceeds from its upcoming rights issue. IHCL is to issue compulsorily convertible debentures (CCDs) for Rs 1,000 crore on a rights basis. Part of the proceeds would be utilised towards capital expenditure proposed to be incurred by the company for construction of its Vivanta by Taj in Guwahati. The company is aiming to use Rs 70 crore towards the upcoming property. The estimated cost of construction and commissioning of the Vivanta Guwahati stands at Rs 166.80 crore, of which the company has already incurred capex of Rs 68.18 crore till March 31, 2014. The Indian Hotels Company and its subsidiaries are collectively known as Taj Hotels Resorts and Palaces and is recognized as one of Asia's largest and finest hotel company. IHCL operate in the luxury, premium, mid-market and value segments of the market. Ginger (economy hotels) is IHCL’s revolutionary concept in hospitality. It currently comprises 105 hotels across India and 17 international hotels in the Maldives, Malaysia, Australia, UK, USA, Bhutan, Sri Lanka, Africa and the Middle East.

Nickel futures decline on subdued demand

Nickel futures declined on MCX on the back of a weakening trend in the domestic spot markets due to subdued demand from alloy-makers. Further, weak trend in copper and other base metals in London Metal Exchange also dampened the sentiments. The contract for April delivery was trading at Rs 1116.90, down by 0.77% or Rs 8.70 from its previous closing of Rs 1125.60. The open interest of the contract stood at 8042.00 lots. The contract for May delivery was trading at Rs 1123.90, down by 0.78% or Rs 8.80 from its previous closing of Rs 1132.70. The open interest of the contract stood at 4625.00 lots on MCX.

Biocon surges on reporting twofold jump in Q4 standalone net profit

Biocon is currently trading at Rs. 479.15, up by 12.25 points or 2.62% from its previous closing of Rs. 466.90 on the BSE. The scrip opened at Rs. 477.00 and has touched a high and low of Rs. 484.90 and Rs. 471.00 respectively. So far 265622 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 513.65 on 21-Apr-2014 and a 52 week low of Rs. 264.45 on 13-Jun-2013. Last one week high and low of the scrip stood at Rs. 513.65 and Rs. 451.65 respectively. The current market cap of the company is Rs. 9563.00 crore. The promoters holding in the company stood at 60.97% while Institutions and Non-Institutions held 19.58% and 19.44% respectively. Biocon has reported results for fourth quarter and year ended March 31, 2014 The company has posted a rise of 126.53% in its net profit at Rs 86.74 crore for the quarter ended March 31, 2014 as compared to Rs 38.29 crore for the same quarter in the previous year. Total income of the company has increased by 20.25% at Rs 582.53 crore for quarter under review as compared to Rs 484.40 crore for the quarter ended March 31, 2013. On consolidated basis, the company has reported 54.51% fall in its net profit at Rs 113.08 crore for the quarter ended March 31, 2014 as compared to Rs 248.61 crore for the same quarter in the previous year. However, total income of the company has soared by 14.92% at Rs 745.77 crore for quarter under review as compared to Rs 648.93 crore for the quarter ended March 31, 2013. For the year ended March 31, 2014, the group has posted a jump of 19.64% in its net profit at Rs 329.85 crore as compared to Rs 275.7 crore for the same period in the previous year. Total income of company has surged by 13.75% at Rs 2263.08 crore for year under review as compared to Rs 1989.47 crore for the period ended March 31, 2013. For the year ended March 31, 2014, on the consolidated basis, the group has reported 18.69% fall in its net profit at Rs 413.72 crore as compared to Rs 508.82 crore for the same period in the previous year. However, total income of company has increased by 15.57% at Rs 2933.19 crore for year under review as compared to Rs 2537.96 crore for the period ended March 31, 2013.

Sugar mills dispatches 125 LT of sugar for sale in domestic market

The sugar mills have dispatched 125 lakh tons (LT) of sugar for sale in the domestic market, during the first 6 months of current season i.e. October 01, 2013 to March 31, 2014, as per report compiled by the Indian Sugar Mills Association (ISMA). This is almost 10 LT more as compared to despatches of 115 LT during the same six month period in the last sugar season.  The slightly higher despatches are because of better lifting during the last few months after improvement in the market sentiments. About 15.4 LT of raw sugar has been produced by the sugar mills up to March 31, 2014, out of which 8.5 LT has been dispatched for export as raw sugar. It is estimated that around 14.5 LT of sugar, both as raw and white, have got exported out of the country in the first six months.   Out of the above, about 3.50 LT of sugar has got exported in the month of March, 2014 itself, which may be eligible for the incentives announced by the Government on February 28, 2014.

Biocon surges on reporting twofold jump in Q4 standalone net profit

Biocon is currently trading at Rs. 479.15, up by 12.25 points or 2.62% from its previous closing of Rs. 466.90 on the BSE. The scrip opened at Rs. 477.00 and has touched a high and low of Rs. 484.90 and Rs. 471.00 respectively. So far 265622 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 513.65 on 21-Apr-2014 and a 52 week low of Rs. 264.45 on 13-Jun-2013. Last one week high and low of the scrip stood at Rs. 513.65 and Rs. 451.65 respectively. The current market cap of the company is Rs. 9563.00 crore. The promoters holding in the company stood at 60.97% while Institutions and Non-Institutions held 19.58% and 19.44% respectively. Biocon has reported results for fourth quarter and year ended March 31, 2014 The company has posted a rise of 126.53% in its net profit at Rs 86.74 crore for the quarter ended March 31, 2014 as compared to Rs 38.29 crore for the same quarter in the previous year. Total income of the company has increased by 20.25% at Rs 582.53 crore for quarter under review as compared to Rs 484.40 crore for the quarter ended March 31, 2013. On consolidated basis, the company has reported 54.51% fall in its net profit at Rs 113.08 crore for the quarter ended March 31, 2014 as compared to Rs 248.61 crore for the same quarter in the previous year. However, total income of the company has soared by 14.92% at Rs 745.77 crore for quarter under review as compared to Rs 648.93 crore for the quarter ended March 31, 2013. For the year ended March 31, 2014, the group has posted a jump of 19.64% in its net profit at Rs 329.85 crore as compared to Rs 275.7 crore for the same period in the previous year. Total income of company has surged by 13.75% at Rs 2263.08 crore for year under review as compared to Rs 1989.47 crore for the period ended March 31, 2013. For the year ended March 31, 2014, on the consolidated basis, the group has reported 18.69% fall in its net profit at Rs 413.72 crore as compared to Rs 508.82 crore for the same period in the previous year. However, total income of company has increased by 15.57% at Rs 2933.19 crore for year under review as compared to Rs 2537.96 crore for the period ended March 31, 2013.

Wipro receives CMMI SVC 1.3 Level 5 appraisal

Wipro, a leading global Information Technology, Consulting and Outsourcing company has been appraised at SVC 1.3 Level 5 of the CMMI Institute’s Capability Maturity Model Integration (CMMI). The appraisal was performed by KPMG. CMMI is a process improvement approach that provides organizations with the essential elements of effective processes that ultimately improve their performance. Wipro was appraised for its Application Management Services, Infrastructure Management Services and ServiceNXT engagements. An appraisal at maturity level 5 indicates that the organization is performing at an 'optimizing' level. At this level, an organization continually improves its processes based on a quantitative understanding of its business objectives and performance needs. The organization uses a quantitative approach to understand the variation inherent in the process and the causes of process outcomes. This assessment validates Wipro's process capability based on the CMMI standards that measure process improvements. Wipro has continuously leveraged CMMI Level 5 processes to achieve improved customer satisfaction, thereby enabling growth and profitability. 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.

Jeera futures traded higher on fresh buying support

Jeera futures traded up on NCDEX on account of fresh buying support from retailers and stockists amid paucity of stocks. Sentiment improved further as a result of reduced domestic supplies in the physical markets and some export enquirers. The contract for May delivery was trading at Rs 10635.00, up by 1.58% or Rs 165.00 from its previous closing of Rs 10470.00. The open interest of the contract stood at 8424.00 lots. The contract for June delivery was trading at Rs 10770.00, up by 1.51% or Rs 160.00 from its previous closing of Rs 10610.00. The open interest of the contract stood at 4269.00 lots on NCDEX.

Dr Reddy’s Lab surges on launching Fenofibrate Capsules

Dr. Reddys Laboratories is currently trading at Rs. 2610.00, up by 44.55 points or 1.74% from its previous closing of Rs. 2565.45 on the BSE. The scrip opened at Rs. 2584.00 and has touched a high and low of Rs. 2612.00 and Rs. 2584.00 respectively. So far 8312 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 2939.80 on 28-Feb-2014 and a 52 week low of Rs. 1914.90 on 25-Apr-2013. Last one week high and low of the scrip stood at Rs. 2612.00 and Rs. 2524.75 respectively. The current market cap of the company is Rs. 44338.88 crore. The promoters holding in the company stood at 25.52% while Institutions and Non-Institutions held 40.59% and 15.87% respectively. 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.

Tech Mahindra wins LTA excellence award for best ICT Solution Delivery Partner

Tech Mahindra, a specialist provider of connected solutions to the connected world, has been named Best ICT Solution Delivery Partner for 2014 by Singapore’s Land Transport Authority (LTA).

The biennial awards recognize industry partners and individuals who have played a pivotal role in developing and transforming Singapore’s transport system, widely regarded as one of the most innovative and advanced in the world. The awards honor organizations which display industrial best practices, good project management and quality service provision.

Tech Mahindra is a leading provider of solutions and services to the telecommunications industry with a majority stake owned by Mahindra & Mahindra. The company, since 2002 has operations in China with offices in Beijing, Shanghai, Nanjing and Guangzhou.

Avantel touches the roof on bagging order worth Rs 17.04 crore

Avantel is currently trading at its upper circuit limit of Rs. 52.55, up by 4.75 points or 9.94% from its previous closing of Rs. 47.80 on the BSE. The scrip opened at Rs. 50.00 and has touched a high and low of Rs. 52.55 and Rs. 49.10 respectively. So far 1643 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 71.00 on 07-May-2013 and a 52 week low of Rs. 39.00 on 06-Jan-2014. Last one week high and low of the scrip stood at Rs. 52.55 and Rs. 46.10 respectively. The current market cap of the company is Rs. 21.98 crore. The promoters holding in the company stood at 39.83% while Non-Institutions held 60.17% stake in the company. Avantel has bagged an order worth Rs 17.04 crore from Antrix Corporation, a Government of India Company under Department of Space, for supply of UHF SATCOM Systems-Airborne. Avantel is actively involved in design and development of products based on High Power Broad band Wireless, Satellite Communication and Broad band access technologies. The design, development and integration of wireless and access products are carried out using standard and proprietary software tools.

CARE reaffirms ratings of Manali Petrochemicals’ bank facilities

Credit rating agency, CARE has reaffirmed ‘A-’ rating to Manali Petrochemicals’ long term bank facilities worth Rs 24.75 crore and ‘A1’ rating to company’s Short term Bank Facilities worth Rs 75.25 crore. The ratings continue to factor in long-standing operations of Manali Petrochemicals with a diversified product portfolio and strong financial risk profile marked by healthy cash generation, very low debt levels and comfortable liquidity position Manali Petrochemicals (MPL) is a Chennai-based manufacturer of petrochemical products like Propylene Oxide (PO), Propylene Glycol (PG) and Polyols. MPL’s products are import substitutes and cater to a wide variety of the end-user industries. MPL is the only domestic player in the segments in which it operates and faces competition only from the imports. The company has two manufacturing plants located at Manali near Chennai

Orient Paper trades higher on the BSE

Orient Paper & Industries is currently trading at Rs. 21.90, up by 0.30 points or 1.39% from its previous closing of Rs. 21.60 on the BSE. The scrip opened at Rs. 21.90 and has touched a high and low of Rs. 22.65 and Rs. 21.50 respectively. So far 122154 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 23.20 on 22-Apr-2014 and a 52 week low of Rs. 4.30 on 12-Aug-2013. Last one week high and low of the scrip stood at Rs. 23.20 and Rs. 15.90 respectively. The current market cap of the company is Rs. 445.59 crore. The promoters holding in the company stood at 38.23% while Institutions and Non-Institutions held 23.75% and 38.01% respectively. Orient Paper & Industries has reported the operational performance of Electrical Division of the company for January to March, 2014 period. The production for January to March period stood at 3,222,487 units while export sales stood at 381,444 units for the same period. On monthly basis, the production of Fan for January, 2014 stood at 908,178 units, while the export sales of Fan for the same month stood at 126,719 units. Besides, the production of Fan for February, 2014 stood at 1,057,104 units, while the export sales of Fan for the same month stood at 127,151 units; while the production of Fan for March, 2014 stood at 1,257,205 units, while the export sales of Fan for the same month stood at 127,574 units. Orient Paper & Industries is part of the C K Birla Group. Today it has emerged as a multi-product, multi-location company. The company manufactures and markets range of fans under the name Orient Fans. It manufactures ceiling fans, desk fans, wall-mounted fans, pedestal fans, exhaust fans and multi-utility fans. It has production capacity of over 3 million units per annum.

JSW Steel firms up on commissioning first phase of Cold Rolling Mill-2 in Karnataka

JSW Steel is currently trading at Rs. 1128.05, up by 12.80 points or 1.15 % from its previous closing of Rs. 1115.25 on the BSE. The scrip opened at Rs. 1113.25 and has touched a high and low of Rs. 1134.50 and Rs. 1109.20 respectively. So far 32476 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1126.65 on 22-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. 1126.65 and Rs. 1007.00 respectively. The current market cap of the company is Rs. 27271.08 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 commissioned the first phase of 2.3 million tonne per annum (MTPA) Cold Rolling Mill-2 at Toranagallu in Karnataka’s Bellary district. In this regard, the company has invested Rs 4,500 crore to set up the plant in technical collaboration with Japan’s JFE Steel. The CRM-1 is already operational since 8 years and manufactures special steel for under body parts in passenger cars. By commissioning of the Cold Rolling Mill, the company is targeting to capture a sizeable portion of auto-grade steel market in India. At present, Indian automobile industry imports about 1 million tonnes of high-end steel with a strength level of 980 MPA (Megapascal) annually to manufacture premium passenger cars and sports utility vehicles (SUVs). Further, the company is planning to capture a sizeable portion of this market, which is estimated to grow at 0-15% in the coming years. 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.

Turmeric futures extend gains on strong export demand

Turmeric futures extended their gains on NCDEX on the account of strong export demand in local mandis against limited stock positions in the market. Besides, improved exports inquiries and a slight drop in supply at major spot markets of the country also impacted the trading sentiments.

The contract for May delivery was trading at Rs 7052.00, up by 2.08% or Rs 144.00 from its previous closing of Rs 6908.00. The open interest of the contract stood at 10065.00 lots.

The contract for June delivery was trading at Rs 7186.00, up by 2.02% or Rs 142.00 from its previous closing of Rs 7044.00. The open interest of the contract stood at 4415.00 lots on NCDEX.

Jindal Stainless trades jubilantly on bagging order worth Rs 35 crore

Jindal Stainless is currently trading at Rs. 40.60, up by 1.90 points or 4.91% from its previous closing of Rs. 38.70 on the BSE. The scrip opened at Rs. 39.00 and has touched a high and low of Rs. 40.85 and Rs. 38.55 respectively. So far 18157 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 68.40 on 25-Apr-2013 and a 52 week low of Rs. 31.45 on 04-Mar-2014. Last one week high and low of the scrip stood at Rs. 40.85 and Rs. 38.05 respectively. The current market cap of the company is Rs. 839.96 crore. The promoters holding in the company stood at 45.86% while Institutions and Non-Institutions held 29.06% and 16.91% respectively. Jindal Stainless has bagged order worth Rs 35 crore for supplying 1,100 tonnes stainless steel to International Thermonuclear Experimental Reactor’s cryostat project. Cryostat is a large-scale scientific experiment that strives to produce commercial energy from fusion. Of total 3,650 tonnes stainless steel to be used for making the reactor, the company will supply 1,100 tonnes, valued at around Rs 35 crore, in the first phase. France’s Indu steel is the other company chosen to supply the high-end steel. Further, the project is being funded and run by seven-member entities - European Union, India, Japan, China, Russia, South Korea and the US. Jindal Stainless manufactures stainless steel slabs, blooms, hot rolled and cold rolled coils, 60% of which are exported worldwide. It has a stainless steel making facility at Hissar and a ferro alloy plant at Vizag.

Jindal Stainless bags order worth Rs 35 crore

Jindal Stainless has bagged order worth Rs 35 crore for supplying 1,100 tonnes stainless steel to International Thermonuclear Experimental Reactor’s cryostat project. Cryostat is a large-scale scientific experiment that strives to produce commercial energy from fusion. Of total 3,650 tonnes stainless steel to be used for making the reactor, the company will supply 1,100 tonnes, valued at around Rs 35 crore, in the first phase. France’s Indu steel is the other company chosen to supply the high-end steel. Further, the project is being funded and run by seven-member entities - European Union, India, Japan, China, Russia, South Korea and the US. Jindal Stainless manufactures stainless steel slabs, blooms, hot rolled and cold rolled coils, 60% of which are exported worldwide. It has a stainless steel making facility at Hissar and a ferro alloy plant at Vizag.

Corporation Bank trades with traction on the bourses

Corporation Bank is currently trading at Rs. 294.00, up by 4.35 points or 1.50% from its previous closing of Rs. 289.65 on the BSE. The scrip opened at Rs. 289.00 and has touched a high and low of Rs. 294.85 and Rs. 281.00 respectively. So far 5040 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 429.95 on 29-May-2013 and a 52 week low of Rs. 220.10 on 24-Feb-2014. Last one week high and low of the scrip stood at Rs. 293.00 and Rs. 279.40 respectively. The current market cap of the company is Rs. 4917.35 crore. The promoters holding in the company stood at 63.33% while Institutions and Non-Institutions held 29.02% and 7.65% respectively. Corporation Bank, public sector lender has opened one new SME (small and medium enterprises) loan centre in Ludhiana on April 23, 2014. SME clusters, such as auto components, hosiery, machine tools, hand-tools, forging, and bicycle parts in and around Ludhiana would benefit from this initiative. Earlier, the bank had opened one SME loan centre in Ahmedabad. Corporation Bank is a Mangalore-based mid-sized public sector bank which was established in 1906. Government of India is the majority shareholder holding 59.82% stake in the bank. As on March 31, 2013, the bank has 1707 branches and 1425 ATMs.

Union Bank of India trades higher on the bourses

Union Bank of India is currently trading at Rs. 153.25, up by 4.10 points or 2.75% from its previous closing of Rs. 149.15 on the BSE. The scrip opened at Rs. 149.50 and has touched a high and low of Rs. 154.10 and Rs. 149.50 respectively. So far 146022 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 255.00 on 09-May-2013 and a 52 week low of Rs. 97.10 on 29-Aug-2013. Last one week high and low of the scrip stood at Rs. 157.00 and Rs. 145.90 respectively. The current market cap of the company is Rs. 9668.90 crore. The promoters holding in the company stood at 60.13% while Institutions and Non-Institutions held 25.09% and 14.78% respectively. Union Bank of India acting through its Hong Kong Branch successfully priced a $350 million Reg S senior unsecured notes drawdown from its $2 billion Medium-Term Note Program. The bonds are rated ‘Baa3’ by Moody’s and ‘BBB-‘ by S&P. The 5.5-year bonds were priced at a spread of 280 bps over the 5-year US Treasury, equivalent to a price of 99.764 and yield of 4.549% per annum. The bonds will be denominated in US dollars, and will bear fixed interest of 4.5% per annum, with interest payable semi-annually in arrears. The bonds will mature on October 28, 2019. The total order book of the offering was in excess of $1.2 billion and was oversubscribed 3.4x times with demand from 150 investors, underscoring the bank’s strong business franchise and its position as one of India’s largest bank. Bank of America Merrill Lynch, BNP PARIBAS, Citigroup, J.P. Morgan and Standard Chartered Bank acted as Joint Lead Managers for the drawdown. Geographically, 65% of the bonds were allocated to Asia, 32% to Europe and the remaining 3% to offshore US. In terms of breakdown by investor type, banks were allocated 46%, followed by fund managers at 35%, insurance and sovereign wealth funds at 6%, while the remaining 13% were allocated to private banks and others.

Copper futures surge on improved supply-demand outlook

Copper futures surged on Thursday as investors saw an improved supply-demand outlook for the base metal following firm demand in top consumer China. Besides, improving US economic data and escalating tensions in Russia and Ukraine also supported the upside of the commodity price. Copper futures for July delivery rose 1.6% to settle at $3.0880 a pound on the Comex metals division of New York Mercantile Exchange. While, copper on the London Metal Exchange closed up 1.24% to $6,753.00 a metric ton.

JSW Steel commissions first phase of Cold Rolling Mill-2 in Karnataka

JSW Steel has commissioned the first phase of 2.3 million tonne per annum (MTPA) Cold Rolling Mill-2 at Toranagallu in Karnataka’s Bellary district. In this regard, the company has invested Rs 4,500 crore to set up the plant in technical collaboration with Japan’s JFE Steel. The CRM-1 is already operational since 8 years and manufactures special steel for under body parts in passenger cars. By commissioning of the Cold Rolling Mill, the company is targeting to capture a sizeable portion of auto-grade steel market in India. At present, Indian automobile industry imports about 1 million tonnes of high-end steel with a strength level of 980 MPA (Megapascal) annually to manufacture premium passenger cars and sports utility vehicles (SUVs). Further, the company is planning to capture a sizeable portion of this market, which is estimated to grow at 0-15% in the coming years. 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.

Benchmarks make muted start

After scaling fresh all-time highs in the previous session, Indian equity benchmarks have made a muted start as sentiments remained down-beat after India Meteorological Department (IMD) has predicted below normal June-September rains at 95% of the long period average due to El Nino. IMD said there was a 56% probability of below normal to deficient rains, as compared to a 44% chance of rains being normal or better. However, some support came in from report that foreign institutional investors (FIIs) bought shares worth a net Rs 767.61 crore on April 23, 2014, as per provisional data from the stock exchanges. On the global front, the US markets ended mostly higher overnight with Dow closing flat for the first time in many years. Though, there was some cautiousness with the disappointing numbers of General Motors. The Asian markets are struggling at this point of time as the emerging crisis in Ukraine continued to weigh on market sentiment. Back home, on the sectoral front banking, realty and auto witnessed the maximum gain in trade, while oil and gas, FMCG and capital goods remained the top losers on the BSE sectoral space. The broader indices, however, were outperforming benchmarks, while the market breadth on the BSE was positive; there were 927 shares on the gaining side against 761 shares on the losing side while 75 shares remain unchanged. The BSE Sensex opened at 22892.50; about 16 points higher compared to its previous closing of 22876.54, and touched a high and a low of 22939.31 and 22806.54 respectively. The index is currently trading at 22881.06, up by 4.52 points or 0.02%. There were 13 stocks advancing against 17 declines on the index. The overall market breadth has made a strong start with 52.58% stocks advancing against 43.17% declines. The broader indices too were trading in green; the BSE Mid cap index up was by 0.34% and Small cap gained 0.15%.  The top gaining sectoral indices on the BSE were, Bankex up by 0.90%, Realty up by 0.56%, Auto up by 0.44%, Consumer Durables up by 0.43% and Healthcare up by 0.40%, while Oil & Gas down by 1.10%, FMCG down by 0.80%, IT down by 0.27% and Capital Goods down by 0.12% were the top losers on the sectoral index. The top gainers on the Sensex were BHEL up by 2.14%,  Bharti Airtel up by 1.70%, Dr Reddys Lab up by 1.66%, HDFC up by 1.58% and SBI up by 1.57%. On the flip side, ITC was down by 1.27%, RIL was down by 0.99%,  Hindustan Unilever was down by 0.91%, Wipro was down by 0.90% and  NTPC was down by 0.82% were the top losers on the Sensex. Meanwhile, in order to help the US to tackle tax evasion, India has signed an 'in substance' agreement with the US under Foreign Account Tax Compliance Act (FATCA) to combat possible tax evasion by Americans through Indian financial entities. As per the agreement, India will provide US with the available information from Indian financial institutions on offshore accounts or assets of Americans or their entities. However, the US will give information on foreign accounts of Indian individuals, but not entities. The FATCA act is aimed to check and impose withholding tax on illicit activities of some wealthy individuals who use offshore accounts to avoid millions of dollars in taxes. India has agreed to Model 1-Inter governmental Agreement (IGA) under FATCA under which financial entities will be required to report information on US account holders to the US internal revenue service (IRS) through CBDT. According to FATCA act, the US government to sign IGAs with various countries where American individuals and companies may hold accounts and other assets. The noncompliance with FATCA requires the investor to pay 30 percent withholding tax on certain US source payments. The US Treasury introduced two formats of the IGA - Model 1 and Model 2. As per the Model 2, financial institutions are required to report information directly to the US IRS rather than their local jurisdictions. Indian regulators like SEBI and RBI are likely to issue guidelines soon for market intermediaries to ensure compliance of FATCA. After signing of IGA with the US, these regulatory measures would immensely help Indian financial institutions to cope up with this complex regulation. The FATCA is scheduled to come into effect from July 1, 2014. The CNX Nifty opened at 6,855.80; about 15 point higher as compared to its previous closing of 6,840.80, and has touched a high and a low of 6,869.85 and 6,818.20 respectively. The index is currently trading at 6,843.20, up by 2.40 points or 0.04%. There were 21 stocks advancing against 29 declines on the index. The top gainers of the Nifty were BHEL up by 2.16%, Bank of Baroda up by 1.89%, Bharti Airtel up by 1.80 %, Dr. Reddy's Laboratories up by 1.72% and SBI up by 1.59%. On the flip side, Cairn down by 4.99%, ACC down by 2.75%, Asian Paint down by 1.91%, Ambuja Cements down by 1.49% and ITC down by 1.36% were the top losers on the index. Most of the Asian equity indices were trading in red; Shanghai Composite declined 3.41 points or 0.17% to 2,053.62, Hang Seng slipped by 308.00 points or 1.37% to 22,254.80, KLSE Composite decreased 3.02 points or 0.16% to 1,862.26, Straits Times contracted by 15.81 points or 0.48% to 3,268.12, Seoul Composite dropped by 21.75 points or 1.09% to 1,976.59 and Taiwan Weighted was down by 171.06 points or 1.91% to 8,774.39. On the flip side, Jakarta Composite increased 23.82 points or 0.49% to 4,914.90 and Nikkei 225 was up by 31.65 points or 0.22% to 14,436.64.

Union Bank of India successfully priced $350 million Reg S senior unsecured notes

Union Bank of India acting through its Hong Kong Branch successfully priced a $350 million Reg S senior unsecured notes drawdown from its $2 billion Medium-Term Note Program. The bonds are rated ‘Baa3’ by Moody’s and ‘BBB-‘ by S&P. The 5.5-year bonds were priced at a spread of 280 bps over the 5-year US Treasury, equivalent to a price of 99.764 and yield of 4.549% per annum. The bonds will be denominated in US dollars, and will bear fixed interest of 4.5% per annum, with interest payable semi-annually in arrears. The bonds will mature on October 28, 2019. The total order book of the offering was in excess of $1.2 billion and was oversubscribed 3.4x times with demand from 150 investors, underscoring the bank’s strong business franchise and its position as one of India’s largest bank. Bank of America Merrill Lynch, BNP PARIBAS, Citigroup, J.P. Morgan and Standard Chartered Bank acted as Joint Lead Managers for the drawdown. Geographically, 65% of the bonds were allocated to Asia, 32% to Europe and the remaining 3% to offshore US. In terms of breakdown by investor type, banks were allocated 46%, followed by fund managers at 35%, insurance and sovereign wealth funds at 6%, while the remaining 13% were allocated to private banks and others.

DLF gains on leasing 3 million square feet of office space in FY14

DLF is currently trading at Rs. 155.70, up by 3.25 points or 2.13% from its previous closing of Rs. 152.45 on the BSE. The scrip opened at Rs. 153.65 and has touched a high and low of Rs. 155.80 and Rs. 152.85 respectively. So far 363501 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 254.75 on 20-May-2013 and a 52 week low of Rs. 120.25 on 06-Aug-2013. Last one week high and low of the scrip stood at Rs. 161.00 and Rs. 151.60 respectively. The current market cap of the company is Rs. 27389.81 crore. The promoters holding in the company stood at 74.93 % while Institutions and Non-Institutions held 20.25 % and 4.82 % respectively. DLF Offices, the offices leasing and management arm of India’s leading real estate developer, DLF, has created a benchmark by leasing 3 million square feet of office space in FY14 with many marquee MNCs and Indian companies. Out of the 3 million square feet leased out, a record 1.7 million square feet has been leased out in Gurgaon alone. This has been achieved despite intense competition in the office leasing space and a subdued economic environment. The lease rentals witnessed stable to healthy increases in various micro markets. Significantly most tenants who are completing the 9 year lease term in DLF CyberCity, Gurgaon chose to renew their leases reinforcing their faith and relationship with DLF. DLF Offices has approximately 27 million square feet of leasable space pan India with certain projects having achieved above 95% occupancy.

HP State Drug Controller suspends manufacture, sale of Wockhardt’s certain drugs

Wockhardt’s certain drugs has been suspended by the State Drug Controllerin state of Himachal Pradesh. The State Drug Controller, Himachal Pradesh, has suspended the manufacture, sale or distribution of Fixed Dose Combination (FDC) Dicyclomine Hydrochloride IP 10mg, Tramadol Hydrochloride IP 50mg & Acetamenophen IP 325mg. The company in order to revoke the said suspension is filing an appeal before the state government under the provisions of applicable law. The product contributed less than 3% of the consolidated sales of the company during the Financial Year 2013-14.

Wockhardt is one of the few companies with end to end integrated capabilities for its products, starting with the manufacture of the oral and sterile API’s, the dose forms and marketing through wholly owned subsidiary in the US, enabling the company to capture maximum value.

Asian markets mostly trade lower on Ukrainian tensions

Most of the Asian equity indices are trading lower in the morning deals on Friday on the back of the concerns over heightened tension in the Ukraine. Meanwhile, The Japanese stock market traded higher with investors indulging in some buying, tracking quarterly earnings reports. The yen's slight retreat against the US dollar too aided sentiments to an extent. In the economic report, nationwide consumer prices in Japan were up 1.6 percent on year in March in line with expectations and up from 1.5 percent in February. Among other markets in the Asia-Pacific region, Hong Kong, Singapore, South Korea, Shanghai and Taiwan are trading notably lower. Malaysia is down marginally, while Indonesia is trading modestly higher. Shanghai Composite declined 3.41 points or 0.17% to 2,053.62, Hang Seng slipped by 308.00 points or 1.37% to 22,254.80, KLSE Composite decreased 3.02 points or 0.16% to 1,862.26, Straits Times contracted by 15.81 points or 0.48% to 3,268.12, Seoul Composite dropped by 21.75 points or 1.09% to 1,976.59 and Taiwan Weighted was down by 171.06 points or 1.91% to 8,774.39. On the flip side, Jakarta Composite increased 23.82 points or 0.49% to 4,914.90 and Nikkei 225 was up by 31.65 points or 0.22% to 14,436.64.

DLF Offices leases 3 million square feet of office space in FY14

DLF Offices, the offices leasing and management arm of India’s leading real estate developer, DLF, has created a benchmark by leasing 3 million square feet of office space in FY14 with many marquee MNCs and Indian companies. Out of the 3 million square feet leased out, a record 1.7 million square feet has been leased out in Gurgaon alone. This has been achieved despite intense competition in the office leasing space and a subdued economic environment. The lease rentals witnessed stable to healthy increases in various micro markets. Significantly most tenants who are completing the 9 year lease term in DLF CyberCity, Gurgaon chose to renew their leases reinforcing their faith and relationship with DLF. DLF Offices has approximately 27 million square feet of leasable space pan India with certain projects having achieved above 95% occupancy.

Strides Arcolab spurts on getting USFDA’s approval for oral dosage facility

Strides Arcolab is currently trading at Rs. 489.00, up by 23.00 points or 4.94 % from its previous closing of Rs. 466.00 on the BSE. The scrip opened at Rs. 468.80 and has touched a high and low of Rs. 490.55 and Rs. 468.80 respectively. So far 103963 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1050.00 on 05-Dec-2013 and a 52 week low of Rs. 343.80 on 26-Feb-2014. Last one week high and low of the scrip stood at Rs. 474.00 and Rs. 451.00 respectively. The current market cap of the company is Rs. 2913.95 crore. The promoters holding in the company stood at 27.67 % while Institutions and Non-Institutions held 51.95 % and 20.38 % respectively. Strides Arcolab’s oral dosage forms manufacturing site (KRS Gardens) in Bangalore was recently inspected by the USFDA as part of GMP compliance audit and the facility continues to be approved. The last USFDA inspection and approval for this facility was in the year 2011. The KRS Gardens facility in Bangalore manufactures oral dosage forms such as tablets, capsules (both hard gelatine and soft gelatine) and sachets. The manufacturing plant supports important current and future submissions for the US market. Strides Arcolab is a global pharmaceutical company headquartered in Bangalore, India that develops and manufactures wide range of IP-lead niche pharmaceutical products with an emphasis on sterile injectables.