Fire breaks at Shasun Pharma's Ibuprofen facility at Pondicherry

Fire broke out at Shasun Pharmaceuticals’ Ibuprofen IP Grade packing section in API facility at Pondicherry on April 27, 2014. This is an isolated packing section from the main production block and other grades packing section. There was no impact to the other manufacturing operations, product supplies and no major damage to the facility. There has not been human casualty or injuries. The facility is fully covered with insurance. Shasun Pharmaceuticals manufactures active pharmaceutical ingredients (APIs), their intermediates and enteric coating excipients with a significant presence in some key generics. Shasun has created a strong product portfolio, building on its R&D Expertise, regulatory capabilities and multi scale production capacities. It is one of the largest producers of Ibuprofen worldwide.

SJVN gains on inking MOU for development of Kholongchhu Hydroelectric Power Project

SJVN is currently trading at Rs 22.55, up by 0.20 points or 0.89% from its previous closing of Rs 22.35 on the BSE. The scrip opened at Rs. 22.50 and has touched a high and low of Rs 22.70 and Rs 22.35 respectively. So far 65411 shares were traded on the counter. The BSE group 'B' stock of face value Rs 10 has touched a 52 week high of Rs 24.00 on 07-Apr-2014 and a 52 week low of Rs 18.30 on 25-Sep-2013. Last one week high and low of the scrip stood at Rs 23.55 and Rs 21.90 respectively. The current market cap of the company is Rs 9348.78 crore. The promoters holding in the company stood at 89.97% while Institutions and Non-Institutions held 6.87% and 3.16% respectively. SJVN has signed a Memorandum of Understanding (MOU) with Druk Green Power Corporation (DGPC), Bhutan on April 23, 2014 for carrying out pre-construction activities for development of Kholongchhu Hydroelectric Power Project (600MW) till formation of Joint Venture Company in Bhutan. The project is situated on the Kholongchhu river in Trashiyangtse Dozongkhag, having total installed capacity of 600 MW and shall be implemented by setting up a JV Company of SJVN & DGPC in Bhutan which shall develop and operate the project on BOOT basis. SJVN is a joint venture between the Central government and Himachal Pradesh state government. The company owns and operates India’s largest 1500 MW Nathpa Jhakri Hydro Power Station in Himachal Pradesh.

ICICI Bank and Vodafone launch 'M-Pesa' service in Andhra Pradesh

ICICI Bank, India's largest private sector bank and Vodafone India, one of India's leading telecommunications service providers, together have launched 'M-Pesa', a unique mobile money transfer and payment service in Andhra Pradesh. M-Pesa empowers the unbanked and under-banked sections of the population gain access to financial services through the mobile phone. With this launch, M-Pesa is now present across 60,000 agent outlets, covering over 1.2 million customers across the country. In Andhra Pradesh, it will be available across 23 districts through 3,826 authorised agents, including over 719 Vodafone exclusive stores. Apart from Andhra Pradesh, this service has been rolled out in Delhi, Mumbai, Kolkata, West Bengal, Punjab, UP East, UP West, Bihar, Jharkhand, Rajasthan, Gujarat, Maharashtra, Goa, Assam & North East and Haryana and will be made available across the country in a phased manner. ICICI Bank is India's largest private sector bank and the second largest bank in the country, with consolidated total assets of $122 billion at December 31, 2012. The Bank’s presence currently spans 19 countries, including India.

TCS ranks number one in customer satisfaction across Europe

Tata Consultancy Services, a leading IT services, consulting and business solutions organization, has been ranked number one for customer satisfaction in the largest European-wide survey of service provider performance. Conducted by Whitelane Research, the survey was held in 2013 to determine performance and levels of satisfaction in the industry. The annual research surveyed more than 1300 CXOs from Europe's leading companies by IT Spending, evaluating over 3,700 IT contracts held by the 22 leading providers across the continent. TCS topped the survey across Europe with an 80% general satisfaction rate, clocking 14% above the Industry average. The company was also ranked first in both Application and Infrastructure Services, with 81 percent of those surveyed in both categories expressing satisfaction with TCS' service levels. The study analyzed 9 KPIs (Key Performance Indicators) across the Industry, with TCS securing the first position on seven out of the nine including account management, proactivity, relationship improvement, achieved  cost savings, service delivery quality, speed and transformational success. 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.

Crude palm oil futures trade in green on MCX

Crude palm oil futures edged higher as speculators enlarged their position on expectation of rising demand of the commodity in both local as well as international markets. Holding up of stocks by stockiest also provided some additional impetus to the price of the commodity. The contract for April delivery was trading at Rs 570.00, up by 0.33% or Rs 1.90 from its previous closing of Rs 568.10. The open interest of the contract stood at 601.00 lots. The contract for May delivery was trading at Rs 568.80, up by 0.74% or Rs 4.20 from its previous closing of Rs 564.60. The open interest of the contract stood at 3204.00 lots on MCX.

Sunteck Realty surges on inking JV agreement to develop land in UAE

Sunteck Realty is currently trading at Rs. 311.90, up by 6.85 points or 2.25% from its previous closing of Rs. 305.05 on the BSE. The scrip opened at Rs. 305.20 and has touched a high and low of Rs. 313.00 and Rs. 305.00 respectively. So far 8804 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 437.00 on 12-Jul-2013 and a 52 week low of Rs. 221.25 on 11-Feb-2014. Last one week high and low of the scrip stood at Rs. 318.10 and Rs. 290.40 respectively. The current market cap of the company is Rs. 1953.21 crore. The promoters holding in the company stood at 73.49% while Institutions and Non-Institutions held 5.58% and 20.93% respectively. Sunteck Realty through its overseas subsidiary (WOS) has entered into a Joint Venture Agreement for development of land in UAE. Earlier, Piramal Sunteck Realty, a joint venture (JV) between Piramal Realty part of the Ajay Piramal Group and Sunteck Realty, has partnered for interior designing with Sussanne Roshan’s plush interiors brand. Sunteck Realty primarily focuses on the development of ultra premium and luxury residential properties in city-centric locations of Mumbai. Its development activities include multi-unit apartment buildings, block re-developments, planned communities and commercial spaces.

Sunteck Realty inks JV agreement to develop land in UAE

Sunteck Realty through its overseas subsidiary (WOS) has entered into a Joint Venture Agreement for development of land in UAE. Earlier, Piramal Sunteck Realty, a joint venture (JV) between Piramal Realty part of the Ajay Piramal Group and Sunteck Realty, has partnered for interior designing with Sussanne Roshan’s plush interiors brand. Sunteck Realty primarily focuses on the development of ultra premium and luxury residential properties in city-centric locations of Mumbai. Its development activities include multi-unit apartment buildings, block re-developments, planned communities and commercial spaces.

IndusInd Bank expands footprint in Rajasthan

IndusInd Bank, one of the fastest growing new-generation private sector banks in the country has expanded its footprint in Rajasthan through opening a new branch in the pink city-Jaipur. The new branch is located at The Solitaire C 212- 213, Gautam Marg, Vaishali Nagar, Jaipur 302021 Rajasthan. Following the opening of new branch, the bank now has 37 branches in Rajasthan as on March 31, 2014. The new branch in Jaipur is aiming to help customers manage and grow their wealth alongside offering responsive and innovative products and services. The bank’s net profit for the quarter ended March 31, 2014 jumped 28.83% at Rs 396.05 crore for the quarter as compared to Rs 307.4 crore for the quarter ended March 31, 2013. Bank’s total income increased by 23.35% at Rs 2,702.19 crore for the quarter under review as compared to Rs 2,190.66 crore for the corresponding quarter of the previous fiscal.

Motilal Oswal surges despite reporting 66% fall in Q4 consolidated net profit

Motilal Oswal Financial Services is currently trading at Rs. 111.60, up by 1.70 points or 1.55% from its previous closing of Rs. 109.90 on the BSE. The scrip opened at Rs. 111.90 and has touched a high and low of Rs. 116.00 and Rs. 108.20 respectively. So far 19987 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 116.00 on 28-Apr-2014 and a 52 week low of Rs. 64.00 on 01-Aug-2013. Last one week high and low of the scrip stood at Rs. 116.00 and Rs. 101.10 respectively. The current market cap of the company is Rs. 1554.33 crore. The promoters holding in the company stood at 74.14% while Institutions and Non-Institutions held 11.68% and 14.18% respectively. Motilal Oswal Financial Services has posted a fall of 9.98% in its net profit at Rs 4.33 crore for the quarter ended March 31, 2014 as compared to Rs 4.81 crore for the same quarter in the previous year. Total income from operations of the company has decreased by 36.38% at Rs 18.40 crore for quarter under review as compared to Rs 28.92 crore for the quarter ended March 31, 2013. On consolidated basis, the company has reported 65.69% fall in its net profit at Rs 12.60 crore for the quarter ended March 31, 2014 as compared to Rs 36.72 crore for the same quarter in the previous year. Total income from operations of the company has declined by 9.48% at Rs 119.33 crore for quarter under review as compared to Rs 131.83 crore for the quarter ended March 31, 2013. For the year ended March 31, 2014, the company has posted a marginal rise of 1.45% in its net profit at Rs 39.31 crore as compared to Rs 38.75 crore for the same period in the previous year. However, total income from operations of company has dipped 4.23% at Rs 69.72 crore for year under review as compared to Rs 72.80 crore for the period ended March 31, 2013. For the year ended March 31, 2014, on the consolidated basis, the company has posted a fall of 63.78% in its net profit at Rs 39.51 crore as compared to Rs 109.09 crore for the same period in the previous year. Total income from operations of company has decreased by 1.68% at Rs 456.84 crore for year under review as compared to Rs 464.63 crore for the period ended March 31, 2013.

Gold futures edge marginally higher on MCX

Gold futures were trading marginally higher on MCX on increase in demand in the spot market amid ongoing marriage season. Besides, a firming trend in overseas markets as weaker equities and escalating geopolitical tensions in Ukraine boosted the metal's safe-haven appeal, also influencing the domestic gold prices. However, some investors awaited the outcome of the US Federal Reserve’s policy meeting later this week which could impact the sentiment. The contract for June delivery was trading at Rs 28939.00, up by 0.12% or Rs 34.00 from its previous closing of Rs 28905.00. The open interest of the contract stood at 10677.00 lots. The contract for August delivery was trading at Rs 28432.00, up by 0.17% or Rs 49.00 from its previous closing of Rs 28383.00. The open interest of the contract stood at 2248.00 lots on MCX.

Cera Sanitaryware reports 39% rise in Q4 net profit

Cera Sanitaryware has reported results for fourth quarter and year ended March 31, 2014

The company has posted a rise of 38.84% in its net profit at Rs 19.34 crore for the quarter ended March 31, 2014 as compared to Rs 13.93 crore for the same quarter in the previous year. Total income from operations of the company has increased by 38.14% at Rs 218.19 crore for quarter under review as compared to Rs 157.95 crore for the quarter ended March 31, 2013.

For the year ended March 31, 2014, the company has posted a rise of 12.33% in its net profit at Rs 51.91 crore as compared to Rs 46.21 crore for the same period in the previous year. Total income from operations of company has increased 36.04% at Rs 663.69 crore for year under review as compared to Rs 487.87 crore for the period ended March 31, 2013.

Sugar futures slip on profit booking

Sugar futures edged lower as participants booked profits after recent gains. Further, slackened demand in the spot market also weighed on prices. However, expectation of improving demand from bulk consumers due to summer- season and lower output estimates, limited the losses. India’s sugar production has dropped by 7% to 21.5 million tonnes in the first six months of the current marketing year due to lower output in key producing states. The contract for May delivery was trading at Rs 3242.00, down by 0.22% or Rs 7.00 from its previous closing of Rs 3249.00. The open interest of the contract stood at 67840.00 lots. The contract for June delivery was trading at Rs 3237.00, down by 0.40% or Rs 13.00 from its previous closing of Rs 3250.00. The open interest of the contract stood at 27400.00 lots on NCDEX.

IDFC declines on reporting 51% fall in Q4 consolidated net profit

IDFC is currently trading at Rs. 111.45, down by 2.65 points or 2.32% from its previous closing of Rs. 114.10 on the BSE. The scrip opened at Rs. 111.50 and has touched a high and low of Rs. 113.00 and Rs. 110.35 respectively. So far 931938 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 165.45 on 17-May-2013 and a 52 week low of Rs. 76.25 on 28-Aug-2013. Last one week high and low of the scrip stood at Rs. 121.20 and Rs. 110.35 respectively. The current market cap of the company is Rs. 16921.75 crore. The institutions and non-institutions held 82.02% and 17.98% stake in the company, respectively. IDFC has posted a fall of 52.77% in its net profit after tax at Rs 213.04 crore for the quarter ended March 31, 2014 as compared to Rs 451.04 crore for the same quarter in the previous year. Total income of the company has decreased by 2.50% at Rs 2032.04 crore for quarter under review as compared to Rs 2084.19 crore for the quarter ended March 31, 2013. On consolidated basis, the company has reported 50.93% fall in its net profit after tax, share of minority interest and share of profit from associates at Rs 257.94 crore for the quarter ended March 31, 2014 as compared to Rs 525.70 crore for the same quarter in the previous year. However, total income of the company has increased marginally to Rs 2219.57 crore for quarter under review as compared to Rs 2218.41 crore for the quarter ended March 31, 2013. For the year ended March 31, 2014, the company has posted marginal fall of 3.62% in its net profit after tax at Rs 1701.12 crore as compared to Rs 1764.98 crore for the same period in the previous year. However, total income of company has rose 5.86% at Rs 8231.93 crore for year under review as compared to Rs 7776.49 crore for the period ended March 31, 2013. For the year ended March 31, 2014, on the consolidated basis, the company has posted a fall of 1.83% in its net profit after tax, share of minority interest and share of profit from associates at Rs 1802.68 crore as compared to Rs 1836.20 crore for the same period in the previous year. however, total income of company has increased by 7.87% at Rs 8789.99 crore for year under review as compared to Rs 8148.42 crore for the period ended March 31, 2013.

Pressman Advertising joins Google Partner

Pressman Advertising is a Google Partner now. The company will now provide to its clients support on Google platforms. Google Partner is Google’s platform for agencies, online marketing consultants and other web professionals who want to get the most out of their relationship with Google.

The members receive exclusive access to a range of benefits including live training events, industry insights, extra support, promotional offers, beta test opportunities, professional networking and other tools designed just for agencies.

Pressman Advertising is a full service ISO 9001:2008 certified agency providing a comprehensive range of advertising, public relations, design and digital services. It is India’s only listed advertising agency and its shares are listed on NSE & BSE. 

M&M: Section of employees not reporting to duties at Mohali Plant

Mahindra & Mahindra Ltd has informed BSE that a section of employees are not reporting to duties in a concerted manner at the Company’s Tractor manufacturing Plants situated at Mohali, Punjab.Their demands are unjustified and matter is in conciliation with the Labour Commissioner’s Office. The Management is reasonably sure that better sense will prevail with this section of employees and the matter will be resolved amicably.There is no loss of production as rest of the employees are reporting to work and are meeting the production requirements and catering to the operations of the Plant.Source 

Markets continue to trade in red in afternoon session

Indian equity benchmarks added losses to their weak trade in the late afternoon session, hovering near the intra-day low level on account of selling witnessed in capital goods, realty and auto stocks amid weak global cues triggered by escalating tensions in Ukraine. Sentiment got a hit after a private report said that rural demand will continue to remain subdued for some time due to the deceleration in farm income. Further, the announcement that FDI during April-February FY14 dipped by modest 0.6 percent to $20.76 billion also dented the investors’ sentiments. However, gain in health care and Oil and gas stocks have provided some support to domestic markets. Healthcare was the top gaining index on BSE was up by around 1.20%. The broader markets once again outperformed the benchmarks with both small and mid cap indices were trading up by over 0.20%. Lupin, extending its 4% gain in the past three trading sessions, was higher by 1.5% at Rs 1,007 after the company said that it had entered into a strategic joint venture with Japanese pharmaceuticals company Yoshindo Inc. Jain Irrigation Systems has rallied around 11% and surged to its 52-week high level at Rs 80.55 on the back of heavy volumes on the bourses. Furthermore, UPL has surged around 9% to nearly Rs 252 after reporting a robust 28% year-on-year growth in adjusted consolidated net profit at Rs 405 crore for Q4FY14. On global front, Asian equity indices were trading in red with Hang Seng down by 0.33% and Shanghai Composite down by 1.44%. Back home, the NSE Nifty and BSE Sensex were trading below their psychological 6,800 and 22,700 levels respectively. The market breadth on BSE was positive, out of 2,319 stocks traded, 1,119 stocks advanced, while 1,099 stocks declined on the BSE. The BSE Sensex is currently trading at 22,639.27 down by 48.80 points or 0.22% after trading in a range of 22,721.36 and 22,597.19. There were 13 stocks advancing against 17 stocks declining on the index. The broader indices were trading in green; the BSE Mid cap index was up by 0.40%, while Small cap index up by 0.22%. The gaining sectoral indices on the BSE were Healthcare up by 1.20%, Oil and Gas up by 0.19%, Metal up by 0.12%, Power up by 0.11% and Teck up by 0.01%. While, Capital Goods down by 0.55%, Realty down by 0.49%, Auto down by 0.46%, Bankex down by 0.32% and FMCG down by 0.17% were the losing indices on BSE.    The top gainers on the Sensex were Dr Reddys Lab up by 1.39%, Cipla up by 1.33%, Sun Pharma up by 1.16%, SSLT up by 0.96% and Tata Power up by 0.78%. On the flip side, Gail India down by 1.57%, BHEL down by 1.44%, Coal India down by 1.42%, Tata Motors down by 1.25% and Hero Motocorp down by 1.22%. Meanwhile, buoyant over the improving macro-economic situation of the country, Finance Minister P Chidambaram has asserted that Indian economy will strengthen in future on the back of recent measures taken by the government. The CAD will be brought down significantly to around $32 billion as compared to record high of $88.2 billion or 4.8% of GDP in FY13. Finance Minister added that CAD has not only been fully and safely financed but $ 28.5 billion has also been added to the reserves during the previous fiscal year. Chidambaram stated that India’s fiscal deficit will be contained within the target at 4.6% of GDP during FY14. Attributing the latest rally in capital market to improving domestic economy Finance Minister stressed that investors are becoming more confident about the stability and strength of India's economy. Regarding the tax collections, Chidambaram added that there has been shortfall in overall tax collection in the last fiscal. The government has collected about Rs 5,500 crore direct taxes more than the revised estimate of Rs 6,41,835 crore during FY14. However, there has been a shortfall of indirect tax of about Rs 17,000 crore due to less collection of Central Excise and Service Tax segments. Finance Minister further asserted that the Cabinet Committee on Investment (CCI) has speeded up implementation of large infrastructure projects. So far, the CCI has considered 169 big infrastructure projects out of which 108 have cleared and fresh loans to the extent of Rs. 1,02,292 crore have been released to the project promoters.  The government expects Indian economic growth to improve around 5.5-6% in the FY15. The CNX Nifty is currently trading at 6,763.80 down by 18.95 points or 0.28% after trading in a range of 6,783.20 and 6,750.30. There were 20 stocks advancing against 30 declining on the index. The top gainers of the Nifty were Tech Mahindra up by 1.79%, Lupin up by 1.78%, Cipla up by 1.33%, Dr Reddy’s Lab up by 1.32% and Sun Pharma up by 1.25%. On the flip side, Ambuja Cement down by 3.20%, IDFC down by 2.02%, Gail down by 1.75%, BHEL down by 1.62% and Coal India down by 1.47% were the major losers on the index. Asian equity indices were trading in red; Hang Seng down by 0.33% to 22,151.04, Shanghai Composite down by 1.44% to 2,007.47, Straits Times was down by 0.24% to 3,259.87, Nikkei 225 down by 0.95% to 14,291.88 and Jakarta Composite down by 1.03% to 4,847.40. While, Taiwan Weighted up by 0.41% to 8,809.71.

Apollo Hospitals a buy, stock can double in 3 yrs: Merrill

Brokerage house Bank of America Merrill Lynch has initiated coverage on  Apollo Hospitals with a ’buy’ rating and a price target of Rs 1136. “With strong execution track record, Apollo is a multi-year structural growth story of underpenetrated market, increasing affluence, demand for quality healthcare and strong brand equity. We expect sales and PAT to rise 21 percent and 26 percent over FY14-18. We also expect the stock price to more than double over the next three years, assuming 16 times FY18(estimated) EV/EBITDA (in line with Asian peers).,” the brokerage house said in a note to clients. The stock has been underperforming the BSE HealthCare index, and offers a favourable risk-reward ratio for investors looking to buy it, according to Merrill Lynch. “Despite rapid bed additions, Apollo’s debt/equity will likely remain below 0.3 times as most of the expansions will be funded through internal accruals. We expect EBITDA margins to consolidate at 15-16 percent levels over FY14/15 and start rising from FY16 as new expansions should start contributing positively,” the Merrill note said. The brokerage said the stock was quoting at a discount to peers at present, but it could quote at a premium because of higher growth visibility and better return on capital employed (RoCE).

Soyabean futures extend the gaining streak on NCDEX

Extending their previous sessions’ rally, Soyabean futures were trading in the positive terrain on NCDEX, supported by strong demand in spot market against limited arrivals from producing belts. The prices found further support from gains in overseas markets and concerns about local soyabean output.

The contract for May delivery was trading at Rs 4745.00, up by 1.33% or Rs 62.50 from its previous closing of Rs 4682.50. The open interest of the contract stood at 87450.00 lots.

The contract for June delivery was trading at Rs 4750.50, up by 1.45% or Rs 68.00 from its previous closing of Rs 4682.50. The open interest of the contract stood at 98580.00 lots on NCDEX.

Sadbhav Engineering’s MBCPNL starts toll collection at Hadakhed, Omerga and Warud

Sadbhav Engineering’s MBCPNL has commenced toll collection at Hadakhed (on NH3), Omerga (on NH9) and Warud (on SH244) with effect from April 27, 2014. In addition to this, MBCPNL currently collects revenue from 6 different Check Posts. The company had incorporated Maharashtra Border Check Post Network (MBCPNL), step-down subsidiary of the company and a Special Purpose Vehicle (SPV) for the project of Construction, Operation and Maintenance and Modernization and Computerization of Integrated Border Check Posts at 22 locations in the state of Maharashtra on BOT basis for a concession period of 24 years and 6 months. Sadbhav Engineering (SEL) is one of the largest BOT developers in the road sector in India with good project execution skills. SEL operates in the four distinct business areas in the infrastructure sector viz. BOT road projects, cash contract-based road projects, irrigation projects and mining.

Wockhardt to manufacture FDC in Himachal Pradesh

Wockhardt will continue to manufacture, sell and distribute the Fixed Dose Combination (FDC) of Dicyclomine Hydrochloride IP 10mg, Tramadol Hydrochloride IP 50mg & Acetamenophen IP 325mg after revoking the suspension by the State Drug Controller in Himachal Pradesh.  Earlier, the company’s certain drugs had been suspended by the State Drug Controller in state of Himachal Pradesh.

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.

Forex reserves stood at $309.413 billion for the week ended April 18, 2014

According to the latest press release from the Reserve Bank of India (RBI), the country’s forex reserves decreased by $31.60 million to $309.413 billion during the week ended April 18, 2014. The decrease in valuation of Foreign Currency Assets in the IMF pulled the forex kitty lower during the reporting week. Valuation of foreign currency assets decreased $16.20 million in the week to $281.536 billion, while the value of gold in the reserves remained unchanged to $21.566 billion during the week. SDRs' (Special Drawing Rights) valuation decreased by $10.90 million to $4.472 billion in the week. This valuation is inclusive of SDR 3,082.5 million (equivalent to $4,883 million) allocated under general allocation and SDR 214.6 million (equivalent to $340 million) allocated under special allocation by International Monetary Fund (IMF) done on August 28, 2009 and September 9, 2009, respectively. The country’s reserve position in the IMF further witnessed a drop of $4.50 million during the week ended April 18, 2014 to $1.837 billion. Reserve position in the IMF, i.e., Reserve Tranche Position (RTP) which was shown as a memo item from May 23, 2003 to March 26, 2004 has been included in the reserves from the week ended April 2, 2004 in keeping with the international best practice.

Indian economy to strengthen in future: Finance Minister

Buoyant over the improving macro-economic situation of the country, Finance Minister P Chidambaram has asserted that Indian economy will strengthen in future on the back of recent measures taken by the government. The CAD will be brought down significantly to around $32 billion as compared to record high of $88.2 billion or 4.8% of GDP in FY13. Finance Minister added that CAD has not only been fully and safely financed but $ 28.5 billion has also been added to the reserves during the previous fiscal year. Chidambaram stated that India’s fiscal deficit will be contained within the target at 4.6% of GDP during FY14. Attributing the latest rally in capital market to improving domestic economy Finance Minister stressed that investors are becoming more confident about the stability and strength of India's economy. Regarding the tax collections, Chidambaram added that there has been shortfall in overall tax collection in the last fiscal. The government has collected about Rs 5,500 crore direct taxes more than the revised estimate of Rs 6,41,835 crore during FY14. However, there has been a shortfall of indirect tax of about Rs 17,000 crore due to less collection of Central Excise and Service Tax segments. Finance Minister further asserted that the Cabinet Committee on Investment (CCI) has speeded up implementation of large infrastructure projects. So far, the CCI has considered 169 big infrastructure projects out of which 108 have cleared and fresh loans to the extent of Rs. 1,02,292 crore have been released to the project promoters.  The government expects Indian economic growth to improve around 5.5-6% in the FY15.

Financial Technologies (India) gains on concluding sale of NBHC to IVF Trustee Company

Financial Technologies (India) is currently trading at Rs. 324.85, up by 1.35 points or 0.42% from its previous closing of Rs. 323.50 on the BSE. The scrip opened at Rs. 327.00 and has touched a high and low of Rs. 329.35 and Rs. 322.50 respectively. So far 68,000 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 870.30 on 28-May-2013 and a 52 week low of Rs. 102.05 on 30-Aug-2013. Last one week high and low of the scrip stood at Rs. 367.95 and Rs. 320.10 respectively. The current market cap of the company is Rs. 1,496.00 crore. The promoters holding in the company stood at 45.63% while Institutions and Non-Institutions held 22.70% and 31.61% respectively. Financial Technologies (India) has completed the transaction relating to sale of National Bulk Handling Corporation (NBHC) to IVF Trustee Company. The company and all other shareholders of NBHC had earlier in month of March have entered into Share Purchase Agreement (SPA) for sale of 100% equity ownership in NBHC. Financial Technologies is a flagship company of the Financial Technologies Group. It provides technology solutions and domain expertise for digital transactions and financial markets across all asset class including equity, commodities, currency and debt.

Kotak MF declares dividend under Emerging Equity

Kotak (MF) has declared dividend under dividend option of Kotak Emerging Equity, an open ended equity growth scheme. The record date for dividend is May 02, 2014. The quantum of dividend on the face value of Rs 10 per unit will be Rs 0.50 per unit. The investment objective of the scheme is to generate long-term capital appreciation from a portfolio of equity and equity related securities, by investing predominantly in mid and small cap companies.

Nickel futures trade higher on global cues

Nickel futures were trading higher on MCX as speculators enlarged their positions, tracking firming trend in spot market on increased demand from alloy-makers. Further, a firming trend in overseas markets on concern that supplies from Russia may be disrupted amid mounting tensions over Ukraine, influenced nickel futures here. The contract for April delivery was trading at Rs 1123.70, up by 0.46% or Rs 5.20 from its previous closing of Rs 1118.50. The open interest of the contract stood at 7774.00 lots. The contract for May delivery was trading at Rs 1131.00, up by 0.45% or Rs 5.10 from its previous closing of Rs 1125.90. The open interest of the contract stood at 5230.00 lots on MCX.

TD Power trades jubilantly on commissioning facility for production of 2 pole facility

TD Power Systems is currently trading at Rs. 282.90, up by 12.85 points or 4.76% from its previous closing of Rs. 270.05 on the BSE. The scrip opened at Rs. 279.00 and has touched a high and low of Rs. 287.00 and Rs. 279.00 respectively. So far 148 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 316.00 on 01-Apr-2014 and a 52 week low of Rs. 175.40 on 28-Oct-2013. Last one week high and low of the scrip stood at Rs. 300.00 and Rs. 269.95 respectively. The current market cap of the company is Rs. 940.29 crore. The promoters holding in the company stood at 62.03% while Institutions and Non-Institutions held 27.06% and 10.91% respectively. TD Power Systems’ new facility (Unit 2 Shop 3) located at Dabaspet, Bangalore, for the production of large Generators (2 pole technology) has been commissioned on April 25, 2014. This facility, located close to the company’s existing production facilities, is dedicated to the production of large generators in the range of 74MVA to 250 MVA in respect of which the company signed a licence agreement with Siemens AG to receive know-how for twenty years. The company is in the process of executing an order for 2 generators of 84 MVA each in the said new facility. This new facility along with the expansion of the existing facilities which was commissioned during last quarter of the financial year 2013 substantially enhances the production capacity while incorporating global standards and capabilities for manufacture of generators catering to various types of applications and large generators. TD Power Systems is one of the leading manufacturers of AC Generators with output capacity in the range of 1MW to 52MW for prime movers such as steam turbines, gas turbines, hydro turbines, wind turbines, diesel and gas engines. It focuses on manufacturing custom-designed generators for its customers who are based across the world.

Jubilant Life Sciences surges on receiving ANDA approval

Jubilant Life Sciences is currently trading at Rs. 174.00, up by 5.05 points or 2.99% from its previous closing of Rs. 168.95 on the BSE. The scrip opened at Rs. 169.50 and has touched a high and low of Rs. 176.15 and Rs. 169.50 respectively. So far 14648 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 186.80 on 02-May-2013 and a 52 week low of Rs. 65.10 on 28-Aug-2013. Last one week high and low of the scrip stood at Rs. 179.80 and Rs. 166.30 respectively. The current market cap of the company is Rs. 2763.53 crore. The promoters holding in the company stood at 54.02% while Institutions and Non-Institutions held 26.82% and 19.15% respectively. 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.

Fiem Industries trades higher on the bourses

Fiem Industries is currently trading at Rs. 420.55, up by 3.50 points or 0.84% from its previous closing of Rs. 417.05 on the BSE. The scrip opened at Rs. 415.75 and has touched a high and low of Rs. 422.70 and Rs. 415.75 respectively. So far 6793 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 441.60 on 17-Apr-2014 and a 52 week low of Rs. 179.05 on 04-Sep-2013. Last one week high and low of the scrip stood at Rs. 438.00 and Rs. 416.00 respectively. The current market cap of the company is Rs. 503.61 crore. The promoters holding in the company stood at 69.96% while Institutions and Non-Institutions held 1.67% and 28.37% respectively. Fiem Industries has received 'Vendor Performance Award' in the field of ‘Development’ for the year 2013-14 from Suzuki Motorcycle India, one of the Company's prestigious customers. Fiem Industries is one of the leading manufacturers of automotive lighting & signaling equipments and rear view mirrors. The company is supplying its products to almost all major OEMs in the domestic market as well as few global OEMs.

Kotak MF declares dividend under Emerging Equity

Kotak (MF) has declared dividend under dividend option of Kotak Emerging Equity, an open ended equity growth scheme. The record date for dividend is May 02, 2014. The quantum of dividend on the face value of Rs 10 per unit will be Rs 0.50 per unit. The investment objective of the scheme is to generate long-term capital appreciation from a portfolio of equity and equity related securities, by investing predominantly in mid and small cap companies.

ICICI Prudential MF introduces FMP-Series 74-368 Days Plan H

ICICI Prudential Mutual Fund has launched the New Fund Offer (NFO) of ICICI Prudential Fixed Maturity Plan-Series 74-368 Days Plan H, a close ended income scheme. The NFO opens for subscription on Apr 28, 2014 and closes on Apr 30, 2014. No entry or exit load will be applicable for the scheme. The minimum subscription amount is Rs 5000 and in multiples of Rs 1 thereafter. The scheme’s performance will be benchmarked against CRISIL Short Term Bond Fund Index and its fund managers are Rahul Goswami and Rohan Maru, The investment objective of the scheme is to seek to generate income by investing in a portfolio of fixed income securities/debt instruments maturing on or before the maturity of the Scheme.

Ahluwalia Contracts strengthens on securing contracts worth Rs 628 crore

Ahluwalia Contracts (India) is currently trading at Rs. 69.30, up by 4.90 points or 7.61% from its previous closing of Rs. 64.40 on the BSE. The scrip opened at Rs. 64.10 and has touched a high and low of Rs. 69.50 and Rs. 64.00 respectively. So far 40038 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 70.00 on 21-Apr-2014 and a 52 week low of Rs. 15.55 on 18-Sep-2013. Last one week high and low of the scrip stood at Rs. 70.00 and Rs. 58.80 respectively. The current market cap of the company is Rs. 429.30 crore. The promoters holding in the company stood at 72.61 % while Institutions and Non-Institutions held 13.48 % and 13.92 % respectively. Ahluwalia contracts (India) has secured new orders aggregating to Rs.628.00 crore (Approximately) for Construction of Institutional, Hospital, Residential, including electrical plumbing & Firefighting Services. The company has received first order worth Rs. 339.00 crore for construction work for 2128 EWS & 348 Category II Houses and Design & Build Basis in Pocket I C at Sector A-l to A-4, Naxela internal Development & Electrification, Delhi Development Authority (DDA), Delhi. The company has received second order worth Rs.155.00 crore for construction of Infrastructure work for National Intelligence Grid (NATGRID) Andheria Mod, New Delhi, awarded from National Building Construction Corporation (NBCC), in Delhi NCR. The company has received third order worth Rs 33.00 crore for Construction of High Rise Building Tarang at Shristi Nagar, Asansol, West Bengal. The company has received fourth order worth Rs.47.00 crore for Construction of civil finishing work for Residential REHAB Building, Awarded from HDILWishpering Tower at Mumbai Oxygen Compound, Mulund, Mumbai. The company has received fifth order worth Rs. 35.00 crore for Construction of Residential Building at Mumbai. The company has received sixth order worth Rs. 19.00 crore for miscellaneous work. Ahluwalia Contracts (India) is engaged in providing construction related services including design on turnkey basis and assuring timely completion of projects within budget and with excellent quality

Commodity exchanges' turnover dips by 70% to Rs 2.36 lakh crore during April 1-15

Commodity exchanges turnover declined by 70% and stood at Rs 2.36 lakh crore in the first fortnight of April compared to turnover of Rs 7.87 lakh crore recorded in 17 commodity exchanges in the year-ago period. This drop in turnover can be attributed to the fact that the volumes in most commodities dipped sharply. The maximum fall in business was seen in the futures trading of bullion followed by energy, metals and agriculture commodities, according to the data compiled by the Forward Markets Commission, the turnover from bullion declined by 77% to Rs 87,997 crore during April 1-15 from Rs 3.84 lakh crore in the same fortnight a year ago. Besides, business from energy commodities such as crude oil fell 71% to Rs 54,647 crore from Rs 1.85 lakh crore. Turnover from metals like copper dropped 64% to Rs 47,234 crore from Rs 1.31 lakh crore, while turnover from agricultural commodities declined by 46% to Rs 46,760 crore in the first fortnight of this month from Rs 85,853 crore in the same period last year. In the first 15 days of April, MCX, the country’s leading commodity bourse did business worth Rs 1.94 lakh crore, while NCDEX turnover was Rs 38,218 crore, ACE at Rs 2,291 crore, UCX at Rs 915 crore, NMCE at Rs 571 crore and ICEX at Rs 0.29 crore. After the imposition of commodity transaction tax the trading volumes on the bourses have been hit. The investors are also trading cautiously after the Rs 5,600-crore payment crisis came to light on National Spot Exchange (NSEL) a few months ago. The overall turnover of commodity bourses in 2013-14 fiscal declined by 41% and stood at Rs 101.44 lakh crore from Rs 170.46 lakh crore in the previous fiscal.

Karnataka Bank trades in fine fettle in late morning deals

The Karnataka Bank is currently trading at Rs. 124.25, up by 1.95 points or 1.59% from its previous closing of Rs. 122.30 on the BSE. The scrip opened at Rs. 123.30 and has touched a high and low of Rs. 126.60 and Rs. 123.05 respectively. So far 478465 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 162.90 on 13-May-2013 and a 52 week low of Rs. 69.10 on 06-Aug-2013. Last one week high and low of the scrip stood at Rs. 124.50 and Rs. 117.05 respectively. The current market cap of the company is Rs. 2346.68 crore. The Institutions holding in the company stood at 28.74 % while Non-Institutions held 71.26 % of the stake. Karnataka Bank has unveiled ‘missed call banking’ facility to its customers. The customer will get his/her account balance and mini statement through SMS on the mobile phone after giving a missed call to a dedicated number. The bank customers can give a missed call from their registered mobile number to 18004251445 for balance enquiry, and to 18004251446 for getting mini statement. Karnataka Bank reported 33.25% rise in its net profit at Rs 106.70 crore for third quarter ended December 31, 2013 as compared to Rs 80.07 crore for the same quarter in the previous year. Total income of the bank increased by 10.94% at Rs 1165.54 crore for quarter under review as compared to Rs 1050.58 crore for the quarter ended December 31, 2012.

Ahluwalia contracts (India) bags orders worth Rs.628.00 crore

Ahluwalia contracts (India) has secured new orders aggregating to Rs.628.00 crore (Approximately) for Construction of Institutional, Hospital, Residential, including electrical plumbing & Firefighting Services. The company has received first order worth Rs. 339.00 crore for construction work for 2128 EWS & 348 Category II Houses and Design & Build Basis in Pocket I C at Sector A-l to A-4, Naxela internal Development & Electrification, Delhi Development Authority (DDA), Delhi. The company has received second order worth Rs.155.00 crore for construction of Infrastructure work for National Intelligence Grid (NATGRID) Andheria Mod, New Delhi, awarded from National Building Construction Corporation (NBCC), in Delhi NCR. The company has received third order worth Rs 33.00 crore for Construction of High Rise Building Tarang at Shristi Nagar, Asansol, West Bengal. The company has received fourth order worth Rs.47.00 crore for Construction of civil finishing work for Residential REHAB Building, Awarded from HDILWishpering Tower at Mumbai Oxygen Compound, Mulund, Mumbai. The company has received fifth order worth Rs. 35.00 crore for Construction of Residential Building at Mumbai. The company has received sixth order worth Rs. 19.00 crore for miscellaneous work. Ahluwalia Contracts (India) is engaged in providing construction related services including design on turnkey basis and assuring timely completion of projects within budget and with excellent quality.

SRS trades higher on the bourses

SRS is currently trading at Rs. 34.45, up by 0.25 points or 0.73% from its previous closing of Rs. 34.20 on the BSE. The scrip opened at Rs. 34.50 and has touched a high and low of Rs. 34.90 and Rs. 34.15 respectively. So far 58282 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 45.70 on 29-Apr-2013 and a 52 week low of Rs. 25.30 on 10-Sep-2013. Last one week high and low of the scrip stood at Rs. 36.35 and Rs. 34.00 respectively. The current market cap of the company is Rs. 479.86 crore. The promoters holding in the company stood at 74.04% while Institutions and Non-Institutions held 8.63% and 17.33% respectively. SRS has inaugurated its new retail jewellery showroom located at Karol Bagh in state of New Delhi on April 25, 2014. This is company’s 8th retail outlet in Delhi -NCR. The new SRS Jewells store is spread over 3 floors across an area of 5,100 square feet and showcases an exquisite range of earrings, rings, neckwear and bangles in a plethora of designs and varieties. SRS is a diversified company with a business portfolio comprising of cinema exhibition, food and beverages, retail and manufacturing and retailing of jewellery. It sells a wide range of gold and diamond jewellery under the brand name of SRS Jewells.

HSBC Mutual Fund introduces Fixed Term Series 102 (370 days plan)

HSBC Mutual Fund has launched the New Fund Offer (NFO) of HSBC Fixed Term Series 102 (370 days plan), a close ended income scheme. The NFO opens for subscription on Apr 28, 2014 and closes on Apr 29, 2014. No entry or exit load will be applicable for the scheme. The minimum subscription amount is Rs 5000 and in multiples of Rs 1 thereafter.

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

The investment objective of the scheme is seek generation of returns by investing in a portfolio of fixed income instruments which mature on or before the maturity date of the Plan(s).

Ashiana Housing surges on plan to expand retirement housing segment

Ashiana Housing is currently trading at Rs. 99.80, up by 2.60 points or 2.67% from its previous closing of Rs. 97.20 on the BSE. The scrip opened at Rs. 99.80 and has touched a high and low of Rs. 99.80 and Rs. 98.00 respectively. So far 1 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 107.85 on 15-Apr-2014 and a 52 week low of Rs. 38.00 on 05-Aug-2013. Last one week high and low of the scrip stood at Rs. 100.90 and Rs. 96.00 respectively. The promoters holding in the company stood at 67.14% while Institutions and Non-Institutions held 2.07% and 30.79% respectively. Ashiana Housing is planning to expand its retirement housing segment in three more cities in next three years on the back of growing demand of housing for senior citizens. The company already has three senior citizen living projects in its portfolio in three cities including Jaipur, Bhiwadi (Delhi NCR) and Lavasa in Pune. Moreover, it is now planning to set up one more in Bhiwadi and one each in Kolkata and Chennai. The company is planning to sell around 25 lakh sqft of area this year and it is expecting to sell nearly 30-35 per cent of the total area in this segment. Ashiana Housing is a fast growing real estate developer with its head office in New Delhi, India. The company has presence in group housing, active senior living, retail, hotels and facilities management.

Titan Industries’ Titan Eye Plus eyes 30% revenue growth in current fiscal

Titan Industries’ flagship wing - Titan Eye Plus, an eyewear retail chain, is eyeing 30% revenue growth in the current fiscal and will also sharpen focus on the sunglasses category this summer. The company’s business in this category grew by 20% last year. The company in order to push sales from sunglasses is working on improving merchandise (product offerings) and re-doing the sunglasses section in the Titan Eye Plus stores. This summer it has added 70 new models under ‘Glares’ brand. The company also sells international brands like RayBan, Vogue, Espirit, Tommy Hilfiger, Mont Blanc and Bvlgari apart from selling its in-house brands like Fastrack and Glares. Further, the company will add up to 60 new stores this fiscal to the existing network of over 270 stores across India. Most of the new stores will be franchised. Also in order to improve faster delivery of finished products it is looking at setting up new manufacturing facility for lenses in North India by 2014. At present, all of Titan Eye Plus lenses are sourced from its manufacturing plant in Bangalore.

Benchmarks trade flat in early deals

Indian equity benchmarks have made a cautious start and are trading flat near the neutral lines in early deals on Monday. Sentiments remained dampened amid the weak monsoon reports turning further cautious on a private report saying that rural demand will continue to remain subdued for some time due to the deceleration in farm income. However, some support came in from report that foreign institutional investors (FIIs) bought shares worth a net Rs 295.01 crore on April 25, 2014, as per provisional data from the stock exchanges. Global cues too remained sluggish with the US markets declining in last session, snapping the week on a soft note though the consumer sentiments improved but traders remained concerned about the ongoing earnings season and tension in Ukraine. The Asian markets too were trading mostly negative at this point of time amid prospects Russia will be subject to new sanctions as tensions over Ukraine has intensified. Back home, on the sectoral front healthcare, metal and consumer durables witnessed the maximum gain in trade, while banking, auto and FMCG remained the top losers on the BSE sectoral space. The broader indices too were outperforming benchmarks, while the market breadth on the BSE was positive; there were 949 shares on the gaining side against 569 shares on the losing side while 58 shares remain unchanged. The market breadth on BSE remains positive with advances to declines in the ratio of 947:560. BSE Sensex and NSE Nifty were trading near their psychological 22,600 and 6,750 levels respectively. The BSE Sensex is currently at 22687.07 down by 1.00 points after trading in a range of 22721.36 and 22643.89. There were 17 stocks advancing against 13 declines on the index. The broader indices were trading in green; the BSE Mid cap index was up by 0.44% and Small cap index up by 0.43%. The top gaining sectoral indices on the BSE were, Health Care up by 0.94%, Metal up by 0.61%, Consumer Durables up by 0.51%, Oil & Gas up by 0.43% and Power up by 0.39%, while Auto down by 0.29% and Bankex down by 0.24% were the top losers on the sectoral index. The top gainers on the Sensex were SSLT up by 1.45%, Dr Reddys Lab up by 1.22%, Tata Power up by 1.21%, Cipla up by 1.01% and Hindalco Inds up by 0.95%. On the flip side, Gail India was down by 1.33%,  BHEL was down by 1.26%, Bharti Airtel was down by 1.14%, Tata Motors was down by 1.06% and  HDFC was down by 1.05% were the top losers on the Sensex. Meanwhile, foreign direct investment (FDI) in India grew by 12.29 percent to $2.01 billion in the month of February, as compared to $1.79 billion in the same month of previous year. However, during April-February FY14, FDI dipped by modest 0.6 percent to $20.76 billion from $20.89 billion recorded in the corresponding period of FY13. The sectors that received highest inflows during the first eleven months of FY14 include services ($2.18 billion), automobiles ($1.28 billion), pharmaceuticals ($1.27 billion) and construction development ($1.05 million). Country wise, maximum FDI during the reported period was received form Mauritius with $4.48 billion followed by Singapore ($3.91 billion), UK ($3.21 billion) and Netherlands ($2.20 billion). FDI is considered crucial for economic development of a country and to attract maximum FDI into the country, the government has been liberalizing the foreign investment policy. The government has relaxed FDI norms in around 12 sectors which include telecom, tea, pension and petroleum and natural gas among others. Now, it has started exercise for allowing FDI in railways and defence sectors. Despite the government various efforts to increase FDI, foreign investment during April-February FY14 has declined, which reflects the need to take more measures to improve the business environment in the country. Furthermore, India would require around $1 trillion in the 12th five year plan (2012-2017), to overhaul its infrastructure sector such as ports, airports and highways to boost growth.  The CNX Nifty is currently trading at 6,776.20 down by 6.55 points or 0.10% after trading in a range of 6,782.75 and 6,763.50. There were 25 stocks advancing against 24 declines while 1 stock remains unchanged on the index. The top gainers of the Nifty were Lupin up by 1.35%, SSLT up by 1.34%, Tata Power up by 1.20%, DR Reddy up by 1.07% and Wipro up by 0.95%. On the flip side, Ambuja Cement down by 1.65%, IDFC down by 1.62%, GAIL down by 1.49%, BHEL down by 1.49% and Bharti Airtel down by 1.46% were the top losers on the index. Most of the Asian equity indices were trading in red; Shanghai Composite declined or 1.23%, Hang Seng slipped by 0.39%, Jakarta Composite dropped 1.01%, Nikkei 225 shed 1.15%, Straits Times was down by 0.21% On the flip side, KOSPI rose 0.16%, KLSE Composite increased 0.05% and Taiwan Weighted was up by 0.46%.

SAIL gains on securing orders worth Rs 650 crore

SAIL is currently trading at Rs. 71.75, up by 0.40 points or 0.56% from its previous closing of Rs. 71.35 on the BSE. The scrip opened at Rs. 72.00 and has touched a high and low of Rs. 72.45 and Rs. 71.60 respectively. So far 100524 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 75.90 on 10-Apr-2014 and a 52 week low of Rs. 37.65 on 07-Aug-2013. Last one week high and low of the scrip stood at Rs. 73.40 and Rs. 70.20 respectively. The current market cap of the company is Rs. 29843.05 crore. The promoters holding in the company stood at 80.00% while Institutions and Non-Institutions held 16.79% and 3.20% respectively. Steel Authority of India (SAIL) has secured orders worth Rs 650 crore through two bidding processes. The orders are for supplying over 1.17 lakh tonnes of rails to Rail Vikas Nigam (RVNL). Based on the guidelines of Asian Development Bank, the funding agency for the passenger line projects, RVNL had issued global tenders for four passenger carrying railway line projects - Hospet-Tinaighat, Daund-Gulbarga, Titlagarh-Raipur and Sambalpur-Titlagarh. SAIL is India's largest steel producing company. With a turnover of Rs 49,350 crore, the company is among the five Maharatnas of the country's Central Public Sector Enterprises. SAIL has five integrated steel plants, three special plants, and one subsidiary in different parts of the country.

SAIL secures orders worth Rs 650 crore

Steel Authority of India (SAIL) has secured orders worth Rs 650 crore through two bidding processes. The orders are for supplying over 1.17 lakh tonnes of rails to Rail Vikas Nigam (RVNL). Based on the guidelines of Asian Development Bank, the funding agency for the passenger line projects, RVNL had issued global tenders for four passenger carrying railway line projects - Hospet-Tinaighat, Daund-Gulbarga, Titlagarh-Raipur and Sambalpur-Titlagarh. SAIL is India's largest steel producing company. With a turnover of Rs 49,350 crore, the company is among the five Maharatnas of the country's Central Public Sector Enterprises. SAIL has five integrated steel plants, three special plants, and one subsidiary in different parts of the country.

CVC likely to back CBI’s recommendations for closure of about 20 coal blocks cases

Many of the top industrial groups are likely to get a reprieve in the coal blocks allotment case with all likelihood of Central Vigilance Commission (CVC) backing CBI’s recommendation for closing about 20 preliminary enquiries (PEs) filed against some top industrialists. The Apex Court a month earlier directed CVC to peruse the coal blocks allocation cases, wherein there were a difference of opinion within CBI on the closure issue and further towards this development, the superintending body over CBI has reviewed files relating to these cases and is likely to support the probe agency in its report to be filed in the apex court early next month. However, the commission is also likely to get its report evaluated by legal experts before filing it in the court next week. The apex court's directives to CVC came right after filing of two closure reports last month in coal blocks cases, in which DIG Ravi Kant, who supervises the probe along with other two officers of the same rank had given opinion for filing of charge sheets. The court then hearing coal block cases, had late last month asked Central Vigilance Commissioner and two vigilance commissioners to put out their suggestions on whether the cases could be closed or charge sheets should be filed. In total, there are about 20-22 PEs in which CBI officers, both investigating and supervising, have divergent views and currently the agency is probing at least 16 cases of alleged misappropriation in coal blocks allocation.

NMDC plans to shift location proposed pellet plant in Chhattisgarh

NMDC is planning to shift the location of its proposed two million tonne per annum (mtpa) pellet plant at Nagarnar in Chhattisgarh, as land acquisition is getting delayed due to delay in conducting gram sabha by the Chhattisgarh state government. The company was mulling setting up a pellet plant adjacent to its upcoming greenfield steel facility at Nagarnar, which is likely to start production by next fiscal, at an estimated cost of Rs 800 crore. The company in October last year had submitted the requisite application for obtaining environmental clearance. The terms of reference (TOR) was held in December. 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.

Birla Sun Life MF introduces Fixed Term Plan - Series LH (732 days)

Birla Sun Life Mutual Fund has launched the New Fund Offer (NFO) of Birla Sun Life Fixed Term Plan - Series LH (732 days), a close ended income scheme. The NFO opens for subscription on Apr 28, 2014 and closes on Apr 30, 2014. No entry or exit load will be applicable for the scheme. The minimum subscription amount is Rs 5000 and in multiples of Rs.10 thereafter. The scheme’s performance will be benchmarked against CRISIL Short Term Bond Fund Index and its fund manager is Kaustubh Gupta. The investment objective of the scheme is to generate income by investing in a portfolio of fixed income securities maturing on or before the duration of the scheme.

Cox & Kings ties up with LFC E.L.I.T.E.S

Cox & Kings, the leading holidays and education travel group with operations in 26 countries across continents has entered into an agreement with LFC E.L.I.T.E.S (Education and Learning Initiative Training Entrepreneurs in Sport), which is the global education and training partnership between Liverpool Football Club and London School of Business & Finance (LSBF). With this, Cox and Kings will be eligible to promote and sell combined educational and football programmes across India. LFC E.L.I.T.E.S School of English & Football is a residential programme designed to give aspiring students a chance to learn to play ‘the Liverpool Way’ whilst also improving their English language skills. Children and young people aged 11-17 can attend the campus in England for anything from one week to 8 weeks. Each full programme is for two weeks and costs approximately £1170 (approx Rs 1.20 lakh) per week. The fees will include English Language Tuition, Professional Coaching from Liverpool Football Club Coaches, On-site accommodation, all meals each day, LFC certification and graduation, evening activities and weekend excursions, including an exclusive behind the scenes tour to LFC’s home ground Anfield, as well as Complimentary LFC E.L.I.T.E.S football kit. Cox & Kings is the longest established travel company in the world since 1758. It operates across 4 continents and 25 countries. In India, Cox & Kings has 12 branch sales offices and 150 Franchisee located across the country.