blue Capital Group: 05/06/14

Tuesday, 6 May 2014

NTPC trades in green on the BSE

NTPC is currently trading at Rs. 114.35, up by 0.35 points or 0.31% from its previous closing of Rs. 114.00 on the BSE.

The scrip opened at Rs. 114.30 and has touched a high and low of Rs. 115.85 and Rs. 113.95 respectively. So far 346891 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 161.05 on 06-May-2013 and a 52 week low of Rs. 110.90 on 04-Mar-2014.

Last one week high and low of the scrip stood at Rs. 118.80 and Rs. 113.60 respectively. The current market cap of the company is Rs. 94493.02 crore.

The promoters holding in the company stood at 75.00% while Institutions and Non-Institutions held 22.27% and 2.73% respectively.

NTPC has commenced commercial operation from balance 20 MW solar unit of Rajgarh Solar PV Power Station with effect from April 30, 2014. With this, the capacity of Rajgarh Solar PV Power Station has become 50 MW and the total capacity of non-conventional energy projects of NTPC has become 95 MW.

Further, with the commissioning and commercial declaration of 20 MW Solar unit at Rajgarh, the total commissioned and commercial capacity of NTPC group has become 43039 MW and 41879 MW respectively.

NTPC is the largest power generating company in the country. It has also diversified into hydro power, coal mining, power equipment manufacturing, oil & gas exploration, power trading & distribution.

Mindtree to introduce new practices for testing in connected world

Mindtree a global technology services company will unveil its latest innovations for testing in a connected world as a Platinum Sponsor of Stareast, the premier event for software testers and quality assurance professionals. Mindtree's Rajeevan Velayudhan will conduct a technical presentation On Thursday, May 8, 2014.

The presentation will highlight how QA organizations need to re-think the protection of entire customer experiences while ensuring high quality individual applications. Velayudhan will illustrate how building a map of end-to-end business processes and their interactions with each other is no longer just a domain of individual application teams. This new approach is 'user centric' whereby teams move from testing applications to testing customer experiences over multi-channel platforms in distributed locations and networks. The benefit of this approach is improvements in quality, cost and agility while ensuring QA gets its rightful seat at portfolio strategy discussions and becomes more than just a project activity.

Mindtree has strategically worked with many leading security system integrators and camera vendors across the globe. The solution will be offered to customers in India and globally through a network of system integrators who will help customers with deployment and training on the software usage.

Bond yields edge lower on profit-booking; buying from banks prevents further losses

Bond yields were trading higher on some profit-taking after the yield hit a seven-week low in the previous session and posted its biggest single-day fall since mid-April. Nevertheless, buying from banks and large institutional players has restricted further losses in bond prices.
On the global front, US Treasuries fell on Monday after economic data signaled unexpectedly strong growth in the US services sector, surrendering early gains made on a flight to safety spurred by tensions in Ukraine. Meanwhile, brent crude held steady below $108 per barrel on Tuesday as clashes across Ukraine helped support a market that might otherwise buckle from ample supply especially in the United States, the top oil consumer.
Back home, the yields on new 10 year Government Stock 2023 were trading 2 basis points higher at 8.76% from its previous close of 8.74% on Monday.
The benchmark five-year interest rate swaps was trading 3 basis points higher at 8.33% from its previous close of 8.30% on Monday
The Reserve Bank of India has announced the auction of 91 and 182 days Government of India Treasury Bills for notified amount of Rs 9,000 crore and Rs 6000 crore respectively . The auction will be conducted on May 7, 2014 using 'Multiple Price Auction' method.
The Government of India announce the sale of Four dated securities for Rs 16,000 crore on May 9, 2014, including (i) 7.80% Government Stock 2020 for a notified amount of Rs 4,000 crore, (ii) 8.83% Government Stock 2023 for a notified amount of Rs 7,000 crore, (iii) 8.32% Government Stock 2032 for a notified amount of Rs 2,000 crore and lastly (iv) 8.30% Government Stock 2042 for a notified amount of Rs 3,000 crore on May 9, 2014.

ICICI Bank unveils two new saving account products for NRI customers

ICICI Bank, India's largest private sector lender, has unveiled two new saving account products - NRI Pro and NRI Premia for NRI customers. NRI customers can choose from two types of regular savings accounts NRE and NRO. An NRE savings account is used for overseas income and an NRO savings account is mainly used for income earned in India like, for example, rental income.

In addition to offering regular savings account benefits, the NRI Pro savings account offers NRI customers value-added features such as priority service, preferential rates on money transfers and banking benefits for family members based in India.

The NRI Premia savings account will offer all the benefits of a NRI Pro savings account along with access to a dedicated relationship manager to take care of the customer's banking needs, and a travel insurance bouquet which includes air accident coverage of up to Rs 1 crore.

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.

Canara Bank aims to achieve 18% business growth in FY2015

Canara Bank, a leading nationalized bank is aiming to achieve a total business growth of 18% in FY 2015. In value terms, the bank’s business is expected to grow to Rs 8.5 lakh crore from about Rs 7.22 lakh crore as at March-end 2014. The bank is also planning to take the number of branches from 4,755 to 6,000 and number of ATMs from 6,312 to 10,000 by March 2015.

Canara Bank has posted a fall of 15.79% in its net profit at Rs 610.83 crore for the quarter ended March 31, 2014 as compared to Rs 725.38 crore for the same quarter in the previous year. However, total income of the bank has increased by 22.57% at Rs 11609.72 crore for quarter under review as compared to Rs 9471.57 crore for the quarter ended March 31, 2013.

Benchmarks trim gains; trade continues in green

Indian equity benchmarks trimmed minor gains but continued its firm trade in the late afternoon session taking cues from Asian counterparts. The sentiments were on optimistic note from early trade after C Rangarajan, Chairman, Prime Minister’s Economic Advisory Council (PMEAC) stated that with gold imports slowing down and inflation levels showing signs of decline, the country’s current account deficit (CAD) is expected to be around 2% of the GDP in the coming few years. The upbeat mood continued after Reserve Bank of India (RBI) Governor Raghuram Rajan expressed optimism on India’s growth rate going beyond the 5% mark soon. Traders were seen piling up positions in Oil & Gas, Capital Goods and Consumer Durables stocks, while selling was witnessed in TECK, IT and Metal sector stocks. In scrip specific development, United Bank of India was trading firm on reporting a 15-fold jump in net profit at Rs 469.37 crore for the quarter ended March 31, 2014, on the back of a strong bad loan recovery, coupled with a decent growth in net interest income. Ricoh India rallied after the company’s promoter announced delisting offer to the public shareholders of the company.

On the global front, the Asian markets were trading in green, while the European markets traded on pessimistic note. Back home, the NSE Nifty and BSE Sensex were trading above their psychological 6,700 and 22,500 levels respectively. The market breadth on BSE was negative in the ratio of 1253:1275 while 137 scrips remained unchanged.

The BSE Sensex is currently trading at 22512.44, up by 67.32 points or 0.30% after trading in a range of 22602.71 and 22496.22. There were 12 stocks advancing against 18 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.41%, while Small cap index up by 0.33%.

The gaining sectoral indices on the BSE were Oil & Gas up by 1.35%, Capital Goods up by 0.99%, Consumer Durables up by 0.69%, FMCG up by 0.68% and Bankex up by 0.27% while, TECK down by 0.51%, IT down by 0.50%, Metal down by 0.22% and HealthCare down by 0.05% were the only losing indices on BSE.

The top gainers on the Sensex were RIL up by 2.05%, Tata Motors was up 1.39%, ITC up by 1.28%, L&T up by 1.22% and Tata Steel up by 1.21%.

On the flip side, Bharti Airtel down by 2.12% Hindalco Industries down by 1.59%, Hero Motocorp down by 1.48%, Wipro down by 1.08% and Bajaj Auto down by 1.05%.

Meanwhile, in order to revive the economic growth and reduce bad loans of banks, Industry body Assocham has suggested measures such as developing a strong corporate bond market, speeding up the implementation of infrastructure projects and a single-window clearance mechanism.

Expressing concerns over the deteriorating asset quality of banks, Assocham stated that it has become imperative to bring down non-performing assets (NPAs) of banks as the huge portfolio of restructured assets and NPAs has been exerting huge pressure on the country's financial system. Increasing number of corporate debt restructuring cases is an indication of the growing difficulties faced by companies in meeting their financial obligations, it added. NPAs of state-owned banks rose 28.5 percent to Rs 2.36 lakh crore in September 2013 from Rs 1.83 lakh crore in March last year. Prevailing economic slowdown coupled with high interest rates in order to tame the inflation has led to a sharp deterioration in asset quality for the banking sector.

Regarding the infrastructure sector, Industry chamber emphasized need to sort out the issues related with the big infrastructure projects like constraints in mobilisation of financial resources, gestation lags, land acquisition issues and hurdles in obtaining statutory clearances. Assocham also suggested the government to develop a strong and vibrant corporate bond market which could help in widening the scope of infrastructure funding. It also recommended a single-window clearance system with specific guidelines and time-bound approvals to fast track the implementation of mega infrastructure projects.

The CNX Nifty is currently trading at 6,714.00, up by 14.65 points or 0.22% after trading in a range of 6,743.45 and 6,709.50. There were 17 stocks advancing against 32 declining ones on the index, while 1 stock remained unchanged.

The top gainers of the Nifty were Reliance Industries up 1.78%, ICICI Bank up by 1.49%, IndusInd Bank up by 1.39%, Tata Motors up by 1.35% and DLF up by 1.26%.

On the flip side, Bharti Airtel down by 2.06%, Hindalco Industries down by 1.87%, Ambuja Cement down by 1.63%, Hero MotoCorp down by 1.36% and Wipro down by 1.08% were the major losers on the index.

Asian equity indices were trading in green; Shanghai Composite up by 0.03%, Straits Times up by 0.19%, Jakarta Composite up by 1.07% and Taiwan Weighted added 0.47%.

Hong Kong and South Korea markets remained shut for the trade today for Buddha's Birthday Holiday, while the Japanese market is closed for Greenery Day.

The European markets were trading in red; France’s CAC 40 was down 0.23%, Germany’s DAX lost 0.39% while UK’s FTSE 100 dropped 0.34%.

Canara Bank aims to achieve 18% business growth in FY2015

NMDC declines on reducing prices of Lump Ore for May

NMDC is currently trading at Rs. 148.75, down by 0.95 points or 0.63% from its previous closing of Rs. 149.70 on the BSE.

The scrip opened at Rs 150.00 and has touched a high and low of Rs 150.85 and Rs 147.45 respectively. So far 55989 shares were traded on the counter.

The BSE group 'A ' stock of face value Rs 1 has touched a 52 week high of Rs 155.50 on 02-May-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 155.50 and Rs 148.30 respectively. The current market cap of the company is Rs 58876.03 crore.

The promoters holding in the company stood at 80.00% while Institutions and Non-Institutions held 16.80% and 3.20% respectively.

National Mineral Development Corporation (NMDC), a state-run iron ore miner, has revised the prices of Iron Ore for the month of May, 2014. The state-owned company has reduce the prices of Lump Ore for the month of May, 2014 by Rs 200 a tonne to Rs 4300/WMT while prices of Fines is fixed at Rs 2910/WMT.

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.

Punj Lloyd surges on bagging Rs 1,270 crore expressway project in Yemen

Punj Lloyd is currently trading at Rs 29.75, up by 0.80 points or 2.76% from its previous closing of Rs 28.95 on the BSE.

The scrip opened at Rs 29.25 and has touched a high and low of Rs 30.60 and Rs 28.90 respectively. So far 765055 shares were traded on the counter.

The BSE group 'B' stock of face value Rs 2 has touched a 52 week high of Rs 57.80 on 09-May-2013 and a 52 week low of Rs 20.25 on 04-Sep-2013.

Last one week high and low of the scrip stood at Rs 33.35 and Rs 28.80 respectively. The current market cap of the company is Rs 989.65 crore.

The promoters holding in the company stood at 37.23%, while Institutions and Non-Institutions held 17.29% and 45.49% respectively.

Diversified global EPC conglomerate, Punj Lloyd, has received a Letter of Award for the construction of 42 km, 2x3 lane dual carriageway project between Doraigh and Noubat Dokaim from Ministry of Public Works & Highways, Republic of Yemen. This project, valued at Rs 1,270 crore ($211.41 million), is funded by Saudi Development Fund (SDF).

Located 60 km from the port city of Aden, the scope of work for this project comprises construction of 210 lane-km new carriageway greenfield project. The work involves excavation of over 10 million cubic meter, road paving, surface sealing, two major concrete overpass bridges, box & pipe culvert construction and associated infrastructure work.

Punj Lloyd provides engineering, procurement, construction (EPC) and project management services. It provides services to oil and gas, energy, infrastructure petrochemical, telecom broadband and utilities sectors, among others.

Vijaya Bank reports 39% drop in Q4 net profit

Vijaya Bank has reported results for fourth quarter and year ended March 31, 2014.

The bank has posted a fall of 39.39% in its net profit at Rs 135.84 crore for the quarter ended March 31, 2014 as compared to Rs 224.15 crore for the same quarter in the previous year. However, total income of the bank has increased by 13.02% at Rs 3029.34 crore for quarter under review as compared to Rs 2680.20 crore for the quarter ended March 31, 2013.

For the full year ended March 31, 2014, the bank has reported a fall of 28.97% in its net profit after tax at Rs 415.91 crore as compared to Rs 585.61 crore for FY13. However, total income increased by 18.19% at Rs 11416.42 crore for year under review as compared to Rs 9658.88 crore for the year ended March 31, 2013.

City Union Bank soars on receiving RBI nod for hiking FII stake limit

City Union Bank is currently trading at Rs. 60.45, up by 2.40 points or 4.13% from its previous closing of Rs. 58.05 on the BSE.

The scrip opened at Rs. 59.10 and has touched a high and low of Rs. 61.60 and Rs. 58.90 respectively. So far 200524 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 59.70 on 30-Apr-2014 and a 52 week low of Rs. 37.95 on 04-Sep-2013.

Last one week high and low of the scrip stood at Rs. 59.70 and Rs. 57.80 respectively. The current market cap of the company is Rs. 3275.44 crore.

The Institutions and Non-Institutions held 29.98% and 70.02% respectively.

Reserve Bank of India (RBI) allowed foreign institutional investors to purchase up to 35% of the paid-up capital of the bank. The bank has passed resolutions at the board of directors' level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by Foreign Institutional Investors (FIIs).

RBI has notified that FIIs, through primary market and stock exchanges, can now purchase up to 35% of the paid up capital of the bank under the Portfolio Investment Scheme (PIS). This approval is given subject to the condition that the onus of compliance with FDI policy and FEMA regulations including downstream investment would continue to remain on the Indian company, City Union Bank. It is also advised that for FII/RFPI/QFI and NRI under Portfolio Investment Scheme, individual ceiling shall be 5% respectively and aggregate limit for all RFPI/FII/QFI shall be 35%.

City Union Bank will have to monitor individual limits of FII/FPI/QFI & NRI and also ensure that at no time its total foreign investment (direct as well as indirect) exceeds 49%, beyond which, it should seek prior FIPB approval. Further, the Reserve Bank notified that the foreign share holding by Foreign Institutional Investor (FIIs), in City Union Bank have gone below the revised threshold limit stipulated under the extant Foreign Direct Investment (FDI) Policy. Hence, the restrictions placed on the purchase of shares of the bank were withdrawn with immediate effect.

Crude oil futures edge higher on MCX

Crude oil futures edged higher on MCX as investors and speculators booked fresh positions in the energy commodity as continued shutdowns in oil fields in Libya by protestors resulted a dip in the county’s oil production, raising supply fears over the fuel.
The contract at for May delivery was trading Rs 5997.00, up by 0.40% or Rs 24.00 from its previous closing of Rs 5973.00. The open interest of the contract stood at 9109.00 lots.
The contract for June delivery was trading at Rs 5992.00, up by 0.44% or Rs 26.00 from its previous closing of Rs 5966.00. The open interest of the contract stood at 1523.00 lots on MCX.

Markets continue to trade firm in afternoon session

Indian equity benchmarks continue to trade firm in afternoon session amid firm global cues and buying witnessed in frontline blue chip stocks such as ITC, Tata Steel and ICICI bank among others. Though, the major indices were following a tight range, gain in FMCG and oil and gas stocks has provided support to the markets. Most of the major sectoral indices were trading in green with FMCG remaining the top gainer index on BSE, up by around 0.95%. However, there was mild weakness in the IT and technology sector stocks. Sentiments got a boost after PMEAC’s chairman C Rangarajan stated that country’s current account deficit (CAD) will come to around 2% of the gross domestic product (GDP) in the coming few years, on the back of reduction in import of gold and some signs of decline in inflation. Buying was broad based with both mid and small cap indices were trading up by over 0.45%. .
Piramal Enterprises stocks soared by 5.4% on the news that Piramal Enterprises will merge 3 of its subsidiaries with the parent company. Atul Limited, extending its previous day’s 19% rally, surged over 8% to around Rs 705, after reporting an over two-fold jump in standalone net profit at Rs 51.56 crore for Q4 FY14. On the other hand, Canara Bank declined by around 2.1% after reporting a 15.7% decline in net profit to Rs 611 crore for Q4 FY14.
On global front, Asian equity indices were trading in green with Shanghai Composite up by 0.25% and Straits Times up by 0.15%. Back home, the NSE Nifty and BSE Sensex were trading above their psychological 6,700 and 22,500 levels respectively. The market breadth on BSE was positive, out of 2,279 stocks traded, 1,217 stocks advanced, while 953 stocks declined on the BSE.
The BSE Sensex is currently trading at 22,535.87 up by 90.75 points or 0.40% after trading in a range of 22,602.71 and 22,512.23. There were 19 stocks advancing against 11 stocks declining on the index.
The broader indices were trading in green; the BSE Mid cap index was up by 0.48%, while Small cap index gained 0.55%.
The gaining sectoral indices on the BSE were FMCG up by 0.95%, Oil and Gas up by 0.90%, Consumer Durables up by 0.72%, Capital Goods up by 0.71% and Bankex up by 0.56%. While, IT down by 0.38% and Teck down by 0.26% were the losing indices on BSE.
The top gainers on the Sensex were ITC up by 1.66%, ICICI Bank up by 1.48%, Tata Steel up by 1.45%, ONGC up by 1.12% and Tata Motors up by 1.07%. On the flip side, Bajaj Auto down by 0.98%, hero Motocorp down by 0.89%, Hindalco Inds down by 0.79%, Bharti Airtel down by 0.73% and TCS down by 0.62%.
Meanwhile, Finance Minister P Chidambaram has urged the Asian Development Bank (ADB) to increase its annual lending capacity to $20 billion in the next ten years, in order to meet the development needs of the member-countries. Over the past three years, annual lending capacity of ADB under Ordinary Capital Resources (OCR) has been hovering around $10-11 billion.
Chidambaram highlighted that development needs of the members are quite large and growing; therefore the ADB should be sufficiently resourced to assist its members to address challenges like fighting poverty or developing infrastructure. He also requested the members to give this issue a serious consideration and quickly come to an agreement for increasing the annual lending capacity of ADB to $20 billion in the next 10 years.
Further, Finance Minister added that the Sustainable Level of Lending (SLL) should be increased by adopting a comprehensive strategy of augmenting income and reducing expenses. Stagnant or declining disbursements coupled with rising administrative expenses and are the main reasons behind sharp decline of SLL from $11 billion projected earlier. Actual administrative expenses have been growing at over 10 per cent per annum, while disbursements have averaged only around $6.5 billion. On increasing the SLL limit, Chidambaram said that fundamental solution for enhancing the SLL to a more meaningful level lies in increasing the capital stock of the bank and shareholders need to periodically contribute to the capital to help the bank discharge its responsibilities.
The CNX Nifty is currently trading at 6,724.50 up by 25.15 points or 0.38% after trading in a range of 6,743.45 and 6,717.90. There were 30 stocks advancing against 20 declining on the index.
The top gainers of the Nifty were ITC up by 1.60%, ICICI Bank up by 1.59%, ACC up by 1.54%, DLF up by 1.47% and Tata Steel up by 1.33%. On the flip side, Bajaj Auto down by 1.03%, Ambuja Cement down by 1.01%, Hindalco down by 0.97%, Hero motocorp down by 0.86% and TCS down by 0.66% were the major losers on the index.
Asian equity indices were trading in green; Shanghai Composite up by 0.25% to 2,032.49, Straits Times up by 0.15% to 3,246.64, Jakarta Composite up by 0.05% to 4,845.65 and Taiwan Weighted was up by 0.47% to 8,912.39.

Soyabean futures edge lower on NCDEX

Soyabean futures edged lower on NCDEX on the speculation that warmer weather condition will lead to rising supplies of the crops. Further, weaker exports of commodity too supported the prices downtrend. However, weak arrivals of soya seeds in mandis across Madhya Pradesh, capped some losses in soyabean prices to some extent.

The contract for May delivery was trading at Rs 4759.00, down by 0.19% or Rs 9.00 from its previous closing of Rs 4768.00. The open interest of the contract stood at 60100 lots.

The contract for June delivery was trading at Rs 4779.00, down by 0.13% or Rs 6.00 from its previous closing of Rs 4785.00. The open interest of the contract stood at 118790 lots on NCDEX.

Jammu & Kashmir Bank holds financial literacy camps

With a view to make people aware about the banking services and basic finance management, Jammu & Kashmir Bank (JKB) conducted various financial literacy camps in Poonch, Budgam and Kupwara districts in the last few weeks. The bank’s FLCC Center Poonch organized a camp at village Bhatadurian Block Balakote that witnessed participation of the cross section of society.

Moreover, the bank’s FLCC Kupwara branch organised an awareness camp at Darpora Lolab in collaboration with Lead Bank and Cluster Office Kupwara where in a large number of people participated representing almost all the sections of the area. With a view to apprise the students about the loan schemes devised by the banks for educational needs, FLCC center Budgam organized a financial literacy camp at Boys Higher Secondary School (Budgam). A large number of students along with the faculty members participated in the camp.

Jammu & Kashmir Bank is the only state government owned bank in the country with the Government of J&K (GoJK) holding around 53% shareholding in the bank. JKB holds a monopolistic position in the state of J&K constituting majority of the credit and deposits in the state.

City Union Bank receives RBI nod for hiking FII stake limit

Potato futures edge lower on weak demand

Potato futures edged lower on MCX due to offloading of positions by speculators, triggered by weak demand in the spot market. Moreover, adequate stocks availability in the physical market on the back of restricted arrivals from producing regions also dampened the sentiments.
The contract for May delivery was trading at Rs 1356.00, down by 0.74% or Rs 10.10 from its previous closing of Rs 1366.10. The open interest of the contract stood at 921.00 lots.
The contract for June delivery was trading at Rs 1440.00, down by 0.73% or Rs 10.60 from its previous closing of Rs 1450.60. The open interest of the contract stood at 1956.00 lots on MCX.

Kalindee Rail to form CoD to improve its overall management, cost effectiveness

Kalindee Rail Nirman (Engineers) has received an approval to form a Committee of Directors (CoD) to review certain areas of operations with a view to improve overall management and cost effectiveness of the company, including any possible options for restructuring. The board of directors at its meeting held on May 02, 2014 has approved for the same. The above step is taken with the aim and intent of enhancing shareholders value and improving the overall working culture / environment.

In this regard, the CoD has also been authorized to engage such consultants/advisors as they deem fit and may take such support from any other director/officer/functional heads of the company as they may deem necessary and appropriate. The CoD has also been requested to complete its study and report to the board of directors with its proposal, if any.

Kalindee Rail Nirman popularly known as ‘KALINDEE’ stands as the forerunner in the execution of the major Railway Signaling & Telecommunication projects in India. Dedicated and sincere work has earned it a good reputation. In Railways, KALINDEE is now a trusted name for successful & timely execution of works with highest level of quality with state of the art technology.

City Union Bank receives RBI nod for hiking FII stake limit

Barley futures decline on NCDEX

Barley futures declined on NCDEX on fresh selling by traders in line with weak spot markets sentiment. Further, regular supply from growing regions against slackness in demand from beer and cattle-feed making industries at higher levels in physical markets also weighed on the prices.
The contract for May delivery was trading at Rs 1320.00, down by 0.90% or Rs 12.00 from its previous closing of Rs 1332.00. The open interest of the contract stood at 7160.00 lots.
The contract for June delivery was trading at Rs 1349.00, down by 0.37% or Rs 5.00 from its previous closing of Rs 1354.00. The open interest of the contract stood at 10600.00 lots on NCDEX.

Godrej Properties gains on adding new project in Gurgaon

Godrej Properties is currently trading at Rs. 216.00, up by 1.00 points or 0.47% from its previous closing of Rs. 215.00 on the BSE.

The scrip opened at Rs. 217.80 and has touched a high and low of Rs. 220.15 and Rs. 215.10 respectively. So far 21,000 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 5 has touched a 52 week high of Rs. 296.65 on 09-May-2013 and a 52 week low of Rs. 153.90 on 30-Jan-2014.

Last one week high and low of the scrip stood at Rs. 227.00 and Rs. 207.00 respectively. The current market cap of the company is Rs. 4,303.00 crore.

The promoters holding in the company stood at 74.96% while Institutions and Non-Institutions held 13.95% and 11.09% respectively.

Godrej Properties (GPL), the real estate development arm of the Godrej Group, has added a new project in Sector 79, Gurgaon to its development portfolio. The land parcel measures 17.4 acres and the project will be developed as a premium residential housing project. The expected saleable area in the project is 1.6 million square feet.

This project is strategically located in Sector 79 in Gurgaon, at the foothills of the Aravalis. The upcoming project will have great connectivity through National Highway-8 and proposed Southern Periphery Road. This will be GPL’s fifth project in NCR.

The project will be developed by Godrej Properties through the residential investment platform that Godrej Properties established in FY13. This is the third project added through this platform.

Idea Cellular gains on recommencing 3G through ICR across 10 circles

Idea Cellular is currently trading at Rs. 131.40, up by 1.00 points or 0.77% from its previous closing of Rs. 130.40 on the BSE.

The scrip opened at Rs. 131.40 and has touched a high and low of Rs. 133.50 and Rs. 130.60 respectively. So far 97228 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 188.35 on 15-Oct-2013 and a 52 week low of Rs. 124.40 on 10-Jun-2013.

Last one week high and low of the scrip stood at Rs. 145.70 and Rs. 129.20 respectively. The current market cap of the company is Rs. 43971.03 crore.

The promoters holding in the company stood at 45.81% while Institutions and Non-Institutions held 21.92% and 32.27% respectively.

Idea Cellular has recommenced 3G services through intra-circle roaming (ICR) agreements. The services would be recommenced across its 10 telecom circles, and enabling its subscribers roam on 3G networks across all the 22 circles in the country. The 10 circles to be activated under 3G services are Delhi, Mumbai, Rajasthan, Karnataka, Kolkata & West Bengal, Tamil Nadu, Bihar, Assam and North East. The company’s both post- and pre-paid customers can avail of the services. The company has also partnered with leading telecom operators in the country to enable seamless 3G connectivity.

Idea Cellular, an AV Birla group company, provides Global System for Mobile communications (GSM)-based wireless service at the pan-India level, it is present in all 22 telecom circles.

Turmeric futures trade lower on subdued demand

Turmeric futures traded lower on NCDEX on the account of offloading of positions by speculators, driven by subdued demand in the spot market. Besides, adequate stock position in the spot market along with higher arrivals in the physical markets also put pressure on the commodity prices.

The contract for May delivery was trading at Rs 6616.00, down by 0.63% or Rs 42.00 from its previous closing of Rs 6658.00. The open interest of the contract stood at 8425.00 lots.

The contract for June delivery was trading at Rs 6758.00, down by 0.47% or Rs 32.00 from its previous closing of Rs 6790.00. The open interest of the contract stood at 7715.00 lots on NCDEX.

Berger Paints hikes decorative paint prices by 1%

Berger Paints has hiked decorative paint prices by 1%. The company has hiked the product’s price to cover raw material cost increase. The company has reported that International prices of monomer, used in emulsions for water based paints, increased due to suppliers planned shutdown.

Earlier, the company in August had announced its plan to hike product prices by 2.5% from September 1, which marked its third price hike since May.

Berger Paint’s range of products for Interior Wall Coating include Breathe Easy, Silk Luxury Emulsion, Easy Clean, Rangoli Total Care, Rangoli Total Care, while the company offers WeatherCoat All Guard, WeatherCoat Smooth, WeatherCoat Kool & Seal,WeatherCoat Longlife, WeatherCoat Tile Protektor and Walmasta, etc.

Bharti Airtel’s IT deals worth $1.5 billion to be closed soon: Report

Bharti Airtel’s IT deals, divided into three parts, worth $1.5 billion is expected to be closed soon, as per some media reports. While, IBM-bharti has already announced signing first part of the deal, Tech Mahindra is reportedly the front-runner for $500-600 million managed service, appt dvpt deals. Additionally, Infosys is likely to be the front-runner for $1 billion deal for infra services, while HCL,TCS too are also eyeing $1 billion deal for Infra services.

Early in April, Bharti Airtel inked agreement with IBM to manage Airtel's infrastructure and application services in India over the next five years. The agreement is based on Airtel's new IT vision that defines the next generation of services for its ever-growing customer base and to offer best in class services to its customers through solutions leveraging cutting edge technology. As part of the new vision, Airtel is also building in-house capabilities and a strong partner eco-system, and has selected IBM to manage the IT infrastructure and applications for its operations in India.

Bharti Airtel is a leading integrated telecommunications company with operations in 20 countries across Asia and Africa. The company ranks amongst the top 5 mobile service providers globally in terms of subscribers.

Crude palm oil futures trade higher on tight supply

Crude palm oil futures edged modestly higher on tight supplies from the major growing areas against rising demand in the spot market. However, decline in comparative vegetable oil prices capped some gains.

The contract for May delivery was trading at Rs 550.40, up by 0.22% or Rs 1.20 from its previous closing of Rs 549.20. The open interest of the contract stood at 3035 lots.

The contract for June delivery was trading at Rs 547.20, up by 0.42% or Rs 2.30 from its previous closing of Rs 544.90. The open interest of the contract stood at 1765 lots on MCX.

Sugar future decline on profit booking

Sugar future traded down on NCDEX due to profit-booking by speculators. Also, huge ready stocks position in the market on persistent supplies from mills, reduced off take by stockists following slackened demand from bulk consumers, largely attributed fall in sugar prices in future trade.

The contract for May delivery was trading at Rs 3049.00, down by 0.91% or Rs 28.00 from its previous closing of Rs 3077.00. The open interest of the contract stood at 51930.00 lots.

The contract for June delivery was trading at Rs 3042.00, down by 0.23% or Rs 7.00 from its previous closing of Rs 3049.00. The open interest of the contract stood at 44490.00 lots on NCDEX.

BPCL plans to invest Rs 1,419 crore in Mumbai refinery

Bharat Petroleum Corporation (BPCL) is planning to invest Rs 1,419 crore in replacing an old crude processing unit at its 12 million tons a year Mumbai refinery by May 2015. The company is also planning to install a new crude and vacuum distillation unit of 6 million tons per annum capacity as a replacement of old crude and vacuum units. Old units will be disposed off post stabilization of the new plant.

BPCL is into exploration, production and retailing of petroleum and petrol related products. The retail business unit of BPCL is into marketing of petrol, diesel and kerosene.

Jeera futures trade lower on sluggish demand

Jeera futures traded lower on NCDEX due to higher production estimates in domestic market coupled with strong supplies in local mandies. Moreover, speculators reduced their holdings on the back of sluggish demand in the spot market mainly pulled down jeera prices at futures trade.

The contract for May delivery was trading at Rs 10665.00, down by 0.42% or Rs 45.00 from its previous closing of Rs 10710.00. The open interest of the contract stood at 5679.00 lots.

The contract for June delivery was trading at Rs 10790.00, down by 0.55% or Rs 60.00 from its previous closing of Rs 10850.00. The open interest of the contract stood at 5823.00 lots on NCDEX.

CARE gains on receiving RBI’s approval for hiking FII limit to 74%

Credit Analysis and Research (CARE) is currently trading at Rs. 819.50, up by 14.55 points or 1.81% from its previous closing of Rs. 804.95 on the BSE.

The scrip opened at Rs. 834.00 and has touched a high and low of Rs. 850.00 and Rs. 815.00 respectively. So far 19,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 874.90 on 21-Feb-2014 and a 52 week low of Rs. 415.05 on 02-Aug-2013.

Last one week high and low of the scrip stood at Rs. 850.00 and Rs. 785.00 respectively. The current market cap of the company is Rs. 2,376 crore.

The Institutions holding in the company stood at 66.13 % while Non-Institutions held 33.87% of company’s stake

Credit Analysis & Research (CARE) has received an approval from the Reserve Bank of India (RBI) to increase FII shareholding limit up to 74% of the paid up capital of the company. Foreign Institutional Investors (FIIs), through primary market and stock exchanges, can now purchase up to 74% of the paid up capital of CARE under the Portfolio Investment Scheme (PIS). As of March 31, 2014, FII shareholding in the company stood at 15.66%.

CARE is a second largest full service credit rating company in India, offering rating and grading services across a diverse range of instruments and industries including IPO grading, equity grading, and grading of various types of enterprises, including shipyards, maritime training institutes, construction companies and rating of real estate projects, among others.

Sundaram Brake Linings fully resumes operations at Plant 5 at MWC

Sundaram Brake Linings has fully resumed operations at its Plant 5 located in Mahindra World City (MWC), Chengalpet in state of Tamil Nadu. The plant’s operations were kept suspended with effect from July 27, 2013. The company had earlier partially resumed operations at the said Plant effectively from March 03, 2014.

Considering the current order book status and with reallocation of products for manufacturing in other units, operations in part of production facility in the unit located at Padi, Chennai are temporarily kept suspended effective May 03, 2014. Further, there is no significant change in order book status.

Sundaram Brake Linings (SBL), a TVS Group company is now a fully Indian owned company manufacturing automotive, non-automotive and industrial friction materials. SBL products are extensively used in commercial vehicles, passenger cars, tractors (agricultural) and motor cycles.

Emami reports 18% rise in Q4 consolidated net profit

The company has posted a rise of 26.38% in its net profit at Rs 115.19 crore for the quarter ended March 31, 2014 as compared to Rs 91.14 crore for the same quarter in the previous year. However, total income of the company decreased by 3.16% at Rs 428.48 crore for quarter under review as compared to Rs 442.49 crore for the quarter ended March 31, 2013.

On consolidated basis, the company has reported 18.26% rise in its net profit at Rs 111.15 crore for the quarter ended March 31, 2014 as compared to Rs 93.98 crore for the same quarter in the previous year. However, total income of the company went down by 1.32% at Rs 464.14 crore for quarter under review as compared to Rs 470.39 crore for the quarter ended March 31, 2013.

For the year ended March 31, 2014, the company has posted a jump of 22.99% in its net profit at Rs 398.23 crore as compared to Rs 323.77 crore for the same period in the previous year. Total income of company improved by 4.94% at Rs 1767.54 crore for year under review as compared to Rs 1684.29 crore for the period ended March 31, 2013.

For the year ended March 31, 2014, on the consolidated basis, the company has posted a rise of 27.87% in its net profit at Rs 402.47 crore as compared to Rs 314.74 crore for the same period in the previous year. Total income of company has increased by 7.30% at Rs 1882.95 crore for year under review as compared to Rs 1754.78 crore for the period ended March 31, 2013.

BHEL bags WIPO award for Innovative Enterprises

Among a host of public as well as private sector companies, Maharatna Company Bharat Heavy Electricals (BHEL) has won the 'World Intellectual Property Organisation (WIPO) Award for Innovative Enterprises' for its strong involvement in the use of the Patent system and its achievements in Research & Development (R&D). The award was received by Sh. B. Prasada Rao, CMD, BHEL from Amitabh Kant, Secretary, DIPP, Government of India (GoI).

BHEL has been committed to the nation's power development programme and has reaffirmed its commitment to the Indian Power Sector by equipping itself by way of contemporary technology, state-of-the-art manufacturing facilities and skilled technical manpower. Responding to the growth in the nation's demand for power equipment, BHEL has enhanced its manufacturing capacity to 20,000 MW per annum.

Piramal Enterprises gains on plans of merging 3 step-down subsidiaries

Piramal Enterprises is currently trading at Rs. 584.60, up by 30.50 points or 5.50% from its previous closing of Rs. 554.10 on the BSE.
The scrip opened at Rs. 573.00 and has touched a high and low of Rs. 599.10 and Rs. 573.00 respectively. So far 48407 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 648.30 on 02-Sep-2013 and a 52 week low of Rs. 476.00 on 25-Jun-2013.
Last one week high and low of the scrip stood at Rs. 588.95 and Rs. 539.00 respectively. The current market cap of the company is Rs. 10140.67 crore.
The promoters holding in the company stood at 52.94%, while Institutions and Non-Institutions held 30.57% and 16.48% respectively.
Piramal Enterprises has received an approval for scheme of amalgamation for merger of the step-down wholly-owned subsidiaries - PHL Capital, Piramal Pharmaceutical Development Services and Oxygen Bio Research, with itself. The board of directors at its meeting held on May 05, 2014 has approved for the same.
Further, as mentioned above, since all the transferor companies are step down wholly owned subsidiaries of the company, no shares are proposed to be issued pursuant to the merger. This scheme is subject to requisite approvals, including under the Listing Agreement and by the High Courts.
Piramal Enterprises is one of India’s largest diversified companies, with a presence in pharmaceutical, financial services and healthcare information management sectors.

CARE receives approval to hike FII limit to 74%

United Bank of India shines on reporting over 15-fold jump in Q4 net profit

United Bank of India is currently trading at Rs 37.20, up by 2.50 points or 7.20% from its previous closing of Rs 34.70 on the BSE.

The scrip opened at Rs 37.30 and has touched a high and low of Rs 38.10 and Rs 36.75 respectively. So far 585452 shares were traded on the counter.

The BSE group 'B ' stock of face value Rs 10 has touched a 52 week high of Rs 61.35 on 10-May-2013 and a 52 week low of Rs 23.40 on 21-Feb-2014.

Last one week high and low of the scrip stood at Rs 35.00 and Rs 30.90 respectively. The current market cap of the company is Rs 1924.98 crore.

The promoters holding in the company stood at 88.00% while Institutions and Non-Institutions held 5.55% and 6.45% respectively.

United Bank of India has reported results for fourth quarter and year ended March 31, 2014.

The bank has reported over 15- fold jump in its net profit at Rs 469.37 crore for the quarter ended March 31, 2014 as compared to Rs 31.18 crore for the same quarter in the previous year. Total income of the bank has increased by 14.39% at Rs 3073.78 crore for quarter under review as compared to Rs 2687.18 crore for the quarter ended March 31, 2013.

For the full year ended March 31, 2014, the bank has posted a net loss of Rs 1213.45 crore against net profit of Rs 391.90 crore for the year ended March 31, 2013. However, total income has surged by 14.42% to Rs 11806.16 crore for the year ended March 31, 2014 from Rs 10318.06 crore for the previous year.

Kotak MF introduces FMP Series 161 (370 Days)

Kotak Mutual Fund has launched the New Fund Offer (NFO) of Kotak FMP Series 161 (370 Days), a close ended income scheme. The NFO opens for subscription on May 06, 2014 and closes on May 12, 2014. No entry load or exit load will be applicable for the scheme. The minimum subscription amount is Rs 5000.

The scheme’s performance will be benchmarked against CRISIL Short Term Bond Fund Index and its fund managers are Mayank Prakash and Abhishek Bisen.

The investment objective of the scheme is to generate returns through investments in debt and money market instruments with a view to reduce the interest rate risk. The Scheme will invest in debt and money market securities, maturing on or before maturity of the scheme.

FIIs were net sellers of Rs 731.90 crore in index futures and options segments on May 5

According to the data released by the NSE, the Foreign Institutional Investors (FIIs) were net sellers of Rs 731.90 crore in index futures and options segments as per Monday’s data, May 5, 2014.

FIIs were buyers of index futures to the tune of Rs 85.99 crore and they sold index options worth Rs 817.90 crore. In the stock segment, FII’s were net sellers of stock futures worth Rs 228.72 crore, while they sold stock options worth Rs 6.48 crore.

AXIS MF introduces Fixed Term Plan - Series 65 (693 days)

AXIS Mutual Fund has launched the New Fund Offer (NFO) of AXIS Fixed Term Plan - Series 65 (693 days), a close ended income scheme. The NFO opens for subscription on May 06, 2014 and closes on May 12, 2014. No entry load or exit load will be applicable for the scheme. The minimum subscription amount is Rs 5000 and in multiples of Rs.10 thereafter.

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

The investment objective of the scheme is to generate returns through a portfolio of debt & money market instruments that are maturing on or before the maturity of the respective plan(s).

Gold futures surge on Ukraine issues

Gold futures surged on Monday as investors continued to seek the safe haven appeal of the precious metal with the situation in eastern Ukraine further deteriorating amid reports of fierce fighting from many places. Moreover, some weakness in US equities also influenced the precious metal price.

Gold futures for June delivery settled up $6.40 at $1,309.30 an ounce on the Comex division of the New York Mercantile Exchange. While spot gold rose 0.8 percent at $1,309.84 an ounce.

Suzlon Group bags order worth Rs 720 crore: Report

Suzlon Group has reportedly bagged wind-turbine supply order worth Rs 720 crore from US-based PowerWorks, reviving its order book after scripting the country's biggest convertible bond default in 2012. Suzlon’s US-based subsidiary, Suzlon Wind Energy Corp (SWECO), has forged an agreement with PowerWorks to supply up to 98.7 Mw of wind turbines. As per the agreement, Suzlon will supply up to 47 wind turbine generators and will oversee the operations, maintenance and service of the wind turbines for a period of two years. This follows Suzlon's recent move to do a cashless restructuring of its existing foreign currency convertible bonds worth $485 million for five years.

Suzlon Group comprises of Suzlon Energy and its subsidiaries, including Repower Systems SE. Suzlon Energy is leader in wind energy in the India, which is world’s fifth largest wind energy market. Its business model has range of services that include development, manufacturing, marketing, EPC project delivery and operations and maintenance of wind turbine generators around the world.

Polaris Financial Technology gains on launching ‘Life Claims in the Cloud’

Polaris Financial Technology is currently trading at Rs. 191.15, up by 2.60 points or 1.38% from its previous closing of Rs. 188.55 on the BSE.

The scrip opened at Rs. 189.90 and has touched a high and low of Rs. 191.15 and Rs. 189.90 respectively. So far 5,272 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 5 has touched a 52 week high of Rs. 219.00 on 02-Apr-2014 and a 52 week low of Rs. 96.10 on 14-May-2013.

Last one week high and low of the scrip stood at Rs. 196.95 and Rs. 173.00 respectively. The current market cap of the company is Rs. 1,907.00 crore.

The promoters holding in the company stood at 29.13% while Institutions and Non-Institutions held 31.18% and 39.69% respectively.

Polaris Financial Technology, a leader in products that enable unprecedented operational productivity for the global financial services industry, has launched ‘Life Claims in the Cloud’ at the recently held annual Association for Cooperative Operations Research and Development (ACORD) LOMA Forum in Orlando, Florida.

Life Claims in the Cloud helps life, annuity and health carriers harness the power of cloud computing to run a claims solution for as low as $10,000/month without any lead time to deploy. This innovative offering allows claims managers to focus on processing claims quickly and enhancing the customer’s engagement experience instead of spending long cycles on limitations of the claims process and IT provisioning.

Polaris is a full-spectrum Financial Technology major, using technology as an enabler to drive unprecedented operational productivity in Retail, Corporate and Investment Banking. Polaris services over 200 banks across the world, including 9 of the top 10 banks, with a comprehensive suite of products, services and consulting offerings.

Century Enka to continue shut-down of Continuous Polyester Spinning Lines

Century Enka is carrying out some more modifications in the Continuous Process Plant (Polyester) located at Bharuch, the continuous polyester operations will remain suspended for another 4-6 months. However, a part of the said plant which has been made non-continuous is coming under operation in a phased manner. The remaining part of the said plant which is under shutdown is not likely to have any adverse impact on the profitability of the company.

The company had earlier on January 29, 2014 decided to carry out some more modification work on Polyester Spinning Lines pursuant to which it shut down Continuous Polymerisation Unit - Polyester (CPU-Polyester) and Continuous Polyester Spinning Lines.

Century Enka manufactures nylon and other man-made fibres and fabrics. The company produces jumbo beams, specialty yarns, industrial/fiber grade chips, industrial yarns and tyre-cord fabrics.

Crude oil futures end lower on weak manufacturing data from China

Crude oil futures ended lower on Monday after report of below expectation manufacturing activity from China that overshadowed grim situation in eastern Ukraine. China’s HSBC manufacturing purchasing managers’ index came in at 48.1 April, down from a preliminary estimate of 48.3, it raised concern that the world's second-largest consumer of crude will continue to see a cooling economy.

Benchmark crude oil futures for June delivery ended lower by $0.28 or 0.3 percent to close at $99.48 a barrel after trading in a range of $100.44 and $98.91 a barrel on the New York Mercantile Exchange. In London, Brent oil futures for June delivery were down 1.20 percent to $107.29 a barrel on the ICE.

Suzlon, Adani Power and Canara Bank to see some action today

Suzlon Energy has secured Rs 720-crore wind-turbine supply order from US-based PowerWorks, reviving its order book after scripting the country's biggest convertible bond default in 2012. Suzlon’s US-based subsidiary, Suzlon Wind Energy Corp (SWECO), has forged an agreement with PowerWorks to supply up to 98.7 Mw of wind turbines. As per the agreement, Suzlon will supply up to 47 wind turbine generators and will oversee the operations, maintenance and service of the wind turbines for a period of two years. This follows Suzlon’s recent move to do a cashless restructuring of its existing foreign currency convertible bonds worth $485 million for five years.

In a major relief to Adani Power, Maharashtra electricity regulator MERC has allowed the power producer to charge Mahavitaran an additional Rs 1.01 per unit as compensatory tariff for 800 mw. The Maharashtra Electricity Regulatory Commission (MERC) in an order today allowed Adani Power to charge a compensatory tariff of Rs 1.01 per unit for only 800 mw. With this, the total power purchase cost from the 800 mw works out to Rs 3.65 per unit. Adani Power Maharashtra had entered into an agreement with the state utility Mahavitaran to supply power from its two units-- 2 and 3--with a total capacity of 1,320 mw in Tiroda at a levellised tariff of 2.64 per unit. The Tiroda plant is linked to the Lohara coal block.

Idea Cellular has resumed 3G services through intra-circle roaming (ICR) agreements. The services would be resumed across its 10 telecom circles, and enabling its subscribers roam on 3G networks across all the 22 circles in the country. The 10 circles to be activated under 3G services are Delhi, Mumbai, Rajasthan, Karnataka, Kolkata & West Bengal, Tamil Nadu, Bihar, Assam and North East. The company’s both post- and pre-paid customers can avail of the services. Idea has also partnered with leading telecom operators in the country to enable seamless 3G connectivity. The Aditya Birla group company will extend its 3G services to two additional circles - Punjab and Delhi - in this financial year, increasing its total 3G footprint to 12.

Gold finance company Muthoot Finance hopes to record a turnaround this financial year. After witnessing a sharp fall in its loan book in 2013-14, owing to tight regulatory norms, it expects to increase its portfolio to Rs 26,000 crore in 2014-15. In January this year, RBI had eased the norms to extend loans against gold jewellery - it allowed non-banking financial companies to offer loans up to 75 percent of the value of gold, against the previous limit of 60 percent. Between March 2013 and December 2013, Muthoot Finance's gross retail loan book declined from Rs 26,386 crore to Rs 22,588 crore. Now, the company would reactivate work at branches and return to a Rs 26,000-crore loan book by March 2015. The expansion in loan book is expected to improve profitability. For this financial year, the company is eyeing return on asset of 3.25 percent and an interest margin of nine percent.

Public sector lender Canara Bank is aiming at a growth of 18-20 percent in its total business at Rs 8.5 lakh crore in 2014-15. It is aiming at a deposit growth of 16-17 percent and a growth of advances of 19-20 percent as of March 2015. The bank reported a growth of 20.7 percent year-on-year (YOY) in global business at Rs 7,21,790 crore in 2013-14 compared to Rs 5,98,033 crore as of March 2013. Its global deposits reached Rs 4,20,723 crore, 18.2 percent year-on-year growth compared to Rs 3,55,856 crore as of March 2013. Global advances (net) reached Rs 3,01,067 crore, with 24.3 percent year-on-year growth compared to Rs 2,42,177 crore as of March 2013. Outstanding advances to various priority segments reached Rs 97,762 crore, recording a YOY growth of 23.8 percent. Advances under agriculture portfolio increased by 19.6 percent to Rs 48,797 crore, covering over 4.8 million farmers.

Electricity bills of consumers in Ahmedabad, Surat and Gandhinagar will go up this year with the Gujarat Electricity Regulatory Commission (GERC) approving hike of Rs 0.44 per unit for Torrent Power (TPL) which provides power to these three cities. While the consumers where electricity is supplied by state run Gujarat Urja Vikas Nigam and its subsidiaries, the tariff will remain unchanged for 2014-15. For all residential and industrial consumers of TPL in Ahmedabad, Gandhinagar and Surat, there has been increase of Rs 0.44 per unit with effect from May 1. However, there has been no increase in power tariff for BPL (below poverty line) consumer, agriculture consumers and residential consumers using electricity up to 50 units per month. It is estimated that with this increase in charges the additional revenue to the TPL will be Rs 449.20 crore.

Two-wheeler manufacturer TVS Motor, which launched the StaR City+ motorcycle, will focus on strengthening its product range in the current year. Pursuant to the launch, the company filled a gap in its mid-range product offering. It has the Sport and the Phoenix motorcycles in the low and high-end range.The TVS StaR is an entirely new product with an ‘ecothrust’ engine of 109 cc with a fuel consumption of about 86 km per litre. The company will launch a new product every quarter over the next few quarters. In the pipeline, are a Scooty Zest next month, TVS Victor motorcycle in a few months and a new TVS Apache in the last quarter of the current year. With regular and consistent delivery of new products the company hopes to grow its market share.

In a first, SpiceJet announced it would compensate passengers for any flight delays or cancellations arising out of reasons in the airline’s control. The ‘On-Time Guarantee’ programme, which kicks off, however, doesn’t apply to delays owing to reasons that are beyond the airline’s control such as weather, air traffic congestion, etc. The new offer comes in the backdrop of an improvement in SpiceJet’s on-time performance over the past few months. Passengers affected by flight delays of more than 60 minutes due to reasons in control of SpiceJet will be given a Rs 500 voucher for their next travel. Similarly, passengers travelling on flights cancelled or delayed by over 120 minutes will be given a voucher of Rs 1,000. All redemptions can be made on Spicejet.com.

Drugmaker Sun Pharmaceutical Industries has clarified that its subsidiary Silver Street Developers LLP had no access to non-public information of Ranbaxy Laboratories at the time it had bought its shares. Sun Pharma was responding to queries from the bourses on its $4-billion proposal to merge Ranbaxy with itself. The deal has already run into a legal hurdle, with the Andhra Pradesh High Court seeking an investigation into the transaction and allegations of insider-trading. Ranbaxy’s stock had seen a spike in its price in the run-up to the deal being announced. Sun Pharma further clarified that Silver Street had previously bought these shares as a matter of investment.

Asian Paints has closed down its oldest plant at Bhandup in Mumbai and all employees of the unit have either taken voluntary retirement or shifted to its some other plants. The Bhandup plant had started production in 1958 and had employee strength of over 100. The Bhandup plant had an installed capacity of 30,000 kl per annum. It was producing decorative paints. Asian Paints, which had acquired controlling stakes of its rival Berger Paints, has an installed capacity of 9,00,000 kl per annum. It has six other plants manufacturing decorative paints at Gujarat, Andhra Pradesh, Uttar Pradesh, Tamil Nadu, Haryana and Maharashtra.