Kajaria Ceramics to set up green field facility in Rajasthan

Kajaria Ceramics’ board of directors at its meeting held on May 07, 2014, has approved to put up green field facility in Rajasthan for production of 5 MSM annual capacity of vitrified Tiles. Kajaria Ceramics manufactures more than 400 options of flooring solutions such as wall tiles, floor tiles, vitrified tiles and Spanish and Italian tiles. The tiles major market these products under the brand name Kajaria, Kerrogres, Eternity, Aparici, Saloni ceramica, Ergon and GRESPANIA Ceramica.

Bond yields tread water after better-than-expected cut-offs at an auction of treasury bills

Bond yields were treading water after better-than-expected cut-offs at an auction of treasury bills. While, the implicit cut off yield price for 91 day treasury bill auction was at 8.81%, it was fixed at 8.87% for 182-Days Treasury Bills auction, which was conducted earlier in the day. The yields were trading lower in early deals tracking a fall in its US counterpart amidst cautious sentiment ahead of the national elections outcome next week. On the global front, 30-year bond and other long-maturity US Treasuries rose on Tuesday in thin, meandering trade ahead of potentially market-moving congressional testimony by Federal Reserve Chair Janet Yellen. Meanwhile, Brent crude edged higher above $107 per barrel on Wednesday after an industry report showed US crude stocks declined last week, while increasing geopolitical risks in Ukraine helped put a floor under prices. Back home, the yields on new 10 year Government Stock 2023 were trading steady at its Tuesday’s close of 8.78%. The benchmark five-year interest rate swaps was trading 1 basis point lower at 8.31% from its previous close of 8.32% on Tuesday. The Reserve Bank of India had 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, to 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.

Kajaria Ceramics strengthens on plan to acquire 51% stake in Taurus Tiles

Kajaria Ceramics is currently trading at Rs 490.00, up by 24.65 points or 5.30% from its previous closing of Rs. 465.35 on the BSE. The scrip opened at Rs 474.40 and has touched a high and low of Rs 520.80 and Rs 465.00 respectively. So far 226901 shares were traded on the counter. The BSE group 'B' stock of face value Rs 2 has touched a 52 week high of Rs 520.80 on 07-May-2014 and a 52 week low of Rs 199.50 on 28-Aug-2013. Last one week high and low of the scrip stood at Rs 476.70 and Rs 440.00 respectively. The current market cap of the company is Rs 3514.64 crore. The promoters holding in the company stood at 52.09% while Institutions and Non-Institutions held 29.47% and 18.44% respectively. Kajaria Ceramics’ board of directors at its meeting held on May 07, 2014, has approved to acquire 51% stake in Taurus Tiles, Morbi (Gujarat) by subscribing to the equity shares of the company. Taurus Tiles is in the process of setting up a plant having 5 MSM annual capacity of Polished Vitrified Tiles. Kajaria Ceramics manufactures more than 400 options of flooring solutions such as wall tiles, floor tiles, vitrified tiles and Spanish and Italian tiles. The tiles major market these products under the brand name Kajaria, Kerrogres, Eternity, Aparici, Saloni ceramica, Ergon and GRESPANIA Ceramica.

Kajaria Ceramics to acquire 51% stake in Taurus Tiles

Kajaria Ceramics’ board of directors at its meeting held on May 07, 2014, has approved to acquire 51% stake in Taurus Tiles, Morbi (Gujarat) by subscribing to the equity shares of the company. Taurus Tiles is in the process of setting up a plant having 5 MSM annual capacity of Polished Vitrified Tiles. Kajaria Ceramics manufactures more than 400 options of flooring solutions such as wall tiles, floor tiles, vitrified tiles and Spanish and Italian tiles. The tiles major market these products under the brand name Kajaria, Kerrogres, Eternity, Aparici, Saloni ceramica, Ergon and GRESPANIA Ceramica.

Sudar Industries trades higher on the bourses

Sudar Industries is currently trading at Rs 19.45, up by 0.45 points or 2.37% from its previous closing of Rs 19.00 on the BSE. The scrip opened at Rs 19.45 and has touched a high and low of Rs 19.45 and Rs 18.85 respectively. The BSE group 'B' stock of face value Rs 10 has touched a 52 week high of Rs 32.70 on 12-Nov-2013 and a 52 week low of Rs 5.64 on 08-Aug-2013. Last one week high and low of the scrip stood at Rs 20.75 and Rs 18.30 respectively. The current market cap of the company is Rs 43.77 crore. The promoters holding in the company stood at 35.61% while Institutions and Non-Institutions held 0.38% and 64.01% respectively. Credit rating agency, CARE has reaffirmed ‘BBB-’ rating to Sudar Industries’ long term bank facilities worth Rs 263.92 crore which was enhanced from Rs.109.41 crore. The rating agency has also assigned ‘A3’ rating to company’s Short-term Bank Facilities worth Rs 45.00 crore. The ratings continue to derive strength from the promoter’s vast experience in the apparel industry, long track record of its business operations and significant growth in operations in the past. Sudar Industries is a leading manufacturer and exporter for readymade garments specialized in elegant shirts, trousers and wide range of apparel for men, women & kids.

Syndicate Bank declines on reporting 31% drop in Q4 net profit

Syndicate Bank is currently trading at Rs 103.20, down by 3.65 points or 3.42% from its previous closing of Rs 106.85 on the BSE. The scrip opened at Rs 107.50 and has touched a high and low of Rs 107.95 and Rs 102.25 respectively. So far 504765 shares were traded on the counter. The BSE group 'A' stock of face value Rs 10 has touched a 52 week high of Rs 137.60 on 21-May-2013 and a 52 week low of Rs 61.05 on 20-Aug-2013. Last one week high and low of the scrip stood at Rs 108.35 and Rs 100.80 respectively. The current market cap of the company is Rs. 6714.28 crore. The promoters holding in the company stood at 67.39% while Institutions and Non-Institutions held 19.83% and 12.78% respectively. Syndicate Bank has reported results for fourth quarter and year ended March 31, 2014. The bank has posted a fall of 30.90% in its net profit at Rs 409.30 crore for the quarter ended March 31, 2014 as compared to Rs 592.34 crore for the same quarter in the previous year.  However, total income of the bank has increased by 12.06% at Rs 5357.40 crore for quarter under review as compared to Rs 4780.75 crore for the quarter ended March 31, 2013. For the full year ended March 31, 2014, the bank has reported a fall of 14.61% in its net profit after tax at Rs 1711.46 crore as compared to Rs 2004.42 crore for FY13. However, total income increased by 9.01% at Rs 19945.21 crore for year under review as compared to Rs 18295.05 crore for the year ended March 31, 2013. For the year ended March 31, 2014, on the consolidated basis, the bank has posted a fall of 15.92% in its net profit at Rs 1855.08 crore as compared to Rs 2206.39 crore in FY13. However, total income of bank has increased by 8.60% at Rs 20087.72 crore for year under review as compared to Rs 18495.78 crore for the period ended March 31, 2013.

Crude oil futures edge higher on firm Asian trend

Crude oil futures edged higher on MCX as speculators created positions amid a firm trend in Asia, ahead of the US Department of Energy’s crude stockpiles report and a testimony in Congress by Federal Reserve chief Janet Yellen. The sentiments further improved as Ukraine continued its crackdown on separatists. The contract at for May delivery was trading Rs 6028.00, up by 0.37% or Rs 22.00 from its previous closing of Rs 6006.00. The open interest of the contract stood at 9217.00 lots. The contract for June delivery was trading at Rs 6012.00, up by 0.30% or Rs 18.00 from its previous closing of Rs 5994.00. The open interest of the contract stood at 1621.00 lots on MCX.

Castor seed futures trade higher on rising demand

Castor seed futures traded higher on NCDEX as a result of the rise in demand from consuming industries against restricted arrivals in domestic markets which in turn encouraged the investors to enlarge their holdings. However, weak export inquiries of meal in local mandis capped the gains in prices. The contract for May delivery was trading at Rs 3977.00, up by 0.66% or Rs 26.00 from its previous closing of Rs 3951.00. The open interest of the contract stood at 66360.00 lots. The contract for June delivery was trading at Rs 4035.00, up by 0.52% or Rs 21.00 from its previous closing of Rs 4014.00. The open interest of the contract stood at 129090.00 lots on NCDEX.

BHEL turns top gainer on Sensex amidst sluggish trade

Bharat Heavy Electricals (BHEL) is currently trading at Rs. 179.80, up by 1.00 points or 0.56% from its previous closing of Rs. 178.80 on the BSE. The scrip opened at Rs. 179.95 and has touched a high and low of Rs. 181.20 and Rs. 179.10 respectively. So far 116328 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 207.90 on 22-May-2013 and a 52 week low of Rs. 100.35 on 20-Aug-2013. Last one week high and low of the scrip stood at Rs. 189.50 and Rs. 176.90 respectively. The current market cap of the company is Rs. 44117.99 crore. The promoters holding in the company stood at 63.06 % while Institutions and Non-Institutions held 32.61 % and 4.33 % respectively. 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.

Sun Pharma to close Detroit manufacturing plant

As a part of its strategy to consolidate its manufacturing activity in the US, Sun Pharmaceutical Industries has decided to close a manufacturing plant in Detroit in the US run by its subsidiary Caraco Pharmaceutical Laboratories. The Company has provided the requisite advance written notice of the facility closure to the employee union and all affected employees. The Company has ensured that the impacted employees get compensated with more than their regular entitlement under the severance package. They will also receive other support services including outplacement assistance. The rest of the employees are continuing through mutually consented arrangements. The Company has undertaken necessary measures to ensure business continuity of the products being manufactured at this facility. The manufacturing of these products is being transferred to other unitsand all necessary steps have been taken to avoid market shortage.  Sun Pharma expects a negligible impact of this development on its FY15 consolidated revenues. Sun Pharmaceutical Industries is an international, integrated, specialty pharmaceutical company. It manufactures and markets a large basket of pharmaceutical formulations as branded generics as well as generics in India, US and several other markets across the world.

IndusInd Bank inaugurates ‘IndusInd Bank Cybercity Station’ in Gurgaon

IndusInd Bank, one of the fastest growing new-generation private sector banks in the country and Rapid Metro Gurgaon (RMGL), inaugurated IndusInd Bank Cybercity Rapid Metro Station on May 07, 2014. This is the first and the only metro station in the country which has been named and branded by a bank. The bank and RMGL have inked a 5 year contract for naming rights of the metro station. Induslnd Bank Cybercity station has a rich aesthetic and artistic feel to it as the interiors and exteriors of the station don the brand colours conveying the inherent brand values of the bank. The metro station is strategically located in the heart of Cybercity, which houses CyberHub and many other key commercial establishments of Gurgaon. Besides, the bank has installed 2 ATMs inside this station while all the other Rapid Metro Stations have been provided with at least one ATM by the bank.

CARE reaffirms ‘BBB-’ rating to Sudar Industries’ long term bank facilities

Credit rating agency, CARE has reaffirmed ‘BBB-’ rating to Sudar Industries’ long term bank facilities worth Rs 263.92 crore which was enhanced from Rs.109.41 crore. The rating agency has also assigned ‘A3’ rating to company’s Short-term Bank Facilities worth Rs 45.00 crore.

The ratings continue to derive strength from the promoter’s vast experience in the apparel industry, long track record of its business operations and significant growth in operations in the past.

Sudar Industries is a leading manufacturer and exporter for readymade garments specialized in elegant shirts, trousers and wide range of apparel for men, women & kids.

Turmeric futures trade lower on subdued demand

Turmeric futures traded lower on NCDEX on offloading of positions by speculators, driven by subdued demand in the spot market. However, weak availability of the spice against limited stocks position in the physical market restricted some losses in the commodity prices.

The contract for May delivery was trading at Rs 6520.00, down by 0.43% or Rs 28.00 from its previous closing of Rs 6548.00. The open interest of the contract stood at 7485.00 lots.

The contract for June delivery was trading at Rs 6650.00, down by 0.39% or Rs 26.00 from its previous closing of Rs 6676.00. The open interest of the contract stood at 8770.00 lots on NCDEX.

Soyabean futures trade higher on better buying support

Soyabean futures traded higher on NCDEX on better buying support against poor arrivals from the major producing belts. But, some gains were capped by the speculation that a US government report this week will show record global production and ample stockpiles. The contract for May delivery was trading at Rs 4737.00, up by 0.30% or Rs 14.00 from its previous closing of Rs 4723.00. The open interest of the contract stood at 56930 lots. The contract for June delivery was trading at Rs 4760.00, up by 0.42% or Rs 20.00 from its previous closing of Rs 4740.00. The open interest of the contract stood at 119500 lots on NCDEX.

Cipla trades in green on the BSE

Cipla is currently trading at Rs. 394.40, up by 3.45 points or 0.88% from its previous closing of Rs. 390.95 on the BSE. The scrip opened at Rs. 392.00 and has touched a high and low of Rs. 396.25 and Rs. 390.30 respectively. So far 42853 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 450.00 on 16-Sep-2013 and a 52 week low of Rs. 364.05 on 03-Jun-2013. Last one week high and low of the scrip stood at Rs. 406.00 and Rs. 389.30 respectively. The current market cap of the company is Rs. 31695.32 crore. The promoters holding in the company stood at 36.80%, while Institutions and Non-Institutions held 34.75% and 27.35% respectively. Foreign Institutional Investors (FIIs) have reduced their stake in Cipla to 23.32% during Q4 FY14 from 23.79% as on December 31, 2013. On the other hand, domestic institutional investors’ (DIIs) shareholding went up to 11.43% at the end of March 2014 quarter from 10.60% as on December 31, 2013. Under DIIs, Insurance companies held maximum stake of 6.73%, followed by mutual funds / UTI (4.43% stake) and financial institutions / banks (0.27% stake). Meanwhile, promoter and promoter group shareholding was unchanged at 36.80% at the end of March 2014 quarter. Cipla is a global pharmaceutical company which uses cutting edge technology and innovation to meet the everyday needs of all patients. For more than 70 years, Cipla has emerged as one of the most respected pharmaceutical names in India as well as across more than 170 countries.

Chana futures edge higher on strong demand

Chana futures traded higher on NCDEX as speculators created positions following strong demand in the spot market against restricted arrivals from the major producing regions. Further, estimation of lower production from the major producing belts due to severe crop damage, too supported chana prices uptrend. The contract for May delivery was trading at Rs 3000.00, up by 0.54% or Rs 16.00 from its previous closing of Rs 2984.00. The open interest of the contract stood at 62070 lots. The contract for June delivery was trading at Rs 3069.00, up by 0.59% or Rs 18.00 from its previous closing of Rs 3051.00. The open interest of the contract stood at 105510 lots on NCDEX.

Opto Circuits soars on getting board’s approval for fund raising plans

Opto Circuits (India) is currently trading at Rs. 32.85, up by 1.20 points or 3.79% from its previous closing of Rs. 31.65 on the BSE. The scrip opened at Rs. 32.60 and has touched a high and low of Rs. 33.65 and Rs. 32.50 respectively. So far 522311 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 60.30 on 07-May-2013 and a 52 week low of Rs. 17.80 on 25-Jun-2013. Last one week high and low of the scrip stood at Rs. 35.40 and Rs. 31.20 respectively. The current market cap of the company is Rs. 796.02 crore. The promoters holding in the company stood at 28.22 % while Institutions and Non-Institutions held 30.82 % and 40.96 % respectively. Opto Circuits (India) has received an approval to raise funds for the company and/or for its Indian/Overseas Subsidiaries up to an aggregate amount not exceeding $250 million. The board of director at its meeting held on May 06, 2014 has approved for the same. The company will raise funds by way of issue of securities, including Global Depositary Receipts (GDRs) and or American Depository Receipts (ADRs) convertible into equity shares, or any instrument or securities representing convertible securities such as convertible debentures, bonds or warrants etc., convertible into equity shares, in one or more tranches, in Indian or Foreign Market(s) as applicable, whether optionally or otherwise or any combination thereof. Opto Circuits India is a multinational medical device company headquartered out of Bengaluru, India. The company designs, develop, manufacture, market and distribute a range of medical products that are used by healthcare establishments in more than 150 countries.

Seamec commences charter with Technip France, Abu Dhabi

Seamec has commenced charter with Technip France, Abu Dhabi with effect from May 04, 2014. The company had last month entered into a charter party with Technip France, Abu Dhabi for deployment of ‘Seamec Princess’ in Dubai offshore for a firm period of 120 days with option for extension. The contract value during the firm period would be around $6.8 million. Seamec is engaged in the business of operating multi-support vessels for diving and for providing underwater/sub-sea engineering services, deep sea diving, and inspection of underwater structures, repairs and maintenance of offshore platform fire-fighting services and rescue operations.

DQ Entertainment spurts on inking new agreements at Cannes MIPTV

DQ Entertainment (International) is currently trading at Rs. 30.80, up by 2.80 points or 10.00% from its previous closing of Rs. 28.00 on the BSE. The scrip opened at Rs. 29.20 and has touched a high and low of Rs. 30.80 and Rs. 28.20 respectively. So far 51423 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 50.30 on 02-Jan-2014 and a 52 week low of Rs. 5.65 on 27-Jun-2013. Last one week high and low of the scrip stood at Rs. 29.50 and Rs. 27.90 respectively. The current market cap of the company is Rs. 244.19 crore. The promoters holding in the company stood at 75.00%, while Institutions and Non-Institutions held 4.72% and 20.28% respectively. DQ Entertainment (DQE), a leading animation, gaming, live action, entertainment production and distribution group, has concluded a number of TV co-production and licensing deals at MIPTV - the world’s annual entertainment and content market conference - held in April 2014. The gross value of the co-production and licensing deals agreed is approximately $48 million amounting Rs 288 crore, of which circa $12.8 million amounting Rs 76.80 crore is the revenue expected to be accrued to DQE over the current fiscal year and the next, subject to milestones. Various TV co-production/service production and licensing and distribution deals were concluded for DQE properties. Overall MIPTV ‘14 was hugely successful for DQ Entertainment with a large number of deals concluded by the licensing and distribution team for television, home video, VOD, SVOD, music publishing and promotional merchandise. DQE is one of the leading producers of animation, visual effects, game art and live action entertainment content for the global media and entertainment industry. DQE has a library of over 500 hours of international programs for distribution and licensing globally for TV, home entertainment, merchandising and publishing is on fast track.

HCL Technologies enters into $400 million strategic engagement with DNB Bank

HCL Technologies, a leading global IT services provider has entered into $400 million strategic engagements with DNB Bank ASA, Norway's largest bank and one of the world's leading maritime shipping bank. HCL will manage the IT infrastructure services and application operations for all DNB businesses across Norway and its key international locations. As part of the deal HCL will migrate and transform DNB systems and infrastructure from its existing IT partner to create two new data centers in Norway. The key focus will be driving a world-class user experience to the bank's 2.5 million retail banking customers and end-users across all DNB's products, including retail and online banking, cards, insurance, capital markets, payments and finance. The agreement will help DNB significantly improve operational stability, reduce cost and implement a strong application operations framework with highest levels of service quality and innovation within the bank. As the prime services provider, HCL will be responsible for managing operations and multiple vendors across the bank's complex technology landscape. HCL Technologies is a leading global IT services company working with clients in the areas that impact and redefine the core of their businesses. HCL leverages its extensive global offshore infrastructure and network of offices in 31countries to provide holistic, multi-service delivery in key industry verticals including Financial Services, Manufacturing, Consumer Services, Public Services and Healthcare & Life sciences.

Dion Global, Chase Cooper partner with Kris Finsoft to win major Philippines Bank deal

Dion Global Solutions and Chase Cooper partnered with Kris Finsoft to win major Philippines Bank Deal. The Philippines Veterans Bank (PVB) has selected Chase Cooper’s award winning aCCelerate solution to manage its enterprise wide operational risk management. The platform will be implemented by Dion’s local partner, Kris Finsoft. aCCelerate provides award winning functionality for the core operational risk framework, and has powerful reporting and analytical capabilities for sensitivity analysis, stress testing and scenario analysis. The solution empowers operational risk managers to assess their organization’s risk profile and sensitivity to changes, providing immediate business benefits. PVB is a leading domestic financial institution in Philippines. The bank is owned by Philippine World War II veterans and their families and caters to both corporate and retail financial markets. As part of its charter, PVB allocates 20% of its annual net income for the benefit of its shareholders. Dion Global Solutions provides market leading software to financial situations across the globe. Employing over 600 highly experienced and knowledgeable staff within the Finance and IT industries, Dion’s solution covers portfolio management, trading, settlement, risk management, compliance, analytics, messaging and workflow and research services and information products.

Titan Company gains on reporting 12% rise in Q4 net profit

Titan Company is currently trading at Rs. 274.30, up by 3.25 points or 1.20% from its previous closing of Rs. 271.05 on the BSE. The scrip opened at Rs. 277.10 and has touched a high and low of Rs. 279.75 and Rs. 271.55 respectively. So far 297515 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 302.00 on 30-May-2013 and a 52 week low of Rs. 200.00 on 13-Jun-2013. Last one week high and low of the scrip stood at Rs. 277.35 and Rs. 253.00 respectively. The current market cap of the company is Rs. 24178.86 crore. The promoters holding in the company stood at 53.05 % while Institutions and Non-Institutions held 24.10 % and 22.84 % respectively. Titan Company has reported 11.60% rise in its net profit at Rs 206.44 crore for fourth quarter and year ended March 31, 2014 as compared to Rs 184.97 crore for the same quarter in the previous year. Total income of the company increased by 7.04% at Rs 2828.88 crore for quarter under review as compared to Rs 2642.75 crore for the quarter ended March 31, 2013. For the year ended March 31, 2014, the company has posted a jump of 2.20% in its net profit at Rs 741.14 crore as compared to Rs 725.18 crore for the same period in the previous year. Total income of company improved by 8.05% at Rs 11035.98 crore for year under review as compared to Rs 10213.44 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 1.31% in its net profit at Rs 734.94 crore as compared to Rs 725.38 crore for the same period in the previous year. Total income of company has increased by 8.05% at Rs 11047.61 crore for year under review as compared to Rs 10224.18 crore for the period ended March 31, 2013.

Symphony lunches window range of air coolers

Symphony, world’s largest manufacturer of residential, commercial and industrial air coolers has launched the country’s first branded window range of air coolers, priced between Rs 7500-14000, to strengthen its residential segment product portfolio. The company launched 5 models, three with plastic and two with metal body, to tap the unorganized segment dominated by window-installable metal body coolers. Symphony is the only organised player providing Industrial and commercial air cooling solutions in India. In the last 12 months, company has completed installation of industrial and ducted air coolers in 109 sites pan India.

Principal MF introduces Pnb Fixed Maturity Plan - Series B17

Principal Mutual Fund has launched the New Fund Offer (NFO) of Principal Pnb Fixed Maturity Plan - Series B17, a close ended income scheme. The NFO opens for subscription on May 07, 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 manager is Pankaj Jain. The investment objective of the scheme is to build an income oriented portfolio and generate returns through investment in Debt/Money Market Instruments and Government Securities.

RBI allows Hexa Tradex to increase FII limit to 74%

Reserve Bank of India (RBI) has allowed Hexa Tradex to raise its foreign investment limit up to 74% of paid-up capital.  RBI has stated that the company has passed resolutions at its 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 FIIs. The purchases could be made through primary market and through stock exchanges and would be subject to Regulation 5(2) of FEMA Notification No.20 dated May 03, 2000 (as amended from time to time) and other terms and conditions stipulated by the Reserve Bank. Hexa Tradex is a part of the USD $ 18 billion O.P. Jindal Group, one of the country's topmost industry houses and the foremost indigenous steel producers and exporters. The company aims to meet the high expectations of local and international clients, and to enhance the investment and trade service industry across the globe.

Mahindra & Mahindra trades in green on the BSE

Mahindra & Mahindra is currently trading at Rs 1070.40, up by 5.25 points or 0.49% from its previous closing of Rs 1065.15 on the BSE.

The scrip opened at Rs 1065.00 and has touched a high and low of Rs 1072.00 and Rs 1062.95 respectively. So far 4697 shares were traded on the counter.

The BSE group 'A' stock of face value Rs 5 has touched a 52 week high of Rs 1091.00 on 30-Apr-2014 and a 52 week low of Rs 741.50 on 28-Aug-2013.

Last one week high and low of the scrip stood at Rs 1091.00 and Rs 1046.10 respectively. The current market cap of the company is Rs 65909.72 crore.

The promoters holding in the company stood at 25.29%, while Institutions and Non-Institutions held 52.80% and 16.92% respectively.

Mahindra & Mahindra (M&M), India’s leading SUV manufacturer, has unveiled a new model of SsangYong Rexton ‘Rx6’ with manual transmission, at a price of Rs 19.96 lakh (ex-showroom Delhi). The RX6 will be an addition to the existing model range of Rexton, a high end SUV from South Korea's SsangYong which has been a part of the Mahindra Group since 2010. The vehicle comes with 5-speed manual transmission on the 2.7L RX270 XDi engine.

The SsangYong Rexton by the company is currently available in two models -- RX5 and RX7. The RX5 is an entry level manual transmission model and the RX7 is the top end model with E-tronic automatic transmission with Mercedes BenzTM technology.

The Rexton in India is manufactured and assembled at Mahindra’s Chakan Plant near Pune by sourcing components from SsangYong Korea and from India.

Sundaram MF introduces Fixed Term Plan-GF (2 years)

Sundaram Mutual Fund has launched the New Fund Offer (NFO) of Sundaram Fixed Term Plan -GF (2 years), a close ended income scheme. The NFO opens for subscription on May 07, 2014, and closes on May 19, 2014. No entry load or exit load will be applicable for the scheme. The minimum subscription amount is Rs 5000. The investment objective of the scheme is to generate income with minimum volatility by investing in debt and money market securities, which mature on or before the maturity of the scheme.

Physical Rubber prices showed some weakness on Tuesday

Physical Rubber prices showed some weakness on Tuesday due to lack of genuine buyers and sellers, following sharp fall in the domestic futures market.Spot prices for RSS-4 variety remained unchanged at Rs 139/ kg; while the RSS-5 variety declined to Rs 136 compared to its previous closing of Rs 136.50.

In the futures market, contract of May delivery dropped to Rs 135.30 compared to its previous close of Rs 139.29, while June delivery closed at Rs 138.40 compared to its previous closing of Rs 142.12 on the National Multi Commodity Exchange (NMCE).

Asian markets trade mostly lower on Ukrainian worries

All the Asian equity indices barring Jakarta Composite are trading lower in the early deals on Wednesday, tracking cues from Wall Street where stocks declined overnight amid worries about Ukraine and amid mounting concern that China’s economy is slowing. The Japanese market dropped with investors indulging across the board heavy selling. Further, the yen held gains against the dollar as the market reopened following a two-day holiday. In the economy news, an index monitoring the services sectors in Japan moved into contraction in April, showing a score of 46.4. That's down from 52.2 in March. A reading above 50 means expansion in a sector, while a score below 50 signals contraction. Chinese stocks fell, led by consumer companies and property developers, after a private services index declined and concern mounted that home sales are slowing. Among other markets in the Asia-Pacific region, Hong Kong, Shanghai, Singapore, Taiwan and South Korea are notably lower. Malaysia is down marginally, while Indonesia is slightly higher. Shanghai Composite dropped 7.66 points or 0.38% to 2,020.38, Hang Seng slipped 237.96 points or 1.08% to 21,738.37, KLSE Composite contracted by 0.78 points or 0.04% to 1,859.65, Nikkei 225 tumbled by 338.59 points or 2.34% to 14,118.92, Straits Times declined 14.82 points or 0.46% to 3,230.74, Seoul Composite dipped by 18.60 points or 0.95% to 1,940.84 and Taiwan Weighted was down by 24.31 points or 0.27% to 8,888.08. On the flip side, Jakarta Composite was up by 6.32 points or 0.13% to 4,840.79.

Titan Company reports 12% rise in Q4 net profit

Titan Company has reported results for fourth quarter and year ended March 31, 2014 The company has posted a rise of 11.60% in its net profit at Rs 206.44 crore for the quarter ended March 31, 2014 as compared to Rs 184.97 crore for the same quarter in the previous year. Total income of the company increased by 7.04% at Rs 2828.88 crore for quarter under review as compared to Rs 2642.75 crore for the quarter ended March 31, 2013. For the year ended March 31, 2014, the company has posted a jump of 2.20% in its net profit at Rs 741.14 crore as compared to Rs 725.18 crore for the same period in the previous year. Total income of company improved by 8.05% at Rs 11035.98 crore for year under review as compared to Rs 10213.44 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 1.31% in its net profit at Rs 734.94 crore as compared to Rs 725.38 crore for the same period in the previous year. Total income of company has increased by 8.05% at Rs 11047.61 crore for year under review as compared to Rs 10224.18 crore for the period ended March 31, 2013.

DQ Entertainment inks new agreements at Cannes MIPTV

DQ Entertainment (DQE), a leading animation, gaming, live action, entertainment production and distribution group, has concluded a number of TV co-production and licensing deals at MIPTV - the world’s annual entertainment and content market conference - held in April 2014. The gross value of the co-production and licensing deals agreed is approximately $48 million amounting Rs 288 crore, of which circa $12.8 million amounting Rs 76.80 crore is the revenue expected to be accrued to DQE over the current fiscal year and the next, subject to milestones. Various TV co-production/service production and licensing and distribution deals were concluded for DQE properties. Overall MIPTV ‘14 was hugely successful for DQ Entertainment with a large number of deals concluded by the licensing and distribution team for television, home video, VOD, SVOD, music publishing and promotional merchandise. DQE is one of the leading producers of animation, visual effects, game art and live action entertainment content for the global media and entertainment industry. DQE has a library of over 500 hours of international programs for distribution and licensing globally for TV, home entertainment, merchandising and publishing is on fast track.

Reliance MF introduces Fixed Horizon Fund XXVI- Series 20

Reliance Mutual Fund has launched the New Fund Offer (NFO) of Reliance Fixed Horizon Fund XXVI- Series 20, a close ended income scheme. The NFO opens for subscription on May 07, 2014, and closes on May 08, 2014. No entry load or exit load will be applicable for the scheme. The minimum subscription amount is Rs 5000 and in multiples of Re 1 thereafter.

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

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

Copper futures end almost flat on Tuesday

Copper futures ended almost flat on Tuesday on the concern over Chinese demand for the industrial metal after some weaker than expected economic data from the country on Monday. The HSBC Chinese Purchasing Managers' Index for April printed at 48.1 Monday, weaker than the initial reading of 48.3 which indicates the world's second-largest economy continues to struggle. However, the signals that a US recovery is taking hold capped some losses in copper prices to some extent. Copper futures for July delivery closed up 0.1% to settle at $3.057 a pound on the Comex metals division of New York Mercantile Exchange. While, copper on the London Metal Exchange closed down 0.04% at $6,716 a metric ton.

IRB Infrastructure soars on receiving LoA for four laning of Kaithal - Rajasthan Border Section

IRB Infrastructure Developers is currently trading at Rs 117.00, up by 1.15 points or 0.99% from its previous closing of Rs 115.85 on the BSE. The scrip opened at Rs 116.40 and has touched a high and low of Rs 117.80 and Rs. 116.35 respectively. So far 100531 shares were traded on the counter. The BSE group 'A' stock of face value Rs 10 has touched a 52 week high of Rs 136.00 on 20-May-2013 and a 52 week low of Rs. 51.90 on 02-Aug-2013. Last one week high and low of the scrip stood at Rs 122.40 and Rs 112.25 respectively. The current market cap of the company is Rs 3850.44 crore. The promoters holding in the company stood at 61.71% while Institutions and Non-Institutions held 28.63% and 9.66% respectively. IRB Infrastructure Developers has emerged as a selected bidder and received Letter of Award (LoA) from NHAI for the project of four laning of Kaithal - Rajasthan Border Section of NH-152/65 from km 33.250 to km 241.580 (Design Length 166 km) in the state of Haryana to be executed as BOT (Toll) on DBFOT Pattern under NHDP Phase - IV. The project is on DBFOT Pattern and the estimated project cost is approximately Rs 2,300 crore. The concession period for the same is 27 years and the construction period is 910 days. The company has sought Rs 234 crore viability gap funding from NHAI. With this Project, the company has expanded its base in seventh state viz. Haryana. IRB Infrastructure Developers undertakes development of various infrastructure projects in the road sector through several special purpose vehicles.

DSP BlackRock MF introduces FMP-Series 164-12M

DSP BlackRock Mutual Fund has launched the New Fund Offer (NFO) of DSP BlackRock FMP - Series 164 - 12M, a close ended income scheme. The NFO opens and closes for subscription on May 07, 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.1 thereafter. The scheme’s performance will be benchmarked against CRISIL Short Term Bond Fund Index and its fund manager is Dhawal Dalal. The investment objective of the scheme is to generate returns and capital appreciation by investing in a portfolio of Debt and Money Market Securities. The Scheme will invest only in such securities which mature on or before the date of maturity of the Scheme.

M&M unveils new model of SsangYong Rexton ‘Rx6’ in Delhi

Mahindra & Mahindra (M&M), India’s leading SUV manufacturer, has unveiled a new model of SsangYong Rexton ‘Rx6’ with manual transmission, at a price of Rs 19.96 lakh (ex-showroom Delhi). The RX6 will be an addition to the existing model range of Rexton, a high end SUV from South Korea's SsangYong which has been a part of the Mahindra Group since 2010. The vehicle comes with 5-speed manual transmission on the 2.7L RX270 XDi engine. The SsangYong Rexton by the company is currently available in two models -- RX5 and RX7. The RX5 is an entry level manual transmission model and the RX7 is the top end model with E-tronic automatic transmission with Mercedes BenzTM technology. The Rexton in India is manufactured and assembled at Mahindra’s Chakan Plant near Pune by sourcing components from SsangYong Korea and from India.

IRB Infrastructure receives LoA for four laning of Kaithal - Rajasthan Border Section

IRB Infrastructure Developers has emerged as a selected bidder and received Letter of Award (LoA) from NHAI for the project of four laning of Kaithal - Rajasthan Border Section of NH-152/65 from km 33.250 to km 241.580 (Design Length 166 km) in the state of Haryana to be executed as BOT (Toll) on DBFOT Pattern under NHDP Phase - IV. The project is on DBFOT Pattern and the estimated project cost is approximately Rs 2,300 crore. The concession period for the same is 27 years and the construction period is 910 days. The company has sought Rs 234 crore viability gap funding from NHAI. With this Project, the company has expanded its base in seventh state viz. Haryana. IRB Infrastructure Developers undertakes development of various infrastructure projects in the road sector through several special purpose vehicles.

M&M’s farm equipment sector unveils ‘Mahindra 575’ for puddling operations

Mahindra & Mahindra’s (M&M) Farm Equipment Sector (FES), a part of the $16.7 billion Mahindra Group has unveiled technologically advanced Mahindra 575 suitable for puddling operations. The Mahindra 575 in the 45 HP category, is a tractor with full cage wheel suitable for deep puddling operations required for paddy cultivation in Andhra Pradesh. The tractor ensures superior performance in different farm applications. The Mahindra 575 has power steering and oil immersed breaks for effortless and comfortable long hours of working. It offers a heavy 4-cylinder fuel efficient MKM engine with best-in-class fuel efficiency. Mahindra & Mahindra (M&M) is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.

NTPC gains after Supreme Court directs BSES to pay Rs 690 crore to the company

NTPC is currently trading at Rs. 114.65, up by 0.65 points or 0.57% from its previous closing of Rs. 114.00 on the BSE. The scrip opened at Rs. 115.00 and has touched a high and low of Rs. 115.00 and Rs. 114.55 respectively. So far 2,057 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 160.90 on 17-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. 117.00 and Rs. 113.60 respectively. The current market cap of the company is Rs. 94,534.00 crore. The promoters holding in the company stood at 75.00%, while Institutions and Non-Institutions held 22.27% and 2.73% respectively. The Supreme Court has directed power distribution company BSES in Delhi to pay Rs 690 crore to NTPC by May 31 for the power purchased. The non-payment of dues will lead to vacation of stay on disconnection notice served to BSES by NTPC. 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.

Opto Circuits (India) gets nod to raise up to $250 million

Opto Circuits (India) has received an approval to raise funds for the company and/or for its Indian/Overseas Subsidiaries up to an aggregate amount not exceeding $250 million. The board of director at its meeting held on May 06, 2014 has approved for the same. The company will raise funds by way of issue of securities, including Global Depositary Receipts (GDRs) and or American Depository Receipts (ADRs) convertible into equity shares, or any instrument or securities representing convertible securities such as convertible debentures, bonds or warrants etc., convertible into equity shares, in one or more tranches, in Indian or Foreign Market(s) as applicable, whether optionally or otherwise or any combination thereof. Opto Circuits India is a multinational medical device company headquartered out of Bengaluru, India. The company designs, develop, manufacture, market and distribute a range of medical products that are used by healthcare establishments in more than 150 countries.

Gold futures edge lower on upbeat European retail sales

Gold futures edged lower on Tuesday after upbeat European retail sales defied expectations for a decline and expanded in March and weak physical demand made investors wary about the outlook. However, worsening situation in eastern Ukraine and weakness in the US dollar and Wall Street stocks restricted the losses. Gold futures for June delivery settled down 70 cents at $1,308.60 an ounce on the Comex division of the New York Mercantile Exchange. While spot gold fell 0.2 percent at $1,307.51 an ounce.

FIIs were net sellers of Rs 1079.78 crore in index futures and options segments on May 6

According to the data released by the NSE, the Foreign Institutional Investors (FIIs) were net sellers of Rs 1079.78 crore in index futures and options segments as per Tuesday’s data, May 6, 2014. FIIs were sellers of index futures to the tune of Rs 444.43 crore and they sold index options worth Rs 635.35 crore. In the stock segment, FII’s were net sellers of stock futures worth Rs 194.53 crore, while they bought stock options worth Rs 25.04 crore.

JSPL inaugurates 810 MW captive power plant

Jindal Steel & Power (JSPL) has inaugurated its 810 MW captive power plant for the upcoming 6-million-tonne a year steel project at Angul in Odisha. The company will soon start producing sponge iron, using synthesis gas from the coal gassifier. The JSPL project is designed to produce steel through coal gasification (CGP-DRI) route. JSPL is a part of Jindal Group and is a leading player in Steel, Power, Mining, Oil & Gas and Infrastructure. The company produces economical and efficient steel and power through backward integration from its own captive coal and iron-ore mines and passes on the benefits to its customers.

Crude oil futures ended flat ahead of inventory data

Crude oil futures closed mostly flat on Tuesday ahead of the official weekly inventories report with increasing concerns over escalating violence in Ukraine, after clashes between Ukraine's army and pro-Russian forces raging in six eastern Ukraine cities over the weekend. Growing doubts that a recent deal between Libya and rebels to reopen oil ports were overlooked on expectation that the US is awash in crude. On the other hand Brent crude prices suffered sharp cuts due to profit taking. Benchmark crude oil futures for June delivery ended modestly higher by $0.02 to close at $99.50 a barrel after trading in a range of $100.42 and $99.32 a barrel on the New York Mercantile Exchange. In London, Brent oil futures for June delivery declined by 1.17 percent to $107.32 a barrel on the ICE.

Tata Steel’s Service Center to commission heavy gauge decoiler by end of 2014

Tata Steel’s Service Center Maastricht subsidiary in the Netherlands is to commission a large heavy gauge decoiler by the end of 2014, which will serve the growing markets in Europe for high strength steels, especially in the lifting and excavating sector. The decoiler is to be installed at the Feijen heavy gauge decoiling business at Maastricht. It will be able to decoil and cut-to-length hot rolled coil up to 25mm thick, 2,600mm wide and in premium grades, including the Ympress high-strength, low-alloy range. Tata Steel’s distribution and service centres make up the second largest distribution and service network in Europe, in terms of regional coverage. The distribution mainland Europe network is now aligned based on client end markets and the light or heavy gauge product group offered.

Tata Power’s Club Enerji saves 11.2 million units across 11 locations

Tata Power's nationwide resource and energy conservation movement Club Enerji has achieved a significant milestone of saving 11.2 million units of electricity by sensitizing more than 7 million citizens across 11 locations in Mumbai, Delhi, Ahmedabad, Kolkata, Pune, Bangalore, Lonavala, Maithon, Belgaum, Jamshedpur and Ranchi since its inception. Club Enerji has been relentlessly spreading awareness about resource conservation across the country. The units saved by the club are equivalent to the amount of energy used to light up 5,266 houses for a year and save 11,000 tonnes of CO2 emissions. In the current financial year Club Enerji saved over 2.5 million units and sensitized over 1.5 million citizens. Tata Power is India's largest integrated power company with a significant international presence. The Company has an installed generation capacity of 8521 MW in India and a presence in all the segments of the power sector viz. Generation (thermal, hydro, solar and wind), Transmission, Distribution and Trading.

Markets to get a soft-to-cautious start on weak global cues

The Indian markets remained in consolidation mood, though managed another positive close in last session. Today, the start is likely to be a bit soft-to-cautious tailing weak global cues. However, traders may get some support with Reserve Bank of India (RBI) Governor Raghuram Rajan expressing optimism on India’s growth rate going beyond the 5 percent mark soon.  Rajan has also expressed confidence that whichever government takes over, will lay a clear path to revive growth. Also, there is another news from the economy front that could cheer the markets, Paris-based think-tank, Organisation for Economic Cooperation and Development (OECD) in its estimates for 2014 has said that India's economic growth is poised to inch up 4.9 percent in 2014 and is expected to gain momentum with a decline in “political uncertainty” after the general elections. There will be some buzz in the steel stocks on a report that India's steel consumption grew by 3.4 percent to 5.8 million tonnes in April 2014 over the same month a year ago. There will be lots of important result announcements too, to keep the markets ticking. Aditya Birla Chemicals, Allahabad Bank, Hindustan Media, Kajaria Cermics, Lupin, Procter & Gamble and Syndicate Bank will be among many to announce their numbers. The US markets once again turned lower in last session, offsetting the modest gains posted in the previous session. While traders remained concerned about the crisis in Ukraine amid reports of continued clashes between Ukrainian armed forces and pro-Russian militants, there were some weak earnings that pressured the markets. The Asian markets have made mostly a soft start after the report that China’s services industry expanded at a slower pace in April, also the strength in yen against the dollar was pulling the Japanese market down. Back home, Indian markets witnessed another day of positive close, their second successive one after a week of continued downbeat movement. Traders once again harped on the election result outcome and went for some value buying at lower levels. However, the markets were not very confident and trade remained rangebound with low volumes and after early gains bourses slipped lower and again made a recovery attempt in the final hours of trade. Rupee volatility too weighed on the sentiments and restricted the gains of the markets. Though, there was not much from the global markets, as the US markets after a volatile trade managed a close of modest gains, while the Asian markets lacked any major action as some of the indices in the region remained closed and others showed lackluster performance, the European markets too made a soft start. Back home, the local markets remained in a tight range throughout the day and traders mood pessimistic, lacking any major cue. There was some early gains on C Rangarajan, Chairman, Prime Minister’s Economic Advisory Council (PMEAC) statement that the country’s current account deficit (CAD) is expected to be around 2 per cent of the GDP in the coming few years. Further, the HSBC services business activity index inched up from 47.5 in March to 48.5 in April. While, Composite Output Index, which maps both services and manufacturing, increased from 48.9 in March to 49.5 in April, but remained below the crucial 50 mark. Private sector output in India fell for the second consecutive month in April, as manufacturing production rose at a softer rate and service sector output declined further. Meanwhile, result reactions kept the markets buzzing, HDFC came up with inline expectation numbers and posted a net profit of Rs 1723 crore in the quarter ended March 31, up 11 percent from Rs 1555 crore in the year ago period, however, its net interest income (NII) was below estimates. On the other hand, Vijaya Bank’s net profit fell by 39.39% to Rs 135.84 crore for the quarter ended March 31, 2014. Back on street, on the sectoral front most of the indices ended higher, Consumer Durables gauge surged by over 3%, while some somberness was witnessed in IT, Tech and power sector stocks. Broader indices too showed some choppy move but maintained their gains till last. Finally, the BSE Sensex gained 63.30 points or 0.28%, to 22508.42, while the CNX Nifty added 15.95 points or 0.24% to 6,715.30.