Dabur's Hajmola enters pure confectionery market with Chuzkara

Dabur, India's leading natural Health Care company, has expanded its popular brand Hajmola into the pure Confectionery space with the launch of Hajmola Chuzkara, a first-of-its-kind semi-liquid candy with its very own Khatta Meetha taste. The new brand Hajmola Chuzkara, which will be rolled out nationwide this month, will be endorsed by Bollywood cine star Ajay Devgn. The launch of Chuzkara marks a significant milestone for Dabur's popular digestive brand Hajmola as it also marks the introduction of a brand new format in the confectionery market in India. Dabur India is one of the largest FMCG Company in India. Building on a legacy of quality and experience of over 125 years, Dabur operates in key consumer products categories like Hair Care, Oral Care, Health Care, Skin Care, Home Care & Foods.

ONGC plans to invest over $1.1 billion on Mumbai High fields redevelopment

In a bid to rejuvenate the ageing reservoir in the Arabian Sea, Oil and Natural Gas Corp (ONGC) is planning to drill a record 130 wells at its prime Mumbai High oil and gas fields. The drilling campaign will cost over $1.1 billion. The project will start later this year and continue for three to four years. The wells are part of the third phase of the Mumbai High redevelopment plan.  The company is investing almost Rs 20,000 crore in the third phase of redevelopment at Mumbai High, targeting production of 132 million to 147 million barrels of additional crude oil. 73 new offshore wells will be drilled on the northern part and another 50 in Mumbai High South. Also, 38 poor producer wells on Mumbai High North will be side-tracked. Besides, new wellhead platforms and sub-sea pipelines will be built to replace old ones. ONGC is a premier oil and gas company in India, accounting for 71% of the country’s crude oil production and 54% of its natural gas production in 2011-12. It is also a significant producer of value added products such as liquefied petroleum gas (LPG), superior kerosene oil (SKO), and naphtha. GoI is the majority shareholder in ONGC, with a 69% equity stake as of now.

KSS' arm to inaugurate Miniplex in Raigad

K Sera Sera Miniplex, subsidiary of KSS, will be inaugurating its Mahad Miniplex at 'Govind Garden' 103/1B, Plot No. 4, NH 17, Mahad, Dist. Raigad, on May 09, 2014 with 2 Audis. The theatre will also be used to conduct virtual E-education classes in the non-movie hours.

KSS (formerly K Sera Sera) is a content production house that brings together a unique combination of film financing, production and distribution. The company has a net worth of more than Rs 240 crore and is listed on the NSE, BSE & Luxemburg Stock Exchange.

SBI gains on inking MoU with Tata trust

State Bank of India (SBI) is currently trading at Rs. 2085.10, up by 11.70 points or 0.56% from its previous closing of Rs. 2073.40 on the BSE. The scrip opened at Rs. 2078.10 and has touched a high and low of Rs. 2104.00 and Rs. 2070.70 respectively. So far 230236 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2469.25 on 20-May-2013 and a 52 week low of Rs. 1452.90 on 28-Aug-2013. Last one week high and low of the scrip stood at Rs. 2105.05 and Rs. 2035.45 respectively. The current market cap of the company is Rs. 155447.72 crore. The promoters holding in the company stood at 58.60 % while Institutions and Non-Institutions held 30.53 % and 8.75 % respectively. State Bank of India (SBI) has entered into a memorandum of understanding (MoU) with Sir Dorabji Tata Trust & The Allied Trusts for poverty alleviation and rural development in a sustainable way. As per MoU, Tata Trusts will provide training and capacity building, identify partner organizations such as farmer producer companies and self help groups and provide implementation and technical support to make them sustainable. The Bank would take care of the need-based credit support by providing working capital. The bank reported 34.20% fall in its net profit at Rs 2234.34 crore for third quarter ended December 31, 2013 as compared to Rs 3396.06 crore for the same quarter in the previous year. However, total income of the bank increased by 14.91% at Rs 39060.76 crore for quarter under review as compared to Rs 33992.11 crore for the quarter ended December 31, 2012.

Stone India consortium executes contract worth Rs 83 crore

Stone India in consortium with NRT Company, South Korea has executed contract valued at Rs 83 crore for fitment of Platform Screen Door in 6 stations in Line 2 of Delhi Metro Rail Corporation. The contract is scheduled to be executed by end of December 2015. The company has been aggressively pursuing businesses outside Indian Railways in the recent past and this is the first major contract for the company outside Indian Railways. Stone India, a multi-product engineering company located in Kolkata, has been serving the Indian rail road industry for over seven decades.

Sugar futures decline on sluggish demand

Sugar futures traded down on NCDEX due to sluggish demand from retailers and bulk consumers amid ample stocks positions in the physical market. However, expectations of lower production from the major producing belts, capped some losses in sugar prices to some extent. The contract for May delivery was trading at Rs 3102.00, down by 0.64% or Rs 20.00 from its previous closing of Rs 3122.00. The open interest of the contract stood at 40060 lots. The contract for June delivery was trading at Rs 3058.00, down by 0.26% or Rs 8.00 from its previous closing of Rs 3066.00. The open interest of the contract stood at 46730 lots on NCDEX.

Shoppers Stop’s arm receives ‘Best Book Retailer’ award

Shoppers Stop’s wholly owned subsidiary - Crossword Bookstores has received ‘Best Book Retailer’ award at Indian Retail Awards 2014. Earlier, the company had opened 1 Clinique store at Pune, one M.A.C at Bengaluru and one Bobby Brown at Gurgaon. With the opening of these stores, the Company had now 23 Clinique Stores, 34 M.A.C stores and 2 Bobby Brown stores under its operations. Shoppers Stop is engaged in the retailing business. It runs a chain of departmental stores with brands including Shopper's Stop, Home Stop, Crossword, Cafes and Restaurants etc.

SSWL bags export order of 150,000 wheels from Peugeot-France

Steel Strips Wheels (SSWL) has bagged an export order to supply 150,000 wheel rims to Peugeot-France. The order value for this export order is Approx Euro1.5 million. This order is in line with the company’s strategy to increase its foot print globally and expand its network among global Automobile manufacturers. SSWL is an existing supplier to Peugeot and this additional order has further firmed up the company's position with the global player like Peugeot. SSWL is a part of the Steel Strips Group, headquartered in Chandigarh. It is engaged in the manufacturing of single piece steel wheel rims in the range of 10 to 30 inches for scooters, passenger cars, utility vehicles and tractors. It supplies rims to almost all major manufacturers of two wheelers, three wheelers, four wheelers, tractors and heavy commercial vehicle.

Copper future edge higher on MCX

Copper future traded up on MCX as a rise in China’s exports and imports last month eased the concerns of a slowdown in the world’s second biggest economy. However, German factory orders fell in March, signaling a faltering recovery in Europe’s biggest economy, which darkened the demand outlook for the industrial metals and capped some gains in copper prices. The contract for June delivery was trading at Rs 406.80, up by 0.36% or Rs 1.45, from its previous closing of Rs 405.35. The open interest of the contract stood at 19014 lots. The contract for August delivery was trading at Rs 410.00, up by 0.26% or Rs 1.05, from its previous closing of Rs 408.95. The open interest of the contract stood at 448 lots on MCX.

Castor seed futures trade lower on ample supply

Castor seed futures traded lower on NCDEX on the back of weak spot markets sentiment due to selling pressure from bear operators. Further, ample supply from growing regions in spot markets as well as strong production estimates also weighed on the commodity prices.

The contract for May delivery was trading at Rs 3990.00, down by 0.15% or Rs 6.00 from its previous closing of Rs 3996.00. The open interest of the contract stood at 58840.00 lots.

The contract for June delivery was trading at Rs 4051.00, down by 0.12% or Rs 5.00 from its previous closing of Rs 4056.00. The open interest of the contract stood at 137730.00 lots on NCDEX.

Gold futures trade higher on firm global trend

Gold futures traded higher on MCX on sustained buying by stockists to meet ongoing marriage season demand amid a firming global trend. Further, the jewellers sought to restock inventory and investors sought safety due to geopolitical tension against signs of an improving global economy, supportin the upside of yellow mwtal.

The contract for June delivery was trading at Rs 28557.00, up by 0.13% or Rs 37.00 from its previous closing of Rs 28520.00. The open interest of the contract stood at 10040.00 lots.

The contract for August delivery was trading at Rs 27971.00, up by 0.27% or Rs 74.00 from its previous closing of Rs 27897.00. The open interest of the contract stood at 3064.00 lots on MCX.

Soyabean futures exhibit mixed trend on NCDEX

Soyabean futures exhibited mixed trend on NCDEX as the May contracts traded down on account of subdued demand in the spot market. While June contracts traded higher on lack of bean supplies in the domestic market and on speculation that US Department of Agriculture may trim US stockpiles estimates. The contract for May delivery was trading at Rs 4726.00, down by 0.27% or Rs 13.00 from its previous closing of Rs 4739.00. The open interest of the contract stood at 51810 lots. The contract for June delivery was trading at Rs 4771.00, up by 0.02% or Rs 1.00 from its previous closing of Rs 4770.00. The open interest of the contract stood at 114950 lots on NCDEX.

Tata Steel trades in green on the BSE

Tata Steel is currently trading at Rs. 402.60, up by 2.65 points or 0.66% from its previous closing of Rs. 399.95 on the BSE. The scrip opened at Rs. 402.50 and has touched a high and low of Rs. 406.15 and Rs. 401.30 respectively. So far 195531 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 435.40 on 02-Jan-2014 and a 52 week low of Rs. 195.40 on 07-Aug-2013. Last one week high and low of the scrip stood at Rs. 406.50 and Rs. 388.75 respectively. The current market cap of the company is Rs. 39251.67 crore. The promoters holding in the company stood at 31.35% while Institutions and Non-Institutions held 40.87% and 24.81% respectively. 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.

BHEL commissions GTG unit in Oman

India's largest Power Project exporter, Bharat Heavy Electricals (BHEL) has achieved one more milestone in the Middle-East region with the commissioning of yet another Gas Turbine Generating unit in Oman. The 126 MW Fr-9E Gas Turbine Generator (GTG) has been successfully commissioned at Qarn Alam-3 power project of Petroleum Development Oman (PDO). This is the second successive project after the successful commissioning of the 2x126 MW Fr-9E PDO Amal GTG project in 2012. The Gas Turbine Generator units were engineered, manufactured and supplied by BHEL's Hyderabad Plant, while the state-of-the-art control system has been supplied by the company's Bangalore works. These Gas Turbine Generator Units have been supported with the required auxiliaries supplied by BHEL. The Sultanate of Oman is one of the key export territories of BHEL with various benchmark references established by the company. Beginning its success story with its first order in Oman for Wadi Al Jizzi Power station Project in 1995-96 to the Qarn Alam-3 project in 2014, BHEL has secured and executed 14 major contracts which include the supply of 16 Gas Turbine sets in Oman alone in the past nearly two decades. These contracts were received from diverse Sectors viz. Petroleum (Petroleum Development Oman); Utility (Ministry of Housing, Electricity & water Oman) and Industry (Oman Cement Company), which is a testimony of BHEL's strong presence and acceptability in the Oman market. BHEL supplied sets today account for over 50 per cent of the power generating capacity of Petroleum Development Oman. BHEL's global references spread across 76 countries and include the entire gamut of BHEL's products and systems such as Power plants (Thermal, Gas and Hydro), Turbines, Generators, Substations, Transformers, Motors, Photo Voltaic modules, Oil Field equipment and Transportation equipment, etc. The cumulative overseas installed capacity of BHEL manufactured power plants exceeds 10,000MW in 27 countries. BHEL is currently executing various power plant projects in as many as 20 countries for installing 7,000 MW power generating capacity worth over 3 Billion US Dollars.

CARE assigns rating to Ritesh Properties & Industries’ bank facilities

Credit rating agency, CARE has assigned ‘BB+’ rating to Ritesh Properties & Industries’ Long-term bank facilities worth Rs 77 crore. The rating assigned to the bank facilities of Ritesh Properties & Industries is constrained due to the nascent stage of project implementation leading to high execution risk, high dependence on customer advances for project implementation and delay in financial closure of the debt. The rating is further constrained by the relatively lower experience of the promoters in executing such large-scale projects. Ritesh Properties & Industries (RPIL), incorporated in 1987, was engaged in the manufacturing of readymade garments at its manufacturing facility situated at Ludhiana. However, RPIL closed down the operations and entered into real estate development on the same land (42 acres of land on which factory was situated). Currently, RPIL is developing commercial (Hampton Plaza) & industrial plots at a total project cost of Rs118 crore funded through debt of Rs.77 crore (financial closure not yet achieved) and the remaining through promoter equity of Rs.41 crore.

India likely to join group of good drug manufacturing practice countries

India is planning to join a group of 41 countries having good manufacturing practice (GMP) standards for drugs in order to help domestic pharmaceutical exporters, to meet frequent inspection and manufacturing requirements being put in place by importing countries. The Pharmaceutical Export Promotion Council of India (Pharmexcil) is of the view that problems in terms of meeting different GMP and inspection procedures in different countries will be sorted out if India joins the Pharmaceutical Inspection Cooperation Scheme (PICS). The PICS, which include members like Australia, Canada, European and African countries and the US, is an informal co-operative arrangement between regulatory authorities in the field of GMP of medicinal products.  The Pharmexcil added that in case India does not join the group, domestic exporters should make sure that they follow the practices and regulations specified by the group. Meanwhile, India has invited regulators from 25 countries to participate in the global pharma exhibition to build familiarity between domestic drug regulators and their counterparts in other countries. At present, market size of Indian pharma industry stands at around Rs 1,30,000 crore of which about 50% of revenue comes from industry’s exports. The US is major importer of Indian pharma products followed by Russia, Germany and Austria. The growth in pharmaceuticals exports remained low at 1.2% to $14.84 billion in FY14, as some big Indian pharmaceuticals companies such as Ranbaxy and Wockhardt were facing exports ban in the US due to quality issues raised by the US Food and Drug Administration (USFDA). Further, domestic exporters are also facing restrictions in countries such as Brazil and Russia which recently placed their own plant audits for exporters.

Benchmarks continue to trade in green in afternoon session

Indian equity benchmarks paired some early gains, but continue to trade in green in afternoon session on the back of fresh buying by funds and retail investors amid positive global cues. Selling witnessed in realty, FMCG and IT stock dragged the markets lower, however the major indices were managing to remain in positive territory supported by buying in banking, auto and metal stocks. Global sentiment was buoyed on upbeat comments by Federal Reserve Chairman Janet Yellen that Fed will continue to support the US economy. Further, the appreciation in rupee value against the dollar and continual FII inflows also aided to the optimistic sentiments. Foreign institutional investors (FIIs) bought shares worth a net Rs 119.11 crore in the previous session. Banking was top gaining index on BSE up by over 0.80% followed by metal and oil and gas indices both up by over 0.40%. Buying was broad based with both small and mid cap indices trading up over 0.20%. Shasun Pharmaceuticals was locked in upper circuit for second straight day, up 10% after Morgan Stanley Asia bought nearly one per cent stake in the company. Procter & Gamble Hygiene and Health Care (P&G) rallied around 5% to around Rs 3,600 after reporting a strong 55% yoy jump in net profit at Rs 80.76 crore for Q4 FY14. On global front, Asian equity indices were trading in green with Hang Seng up by 0.41% and Nikkei 225 up by 0.87%. Back home, the NSE Nifty and BSE Sensex were trading below their psychological 6,700 and 22,500 levels respectively. The market breadth on BSE was positive, out of 2,301 stocks traded, 1,203 stocks advanced, while 980 stocks declined on the BSE. The BSE Sensex is currently trading at 22,381.37 up by 57.47 points or 0.26% after trading in a range of 22,443.13 and 22,329.39. There were 18 stocks advancing against 12 stocks declining on the index. The broader indices were trading in green; the BSE Mid cap index was up by 0.24%, while Small cap index gained 0.66%. The gaining sectoral indices on the BSE were Bankex up by 0.81%, Auto up by 0.62%, Metal up by 0.47%, Oil and Gas up by 0.41% and Consumer Durables up by 0.28%. While, Realty down by 0.80%, IT down by 0.10%, FMCG down by 0.10%, Teck down by 0.06% and Capital Goods down by 0.02% were the losing indices on BSE.    The top gainers on the Sensex were Cipla up by 1.83%, ICICI Bank up by 1.34%, Tata Motors up by 1.32%, Wipro up by 1.22% and Tata Steel up by 1.20%. On the flip side, Gail India down by 1.28%, Hero Motocorp down by 0.66%,HDFC down by 0.57%, TCS down by 0.57% and Sun Pharma down by 0.56%. Meanwhile, India is planning to join a group of 41 countries having good manufacturing practice (GMP) standards for drugs in order to help domestic pharmaceutical exporters, to meet frequent inspection and manufacturing requirements being put in place by importing countries. The Pharmaceutical Export Promotion Council of India (Pharmexcil) is of the view that problems in terms of meeting different GMP and inspection procedures in different countries will be sorted out if India joins the Pharmaceutical Inspection Cooperation Scheme (PICS). The PICS, which include members like Australia, Canada, European and African countries and the US, is an informal co-operative arrangement between regulatory authorities in the field of GMP of medicinal products.  The Pharmexcil added that in case India does not join the group, domestic exporters should make sure that they follow the practices and regulations specified by the group. Meanwhile, India has invited regulators from 25 countries to participate in the global pharma exhibition to build familiarity between domestic drug regulators and their counterparts in other countries. At present, market size of Indian pharma industry stands at around Rs 1,30,000 crore of which about 50% of revenue comes from industry’s exports. The US is major importer of Indian pharma products followed by Russia, Germany and Austria. The growth in pharmaceuticals exports remained low at 1.2% to $14.84 billion in FY14, as some big Indian pharmaceuticals companies such as Ranbaxy and Wockhardt were facing exports ban in the US due to quality issues raised by the US Food and Drug Administration (USFDA). Further, domestic exporters are also facing restrictions in countries such as Brazil and Russia which recently placed their own plant audits for exporters. The CNX Nifty is currently trading at 6,668.55 up by 16 points or 0.24% after trading in a range of 6,688.40 and 6,656.05. There were 30 stocks advancing against 20 declining on the index. The top gainers of the Nifty were Cipla up by 1.87%, ICICI Bank up by 1.46%, Tata Motors up by 1.43%, ONGC up by 1.30% and Hindalco up by 1.29%. On the flip side, Gail down by 1.83%, Jindal Steel down by 1.36%, Ambuja Cement down by 1.11%, DLF down by 0.89% and BPCL down by 0.76% were the major losers on the index. Asian equity indices were trading in green; Hang Seng up by 0.41% to 21,834.39, Nikkei 225 up by 0.87% to 14,156.72, Straits Times was up by 0.36% to 3,248.38, Shanghai Composite up by 0.63% to 2,022.68 and Taiwan Weighted up by 0.22% to 8,930.90. While, Jakarta Composite down by 0.33% to 4,845.

Wipro moves up on the bourses

Wipro is currently trading at Rs. 511.75, up by 6.25 points or 1.24% from its previous closing of Rs. 505.50 on the BSE. The scrip opened at Rs. 507.00 and has touched a high and low of Rs. 514.40 and Rs. 502.35 respectively. So far 102188 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 610.50 on 26-Feb-2014 and a 52 week low of Rs. 315.30 on 31-May-2013. Last one week high and low of the scrip stood at Rs. 530.70 and Rs. 500.55 respectively. The current market cap of the company is Rs. 126285.21 crore. The promoters holding in the company stood at 73.47% while Institutions and Non-Institutions held 13.62% and 10.97% respectively. Wipro, a leading Information Technology, Consulting and Outsourcing company has signed a partnership with Axiom Software Laboratories (AxiomSL), a global leader of regulatory reporting and risk management solutions for the financial services industry. The partnership between Wipro and AxiomSL seeks to address challenges faced by financial institutions with solutions that offer increased transparency, improved data integrity and a deeper level of data granularity and traceability required by regulators. Wipro is currently assisting two global banks in the firm-wide roll-out of the AxiomSL solution.   Risk & Compliance Services is one of the fastest growing segments for Wipro’s banking, financial services and insurance business. Wipro has a strong team of ex-regulators, ex-CROs, risk architects and technologists that has successfully delivered over 100 Risk & Compliance engagements spanning consulting, IT and BPO services. AxiomSL’s integrated data-driven platform meets the demands of regulators across multiple jurisdictions while supporting diverse submission formats including XBRL taxonomy requirements. AxiomSL’s solution combined with Wipro’s consulting and technology capabilities will empower clients to have full control over their regulatory process workflow. Wipro enables customers to derive actionable business insights from data to drive growth, enhance cost management and strengthen risk management

Geometric unveils new version of CAMWorks for Solid Edge software

Geometric, the leader in advanced manufacturing software has unveiled a new version 2014 of CAMWorks for Solid Edge software, the 3D CAD tool from Siemens PLM Software for the mainstream manufacturing market. The new version provides tighter integration to enable customers to reduce programming time to further accelerate time-to-market. With this release, Solid Edge users will gain access to the full suite of CAMWorks modules including Sync Manager and Sub Spindle operations manager to speed up CNC programming for complex multi-spindle, multi-turret mill turn machines. In addition, with the 5-axis simultaneous machining module, users in the aerospace, medical device, and oil & gas industry have the ability to machine complex surfaces using advanced 4 and 5 axis machining centers. Furthermore, tool and die customers now have the ability to program the Wire EDM machines within the same environment as their milling operations instead of having to maintain different software for different purposes. Geometric is a specialist in the domain of engineering solutions, services and technologies. Its portfolio of Global Engineering services, Product Lifecycle Management (PLM) solutions, Embedded System solutions, and Digital Technology solutions enables companies to formulate, implement, and execute global engineering and manufacturing strategies aimed at achieving greater efficiencies in the product realization lifecycle.

Bond yields edge lower on caution ahead of Rs 16,000 crore debt sale on Friday

Bond yields were trading lower on prevailing caution ahead of this week's Rs 16,000 crore bond sale and the outcome of general elections next week, which whetted the appeal for safe haven instruments, vis-à-vis bonds. Additionaly, gains in rupee were also aiding bonds. On the currency front, Indian rupee, despite retreating from the psychological 60$ level, its highest since April 9, was trading stronger against dollar on Thursday, tracking gains in the domestic share market. However, losses in other Asian currencies and the dollar's gains versus the euro limited the further uptrend of Indian currency. On the global front, US Treasuries gained on Wednesday after America's top central banker said the world's largest economy remained on the mend but still required substantial monetary accommodation from Washington policymakers. Meanwhile, Brent crude, holding onto most of the gains from the previous session, hovered around $108 a barrel on Thursday as customs data showed a large jump in Chinese crude imports and a bigger than expected trade surplus in the world's second biggest oil user. Back home, the yields on new 10 year Government Stock 2023 were trading 1 basis point lower at 8.79% from its previous close of 8.80% on Wednesday. The benchmark five-year interest rate swaps was trading 3 basis points lower at 8.29% from its previous close of 8.32% on Wednesday. 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.

Government exports 1.5 MT of wheat worth Rs 2,590 crore

India exported about 1.5 million tonnes (MT) of wheat out of 2 MT stocks allowed for overseas shipments from surplus stocks of Food Corporation of India (FCI). The average price realized from export of wheat was at $283 per tonne and government is estimated to earn Rs 2,590 crore. The government is unlikely to float any new tenders for export of wheat. The government earned $1.4 billion from export of 4.2 MT of wheat by PSUs in 2012-13. In the previous financial year, Indian wheat fetched an average price of $311.38 per tonne.  Majority of the wheat has been shipped to neighbouring Bangladesh, while some quantities have also been exported to Ethiopia, Yemen, South Korea and Sri Lanka. In August 2013, the Centre had allowed FCI to export 2 MT of wheat from its surplus stocks through public trading firms STC, MMTC and PEC at a base price of $300 per tonne. In order to make shipments viable the floor price was later cut to $260 per tonne. Other major international players like US and Canada were offering their wheat at lower prices in the international market.

Call rates ebb amidst comfortable liquidity situation

Interbank call rates were trading lower at 8.20/25% versus Wednesday’s close of 8.95/9.05%, as demand somewhat ebbed amidst prevailing comfortable liquidity situation, which brought call rates below the repo level. Nevertheless, the rates are expected to remain around these level for this week, at least as banks usually prefer to cover for their fortnightly requirements in the first half of reporting cycle. The banks via Liquidity Adjustment Facility (LAF) borrowed Rs 19618 crore through repo auction on May 08, 2014. It borrowed Rs 11768 crore via repo window and parked Rs 642 crore via reverse repo window on May 7, 2014. The overnight borrowing rates touched a high and low of 8.25% and 8.05% respectively. According to the Clearing Corporation of India (CCIL), the weighted average rate (WAR) in the call money market was at 8.14% on Thursday and total volume stood at Rs 24291.74 crore, so far. As per CCIL data, WAR in the CBLO (Collateralized Borrowing and Lending Obligation) market was at 8.14% on Thursday and total volume stood at Rs 28124.55 crore, so far. The indicative call rates which closed 8.95/9.05% on Wednesday were contributions made from Andhra Bank, AXIS Bank, Bank of America, Bank of Baroda, Bank of India, Canara Bank, J P Morgan Chase, Citibank N.A., Corporation Bank, Credit Agricole Bank, Indusind Bank, ICICI Bank, ICICI Securities, IDBI Bank, Jammu and Kashmir Bank, Punjab National Bank, RBS, Societe Generale, Standard Chartered, so far.

Jeera futures trade higher on limited arrivals

Jeera futures traded higher on NCDEX on the back of fresh positions created by speculators, triggered by rising demand in the spot markets as well as limited arrivals from producing areas. However, higher production in the current year and fall in export demand of the commodity limited the gains to some extent.

The contract for May delivery was trading at Rs 10720.00, up by 0.05% or Rs 5.00 from its previous closing of Rs 10715.00. The open interest of the contract stood at 4227.00 lots.

The contract for June delivery was trading at Rs 10860.00, up by 0.05% or Rs 5.00 from its previous closing of Rs 10855.00. The open interest of the contract stood at 7287.00 lots on NCDEX.

Rupee retreats from sub 60$ level, still trades strong

Indian rupee, despite retreating from the psychological 60$ level, its highest since April 9, was trading stronger against dollar on Thursday, tracking gains in the domestic share market. However, losses in other Asian currencies and the dollar's gains versus the euro limited the further uptrend of Indian currency. Meanwhile, prevailing caution ahead of the outcome of the national elections next week was also keeping the local unit’s gains in check. On the global front, dollar rose broadly on Wednesday after traders removed short positions against the US currency on the view that persistently dovish comments from the Federal Reserve have become less effective in weakening the dollar.

The partially convertible currency is currently trading at 60.01, stronger by 13 paise from its previous close of 60.14 on Wednesday. The currency touched a high and low of 60.05 and 59.97 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 60.03 and for Euro stood at 83.58 on May 07, 2014. While, the RBI’s reference rate for the Yen stood at 59.17, the reference rate for the Great Britain Pound (GBP) stood at 101.9658. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Chana futures edge down on lower demand

Chana futures traded down on NCDEX on weakness in spot demand due to the new crop arrivals in local manids. However, buying from millers returned in some markets after the completion of elections in some areas and capped some losses in chana prices.

The contract for May delivery was trading at Rs 2976.00, down by 0.60% or Rs 18.00 from its previous closing of Rs 2994.00. The open interest of the contract stood at 57400 lots.

The contract for June delivery was trading at Rs 3040.00, down by 0.52% or Rs 16.00 from its previous closing of Rs 3056.00. The open interest of the contract stood at 113690 lots on NCDEX.

Nickel futures gain on increased spot demand

Nickel futures gained on MCX on increased demand in spot markets from domestic alloy-makers. Besides, firmness in metal at the London Metal Exchange (LME) on concern that Indonesia's ore export ban is reducing global supplies and as China's exports and importers unexpectedly rose in April, too supported the upside.

The contract for May delivery was trading at Rs 1147.00, up by 2.26% or Rs 25.40 from its previous closing of Rs 1121.60. The open interest of the contract stood at 15058.00 lots.

The contract for June delivery was trading at Rs 1153.00, up by 2.27% or Rs 25.60 from its previous closing of Rs 1127.40. The open interest of the contract stood at 1173.00 lots on MCX.

Pipavav Defence to set up facility for missiles, torpedoes in Hyderabad: Report

Pipavav Defence and Offshore Engineering is reportedly planning to set up main system integration facility for manufacturing missiles and torpedoes in Hyderabad. The company, which was the first private firm in India to get a licence to build warships, has already firmed up strategic partnerships for missile and torpedo making under the Ministry of Defence’s Make-and-Buy programme. The company is also planning to tie-up with local firms in and around Hyderabad working in the sub-system design and manufacture of missile and torpedo parts. Pipavav Defence and Offshore Engineering Company is engaged in defence, offshore, marine and engineering sectors. The company has two units, one special economic zone (SEZ) unit spread over around 95 hectares of land and another export oriented unit (EOU) spread over around 103.92 hectares of land.

Simplex Projects touches roof on resuming work at Libya

Simplex Projects is locked at upper circuit limit at Rs. 41.10, up by 1.95 points or 4.98% from its previous closing of Rs. 39.15 on the BSE. The scrip opened at Rs. 41.00 and has touched a high and low of Rs. 41.10 and Rs. 41.00 respectively. So far 7,756 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 41.10 on 08-May-2014 and a 52 week low of Rs. 7.21 on 10-Oct-2013. Last one week high and low of the scrip stood at Rs. 41.10 and Rs. 32.50 respectively. The current market cap of the company is Rs. 51.00 crore. The promoters holding in the company stood at 56.21% while Institutions and Non-Institutions held 1.68% and 42.11% respectively. Simplex Projects has received an approval from the Government of Libya for resumption of its project for construction of 2000 housing units, service buildings and related infrastructure at Ghira, Shabiyat of Ashati, Libya which was stalled due to political unrest in Libya since February 2011. In view of the revised agreement the project is to be completed within a period of 900 days from the date of initial payment of outstanding dues. Simplex Projects (SPL) controls project sites all over India. In a decade of its working SPL has emerged as a renowned civil engineering and construction company. The company has procured a fleet of construction equipment over this period.

India likely to join group of good drug manufacturing practice countries

India is planning to join a group of 41 countries having good manufacturing practice (GMP) standards for drugs in order to help domestic pharmaceutical exporters, to meet frequent inspection and manufacturing requirements being put in place by importing countries. The Pharmaceutical Export Promotion Council of India (Pharmexcil) is of the view that problems in terms of meeting different GMP and inspection procedures in different countries will be sorted out if India joins the Pharmaceutical Inspection Cooperation Scheme (PICS). The PICS, which include members like Australia, Canada, European and African countries and the US, is an informal co-operative arrangement between regulatory authorities in the field of GMP of medicinal products.  The Pharmexcil added that in case India does not join the group, domestic exporters should make sure that they follow the practices and regulations specified by the group. Meanwhile, India has invited regulators from 25 countries to participate in the global pharma exhibition to build familiarity between domestic drug regulators and their counterparts in other countries. At present, market size of Indian pharma industry stands at around Rs 1,30,000 crore of which about 50% of revenue comes from industry’s exports. The US is major importer of Indian pharma products followed by Russia, Germany and Austria. The growth in pharmaceuticals exports remained low at 1.2% to $14.84 billion in FY14, as some big Indian pharmaceuticals companies such as Ranbaxy and Wockhardt were facing exports ban in the US due to quality issues raised by the US Food and Drug Administration (USFDA). Further, domestic exporters are also facing restrictions in countries such as Brazil and Russia which recently placed their own plant audits for exporters.

Crude palm oil futures trade higher on rising demand

Crude palm oil futures edged higher as speculators enlarged their positions driven by rising demand in the spot market. However, recent rains in the top producing countries which have eased the threat of a supply shortfall, capped some gains in crude palm oil prices to some extent. The contract for May delivery was trading at Rs 551.80, up by 0.25% or Rs 1.40 from its previous closing of Rs 550.40. The open interest of the contract stood at 2690 lots. The contract for June delivery was trading at Rs 548.50, up by 0.26% or Rs 1.40 from its previous closing of Rs 547.10. The open interest of the contract stood at 2139 lots on MCX.

Potato futures edge lower on adequate stocks position

Potato futures edged lower on MCX as speculators offloaded their positions, driven by weak trend in the spot market. Moreover, adequate stocks position following higher supplies from producing region against sluggish demand in the spot markets also dampened the sentiments. The contract for May delivery was trading at Rs 1315.00, down by 0.45% or Rs 6.00 from its previous closing of Rs 1321.00. The open interest of the contract stood at 604.00 lots. The contract for June delivery was trading at Rs 1350.80, down by 1.28% or Rs 17.50 from its previous closing of Rs 1368.30. The open interest of the contract stood at 1946.00 lots on MCX.

RBI trims FII’s investment limit in IDFC to 52.25%

Reserve Bank of India (RBI) has decreased foreign investment limit in IDFC from 52.50% to 52.25% of paid-up capital. RBI has notified that Foreign Institutional Investors (FIIs), through primary market and stock exchanges, can now purchase up to 52.25% of the paid up capital of IDFC under the Portfolio Investment Scheme (PIS).

The company has passed resolutions at the board of directors’ level and a special resolution by the shareholders, agreeing for decreasing the limit for the purchase of its equity shares and convertible debentures by FIIs.

IDFC is the country’s leading integrated infrastructure finance player providing end to end infrastructure financing and project implementation services.

BPCL’s arm estimates increase in recoverable natural gas resources in Mozambique

Bharat Petroleum Corporation’s (BPCL) wholly owned subsidiary, Bharat Petro Resources (BPRL) has informed that Anadarko Mocambique Area 1, the operator of the offshore Area 1 block in the Rovuma Basin, Mozambique, which successful appraised drilling activities in the Orca field estimates increase in the total recoverable resources in Offshore Area 1 to a range of 50 to 70-plus trillion cubic feet of natural gas.  In addition, the consortium continued to advance the Mozambique LNG project by adding incremental non-binding LNG off-take agreements. The consortium members in the block are Anadarko Mocambique Area 1 (26.5%), BPRL Ventures Mozambique B.V. (10%), Beas Rovuma Energy Mozambique (10%), ONGC Videsh (10%), Cove Energy Mozambique Rovuma Offshore (8.5%) and Mitsui E&P Mozambique Area I (20%). The balance 15% is with Empressa Nacional de Hidrocarbonetos E.P (ENH) the national oil company of Mozambique, who are carried through the exploration phase.

Mindtree surges on unveiling first Managed Mobility Offering in Australia

Mindtree is currently trading at Rs. 1440.00, up by 17.75 points or 1.25% from its previous closing of Rs. 1422.25 on the BSE. The scrip opened at Rs. 1435.00 and has touched a high and low of Rs. 1445.00 and Rs. 1428.40 respectively. So far 16009 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 1724.95 on 21-Feb-2014 and a 52 week low of Rs. 782.70 on 17-Jun-2013. Last one week high and low of the scrip stood at Rs. 1467.00 and Rs. 1415.10 respectively. The current market cap of the company is Rs. 6008.38 crore. The promoters holding in the company stood at 16.57% while Institutions and Non-Institutions held 46.09% and 37.34% respectively. Mindtree, a global information technology services company, and SAP, market leader in enterprise application software, announced their first Managed Mobility Offering for the Australia market. The company will deliver SAP mobile solutions in the cloud and with a pay- by-usage model. Managed mobility services from Mindtree and SAP enable organizations to rapidly mobilize their business with little complexity, minimal set-up time, and zero infrastructure costs. Mindtree will offer an end-to-end suite of services including consulting, installation, hosting, and maintenance for the SAP Work Manager application in the cloud. In addition, the companies offer a suite of pre-built ready-to-deploy apps that clients can utilize for business scenarios ranging from enabling payments to managing loyalty points. SAP Customer Loyalty, for example, is a customizable mobile application designed to enable consumer-facing brands to build stronger relationships with their customers, as well as boost customer loyalty, transaction volumes, and conversion rates.

Mentha Oil futures trade higher on MCX

Mentha Oil futures traded up on MCX as speculators enlarged their positions driven by pick-up in spot demand from consuming industries against tight arrivals from the major producing belts. Further, weak sowing progress in local mandies along with strong export demand too supported mentha oil prices uptrend.

The contract for May delivery was trading at Rs 848.00, up by 0.18% or Rs 1.50 from its previous closing of Rs 846.50. The open interest of the contract stood at 3501 lots.

The contract for June delivery was trading at Rs 857.90, up by 0.32% or Rs 2.70 from its previous closing of Rs 855.20. The open interest of the contract stood at 1040 lots on MCX.

Cardamom futures trade higher on strong demand

Cardamom futures traded higher on MCX as speculators created fresh positions amid pick up in domestic and export demand in the spot market. Further, restricted arrivals from the major producing regions too supported cardamom prices uptrend.

The contract for May delivery was trading at Rs 1017.00, up by 1.53% or Rs 15.30 from its previous closing of Rs 1001.70. The open interest of the contract stood at 1263 lots.

The contract for June delivery was trading at Rs 977.60, up by 1.19% or Rs 11.50 from its previous closing of Rs 966.10. The open interest of the contract stood at 2548 lots on MCX.

Govt may annul order of state run banks acting as insurance brokers

State-run banks are likely to get a respite with the government likely to set aside its order directing them to act as insurance brokers. Reflective of government’s softening stance over this issue, the finance ministry is mulling allowing banks to choose whether to act as brokers or pursue the existing model of insurance agent of a single insurer. Presently, recommendations of working group are under discussion and once they are finalized, the insurance regulator may also contemplate amendments to the regulations.  Further, this issue already has been transferred to Financial Stability and Development Council (FSDC), and will be discussed upon during the next meeting. IRDA could relax the guidelines which state that, while acting as brokers, banks will have to cap business from their own group companies at 25% for both life and non-life business. At present, banks are allowed to sell products of one company from life, non-life and health insurance businesses. However, if banks act as brokers, they can sell products of all companies. Back in December, the ministry had urged public sector banks to become insurance brokers instead of remaining corporate agents of an insurance company, a development which was in line with the budget announcement that paved the way for banks to act as insurance brokers and offer products of more than one insurance company. However, this led to complaints that the directive could pose an issue of conflict of interest for the banks which were partners in insurance joint ventures. It is post to this that a working group, including representatives of the insurance regulator IRDA, Reserve Bank of India and Indian Banks' Association (IBA) - was then set up to examine the issue.

HCL Technologies partners with LinkedIn

HCL Technologies, a global IT services provider has partnered with LinkedIn to launch an application aimed at encouraging users to go above and beyond the scope of their existing contracts. The application, which will launch globally in English, German and French, will highlight the changing nature of business engagements as part of the first stage of a global campaign aimed at encouraging more employees and businesses to build a 'Relationship Beyond the Contract'. The web-based application, which is accessible via Linkedln's APIs and InMail feature, is aimed at encouraging users to go the extra mile by allowing them to log in and acknowledge professional relationships that they feel have gone beyond the contract. Users can access the app to add a personalized note of appreciation to their contacts which the recipient can then view, download and print. As a leader among its peers in terms of social engagement, HCL enjoys a strong presence across social media channels with over 500,000 fans on Facebook and more than 200,000 Twitter followers. Its global 'Relationship Beyond the Contract' campaign is launching with a view to underlining its belief that social tools such as LinkedIn will form the basis of the next stage of B2B engagement across the global industry. 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.

BPCL’s arm estimates increase in recoverable natural gas resources in Mozambique

Bharat Petroleum Corporation’s (BPCL) wholly owned subsidiary, Bharat Petro Resources (BPRL) has informed that Anadarko Mocambique Area 1, the operator of the offshore Area 1 block in the Rovuma Basin, Mozambique, which successful appraised drilling activities in the Orca field estimates increase in the total recoverable resources in Offshore Area 1 to a range of 50 to 70-plus trillion cubic feet of natural gas.  In addition, the consortium continued to advance the Mozambique LNG project by adding incremental non-binding LNG off-take agreements. The consortium members in the block are Anadarko Mocambique Area 1 (26.5%), BPRL Ventures Mozambique B.V. (10%), Beas Rovuma Energy Mozambique (10%), ONGC Videsh (10%), Cove Energy Mozambique Rovuma Offshore (8.5%) and Mitsui E&P Mozambique Area I (20%). The balance 15% is with Empressa Nacional de Hidrocarbonetos E.P (ENH) the national oil company of Mozambique, who are carried through the exploration phase.

Procter & Gamble reports 55% jump in Q3 net profit

Procter & Gamble Hygiene and Health Care has reported results for the third quarter ended March 31, 2014 The company has posted a rise of 55.03% in its net profit at Rs 80.76 crore for the quarter ended March 31, 2014 as compared to Rs 52.09 crore for the same quarter in the previous year. Total income of the company has increased by 19.97% at Rs 500.67 crore for quarter under review as compared to Rs 417.30 crore for the quarter ended March 31, 2013. Procter & Gamble Hygiene and Health Care is one of India's fastest growing Fast Moving Consumer Goods Companies. Globally Procter & Gamble owns brands like Duracell, Olay, Tide, Gillette, Braun, Pringles, Lacoste, Puma, Oral-B, etc.

Tata Motors rises on launching all-new utility vehicle ‘Movus’

Tata Motors is currently trading at Rs 421.50, up by 5.00 points or 1.20% from its previous closing of Rs. 416.50 on the BSE. The scrip opened at Rs 417.55 and has touched a high and low of Rs 422.05 and Rs 417.55 respectively. So far 29667 shares were traded on the counter. The BSE group 'A' stock of face value Rs 2 has touched a 52 week high of Rs 437.70 on 11-Apr-2014 and a 52 week low of Rs 263.10 on 27-Jun-2013. Last one week high and low of the scrip stood at Rs 421.65 and Rs 409.00 respectively. The current market cap of the company is Rs 115133.52 crore. The promoters holding in the company stood at 34.33% while Institutions and Non-Institutions held 36.89% and 7.53% respectively. Tata Motors, the country’s largest auto major, has launched the all-new utility vehicle ‘Movus’ in the country, with price starting at Rs 6.99 lakh (ex-showroom, Delhi). Powered by 2.2 Litre Varicor engine, the vehicle is engineered to deliver optimal performance in both city and highway conditions. As an entry-level UV, the vehicle comes at a price point which will provide customers with best-in-class ride quality, making it a perfect partner for every journey. The vehicle would be available across dealerships in metros and select cities. Tata Motors is India's largest automobile company, is the leader in commercial vehicles in each segment, and among the top in passenger vehicles with winning products in the compact, midsize car and utility vehicle segments. It is also the world's fourth largest truck and bus manufacturer.

Jet Airways to start direct daily services from Kozhikode to Dammam

Jet Airways, India’s premier international airline, has announced the addition of a daily direct flight from Kozhikode to Dammam in the Kingdom of Saudi Arabia. This new Boeing 737 flight effective June 10, 2014, will further strengthen the airlines growing international network and significantly enhance flight connectivity in the Gulf, especially into Saudi Arabia. Jet Airways flight 9W 578 will depart Kozhikode at 22:00 hrs and arrive into Dammam at 00:00 hrs (local time). The return flight 9W 577 will depart Dammam at 10:20 (LT) and arrive at Kozhikode at 17:15 hrs. Kozhikode will be the third destination in Kerala after Kochi and Thiruvanathapuram to have a daily direct service to Dammam and in all Jet Airways will now operate eight flights daily from India to the Kingdom of Saudi Arabia, making it the largest Indian operator in the region. The introduction of this new service to Dammam from Kozhikode, further reinforces Jet Airways’ commitment to the Indian expatriates working in the Gulf in terms of affording them seamless point-to-point connectivity to and from the Gulf. Currently Jet Airways operates daily flights to Abu Dhabi, Dammam, Doha, Muscat and Sharjah from Kochi while Kuwait is connected via Abu Dhabi. Jet Airways also operates a daily flight to Dammam and Muscat from Thiruvananthapuram. With these new enhanced flights, Jet Airways will achieve the landmark milestone of becoming India’s first private airline to operate over 50 daily flights to multiple destinations in the Gulf. Jet Airways currently operates a fleet of 112 aircraft, which include 10 Boeing 777-300 ER aircraft, 8 Airbus A330-200 aircraft, 4 Airbus A330-300 aircraft, 72 next generations Boeing 737-700/800/900/900 ER aircraft and 15 ATR 72-500 and 3 ATR72-600.

Mindtree, SAP unveil first Managed Mobility Offering in Australia

Mindtree, a global information technology services company, and SAP, market leader in enterprise application software, announced their first Managed Mobility Offering for the Australia market. The company will deliver SAP mobile solutions in the cloud and with a pay- by-usage model. Managed mobility services from Mindtree and SAP enable organizations to rapidly mobilize their business with little complexity, minimal set-up time, and zero infrastructure costs. Mindtree will offer an end-to-end suite of services including consulting, installation, hosting, and maintenance for the SAP Work Manager application in the cloud. In addition, the companies offer a suite of pre-built ready-to-deploy apps that clients can utilize for business scenarios ranging from enabling payments to managing loyalty points. SAP Customer Loyalty, for example, is a customizable mobile application designed to enable consumer-facing brands to build stronger relationships with their customers, as well as boost customer loyalty, transaction volumes, and conversion rates.

ICICI Bank trades in pink of its health in early deals

ICICI Bank is currently trading at Rs. 1277.00, up by 4.50 points or 0.35% from its previous closing of Rs. 1272.50 on the BSE.

The scrip opened at Rs. 1272.00 and has touched a high and low of Rs. 1277.00 and Rs. 1266.15 respectively. So far 17385 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1317.85 on 25-Apr-2014 and a 52 week low of Rs. 758.80 on 28-Aug-2013.

Last one week high and low of the scrip stood at Rs. 1279.00 and Rs. 1238.85 respectively. The current market cap of the company is Rs. 146984.93 crore.

The Institutions holding in the company stood at 63.07 % while Non-Institutions held 7.77% of the stake.

ICICI Bank, India's largest private sector bank, has inaugurated a new branch at Main Road near SNPM High School in Madhepura, Bihar. This branch will remain open for customers from 9:00 am to 6:00 pm from Monday to Friday and 9.00 am to 2.00 pm on Saturday. The branch will offer the entire gamut of ICICI Bank products including a comprehensive range of deposits, auto loan, home loan, personal loan, gold loan, PPF account, FCRA account and NRI services.

ICICI Bank has 3753 branches and extension counters and 11,336 ATMs spread across the country. The Bank services its large customer base through a multi-channel delivery network of branches, ATMs, call center and internet banking.

Physical Rubber prices declined on Wednesday

Physical Rubber prices declined on Wednesday due to sharp declines in the global trendsetters. Further, lack of buyers in the local trading houses too put pressure on rubber prices.

Spot prices for RSS-4 variety declined to Rs 138 compared to its previous closing of Rs 139; while the RSS-5 variety closed at Rs 135 compared to its previous closing of Rs 136.

In the futures market, contract of May delivery improved to Rs 138.50 compared to its previous close of Rs 137.20, while June delivery closed at Rs 139 compared to its previous closing of Rs 139.50 on the National Multi Commodity Exchange (NMCE).

Copper futures decline on China concerns

Copper futures declined on Wednesday due to ongoing concerns over the health of China’s economy following a string of disappointing economic data from the region. The commodity weakened further due to subdued trading volumes as the market participants awaited the next batch of Chinese economic indicators. Besides, weaker Chinese Yuan which fell against the dollar also added pressure on copper prices.

Copper futures for July delivery closed down 0.8% to settle at $3.0325 a pound on the Comex metals division of New York Mercantile Exchange. While, copper on the London Metal Exchange closed down 0.97% at $6,654.50 a metric ton.

ICICI Bank opens new branch in Madhepura, Bihar

ICICI Bank, India's largest private sector bank, has inaugurated a new branch at Main Road near SNPM High School in Madhepura, Bihar. This branch will remain open for customers from 9:00 am to 6:00 pm from Monday to Friday and 9.00 am to 2.00 pm on Saturday. The branch will offer the entire gamut of ICICI Bank products including a comprehensive range of deposits, auto loan, home loan, personal loan, gold loan, PPF account, FCRA account and NRI services.

ICICI Bank has 3753 branches and extension counters and 11,336 ATMs spread across the country. The Bank services its large customer base through a multi-channel delivery network of branches, ATMs, call center and internet banking.

Lupin gains on reporting 36% rise in Q4 consolidated net profit

Lupin is currently trading at Rs 992.00, up by 1.80 points or 0.18% from its previous closing of Rs 990.20 on the BSE. The scrip opened at Rs 992.30 and has touched a high and low of Rs 999.25 and Rs 990.05 respectively. So far 7814 shares were traded on the counter. The BSE group 'A' stock of face value Rs 2 has touched a 52 week high of Rs 1022.00 on 07-May-2014 and a 52 week low of Rs 718.00 on 09-May-2013. Last one week high and low of the scrip stood at Rs 1022.00 and Rs 985.65 respectively. The current market cap of the company is Rs 44403.94 crore. The promoters holding in the company stood at 46.75% while Institutions and Non-Institutions held 43.17% and 10.08% respectively. Lupin has posted a rise of 328.58% in its net profit at Rs 571.17 crore for the quarter ended March 31, 2014 as compared to Rs 132.96 crore for the same quarter in the previous year. Total income of the company increased by 53.17% at Rs 2472.24 crore for quarter under review as compared to Rs 1613.99 crore for the quarter ended March 31, 2013. On consolidated basis, the company has reported 35.51% rise in its net profit at Rs 553 crore for the quarter ended March 31, 2014 as compared to Rs 408.08 crore for the same quarter in the previous year. Total income of the company went up by 20.58% at Rs 3125.73 crore for quarter under review as compared to Rs 2592.04 crore for the quarter ended March 31, 2013. For the year ended March 31, 2014, the company has posted a jump of 84.39% in its net profit at Rs 2324.22 crore as compared to Rs 1260.43 crore for the same period in the previous year. Total income of company has improved by 30.91% at Rs 9354.76 crore for year under review as compared to Rs 7145.82 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 39.73% in its net profit at Rs 1836.37 crore as compared to Rs 1314.16 crore for the same period in the previous year. Total income of company has increased by 17.93% at Rs 11403.05 crore for year under review as compared to Rs 9669.15 crore for the period ended March 31, 2013.

SBI enters into MoU with Tata trust

State Bank of India (SBI) has entered into a memorandum of understanding (MoU) with Sir Dorabji Tata Trust & The Allied Trusts for poverty alleviation and rural development in a sustainable way. As per MoU, Tata Trusts will provide training and capacity building, identify partner organizations such as farmer producer companies and self help groups and provide implementation and technical support to make them sustainable. The Bank would take care of the need-based credit support by providing working capital. The bank reported 34.20% fall in its net profit at Rs 2234.34 crore for third quarter ended December 31, 2013 as compared to Rs 3396.06 crore for the same quarter in the previous year. However, total income of the bank increased by 14.91% at Rs 39060.76 crore for quarter under review as compared to Rs 33992.11 crore for the quarter ended December 31, 2012.

Norwest Venture Partners divest 2.78% stake in Shriram City Union Finance

Norwest Venture Partners has offloaded 2.78% stake in Shriram City Union Finance (SCUF) for an estimated Rs 206.25 crore through an open market transaction. Norwest Venture Partners X FII-Mauritius sold 16.50 lakh shares of SCUF to Wasatch Advisors. The foreign fund house has sold the shares for an average price of Rs 1,250. As of quarter ended March 31, Norwest Venture Partners held 38.23 lakh shares of SCUF amounting to 6.45% stake in the NBFC. Shriram City Union Finance has presence in the following business segments - loan Against Gold (LAG), Small Business Finance Loans (SBF), Auto Loans, 2-Wheeler loans, Personal Loans and Consumer Durables Loans.

Gold futures decline on Janet Yellen’s comments on US economy

Gold futures declined on Wednesday as generally upbeat comments from Federal Reserve Chairwoman Janet Yellen on the US economy helped dull safe-haven demand for the metal. Further, investors focused on news of fresh talks between Russia and Ukraine to resolve the deadly conflict in eastern Ukraine after the Russian President Vladimir Putin urged Ukrainian separatists to postpone a referendum and said he was pulling troops back from their common border, also weighing on the gold price. Gold futures for June delivery settled down $19.70 at $1,288.90 an ounce on the Comex division of the New York Mercantile Exchange. While spot gold fell 1.4 percent at $1,289.39 an ounce

Tata Motors to enhance customer purchase experience at dealerships

Tata Motors, the country’s largest auto major, will enhance customer purchase experience at dealerships. The company in association with its channel partners has announced a major recruitment drive, hiring a workforce of over 3,000 staff across all Tata Motors full range dealerships nationally. The company has taken this step after the imminent launch of the much awaited compact sedan, Zest and dynamic hatchback, Bolt. The company and dealers, will shortlist and recruit candidates who will be given roles such as Customer Advisors, Team Leaders and Sales Managers, across more than 200 dealerships. Prospective candidates will be extensively evaluated through a newly introduced recruitment process wherein they would undergo aptitude and psychometric test. These tests, exclusively developed with help from experts in this field, will measure the candidate’s orientation towards sales. Tata Motors is India's largest automobile company, is the leader in commercial vehicles in each segment, and among the top in passenger vehicles with winning products in the compact, midsize car and utility vehicle segments. It is also the world's fourth largest truck and bus manufacturer.