OTC trade data of government securities as on May 09

As per the OTC data of May 09, 8.83% Govt Stock 2023, maturing on 25-Nov-2023 was in maximum demand with 71 number of trades and total volume of Rs 2830.09 crore, at last traded price of Rs 100.51 and last traded YTM of Rs 8.75. Followed it was,7.80% GOVT.STOCK 2020, maturing on 03-May-2020 with 16 trades of total volume Rs 703.92 crore, at last traded price of 95.15 and last traded YTM of Rs 8.86.

Infosys hives off products and platform business

Infosys has hived off its products and platform business into a separate subsidiary -- Edgeverve Systems. The Infosys subsidiary, incorporated in February this year, will focus on developing and selling products and platforms. The company generates revenue from software application products, including banking software. Such software products represented 3.6%, 4% and 4.6% of the company’s total revenues for fiscal 2014, 2013 and 2012, respectively. The firm had reported revenues of $8.25 billion, $7.4 billion and $ 6.99 billion for 2013-14, 2012-13 and 2011-12 fiscals. Infosys is a global leader in consulting, technology and outsourcing solutions. The company enables clients, in more than 30 countries, to stay a step ahead of emerging business trends and outperform the competition.

Shiva Cement’s dispatch increases by 15.5% in April 2014

Shiva Cement’s dispatch of cement and clinker in the month of April 2014 has registered a growth of 15.5% comparing to April 2013. Moreover, the company’s dispatch during Q4 January-March 2014 rose by 12.3% comparing to previous year Q4 January-March 2013. Shiva Cement is engaged in manufacturing of cement and allied products. Its plants are located at Kalunga and Sundargarh in Orissa. The company has a combined installed capacity of 177,000 tonnes per annum.

Oberoi Realty reports 47% fall in Q4 consolidated net profit

Oberoi Realty has reported results for fourth quarter and year ended March 31, 2014 The company has posted a fall of 26.68% in its net profit at Rs 56.65 crore for the quarter ended March 31, 2014 as compared to Rs 77.27 crore for the same quarter in the previous year. Total income of the company decreased by 18.32% to Rs 160.99 crore for quarter under review as compared to Rs 197.12 crore for the quarter ended March 31, 2013. On consolidated basis, the company has reported 46.93% fall in its net profit at Rs 77.03 crore for the quarter ended March 31, 2014 as compared to Rs 145.17 crore for the same quarter in the previous year. Total income of the company has declined by 29.90% at Rs 228.49 crore for quarter under review as compared to Rs 325.99 crore for the quarter ended March 31, 2013. For the year ended March 31, 2014, the company has posted a fall of 9.87% in its net profit at Rs 295.12 crore as compared to Rs 327.47 crore in the previous year. Total income of company dipped by 4.93% at Rs 705.86 crore for year under review as compared to Rs 742.50 crore in the previous year. For the year ended March 31, 2014, on the consolidated basis, the company has posted a fall of 38.37% in its net profit at Rs 311.06 crore as compared to Rs 504.79 crore for the same period in the previous year. Total income of company has decreased by 25.44% at Rs 855.51 crore for year under review as compared to Rs 1147.52 crore in the previous fiscal.

IFGL Refractories to expand capacity at Kandla, Ohio

IFGL Refractories is all set to expand capacity at Kandla in Gujarat and Ohio in the US, which it owns through a wholly-owned subsidiary, to two fold. The expansion will cost an around $2 million and will be funded through internal accruals. The project is scheduled to be initiated this year. At present, the company has continuous casting refractory manufacturing facilities in Kandla (Gujarat) and Rourkela (Odisha); and another in the US with a total annual capacity of approximately 450,000 pieces. IFGL Refractories is the flagship company of S K Bajoria Group. It is engaged in the manufacture of specialized refractories and requisite operating systems for the Steel Industry.

Goa Carbon surges on reporting 11,898 MT of Calcined Petroleum Coke production for April

Goa Carbon is currently trading at Rs. 67.50, up by 1.40 points or 2.12% from its previous closing of Rs. 66.10 on the BSE. The scrip opened at Rs. 67.60 and has touched a high and low of Rs. 67.70 and Rs. 66.25 respectively. So far 3310 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 87.20 on 16-May-2013 and a 52 week low of Rs. 47.00 on 07-Aug-2013. Last one week high and low of the scrip stood at Rs. 68.00 and Rs. 65.00 respectively. The current market cap of the company is Rs. 61.59 crore. The promoters holding in the company stood at 60.09% while Institutions and Non-Institutions held 0.03% and 39.88% respectively. Goa Carbon has reported production of 11,898 MT (million tonnes) of Calcined Petroleum Coke for the month of April 2014. Of the total production achieved for the month, Goa plant and Paradeep plant of the company produced 5,713 MT and 6,185 MT respectively. On the sales front, the company has sold total of 12,862 MT of Calcined Petroleum Coke product for the month of April 2014. Of the total sale achieved for the month, Bilaspur plant, Goa plant and Paradeep plant of the company sold 886 MT, 1,642 MT and 10,334 MT respectively. Goa Carbon is into the business of manufacturing and marketing Calcined Petroleum Coke. Goa Carbon is firmly established as a leading Indian petcoke calciner. It is a regular supplier to aluminium smelters, graphite electrode and Titanium Dioxide manufacturers, as well as other users in the metallurgical and chemical industries.

Castor seed futures extend losses on NCDEX

Castor seed futures extended their losses on NCDEX due to selling pressure from bear operators. However, lower production estimation of the commodity in India as well as strong stockists buying and export demand limited the losses to some extent.

The contract for May delivery was trading at Rs 4008.00, down by 0.12% or Rs 5.00 from its previous closing of Rs 4013.00. The open interest of the contract stood at 22700.00 lots.

The contract for June delivery was trading at Rs 4067.00, down by 0.10% or Rs 4.00 from its previous closing of Rs 4071.00. The open interest of the contract stood at 162730.00 lots on NCDEX.

Nickel futures gain on rising domestic demand

Nickel futures gained on MCX on speculation that supplies of the metal used to make stainless steel will be tighter. Besides, rising domestic demand, particularly from alloy- making industries also supported the nickel prices uptrend. The contract for May delivery was trading at Rs 1236.30, up by 2.22% or Rs 26.90 from its previous closing of Rs 1209.40. The open interest of the contract stood at 11988.00 lots. The contract for June delivery was trading at Rs 1242.00, up by 2.16% or Rs 26.30 from its previous closing of Rs 1215.70. The open interest of the contract stood at 1545.00 lots on MCX.

Soyabean futures trade lower on NCDEX

Soyabean futures edged lower on NCDEX on speculation that warmer weather condition will lead to rising supplies of the crops. Further, weaker exports of the commodity too supported the prices downtrend. The contract for May delivery was trading at Rs 4659.00, down by 0.26% or Rs 12.00 from its previous closing of Rs 4671.00. The open interest of the contract stood at 24900 lots. The contract for June delivery was trading at Rs 4761.00, down by 0.10% or Rs 5.00 from its previous closing of Rs 4766.00. The open interest of the contract stood at 109670 lots on NCDEX.

Potato futures trade lower on increased supplies

Potato futures traded lower on MCX as speculators offloaded positions, driven by increased supplies pressure from producing regions. Moreover, sluggish demand in the spot market against adequate stocks position in the physical market also dampened the sentiments. The contract for May delivery was trading at Rs 1319.80, down by 0.46% or Rs 6.10 from its previous closing of Rs 1325.90. The open interest of the contract stood at 424.00 lots. The contract for June delivery was trading at Rs 1351.80, down by 0.60% or Rs 8.20 from its previous closing of Rs 1360.00. The open interest of the contract stood at 1709.00 lots on MCX.

Syndicate Bank plans to launch savings bank product for minors

Karnataka based PSU bank Syndicate Bank is planning to launch exclusive savings bank product for minors after RBI issued guidelines allowing minors over 10 years to operate bank savings accounts independently and use facilities such as ATMs and cheque books. The bank is also planning to launch a special CASA campaign later this year to take up its CASA percentage. Meanwhile, the bank is also planning to raise $350 million in the next few weeks via Medium Term Note (MTN) route to fund its London operations. A medium term note is a debt security that usually matures in 5-10 years. The bank’s London branch business grew 33 per cent last fiscal to touch Rs 57,884 crore, up from Rs 43,442 crore in the previous fiscal. 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.

Nalco to increase aluminium production

National Aluminium Company (Nalco) is planning to increase aluminium production. In this regard, the company has reopened 10 aluminium-producing pots at its Angul smelter in Odisha last week. Last fiscal Nalco had reduced its capacity utilization by one third due to sluggish aluminium market and lower LME realization and coal shortage. It had shut down 329 of its total 960 pots or 4.6 lakh tonnes a year of its smelter. Now operational pot numbers have gone up to 641. A Nalco pot can produce 1.37 tonnes a day. NALCO has the largest integrated alumina-aluminium complex of Asia. Its integrated operations cover the entire aluminium production value chain from mining bauxite, refining alumina, smelting aluminium, captive power generation to a strong logistic network in terms of rail & port facilities, coal mining and handling plant to support its operations and to become one of the most cost-efficient aluminium companies across the globe.

Call rates edge lower on receding demand

Interbank call rates were trading lower at 8.60/65% versus Friday’s close of 8.70/8.75%, as demand ebbed amidst prevailing comfortable liquidity situation. However, the rates are expected to come down below the repo level as demand usually recedes approaching the second week of reporting fortnight. The banks via Liquidity Adjustment Facility (LAF) borrowed Rs 21523 crore through repo auction on May 12, 2014. It borrowed Rs 20923 crore via repo window and parked Rs 358 crore via reverse repo window on May 9, 2014. The overnight borrowing rates touched a high and low of 8.65% and 8.35% respectively. According to the Clearing Corporation of India (CCIL), the weighted average rate (WAR) in the call money market was at 8.43% on Monday and total volume stood at Rs 28798.10 crore, so far. As per CCIL data, WAR in the CBLO (Collateralized Borrowing and Lending Obligation) market was at 8.49% on Monday and total volume stood at Rs 28616.45 crore, so far. The indicative call rates which closed 8.70/8.75% on Friday 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.

RIL shines on serving arbitration notice to GoI over delayed gas price revision

Reliance Industries is currently trading at Rs. 1024.05, up by 26.70 points or 2.68% from its previous closing of Rs. 997.35 on the BSE. The scrip opened at Rs. 997.45 and has touched a high and low of Rs. 1048.00 and Rs. 995.00 respectively. So far 5,42,000 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1048.00 on 12-May-2014 and a 52 week low of Rs. 765.00 on 28-Aug-2013. Last one week high and low of the scrip stood at Rs. 1048.00 and Rs. 925.00 respectively. The current market cap of the company is Rs. 3,31,242.00 crore. The promoters holding in the company stood at 45.30% while Institutions and Non-Institutions held 29.86% and 21.41% respectively. Reliance Industries (RIL), BP and NIKO have issued a Notice of Arbitration on May 9, 2014 to the Government of India (GoI) seeking the implementation of the ‘Domestic Natural Gas Pricing Guideline 2014’ notified on January 10, 2014. The continuing delay on part of the GoI in notifying the price in accordance with the approved formula for the gas to be sold has left the parties with no other option but to pursue this course of action. Without this clarity, the parties are unable to sanction planned investments of close to $4 billion this year. In addition, this will also delay the ability of the parties to appraise and develop other significant discoveries made last year. Overall, the parties were planning to invest $8-10 billion in the next few years to significantly increase production from the KGD6 block. This domestic production is essential for meeting India’s energy needs and will also help conserve foreign exchange which is required for imports of natural gas into India at the present time. All of this requires clarity on pricing.

Jubilant FoodWorks trades higher on the BSE

Jubilant FoodWorks is currently trading at Rs. 1007.40, up by 21.85 points or 2.22% from its previous closing of Rs. 985.55 on the BSE. The scrip opened at Rs. 985.55 and has touched a high and low of Rs. 1030.00 and Rs. 980.65 respectively. So far 90724 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1389.95 on 05-Nov-2013 and a 52 week low of Rs. 928.00 on 18-Jun-2013. Last one week high and low of the scrip stood at Rs. 1030.00 and Rs. 955.30 respectively. The current market cap of the company is Rs. 6573.35 crore. The promoters holding in the company stood at 49.58% while Institutions and Non-Institutions held 46.69% and 3.73% respectively. Jubilant FoodWorks' Dunkin' Donuts (DD), world's leading baked goods and coffee chain will be opening its first restaurants in Mumbai. It will open two restaurants on the same day, one at Linking Road, Khar and the other at Phoenix Market City, Kurla. Both the restaurants will open for consumers on May 10, 2014. After a very successful start in North India, these would be Dunkin’ Donuts first two restaurants in West India and takes its total restaurants count in India to 27. Jubilant FoodWorks is a part of Jubilant Bhartia group and India’s largest food service company, with a network of 700 Domino’s Pizza restaurants as of March 19, 2014 across 142 cities. The company also has exclusive rights for developing and operating Dunkin’ Donuts restaurants for India.

Jet Airways introduces all inclusive JetEscapes holidays to France

Jet Airways, India’s premier international airline, has introduced all inclusive JetEscapes holiday packages for guests seeking a vacation in France. These all inclusive offers start at Rs 80,660 per person and are designed to provide guests with an enchanting travel experience. The holidays will include return Jet Airways Economy airfare (inclusive of all taxes), Airport transfers, 3 star Hotel accommodation with breakfast, sightseeing, travel insurance and the chance to earn 5 JPMiles for every Rs 100 spent on JetEscapes. 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.

United Spirits to sell entire stake in Whyte & Mackay

United Spirits (USL) is all set to sell entire stake in Whyte & Mackay Group, a manufacturer of whisky, to the Philippines-based brandy manufacturer Emperador Inc for around Rs 4,345 crore. The board of USL has already given nod to sell the entire issued share capital of Whyte & Mackay Group to Emperador UK, a subsidiary of Emperador, a unit of Alliance Global, the world’s largest maker of brandy. United Spirits is the largest spirits company in India and a flagship entity of $2 billion UB group. It manufactures wide range of whisky, vodka, rum and other spirits.

NTPC trades higher on the bourses

NTPC is currently trading at Rs. 120.25, up by 1.90 points or 1.61% from its previous closing of Rs. 118.35 on the BSE. The scrip opened at Rs. 119.00 and has touched a high and low of Rs. 120.55 and Rs. 118.50 respectively. So far 262879 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. 120.55 and Rs. 113.60 respectively. The current market cap of the company is Rs. 98904.35 crore. The promoters holding in the company stood at 75.00%, while Institutions and Non-Institutions held 22.27% and 2.73% respectively. NTPC, the largest power utility in the country, has been ranked 424 among the world’s 2000 largest and most powerful public companies. The Forbes ‘Global 2000’ is a comprehensive list of the world’s largest and most powerful public companies, as measured by revenues, profits, assets and market value. With an installed capacity of 43,039 MW through 16 coal based, 7 gas based, 7 solar renewable and 7 Joint Venture power stations, NTPC contributes approximately 28% of electricity in the country, with about 19% of India’s installed capacity. 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.

Crude Palm Oil futures edge lower on MCX

Crude Palm oil futures was trading lower on MCX, tracking weakness in spot demand and overseas prices as recent rains in the top producing countries have eased the threat of a supply shortfall. Further, decline in comparative vegetable oil prices too added pressure on crude palm oil prices.

The contract for May delivery was trading at Rs 548.20, down by 0.24% or Rs 1.30 from its previous closing of Rs 549.50. The open interest of the contract stood at 2491 lots.

The contract for June delivery was trading at Rs 544.40, down by 0.20% or Rs 1.10 from its previous closing of Rs 545.50. The open interest of the contract stood at 2205 lots on MCX.

Sugar future trade lower on profit booking

Sugar future traded down on NCDEX on profit-booking by speculators and subdued spot demand. Apart from rising stocks following increased arrivals from millers, slackened demand from bulk consumers, too weighed on sweetner prices. The contract for May delivery was trading at Rs 3118.00, down by 0.29% or Rs 9.00 from its previous closing of Rs 3127.00. The open interest of the contract stood at 36270.00 lots. The contract for June delivery was trading at Rs 3053.00, down by 0.07% or Rs 2.00 from its previous closing of Rs 3055.00. The open interest of the contract stood at 53310.00 lots on NCDEX.

Kwality strengthens on increasing its product prices

Kwality is currently trading at Rs. 32.20, up by 0.20 points or 0.63% from its previous closing of Rs. 32.00 on the BSE. The scrip opened at Rs. 32.50 and has touched a high and low of Rs. 32.75 and Rs. 32.00 respectively. So far 6177 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 40.25 on 12-Feb-2014 and a 52 week low of Rs. 18.00 on 08-Oct-2013. Last one week high and low of the scrip stood at Rs. 33.10 and Rs. 27.60 respectively. The current market cap of the company is Rs. 655.28 crore. The promoters holding in the company stood at 74.88 % while Institutions and Non-Institutions held 0.42 % and 24.70 % respectively. Kwality will increase its milk prices by Rs 2 per litre across all variants in the Delhi-NCR region with effect from Wednesday. The company will take this step as cost of procurement of milk has gone up in last few months. After the proposed increase, the Kwality full cream milk will cost Rs 48 per litre, toned milk will be priced at Rs 38 a litre and double toned would be available for Rs 34 a litre. Kwality, the country’s premier dairy foods company, focuses on building leadership positions in branded and added value markets across the dairy sector. It specializes in the storage of milk and related products. It sells about 3.5 lakh litres of milk per day.

Jeera futures rise on NCDEX

Jeera futures traded up on NCDEX due to a fall in arrivals in spot markets and a rise in export demand. Moreover, fresh positions created by speculators, triggered by rising demand in the spot markets impacted the market sentiments. The contract for May delivery was trading at Rs 10920.00, up by 1.49% or Rs 160.00 from its previous closing of Rs 10760.00. The open interest of the contract stood at 1965.00 lots. The contract for June delivery was trading at Rs 11085.00, up by 1.70% or Rs 185.00 from its previous closing of Rs 10900.00. The open interest of the contract stood at 8877.00 lots on NCDEX.

Coastal Corporation eyeing to incorporate wholly owned subsidiary company

Coastal Corporation is eyeing to incorporate a wholly owned subsidiary company. The board of directors at its meeting held on May 10, 2014 has discussed and conceived plan for the same.  The above is subject to finalization of the viability in all aspects and compliances and according will be decided in the next board meeting. Coastal Corporation is regularly selling medicines, hospital furniture, hospital equipment, petro testing equipment, disposables, surgicals, laboratory wares and diagnostic kits.

Mentha Oil futures trade higher on rising demand

Mentha Oil futures traded up on MCX as speculators created fresh positions driven by rising demand from consuming industries in the spot markets against tight supplies from the major producing belts. Further, weak sowing progress along with strong export demand too supported mentha oil prices uptrend.

The contract for May delivery was trading at Rs 888.90, up by 1.24% or Rs 10.90 from its previous closing of Rs 878.00. The open interest of the contract stood at 3637 lots.

The contract for June delivery was trading at Rs 897.50, up by 1.13% or Rs 10.00 from its previous closing of Rs 887.50. The open interest of the contract stood at 1136 lots on MCX.

Coriander futures trade higher on strong demand

Coriander futures traded up on NCDEX as speculators enlarged positions, triggered by a firm trend at spot market on strong demand. Moreover, restricted arrivals from producing regions, mainly led to rise in coriander prices at futures trade. The contract for May delivery was trading at Rs 9411.00, up by 0.67% or Rs 63.00 from its previous closing of Rs 9348.00. The open interest of the contract stood at 15010.00 lots. The contract for June delivery was trading at Rs 9699.00, up by 0.65% or Rs 63.00 from its previous closing of Rs 9636.00. The open interest of the contract stood at 45760.00 lots on NCDEX.

Cardamom futures exhibit mixed trend on MCX

Cardamom futures showed a mixed trend on MCX. The May contracts traded higher on weather concerns in the cardamom belts and on some export enquiries, while June contracts traded lower on subdued demand and ample stocks availability in the physical market. The contract for May delivery was trading at Rs 1080.00/Kg, up by 1.87% or Rs 19.80 from its previous closing of Rs 1060.20/Kg. The open interest of the contract stood at 1054 lots. The contract for June delivery was trading at Rs 1001.90/Kg, down by 0.28% or Rs 2.80 from its previous closing of Rs 1004.70/Kg. The open interest of the contract stood at 2540 lots on MCX.

ONGC trades in fine fettle on BSE

Oil & Natural Gas Corporation (ONGC) is currently trading at Rs. 354.05, up by 6.30 points or 1.81% from its previous closing of Rs. 347.75 on the BSE. The scrip opened at Rs. 347.00 and has touched a high and low of Rs. 361.00 and Rs. 347.00 respectively. So far 174101 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 353.00 on 28-Jun-2013 and a 52 week low of Rs. 234.40 on 28-Aug-2013. Last one week high and low of the scrip stood at Rs. 350.00 and Rs. 327.80 respectively. The current market cap of the company is Rs. 302693.24 crore. The promoters holding in the company stood at 68.94 % while Institutions and Non-Institutions held 17.52 % and 13.54 % respectively. Oil and Natural Gas Corporation (ONGC) is one of ‘FORTUNE - World’s Most Admired Companies 2014’. ONGC is the only Indian energy major in Fortune’s Most Admired List 2014 under ‘Mining, Crude Oil Production’ category. The company is ranked 7 worldwide - up 3 places from its previous listing (10). Fortune- A global business magazine has recently released the list that features only two Indian companies. Besides ONGC, Tata Steel is the other Indian company to feature in the list. The ‘Most Admired’ list is the definitive report card on corporate reputations. The survey has been conducted by Hay Group to uncover the business practices that make these companies both highly regarded and successful.

PE investment increases 2.5 times in realty in first quarter of 2014

Amid the gloom in the realty sector, Private Equity (PE) investors are still pinning their hopes on the sector and in the first quarter of 2014, have invested Rs 2,800 crore which is 2.5 times higher than the amount invested in the same period last year, according to a report by real estate advisory firm Cushman & Wakefield. Notably, the total private equity funding is the highest quarterly investment since the second quarter of 2009. Out of the total, Bangalore received the maximum of nearly 70% of which important deals were of Rs 1,150-crore by Blackstone, Standard Chartered and Embassy India in Bangalore’s Vrindavan Tech Village, and Rs 250-crore by Peninsula Brookfield in Mantri Developers. In its earlier report Cushman & Wakefield had recorded that, there has been a 43% increase in Q1 2014 new residential unit launches from the previous quarter. The total estimated unit launches were recorded at 55,500 units across major eight cities of India with Bengaluru recording the largest number of units launched, an increase of 22% from previous quarter.

Trade deficit falls to $10.1 billion in April

Easing pressure on the country’s external sector as well as the rupee, India’s trade deficit contracted to $10.01 billion in April as compared to $10.51 billion in the previous month and $17.67 billion reported in the corresponding month of the previous year. The contraction in trade deficit was credited to high exports which increased by 5.26% to $25.63 billion in the reported month from $24.35 in April 2013 mainly on the back of healthy growth in engineering, marine and leather goods shipments. Engineering, marine and leather goods exports during April recorded growth of 21.25 %, 42.18 % and 30.42 % respectively. Furthermore, Indian imports too witnessed strong contraction at 15% to $35.72 billion in April from $42.02 billion in the same month of previous year. Contraction in domestic import was primarily driven by weak domestic demand and restrictions on gold imports that steepened the fall in non-oil imports to 21.5% y-o-y to $22.74 billion in the reported month. Gold imports last month declined by 74.13 % to $1.75 billion from $6.78 billion in April 2013 due to the stern Government’s norms like high customs duty of 10% and existing 80/20 rule under which 20% of all gold imports by importers has to be re-exported. Oil imports for the month of April also declined by 0.6 % to $12.98 billion as compared to $13.05 billion in the corresponding month last year. Trade deficit, being an important component of current account deficit (CAD), raised hopes that the improvement in CAD in the last financial year will continue in the new fiscal year. In the FY14, the CAD is likely to improve to around 2% of GDP level as against the record high at 4.8% of GDP in FY13 on the back of improved trade deficit figure.

SpiceJet flies high on offering 25% discount for friends and family travel

Spicejet is currently trading at Rs. 14.85, up by 0.50 points or 3.48% from its previous closing of Rs. 14.35 on the BSE. The scrip opened at Rs. 14.45 and has touched a high and low of Rs. 15.05 and Rs. 14.45 respectively. So far 1131386 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 40.90 on 20-May-2013 and a 52 week low of Rs. 12.50 on 04-Mar-2014. Last one week high and low of the scrip stood at Rs. 15.60 and Rs. 14.20 respectively. The current market cap of the company is Rs. 797.57 crore. The promoters holding in the company stood at 53.48% while Institutions and Non-Institutions held 1.60% and 44.92% respectively. SpiceJet has launched ‘Friends and Family’ offer under which the company is offering up to 25% discount on tickets for four or more passengers travelling together on domestic flights. However, a limited number of seats are available under the offer on each flight. This offer will give the customers even more reasons to recommend it to their family and friends to fly with the no-frill carrier. SpiceJet is India’s most preferred airline delivers the lowest air fares with the highest consumer value. The airline currently operates more than 350 daily flights to over 44 Indian cities and 9 international destinations.

Rupee rallies to its strongest level since July 2013

Indian rupee, after ending little changed in the previous session, got up to strong start on Monday and was currently trading near ten months high on widespread hopes that exit polls later today would show the opposition Bharatiya Janata Party (BJP) winning a majority in the country's elections, which was also reflected in sanguine local equities. Meanwhile, euro’s strength too was aiding the sentiment for Indian currency. However, some amount of dollar's demand later in the session could restrict the further positive momentum of Indian currency. On the global front, euro started the week on a steadier footing after two consecutive sessions of steep losses, but could face pressure amid the persistent threat of policy action from the European Central Bank (ECB).

The partially convertible currency is currently trading at 59.73, stronger by 31 paise from its previous close of 60.04 on Friday. The currency touched a high and low of 60.03 and 59.53 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 60.05 and for Euro stood at 83.07 on May 09, 2014. While, the RBI’s reference rate for the Yen stood at 59.06, the reference rate for the Great Britain Pound (GBP) stood at 101.6534. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

ONGC features in ‘FORTUNE World’s Most Admired Company’

Oil and Natural Gas Corporation (ONGC) is one of ‘FORTUNE - World’s Most Admired Companies 2014’. ONGC is the only Indian energy major in Fortune’s Most Admired List 2014 under ‘Mining, Crude Oil Production’ category. The company is ranked 7 worldwide - up 3 places from its previous listing (10). Fortune- A global business magazine has recently released the list that features only two Indian companies. Besides ONGC, Tata Steel is the other Indian company to feature in the list. The ‘Most Admired’ list is the definitive report card on corporate reputations. The survey has been conducted by Hay Group to uncover the business practices that make these companies both highly regarded and successful.

SpiceJet offers 25% discount for friends and family travel

SpiceJet has launched ‘Friends and Family’ offer under which the company is offering up to 25% discount on tickets for four or more passengers travelling together on domestic flights. However, a limited number of seats are available under the offer on each flight. This offer will give the customers even more reasons to recommend it to their family and friends to fly with the no-frill carrier. SpiceJet is India’s most preferred airline delivers the lowest air fares with the highest consumer value. The airline currently operates more than 350 daily flights to over 44 Indian cities and 9 international destinations.

Dena Bank strengthens on reporting 49% rise in Q4 net profit

Dena Bank is currently trading at Rs. 63.80, up by 0.85 points or 1.35% from its previous closing of Rs. 62.95 on the BSE. The scrip opened at Rs. 63.50 and has touched a high and low of Rs. 65.00 and Rs. 63.50 respectively. So far 424023 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 98.25 on 20-May-2013 and a 52 week low of Rs. 41.85 on 28-Aug-2013. Last one week high and low of the scrip stood at Rs. 65.00 and Rs. 61.10 respectively. The current market cap of the company is Rs. 3425.89 crore. The promoters holding in the company stood at 58.01%, while Institutions and Non-Institutions held 24.10% and 17.90% respectively. Dena Bank has posted a rise of 49.02% in its net profit at Rs 187.28 crore for the quarter ended March 31, 2014 as compared to Rs 125.67 crore for the same quarter in the previous year. Total income of the bank has increased by 12.87% at Rs 2866.78 crore for quarter under review as compared to Rs 2539.74 crore for the quarter ended March 31, 2013. For the year ended March 31, 2014, the bank has posted fall of 31.92% in its net profit after tax at Rs 551.66 crore as compared to Rs 810.38 crore for the same period in the previous year. However, total income of bank has increased by 14.02% at Rs 10895.20 crore for year under review as compared to Rs 9554.85 crore for the period ended March 31, 2013.

Benchmarks extend last session’s jubilation ahead of exit poll results

Extending last session’s jubilation, Indian equity benchmarks are trading with a gain of over a percentage point in early deals on Monday with frontline gauges surpassing their crucial 23,200 (Sensex) and 6,900 (Nifty) levels ahead of exit poll results. Sentiments remained sanguine at the prospect of a Narendra Modi-led, stable government after May 16. The final day of voting is set for Monday and the exit polls that are expected to trickle in post 6 pm today. The campaigning for the Lok Sabha elections 2014 has come to an end and 41 constituencies, including Varanasi, would go to the polls. Moreover, the April CPI and March IIP data, scheduled to be released next week, would also influence sentiment going ahead. On the global front, Asian shares were trading mixed at this point of time as investors turned cautious due to re-emergence of tensions in Ukraine and Russia. While, the US markets ended higher in last session as the technology shares rebounded and also as the US wholesale inventories rose more than expected in March. Back home, on the sectoral front, oil and gas, banking and capital goods witnessed the maximum gain in trade, while software, technology and healthcare remained the top losers on the BSE sectoral space. The broader indices too were trading with traction at this point of time, while the market breadth on the BSE was positive; there were 1,086 shares on the gaining side against 638 shares on the losing side while 91 shares remain unchanged. The BSE Sensex opened at 23031.11; about 37 points higher compared to its previous closing of 22994.23. The BSE Sensex is currently trading at 23267.52, up by 273.29 points or 1.19% after trading in a range of 23410.36 and 23008.65. There were 25 stocks advancing against 5 declines on the index. The broader indices were trading in green; the BSE Mid cap index was up by 0.66% and Small cap index gained 0.58%. The top gaining sectoral indices on the BSE were, Oil and Gas up by 2.67%, Bankex up by 1.74%, Capital Goods up by 1.54%, Auto up by 1.13% and Power up by 1.10%, while Software down by 0.24%, Healthcare down by 0.03% and Technology down by 0.23% were the losers. The top gainers on the Sensex were RIL up by 3.55%, SBI up by 2.61%, Axis Bank up by 1.28%, ONGC up by 2.23% and Coal India up by 2.07%. On the flip side, TCS was down by 1.52%, Sun Pharma was down by 1.13%, Hindalco was down by 1.11%, Wipro was down by 1.06% and Cipla down by 0.62% were the top losers on the Sensex. Meanwhile, industry body Assocham in its latest report has stated that about 5 percent deficit rains due to possible El Nino factor could impact Indian economic growth by 1.75 percent (Rs 1,80,000 crore) in the current fiscal year. The report highlighted that as about 60 per cent of net sown area of the country is rain-fed, the deficiency in rains could have a significant bearing on India’s agriculture sector and will raise food inflation in the country. Besides, below normal rains can also affect lakhs of unskilled jobs in India. Agriculture sector represent around 15 percent share in the country GDP and provides employment to large number of people in the country. Assocham report highlighted that India must have good agricultural performance, as a rise in farm sector is estimated to lift demand for industrial goods and services. It mentioned that about 30 per cent of the manufacturing sector is agriculture-based and a bumper crop ensures the supply of raw material for industry at relatively lower prices. India is expected to witness below normal monsoon this year with met department forecasting 95 per cent rainfall because of the El-Nino effect. Meanwhile, the industry body has submitted a report to government which suggests a 12-point strategy in order to contain drought-like situation in country. Industry chamber stated that government must expand the farm insurance cover, advise financial institutions to settle crop insurance claims and distribute high quality seeds of alternate crops in drought-hit areas without delay. Further, Assocham suggested the government to bring down the cereal inflation by liquidating the extra stock and keep minimum support price (MSP) attractive for alternative crops to be cultivated in drought-hit areas. Moreover, Assocham also recommended measures like scrapping of the APMC Act, fuel subsidy to farmers to protect standing crops and free flow of agriculture goods across states to bridge demand- supply gap among others. The CNX Nifty opened at 6,863.40; about 5 points higher as compared to its previous closing of 6,858.80.  The CNX Nifty is currently trading at 6,933.90 up by 75.10 points or 1.09% after trading in a range of 6,975.70 and 6,862.90. There were 42 stocks advancing against 8 declines on the index. The top gainers of the Nifty were RIL up by 3.44%, Indusind Bank up by 2.78%, SBI up by 2.64%, Ambuja Cement up by 2.56% and Axis Bank up by 2.48%. On the flip side, TCS down by 1.52%, Wipro down by 1.50%, Sun Pharma down by 1.29%, Hindalco down by 1.28% and MCDOWELL-N down by 0.52% were the top losers on the index. Asian equity indices were trading on mixed; Shanghai Composite increased by 38.29 points or 1.90% to 2,049.43, Hang Seng surged by 375.12 points or 1.72% to 22,238.11, Jakarta Composite added 18.02 points or 0.37% to 4,916.15 and Seoul Composite was up by 7.99 points or 0.41% to 1,964.54. On the flip side, KLSE Composite declined 0.15 points or 0.01% to 1,866.57, Nikkei 225 tumbled by 18.33 points or 0.13% to 14,181.26, Straits Times slipped by 18.62 points or 0.57% to 3,233.51 and Taiwan Weighted was down by 52.41 points or 0.59% to 8,837.28.

PE investment increases 2.5 times in realty in first quarter of 2014

Amid the gloom in the realty sector, Private Equity (PE) investors are still pinning their hopes on the sector and in the first quarter of 2014, have invested Rs 2,800 crore which is 2.5 times higher than the amount invested in the same period last year, according to a report by real estate advisory firm Cushman & Wakefield. Notably, the total private equity funding is the highest quarterly investment since the second quarter of 2009. Out of the total, Bangalore received the maximum of nearly 70% of which important deals were of Rs 1,150-crore by Blackstone, Standard Chartered and Embassy India in Bangalore’s Vrindavan Tech Village, and Rs 250-crore by Peninsula Brookfield in Mantri Developers. In its earlier report Cushman & Wakefield had recorded that, there has been a 43% increase in Q1 2014 new residential unit launches from the previous quarter. The total estimated unit launches were recorded at 55,500 units across major eight cities of India with Bengaluru recording the largest number of units launched, an increase of 22% from previous quarter.

Copper futures climb on Monday

Copper futures rose on Monday due to shortfall of metal availability in the world’s top consumer China. Further, trade data from China last week too supported the copper prices uptrend. Copper futures for July delivery rose 1.01% to $3.114 a pound on the Comex metals division of New York Mercantile Exchange. While, copper on the London Metal Exchange climbed up 0.7% to $6794 a metric ton.

Ansal Properties surges on plan to develop a 75-acre IT SEZ in Greater Noida

Ansal Properties & Infrastructure is currently trading at Rs. 22.90, up by 0.55 points or 2.46% from its previous closing of Rs. 22.35 on the BSE. The scrip opened at Rs. 23.20 and has touched a high and low of Rs. 23.90 and Rs. 22.70 respectively. So far 10195 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 5 has touched a 52 week high of Rs. 27.00 on 21-May-2013 and a 52 week low of Rs. 12.20 on 06-Aug-2013. Last one week high and low of the scrip stood at Rs. 23.90 and Rs. 21.05 respectively. The current market cap of the company is Rs. 360.46 crore. The promoters holding in the company stood at 48.59% while Institutions and Non-Institutions held 18.27% and 33.14% respectively. Ansal Properties and Infrastructure is planning to develop a 75-acre IT special economic zone (SEZ) in Greater Noida. In this regard, the company will invest around Rs 130 crore over the next three years on construction. The company also plans to invest another Rs 130 crore over next three years along with its co-developer on further development of 8 lakh sq ft, taking the total built-up area to 10 lakh sq ft by 2016-17. Ansal Properties & Infrastructure’s business activities include property development for commercial, housing, retail, hospitality, IT SEZ, IT parks and industrial parks.

Jammu & Kashmir Bank opens three business units in Udhampur

Expanding its network to under-banked and unbanked areas in the state, Jammu & Kashmir Bank (JKB) has opened three business units at Kud, Mand and Dalsar in Udhampur district. With this, the network of business units of the bank has reached to 789 excluding extension counters, Regional Collection Centres and mobile branches. In district Udhampur, the number of business units is now 25. Jammu & Kashmir Bank is the only state government owned bank in the country with the Government of J&K (GoJK) holding around 53% shareholding in the bank. JKB holds a monopolistic position in the state of J&K constituting majority of the credit and deposits in the state.

SRF gains on receiving approval to set up Multipurpose Plant-2 at Dahej

SRF is currently trading at Rs. 392.00, up by 1.80 points or 0.46% from its previous closing of Rs. 390.20 on the BSE. The scrip opened at Rs. 382.50 and has touched a high and low of Rs. 393.95 and Rs. 368.00 respectively. So far 25,000 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 422.90 on 15-Apr-2014 and a 52 week low of Rs. 125.55 on 05-Aug-2013. Last one week high and low of the scrip stood at Rs. 399.45 and Rs. 368.00 respectively. The current market cap of the company is Rs. 2,250.00 crore. The promoters holding in the company stood at 52.38% while Institutions and Non-Institutions held 21.36% and 26.26% respectively. SRF has received an approval for setting up Multipurpose Plant-2 for creating additional manufacturing capacity for specialty chemicals at the company’s Chemical Complex in Dahej, Gujarat at an aggregated cost of Rs 140 crore. The board of directors at its meeting held on May 09, 2014 has approved for the same. SRF is a leader in refrigerants, engineering plastics and industrial yarns in India. The company also manufactures polyester films and fluoro specialties. Besides India, SRF has a presence in Dubai, South Africa and Thailand.

Asian markets exhibit mixed trade in early deals on Monday

Asian equity benchmarks are exhibiting mixed trend in early deals on Monday with investors mostly treading cautiously amid lingering concerns about the situation in Ukraine. A lack of positive triggers from the region is also contributing to the somewhat sluggish movements in most of the markets. The Asian stocks swung between gains and losses as utilities led the advance and consumer discretionary shares declined. The Japanese market dropped with a slightly stronger yen and concerns about the ongoing unrest in Ukraine hurting sentiment. The country saw a current account surplus of 116.4 billion yen in March that was shy of forecasts for a surplus of 347.7 billion yen following the 612.7 billion yen surplus in February. Among other markets in the Asia-Pacific region, Singapore and Taiwan are notably lower. Malaysia is down marginally. South Korea and Indonesia are up with modest gains. Shanghai is up sharply, while Hong Kong is trading marginally higher. Shanghai Composite increased by 38.29 points or 1.90% to 2,049.43, Hang Seng surged by 375.12 points or 1.72% to 22,238.11, Jakarta Composite added 18.02 points or 0.37% to 4,916.15 and Seoul Composite was up by 7.99 points or 0.41% to 1,964.54. On the flip side, KLSE Composite declined 0.15 points or 0.01% to 1,866.57, Nikkei 225 tumbled by 18.33 points or 0.13% to 14,181.26, Straits Times slipped by 18.62 points or 0.57% to 3,233.51 and Taiwan Weighted was down by 52.41 points or 0.59% to 8,837.28.

Central Bank of India reports 4% drop in Q4 net profit

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

The bank has posted a fall of 3.96% in its net profit at Rs 162.44 crore for the quarter ended March 31, 2014 as compared to Rs 169.15 crore for the same quarter in the previous year.  However, total income of the bank has increased by 8.71% at Rs 6961.67 crore for quarter under review as compared to Rs 6403.57 crore for the quarter ended March 31, 2013.

For the full year ended March 31, 2013, the company has posted net loss of Rs 1262.84 crore as compared to the net profit of Rs 1014.96 crore for the same period in the previous year. However, total income increased by 11.99% at Rs 26350.13 crore for year under review as compared to Rs 23527.98 crore for the year ended March 31, 2013.

Gold futures decline as Euro weaken

Gold futures declined on Monday as the euro weakened against the dollar on fears of policy action from the European Central Bank, shrugging off safe-haven demand from escalating violence in Ukraine. Further, the speculation that the Federal Reserve will press on with reducing monetary stimulus also weighed on the precious metal price.

Gold futures for June delivery edged down $4.6 at $1283 an ounce on the Comex division of the New York Mercantile Exchange. While spot gold fell 0.5 percent to $1,282.50 an ounce.

NTPC features among world’s largest and most powerful public companies

NTPC, the largest power utility in the country, has been ranked 424 among the world’s 2000 largest and most powerful public companies. The Forbes ‘Global 2000’ is a comprehensive list of the world’s largest and most powerful public companies, as measured by revenues, profits, assets and market value. With an installed capacity of 43,039 MW through 16 coal based, 7 gas based, 7 solar renewable and 7 Joint Venture power stations, NTPC contributes approximately 28% of electricity in the country, with about 19% of India’s installed capacity. 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.

Dena Bank reports 49% rise in Q4 net profit

Dena Bank has reported results for fourth quarter and year ended March 31, 2014. The bank has posted a rise of 49.02% in its net profit at Rs 187.28 crore for the quarter ended March 31, 2014 as compared to Rs 125.67 crore for the same quarter in the previous year. Total income of the bank has increased by 12.87% at Rs 2866.78 crore for quarter under review as compared to Rs 2539.74 crore for the quarter ended March 31, 2013. For the year ended March 31, 2014, the bank has posted fall of 31.92% in its net profit after tax at Rs 551.66 crore as compared to Rs 810.38 crore for the same period in the previous year. However, total income of bank has increased by 14.02% at Rs 10895.20 crore for year under review as compared to Rs 9554.85 crore for the period ended March 31, 2013.

IFCI gains on plans to sell part of its stake in IFCI Factors

IFCI is currently trading at Rs. 26.85, up by 0.15 points or 0.56 % from its previous closing of Rs. 26.70 on the BSE. The scrip opened at Rs. 26.80 and has touched a high and low of Rs. 27.60 and Rs. 26.60 respectively. So far 233863 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 31.45 on 10-May-2013 and a 52 week low of Rs. 17.85 on 28-Aug-2013. Last one week high and low of the scrip stood at Rs. 26.85 and Rs. 25.05 respectively. The current market cap of the company is Rs. 4454.26 crore. The promoters holding in the company stood at 55.53% while Institutions and Non-Institutions held 18.13% and 26.33% respectively. IFCI is planning to sell part of its stake in factoring business subsidiary -- IFCI Factors -- by the end of this fiscal. In this regard, the company has started the process of due diligence. The strategic sale would help IFCI unlock its investment. The company plans to sell 25-26% stake so that the majority stake remains with IFCI. Currently, the company holds 100% stake in IFCI Factors. Factoring business is a type of financial service wherein a firm sells its accounts receivable to a factoring company, which then pay discounted value to seller against receivable receipts. IFCI was established with an intention to provide long-term finance needs of the industrial sector. It founded and developed various institutions namely ICRA for credit assessment rating, Tourism Finance Corporation of India (TFCI) for promotion of the hospitality industry, among others.

Dena Bank reports 49% rise in Q4 net profit

Dena Bank has reported results for fourth quarter and year ended March 31, 2014. The bank has posted a rise of 49.02% in its net profit at Rs 187.28 crore for the quarter ended March 31, 2014 as compared to Rs 125.67 crore for the same quarter in the previous year. Total income of the bank has increased by 12.87% at Rs 2866.78 crore for quarter under review as compared to Rs 2539.74 crore for the quarter ended March 31, 2013. For the year ended March 31, 2014, the bank has posted fall of 31.92% in its net profit after tax at Rs 551.66 crore as compared to Rs 810.38 crore for the same period in the previous year. However, total income of bank has increased by 14.02% at Rs 10895.20 crore for year under review as compared to Rs 9554.85 crore for the period ended March 31, 2013.

IFCI to sell part of its stake in IFCI Factors

IFCI is planning to sell part of its stake in factoring business subsidiary -- IFCI Factors -- by the end of this fiscal. In this regard, the company has started the process of due diligence. The strategic sale would help IFCI unlock its investment. The company plans to sell 25-26% stake so that the majority stake remains with IFCI. Currently, the company holds 100% stake in IFCI Factors. Factoring business is a type of financial service wherein a firm sells its accounts receivable to a factoring company, which then pay discounted value to seller against receivable receipts. IFCI was established with an intention to provide long-term finance needs of the industrial sector. It founded and developed various institutions namely ICRA for credit assessment rating, Tourism Finance Corporation of India (TFCI) for promotion of the hospitality industry, among others.

Titan Company's brand Fastrack launches new collection

Titan Company's brand Fastrack, the country’s one of the leading fashion brands has introduced a new range of accessories for the summer with trendy sunglasses and backpacks. Fastrack sunglasses are priced from Rs 1,195 to Rs 2,295, the collection comprises of Aviators, Wayfarers and Sporty wraps while the backpacks are priced from Rs 1,195 to Rs 4,395. The collection is available at exclusive Fastrack stores, World of Titan stores, Titan Eye+ stores, Shoppers Stop, Central, Lifestyle, Pantaloons, Westside and all leading multi-brand accessory outlets across India. Titan is India’s largest manufacturer of quartz watches and has a 60% market share in the Indian market. It is world’s sixth largest manufacturer of branded watches. It has a manufacturing and assembly unit at Hosur in Tamil Nadu.

Ansal Properties to develop a 75-acre IT SEZ in Greater Noida

Ansal Properties and Infrastructure is planning to develop a 75-acre IT special economic zone (SEZ) in Greater Noida. In this regard, the company will invest around Rs 130 crore over the next three years on construction. The company also plans to invest another Rs 130 crore over next three years along with its co-developer on further development of 8 lakh sq ft, taking the total built-up area to 10 lakh sq ft by 2016-17. Ansal Properties & Infrastructure’s business activities include property development for commercial, housing, retail, hospitality, IT SEZ, IT parks and industrial parks.

Syndicate Bank strengthens on plan to raise $350 million through MTN issue

Syndicate Bank is currently trading at Rs 102.60, up by 0.70 points or 0.69% from its previous closing of Rs. 101.90 on the BSE. The scrip opened at Rs 103.10 and has touched a high and low of Rs 104.80 and Rs 102.50 respectively. So far 91925 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 97.15 respectively. The current market cap of the company is Rs 6364.52 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 is planning to raise $350 million in the next few weeks via Medium Term Note (MTN) route to fund its London operations. A medium term note is a debt security that usually matures in 5-10 years. The bank’s London branch business grew 33 per cent last fiscal to touch Rs 57,884 crore, up from Rs 43,442 crore in the previous fiscal. 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.

Gold futures decline as Euro weaken

Gold futures declined on Monday as the euro weakened against the dollar on fears of policy action from the European Central Bank, shrugging off safe-haven demand from escalating violence in Ukraine. Further, the speculation that the Federal Reserve will press on with reducing monetary stimulus also weighed on the precious metal price.

Gold futures for June delivery edged down $4.6 at $1283 an ounce on the Comex division of the New York Mercantile Exchange. While spot gold fell 0.5 percent to $1,282.50 an ounce.

TATA MF introduces Fixed Maturity Plan Series 47 Scheme M (370 days)

TATA Mutual Fund has launched the New Fund Offer (NFO) of TATA Fixed Maturity Plan Series 47 Scheme M (370 days), a close ended income scheme. The NFO opens for subscription on May 12, 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 scheme’s performance will be benchmarked against CRISIL Short Term Bond Fund Index and its fund manager is Amit Somani. The investment objective of the scheme is to generate income and /or capital appreciation by investing in wide range of Fixed Income Instruments having maturity in line with the maturity of the scheme. The maturity of all investments shall be equal to or less than maturity of a scheme.

Kotak MF introduces FMP Series 162 (370 Days)

Kotak Mutual Fund has launched the New Fund Offer (NFO) of Kotak FMP Series 162 (370 Days), a close ended income scheme. The NFO opens for subscription on May 12, 2014 and closes on May 20, 2014. No entry load or exit load will be applicable for the scheme. The minimum subscription amount is Rs 10000 & multiples of Rs.10 thereafter for both. The scheme’s performance will be benchmarked against CRISIL Short Term Bond Fund Index and its fund managers are Mayank Prakash and Abhishek Bisen. The investment objective of the scheme is to generate returns through investments in debt and money market instruments with a view to reduce the interest rate risk. The Scheme will invest in debt and money market securities, maturing on or before maturity of the scheme.

Kwality to increase milk prices by Rs 2 per litre across all variants

Kwality will increase its milk prices by Rs 2 per litre across all variants in the Delhi-NCR region with effect from Wednesday. The company will take this step as cost of procurement of milk has gone up in last few months. After the proposed increase, the Kwality full cream milk will cost Rs 48 per litre, toned milk will be priced at Rs 38 a litre and double toned would be available for Rs 34 a litre. Kwality, the country’s premier dairy foods company, focuses on building leadership positions in branded and added value markets across the dairy sector. It specializes in the storage of milk and related products. It sells about 3.5 lakh litres of milk per day.