Tuesday, 13 May 2014

DGCEI issues show cause-cum-demand notice to Indian Oil

The Directorate General of Central Excise Intelligence (DGCEI) has issued Rs 4.6-crore tax notice to the Indian Oil Corporation (IOC) for not paying service tax under the head of a goods transport agency.
IOC has not been paying their tax properly as a goods transport agency by not including toll charges paid to its transporters as actual expenses in the taxable value between October 2008 and September 2013.
IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.

Punjab National Bank declines on reporting 29% drop in Q4 net profit

Punjab National Bank is currently trading at Rs. 809.60, down by 25.15 points or 3.01% from its previous closing of Rs. 834.75 on the BSE.
The scrip opened at Rs. 840.00 and has touched a high and low of Rs. 877.60 and Rs. 804.55 respectively. So far 484273 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 852.15 on 20-May-2013 and a 52 week low of Rs. 402.20 on 04-Sep-2013.
Last one week high and low of the scrip stood at Rs. 845.35 and Rs. 777.10 respectively. The current market cap of the company is Rs. 31210.43 crore.
The promoters holding in the company stood at 58.87%, while Institutions and Non-Institutions held 35.85% and 5.27% respectively.
Punjab National Bank has posted a fall of 28.69% in its net profit at Rs 806.35 crore for the quarter ended March 31, 2014 as compared to Rs 1130.80 crore for the same quarter in the previous year.  However, total income of the bank has increased by 8.18% at Rs 12498.23 crore for quarter under review as compared to Rs 11552.84 crore for the quarter ended March 31, 2013.
For the year ended March 31, 2014, the bank has posted a fall of 29.59% in its net profit at Rs 3342.57 crore as compared to Rs 4747.67 crore in the previous year. However, total income of the bank has increased by 3.67% at Rs 47799.96 crore for year under review as compared to Rs 46109.25 crore for the year ended March 31, 2013.
For the year ended March 31, 2014, on the consolidated basis, the bank has posted a fall of 26.99% in its net profit at Rs 3617.03 crore as compared to Rs 4954.21 crore for the same period in the previous year. However, total income of the bank has increased by 4.83% at Rs 49668.44 crore for year under review as compared to Rs 47380.14 crore for the year ended March 31, 2013.

Zensar Technologies bags multimillion dollar contract in Europe

Zensar Technologies, a leading software services and infrastructure provider has bagged multimillion dollar contract in Europe from UK’s leading utilities services provider, Morrison Utility Services. This engagement involves cloud based application services including Force.com based development and support for a span of 5 years.
Morrison Utility Services (MUS) is UK's leading utility service provider. They work with utility companies in the electricity, gas, water and telecommunication sectors helping them renew, refurbish, and maintain their infrastructure and networks.
Zensar Technologies also bagged deal with a large intergovernmental organization, which has selected Zensar Technologies to enhance and support its core applications in Oracle Technologies in a multi-year managed services contract. The deal has been won amongst stiff competition from large Indian and multinational Tier 1 providers, including a significant incumbent.
Zensar Technologies is among the top 20 software services providers from India. Zensar is the world's first enterprise-wide SEI CMM Level 5 Company and was also later certified as a CMMI Level 5 Company with industry expertise that spans Retail, Manufacturing, Banking, Insurance, Utilities, Healthcare and Life Sciences.

Castor seed futures extend losses on weak demand

Castor seed futures extended their losses on NCDEX due to offloading of positions by speculators, triggered by weak demand in the spot market. Further, adequate stock position in the physical market due to strong supplies from Gujarat and Rajasthan mandies also supported the downside of the commodity prices.
The contract for May delivery was trading at Rs 3978.00, down by 0.05% or Rs 2.00 from its previous closing of Rs 3980.00. The open interest of the contract stood at 10600.00 lots.
The contract for June delivery was trading at Rs 4043.00, down by 0.22% or Rs 9.00 from its previous closing of Rs 4052.00. The open interest of the contract stood at 174020.00 lots on NCDEX.

Nickel futures gain on rising demand

Nickel futures gained on MCX on the back of rising demand at domestic spot markets from alloy makers. Further crimping supply that has been hit by Indonesia's ban on ore exports also supported the upsurge.
The contract for May delivery was trading at Rs 1271.20, up by 0.66% or Rs 8.30 from its previous closing of Rs 1262.90. The open interest of the contract stood at 12898.00 lots.
The contract for June delivery was trading at Rs 1276.90, up by 0.53% or Rs 6.70 from its previous closing of Rs 1270.20. The open interest of the contract stood at 2055.00 lots on MCX.

Potato futures decline on increased supplies

Potato futures declined on MCX due to increased supplies from producing regions against adequate stocks availability in the physical market. Further, speculators offloaded positions driven by sluggish demand in spot markets also weighed on the commodity prices.
The contract for May delivery was trading at Rs 1308.90, down by 1.10% or Rs 14.50 from its previous closing of Rs 1323.40. The open interest of the contract stood at 420.00 lots.
The contract for June delivery was trading at Rs 1336.20, down by 0.96% or Rs 12.90 from its previous closing of Rs 1349.10. The open interest of the contract stood at 1680.00 lots on MCX.

Bank of Baroda gains on reporting 12% rise in Q4 net profit

Bank of Baroda is currently trading at Rs. 885.00, up by 45.65 points or 5.44% from its previous closing of Rs. 839.35 on the BSE.
The scrip opened at Rs. 845.00 and has touched a high and low of Rs. 913.00 and Rs. 841.20 respectively. So far 436735 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 849.00 on 12-May-2014 and a 52 week low of Rs. 429.25 on 20-Aug-2013.
Last one week high and low of the scrip stood at Rs. 849.00 and Rs. 800.00 respectively. The current market cap of the company is Rs. 38698.89 crore.
The promoters holding in the company stood at 56.26% while Institutions and Non-Institutions held 34.20% and 9.55% respectively.
The bank has posted a rise of 12.48% in its net profit at Rs 1157.27 crore for the quarter ended March 31, 2014 as compared to Rs 1028.85 crore for the same quarter in the previous year.  Total income of the bank has increased by 13.17% at Rs 11614.85 crore for quarter under review as compared to Rs 10262.50 crore for the quarter ended March 31, 2013.
For the full year ended March 31, 2014, the bank has reported a rise of 1.34% in its net profit after tax at Rs 4541.08 crore as compared to Rs 4480.72 crore for FY13. Total income increased by 11.78% at Rs 43402.45 crore for year under review as compared to Rs 38827.28 crore for the year ended March 31, 2013.
For the year ended March 31, 2014, on the consolidated basis, the bank has posted a rise of 4.09% in its net profit at Rs 5000.73 crore as compared to Rs 4804.23 crore in FY13. Total income of bank has increased by 12.36% at Rs 46018.05 crore for year under review as compared to Rs 40952.66 crore for the period ended March 31, 2013.

Call rates stay above repo level on higher demand

Interbank call rates were trading at 8.95/9.00%, little changed from its previous close of 8.95/9.05% and higher than repo level, as banks borrowed to fulfill their fortnightly requirements in the second week of reporting cycle. However, the rates may recede in the coming days not only because of ebbing demand, which is usually witnessed drawing closer to the end of reporting fortnight, but also on account of improved liquidity conditions. Reports suggest that dealers will be allowed to trade bonds even when the central bank is making coupon payments for that debt, in a rule that is expected to improve market liquidity on those days. Under the previous rule, bonds whose coupon payments were due were placed in a one-day 'shut period', which barred traders to trade them on the day before the coupon payment so as to avoid any change in ownership of those securities during the process.
The banks via Liquidity Adjustment Facility (LAF) borrowed Rs 21307 crore through repo auction on May 13, 2014. It borrowed Rs 21523 crore via repo window and parked Rs 2074 crore via reverse repo window on May 12, 2014.
The overnight borrowing rates touched a high and low of 9.00% and 8.75% respectively.
According to the Clearing Corporation of India (CCIL), the weighted average rate (WAR) in the call money market was at 8.91% on Tuesday and total volume stood at Rs 28507.18 crore, so far.
As per CCIL data, WAR in the CBLO (Collateralized Borrowing and Lending Obligation) market was at 8.94% on Tuesday and total volume stood at Rs 29611.15 crore, so far.
The indicative call rates which closed 8.95/9.05% on Monday 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.

Veer Energy soars on plan to set up 12MW Wind Power Project at Gujarat

Veer Energy & Infrastructure is currently trading at Rs. 4.55, up by 0.23 points or 5.32% from its previous closing of Rs. 4.32 on the BSE.
The scrip opened at Rs. 4.28 and has touched a high and low of Rs. 4.61 and Rs. 4.28 respectively. So far 54713 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 6.40 on 15-Apr-2014 and a 52 week low of Rs. 3.27 on 06-Aug-2013.
Last one week high and low of the scrip stood at Rs. 4.70 and Rs. 3.52 respectively. The current market cap of the company is Rs. 32.01 crore.
The promoters holding in the company stood at 35.51% while Institutions and Non-Institutions held 18.45% and 46.03% respectively.
Veer Energy & Infrastructure has decided to set up 12MW Wind Power Project situated at Vinjalpur, Gujarat through its proposed subsidiary - Shruti Power Projects. The board of directors at its meeting held on May 12, 2014 has approved for the same.
The board of directors has also decided to give Corporate Guarantee of Rs 52.56 crore to Indian Renewable Energy Development Agency (IREDA) for its Term Loan sanctioned to its proposed subsidiary - Shruti Power Projects.
Veer Energy & Infrastructure was founded in 2006, it is an innovative energy & infrastructure company headquartered in Mumbai, its objective is to play a major role in responding to the growing problem of climate change attributed to greenhouse gas emissions.

Punjab National Bank reports 29% drop in Q4 net profit

Punjab National Bank has reported results for fourth quarter and year ended March 31, 2014.
The bank has posted a fall of 28.69% in its net profit at Rs 806.35 crore for the quarter ended March 31, 2014 as compared to Rs 1130.80 crore for the same quarter in the previous year.  However, total income of the bank has increased by 8.18% at Rs 12498.23 crore for quarter under review as compared to Rs 11552.84 crore for the quarter ended March 31, 2013.
For the year ended March 31, 2014, the bank has posted a fall of 29.59% in its net profit at Rs 3342.57 crore as compared to Rs 4747.67 crore in the previous year. However, total income of the bank has increased by 3.67% at Rs 47799.96 crore for year under review as compared to Rs 46109.25 crore for the year ended March 31, 2013.
For the year ended March 31, 2014, on the consolidated basis, the bank has posted a fall of 26.99% in its net profit at Rs 3617.03 crore as compared to Rs 4954.21 crore for the same period in the previous year. However, total income of the bank has increased by 4.83% at Rs 49668.44 crore for year under review as compared to Rs 47380.14 crore for the year ended March 31, 2013.

Torrent Power reports eight fold jump in Q4 consolidated net profit

Torrent Power has reported results for fourth quarter and year ended March 31, 2014
The company has reported 7-fold jump in its net profit at Rs 172.85 crore for the quarter ended March 31, 2014 as compared to Rs 24.55 crore for the same quarter in the previous year. Total income of the company has increased by 13.55% at Rs 2251.90 crore for quarter under review as compared to Rs 1983.06 crore for the quarter ended March 31, 2013.
On the consolidated basis, the group has reported around 8-fold jump in its net profit at Rs 177.45 crore for the quarter ended March 31, 2014 as compared to Rs 22.24 crore for the same quarter in the previous year. Total income of the company has increased by 12.43% at Rs 2283.03 crore for quarter under review as compared to Rs 2030.61 crore for the quarter ended March 31, 2013.
For the year ended March 31, 2014, the company has posted a fall of 75.36% in its net profit at Rs 94.84 crore as compared to Rs 384.96 crore in the previous year. However, total income of the company has increased by 6.62% at Rs 8817.46 crore for year under review as compared to Rs 8269.97 crore in the previous year.
For the year ended March 31, 2014, on the consolidated basis, the company has posted a fall of 72.77% in its net profit at Rs 105.26 crore as compared to Rs 386.70 crore for the same period in the previous year. However, total income of company has increased by 6.78% at Rs 8931.70 crore for year under review as compared to Rs 8364.53 crore in the previous fiscal.

Veer Energy & Infrastructure to set up 12MW Wind Power Project at Gujarat

Veer Energy & Infrastructure has decided to set up 12MW Wind Power Project situated at Vinjalpur, Gujarat through its proposed subsidiary - Shruti Power Projects. The board of directors at its meeting held on May 12, 2014 has approved for the same.
The board of directors has also decided to give Corporate Guarantee of Rs 52.56 crore to Indian Renewable Energy Development Agency (IREDA) for its Term Loan sanctioned to its proposed subsidiary - Shruti Power Projects.
Veer Energy & Infrastructure was founded in 2006, it is an innovative energy & infrastructure company headquartered in Mumbai, its objective is to play a major role in responding to the growing problem of climate change attributed to greenhouse gas emissions.

Bank of Baroda reports 12% rise in Q4 net profit

Bank of Baroda has reported results for fourth quarter and year ended March 31, 2014.
The bank has posted a rise of 12.48% in its net profit at Rs 1157.27 crore for the quarter ended March 31, 2014 as compared to Rs 1028.85 crore for the same quarter in the previous year.  Total income of the bank has increased by 13.17% at Rs 11614.85 crore for quarter under review as compared to Rs 10262.50 crore for the quarter ended March 31, 2013.
For the full year ended March 31, 2014, the bank has reported a rise of 1.34% in its net profit after tax at Rs 4541.08 crore as compared to Rs 4480.72 crore for FY13. Total income increased by 11.78% at Rs 43402.45 crore for year under review as compared to Rs 38827.28 crore for the year ended March 31, 2013.
For the year ended March 31, 2014, on the consolidated basis, the bank has posted a rise of 4.09% in its net profit at Rs 5000.73 crore as compared to Rs 4804.23 crore in FY13. Total income of bank has increased by 12.36% at Rs 46018.05 crore for year under review as compared to Rs 40952.66 crore for the period ended March 31, 2013.

BHEL trades in green on the BSE

BHEL is currently trading at Rs. 225.10, up by 26.65 points or 13.43% from its previous closing of Rs. 198.45 on the BSE.
The scrip opened at Rs. 200.80 and has touched a high and low of Rs. 229.85 and Rs. 200.05 respectively. So far 2058467 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 207.90 on 22-May-2013 and a 52 week low of Rs. 100.35 on 20-Aug-2013.
Last one week high and low of the scrip stood at Rs. 201.65 and Rs. 177.90 respectively. The current market cap of the company is Rs. 55034.29 crore.
The promoters holding in the company stood at 63.06% while Institutions and Non-Institutions held 32.61% and 4.33% respectively.
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.

Soyabean futures display mixed trend on NCDEX

Soyabean futures showed a mixed trend on NCDEX. The near term contracts rose on the expectations of rise in spot market demand, while June contracts declined due to ample stocks availability in the physical market on account of higher supply from the producing belts.
The contract for May delivery was trading at Rs 4647.00, up by 0.39% or Rs 18.00 from its previous closing of Rs 4629.00. The open interest of the contract stood at 9020 lots.
The contract for June delivery was trading at Rs 4715.00, down by 0.57% or Rs 27.00 from its previous closing of Rs 4742.00. The open interest of the contract stood at 117350 lots on NCDEX.

Barley futures trade lower on higher supplies

Barley futures traded lower on NCDEX due to offloading of positions by traders amid mounting stocks following higher supplies in spot markets. Moreover, slackness in demand at higher levels in physical markets also dampened the sentiments.
The contract for May delivery was trading at Rs 1313.00, down by 0.08% or Rs 1.00 from its previous closing of Rs 1314.00. The open interest of the contract stood at 2900.00 lots.
The contract for June delivery was trading at Rs 1338.00, down by 0.30% or Rs 4.00 from its previous closing of Rs 1342.00. The open interest of the contract stood at 14890.00 lots on NCDEX.

PDFA Punjab seek hike in milk procurement rates

Dairy farmers in Punjab have now sought hike in milk procurement prices from the state-owned milk federation Milkfed. The Progressive Dairy Farmers' Association (PDFA) Punjab, have demanded from Punjab Milkfed to further increase milk procurement rates citing 25-30% hike in input cost and amid brands like Amul, Mother Dairy raising milk rates.
Dairy farmers are demanding milk procurement rate of Rs 600 per kg fat from Milkfed Punjab. Almost 30% of Milkfed’s total milk procurement constituting about three lakh litres per day is been supplied to Punjab State Cooperative Milk Producers Federation (Milkfed Punjab) by dairy farmers.
Milkfed Punjab, which sells milk and milk products under Verka brand, has raised milk procurement rates for farmers by Rs 20 per kg fat to Rs 540 per kg fat on May 1. However, Punjab Milkfed has not yet taken any decision on raising retail milk and milk products prices yet on account of raising milk procurement prices.
Milkfed, which is the biggest player in the organized dairy market in Punjab, had already raised milk prices by Rs 4 per litre since December last. Milkfed is currently selling milk at Rs 44 per litre (full fat), Rs 40 (Standard), Rs 36 (toned) and Rs 32 (double toned).

Turmeric futures edge higher on strong export demand

Turmeric futures edged higher on NCDEX as speculators enlarged positions on pick-up in export demand in the spot market. Further, buying by retailers and stockists amid paucity of stocks on restricted arrivals from producing belts also influenced the commodity price.
The contract for May delivery was trading at Rs 6470.00, up by 0.68% or Rs 44.00 from its previous closing of Rs 6426.00. The open interest of the contract stood at 830.00 lots.
The contract for June delivery was trading at Rs 6644.00, up by 0.64% or Rs 42.00 from its previous closing of Rs 6602.00. The open interest of the contract stood at 13245.00 lots on NCDEX.

Strong trade continues in markets; Nifty breaches 7,100 mark

Indian equity markets remained well entrenched in positive territory in the late morning session on Tuesday amid strong and sustained buying in several blue chip stocks. The Sensex climbed 313 points, while Nifty breached 7,100 mark. Sustained capital inflows by foreign funds at the domestic bourses and widespread buying by retail investors after exit polls showing the BJP-led NDA forming the government lifted the key indices to new highs. The BJP-led NDA is projected to win between 249 and 340 seats, according to six exit polls. It needs 272 seats for a simple majority. Over the last two sessions, FIIs have bought shares worth around Rs 2,500 crore. Domestic institutional investors, who have been net sellers in markets so far, also turned buyers on Monday, although the quantum of buying was very small at Rs 90 crore. Moreover, firm global cues coupled with the appreciation in rupee value against the dollar too added to the optimistic sentiments.
However, the sluggish economic fundamentals are likely to cap any major gains in the shares over the next few sessions. Late Monday, India reported a contraction in its industrial output in March while its inflation accelerated in April, the latest indications that Indian economy is still struggling with signs of stagflation. On the global front, Asian shares surged, with the regional benchmark index on course for its biggest increase in more than six weeks, as investors weighed earnings and after US equity indexes climbed to records.
Back home, broader indices too were trading higher by one and half a percent. With extensive buying, all the sectoral indices were trading in green with impressive gains. Ashoka Buildcon, Castrol India, Dr Reddys Lab, Bank of Baroda, IIFL and Punjab National Bank will be in focus on account of March quarter earnings announcement. The market breadth on BSE was positive, out of 2,174 stocks traded, 1,343 stocks advanced, while 717 stocks declined on the BSE.
The BSE Sensex is currently trading at 23,864.35 up by 313.35 points or 1.33 % after trading in a range of 23921.91 and 23729.25. There were 27 stocks advancing against 3 stocks declining on the index.
The broader indices were trading in green; the BSE Mid cap index was up by 1.65%, while Small cap index was up by 1.70%.
The gaining sectoral indices on the BSE were Consumer Durables up by 3.95%, Power up by 3.65%, Realty up by 3.18%, PSU up by 3.14% and Capital Goods up by 2.58%, while there were no losers on the sectoral space.
The top gainers on the Sensex were BHEL up by 8.77%, ONGC up by 4.51%, Gail India up by 4.19%, Tata Steel up by 3.99% and NTPC up by 3.87%. On the flip side, Dr Reddys Lab down by 1.44%, Bajaj Auto down by 0.43% and HDFC Bank down by 0.39%.
Meanwhile, Driven by higher food prices, the provisional annual inflation rate based on all India general Consumer Price Index (CPI) (Combined) rose to three months high of 8.59% from 8.31% in March.
According to the data, CPI numbers of March 2014 for Rural, Urban and Combined stood at 140.6, 137.2 and 139.1 respectively. The corresponding provisional inflation rates for rural and urban areas for April 2014 stood at 9.25% and 7.69% as compared to 8.89% and 7.51% respectively in the previous month.
Food prices for consumers rose at 9.66% in last month from a year earlier, higher than March’s 9.10% rise.  The Provisional annual inflation rates of April 2014 for Rural and Urban in respect of ‘food and beverages’ stood at 10.45% and 8.24% for month under review compared to 9.95% and 7.47% respectively in March, 2014. Additionally, Provisional annual inflation rates (Combined) for Fuel and light; Clothing, bedding and footwear stood at 5.96% and 8.83% respectively for the month of April. 
However, the core consumer price index (CPI) eased modestly to 7.80% in April from a year earlier and from a 7.82% in March. This is a bit of positive since core inflation for the past few months has remained below 8%, a level Reserve Bank of India’s (RBI) chief Raghuram Rajan deems uncomfortably high.
However, latest reading adds to woes of policy maker, which will review its monetary policy next on June 3, 2014. India has been battling a prolonged spell of high inflation and low growth. While economic growth has almost halved to below 5% for the past two years, the worst slowdown for the South Asian nation since the 1980s, inflation too is not showing any signs of receding.
The CNX Nifty is currently trading at 7,112.20 up by 97.95 points or 1.40% after trading in a range of 7,067.15 and 7,112.20. There were 47 stocks advancing against 3 declining on the index.
The top gainers of the Nifty were BHEL up by 8.21%, DLF up by 4.96%, ONGC up by 4.59%, Gail up by 4.17% and Tata Steel up by 4.15%. On the flip side, Dr. Reddy's Laboratories down by 1.58%, Bajaj-Auto down by 0.51% and HDFC Bank down by 0.45% were the only losers on the index.
Most  of Asian equity indices were trading in green; Hang Seng increased by 0.28%, Jakarta Composite rose by 0.27%, Nikkei 225 spurted by 2.12%,  Seoul Composite climbed 1.14% and  Taiwan Weighted was up by 0.04%. On the flip side, Shanghai Composite was down by 0.06%.
Malaysia and Singapore markets remained shut for the trade today for Wesak Day holiday.

ICICI Bank trades with traction on the bourses

ICICI Bank is currently trading at Rs. 1419.45, up by 20.20 points or 1.44% from its previous closing of Rs. 1399.25 on the BSE.
The scrip opened at Rs. 1413.10 and has touched a high and low of Rs. 1427.00 and Rs. 1394.25 respectively. So far 150000 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1427.00 on 13-May-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. 1427.00 and Rs. 1257.70 respectively. The current market cap of the company is Rs. 164033.25 crore.
The Institutions and Non-Institutions held 63.07% and 7.77% stake in the bank, respectively.
ICICI Bank, India's largest private sector bank and Vodafone India's wholly-owned subsidiary Mobile Commerce Solutions (MCSL) which owns the money transfer and payment facility M-Pesa, have launched mobile based subsidy payment for Janani Suraksha Yojna in Ranchi. Under this mandate, MCSL will act as a Business Correspondent (BC) of ICICI Bank and will facilitate the payment of mobile-based subsidy to the beneficiaries via its agents.
The beneficiaries, with any active mobile number can directly receive payment of the health care subsidy. Once the payment is made, they will be intimated via SMS, mentioning the amount of subsidy, the withdrawal code and the withdrawal procedure. They can then withdraw the subsidy amount by simply authorizing the transaction with the withdrawal code at a nearby Vodafone retail outlet. ICICI Bank and Vodafone M-Pesa has started the pilot project in Namkum block in Ranchi district, Jharkhand.
The payment of health care subsidies under Janani Suraksha Yojna Scheme aims at reducing the neo-natal and maternal deaths in India by promoting institutional delivery of children. This scheme is operated under National Rural Health Mission (NRHM) of Government of India.
ICICI Bank is India's largest private sector bank and the second largest bank in the country with consolidated total assets of $124.76 billion at March 31, 2014. ICICI Bank's subsidiaries include India's leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Bank's presence currently spans 19 countries, including India.

Cotton future trade up on fresh export demand

Cotton futures traded higher on MCX on account of fresh export and demand from domestic mills. Further, expectations of higher exports too influenced the prices.
The contract for May delivery was trading at Rs 20550.00, up by 0.44% or Rs 90.00 from its previous closing of Rs 20460.00. The open interest of the contract stood at 4700.00 lots.
The contract for June delivery was trading at Rs 20820.00, up by 0.39% or Rs 80.00 from its previous closing of Rs 20740.00. The open interest of the contract stood at 3542.00 lots on MCX.

REC trades higher on the bourses

Rural Electrification Corporation (REC) is currently trading at Rs. 257.20, up by 3.80 points or 1.50% from its previous closing of Rs. 253.40 on the BSE.
The scrip opened at Rs. 256.25 and has touched a high and low of Rs. 260.95 and Rs. 254.25, respectively. So far 75268 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 260.95 on 13-May-2014 and a 52 week low of Rs. 146.15 on 05-Aug-2013.
Last one week high and low of the scrip stood at Rs. 260.95 and Rs. 240.90 respectively. The current market cap of the company is Rs. 25599.87 crore.
The promoters holding in the company stood at 65.64% while Institutions and Non-Institutions held 28.54% and 5.82% respectively.
Rural Electrification Corporation (REC) has transferred 50,000 equity shares of NRSS XXXI (A) Transmission held by REC Transmission Projects Company (RECTPCL), a wholly owned subsidiary of REC, and its nominees, along with all assets and liabilities of the company to Power Grid Corporation of India (PGCIL) and their nominees, on May 12, 2014, substantially upon the terms & conditions as detailed in the Share Purchase Agreement (SPA) executed between the RECTPCL, NRSS XXXI (A) Transmission and PGCIL, for establishment of Transmission System for Northern Region System Strengthening Scheme, NRSS XXXI (Part A). The company has taken this step after receiving approval from the Ministry of Power vide their letter dated April 22, 2014.
The company has also transferred 50,000 equity shares of NRSS XXXI (B) Transmission held by RECTPCL and its nominees, along with all assets and liabilities of the company to Essel Infraprojects (EIL) and their nominees, on May 12, 2014, substantially upon the terms & conditions as detailed in the SPA executed between the RECTPCL, NRSS XXXI (B) Transmission and Essel Infraprojects, for establishment of Transmission System for Northern Region System Strengthening Scheme, NRSS XXXI (Part B).
REC is engaged in providing financial assistance to state electricity boards, state government departments and rural electric co-operatives for rural electrification projects as are sponsored by them.

UTI MF declares dividend under Fixed Term Income Fund - Series XV - III (366 Days)

UTI (MF) has declared dividend under dividend option of UTI Fixed Term Income Fund - Series XV - III (366 Days).The record date for dividend is May 16, 2014. The rate of dividend (Rs per unit) will be 100% of distributable surplus as on the record date on the face value of Rs 10 per unit
The objective of the Scheme is to generate returns by investing in portfolio of fixed income securities maturing on or before the date of maturity of the scheme. However the scheme does not guarantee / indicate any return. There is no assurance that the funds objective will be achieved.

ICRA reaffirms ‘AA’ rating to Merck’s bank facilities

Credit rating agency ICRA has reaffirmed ‘AA’ rating to the enhanced Rs 30.75 crore fund based and Rs 13.50 crore non-fund based bank limits of Merck. The outlook on the long-term rating is stable.
The existing rating takes into account the company’s parentage, strong presence in Vitamin Therapeutic area and product portfolio, robust brand image, increasing presence of chemical business bringing diversity to revenues, strong financial profile characterised by profitable operations and moderately high return on capital employed and strong liquidity in the form of cash reserves
Merck is a global pharmaceutical and chemical enterprise. In the pharmaceutical segment major products include vitamins, nutritional supplement, cardio vascular, respiratory, hematinics, cough and cold, non-steroidal anti-inflammatory (NSAID), antibiotics, oral rehydration salts and encephalotropics.

Sugar futures exhibit mixed trend on NCDEX

Sugar futures exhibited mixed trend on NCDEX as the May contracts traded high on the back of some buying support from retailers and bulk consumers. While June contracts traded down due to heavy stocks position on increased supplies by mills.
The contract for May delivery was trading at Rs 3088.00, up by 0.03% or Rs 1.00 from its previous closing of Rs 3087.00. The open interest of the contract stood at 32050.00 lots.
The contract for June delivery was trading at Rs 3034.00, down by 0.49% or Rs 15.00 from its previous closing of Rs 3049.00. The open interest of the contract stood at 55910.00 lots on NCDEX.

Corporation Bank gains on reports of growth in total business

Corporation Bank is currently trading at Rs. 291.10, up by 4.90 points or 1.71% from its previous closing of Rs. 286.20 on the BSE.
The scrip opened at Rs. 288.00 and has touched a high and low of Rs. 292.35 and Rs. 287.00 respectively. So far 23305 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 429.95 on 29-May-2013 and a 52 week low of Rs. 220.10 on 24-Feb-2014.
Last one week high and low of the scrip stood at Rs. 305.00 and Rs. 280.65 respectively. The current market cap of the company is Rs. 4875.47 crore.
The promoters holding in the company stood at 63.33%, while Institutions and Non-Institutions held 29.02% and 7.65% respectively.
Corporation Bank has reportedly registered 16.07 percent growth in total business for the fiscal-ended March 2014 Rs 3,30,479 crore compared to Rs 2,84,722 crore in the previous year. For the first time, the bank has crossed the Rs 3 lakh crore mark in total business this year. The advances of the bank have grown 15.47 percent to Rs 1,37,086 crore from Rs 1,18,717 crore in March 2013. Deposits grew 16.50 percent to Rs 1,93,393 crore as on March 2014 as against Rs 1,66,005 crore in March 2013. The credit-deposit ratio stood at 70.88 percent. The net worth of the bank crossed Rs 10,000 crore mark during the fiscal.
The bank has crossed a branch network of 2,000 and ATM network of 2,000. The bank's network is spread across 8,617 functional units, with 2,021 branches, 2,264 ATMs and 4,332 branchless banking units.
Corporation Bank is a Mangalore-based mid-sized public sector bank which was established in 1906. Government of India is the majority shareholder holding 59.82% stake in the bank. As on March 31, 2013, the bank has 1707 branches and 1425 ATMs.

Mentha oil futures decline on lower demand

Mentha oil futures declined on MCX on lower demand of the commodity in the spot markets. Moreover, ample stocks position in the physical market following increased arrivals from the major producing belts too fuelled the downtrend in mentha oil prices.
The contract for May delivery was trading at Rs 870.80, down by 0.30% or Rs 2.60 from its previous closing of Rs 873.40. The open interest of the contract stood at 3616 lots.
The contract for June delivery was trading at Rs 881.90, down by 0.32% or Rs 2.80 from its previous closing of Rs 884.70. The open interest of the contract stood at 1170 lots on MCX.

Bad debt of public sector banks hit 9-year high

In what could be called a major challenge before the new government, bad debts of public sector banks (PSBs) have surged to a nine-year high, with the corporate sector accounting for most of the rise.  NPAs, or bad loans, of state run banks have seen a surge since the global financial meltdown in 2008. According to provisional data compiled for 19 public sector banks by the Finance Ministry for the meeting, Gross NPAs as a ratio of gross advances have reached 4.44 per cent against 3.84 per cent in 2012-13, though less than 5.07%  as on December 2013, the gross NPAs are still at their highest level since 2004-05 when they touched 5.5%. PSU banks have recovered Rs 18,933 crore of bad loans during the nine months through December 2013.
Meanwhile, amidst the pile of rising bad loans, Finance Minister P Chidambaram will review financial performance of public sector banks (PSBs) and would review overall credit growth, with particular reference to agricultural credit, MSME credit, housing loan, education loan and lending to minority communities among others. Additionally, he would also evaluate the performances of these banks with regard to the steps taken by them to reduce their NPAs. Besides, Chidambaram would also discuss the issue of capital adequacy for the banks, and deliberate upon the progress made with regard to the stalled projects especially in those cases, where PSBs have extended credit facilities. Sluggish domestic growth along slow world economic recovery and continued uncertainty were cited as some of the reasons behind the heap of bad loans. 

Jeera future decline on ample supply

Jeera futures traded down on NCDEX due to a surge in the supply from the producing regions in the midst of a decline in the export demand. Further, speculators reduced holdings, tracking a weak trend at spot market due to sluggish demand in spot market leading to decline in jeera prices at futures trade.
The contract for May delivery was trading at Rs 11155.00, down by 0.31% or Rs 35.00 from its previous closing of Rs 11190.00. The open interest of the contract stood at 1275.00 lots.
The contract for June delivery was trading at Rs 11285.00, down by 0.44% or Rs 50.00 from its previous closing of Rs 11335.00. The open interest of the contract stood at 9579.00 lots on NCDEX.

Coriander futures edge higher on buying support

Coriander futures traded up on NCDEX on the back of buying support from retailers and stockists amid low stocks. Moreover, speculators enlarged their positions against limited arrivals from producing belts mainly led an upswing in coriander prices at futures trade.
The contract for May delivery was trading at Rs 9399.00, up by 0.60% or Rs 56.00 from its previous closing of Rs 9343.00. The open interest of the contract stood at 9600.00 lots.
The contract for June delivery was trading at Rs 9730.00, up by 0.39% or Rs 38.00 from its previous closing of Rs 9692.00. The open interest of the contract stood at 46960.00 lots on NCDEX.

REC transfers 50,000 equity shares of NRSS XXXI (A) Transmission to PGCIL

Rural Electrification Corporation (REC) has transferred 50,000 equity shares of NRSS XXXI (A) Transmission held by REC Transmission Projects Company (RECTPCL), a wholly owned subsidiary of REC, and its nominees, along with all assets and liabilities of the company to Power Grid Corporation of India (PGCIL) and their nominees, on May 12, 2014, substantially upon the terms & conditions as detailed in the Share Purchase Agreement (SPA) executed between the RECTPCL, NRSS XXXI (A) Transmission and PGCIL, for establishment of Transmission System for Northern Region System Strengthening Scheme, NRSS XXXI (Part A). The company has taken this step after receiving approval from the Ministry of Power vide their letter dated April 22, 2014.
The company has also transferred 50,000 equity shares of NRSS XXXI (B) Transmission held by RECTPCL and its nominees, along with all assets and liabilities of the company to Essel Infraprojects (EIL) and their nominees, on May 12, 2014, substantially upon the terms & conditions as detailed in the SPA executed between the RECTPCL, NRSS XXXI (B) Transmission and Essel Infraprojects, for establishment of Transmission System for Northern Region System Strengthening Scheme, NRSS XXXI (Part B).
REC is engaged in providing financial assistance to state electricity boards, state government departments and rural electric co-operatives for rural electrification projects as are sponsored by them.

Corporation Bank reports 16.07% growth in total business for 2014 fiscal

Corporation Bank has reportedly registered 16.07 percent growth in total business for the fiscal-ended March 2014 Rs 3,30,479 crore compared to Rs 2,84,722 crore in the previous year. For the first time, the bank has crossed the Rs 3 lakh crore mark in total business this year. The advances of the bank have grown 15.47 percent to Rs 1,37,086 crore from Rs 1,18,717 crore in March 2013. Deposits grew 16.50 percent to Rs 1,93,393 crore as on March 2014 as against Rs 1,66,005 crore in March 2013. The credit-deposit ratio stood at 70.88 percent. The net worth of the bank crossed Rs 10,000 crore mark during the fiscal.
The bank has crossed a branch network of 2,000 and ATM network of 2,000. The bank's network is spread across 8,617 functional units, with 2,021 branches, 2,264 ATMs and 4,332 branchless banking units.
Corporation Bank is a Mangalore-based mid-sized public sector bank which was established in 1906. Government of India is the majority shareholder holding 59.82% stake in the bank. As on March 31, 2013, the bank has 1707 branches and 1425 ATMs.

Eicher Motors gains on eyeing 15% share of domestic CV market this year

Eicher Motors is currently trading at Rs. 6522.00, up by 35.25 points or 0.54% from its previous closing of Rs. 6486.75 on the BSE.
The scrip opened at Rs. 6570.00 and has touched a high and low of Rs. 6570.00 and Rs. 6490.00 respectively. So far 438 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 6756.65 on 09-May-2014 and a 52 week low of Rs. 2975.00 on 21-Aug-2013.
Last one week high and low of the scrip stood at Rs. 6756.65 and Rs. 6222.75 respectively. The current market cap of the company is Rs. 17661.63 crore.
The promoters holding in the company stood at 55.08% while Institutions and Non-Institutions held 24.91% and 20.00% respectively.
Eicher Motors and Volvo Group’s joint venture firm, VE Commercial Vehicles (VECV) is aiming at garnering a 15% share of the domestic commercial vehicle (CV) market this year, as against 13.8% in 2013.
The JV firm launched its new Pro1000 and Pro3000 series of light and medium duty trucks in the Andhra Pradesh market. The Pro3000 medium duty truck series would now replace the Eicher's E2 Plus range, which was currently available in 5-to-14 tonne capacities.
VECV currently has a 34% share in the light and medium duty (L&MD) truck segment, close to 6% in heavy duty truck category and 15% in the 5-to-15-tonne bus segment this year.
Eicher Motors is one of the leading manufacturers of commercial vehicle. It has manufacturing facilities located in Madhya Pradesh, Tamil Nadu, Maharashtra, and Haryana.

India Inc advocate new govt to take favourable initiatives to boost industrial production

Concerned over the weaker factory output numbers for March, India Inc has said that the new government should implement quick and bold reforms in order to boost manufacturing sector's growth. India Inc added that the outlook for manufacturing sector seems to be disappointing and bleak, as sluggish investment and weaker demand continue to plague the sector.
Meanwhile, showing no signs of recovery, India’s industrial production (IIP) contracted by 0.5% in the month of March 2013. Manufacturing sector, which occupies 75.52% of weightage in the overall index, continued its weak run with production de-growth of 1.2% in the reported month. Cumulative growth of Industrial production stood at - 0.1% for the period April-March 2013-14.
CII Director General Chandrajit Banerjee stated that the negative growth of industrial production is extremely disappointing. The factors like high interest rates prevailing in the economy, low consumption and investment demand have become key concerns for the manufacturing sector. He added that in order to revive weak industrial scenario in the country new government should take favorable initiatives soon for speed up the implementation of cleared projects in the manufacturing and infrastructure sector.
Ficci President Sidharth Birla said that quick and bold reforms by the new government will enable a high growth path where manufacturing will play a significant role. As factory output growth continue to remain in negative zone, new government should announce bold reforms in new Budget and Foreign Trade Policy to boost manufacturing and investment.

Diesel price hiked by Rs 1.09 per litre after polling ends

The government, immediately after the conclusion of five week long elections has hiked the diesel prices by Rs 1.09 a litre, excluding state levies. With the hike coming into effect from Tuesday, diesel in Delhi will now cost Rs 56.71 (inclusive of tax); in Kolkata will cost Rs 61.38, a hike of Rs 1.27 from the previous Rs 60.11. While, in Mumbai, post the hike, diesel would be expensive by Rs 1.35 at Rs 65.21 compared to the previous Rs 63.86, and in Chennai will be up by Rs 1.32 at Rs 60.50 from the previous price of Rs 59.18.This development comes after a brief hiatus as the monthly hike in diesel prices were put on hold just before India began voting to elect a new government. State-owned oil companies had last hiked diesel price on March 1.
Previously diesel prices had risen by a cumulative Rs 8.33 a litre in 14 installments since January 2013. This is part of government’s plans to raise diesel prices by 40-50 paise a litre every month until losses on the fuel are wiped out. However, oil firms forego the hikes due on April 1 and May 1 as UPA did not want to take unpopular decision during election season.
The oil marketing companies  (OMCs)were asked to drop the plan of rate hike on hold on the argument that revenue losses on the fuel have dropped below Rs 6 a litre, which could be easily compensated by the government. Ironically, while the government is yet to accept the Parikh panel’s recommendations, the Oil Ministry had at the time of shelving the April hike claimed that an expert committee headed by Kirit Parikh recommended that government provide a fixed subsidy of Rs 6 per litre on diesel and hence was no need to raise rates, if the revenue losses were below this threshold limit. However, the rates hikes were delayed for yet another month even after losses surpassed the Rs 6 a litre threshold. Though, despite the hikes OMCs will continue losing Rs 5.71 on sale of diesel per litre.

Benchmarks scale new highs in early deals as exit poll suggests NDA win

Extending their gaining streak for fourth straight session, Indian equity markets have made a gap-up opening and are trading jubilantly with a gain of over a percentage point, as exit polls unveiled on Monday evening predicted that the Modi-led NDA is set to cross the magic figure of 272 in the just-concluded elections. Sentiments also remained up-beat on report that overseas investors put in Rs 1,200 crore into equities, taking their two-day investment tally to nearly Rs 2,500 crore ($420 million) on Monday, as per provisional figures provided by the stock exchanges.
On the global front, the Asian markets were trading mostly in the green with some gauges on course for their biggest increase in more than six weeks. Though, the Chinese market was trading slightly lower ahead of retail sales and industrial output data. The US markets surged and the major averages ended the day firmly in positive territory, with the tech-heavy Nasdaq posting a standout gain.
Back home, traders overlooked the weak set of economic data announced after the market hours, as the Industrial production contracted for the second month running in March, while consumer inflation accelerated to a three-month high in April. IIP contacted 0.5% in March, compared with a 1.8% decline in February, while CPI inflation accelerated to 8.59% in April from 8.31% in March. Back on street, none of the sectoral indices were trading in the red, while power and realty witnessed the maximum gain in trade. Capital goods, oil and gas, consumer durables, metal, auto, Technology and software too were trading significantly. The broader indices too were trading in-line with benchmarks, while the market breadth on the BSE was positive; there were 1,168 shares on the gaining side against 548 shares on the losing side while 82 shares remain unchanged.
The market breadth on BSE remains positive with advances to declines in the ratio of 1152:515. BSE Sensex and NSE Nifty were comfortably trading near their psychological 23,500 and 7,000 levels respectively.
The BSE Sensex is currently trading at 23830.30, up by 279.30 points or 1.19% after trading in a range of 23921.91 and 23729.25. There were 26 stocks advancing against 4 declines on the index. The broader indices were trading in green; the BSE Mid cap index was up by 1.40% and Small cap index gained 1.25%.
The top gaining sectoral indices on the BSE were, Power up by 3.54%, Realty up by 3.05%, PSU up by 2.87%, Oil & Gas up by 2.44% and Capital Goods up by 2.27%, while there was no loser.
The top gainers on the Sensex were BHEL up by 7.79%, ONGC up by 4.20%, NTPC up by 3.87%, Tata Power up by 3.55% and Gail India up by 3.33%. On the flip side, Dr Reddys Lab was down by 0.86% and Bajaj Auto was down by 0.15% were the top losers on the Sensex.
Meanwhile, driven by higher food prices, the provisional annual inflation rate based on all India general Consumer Price Index (CPI) (Combined) rose to three months high of 8.59% from 8.31% in March.
According to the data, CPI numbers of March 2014 for Rural, Urban and Combined stood at 140.6, 137.2 and 139.1 respectively. The corresponding provisional inflation rates for rural and urban areas for April 2014 stood at 9.25% and 7.69% as compared to 8.89% and 7.51% respectively in the previous month.
Food prices for consumers rose at 9.66% in last month from a year earlier, higher than March’s 9.10% rise.  The Provisional annual inflation rates of April 2014 for Rural and Urban in respect of ‘food and beverages’ stood at 10.45% and 8.24% for month under review compared to 9.95% and 7.47% respectively in March, 2014. Additionally, Provisional annual inflation rates (Combined) for Fuel and light; Clothing, bedding and footwear stood at 5.96% and 8.83% respectively for the month of April. 
However, the core consumer price index (CPI) eased modestly to 7.80% in April from a year earlier and from a 7.82% in March. This is a bit of positive since core inflation for the past few months has remained below 8%, a level Reserve Bank of India’s (RBI) chief Raghuram Rajan deems uncomfortably high.
However, latest reading adds to woes of policy maker, which will review its monetary policy next on June 3, 2014. India has been battling a prolonged spell of high inflation and low growth. While economic growth has almost halved to below 5% for the past two years, the worst slowdown for the South Asian nation since the 1980s, inflation too is not showing any signs of receding.
The CNX Nifty is currently trading at 7,099.10 up by 84.85 points or 1.21% after trading in a range of 7,116.20 and 7,067.15. There were 44 stocks advancing against 6 declines on the index.
The top gainers of the Nifty were BHEL up by 7.70%, DLF up by 5.13%, ONGC up by 4.14%, BPCL up by 4.09% and NTPC up by 4.05%. On the flip side, DR Reddy down by 1.10%, Bajaj-Auto down by 0.21%, Cipla down by 0.19%, Coal India down by 0.03% and Sun Pharma down by 0.02% were the top losers on the index.
Most  of Asian equity indices were trading in green; Hang Seng increased by 55.22 points or 0.25% to 22,316.83, Jakarta Composite rose by 12.10 points or 0.25% to 4,925.10, Nikkei 225 spurted by 271.44 points or 1.92% to 14,420.96,  Seoul Composite climbed 21.33 points or 1.09% to 1,986.27 and  Taiwan Weighted was up by 15.32 points or 0.17% to 8,823.93.
On the flip side, Shanghai Composite was down by 1.24 points or 0.06% to 2,051.64.
Malaysia and Singapore markets remained shut for the trade today for Wesak Day holiday.

Crompton Greaves surges on installing its transformer substation in Germany

Crompton Greaves is currently trading at Rs. 181.25, up by 4.30 points or 2.43% from its previous closing of Rs. 176.95 on the BSE.
The scrip opened at Rs. 178.90 and has touched a high and low of Rs. 182.50 and Rs. 178.35 respectively. So far 150914 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 192.70 on 21-Apr-2014 and a 52 week low of Rs. 71.70 on 25-Jun-2013.
Last one week high and low of the scrip stood at Rs. 179.50 and Rs. 163.50 respectively. The current market cap of the company is Rs. 11352.11 crore.
The promoters holding in the company stood at 42.67% while Institutions and Non-Institutions held 42.47% and 14.64% respectively.
Crompton Greaves (CG) has successfully installed its transformer substation at the Amrumbank West offshore wind farm in Germany. The renewable energy unit consists of 80 multi-megawatt wind turbines located 100 km off the German coast in the North Sea. The Amrumbank West offshore wind farm (which was completed along with CG`s consortium partners Fabricom GDF Suez, Iemants and GeoSea) is scheduled to enter service in the autumn of 2015. The wind farm extends over 32 square kilometres, and its 80 technologically advanced 3.6 MW turbines will give it a total capacity of 288 MW, enough to power 300,000 households.
Crompton Greaves is a global pioneering leader in the management and application of electrical energy. With more than 15,000 employees across its operations in around 85 countries, CG provides electrical products, systems and services for utilities, power generation, industries, and consumers.

Physical rubber prices improved on Monday

Physical rubber prices improved on Monday following overall gains in the futures on the National Multi Commodity Exchange (NMCE), although lack of visible changes in the fundamental or technical situation of the commodity capped some gains in rubber prices to some extent.
Spot prices for RSS-4 variety improved to Rs 140/ kg compared to its previous closing of Rs 138.50/ kg, while RSS-5 variety closed at Rs 136.50/ kg compared to its previous close of Rs 135/ kg.
In the futures market, contract of May delivery firmed up to Rs 139.50 compared to its previous closing of Rs 136.96, while June delivery closed at Rs 143 compared to its previous close of Rs 141.57 on the National Multi Commodity Exchange (NMCE).

ONGC features in Forbes Global 2000 list

Oil and Natural Gas Corporation (ONGC) is ranked at 176th among 2000 top global companies. The company has moved up two places to 21st place in the global oil and gas operation industry. ONGC is third among 54 Indian companies which made it to the list.
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.
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.

HCL Tech to provide global infrastructure management to Novartis

HCL Technologies, a leading IT services provider, has been selected by Novartis, one of the world’s leading healthcare companies, to provide global infrastructure management services. Novartis will leverage HCL’s global delivery model for remote infrastructure management services across its entire data centre landscape, covering more than 70 countries across six continents.
This deal marks an important infrastructure outsourcing contract in HCL’s DACH region, and strengthens the company’s global expertise in infrastructure management within the pharmaceutical sector. HCL is now managing the infrastructure environment of four of the top seven pharmaceutical companies worldwide.
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.

Crompton Greaves installs its transformer substation in Germany

Crompton Greaves (CG) has successfully installed its transformer substation at the Amrumbank West offshore wind farm in Germany. The renewable energy unit consists of 80 multi-megawatt wind turbines located 100 km off the German coast in the North Sea. The Amrumbank West offshore wind farm (which was completed along with CG`s consortium partners Fabricom GDF Suez, Iemants and GeoSea) is scheduled to enter service in the autumn of 2015. The wind farm extends over 32 square kilometres, and its 80 technologically advanced 3.6 MW turbines will give it a total capacity of 288 MW, enough to power 300,000 households.
Crompton Greaves is a global pioneering leader in the management and application of electrical energy. With more than 15,000 employees across its operations in around 85 countries, CG provides electrical products, systems and services for utilities, power generation, industries, and consumers.

Power Grid shines on acquiring NRSS XXXI (A) Transmission under Tariff based competitive bidding

Power Grid Corporation of India is currently trading at Rs. 114.05, up by 2.60 points or 2.33% from its previous closing of Rs. 111.45 on the BSE.
The scrip opened at Rs. 112.00 and has touched a high and low of Rs. 115.20 and Rs. 112.00 respectively. So far 251369 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 116.70 on 17-May-2013 and a 52 week low of Rs. 86.70 on 02-Aug-2013.
Last one week high and low of the scrip stood at Rs. 113.00 and Rs. 102.00 respectively. The current market cap of the company is Rs. 60137.12 crore.
The promoters holding in the company stood at 57.90% while Institutions and Non-Institutions held 34.63% and 7.47% respectively. Power Grid Corporation of India (PGCIL), pursuant to its selection as the successful bidder under Tariff based competitive bidding, has acquired NRSS XXXI (A) Transmission, the Special Purpose Vehicle (SPV) on May 12, 2014 from REC Transmission Projects Company, to establish the transmission system for Northern Region System Strengthening Scheme NRSS- XXXI PART-A; on build own operate and maintain (BOOM) basis.
The elements to be implemented under the NRSS XXXI (PART-A) are - 400/220kV Gas Insulated Sub-station (GIS) at Kala Amb (Himachal Pradesh); LILO of both circuits of Karcham Wangtoo - Abdullapur 400 kV D/C Quad line at Kala Amb; and 40% series Compensation on 400 kV Karcham Wangtoo - Kala Amb D/C Quad line at Kala Amb.
Power Grid Corporation of India is engaged in bulk power transmission and its responsibility includes planning, coordination, supervision and control over inter-State transmission system and operation of National and Regional Power Grids.

Copper futures climb on hopes of better demand

Copper futures rose on Monday on the expectations for better demand after the world’s top metal consumer China outlined a blueprint for capital market reform. Further, growing concerns about dwindling global exchange inventories too supported copper prices uptrend.
Copper futures for May delivery rose 2.1% to settle at$3.1665 a pound on the Comex metals division of New York Mercantile Exchange. While, copper on the London Metal Exchange closed up 2% at $6,879 a metric ton.

Tata Steel firms up on the buzz of its fund raising plan

Tata Steel is currently trading at Rs. 435.15, up by 14.90 points or 3.55% from its previous closing of Rs. 420.25 on the BSE.
The scrip opened at Rs. 425.00 and has touched a high and low of Rs. 437.00 and Rs. 422.20 respectively. So far 372091 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. 427.00 and Rs. 396.50 respectively. The current market cap of the company is Rs. 40815.33 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 is reportedly planning to raise $1.24 billion overseas via the sale of bonds by one of its Singapore entities. This is part of a mega $7 billion debt refinancing initiative for Tata Steel Europe, formerly known as Corus.
Tata Steel, the flagship company of the Tata group is the first integrated steel plant in Asia and is now the world’s second most geographically diversified steel producer and a Fortune 500 Company.