Coromandel International gains on reporting seven fold jump in Q4 consolidated net profit

Coromandel International is currently trading at Rs. 235.70, up by 0.65 points or 0.28% from its previous closing of Rs. 235.05 on the BSE. The scrip opened at Rs. 242.30 and has touched a high and low of Rs. 243.00 and Rs. 231.00 respectively. So far 12266 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 260.50 on 12-Dec-2013 and a 52 week low of Rs. 162.40 on 24-Jul-2013. Last one week high and low of the scrip stood at Rs. 245.50 and Rs. 218.00 respectively. The current market cap of the company is Rs. 6608.05 crore. The promoters holding in the company stood at 63.79% while Institutions and Non-Institutions held 12.43% and 23.78% respectively. Coromandel International has reported over 6-fold jump in its net profit at Rs 83.09 crore for the quarter ended March 31, 2014 as compared to Rs 13.60 crore for the same quarter in the previous year. Total income of the company has increased by 20.05% at Rs 2357.41 crore for quarter under review as compared to Rs 1963.55 crore for the quarter ended March 31, 2013. On the consolidated basis, the group has reported around 7-fold jump in its net profit at Rs 80.83 crore for the quarter ended March 31, 2014 as compared to Rs 11.67 crore for the same quarter in the previous year. Total income of the company has increased by 5.14% at Rs 2202.95 crore for quarter under review as compared to Rs 2095.13 crore for the quarter ended March 31, 2013. For the year ended March 31, 2014, the company has posted a fall of 22.32% in its net profit at Rs 344.85 crore as compared to Rs 443.99 crore in the previous year. However, total income of the company has increased by 9.44% at Rs 9441.89 crore for year under review as compared to Rs 8627.27 crore in the previous year. For the year ended March 31, 2014, on the consolidated basis, the company has posted a fall of 17.46% in its net profit at Rs 356.54 crore as compared to Rs 431.99 crore for the same period in the previous year. However, total income of company has increased by 11.09% at Rs 10113.97 crore for year under review as compared to Rs 9103.79 crore in the previous fiscal.

Videocon Group’s telecom arm adds 2.95 lakh new users in April

Videocon Telecom, part of the diversified $4 billion Videocon Group, has added 2.95 lakh new mobile subscribers in April, 2014. Following the addition, the company’s total subscriber count stood at 52.82 lakh. Videocon Industries, established two decades ago, is a global conglomerate. Videocon’s businesses consist of manufacturing, marketing and distribution of consumer electronics products and oil & gas extraction.

Coromandel International reports seven fold jump in Q4 consolidated net profit

Coromandel International has reported results for fourth quarter and year ended March 31, 2014 The company has reported over 6-fold jump in its net profit at Rs 83.09 crore for the quarter ended March 31, 2014 as compared to Rs 13.60 crore for the same quarter in the previous year. Total income of the company has increased by 20.05% at Rs 2357.41 crore for quarter under review as compared to Rs 1963.55 crore for the quarter ended March 31, 2013. On the consolidated basis, the group has reported around 7-fold jump in its net profit at Rs 80.83 crore for the quarter ended March 31, 2014 as compared to Rs 11.67 crore for the same quarter in the previous year. Total income of the company has increased by 5.14% at Rs 2202.95 crore for quarter under review as compared to Rs 2095.13 crore for the quarter ended March 31, 2013. For the year ended March 31, 2014, the company has posted a fall of 22.32% in its net profit at Rs 344.85 crore as compared to Rs 443.99 crore in the previous year. However, total income of the company has increased by 9.44% at Rs 9441.89 crore for year under review as compared to Rs 8627.27 crore in the previous year. For the year ended March 31, 2014, on the consolidated basis, the company has posted a fall of 17.46% in its net profit at Rs 356.54 crore as compared to Rs 431.99 crore for the same period in the previous year. However, total income of company has increased by 11.09% at Rs 10113.97 crore for year under review as compared to Rs 9103.79 crore in the previous fiscal.

Ess Dee Aluminium enters into partnership with University of Chemnitz

Ess Dee Aluminium has entered into a partnership with the University of Chemnitz, Germany, one of the Europe's most acclaimed university of technology. The essence of this collaboration is to create and harmonies the manufacturing competency of Ess Dee Aluminium with the huge research and knowledge bank of the Chemnitz University in the common areas of interest and thus strengthen the Indo-German technical relationship further. This co-operation would also favour Indian economy by creating and developing innovative as well as eco-friendly products for the Pharmaceutical and food industry which will go a long way in creating a high social impact in improving upon anti-counterfeit measure. At the same time create green technology in the packaging sectors by reducing carbon foot prints. Ess Dee Aluminium is engaged in manufacturing of aluminium foil and poly vinyl chloride (PVC) based products. Currently the company owns 8 state of the art manufacturing plant spread across India. Ess Dee is a leading supplier of primary packaging materials.

MTNL adds 12,794 subscribers in April

Mahanagar Telephone Nigam (MTNL), the state owned telecom firm which operates in Delhi and Mumbai, has added 12,794 mobile subscribers in April, 2014. Following the said addition, the company’s total subscriber count stood at 32.57 lakh.

MTNL was set up by the Government of India to upgrade the quality of telecom services, expand the telecom network, and introduce new services and to raise revenue for telecom development needs of India's key metros -- Delhi and Mumbai.

Cipla trades in green on the BSE

Cipla is currently trading at Rs. 394.95, up by 4.25 points or 1.09% from its previous closing of Rs. 390.70 on the BSE. The scrip opened at Rs. 392.00 and has touched a high and low of Rs. 396.85 and Rs. 391.05 respectively. So far 140740 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 450.00 on 16-Sep-2013 and a 52 week low of Rs. 364.05 on 03-Jun-2013. Last one week high and low of the scrip stood at Rs. 396.25 and Rs. 381.55 respectively. The current market cap of the company is Rs. 31711.38 crore. The promoters holding in the company stood at 36.80% while Institutions and Non-Institutions held 34.75% and 27.35% respectively. Cipla’s wholly owned subsidiary -- Cipla (EU), UK -- has signed a definitive agreement to invest $1.5 million in Chase Pharmaceuticals Corporation Inc, US to acquire 14.6% stake in Chase on a fully diluted basis. Cipla will make an additional $4.5 million investment in Chase upon achievement of certain milestones. Chase is an early stage drug development company developing novel approaches to improve treatments for Alzheimer’s disease. Cipla is a global pharmaceutical company which uses cutting edge technology and innovation to meet the everyday needs of all patients. For more than 70 years, Cipla has emerged as one of the most respected pharmaceutical names in India as well as across more than 170 countries.

Punjab, Haryana state procures 176 LT of wheat

Food grain producing states Punjab and Haryana have procured nearly 176 lakh tonnes (LT) of wheat. Procurement in both states started April 1 but most of the wheat arrived after April 20. Both states have recorded a bumper crop this year. The government agencies and private millers have procured over 112.70 LT of wheat in state of Punjab. Of this, 97.6% has been procured by government agencies alone. The district of Sangrur in Punjab is leading in procurement, followed by Ludhiana and Bathinda districts. In Haryana, nearly 63.2 LT of wheat has arrived in various grain markets during the current procurement season. The government agencies here have procured nearly 63.1 LT of wheat. Sirsa, Fatehabad and Karnal districts were leading in wheat procurement.

Idea Cellular adds 7.70 lakh new mobile subscribers in April

Idea Cellular, one of the biggest cellular carrier of the country has added 7.70 lakh new mobile subscribers in April, 2014. Following the addition, the company’s total subscriber count stood at 13.65 crore.

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

Wipro’s arm plans to increase automation in commoditized service lines: Report

Wipro Infotech, the India and Middle East business of Wipro is reportedly planning to spend more money on sales and marketing besides increasing automation in commoditized service lines such as managing servers, storage systems and networking equipment.  Earlier, the company had signed a partnership pact with Axiom Software Laboratories for the financial services industry. Wipro is a leading provider of analytics and information management solutions - enabling customers to derive actionable business insights from data to drive growth, enhance cost management and strengthen risk management.

Bank of Maharashtra gets nod to raise Rs 588 crore

Bank of Maharashtra has received its board’s approval for the proposal to convert the perpetual non cumulative preference shares (PNCPS) of Rs 588 crore held by Government of India into equity shares on preferential basis to Government of India at a price to be determined, subject to the approval of the shareholders.

The company’s board has also approved the proposal of raising equity capital by issuing additional equity shares to LIC of India or other Financial Institutions, on preferential basis at a price to be determined, subject to the approval of the shareholders.

Bharti Airtel shines as its arm prices dual currency issuance of Guaranteed Senior Notes

Bharti Airtel is currently trading at Rs. 323.55, up by 3.65 points or 1.14% from its previous closing of Rs. 319.90 on the BSE. The scrip opened at Rs. 324.70 and has touched a high and low of Rs. 325.05 and Rs. 320.60 respectively. So far 68,000 shares were traded on the counter. The BSE group 'A ' stock of face value Rs. 5 has touched a 52 week high of Rs. 373.50 on 01-Nov-2013 and a 52 week low of Rs. 274.50 on 11-Jun-2013. Last one week high and low of the scrip stood at Rs. 325.50 and Rs. 304.00 respectively. The current market cap of the company is Rs. 1,29,415.00 crore. The promoters holding in the company stood at 65.32%, while Institutions and Non-Institutions held 24.17% and 10.51% respectively. Bharti Airtel’s wholly-owned subsidiary Bharti Airtel International (Netherlands) B.V. (Bharti) has successfully priced a dual currency issuance of Guaranteed Senior Notes comprising of $ 1,000 million 5.350 % Notes due 2024 and Euro 750 million 3.375% Notes due 2021. The Notes carry an Investment Grade rating from Moody’s, Standard & Poor and Fitch. The Notes will be fully and unconditionally guaranteed by Bharti Airtel. Bharti will apply the net proceeds to refinance its existing debt. This refinancing exercise has significantly lengthened the average maturity profile of Bharti's debt. With this, the company has fully refinanced the original $ 9 billion acquisition facility and also taken care of all near term maturities. The success of the dual tranche Euro and USD bond offerings demonstrate the demand for quality Investment Grade Indian paper like Bharti Airtel. The Notes received considerable investor interest, witnessing a strong demand across high quality Institutional Investors, Banks and Insurance companies. Bharti Airtel is a leading integrated telecommunications company with operations in 20 countries across Asia and Africa. The company ranks amongst the top 5 mobile service providers globally in terms of subscribers.

Anant Raj strengthens on getting nod to incorporate wholly owned subsidiary company

Anant Raj is currently trading at Rs. 58.70, up by 1.20 points or 2.09% from its previous closing of Rs. 57.50 on the BSE. The scrip opened at Rs. 57.90 and has touched a high and low of Rs. 59.20 and Rs. 57.30 respectively. So far 277087 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 79.65 on 20-May-2013 and a 52 week low of Rs. 40.45 on 01-Oct-2013. Last one week high and low of the scrip stood at Rs. 59.20 and Rs. 52.30 respectively. The current market cap of the company is Rs. 1727.79 crore. The promoters holding in the company stood at 63.44%, while Institutions and Non-Institutions held 16.69% and 19.69% respectively. Anant Raj has received an approval for incorporation of a wholly owned subsidiary company in the name of ‘Estate Management Services’ or such other name as may be approved by the Registrar of Companies, NCT of Delhi & Haryana. The board of directors at its meeting held on May 13, 2014 has approved for the same. The board also approved investment of up to Rs 500,000 each, in the entire equity share capital of Bigtown Promoters & Developers, Bigtown Properties, Eastman Developers, Eastman Properties and Equinox Promoters. Pursuant to the acquisition of share capital, it would become the wholly owned subsidiaries of the company. Anant Raj is armed with one of the largest land banks in the region and is in the process of building an array of Special Economic Zones (SEZs), IT Parks, Hotels, Commercial Complexes, Malls, Residential / Service Apartment and other infrastructure projects.

NTPC rises on plan to set-up a water pipeline corridor for its 1,600 MW STPP at Darlipalli

NTPC is currently trading at Rs. 124.00, up by 1.15 points or 0.94% from its previous closing of Rs. 122.85 on the BSE. The scrip opened at Rs. 124.90 and has touched a high and low of Rs. 124.90 and Rs. 123.35 respectively. So far 297626 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. 130.35 and Rs. 114.05 respectively. The current market cap of the company is Rs. 102326.21 crore. The promoters holding in the company stood at 75.00% while Institutions and Non-Institutions held 22.27% and 2.73% respectively. In a bid to set-up a water pipeline corridor for its 1,600 MW super thermal power plant (STPP) at Darlipalli in Sundargarh district, NTPC has sought 525 acres land from the Odisha government. The land is to be set aside in 21 villages spread across Sundargarh and Jharsuguda districts, including 278 acres private land, 195 acres government land and 52 acres of forest land. In this regard, the company has already received in-principle nod from state water resources department for allocation of 160 cusecs of water in favour of NTPC from Hirakud reservoir for the Darlipalli plant. Moreover, the country’s biggest power generating utility hopes to commission the Darlipalli plant by 2018. 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.

CARE assigns ‘A1’ to proposed commercial paper issue of KEC International

Credit rating agency, CARE has assigned ‘A1’ to the proposed commercial paper issue worth Rs 75 crore of KEC International. The short term rating assigned to the proposed instrument of the company derives strength from its dominant market position and significant experience of the promoters, strong execution capabilities in executing projects in power transmission segment and geographically diversified order book position yielding revenue visibility in medium term. KEC International is a global infrastructure Engineering, Procurement and Construction (EPC) major. It has a presence in the verticals of power transmission, power systems, cables, railways, telecom and water.

Anant Raj gets nod to incorporate wholly owned subsidiary company

Anant Raj has received an approval for incorporation of a wholly owned subsidiary company in the name of ‘Estate Management Services’ or such other name as may be approved by the Registrar of Companies, NCT of Delhi & Haryana. The board of directors at its meeting held on May 13, 2014 has approved for the same. The board also approved investment of up to Rs 500,000 each, in the entire equity share capital of Bigtown Promoters & Developers, Bigtown Properties, Eastman Developers, Eastman Properties and Equinox Promoters. Pursuant to the acquisition of share capital, it would become the wholly owned subsidiaries of the company. Anant Raj is armed with one of the largest land banks in the region and is in the process of building an array of Special Economic Zones (SEZs), IT Parks, Hotels, Commercial Complexes, Malls, Residential / Service Apartment and other infrastructure projects.

NTPC to set-up a water pipeline corridor for its 1,600 MW STPP at Darlipalli

In a bid to set-up a water pipeline corridor for its 1,600 MW super thermal power plant (STPP) at Darlipalli in Sundargarh district, NTPC has sought 525 acres land from the Odisha government. The land is to be set aside in 21 villages spread across Sundargarh and Jharsuguda districts, including 278 acres private land, 195 acres government land and 52 acres of forest land. In this regard, the company has already received in-principle nod from state water resources department for allocation of 160 cusecs of water in favour of NTPC from Hirakud reservoir for the Darlipalli plant. Moreover, the country’s biggest power generating utility hopes to commission the Darlipalli plant by 2018. 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.

Ambuja Cements gains as its CFL secures accreditation for 13 tests from NABL

Ambuja Cements is currently trading at Rs. 222.65, up by 1.10 points or 0.50% from its previous closing of Rs. 221.55 on the BSE. The scrip opened at Rs. 220.60 and has touched a high and low of Rs. 224.65 and Rs. 220.60 respectively. So far 82433 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 224.65 on 14-May-2014 and a 52 week low of Rs. 147.55 on 28-Aug-2013. Last one week high and low of the scrip stood at Rs. 224.65 and Rs. 192.35 respectively. The current market cap of the company is Rs. 34435.67 crore. The promoters holding in the company stood at 50.46%, while Institutions and Non-Institutions held 39.94% and 8.02% respectively. Ambuja Cements’ Mumbai-based Concrete Futures Laboratory (CFL) has secured accreditation for 13 tests in concrete from National Accreditation Board for Testing and Calibration Laboratories (NABL). These accreditations will provide the company’s CFL with a clear differentiation in the market place. NABL, a government of India authorised accreditation body, is established with an objective to offer government, industry associations and industry with a scheme for third-party assessment of the quality and technical competence of testing and calibration laboratories.   Ambuja Cement is a part of a global conglomerate Holcim and its current cement capacity is 27.25 million tons. The company has five integrated cement manufacturing plants and eight cement grinding units across the country.

LIC Nomura declares dividend under Interval Fund Series 2-Quarterly

LIC Nomura (MF) has declared dividend under dividend option and direct dividend option of LIC Nomura Interval Fund Series 2-Quarterly. The record date for dividend is May 19, 2014

The quantum of dividend will be the entire distributable surplus as on record date on the face value of Rs 10 per unit.

The objective of the scheme is to generate income and growth of capital by investing in debt and money market instruments.

LIC Nomura declares dividend under Interval Fund Series 2-Quarterly

LIC Nomura (MF) has declared dividend under dividend option and direct dividend option of LIC Nomura Interval Fund Series 2-Quarterly. The record date for dividend is May 19, 2014 The quantum of dividend will be the entire distributable surplus as on record date on the face value of Rs 10 per unit. The objective of the scheme is to generate income and growth of capital by investing in debt and money market instruments.

HDFC Bank inches up on the bourses

HDFC Bank is currently trading at Rs. 787.80, up by 0.60 points or 0.08% from its previous closing of Rs. 787.20 on the BSE. The scrip opened at Rs. 786.00 and has touched a high and low of Rs. 795.00 and Rs. 780.00 respectively. So far 37398 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 800.40 on 13-May-2014 and a 52 week low of Rs. 528.00 on 28-Aug-2013. Last one week high and low of the scrip stood at Rs. 800.40 and Rs. 712.20 respectively. The current market cap of the company is Rs. 189633.79 crore. The promoters holding in the company stood at 22.64% while Institutions and Non-Institutions held 44.00% and 16.40% respectively. HDFC Bank, the country’s second largest private sector bank has opened two new branches at Pathwal and Reasi areas in Jammu & Kashmir (J&K). With this, the bank now has 67 branches in J&K. The new branches set up in the rural areas will offer the full range of world-class banking solutions to meet the needs of the local populace. HDFC Bank has reported a rise of 23.11% in its net profit at Rs 2326.52 crore for the quarter ended March 31, 2014 as compared to Rs 1889.84 crore for the same quarter in the previous year. Total income of the bank has increased by 14.94% at Rs 12789.98 crore for quarter under review as compared to Rs 11127.54 crore for the quarter ended March 31, 2013.

Ind-Ra affirms ‘AA’ rating to Andhra Bank’s Long-Term Issuer

Credit rating agency, India Ratings & Research (Ind-Ra) has affirmed ‘AA’ rating to Andhra Bank’s Long-Term Issuer with a Stable Outlook and ‘A1+’ rating to Short-Term Issuer. The ratings factor in AB’s adequate capitalization and strong regional franchisee in Andhra Pradesh. Andhra Bank has reported 82.27% fall in its net profit at Rs 45.57 crore for third quarter ended December 31, 2013 as compared to Rs 257.09 crore for the same quarter in the previous year. However, total income of the bank has increased by 12.49% at Rs 3900.54 crore for quarter under review as compared to Rs 3467.57 crore for the quarter ended December 31, 2012.

Nestle India declines on registering 7% fall in Q1 net profitv

Nestle India is currently trading at Rs. 4738.95, down by 112.40 points or 2.32% from its previous closing of Rs. 4851.35 on the BSE. The scrip opened at Rs. 4800.00 and has touched a high and low of Rs. 4800.00 and Rs. 4734.90 respectively. So far 1828 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 5864.85 on 18-Jul-2013 and a 52 week low of Rs. 4589.00 on 29-Aug-2013. Last one week high and low of the scrip stood at Rs. 4869.75 and Rs. 4665.20 respectively. The current market cap of the company is Rs. 45817.71 crore. The promoters holding in the company stood at 62.76% while Institutions and Non-Institutions held 18.97% and 18.27% respectively. Nestle India has posted a fall of 7.14% in its net profit at Rs 259.16 crore for the quarter ended March 31, 2014 as compared to Rs 279.09 crore for the same quarter in the previous year. However, total income of the company has increased by 3.71% at Rs 2352.44 crore for quarter under review as compared to Rs 2268.08 crore for the quarter ended March 31, 2013 Nestle India has its presence in India for around nine decades, making it one of the oldest company in India. Nestle has created brands like Nestle Milkmaid, Nestle Everyday, Maggi Noodles, Maggi Soups, Polo, Kit Kat, Nescafe and many more.

MRPL commissions 0.65 MMTPA CHT Unit

Mangalore Refinery & Petrochemicals’ (MRPL) 0.65 MMTPA Coker Heavy Gas Oil Hydro Treating Unit (CHTU), a secondary processing facility of the Phase III Upgradation and Refinery Expansion Project of the company went on stream. The CHT Unit has been built with an investment of about Rs 443 crore with technology supplied by UOP and executed by Technimont ICB India. The VGO (Vacuum Gas Oil) feed cut in was done on May 10, 2014 and the product hydro treated VGO was routed out on May 11, 2014 to PFCCU (Petroleum Fluidized Catalytic Convertor Unit) feed tank. The pre-commissioning / commissioning activities of PFCCU that is part of MRPL Phase III is progressing rapidly. CHT Unit is designed to treat Coker Heavy Gas Oil (HCGO) and VGO to produce low sulphur. MRPL, a schedule ‘A’ CPSE and a subsidiary of ONGC is a State of Art Grassroot Refinery located in a beautiful hilly terrain, north of Mangalore city, in Dakshin Kannada region.

Tata Steel surges on plan to raise $1.24 billion through sale of bonds

Tata Steel is currently trading at Rs. 442.25, up by 15.35 points or 3.60% from its previous closing of Rs. 426.90 on the BSE. The scrip opened at Rs. 430.00 and has touched a high and low of Rs. 444.00 and Rs. 430.00 respectively. So far 460504 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 441.25 on 13-May-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. 441.25 and Rs. 396.50 respectively. The current market cap of the company is Rs. 42160.46 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.

Asian markets mostly trade higher in early deals on Wednesday

Most of the Asian equity benchmarks are trading higher in the early deals on Wednesday. However, the Japanese stock market declined with investors indulging in some profit taking after the previous session's upmove that saw the benchmark index rising nearly 2 percent. In the economy news, an index measuring domestic corporate goods prices in Japan was up 2.8 percent on month at 105.7 in April that was in line with expectations following the flat reading in March. Among other markets in the Asia-Pacific region, Hong Kong, Singapore, Indonesia, South Korea and Malaysia are trading notably higher. Taiwan is up marginally, while Shanghai is modestly lower. Hang Seng increased 203.02 points or 0.91% to 22,555.40, Jakarta Composite added 43.18 points or 0.88% to 4,964.58, KLSE Composite gained 8.04 points or 0.43% to 1,874.12, Straits Times soared 33.21 points or 1.03% to 3,255.64, Seoul Composite jumped by 19.52 points or 0.98% to 2,002.45 and Taiwan Weighted was up by 34.99 points or 0.40% to 8,852.93. On the flip side, Shanghai Composite declined 3.37 points or 0.16% to 2,047.36 and Nikkei 225 was down by 30.35 points or 0.21% to 14,395.09.

Physical rubber prices improved on Tuesday

Physical rubber prices improved on Tuesday on fresh enquiries from the tyre sector. Spot prices for RSS-4 variety improved to Rs 141/ kg compared to its previous closing of Rs 140/ kg, while RSS-5 variety closed at Rs 138/ kg compared to its previous close of Rs 136.50/ kg. In the futures market, contract of May delivery firmed up to Rs 140.50 compared to its previous closing of Rs 139.42, while June delivery closed at Rs 142.50 compared to its previous close of Rs 142.70 on the National Multi Commodity Exchange (NMCE).

HDFC Bank opens two new branches in Jammu & Kashmir

HDFC Bank, the country’s second largest private sector bank has opened two new branches at Pathwal and Reasi areas in Jammu & Kashmir (J&K). With this, the bank now has 67 branches in J&K. The new branches set up in the rural areas will offer the full range of world-class banking solutions to meet the needs of the local populace. HDFC Bank has reported a rise of 23.11% in its net profit at Rs 2326.52 crore for the quarter ended March 31, 2014 as compared to Rs 1889.84 crore for the same quarter in the previous year. Total income of the bank has increased by 14.94% at Rs 12789.98 crore for quarter under review as compared to Rs 11127.54 crore for the quarter ended March 31, 2013.

IOC to begin maintenance work at three of its refineries

Indian Oil Corporation (IOC), the country’s biggest refiner, is planning to begin series of major maintenance and inspection work at three of its refineries this year, starting later this month. These three refineries are the 274,000 barrels per day (bpd) Koyali refinery in Gujarat, the 150,000 bpd Haldia refinery in eastern India and the 160,000 bpd Mathura refinery in Uttar Pradesh. The shutdowns are unlikely to impact the company’s ability to fulfill demand for fuels at its retail outlets and for its industrial customers as the maintenance work will be staggered through the year. 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.

Nestle India registers 7% fall in Q1 net profit

Nestle India has reported results for first quarter ended March 31, 2014. The company has posted a fall of 7.14% in its net profit at Rs 259.16 crore for the quarter ended March 31, 2014 as compared to Rs 279.09 crore for the same quarter in the previous year. However, total income of the company has increased by 3.71% at Rs 2352.44 crore for quarter under review as compared to Rs 2268.08 crore for the quarter ended March 31, 2013 Nestle India has its presence in India for around nine decades, making it one of the oldest company in India. Nestle has created brands like Nestle Milkmaid, Nestle Everyday, Maggi Noodles, Maggi Soups, Polo, Kit Kat, Nescafe and many more.

Ambuja Cements’ CFL secures accreditation for 13 tests from NABL

Ambuja Cements’ Mumbai-based Concrete Futures Laboratory (CFL) has secured accreditation for 13 tests in concrete from National Accreditation Board for Testing and Calibration Laboratories (NABL). These accreditations will provide the company’s CFL with a clear differentiation in the market place. NABL, a government of India authorised accreditation body, is established with an objective to offer government, industry associations and industry with a scheme for third-party assessment of the quality and technical competence of testing and calibration laboratories.   Ambuja Cement is a part of a global conglomerate Holcim and its current cement capacity is 27.25 million tons. The company has five integrated cement manufacturing plants and eight cement grinding units across the country.

EID Parry soars on acquiring stake in Parry Phytoremedies

E.I.D. Parry (India) is currently trading at Rs. 164.90, up by 7.20 points or 4.57% from its previous closing of Rs. 157.70 on the BSE. The scrip opened at Rs. 158.00 and has touched a high and low of Rs. 165.50 and Rs. 158.00 respectively. So far 19620 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 167.00 on 17-Apr-2014 and a 52 week low of Rs. 103.00 on 07-Aug-2013. Last one week high and low of the scrip stood at Rs. 165.50 and Rs. 151.80 respectively. The current market cap of the company is Rs. 2882.89 crore. The promoters holding in the company stood at 45.22% while Institutions and Non-Institutions held 27.44% and 27.30% respectively. EID Parry (India) has acquired 63,200 equity shares of Rs 100 each from erstwhile promoters in Parry Phytoremedies, a subsidiary of EID Parry. With this acquisition, Parry Phytoremedies has become a 100% subsidiary of the company. EID Parry India manufactures and markets a wide range of products such as sugar, bio-products and nutraceuticals. Today, the company is one of the Top 5 sugar producers in India and is on the path to sweetening more lives around the world.

Infosys wins global award for Innovation in Osteoporosis Diagnosis and Treatment

Infosys, a global leader in technology, consulting and outsourcing solutions, has been recognized as a winner in the 2014 Simulating Reality contest. The contest is organized by MSC Software, a worldwide leader of multidisciplinary simulation solutions. The winning team from Infosys used MSC’s simulation technologies to better diagnose osteoporosis and accurately quantify fracture risk. Osteoporosis, a disease characterized by a decrease in bone mass and density, leads to diminished bone strength and increased risk of fracture. Currently, medical practitioners estimate bone fracture risk for patients through qualitative methods including physical examination, CT scans, X-rays and measurement of bone mineral density (BMD), and physiological parameters such as gender, age, and weight. The innovative solution designed by Infosys applies the proven principles of mechanical engineering to understand the biomechanics of the human vertebrae and reduce the scope of errors in estimating fracture risks. 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.

Copper futures decline on disappointing China data

Copper futures declined on Tuesday after some disappointing economic data from the world’s top consumer China. The Chinese industrial production rose 8.7% in April from a year earlier, missing economists' forecasts of an 8.9% increase and Chinese retail sales too missed their estimates, which raised the concern that demand will decrease in China. However, the expectations that a string of weak economic indicators will prompt the Chinese government to roll out fresh stimulus measures, capped losses in copper prices to some extent. Copper futures for July delivery dropped 0.4% to settle at $3.1355 a pound on the Comex metals division of New York Mercantile Exchange. While, copper on the London Metal Exchange closed down 0.5% to $6,845 a metric ton.

Tata Elxsi launches new design studio in central London

Tata Elxsi has launched its new design studio in central London. The London design studio will help the company enhance its global footprint, access and serve new markets and broaden its talent base. The London design studio will leverage local design talent and serve customers in the UK, central Europe and Scandinavia. It will also enable access to new customers apart from enhancing relationships and project execution with existing customers. Tata Elxsi provides system integration and software development. The company caters to various industries such as aerospace, consumer electronics, entertainment, FMCG, telecom etc.

NTPC terminates contract with Punj Lloyd

NTPC has terminated the contract with Punj Lloyd of worth Rs 210 crore due to poor performance.  Earlier, the private firm had won the contract from NTPC for civil work of a 750 MW thermal power project in Bongaigaon district of Assam in 2011.  Punj Lloyd's scope of work in the contract entailed underground and over ground civil, architectural and structural work for the main plant etc and construction of the administration building and auditorium. 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.

BHEL commissions 600 MW Thermal Unit in Odisha

Bharat Heavy Electricals (BHEL) has achieved another landmark by successfully commissioning a 600 MW thermal unit in Odisha. The unit was commissioned at Jindal India Thermal Power’s (JITPL) upcoming 2x600 MW thermal power project located at Derang in Angul District of Odisha. Significantly, BHEL successfully loaded the machine up to 605 MW, higher than the designed capacity (Full Load), with all the operating parameters within the acceptable limits. The order for the 2x600 MW greenfield power project valued at Rs 2,600 crore, was placed on BHEL by JITPL. BHEL’s scope of work in the contract envisaged design, engineering, manufacture, supply, erection and commissioning of Steam Turbines, Generators and Boilers, along with associated Auxiliaries and Electricals, besides state-of-the-art Controls & Instrumentation (C&I) and Electrostatic Precipitators (ESPs). Work on Unit 2 is progressing in full swing and the unit is also expected to be commissioned during the current year.

Torrent Power surges on reporting eight fold jump in Q4 consolidated net profit

Torrent Power is currently trading at Rs 133.00, up by 2.60 points or 1.99% from its previous closing of Rs 130.40 on the BSE. The scrip opened at Rs 131.60 and has touched a high and low of Rs 133.85 and Rs. 131.30 respectively. So far 150471 shares were traded on the counter. The BSE group 'A' stock of face value Rs 10 has touched a 52 week high of Rs 147.90 on 13-May-2014 and a 52 week low of Rs 67.00 on 06-Aug-2013. Last one week high and low of the scrip stood at Rs 147.90 and Rs 107.10 respectively. The current market cap of the company is Rs 6160.73 crore. The promoters holding in the company stood at 53.44%, while Institutions and Non-Institutions held 24.49% and 22.08% respectively. Torrent Power 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.

Gold futures decline on sluggish US retail sales

Gold futures declined on Tuesday after investors shrugged off sluggish US retail sales and avoided gold on expectations for the European Central Bank to loosen policy in June, which sent the US dollar rising. Besides, uncertainties in the ongoing geopolitical tensions in Ukraine continued with pro-Russian separatists now seeking to become a part of Russia, too influenced the precious metal price. Gold futures for June delivery settled down 0.16 percent at $1,293.70 an ounce on the Comex division of the New York Mercantile Exchange. While spot gold rose 0.2 percent to $1,295.00 an ounce.

Tata Power increases consumer base to five lakh consumers in Mumbai

Tata Power Company, India’s largest integrated power company, has increased its consumer base to five lakh consumers in April 2014. The company is the fastest growing power utility in the city of Mumbai and has empowered Mumbaikars with the ‘right to choose’ their preferred power supplier. The company is growing at a rapid pace with the significant addition of five lakh consumers in just four years. The highlight of this milestone was the last leg addition of two lakh consumers, consuming electricity below 300 units. Tata Power’s consumers below 300 units account for almost 65 percent of its total consumers in the city. The consumers below the 300 units category also enjoy the lowest tariff in the city. Tata Power is undertaking steady network expansion within the city with a focus on 11 clusters post receiving directions from MERC on August 22, 2012. The company has faced various challenges in laying its network and has been successful in adding 695 km of cable network till March 2014. In addition to this, the company has added seven additional distribution sub stations (DSS) and 118 consumer sub stations (CSS), totaling to 24 DSS and 637 CSS.

Religare Invesco MF introduces FMP-Series 74-369 Days Plan M

Religare Invesco Mutual Fund has launched the New Fund Offer (NFO) of Religare Invesco Fixed Maturity Plan - Series 23 - Plan M - (367 Days), a close ended income scheme. The NFO opens and closes for subscription on May 14, 2014. No entry load or exit load will be applicable for the scheme. The minimum subscription amount is Rs 5000 and in multiples of Rs. 10 thereafter. The scheme’s performance will be benchmarked against CRISIL Short Term Bond Fund Index and its fund manager is Nitish Sikand. The investment objective of the scheme is to generate income by investing in a portfolio of debt and money market instruments maturing on or before the date of maturity of the Scheme.

Crude oil futures end at a near three-week high on Tuesday

Crude oil futures extended their gains on Tuesday for a second straight session, to end at a near three-week high. Prices rose mainly on fear that Ukraine unrest will escalate and affect Russian oil exports with pro-Russian separatists now seeking to become a part of Russia, after claiming victory in a referendum for self-rule last week end. And also on growing concerns that a deal between Libya and rebels to reopen oil ports will fall through, thus crimping global supply. Benchmark crude oil futures for June delivery gained $1.11 or 1.1 percent to close at $101.70 a barrel after trading in a range of $101.71 and $100.36 a barrel on the New York Mercantile Exchange. In London, Brent oil futures for July delivery were up 0.37 percent to $108.19 a barrel on the ICE.

FIIs were net buyers of Rs 2591.99 crore in index futures and options segments on May 13

According to the data released by the NSE, the Foreign Institutional Investors (FIIs) were net buyers of Rs 2591.99 crore in index futures and options segments, as per Tuesday’s data, May 13, 2014.

FIIs were buyers of index futures to the tune of Rs 1500.27 crore and they bought index options worth Rs 1091.71 crore. In the stock segment, FII’s were net sellers of stock futures worth Rs 193.80 crore, while they bought stock options worth Rs 28.58 crore.      

Power Grid gets nod for four investment proposals worth Rs 1776.72 crore

Power Grid Corporation of India (PGCIL) has received an approval for four investment proposals worth Rs 1776.72 crore. The board of directors at its meeting held on May 13, 2014 has approved for the same. The first investment approval is for Eastern Region Strengthening Scheme-XII (ERSS-XII) at an estimated cost of Rs 522.29 crore, with commissioning schedule of 30 months from the date of investment approval. The second approval is for Eastern Region Strengthening Scheme-XIII (ERSS-XIII) at an estimated cost of Rs 121.38 crore, with commissioning schedule of 30 months from the date of investment approval. Besides, the third proposal is for Static VAR Compensators (SVCs) in Northern Region at an estimated cost of Rs 829.98 crore, with commissioning schedule of 27 months from the date of investment approval. Further, the final approval is for installation of Bus Reactor and ICT in Western Region at an estimated cost of Rs 303.07 crore, with commissioning schedule of 26 months progressively from the date of investment approval. PGCIL is India’s principal electric power transmission company. It owns and operates most of India’s interstate and inter-regional electric power transmission systems with inter-regional power transfer capacity of about 20,800 MW and wheels nearly 45% of total power generated across India.

L&T workmen calls-off strike at Hazira Campus

Larsen & Toubro (L&T) workmen have called off the strike at the company’s Hazira Campus and have reported to work. The workers have gone on strike on March 29, 2014 at the Hazira Campus, Gujarat. Larsen & Toubro is a $14 billion technology, engineering, construction, manufacturing and financial services conglomerate, with global operations. Its products and systems are marketed in over 30 countries worldwide.

Info-Drive Software gets nod to raise funds up to $10 million

Info-Drive Software has received an approval to raise funds up to $10 million through issue of Foreign Currency Convertible Bonds (FCCBs) convertible into equity shares. The board of directors at its meeting held on May 13, 2014 has approved for the same. Info-Drive Software, is a multi-dimensional Technology and Business Services Company offering -Specialized expertise in Applications Deployment and Banking Solutions, Remote Infrastructure Management, Biometric Solutions at enterprise level and Back-office transaction processing in Healthcare and Benefit Administration domains.

Markets to extend the gains with a positive start

The Indian markets extending their bull run surged to a third consecutive record high in last session, on hopes of a stable business-friendly government after the results of the general elections are announced on May 16. Today, the start is likely to be in green and the euphoria may not recede anytime soon. However, there may me instances of profit booking and the traders will be cautious with Organisation for Economic Cooperation and Development (OECD) saying that India, China and other major emerging economies are expected to see weak growth even as momentum remains stable in the developed world. Meanwhile, the industry body Assocham has said that the formation of a strong and stable coalition government at the Centre augurs well for India’s economy. There will be some concern in manufacturing sector, as a Ficci survey has stated that growth in manufacturing sector is expected to moderate during the first quarter of the current fiscal due to slowdown in global demand for Indian products. On the other hand there will be some buzz in the oil & gas sector after an US Energy Information Administration (EIA) report said that India will overtake Japan to become the world's third largest oil consumer behind the US and China by 2025. There will be lots of important result announcements too, to keep the markets ticking. Asian Paints, Bajaj Finserv, Bajaj Finance, C&C Const, Gammon India, Geojit Bnp, Moser Baer, Mphasis, RCF, Tata Steel, Tech Mahindra are among the many to announce their numbers. The US markets ended mixed after a volatile trade in last session, though the Dow and the S&P 500 still ended the session at new record closing highs but trade remained lackluster. The sentiments were impacted by Commerce Department’s report showing weaker than expected retail sales growth in the month of April. The Asian markets have made mostly a soft start, though some of the indices are extending their rally too. Chinese market was marginally in red after country’s central bank called on the biggest lenders to accelerate the granting of mortgages. Back home, extending their gaining streak for the fourth straight session, Indian equity markets scaled fresh all time closing high levels, as exit polls predicted that the Modi-led NDA is set to cross the magic figure of 272 in the just-concluded elections. Hectic buying activity in blue-chip stocks during the session too drove the markets higher, with frontline gauges ending at their all time closing high levels of 23,850 (Sensex) and 7,100 (Nifty). Meanwhile, rally at Dalal Street also saw participation of broader indices, which traded in-line with larger peers, ending with profit of around one and a half percent.  At one point of time Sensex surpassed its crucial 24,000 mark, but profit booking dragged the market below that level. Some cautiousness too was witnessed in the markets on account of weak set of economic data. 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. On the global front, shares in Europe firmed up, tracking solid gains in US equities, moreover, the Asian markets ended mostly in the green as investors shrugged off tensions in Ukraine. Back home, there was broad based buying witnessed in the markets and apart from the blue chips, the broader markets too participated strongly in the rally. Appreciation in Indian rupee too supported the sentiments. Meanwhile, stocks related to Capital goods counters edged higher on hopes that the growth focused BJP-led NDA would unveil infrastructure reforms that would ultimately lead to new order inflows. Additionally, stocks related to public sector oil marketing companies (OMCs) viz. BPCL, HPCL and IOC edged higher as diesel prices were on Monday hiked by Rs 1.09 a litre, excluding state levies. Finally, the BSE Sensex surged by 320.23 points or 1.36%, to 23871.23, while the CNX Nifty gained 94.50 points or 1.35% to 7,108.75.