Anjani Synthetics to sell aggregate 13 acres Agriculture Tea Land located at Tamil Nadu

Anjani Synthetics’ Board of Directors meeting held on May 15, 2014 at the Registered Office of the Company for approval of to contribute or sale or otherwise dispose of aggregate 13 acres Agriculture Tea Land located at Coonoor Town, Tamil Nadu held by the Company jointly with Manoj Kumar Dugar in the Partnership Firm, BASRAA Associates by way of Capital contribution. Anjani Synthetics stitching unit is spread over land area of 1,00,000 sq. feet and encompasses over 100 juki stitching machines. The company has daily capacity is to produce 10,000 bed sets. Anjani processes fabrics such as 100% Cotton, 100% Rayon, 100% Polyester, PC Blended and PV Blended.

SEBI to pitch for rationalisation of tax structure to attract household savings in capital markets

With an aim to enhance the investment in domestic equity benchmarks, the Securities and Exchange Board of India (SEBI) will soon propose for rationalization of tax structure of financial products to make them more attractive to retail investors. The SEBI has notified that tax incentive scheme similar to the US 401(k) plan can be introduced in the country. The scheme can enhance long term investments and bring greater depth in capital markets through mobilising household savings to the capital markets. High investment brought by domestic investors would help in curbing the unwanted volatility in domestic equity markets and would reduce the excessive reliance on the foreign investors. In India, only about 8% of the country's households invest in equities, directly or indirectly through mutual funds which is very low as compare to major economies like the US at 42% and China with 14% of households’ invest in equity markets. The market regulator also wants to increase the tax exemptions limits for retail investors in mutual fund retirement plans. Besides, the SEBI will also pitch for increasing investment limit in various mutual fund schemes such as equity-linked savings scheme and RGESS. The rational tax structure is viewed as an important factor which could draw investors towards equity markets. However, to enhance the investment in markets, the government had already introduced various schemes such as Rajiv Gandhi Equity Savings Scheme in the 2012-13 Budget, offering 50% tax rebate to new retail investors who invest up to 50,000 directly in equities. However, the scheme remained ineffective to encourage retail investors due to its complex structure including a lock-in period.

Jammu & Kashmir Bank reports modest rise in Q4 net profit

Jammu & Kashmir Bank has reported results for fourth quarter and year ended March 31, 2014 The company has posted a rise of 0.21% in its net profit at Rs 250.60 crore for the quarter ended March 31, 2014 as compared to Rs 250.08 crore for the same quarter in the previous year. Total income of the company increased by 2.88% at Rs 1888.60 crore for quarter under review as compared to Rs 1835.71 crore for the quarter ended March 31, 2013. For the year ended March 31, 2014, the company has posted a jump of 12.07% in its net profit at Rs 1182.47 crore as compared to Rs 1055.10 crore for the same period in the previous year. Total income of company improved by 8.10% at Rs 7157.26 crore for year under review as compared to Rs 6620.53 crore for the period ended March 31, 2013.

Aurionpro to attend Banking Vietnam 2014

Aurionpro, a leading provider of software and services and an Oracle Platinum Partner with Specialized status for the Financial Services Industry, will attend and exhibit at Banking Vietnam 2014 on May 20-22, at the Melia Hanoi hotel. The conference, which is celebrating its 11th year, is the largest annual banking conference and expo in Vietnam. With a theme of Innovative Banking: Building Trust and Customer Engagement, Banking Vietnam 2014 will see 450 executive-level delegates gather to network, hear industry thought leaders discuss current and emerging trends, and discover what progressive Institutions are doing to tackle the challenges. The conference features keynote speakers and breakout sessions that cover key issues, including bank modernization and transformation, mobile banking, retail payments and payment systems, Big Data and analytics, and risk management. Aurionpro will showcase its portfolio of banking and financial services technologies, including payment platforms, lending systems, mobile banking solutions, and customer experience management offerings, as well as its complete set of Oracle implementation services and IT consulting packages. AurionPro Solutions is a publicly traded technology company providing software products and expert level consulting services to an extensive global customer base. The company provides valuable operational and technical experience in helping banks provide new and innovative products to their customers.

Mahindra Lifespace Developers concludes sale of property in Byculla, Mumbai

Mahindra Lifespace Developers has completed the sale of the property in Byculla, Mumbai with the Owner of property wherein the Company had development rights on the part of the property. The Company's share of the sale consideration is Rs 324.95 crore.

Mahindra Lifespace Developers (MLDL) is the real estate and infrastructure development subsidiary of Mahindra & Mahindra (M&M). At present, M&M holds 51% of the equity share capital of MLDL. MLDL has two main lines of businesses - standalone real estate development and development of integrated business cities.

Bank of India reports 26% drop in Q4 net profit

Bank of India has reported results for fourth quarter and year ended March 31, 2014. The bank has posted a fall of 26.31% in its net profit at Rs 557.51 crore for the quarter ended March 31, 2014 as compared to Rs 756.57 crore for the same quarter in the previous year.  However, total income of the bank has increased by 21.67% at Rs 11274.09 crore for quarter under review as compared to Rs 9265.55 crore for the quarter ended March 31, 2013. For the year ended March 31, 2014, the bank has posted a marginal fall of 0.73% in its net profit at Rs 2729.27 crore as compared to Rs 2749.35 crore in the previous year. However, total income of the bank has increased by 18.29% at Rs 42201.94 crore for year under review as compared to Rs 35674.96 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 5.91% in its net profit at Rs 2986.78 crore as compared to Rs 2819.90 crore in FY13. Total income of bank has increased by 18.29% at Rs 42444.18 crore for year under review as compared to Rs 35880.43 crore for the period ended March 31, 2013.

Wockhardt declines on recalling 109,744 bottles of a high blood pressure drug

Wockhardt is currently trading at Rs. 785.70, down by 9.55 points or 1.20% from its previous closing of Rs. 795.25 on the BSE. The scrip opened at Rs. 802.85 and has touched a high and low of Rs. 819.90 and Rs. 778.50 respectively. So far 276207 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 1909.85 on 16-May-2013 and a 52 week low of Rs. 336.60 on 16-Dec-2013. Last one week high and low of the scrip stood at Rs. 822.00 and Rs. 748.50 respectively. The current market cap of the company is Rs. 8768.66 crore. The promoters holding in the company stood at 74.70% while Institutions and Non-Institutions held 7.84% and 17.32% respectively. Wockhardt has reportedly recalled 109,744 bottles of a high blood pressure drug -- metoprolol succinate -- in the United States after it failed a dissolution test. Metoprolol succinate extended release is a cheaper generic form of AstraZeneca Plc’s branded drug Toprol. Dissolution tests are commonly conducted to check the time taken for the active ingredient in a drug to release into the body, and help predict how the drug performs inside the body. Last year, two of the company’s manufacturing plants were banned from exporting to the United States after the FDA found violations of manufacturing standards that the agency believed could compromise the quality of drugs. One of those plants was making metoprolol succinate for the United States.

NASSCOM prepares five-point agenda for new Govt to boost Indian IT industry

In order to promote the growth and global competitiveness of the IT industry, the National Association of Software and Services Companies (NASSCOM) has prepared a five-point agenda for the new Government formed on May 16. The NASSCOM’ s report suggested five measures including enabling innovation and support entrepreneurship, making the domestic investment easier and simpler, building new markets to promote the growth and global competitiveness of the IT industry, expanding existing markets and focusing on skill development. The NASSCOM President R Chandrashekhar said that new government can use the strength of the Indian IT industry to achieve the development agenda within the country. Indian IT sector has grown in size and now has a global footprint and there is an opportunity for new government to expand sector’s global footprint, which in turn will also contribute to the domestic transformation and developmental agenda. He added that the new Government needs to ensure that the rules for opening and operating the small business are far simpler than earlier and should take measures for funding the start-ups, and connecting them with academics and research and development. Information Technology (IT) has emerged as an industry that has not only transformed India’s image on the global platform, but also fuelled economic growth. Present, market size of Indian IT industry stand at around $50 billion and its contribution to Indian GDP has increased from just 1.2 percent in 90’s to around 8 percent in 2013. India is the only country that covers a wide range of segments of this industry such as IT Services, BPM, Engineering & R&D, Internet & Mobility and Software Products. Currently, the US, UK and other European markets contribute to around 90% of the total business of Indian IT sector.

April WPI eases to two month low at 5.20% on decline in Fuel & Power index

In a complete divergence to Retail Inflation data, the annual rate of inflation, based on monthly WPI, eased in-line with expectation at two month low of 5.20% in month of April, 2014, as compared to 5.70% for the March and 4.77% during the corresponding month of the previous year. However, in a bit of worry February Inflation stood higher at 179.5 as compared to 178.9 (provisional) and annual rate of inflation based on final index stood revised at 5.03% as compared to 4.68 percent respectively. Meanwhile, build up inflation rate in the financial year so far stood at 0.22% compared to a build up rate of 0.71% in the corresponding period of the previous year. The decline in headline inflation was mainly on account of decline in Fuel & Power index, which occupies 14.91% weight in the overall index. The group slid by 1.0% to 211.0 (provisional) from 213.1 (provisional) for the previous month due to lower prices of aviation turbine fuel and furnace oil (4% each), LPG and petrol (2% each) and kerosene and bitumen (1% each). Meanwhile, Primary article index, which occupies 20.12% weight in the overall headline index, rose by 1% to 242.5 (provisional) from 240.2 (provisional) for the previous month on account of 1.5% surge in Food Articles at 238.8. On the flip side, index for Non-Food Articles group declined by 0.4% to 216.3 (provisional) from 217.2 (provisional) for the previous month. Further, the index of Manufacture Products, which occupies the majority 64.97% weight in WPI index, rose by 0.2% to 153.8 (provisional) from 153.5 (provisional) for the previous month on account of surge of food articles by 0.8% at 153.8 (provisional) from 153.5 (provisional) for the previous month. However, the headline inflation does not assume much of significance ever-since Reserve Bank of India moved its focus to CPI, being the main index in terms of key determinants. A factor that matters is the higher Retail inflation figures, which has surged to three months high at 8.59% in April, driven by higher food prices, notably ahead of RBI’s monetary policy review on June 3, 2014. Additionally, stick core inflation, which stood at 3.4% in April against 3.5% in March, also remains to be cause of worry.

Just In: April WPI eases at 5.20%

The annual rate of inflation, based on monthly WPI, eased at 5.20% in month of April, 2014, as compared to 5.70% for the March and 4.77% during the corresponding month of the previous year. However, February inflation figures were revised upwards to 5.03% against 4.68% earlier. Meanwhile, build up inflation rate in the financial year so far stood at 0.22% compared to a build up rate of 0.71% in the corresponding period of the previous year.

Bank of India reports 26% drop in Q4 net profit

Bank of India has reported results for fourth quarter and year ended March 31, 2014. The bank has posted a fall of 26.31% in its net profit at Rs 557.51 crore for the quarter ended March 31, 2014 as compared to Rs 756.57 crore for the same quarter in the previous year.  However, total income of the bank has increased by 21.67% at Rs 11274.09 crore for quarter under review as compared to Rs 9265.55 crore for the quarter ended March 31, 2013. For the year ended March 31, 2014, the bank has posted a marginal fall of 0.73% in its net profit at Rs 2729.27 crore as compared to Rs 2749.35 crore in the previous year. However, total income of the bank has increased by 18.29% at Rs 42201.94 crore for year under review as compared to Rs 35674.96 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 5.91% in its net profit at Rs 2986.78 crore as compared to Rs 2819.90 crore in FY13. Total income of bank has increased by 18.29% at Rs 42444.18 crore for year under review as compared to Rs 35880.43 crore for the period ended March 31, 2013.

PBM Polytex’s workmen go on illegal strike

The workers at Petlad unit of PBM Polytex have gone on illegal strike on invalid reasons and therefore production at the said unit of the Company has totally stopped since May 14, 2014. Earlier, Credit rating agency, CARE had revised rating of company’s long term bank facilities worth Rs 52.06 crore to ‘BBB+’ from ‘BBB. PBM manufactures a wide range of products from Ne 24’s to Ne 80’s, both single and TFO doubled yarns from as many as 25 raw material mixes. Besides Indigenous raw cotton like DCH 32, MCU 5, Shankar 6 and MECH.

ITC moves up on the bourses

ITC is currently trading at Rs. 367.25, up by 1.60 points or 0.44% from its previous closing of Rs. 365.65 on the BSE. The scrip opened at Rs. 365.00 and has touched a high and low of Rs. 369.40 and Rs. 364.45 respectively. So far 208534 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 380.00 on 24-Jul-2013 and a 52 week low of Rs. 285.40 on 28-Aug-2013. Last one week high and low of the scrip stood at Rs. 368.65 and Rs. 340.75 respectively. The current market cap of the company is Rs. 291722.75 crore. The Institutions and Non-Institutions held 53.94% and 45.80% respectively. In a bid to boost profitability from non-cigarette business, ITC is planning to set up standalone exclusive outlets for the sub brands it sells through the flagship Wills Lifestyle stores and also make a foray into the e-commerce space. The company is planning to set up exclusive stores for its casual wear sub brand Wills Sports, work wear sub brand Wills Classic, and exclusive men and women wear stores. The company wants to give a distinctive identity to each of the sub-brands at a time when a plethora of luxury apparel brands are entering the Indian market. ITC, a diversified conglomerate has business interests in cigarettes, hotels, paperboards and specialty papers, packaging, agri-business, packaged foods and confectionery, information technology, branded apparel, personal care, stationery, safety matches and other FMCG products.

CARE assigns ‘BB’ and 'A4' ratings to Scanpoint Geomatics’ bank facilities

redit rating agency, CARE has assigned ‘BB’ rating to Scanpoint Geomatics’ Long-term bank facilities worth Rs 7.96 crore. The rating agency has also assigned ‘A4’ rating to the company’s Short-term bank facilities worth Rs 3.85 crore. The company has received the said ratings on account of its modest scale of operations, high working capital intensity, competition from international players and susceptibility to risk associated with exposure to the Government projects. Scanpoint Geomatics (SGL) developed India’s first indigenous software IGiS (Indigenous GIS and Image Processing Software) in collaboration with ISRO which can be used in various verticals such as land information, urban planning, defense, resource exploration and estimation, education etc.

Wockhardt recalls 109,744 bottles of a high blood pressure drug: Report

Wockhardt has reportedly recalled 109,744 bottles of a high blood pressure drug -- metoprolol succinate -- in the United States after it failed a dissolution test. Metoprolol succinate extended release is a cheaper generic form of AstraZeneca Plc’s branded drug Toprol. Dissolution tests are commonly conducted to check the time taken for the active ingredient in a drug to release into the body, and help predict how the drug performs inside the body. Last year, two of the company’s manufacturing plants were banned from exporting to the United States after the FDA found violations of manufacturing standards that the agency believed could compromise the quality of drugs. One of those plants was making metoprolol succinate for the United States.

Syndicate Bank plans to open overseas branches

Karnataka based PSU bank Syndicate Bank is planning to open new overseas branches and will approach the Reserve Bank of India (RBI) shortly for clearance. The new branches are being contemplated in South Africa, Dubai International Financial Centre, Hong Kong, Thailand and China. Currently, the bank has only one foreign branch in London. Meanwhile, the bank has opened 317 branches during 2014 and reached a mile stone of 3251 branches as at March 31, 2014 (including a branch in London). The bank has presence in all the States and Union Territories of the country.

The bank has posted a fall of 30.90% in its net profit at Rs 409.30 crore for the quarter ended March 31, 2014 as compared to Rs 592.34 crore for the same quarter in the previous year.  However, total income of the bank has increased by 12.06% at Rs 5357.40 crore for quarter under review as compared to Rs 4780.75 crore for the quarter ended March 31, 2013.

Cipla trades in green on the BSE

Cipla is currently trading at Rs. 398.75, up by 3.65 points or 0.92% from its previous closing of Rs. 395.10 on the BSE. The scrip opened at Rs. 395.00 and has touched a high and low of Rs. 402.45 and Rs. 394.25 respectively. So far 108517 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. 396.85 and Rs. 384.60 respectively. The current market cap of the company is Rs. 31976.34 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.

ICRA reaffirms ‘BB+’ rating to Kilburn Engineering’s bank facilities

Credit rating agency, ICRA has reaffirmed the long term rating outstanding on the Rs. 30 crore fund based limits and Rs 100 crore non-fund based limits of Kilburn Engineering at ‘BB+’. The outlook for the long term rating is stable. The reaffirmation of the rating takes into account the turnaround in the company’s operations in the past fiscal, with the company reporting a net profit of Rs 1.06 crore in 9M FY 2014 driven by the increase in share of exports, which were inherently more profitable, coupled with the favorable movement in exchange rates. The company undertakes the design and manufacturing of drying systems for various industries such as carbon black, chemicals, petrochemicals, fertilizers, steel, and food processing. The company has two main lines of products viz. process equipment dryers and food dryers with process equipment dryers accounting for 70% of the company’s turnover.

Cotton future trade low on ample supply

Cotton futures traded low on MCX as speculators reduced their holdings on the back of slow buying by mills. Further, the absence of fresh export demand and bearish cues against fresh supply of stocks in local mandis were also weighing on sentiment. The contract for May delivery was trading at Rs 20240.00, down by 0.30% or Rs 60.00 from its previous closing of Rs 20300.00. The open interest of the contract stood at 4437.00 lots. The contract for June delivery was trading at Rs 20510.00, down by 0.24% or Rs 50.00 from its previous closing of Rs 20560.00. The open interest of the contract stood at 3730.00 lots on MCX.

Turmeric futures trade higher on limited supplies

Turmeric futures traded higher on NCDEX on the back of limited supplies of the yellow spice from the producing belts. Further, adverse Monsoon reports and expected pick up in demand in coming days at these lower levels also influenced the commodity prices in futures trade. The contract for May delivery was trading at Rs 6548.00, up by 0.46% or Rs 30.00 from its previous closing of Rs 6518.00. The open interest of the contract stood at 405.00 lots. The contract for June delivery was trading at Rs 6752.00, up by 0.63% or Rs 42.00 from its previous closing of Rs 6710.00. The open interest of the contract stood at 12500.00 lots on NCDEX.

Asian Paints reports 14% rise in Q4 consolidated net profit

Asian Paints has reported results for fourth quarter and year ended March 31, 2014 The company has reported 10.30% fall in its net profit after tax of Rs 239.56 crore for the quarter ended March 31, 2014 as compared to Rs 267.07 crore for the same quarter in the previous year. However, total income of the company increased by 21.53% at Rs 2763.07 crore for quarter under review as compared to Rs 2273.55 crore for the quarter ended March 31, 2013. On consolidated basis, the company has reported 14.46% rise in its net profit after taxes & Minority interest at Rs 287.42 crore for the quarter ended March 31, 2014 as compared to Rs 251.11 crore for the same quarter in the previous year. Total income of the company has increased by 21.47% at Rs 3338.19 crore for quarter under review as compared to Rs 2748.20 crore for the quarter ended March 31, 2013. For the year ended March 31, 2014, the company has posted a fall of 10.18% in its net profit after taxes at Rs 1050.00 crore as compared to 1169.06 Rs crore for the same period in the previous year.  However, total income of company improved by 16.58% at Rs 10592.44 crore for year under review as compared to Rs 9086.19 crore for the period ended March 31, 2013. For the year ended March 31, 2014, on the consolidated basis, the company has posted a rise of 9.42% in its net profit after taxes & Minority interest at Rs 1218.81 crore as compared to Rs 1113.88 crore for the same period in the previous year. Total income of company has increased by 16.25% at Rs 12849.03 crore for year under review as compared to Rs 11053.09 crore in the previous fiscal.

Nalco shines on plan to increase aluminium production

National Aluminium Company is currently trading at Rs. 44.30, up by 1.65 points or 3.87% from its previous closing of Rs. 42.65 on the BSE. The scrip opened at Rs. 42.50 and has touched a high and low of Rs. 45.25 and Rs. 42.50 respectively. So far 6,38,000 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 45.25 on 15-May-2014 and a 52 week low of Rs. 24.10 on 06-Aug-2013. Last one week high and low of the scrip stood at Rs. 45.25 and Rs. 38.15 respectively. The current market cap of the company is Rs. 11,391.00 crore. The promoters holding in the company stood at 81.06% while Institutions and Non-Institutions held 14.02% and 4.92% respectively. National Aluminium Company (Nalco) is planning to increase aluminium production. In this regard, the company has reopened 10 aluminium-producing pots at its Angul smelter in Odisha last week. Last fiscal Nalco had reduced its capacity utilization by one third due to sluggish aluminium market and lower LME realization and coal shortage. It had shut down 329 of its total 960 pots or 4.6 lakh tonnes a year of its smelter. Now operational pot numbers have gone up to 641. A Nalco pot can produce 1.37 tonnes a day. NALCO has the largest integrated alumina-aluminium complex of Asia. Its integrated operations cover the entire aluminium production value chain from mining bauxite, refining alumina, smelting aluminium, captive power generation to a strong logistic network in terms of rail & port facilities, coal mining and handling plant to support its operations and to become one of the most cost-efficient aluminium companies across the globe.

Subex trasdes higher on the bourses

Subex is currently trading at Rs. 8.55, up by 0.06 points or 0.71% from its previous closing of Rs. 8.49 on the BSE. The scrip opened at Rs. 8.52 and has touched a high and low of Rs. 8.74 and Rs. 8.52 respectively. So far 55389 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 11.24 on 24-Jan-2014 and a 52 week low of Rs. 4.41 on 02-Aug-2013. Last one week high and low of the scrip stood at Rs. 8.89 and Rs. 8.15 respectively. The current market cap of the company is Rs. 142.64 crore. The promoters holding in the company stood at 3.89% while Institutions and Non-Institutions held 0.11% and 94.93% respectively. Subex, a leading global provider of Business and Operations Support Systems (B/OSS) for Communications Service Providers (CSPs), has been awarded the Global Telecoms Business Innovation (GTB) Awards 2014 along with Telstra Global in the 'Business Service Innovation' category for Unified Billing operations using ROC Partner Settlement. This is the third time Subex has won the prestigious GTB Innovation Awards. The Global Telecoms Business Innovation Awards have been in existence since 2007 and recognizes innovations that contribute to improved business efficiencies in the telecoms world. Subex and Telstra Global entered into a strategic partnership program with the objective of successfully implementing a platform to support enterprise billing along with the ability to support billing of multiple countries on the same platform and partition of data separately for security and business purpose. The solution provided the operator with a robust functionality, enabling a unified billing/settlement processes across all countries of operation. With more than 60 global installations, ROC Partner Settlement solution enables CSPs to quickly and accurately settle charges with their network and content partners. The solution's flexibility, scalability and ease of use enable operators to manage complex interconnect billing and agreements efficiently and accurately. Subex was also recently awarded the prestigious Global Carriers Awards 2013 by Capacity Magazine for ROC Partner Settlement solution. Subex is a leading global provider of Business Support Systems (BSS) that empowers communications service providers (CSPs) to achieve competitive advantage through Business Optimisation - thereby enabling them to improve their operational efficiency to deliver enhanced service experiences to subscribers.

Bond yields edge lower on short-covering; WPI data eyed

Bond yields were trading lower on short-covering after yields rose 5 bps on Tuesday, a day before holiday. Now, dealers wait for WPI inflation data, which is due to be released later in the session and which could provide clues on RBI’s stance in its upcoming monetary policy on June 3, 2014 On the global front, US Treasuries yields fell to six-month lows on Wednesday, breaking out of a recent range, as expectations the European Central Bank will cut interest rates sparked a global fixed-income rally. Meanwhile, Brent crude held steady above $110 a barrel on Thursday, close to its highest in nearly three weeks, as on-going concerns over the crisis in Ukraine outweighed mixed U.S. oil inventory data. Back home, the yields on new 10 year Government Stock 2023 were trading 2 basis points lower at 8.76% from its previous close of 8.78% on Tuesday The benchmark five-year interest rate swaps was trading 4 basis points lower at 8.23% from its previous close of 8.27% on Tuesday. The Government of India announce the sale of four dated securities for Rs 20,000 crore to be held on May 16, 2014, including (i) 8.35% Government Stock 2022 for a notified amount of Rs 6000 crore, (ii) 8.24% Government Stock 2027 for a notified amount of Rs 8,000 crore, (iii) 9.20% Government Stock 2030 for a notified amount of Rs 3,000 and (iv) 9.23% Government Stock 2043 for a notified amount of Rs 3000 crore.

Markets pare early gains; hold their neck in green

Indian equity markets have pared some of their early gains on prevailing caution ahead of the election outcome on Friday. Nevertheless, the momentum still remains on positive side as select buyers continue to add risky equities in their portfolio amidst hopes of stable government, which would help revive the sluggish growth of the economy. Holding their neck in green, while Sensex was trading below the psychological 23, 900 level, Nifty was holding the fort above crucial 7100 bastion. Markets sentiment remained strong on continued capital inflows and widespread buying by retail investors ahead of the outcome of the Lok Sabha elections. Besides, encouraging quarterly earnings by some more companies, including Tata Steel, also triggered buying activity.  On the BSE sectoral front, maximum positions were built in Consumer Durables, followed by Power and Realty stocks, while selling was witnessed in Metal, Teck and IT counters. In scrip specific development, shares of Bajaj Finserv fall as much as 2% after its consolidated net profit dropped more than expected in the January-March quarter. While, shares of Tech Mahindra was trading firm as the company reported a strong growth in revenues, driven by its core telecom business. On the global front, Asian markets were trading mixed with shares in Japan witnessing profit taking and gains in the yen weighing on investor sentiment. Moreover, US markets fell on Wednesday as investors resumed selling in small-cap and Internet shares. Back home, Adani Ports, Bajaj Auto, Bajaj Holdings, Bank of India, EID Parry, Karnataka Bank and Essar Ports will be in focus on account of March quarter earnings announcement. The market breadth on BSE was negative, out of 2164 stocks traded, 900 stocks advanced, while 1147 stocks declined on the BSE. The BSE Sensex is currently trading at 23859.31 up by 44.19 points or 0.19% after trading in a range of 23971.78 and 23803.71. There were 20 stocks advancing against 10 stocks declining on the index. The broader indices were trading in red; the BSE Mid cap index was down by 0.08%, while Small cap index down by 0.25%. The gaining sectoral indices on the BSE were Consumer Durables up by 1.74%, Power up by 0.77%, Realty up by 0.65%, Healthcare up by 0.47% and Oil & Gas up by 0.21%. While, Metal down by 0.75%, Teck down by 0.26%, IT down by 0.23%, PSU down by 0.16% and Capital Goods down by 0.12% were the losing indices on BSE.    The top gainers on the Sensex were NTPC up by 2.43%, Gail India up by 2.18%, Sun Pharma up by 2.02%, Tata Power up by 1.95% and Hindustan Unilever up by 1.15%. On the flip side, Coal India was down by 1.75%, ICICI Bank was down by 0.80%, ONGC was down by 0.77%, TCS was down by 0.68% and Hindalco down by 0.64% were the top losers on the Sensex. Meanwhile, with an aim to enhance the domestic coal production, the government has set up a nine-member panel, which will identify more blocks in addition to already selected 54 mines, for sale through competitive bidding. The panel’s members have been drawn from the Coal Ministry, Coal India and its subsidiaries and office of the Coal Controller. The panel will select coal blocks from areas explored after 2008. The panel will also examine the present status of Coal India (CIL) in the development of already allotted blocks to it and find out scope of re-allocation of blocks to CIL. Besides, the panel will also examine the status of CBM (coal-bed methane) blocks, areas relinquished by operators and also identify de-allocated blocks having no legal dispute. The Government has already offered three coal blocks for auction in the region of Jharkhand and West Bengal for the captive use for steel, cement and sponge iron companies.Presently, Coal India (CIL) is the only producer of domestic coal accounting for around 80 percent of the domestic production. CIL is also struggling to meet domestic coal requirements and its production fell 4.21 percent short of its production target at 462.53 million tonnes in FY14 amid some mining concerns. India, despite being world's fifth largest in terms of reserves and the third-largest producer of coal, has failed to keep pace with increasing domestic demand. Indian domestic coal demand is around 35 percent higher than domestic supply, resulting into a high deficit of which a huge part is being met by costly imports from Indonesia, South Africa and Australia. Acute coal shortages in the country have become primary reason for power deficit as coal-fired plants account for 68% of India's installed electricity capacity. Meanwhile, newly constituted panel would expedite the coal auction process and soon invite bids from private players to start coal mining in a public-private partnership (PPP) mode in the country, which will also end the monopoly of public sector unit Coal India The CNX Nifty is currently trading at 7,117.85 up by 9.10 points or 0.13% after trading in a range of 7,152.55 and 7,106.00. There were 27 stocks advancing against 23 declining on the index. The top gainers of the Nifty were NTPC up by 2.55%, Tata Power up by 2.01%, Sun Pharma up by 1.90%, Gail up by 1.86% and DLF up by 1.34%. On the flip side, Asian Paint down by 3.58%, Bank Baroda down by 2.59%, NMDC down by 2.10%, Coal India down by 1.92% and BPCL down by 1.31% were the top losers on the index. Asian equity indices were trading mixed; Shanghai Composite declined by 0.87%, KLSE Composite slipped by 0.05%, Nikkei 225 tumbled by 1.01% and Taiwan Weighted was down by 0.13%. On the flip side, Hang Seng added 0.26%, Seoul Composite up by 0.12%, Jakarta Composite soared 1.43% and Straits Times was up by 0.16%.

Zensar Technologies trades in green on the bourses

Zensar Technologies is currently trading at Rs. 358.40, up by 2.00 points or 0.56% from its previous closing of Rs. 356.40 on the BSE. The scrip opened at Rs. 356.00 and has touched a high and low of Rs. 360.00 and Rs. 355.00 respectively. So far 1272 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 429.80 on 21-Jan-2014 and a 52 week low of Rs. 180.90 on 25-Sep-2013. Last one week high and low of the scrip stood at Rs. 367.25 and Rs. 340.00 respectively. The current market cap of the company is Rs. 1571.77 crore. The promoters holding in the company stood at 48.28%, while Institutions and Non-Institutions held 12.85% and 38.87% respectively. 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.

Crude palm oil futures trade higher on strong demand

Crude palm oil futures edged higher on MCX as speculators created fresh positions driven by strong spot market demand. The commodity prices improved further due to an increase in exports and expectations for an uptick in demand ahead of the Muslim holy month of Ramadan. The contract for May delivery was trading at Rs 552.80, up by 0.62% or Rs 3.40 from its previous closing of Rs 549.40. The open interest of the contract stood at 2335 lots. The contract for June delivery was trading at Rs 550.00, up by 0.59% or Rs 3.20 from its previous closing of Rs 546.80. The open interest of the contract stood at 2676 lots on MCX.

Katare Spinning Mills to commission 1MW solar power project

Katare Spinning Mills is all set to commission 1MW solar power project with tracking system for captive consumption. It will generate about 19 lakh units of electricity on annual basis which will result in saving of Rs 8 per unit for the company. This will be one unique combination to reduce the cost of production substantially and such type of experiment is for the bright future of textile industry and it is expected to set new benchmark in the industry. Katare Spinning Mills is engaged in spinning and cotton blending operations. The company offers cotton and synthetic yarn and is based in Solapur, India.

Subex receives Global Telecoms Business Innovation Awards 2014

Subex, a leading global provider of Business and Operations Support Systems (B/OSS) for Communications Service Providers (CSPs), has been awarded the Global Telecoms Business Innovation (GTB) Awards 2014 along with Telstra Global in the 'Business Service Innovation' category for Unified Billing operations using ROC Partner Settlement. This is the third time Subex has won the prestigious GTB Innovation Awards. The Global Telecoms Business Innovation Awards have been in existence since 2007 and recognizes innovations that contribute to improved business efficiencies in the telecoms world. Subex and Telstra Global entered into a strategic partnership program with the objective of successfully implementing a platform to support enterprise billing along with the ability to support billing of multiple countries on the same platform and partition of data separately for security and business purpose. The solution provided the operator with a robust functionality, enabling a unified billing/settlement processes across all countries of operation. With more than 60 global installations, ROC Partner Settlement solution enables CSPs to quickly and accurately settle charges with their network and content partners. The solution's flexibility, scalability and ease of use enable operators to manage complex interconnect billing and agreements efficiently and accurately. Subex was also recently awarded the prestigious Global Carriers Awards 2013 by Capacity Magazine for ROC Partner Settlement solution. Subex is a leading global provider of Business Support Systems (BSS) that empowers communications service providers (CSPs) to achieve competitive advantage through Business Optimisation - thereby enabling them to improve their operational efficiency to deliver enhanced service experiences to subscribers.

SpiceJet ties-up with Visas of the World to provide visa services to its customers

SpiceJet, the second largest low-cost airline, has entered into partnership with Gulf-based Visas of the World to offer its customers seamless visa services for the UAE. Under the pact, the two partners together will provide a 30-day visa for AED 290 and 96-hour visa for AED 245 or its equivalent in Indian rupee to its customers. It will also offer services such as personalized assistance with filling of forms by visa experts, appointment scheduling, documentation, visa application submission, convenient payment options and delivery of visa documents. Besides, a dedicated email and call Centre support team will also be provided to the visa seeker. SpiceJet is India’s most preferred airline delivers the lowest air fares with the highest consumer value. The airline currently operates more than 350 daily flights to over 44 Indian cities and 9 international destinations.

Tata Motors Group reports 39% rise in global wholesales in April

Tata Motors Group global wholesales in April 2014, including Jaguar Land Rover, stood at 75,026 units, up by 39% year-on-year basis. Global wholesales of all Tata Motors’ commercial vehicles and Tata Daewoo range -- were 27,054 units. Besides, the global wholesales of all passenger vehicles in April 2014 were 47,972 units, while the global wholesales of Tata Motors’ passenger vehicles in April 2014 were 12,398 units. Further, global wholesales for Jaguar Land Rover for the month were 40,137 vehicles. Jaguar wholesales for the month were 5,704 vehicles, while Land Rover wholesales for the month were 34,433 vehicles.

Call rates cool down to repo level on penultimate session of reporting fortnight

Interbank call rates were trading lower at 8.45/8.50% against its Tuesday's close of 8.95/9.00%, in line with repo level as demand ebbed approaching closer to the end of reporting fortnight. However, the rates may pick up on Friday on account of some last minute demand from banks, who scramble to fulfill their fortnightly requirements. The banks via Liquidity Adjustment Facility (LAF) borrowed Rs 21307 crore through repo auction on May 13, 2014 and parked Rs 332 crore on May 13. 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 8.50% and 8.25% respectively. According to the Clearing Corporation of India (CCIL), the weighted average rate (WAR) in the call money market was at 8.47% on Thursday and total volume stood at Rs 27949.41 crore, so far. As per CCIL data, WAR in the CBLO (Collateralized Borrowing and Lending Obligation) market was at 8.40% on Thursday and total volume stood at Rs 26770.05 crore, so far. The indicative call rates which closed 8.95/9.00% on Tuesday 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.

Zensar Technologies trades in green on the bourses

Zensar Technologies is currently trading at Rs. 358.40, up by 2.00 points or 0.56% from its previous closing of Rs. 356.40 on the BSE. The scrip opened at Rs. 356.00 and has touched a high and low of Rs. 360.00 and Rs. 355.00 respectively. So far 1272 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 429.80 on 21-Jan-2014 and a 52 week low of Rs. 180.90 on 25-Sep-2013. Last one week high and low of the scrip stood at Rs. 367.25 and Rs. 340.00 respectively. The current market cap of the company is Rs. 1571.77 crore. The promoters holding in the company stood at 48.28%, while Institutions and Non-Institutions held 12.85% and 38.87% respectively. 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.

Cox & Kings strengthens as its arm receives visa processing contract

Cox & Kings (India) is currently trading at Rs. 154.60, up by 1.80 points or 1.18% from its previous closing of Rs. 152.80 on the BSE. The scrip opened at Rs. 154.55 and has touched a high and low of Rs. 158.15 and Rs. 154.00 respectively. So far 73605 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 5 has touched a 52 week high of Rs. 168.45 on 02-Apr-2014 and a 52 week low of Rs. 84.50 on 30-Aug-2013. Last one week high and low of the scrip stood at Rs. 161.50 and Rs. 148.00 respectively. The current market cap of the company is Rs. 2109.36 crore. The promoters holding in the company stood at 59.51%, while Institutions and Non-Institutions held 24.53% and 14.98% respectively. Cox & Kings Global Services, a subsidiary of Cox & Kings, has received a contract from Embassy of India in the USA for providing Visa/OCI/PIO/Renunciation of Indian Citizenship Certificate application support services. The company would offer its services from May 21, 2014 at all Indian diplomatic posts in the US. Cox & Kings is the longest established travel company in the world since 1758. It operates across 4 continents and 25 countries. In India, Cox & Kings has 12 branch sales offices and 150 Franchisee located across the country.

Mentha oil futures decline on profit booking

Mentha oil futures declined on MCX on profit booking after the prices gained as reports of a fall in sowing in the growing state of UP created a bullish impact. However, better export demand and restricted supplies from the major producing belts capped some losses in mentha oil prices. The contract for May delivery was trading at Rs 863.00, down by 1.67% or Rs 14.70 from its previous closing of Rs 877.70. The open interest of the contract stood at 3495 lots. The contract for June delivery was trading at Rs 875.50, down by 1.55% or Rs 13.80 from its previous closing of Rs 889.30. The open interest of the contract stood at 1255 lots on MCX.

Jeera future decline on slack demand

Jeera future traded down on NCDEX due to the slack demand from local buyers and below-expected overseas demand amid sufficient supplies in the local market. Moreover, profit booking at the higher levels too brought some dips in jeera price.

The contract for May delivery was trading at Rs 11065.00, down by 0.27% or Rs 30.00 from its previous closing of Rs 11095.00. The open interest of the contract stood at 1275.00 lots.

The contract for June delivery was trading at Rs 11175.00, down by 0.18% or Rs 20.00 from its previous closing of Rs 11195.00. The open interest of the contract stood at 9393.00 lots on NCDEX.

Coriander futures trade higher on NCDEX

Coriander futures traded higher on NCDEX as speculators enlarged their holdings on firming spot markets trend. Further, fresh buying by retailers and stockists amid low stocks following fall in supplies from producing belts mainly pushed up coriander price in future trade. The contract for May delivery was trading at Rs 9340.00, up by 0.38% or Rs 35.00 from its previous closing of Rs 9305.00. The open interest of the contract stood at 7690.00 lots. The contract for June delivery was trading at Rs 9686.00, up by 0.37% or Rs 36.00 from its previous closing of Rs 9650.00. The open interest of the contract stood at 46220.00 lots on NCDEX.

M&M gains despite Goldman Sachs offloading stake in company

Mahindra & Mahindra (M&M) is currently trading at Rs. 1093.45, up by 3.75 points or 0.34% from its previous closing of Rs. 1089.70 on the BSE. The scrip opened at Rs. 1089.00 and has touched a high and low of Rs. 1105.00 and Rs. 1080.00 respectively. So far 13015 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 1175.00 on 13-May-2014 and a 52 week low of Rs. 741.50 on 28-Aug-2013. Last one week high and low of the scrip stood at Rs. 1175.00 and Rs. 1056.90 respectively. The current market cap of the company is Rs. 67323.20 crore. The promoters holding in the company stood at 25.29%, while Institutions and Non-Institutions held 52.80% and 16.92% respectively. Investment banking giant Goldman Sachs has sold seven million shares of tractor and utility vehicle maker Mahindra & Mahindra (M&M) for a little over Rs 753 crore through a block deal on the National Stock Exchange (NSE). Golboot Holdings, the Cyprus-based entity controlled by Goldman, sold the shares, representing 1.14 per cent of M&M’s equity, at Rs 1,076.21 a share; the bank held 3.05 per cent stake in the Mumbai-based company as on March 31 last year. Life Insurance Corporation is the largest institutional shareholder in M&M with 11.38 per cent. Institutional shareholders hold 26 per cent in the vehicle maker, higher than the promoter group’s stake of 25.3 per cent

Tata Elxsi trades higher on the bourses

Tata Elxsi is currently trading at Rs. 516.00, up by 7.75 points or 1.52% from its previous closing of Rs. 508.25 on the BSE. The scrip opened at Rs. 509.60 and has touched a high and low of Rs. 519.00 and Rs. 508.30 respectively. So far 47074 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 668.60 on 04-Mar-2014 and a 52 week low of Rs. 156.10 on 28-Aug-2013. Last one week high and low of the scrip stood at Rs. 553.80 and Rs. 499.90 respectively. The current market cap of the company is Rs. 1586.49 crore. The promoters holding in the company stood at 45.11% while Institutions and Non-Institutions held 7.24% and 47.65% respectively. 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.

Cardamom futures exhibit mixed trend on MCX

Cardamom futures showed a mixed trend on MCX. The May contracts traded lower on subdued demand and ample stocks availability in the physical market, while June contracts traded higher on the expectations of lower output from the major producing regions.

The contract for May delivery was trading at Rs 1082.00/Kg, down by 1.47% or Rs 16.10 from its previous closing of Rs 1098.10/Kg. The open interest of the contract stood at 819 lots.

The contract for June delivery was trading at Rs 999.00/Kg, up by 0.24% or Rs 2.40 from its previous closing of Rs 996.60/Kg. The open interest of the contract stood at 2470 lots on MCX.

Hindustan Motors scouting for investors for revival of Uttarpara plant

In a bid to revive its loss-making Uttarpara plant in West Bengal, Hindustan Motors is scouting for new investors. The plant is facing a severe cash crunch and the production of the traditional Ambassador cars have plummeted to low levels. Last month, the plant manufactured 100 cars, which is considerably lower than the production capacity of 700 to 800 Ambassador cars per month. Hindustan Motors is India’s pioneering automobile manufacturing company manufactures passenger cars, Multi Utility Vehicles and RTV. It also manufactures passenger cars in the mid size premium segment (Mitsubishi Lancer, Lancer Select, and Lancer Cedia) and has brought the Sports Utility Vehicle (Mitsubishi Pajero) into the Indian market, in collaboration with Mitsubishi Motors of Japan.

MRPL trades in green on commissioning 0.65 MMTPA CHT Unit

Mangalore Refinery & Petrochemicals (MRPL) is currently trading at Rs. 58.15, up by 0.05 points or 0.09% from its previous closing of Rs. 58.10 on the BSE. The scrip opened at Rs. 58.40 and has touched a high and low of Rs. 59.35 and Rs. 57.90 respectively. So far 44361 shares were traded on the counter. The BSE group 'A ' stock of face value Rs. 10 has touched a 52 week high of Rs. 65.70 on 23-Apr-2014 and a 52 week low of Rs. 26.45 on 16-Aug-2013. Last one week high and low of the scrip stood at Rs. 60.25 and Rs. 55.10 respectively. The current market cap of the company is Rs. 10278.99 crore. The promoters holding in the company stood at 88.58%, while Institutions and Non-Institutions held 3.56% and 7.86% respectively. 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.

Govt set up panel to identify more coal blocks for auction

With an aim to enhance the domestic coal production, the government has set up a nine-member panel, which will identify more blocks in addition to already selected 54 mines, for sale through competitive bidding. The panel’s members have been drawn from the Coal Ministry, Coal India and its subsidiaries and office of the Coal Controller. The panel will select coal blocks from areas explored after 2008. The panel will also examine the present status of Coal India (CIL) in the development of already allotted blocks to it and find out scope of re-allocation of blocks to CIL. Besides, the panel will also examine the status of CBM (coal-bed methane) blocks, areas relinquished by operators and also identify de-allocated blocks having no legal dispute. The Government has already offered three coal blocks for auction in the region of Jharkhand and West Bengal for the captive use for steel, cement and sponge iron companies.Presently, Coal India (CIL) is the only producer of domestic coal accounting for around 80 percent of the domestic production. CIL is also struggling to meet domestic coal requirements and its production fell 4.21 percent short of its production target at 462.53 million tonnes in FY14 amid some mining concerns. India, despite being world's fifth largest in terms of reserves and the third-largest producer of coal, has failed to keep pace with increasing domestic demand. Indian domestic coal demand is around 35 percent higher than domestic supply, resulting into a high deficit of which a huge part is being met by costly imports from Indonesia, South Africa and Australia. Acute coal shortages in the country have become primary reason for power deficit as coal-fired plants account for 68% of India's installed electricity capacity. Meanwhile, newly constituted panel would expedite the coal auction process and soon invite bids from private players to start coal mining in a public-private partnership (PPP) mode in the country, which will also end the monopoly of public sector unit Coal India.

Bajaj Finserv reports 22% fall in Q4 consolidated net profit

Bajaj Finserv has reported results for fourth quarter and year ended March 31, 2014 The company has reported a net profit of Rs 10.57 crore for the quarter ended March 31, 2014 as compared to a net loss of Rs 17.28 crore for the same quarter in the previous year. However, total income of the company decreased by 34.22% at Rs 18.03 crore for quarter under review as compared to Rs 27.41 crore for the quarter ended March 31, 2013. On consolidated basis, the company has reported 22.48% fall in its net profit at Rs 707.63 crore for the quarter ended March 31, 2014 as compared to Rs 912.86 crore for the same quarter in the previous year. However, total income of the company has increased by 1.70% at Rs 2050.89 crore for quarter under review as compared to Rs 2016.42 crore for the quarter ended March 31, 2013. For the year ended March 31, 2014, the company has posted a jump of 64.02% in its net profit at Rs 83.39 crore as compared to Rs 50.84 crore for the same period in the previous year. Total income of company improved by 3.31% at Rs 157.30 crore for year under review as compared to Rs 152.25 crore for the period ended March 31, 2013. For the year ended March 31, 2014, on the consolidated basis, the company has posted a fall of 1.87% in its net profit at Rs 1544.08 crore as compared to Rs 1573.64 crore for the same period in the previous year. However, total income of company has increased by 18.76% at Rs 6024.99 crore for year under review as compared to Rs 5073.18 crore in the previous fiscal.

Tata Power Company trades in green on BSE

Tata Power Company is currently trading at Rs. 86.35, up by 1.60 points or 1.89% from its previous closing of Rs. 84.75 on the BSE. The scrip opened at Rs. 85.50 and has touched a high and low of Rs. 86.80 and Rs. 85.25 respectively. So far 265176 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 91.82 on 24-Jul-2013 and a 52 week low of Rs. 65.86 on 06-Aug-2013. Last one week high and low of the scrip stood at Rs. 86.00 and Rs. 75.85 respectively. The current market cap of the company is Rs. 23313.87 crore. The promoters holding in the company stood at 33.04% while Institutions and Non-Institutions held 48.22% and 18.57% respectively. 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.

Kreon Finnancial plans to expand business verticals

In a bid to achieve higher growth rate, Kreon Finnancial Services is looking to drive its business with the new avenues and strategies alongside the current business activities. In this regard, the company is planning to begin lending/Financing for the lease or hire purchase or installment purchase of motorized two wheelers, mopeds, scooters, bikes, motor cycles of all kinds, passenger cars of all kinds, lending/ Financing for consummate, domestic or business purposes, on the prime security of gold, silver jewels and ornaments, and other precious metals and jewels and lending/ Financing for the lease or hire purchase or installment purchase of all agricultural commodities, motorized or non motorized equipments used in agricultural and forming sectors, poultry equipments of all kinds. Further, the company is planning to reach out to the Tier II and Tier III cites with its product portfolio on PAN India basis to leverage with economies of scale.