Nifty holds 7,200; CNX Mid-cap up 1.94%

Market is witnessing huge volatility even as the BJP-led NDA has secured a comfortable unprecedented victory. The BSE Sensex which hit a day's high of 25,375 crashed to 23,873 but rebounded in minutes to trade at the current level of 24,208.
The CNX Nifty which hit a day's high of 7,563 crashed to 7,130 but rebounded in minutes to trade at the current level of 7,226.
BSE Mid-cap is up 1.73% at 7,772, while BSE Small-cap is up 1.08% at 7,875.
Some buying activity is seen in banking, realty, metal and oil & gas sectors on BSE, while sectors such as IT, FMCG and healthcare are losing sheen.
SSLT, ICICI, SBI, Axis, HDFC Bank and Coal India are among the gainers, whereas Dr Reddy's Lab, Infosys, Cipla and Wipro is losing sheen on BSE. 

Astra Microwave Products trades higher on the BSE

Astra Microwave Products is currently trading at Rs. 85.60, up by 2.15 points or 2.58% from its previous closing of Rs. 83.45 on the BSE. The scrip opened at Rs. 84.40 and has touched a high and low of Rs. 88.30 and Rs. 82.80 respectively. So far 726239 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 88.30 on 16-May-2014 and a 52 week low of Rs. 30.20 on 07-Aug-2013. Last one week high and low of the scrip stood at Rs. 88.30 and Rs. 72.75 respectively. The current market cap of the company is Rs. 697.15 crore. The promoters holding in the company stood at 21.87% while Institutions and Non-Institutions held 4.99% and 73.14% respectively. HDFC Mutual Fund has bought 15.97 lakh shares of Astra Microwave Products through open market route. The shares were purchased on an average price of Rs 79.50 valuing the transaction to Rs 12.69 crore. On the other hand, Skanda Aerospace has sold 7.91 lakh shares of Astra Microwave Products at Rs 83 on the BSE and sold 19.56 lakh shares at Rs 79.89 on the NSE. Astra Microwave Products is engaged in designing and manufacturing of radio frequency (RF) and microwave super components and sub-systems that are used in areas of defence, space and civil communication systems.

Bulls continue to party despite bouts of profit-booking

With politics taking the centre stage, markets largely ignoring somber global cues continued to trade with hefty gains of over 3.5% on counting trend showing landslide victory of Modi’s led party in general election, which is not only seen as positive development for the country men, but also foreign investors. Although continuing to trade off day’s high on profit-booking, both Sensex and Nifty were in vicinity of life-time high level, which was above the crucial 24,800 and 7,400 levels. Meanwhile, broader indices also participating aggressively into  the rally were trading higher with gains in the range of 1.25%-2.50%. The broad based rally witnessed at Dalal Street, was in absence of participation of defensive Information Technology (IT) and Healthcare stock. On the flip side, massive gains were witnessed in Banking, Realty and Metal counters among the rest. Meanwhile, in the high volume session, trade of over Rs 2.7 lakh crore was done so far. The overall market breadth on BSE was in the favour of advances which thumped declines in the ratio of 1327:518; while 14 shares remained unchanged. The BSE Sensex is currently trading at 24823.43, up by 917.83 points or 3.84% after trading in a range of 25375.63 and 24271.54. There were 25 stocks advancing against 5 stocks declining on the index. The broader indices were trading in green; the BSE Mid cap index was up by 2.42%, while Small cap index up by 1.26%. The gaining sectoral indices on the BSE were Bankex up by 7.33%, Realty up by 7.12%, Metal up by 6.02%, Oil and Gas up by 5.11% and Power up by 4.71%. On the flip side, IT down by 0.42%, Healthcare down by 0.18% were the losing indices on BSE.    The top gainers on the Sensex were SSLT up by 11.66%, ICICI Bank up by 7.82%, Axis Bank up by 7.17%, SBI up by 7.16% and Coal India up by 6.38%. On the flip side, Dr Reddy’s Lab down by 2.50%, Infosys down by 1.07%, Wipro down by 0.86%, HUL down by 0.71% and Cipla down by 0.52%. Meanwhile, buoyed by declining inflation, Finance Secretary Arvind Mayaram has raised optimism in the downhill trajectory of the inflation figures, but has warned government of remaining cautious over the impact of possible deficiency in monsoon due to the El Nino effect. Mayaram exuded hopes of inflation moderating further in the current financial year, after Wholesale Price Index (WPI) in April slowed to two month low at 5.2% from 5.7% in the previous month, mainly due to easing food and fuel prices. Although, the finance Secretary warned of the impact of possible deficiency in monsoon, at the same time pointed at the adequate stocks of food-grains that the country had to meet any eventuality and therefore underscored of little power that sluggish monsoon had to disrupt supply chain. On the retail inflation which shot up to 3-month high in April, Mayaram said that the Consumer Price Index (CPI) generally inches up during the elections and hence dismissed the case of the factor being worrisome, especially because of it being the latest data print ahead of RBI’s monetary policy review on June 3. Meanwhile, on the fiscal deficit front, Mayaram said it would be 4.6% of the GDP in the last fiscal. The CNX Nifty is currently trading at 7,402.70, up by 279.55 points or 3.92% after trading in a range of 7,563.50 and 7,264.40. There were 43 stocks advancing against 7 declining on the index. The top gainers of the Nifty were SSLT up by 12.24%, PNB up by 10.21%, DLF up by 8.85%, IndusInd Bank up by 8.57% and Kotak Bank up by 8.54%. On the flip side, Dr Reddy’s Lab down by 2.52%, Tech Mahindra down by 1.66%, Infosys down by 0.88%, Wipro down by 0.75% and HUL down by 0.64% were the major losers on the index. Asian equity indices were trading in red; Hang Seng down by 0.30%, Straits Times down by 0.24%, and Nikkei 225 plunged 1.41%. While, Jakarta Index up by 0.39% and Shanghai Composite up by 0.02% were the only gainers amongst Asian pack. European markets got off to mixed start; with France’s CAC gaining by 0.09%, United Kingdom’s FTSE 100 adding 0.07%. On the flip side, Germany’s DAX was trading lower by 0.07%

Crompton Greaves soars on bagging order worth $15 million

Crompton Greaves is currently trading at Rs. 178.00, up by 4.45 points or 2.56% from its previous closing of Rs. 173.55 on the BSE. The scrip opened at Rs. 178.00 and has touched a high and low of Rs. 184.40 and Rs. 175.75 respectively. So far 637165 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 192.70 on 21-Apr-2014 and a 52 week low of Rs. 71.70 on 25-Jun-2013. Last one week high and low of the scrip stood at Rs. 184.40 and Rs. 167.10 respectively. The current market cap of the company is Rs. 11245.16 crore. The promoters holding in the company stood at 42.67%, while Institutions and Non-Institutions held 42.47% and 14.64% respectively. Avantha Group Company Crompton Greaves (CG) has sealed a deal with Spain`s leading energy group, Iberdrola Ingenieria y Construccion S.A.U., which is supervising the Nairobi Metropolitan Ring Project, to supply high-voltage (HV) equipment for the under-construction 220/66 kV substations around the Greater Nairobi Metropolitan Area. The order, worth $15 million, involves the supply of six 200 MVA, 220/66kV HV power transformers, circuit breakers, instrument transformers and lightning arresters. The project is scheduled for completion by the end of 2014. CG power equipment will be installed in the new 220 kV substations at Isinya, Suswa, Ngong, Athi River and Koma Rock. The equipment will also feature in the existing Dandora substation, which is going through expansion. The Nairobi Ring project will help meet Kenya`s rising electricity demand, projected to grow at around 14% per year, from 1,205 MW last year to 15,065 MW by the year 2030. The KSh 4.9 billion substation project is financed by Agence Francaise de Development (AFD) and the Government of Kenya. The company bagged the prestigious deal due to its holistic solution-based approach that propels a project to completion within a demanding schedule. The order reinforces the existing strong relationship between CG and Iberdrola. Earlier in 2013, CG provided substation and automation equipment to Iberdrola in Spain, USA and the UK. At the world`s first major Smart Grid deployment at the Iberdrola STAR Project, in Bilbao, Spain, over 227,000 CG smart meters are successfully monitoring the electricity services. Crompton Greaves is a global pioneering leader in the management and application of electrical energy. With more than 15,000 employees across its operations in around 85 countries, CG provides electrical products, systems and services for utilities, power generation, industries, and consumers.

Market consolidate gains after initial euphoria

At 1:04PM, S&P BSE Sensex is up 726points at 24,631, while the NSE Nifty is trading up 222 at 7,345. It has hit a high of 7,563.

BSE Mid-cap is up 2.28% at 7,814, while BSE Small-cap is up 1.41% at 7,900.

Some buying activity is seen in banking, realty, metal and oil & gas sectors on BSE, while sectors such as IT and healthcare are losing sheen.

SSLT, ICICI, SBI, Axis, HDFC Bank and Coal India are among the gainers, whereas Dr Reddy's Lab, Infosys, Cipla and Wipro is losing sheen on BSE. 

Rupee at 58.87 against dollar at noon

At 12:50PM, rupee is trading up 0.72% at 58.87 against the US dollar.
The Indian currency zoomed to a 10-month high of 59.08 against the dollar on Thursday.
The country’s stock markets have been trading at historic highs for the past few days over expectations of a BJP-led coalition taking charge post May 16. The saffron party is seen as more pro-investment than the incumbent Congress-led coalition.
Sustained dollar inflows into domestic shares ahead of election results on Friday have helped the rupee to gain.

Potato futures extend losses on sluggish demand

Potato futures extended their losses on MCX as speculators offloaded positions driven by sluggish demand in spot markets. Adequate stocks condition in the physical market following higher supplies from producing regions also weighed on the commodity prices.

The contract for May delivery was trading at Rs 1297.30, down by 0.49% or Rs 6.40 from its previous closing of Rs 1303.70. The open interest of the contract stood at 379.00 lots.

The contract for June delivery was trading at Rs 1344.00, down by 0.11% or Rs 1.50 from its previous closing of Rs 1345.50. The open interest of the contract stood at 1690.00 lots on MCX.

Cairn India trades higher on the bourses

Cairn India is currently trading at Rs. 344.60, up by 8.95 points or 2.67% from its previous closing of Rs. 335.65 on the BSE. The scrip opened at Rs. 338.55 and has touched a high and low of Rs. 346.85 and Rs. 338.55 respectively. So far 177022 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 371.65 on 17-Apr-2014 and a 52 week low of Rs. 273.40 on 26-Jun-2013. Last one week high and low of the scrip stood at Rs. 346.85 and Rs. 334.45 respectively. The current market cap of the company is Rs. 63975.70 crore. The promoters holding in the company stood at 58.85% while Institutions and Non-Institutions held 27.66% and 13.48% respectively. Cairn India is reportedly anticipating considerable gas output from its oil-rich Rajasthan block in coming three years. In this regard, the company has floated global tenders for setting up a natural gas transportation pipeline and a gas processing terminal. Rajasthan block has been known for its oil reserves, but it could produce significant amount of gas in the next two-three years. Further, the company is planning to set up a gas processing plant at its existing Raageshwari gas terminal for processing 100 to 300 million cubic feet gas per day. Cairn India is primarily engaged in the business of oil and gas exploration, production and transportation. The company posted a rise of 12.95% in its net profit for the period after giving impact of scheme of arrangement for earlier periods at Rs 1755.93 crore for the quarter ended March 31, 2014 as compared to Rs 1554.57 crore for the same quarter in the previous year.

Narendra Modi may take oath on May 21

Narendra Modi is poised to become the next Prime Minister with BJP likely to get a majority on its own, while Congress recorded its worst ever performance in the Lok Sabha polls, according to reports.

According to a report, Modi will take oath on May 21.

The BJP is leading with 300 seats. Modi was leading in Varanasi by 83963 votes and over 5.59 lakh votes in Vadodara.

HDFC Mutual Fund buys 15.97 lakh shares of Astra Microwave Products

HDFC Mutual Fund has bought 15.97 lakh shares of Astra Microwave Products through open market route. The shares were purchased on an average price of Rs 79.50 valuing the transaction to Rs 12.69 crore. On the other hand, Skanda Aerospace has sold 7.91 lakh shares of Astra Microwave Products at Rs 83 on the BSE and sold 19.56 lakh shares at Rs 79.89 on the NSE. Astra Microwave Products is engaged in designing and manufacturing of radio frequency (RF) and microwave super components and sub-systems that are used in areas of defence, space and civil communication systems.

RIL stock hits fresh 52-week high

Shares of Reliance Industries Ltd rallied as much as 6% at Rs1114 to hit its fresh 52-week high.

The stock has hit a high of Rs1142 and a low of Rs1075.

Report stated that there are expectations that the new gas pricing policy would be implemented under the new government.

Castor seed futures edge higher on limited supply

Castor seed futures edged higher on NCDEX following heavy buying by traders and exporters against decline in supply. Further, expectation of lower production and strong export demand also influenced the castor seed prices.

The contract for May delivery was trading at Rs 3903.00, up by 0.23% or Rs 9.00 from its previous closing of Rs 3894.00. The open interest of the contract stood at 5750.00 lots.

The contract for June delivery was trading at Rs 3957.00, up by 0.43% or Rs 17.00 from its previous closing of Rs 3940.00. The open interest of the contract stood at 179850.00 lots on NCDEX.

SBI trades higher on the bourses

SBI is currently trading at Rs. 2444.40, up by 165.30 points or 7.25% from its previous closing of Rs. 2279.10 on the BSE. The scrip opened at Rs. 2337.00 and has touched a high and low of Rs. 2505.10 and Rs. 2337.00 respectively. So far 684886 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2469.25 on 20-May-2013 and a 52 week low of Rs. 1452.90 on 28-Aug-2013. Last one week high and low of the scrip stood at Rs. 2324.00 and Rs. 2083.60 respectively. The current market cap of the company is Rs. 182070.51 crore. The promoters holding in the company stood at 58.60% while Institutions and Non-Institutions held 30.53% and 8.75% respectively. State Bank of India (SBI), country’s largest public sector lender has opened Retail Assets and Small and Medium Enterprises City Credit Center (RASMECCC) in Shillong. RASMECCC is a specialized loan processing, sanctioning and maintenance hub, which deals with the Personal and SME loans of 21 city based branches, handling more than 20000 loan accounts including big branches in the state. The bank reported 34.20% fall in its net profit at Rs 2234.34 crore for third quarter ended December 31, 2013 as compared to Rs 3396.06 crore for the same quarter in the previous year. However, total income of the bank increased by 14.91% at Rs 39060.76 crore for quarter under review as compared to Rs 33992.11 crore for the quarter ended December 31, 2012.

Markets continue to trade firm despite some profit booking

Indian bourses after showing outperformance in early deals consolidated in noon trades, holding on to their morning gains despite some profit booking by funds and retail investors. Profit booking emerged at higher levels and marginally corrected the benchmarks, however most of the sectoral indices managed to remain in green supported by gains in rate sensitive stocks such as banking, realty and auto. Selling was witnessed in defensive sectors such as IT, tech and healthcare putting some pressure on the major indices. Sentiment got a boost as early trends pointed to a comprehensive victory for the business friendly BJP-led NDA. The Indian rupee gained sharply against the US dollar amid hefty gains in domestic equity markets and high inflows from foreign institutional investors. Banking was top gaining index on BSE, up by around 6.82% followed by realty and oil and gas indices both up by around 4.40%. Apart from blue chips, broader indices too equally participated in the rally with both mid and small cap indices were trading up by around 1.85% and 0.73%. Among index heavyweights, SSLT, SBI and ICICI bank were the top gainers on BSE trading gaining over 6.5%. Among other stocks, Arvind Limited was up around 1% as the company posted 11.49 per cent growth in its standalone net profit to Rs 94.89 crore for the fourth quarter ended March 31, 2014. On the other hand, Zydus Wellness was down by around 3% at Rs 505 after the healthcare firm posted 41.83% decline in consolidated net profit at Rs 21.76 crore for Q4FY14. On global front, Asian equity indices were trading in red with Hang Seng down by 0.65% and Straits Times down by 0.22%. Back home, the NSE Nifty and BSE Sensex were trading above their psychological 7,300 and 24,000 levels respectively. The market breadth on BSE was negative, out of 2,448 stocks traded, 1,155 stocks advanced, while 1,183 stocks declined on the BSE. The BSE Sensex is currently trading at 24,678.05 up by 772.45 points or 3.23% after trading in a range of 23,375.63 and 24,271.54. There were 25 stocks advancing against 5 stocks declining on the index. The broader indices were trading in green; the BSE Mid cap index was up by 1.85%, while Small cap index gained 0.73%. The gaining sectoral indices on the BSE were Bankex up by 6.82%, Realty up by 4.45%, Oil and Gas up by 4.34%, Auto up by 3.53% and Power up by 3.49%. On the flip side, IT down by 1.10%, Consumer Durables down by 0.69%, Teck down by 0.39% and Healthcare down by 0.23% were the losing indices on BSE.    The top gainers on the Sensex were SSLT up by 7.88%, ICICI Bank up by 7.08%, Axis Bank up by 7.01%, SBI up by 6.61% and HDFC Bank up by 6.48%. On the flip side, Dr Reddy’s Lab down by 1.99%, Infosys down by 1.72%, Wipro down by 1.40%, Cipla down by 0.79% and TCS down by 0.27%. Meanwhile, the Reserve Bank of India’s (RBI) Governor Raghuram Rajan has pointed that a subdued growth, the fiscal and current account deficits and sticky inflation are the four biggest macro-economic challenges. Presently, Indian economy is struggling with slowdown and the factors like high interest rates, low investments and slow execution of infrastructure projects have been impacting economy’s growth. Indian economy’s growth slowed down to 4.6 percent during the first three quarter of FY14 and is likely to remain at sub-5% level in FY14. On inflation front, the Governor has said that despite some improvement in price rise over the past few months, WPI inflation still remained above the Reserve Bank of India's comfort level of 5 percent. Rajan further stated that Interest rate is the best tool available with the central bank to control price rise, whereas the Government too has tools like increasing agricultural production and improving supply to check inflation. Raghuram Rajan added that the new government and the central bank need to work together to check high inflation, which has been eroding the business sentiments in the country. Rajan exuded confidence that retail inflation would come down to 6% by March 2016. The WPI inflation eased to 5.20% in April as against 5.70% in March, while, retail inflation rose to three-month high at 8.59% in April. The country is also witnessing improvement on fiscal as well as current account deficit front. During the April-December FY’14, CAD stood at $31.1 billion (2.3% of GDP) versus $69.8 billion (5.2% of GDP) reported in the same period of previous fiscal year. In the FY14, the CAD is likely to improve to around 2% of GDP level mainly on the back of improved trade deficit figure. Further, the country’s fiscal deficit is expected to contain at 4.5% of GDP in FY14 as compared to the 4.89% of GDP in the previous fiscal year. The CNX Nifty is currently trading at 7,357 up by 233.85 points or 3.28% after trading in a range of 7,576.50 and 7,264.40. There were 44 stocks advancing against 6 declining on the index. The top gainers of the Nifty were Grasim up by 8.43%, PNB up by 8.20%, SSLT up by 8.11%, Indusind Bank up by 7.81% and Kotak Bank up by 7.58%. On the flip side, Tech Mahindra down by 2.32%, Infosys down by 2.14%, Dr Reddy’s Lab down by 2.10%, Wipro down by 1.25% and Cipla down by 0.79% were the major losers on the index. Asian equity indices were trading in red; Hang Seng down by 0.65% to 22,582.88, Straits Times down by 0.22% to 3,265.84, Shanghai Composite down by 0.22% to 3,266.53 and Nikkei 225 down by 1.38% to 14,101.09. While, Jakarta Index up by 0.39% to 5,011.33 and Taiwan Weighted up by 0.09% to 8,888.45

Nickel futures trade lower on sufficient supply

Nickel futures traded lower on MCX on the back of signs of sufficient supply and sluggish demand from alloy making industries. Further, weakening trend in copper and other base metals in global market also dampened the sentiments.

The contract for May delivery was trading at Rs 1107.00, down by 0.08% or Rs 0.90 from its previous closing of Rs 1107.90. The open interest of the contract stood at 9045.00 lots.

The contract for June delivery was trading at Rs 1112.20, down by 0.12% or Rs 1.30 from its previous closing of Rs 1113.50. The open interest of the contract stood at 1323.00 lots on MCX.

GVK Power trades jubilantly on the bourses

GVK Power & Infrastructure is currently trading at Rs. 15.23, up by 0.83 points or 5.76% from its previous closing of Rs. 14.40 on the BSE. The scrip opened at Rs. 15.00 and has touched a high and low of Rs. 15.84 and Rs. 14.55 respectively. So far 2991310 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 15.84 on 16-May-2014 and a 52 week low of Rs. 5.52 on 07-Aug-2013. Last one week high and low of the scrip stood at Rs. 15.84 and Rs. 13.10 respectively. The current market cap of the company is Rs. 2424.09 crore. The promoters holding in the company stood at 54.25% while Institutions and Non-Institutions held 17.68% and 28.07% respectively. GVK Power and Infrastructure is likely to receive government’s approval to exit its Rs 3,000-crore Shivpuri-Dewas road project. The full board of the National Highways Authority of India had decided to allow the company to end the contract without en-cashing its bank guarantee. The company had agreed to pay NHAI a premium of Rs 180 crore for the project in 2012, but decided to terminate the contract in January last year. GVK did not give any reason, but the project to widen 330 km of National Highway-3 to four lanes in Madhya Pradesh was delayed by environmental and other clearances, including right of way. GVK Power & Infrastructure is engaged in infrastructure development in areas of power, airports and roads. Incorporated in 1994, the company till date has invested over Rs 5,000 crore in infrastructure projects.

State Bank of India opens RASMECCC in Shillong

State Bank of India (SBI), country’s largest public sector lender has opened Retail Assets and Small and Medium Enterprises City Credit Center (RASMECCC) in Shillong. RASMECCC is a specialized loan processing, sanctioning and maintenance hub, which deals with the Personal and SME loans of 21 city based branches, handling more than 20000 loan accounts including big branches in the state.

The bank reported 34.20% fall in its net profit at Rs 2234.34 crore for third quarter ended December 31, 2013 as compared to Rs 3396.06 crore for the same quarter in the previous year. However, total income of the bank increased by 14.91% at Rs 39060.76 crore for quarter under review as compared to Rs 33992.11 crore for the quarter ended December 31, 2012.

Karnataka Bank surges on reporting 21% rise in Q4 net profit

Karnataka Bank is currently trading at Rs. 138.75, up by 12.80 points or 10.16% from its previous closing of Rs. 125.95 on the BSE. The scrip opened at Rs. 132.20 and has touched a high and low of Rs. 142.00 and Rs. 128.65 respectively. So far 1415651 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 162.45 on 16-May-2013 and a 52 week low of Rs. 69.10 on 06-Aug-2013. Last one week high and low of the scrip stood at Rs. 132.75 and Rs. 117.75 respectively. The current market cap of the company is Rs. 2581.25 crore. The Institutions and Non-Institutions held 28.74% and 71.26% respectively. The bank has posted a rise of 20.51% in its net profit at Rs 81.21 crore for the quarter ended March 31, 2014 as compared to Rs 67.39 crore for the same quarter in the previous year. Total income of the bank increased by 7.54% at Rs 1172.58 crore for quarter under review as compared to Rs 1090.32 crore for the quarter ended March 31, 2013. For the year ended March 31, 2014, the bank has posted a fall of 10.64% in its net profit at Rs 311.03 crore as compared to Rs 348.08 crore for the same period in the previous year. However, total income of bank increased by 12.79% at Rs 4694.41 crore for year under review as compared to Rs 4161.93 crore for the period ended March 31, 2013.

GVK Power to exit Rs 3,000 crore Shivpuri-Dewas road project

GVK Power and Infrastructure is likely to receive government’s approval to exit its Rs 3,000-crore Shivpuri-Dewas road project. The full board of the National Highways Authority of India had decided to allow the company to end the contract without en-cashing its bank guarantee.  The company had agreed to pay NHAI a premium of Rs 180 crore for the project in 2012, but decided to terminate the contract in January last year. GVK did not give any reason, but the project to widen 330 km of National Highway-3 to four lanes in Madhya Pradesh was delayed by environmental and other clearances, including right of way. GVK Power & Infrastructure is engaged in infrastructure development in areas of power, airports and roads. Incorporated in 1994, the company till date has invested over Rs 5,000 crore in infrastructure projects.

Soyabean futures display mixed trend on NCDEX

Soyabean futures showed a mixed trend on NCDEX. The near term contracts declined on ample stocks availability in the physical market on account of higher supply from the major producing belts, while June contracts rose on the expectations of increase in demand in the spot market. The contract for May delivery was trading at Rs 4515.00, down by 0.59% or Rs 27.00 from its previous closing of Rs 4542.00. The open interest of the contract stood at 1110 lots. The contract for June delivery was trading at Rs 4572.00, up by 0.31% or Rs 14.00 from its previous closing of Rs 4558.00. The open interest of the contract stood at 116870 lots on NCDEX.

Turmeric futures gain on rising export demand

Turmeric futures gained on NCDEX as speculators created fresh positions amid rising export demand in the spot market. Further, buying by retailers and stockists due to paucity of stocks on restricted arrivals from producing belts, also supported the commodity prices on upside.

The contract for May delivery was trading at Rs 6604.00, up by 0.46% or Rs 30.00 from its previous closing of Rs 6574.00. The open interest of the contract stood at 395.00 lots.

The contract for June delivery was trading at Rs 6860.00, up by 1.09% or Rs 74.00 from its previous closing of Rs 6786.00. The open interest of the contract stood at 11365.00 lots on NCDEX.

Ind-Ra affirms ‘AA’ rating to Greaves Cotton’s Long-Term Issuer

Credit rating agency, India Ratings & Research (Ind-Ra) has affirmed ‘AA’ rating to Greaves Cotton’s Long-Term Issuer Rating. The Outlook is Stable. The rating continues to be supported by GCL’s leadership position in India’s three-wheeler engine market. The company has a market share of around 80% at FYE14. Greaves Cotton, a 1,900 crore, a multi-product, multi-location company, is one of the leading engineering companies in India with core competencies in diesel/petrol engines, diesel generators and construction equipments.

Syndicate Bank trades higher on the bourses

Syndicate Bank is currently trading at Rs. 123.05, up by 8.00 points or 6.95% from its previous closing of Rs. 115.05 on the BSE. The scrip opened at Rs. 118.15 and has touched a high and low of Rs. 130.50 and Rs. 117.20 respectively. So far 703908 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 137.60 on 21-May-2013 and a 52 week low of Rs. 61.05 on 20-Aug-2013. Last one week high and low of the scrip stood at Rs. 130.50 and Rs. 97.15 respectively. The current market cap of the company is Rs. 7657.41 crore. The promoters holding in the company stood at 67.39% while Institutions and Non-Institutions held 19.83% and 12.78% respectively. 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.

PNB trades jubilantly on plan to sell some of its bad loans to ARCs

Punjab National Bank (PNB) is currently trading at Rs. 928.15, up by 73.70 points or 8.63% from its previous closing of Rs. 854.45 on the BSE. The scrip opened at Rs. 870.00 and has touched a high and low of Rs. 960.35 and Rs. 870.00 respectively. So far 327021 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 960.35 on 16-May-2014 and a 52 week low of Rs. 402.20 on 04-Sep-2013. Last one week high and low of the scrip stood at Rs. 960.35 and Rs. 779.80 respectively. The current market cap of the company is Rs. 33265.17 crore. The promoters holding in the company stood at 58.87% while Institutions and Non-Institutions held 35.85% and 5.27% respectively. Punjab National Bank (PNB) is planning to sell some of its bad loans to asset reconstruction companies (ARCs). In this regard, the bank’s board may meet by the end of the month. The bank had for the last couple of years, taken a conscious decision of not offloading a portion of its NPAs to ARCs. The bank’s asset quality had taken a hit due to the slowdown in the economy. PNB’s financial performance in 2013-14 was weighed down by an increase in provisioning for NPAs and also depreciation in investments.

SEBI unveils risk management norms for FPIs

SEBI (Securities and Exchange Board of India) has introduced risk management framework for Foreign Portfolio Investors (FPIs) pertaining to various aspects, including margin requirements. 
The FPI regime bring together all foreign investor classes such as Foreign Institutional Investors (FIIs), their sub-accounts and Qualified Foreign Investors (QFIs). 
All trades undertaken by FPIs in the cash market would be margined on a T+1 basis --settlement of trades with all the required payments one day after the execution of the trade order. 
However, the trades of FPIs who are Corporate bodies, Individuals or Family offices shall be margined on an upfront basis as per the extant margining framework for the non-institutional trades. 
"The trades of FPIs in Category I, II and III shall be margined on a T+1 basis," the SEBI said in a circular on Thursday. 
With regard to equity derivatives segment and Interest Rate Futures, Sebi said Category I and II FPIs would have position limits "as presently available to FIIs." 
"Category III FPIs shall have position limits as applicable to the clients," Sebi noted. 
The new FPI regime will be effective from June 1.
Category I & II FPIs shall have position limits as presently available to FIIs. Category III FPIs shall have position limits as applicable to the clients.

Blue Star Infotech plans acquisition in US

Blue Star Infotech is planning to grow through inorganic route in US. In this regard, the company is planning an acquisition in the US this year.

Since the company is looking for digital transformation in-order to keep itself in pace with the changing technological trend, its acquisition will also be focused towards the similar area mainly in analytics or mobility.

The Mumbai-headquartered company, which reported its earnings Wednesday is bullish on the travel-and-hospitality, hi-tech and healthcare verticals in the current financial year and is of the view that the US market is expected draw good business.

PNB to sell some of its bad loans to ARCs

Punjab National Bank (PNB) is planning to sell some of its bad loans to asset reconstruction companies (ARCs). In this regard, the bank’s board may meet by the end of the month.

The bank had for the last couple of years, taken a conscious decision of not offloading a portion of its NPAs to ARCs. The bank’s asset quality had taken a hit due to the slowdown in the economy.

PNB’s financial performance in 2013-14 was weighed down by an increase in provisioning for NPAs and also depreciation in investments.

Peninsula Land buys defunct mill in Byculla for Rs 650 crore: Report

Peninsula Land has reportedly purchased a defunct mill in Byculla, a Mumbai suburb for Rs 650 crore from joint owners Mahindra Lifespaces and the Kanoria family. The company is planning to develop a residential property over the land once all the approvals are in place, over the next 12 to 18 months. The company has funded the acquisition through its internal accruals and funds from its private equity partner. Peninsula Land is known for its concept-based architectures in the commercial, retail and residential sectors. The company is also known for its professional corporate management, international landmarks and value additions.

NTPC soars despite reporting 29% drop in Q4 net profit

NTPC is currently trading at Rs. 134.00, up by 4.75 points or 3.68% from its previous closing of Rs. 129.25 on the BSE. The scrip opened at Rs. 133.60 and has touched a high and low of Rs. 137.85 and Rs. 132.00 respectively. So far 977478 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. 137.85 and Rs. 115.60 respectively. The current market cap of the company is Rs. 111396.22 crore. The promoters holding in the company stood at 75.00% while Institutions and Non-Institutions held 22.27% and 2.73% respectively. NTPC has posted a fall of 29.39% in its net profit at Rs 3093.54 crore for the quarter ended March 31, 2014 as compared to Rs 4381.61 crore for the same quarter in the previous year.  However, total income of the company has increased by 18.56% at Rs 21637.87 crore for quarter under review as compared to Rs 18250.46 crore for the quarter ended March 31, 2013. For the year ended March 31, 2014, the company has posted a fall of 13.03% in its net profit at Rs 10974.74 crore as compared to Rs 12619.39 crore in the previous year. However, total income of the company has increased by 8.49% at Rs 74707.82 crore for year under review as compared to Rs 68855.81 crore for the year ended March 31, 2013. For the year ended March 31, 2014, on the consolidated basis, the company has posted a fall of 9.42% in its net profit at Rs 11403.61 crore as compared to Rs 12590.78 crore in FY13. However, total income of company has increased by 8.52% at Rs 81699.10 crore for year under review as compared to Rs 75279.25 crore for the period ended March 31, 2013.

The BSE Sensex gains over 1,004 points, while Nifty is up 293 points

At 10:44AM, S&P BSE Sensex is up 1004 points at 24,910, while the NSE Nifty is trading up 293 at 7,416. It has hit a high of 7,563. BSE Mid-cap is up 1.88% at 7,783, while BSE Small-cap is up 0.99% at 7,868. Some buying activity is seen in banking, realty, metal and oil & gas sectors, while sectors such as IT and teck are losing sheen. SBI, ICICI, HDFC Bank, ONGC and Maruti Suzuki are among the gainers, whereasWipro, Infosys, TCS and Dr Reddy's Lab is losing sheen on BSE.

Physical rubber prices improved on Thursday

Physical rubber prices improved on Thursday following a better closing on the National Multi Commodity Exchange (NMCE). Further, lower arrivals in the local trading houses too supported rubber prices uptrend. Spot prices for RSS-4 variety improved to Rs 142/ kg compared to its previous closing of Rs 141/ kg, while RSS-5 variety closed at Rs 139/ kg compared to its previous close of Rs 138.50/ kg. In the futures market, contract of May delivery firmed up to Rs 141 compared to its previous closing of Rs 140.23, while June delivery closed at Rs 144 compared to its previous close of Rs 142.34 on the National Multi Commodity Exchange (NMCE).

Commerce Minister urges next government for liberal FDI regime

Apprehensive over next government’s intent of tweaking FDI policy especially in retail, Commerce and Industry Minister Anand Sharma has prepared a 'handover note' advising his successor for retaining a liberal economic outlook and viewing FDI as a source of not only ‘precious foreign exchange’ but also that of technology, investment and jobs. The minister’s concerns about the FDI policy regime is derived from the fact of BJP’s reiteration of revisiting the foreign investment in the multi-brand retail sector, if it forms the government, which now is looking not far away from reality. The letter, which will be handed over to the next Commerce and Industry Minister, emphasizes the need of market diversification, the crucial role played by India in the World Trade Organization (WTO) and the need to engage with East Asian and Asia Pacific countries. It also urges on normalization of economic relations with Pakistan for greater peace and prosperity of the region. Further, the Minister also batted for careful negotiations in the proposed Regional Comprehensive Economic Partnership which will form the biggest trading bloc in the world. It includes the 10 countries of Asian, India, Japan, Korea, China, Australia and New Zealand. Additionally, the draft letter also highlighted the need of reassurance on the stability and predictability of foreign investment regime in India for the overseas investors, which would not only be in India’s national interest but so far has been a healthy tradition of country’s democracy.

ICICI Bank trades higher on the bourses

ICICI Bank is currently trading at Rs. 1546.70, up by 153.60 points or 11.03% from its previous closing of Rs. 1393.10 on the BSE. The scrip opened at Rs. 1436.00 and has touched a high and low of Rs. 1590.35 and Rs. 1420.00 respectively. So far 401094 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1427.00 on 13-May-2014 and a 52 week low of Rs. 758.80 on 28-Aug-2013. Last one week high and low of the scrip stood at Rs. 1427.00 and Rs. 1281.35 respectively. The current market cap of the company is Rs. 181134.21 crore.  The Institutions and Non-Institutions held 63.07% and 7.77% respectively. ICICI Bank, India's largest private sector bank and Vodafone India's wholly-owned subsidiary Mobile Commerce Solutions (MCSL) which owns the money transfer and payment facility M-Pesa, have launched mobile based subsidy payment for Janani Suraksha Yojna in Ranchi. Under this mandate, MCSL will act as a Business Correspondent (BC) of ICICI Bank and will facilitate the payment of mobile-based subsidy to the beneficiaries via its agents. The beneficiaries, with any active mobile number can directly receive payment of the health care subsidy. Once the payment is made, they will be intimated via SMS, mentioning the amount of subsidy, the withdrawal code and the withdrawal procedure. They can then withdraw the subsidy amount by simply authorizing the transaction with the withdrawal code at a nearby Vodafone retail outlet. ICICI Bank and Vodafone M-Pesa has started the pilot project in Namkum block in Ranchi district, Jharkhand. The payment of health care subsidies under Janani Suraksha Yojna Scheme aims at reducing the neo-natal and maternal deaths in India by promoting institutional delivery of children. This scheme is operated under National Rural Health Mission (NRHM) of Government of India. ICICI Bank is India's largest private sector bank and the second largest bank in the country with consolidated total assets of $124.76 billion at March 31, 2014. ICICI Bank's subsidiaries include India's leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Bank's presence currently spans 19 countries, including India.

NTPC reports 29% drop in Q4 net profit

NTPC has reported results for fourth quarter and year ended March 31, 2014. The company has posted a fall of 29.39% in its net profit at Rs 3093.54 crore for the quarter ended March 31, 2014 as compared to Rs 4381.61 crore for the same quarter in the previous year.  However, total income of the company has increased by 18.56% at Rs 21637.87 crore for quarter under review as compared to Rs 18250.46 crore for the quarter ended March 31, 2013. For the year ended March 31, 2014, the company has posted a fall of 13.03% in its net profit at Rs 10974.74 crore as compared to Rs 12619.39 crore in the previous year. However, total income of the company has increased by 8.49% at Rs 74707.82 crore for year under review as compared to Rs 68855.81 crore for the year ended March 31, 2013. For the year ended March 31, 2014, on the consolidated basis, the company has posted a fall of 9.42% in its net profit at Rs 11403.61 crore as compared to Rs 12590.78 crore in FY13. However, total income of company has increased by 8.52% at Rs 81699.10 crore for year under review as compared to Rs 75279.25 crore for the period ended March 31, 2013.

Investments in RIDF to be treated as priority sector lending: RBI

"The outstanding deposits under the above funds with NABARD as on preceding March 31 will form part of Adjusted Net Bank Credit, RBI adds

The Reserve Bank of India (RBI) said that banks' outstanding deposits under the Rural Infrastructure Development Fund (RIDF) and some funds with NABARD would be treated as priority sector lending under indirect agriculture category. "It has been decided to include the outstanding deposits placed by banks under Rural Infrastructure Development Fund (RIDF) and certain other funds established with NABARD, on account of their shortfall in lending to priority sector as part of indirect agriculture under priority sector classification," RBI said in a notification. "The outstanding deposits under the above funds with NABARD as on preceding March 31 will form part of Adjusted Net Bank Credit," it added.

ONGC, ICICI Bank, HDFC Bank hits new high

Shares of ICICI Bank surged over 10%, while ONGC stock up 5%. Tata Motors stock was up 5% and Axis Bank stock also surged 9%.

ICICI Bank, Oil and Natural Gas Corporation (ONGC), ITC, Tata Motors, HDFC Bank, HDFC, Axis Bank, Hero MotoCorp and Maruti Suzuki India hit respective  high level as poll outcome trends  showed the Narendra Modi-led National Democratic Allianec (NDA) leading in 249 , UPA in 75 seats. Shares of ICICI Bank surged over 10%, while ONGC stock up 5%. Tata Motors stock was up 5% and Axis Bank stock also surged 9%. State Bank of India (SBI), Bharat Heavy Electricals Limited (BHEL), Reliance Industries (RIL) and Coal India from the Sensex rallied between 3-8% on the Bombay Stock Exchange (BSE). The banking index Bankex and auto index have gained 8% and 5% respectively hits record high.

India's exports, imports rise in April: RBI

India's exports increased to $14,319 million in March 2014 compared to $13,155 million in February 2014, according to the RBI (Reserve Bank of India) data.
The country's imports also increased to $8490 million in April 2014 from $6,386 million in March 2014, it added.
The RBI releases provisional aggregate monthly data on India’s international trade in services with a lag of around 45 days. Accordingly, the data for the month of February 2014 were released on April 15, 2014.
Monthly data on services are provisional and would undergo revision when the Balance of Payments (BoP) data are released on a quarterly basis, the RBI said in a press release on Thursday.

Copper futures decline on China concerns

Copper futures declined on Thursday on the concerns that China's economic slowdown would hurt demand. Further, a surprising drop in US industrial production too added pressure on copper prices. However, the losses were capped by the expectations that China’s government will introduce measures to deepen reforms of the nation’s capital markets. Copper futures for July delivery fell 0.5% to settle at $3.1445 a pound on the Comex metals division of New York Mercantile Exchange. While, copper on the London Metal Exchange closed down 0.5% to $6,885 a metric ton.

Markets trade jubilantly as NDA heads for victory; Nifty surpasses 7,500 level

Indian equity benchmarks have made gap-up opening and are trading jubilantly with frontline gauges surpassing their crucial 25,200 (Sensex) and 7,500 (Nifty) bastions, as early trends indicated the pro-reform and business friendly BJP-led NDA is set to get a majority and form a stable government. Appreciation in Indian rupee against dollar too aided the sentiments. The Indian rupee gained sharply against the US dollar on hopes of further inflows from foreign institutional investors. Global cues remained sluggish with US markets ending lower overnight, as investors continued to book profit at higher levels while discouraging earnings from Wal-Mart too weighed on market sentiment. The Asian markets were trading mixed at this point of time with some indices trading notably lower in early deal, led by Nikkei which is down by around two percent as yen was near an eight-week high to the dollar. Back home, Financials were the top gainers on the Sensex on hopes that the BJP-led NDA would unveil reforms and stimulate economic growth. There was broad based buying witnessed in the markets as none of the sectoral indices were trading in the red. Banking and Oil and gas witnessed the maximum gain in trade. Capital goods, realty, power, metal, auto and consumer durables too were trading significantly higher. The broader indices too were trading with traction, while the market breadth on the BSE was positive; there were 1,133 shares on the gaining side against 531 shares on the losing side while 56 shares remain unchanged. The BSE Sensex is currently trading at 25346.00, up by 1440.40 points or 6.03% after trading in a range of 25353.16 and 24271.54. There were 29 stocks advancing against 1 decline on the index. The broader indices were trading in green; the BSE Mid cap index was up by 2.66% and Small cap index gained 1.73%. The top gaining sectoral indices on the BSE were, Bankex up by 10.34%, PSU up by 6.60%, Oil & Gas up by 6.30%, Auto up by 6.09% and Capital Goods up by 5.96%, while there was no loser. The top gainers on the Sensex were ICICI Bank up by 13.74%, Hero MotoCorp up by 11.69%, Axis Bank up by 10.00%, SBI up by 9.69% and Maruti Suzuki up by 8.17%. On the flip side, Dr Reddys Lab was down by 1.67% was the only the loser on the Sensex. Meanwhile, 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. The CNX Nifty is currently trading at 7,533.70 up by 410.55 points or 5.76% after trading in a range of 7,553.90 and 7,264.40. There were 48 stocks advancing against 2 declines on the index. The top gainers of the Nifty were ICICI Bank up by 12.91%, Hero Moto Co up by 12.52%, PNB up by 12.08%, Axis Bank up by 10.27% and SBI up by 9.77%. On the flip side, DR Reddy down by 1.58% and Tech Mahindra down by 0.20% were the top losers on the index. Most of Asian equity indices were trading in red; Shanghai Composite declined 5.94 points or 0.29% to 2,019.04, Hang Seng slipped by 147.07 points or 0.65% to 22,583.79, KLSE Composite dropped by 0.97 points or 0.05% to 1,878.86, Nikkei 225 tumbled by 280.93 points or 1.96% to 14,017.28, Straits Times contracted 10.96 points or 0.33% to 3,261.53, Seoul Composite decreased by 10.29 points or 0.51% to 1,999.91 and Taiwan Weighted was down by 37.79 points or 0.43% to 8,842.86. On the flip side, Jakarta Composite was up by 19.48 points or 0.39% to 5,011.12.

Sundaram MF introduces Top 100 Series II (3 Years)

Sundaram Mutual Fund has launched the New Fund Offer (NFO) of Sundaram Top 100 Series II (3 Years), a close ended income scheme. The NFO opens for subscription on May 16, 2014 and closes on May 31, 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 CNX 100 and its fund manager is Venkatesan J. The investment objective of the scheme is to generate capital appreciation from a portfolio that is substantially constituted of equity securities specified as eligible securities for Rajiv Gandhi Equity Savings Scheme, 2012. The Scheme may also invest a certain portion of its corpus in cash & cash equivalent and money market instruments from time to time.

SpiceJet launches three-day discounted fare offer in 12 cities

SpiceJet, the second largest low-cost airline, has launched a three-day discounted fare offer on its network for travel originating in 12 cities in northern and eastern regions with fares starting at Rs 1,899 (one-way). The three-day promotional scheme which started on May 15 ends on May 17 for travel period between July 1 and September 30.

SpiceJet is India’s most preferred airline who 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 Power spurts on JV’s PV modules passing PID test

Tata Power Company is currently trading at Rs. 91.55, up by 4.20 points or 4.81% from its previous closing of Rs. 87.35 on the BSE. The scrip opened at Rs. 90.00 and has touched a high and low of Rs. 92.00 and Rs. 88.35 respectively. So far 371194 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. 88.60 and Rs. 77.00 respectively. The current market cap of the company is Rs. 24720.27 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’s JV - Tata Power Solar’s crystalline PV modules have successfully passed the potential induced degradation (PID) test conducted by Underwriters Laboratories (UL), a premier global independent safety science company. UL, the world leader in product safety testing and certification, subjected Tata Power Solar’s PV modules to some of the harshest PID-test conditions in the industry. Tata Power is India's largest integrated power company with a significant international presence. The Company has an installed generation capacity of 8521 MW in India and a presence in all the segments of the power sector viz. Generation (thermal, hydro, solar and wind), Transmission, Distribution and Trading.

Asian markets mostly trade lower in early deals on Friday

All the Asian equity benchmarks barring Jakarta Composite are trading lower in the early deals on Friday, tracking cues from the US and European markets, where stocks closed weak overnight amid some disappointing earnings and economic reports. Weaker commodity prices and worries about the situation in Ukraine also contributed to the downside. On the regional front, Japanese stock market dropped as investors indulged in some heavy across the board selling and on a stronger yen. In the economy news, final March numbers for Japanese industrial production will be out later in the day. Among other markets in the Asia-Pacific region, Hong Kong, Singapore, South Korea and Taiwan are notably lower. Shanghai is down with modest losses and Malaysia is down marginally, while Indonesia is modestly higher. Shanghai Composite declined 5.94 points or 0.29% to 2,019.04, Hang Seng slipped by 147.07 points or 0.65% to 22,583.79, KLSE Composite dropped by 0.97 points or 0.05% to 1,878.86, Nikkei 225 tumbled by 280.93 points or 1.96% to 14,017.28, Straits Times contracted 10.96 points or 0.33% to 3,261.53, Seoul Composite decreased by 10.29 points or 0.51% to 1,999.91 and Taiwan Weighted was down by 37.79 points or 0.43% to 8,842.86. On the flip side, Jakarta Composite was up by 19.48 points or 0.39% to 5,011.12.

Apollo Tyres gains on getting nod for greenfield project in Eastern Europe

Apollo Tyres is currently trading at Rs 179.00, up by 1.70 points or 0.96% from its previous closing of Rs. 177.30 on the BSE. The scrip opened at Rs 182.40 and has touched a high and low of Rs 184.95 and Rs 178.20 respectively. So far 149346 shares were traded on the counter. The BSE group 'A' stock of face value Rs 1 has touched a 52 week high of Rs. 183.00 on 15-May-2014 and a 52 week low of Rs. 54.60 on 21-Jun-2013. Last one week high and low of the scrip stood at Rs 183.00 and Rs. 160.05 respectively. The current market cap of the company is Rs. 8936.36 crore. The promoters holding in the company stood at 43.50% while Institutions and Non-Institutions held 42.36% and 14.14% respectively. Apollo Tyres has received an approval for greenfield project in Eastern Europe, at a project cost of approximately 500 million euro over the next 4 years, funded with accruals and debt at the company’s European subsidiary. The board of directors at its meeting held on May 15, 2014 has approved for the same. The planned capacity is expected to be 16,000 Passenger Car Tyres (PCR) per day and 3,000 Truck Bus Radial Tyres (TBR) per day. Apollo Tyres produces the entire range of automotive tyres for ultra and high speed passenger cars, truck and bus, farm, off-the-road, industrial and specialty applications like mining, retreaded tyres and retreading material. These are produced across Apollo’s eight manufacturing locations in India, Netherlands and Southern Africa.

Sensex touches life high above 25,000

The BSE Sensex and Nifty rallied to record highs, breaching the psychologically important 25,000 mark, while the rupee strengthened to near a 10-month high against the dollar, as early vote counts in the general elections showed the opposition Bharatiya Janata Party and its allies leading.

The BSE Sensex touched a life high of 25,033.36 in trade while the Nifty hit a new record high of 7,459.40.

The partially convertible rupee was trading at 58.80 per dollar by 9:39am after hitting as much as 58.71. The local unit closed at 59.29/30 on Thursday.

The rupee also went past the 58 to a dollar mark buoyed by a sharp inflow of dollars backed by heavy buying by foreign funds.

With billions of dollars at stake the outcome of the high-octane elections are critical to decide on investment decisions.

Foreign and domestic investors believe that a  stable government post-election and a continued push to resolving execution bottlenecks remain key to reviving capital expenditure.

There are heightened expectations that a stable, and decisive government, at the Centre  will push projects and carry out much-needed reforms to help the economy claw out of a decade low crisis

Much is riding in these elections and a comfortable BJP-led NDA victory, many brokerage houses believe, will be good the economy.

The RBI and SEBI has formed a special committee to jointly monitor risk management systems through stress tests to address potential liquidity and other volatility-induced crises in currency, equity and bond markets on the poll counting day.

Last time, in 2009, trading had to be halted after markets hit the day’s upper circuit celebrating the UPA’s return to power with a greater mandate.

In 2004, markets had plunged sharply after the NDA unexpectedly lost power and the UPA formed the government with support from Left parties, which investors had then believed could delay reforms initiatives

Exit polls had suggested that the BJP-led  NDA was ahead in the race and the Sensex had cantered past 24,000 market.

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