Mahindra Lifespace acquires 550 acres of land in North Chennai

Mahindra Lifespace Developers has acquired around 550 acres of land in the Northern part of Chennai to set up its second integrated business city, Mahindra World City, in the State. The company’s final intent is to acquire around 600-650 acres for the project. The proposed new facility, will have Domestic Tariff Area (DTA) rather than the special economic zone (SEZ). The new city will target investors from engineering and manufacturing sectors and the facility would create around 33,000 jobs. Recently, the company 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 was 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.

Benchmarks continue firm trade; Power, PSU lead

Indian equity benchmarks added gains to continue firm trade in the late afternoon session on account of buying in frontline counters. The sentiments were on optimistic note after Moody’s Investor Service stated that Bharatiya Janata Party’s resounding election win is credit positive for India as it boosts the prospect that a stable government will address the country’s economic challenges. The markets also got boost after rupee surged to 58.38 per dollar, its strongest in 11 months on expectations of continued robust foreign buying in domestic shares and debt. Traders were seen piling up positions in Power, PSU and Capital Goods stocks, while selling was witnessed in IT, HealthCare and TECK sector stocks. Hectic activity was witnessed in railway stocks like Texmaco Rail, Kalindee Rail Nirman, Titagarh Wagons, Kernex Microsystems and Hind Rectifiers riding the Modi bandwagon. In scrip specific development, Jaiprakash Power Ventures was trading firm on plans to raise up to Rs 3,000 crore to fund ongoing projects and reduce its debt. On the global front, the Asian markets were trading mostly in red, while the European markets traded too on pessimistic note. Back home, the NSE Nifty and BSE Sensex were trading above their psychological 7,250 and 24,300 levels respectively. The market breadth on BSE was positive in the ratio of 1943:747 while 111 scrips remained unchanged. The BSE Sensex is currently trading at 24369.90, up by 248.16 points or 1.03% after trading in a range of 24448.47 and 24107.99. There were 19 stocks advancing against 11 stocks declining on the index. The broader indices were trading in green; the BSE Mid cap index was up by 3.22%, while Small cap index up by 4.91%. The gaining sectoral indices on the BSE were Power up by 8.30%, Public Sector Undertaking (PSU) up by 8.01%, Capital Goods up by 7.28%, Realty up by 5.98% and Metal up by 5.85%. On the flip side, IT down by 5.47%, HealthCare down by 3.90%, TECK down by 3.87% and FMCG down by 2.94% were the losing indices on BSE.    The top gainers on the Sensex were BHEL up 12.58%, Coal India up by 11.67%, ONGC up by 8.12%, Tata Power up by 8.11% and NTPC up by 7.47%. On the flip side, TCS down by 7.12%, Sun Pharma down by 5.41%, Dr. Reddy’s Lab down by 5.31%, Wipro down by 4.86% and Infosys down by 4.84% were the top losers on the index.  Meanwhile, in a bid to increase the investments in India’s mutual fund industry, the Securities and Exchange Board of India (SEBI) has urged the finance ministry to consider various tax sops for mutual funds products to make them more attractive to retail investors. The move is a part of SEBI’s efforts to incentivise and channelise household savings into equity long-term investment products and final decision in this regard would be taken by the new government. Further, high investments by domestic investors would help in curbing the unwanted volatility in domestic equity markets and would reduce the excessive reliance on the foreign investors.  The market regulator has now submitted the draft to Finance Ministry comprising measures to enhance investments in mutual fund industry. Among various proposals, the SEBI proposed for creation of a long-term investment product, Mutual Fund Linked Retirement Plan, with an additional tax incentive of Rs 50,000. In order to make various mutual fund schemes eligible for such tax benefits, the SEBI wants the new government to enhance the tax exemption limit under Section 80C of the Income Tax Act from Rs 1 lakh to Rs 2 lakh. The regulator also wants the Rajiv Gandhi Equity Savings Scheme to be brought under the enhanced tax exemption limit. Besides, SEBI wants all Central Public Sector Enterprises (CPSEs) to be permitted to invest their surplus funds in mutual fund schemes. At present, only miniratna, navratana and CPSEs are allowed to invest in such schemes. There are about 45 fund houses present in the country with total assets worth over Rs 9 lakh crore. Over the past couple of years, the fund mobilisation to mutual fund houses has remained lower owing to the lack of tax benefits which has made mutual funds products unattractive to investors. The CNX Nifty is currently trading at 7,264.10, up by 61.10 points or 0.85% after trading in a range of 7,291.10 and 7,193.55. There were 31 stocks advancing against 19 declining on the index. The top gainers of the Nifty were BHEL up 11.81%, Coal India up by 11.71%, PNB up by 8.70%, ONGC up by 8.40% and NTPC up by 7.67%. On the flip side, TCS down by 7.37%, HCL Tech down by 6.98%, Sun Pharma down by 5.52%, Dr. Reddy’s Lab down by 5.15% and Infosys down by 4.99% were the major losers on the index. Asian equity indices were trading mostly in red; Hang Seng down by 0.04%, Shanghai Composite plunged 1.05%, Jakarta Index lost by 0.98%, Straits Times inched lower 0.04% and Nikkei 225 declined by 0.64% while, Taiwan Weighted added 0.13%. The European markets were trading in red; France’s CAC 40 was down by 0.54%, Germany’s DAX dropped 0.57% while UK’s FTSE 100 lost 0.49%.

Venus Remedies gets nod to sell Meropenem in Australia

Venus Remedies has received marketing authorization for its antibiotic drug Meropenem from Australian regulator TGA. The company has also tied-up with Lupin to market this drug in Australia.The company planning to roll out the drug by the third quarter of 2014. Meropenem is an off-patent antibacterial agent of the Carbapenem class of antibiotics that caters to diseases with a broad range of serious infections caused by single or multiple susceptible bacteria in both adults and children. Venus Remedies is a pharmaceutical manufacturing company. The company provides formulations in area of antibiotics and oncological therapeutics. The company has two manufacturing facilities located in India and Germany. It manufactures Oncological and Cefelosporine Injectable products.

ICICI Bank plans to charge customers for redeeming points on cards

ICICI Bank, India's largest private sector bank is planning to charge its customers on reclaim their points collected on credit and debit cards. On every redemption request for the collection of payback points earned on credit card, debit card or my saving reward customers will be charged now. The service charge plus Tax will be levied from the card users from June 12, 2014 onwards. The bank would be charging Rs 99 plus service tax on any catalogue based redemptions and Rs 25 plus service tax will be charged on any online or in-store redemption made by the customer. ICICI Bank has 3753 branches and extension counters and 11,336 ATMs spread across the country. The Bank services its large customer base through a multi-channel delivery network of branches, ATMs, call center and internet banking.

Canara Bank inks MoU with Norka Roots: Report

Canara Bank, a leading nationalized bank has reportedly signed Memorandum of Understanding (MoU) with Norka roots to assist the people who lost their jobs in abroad and return back to Kerala. As part of the arrangement, the bank has offered Rs 2.4 crore as seed capital subsidy for the scheme. Canara Bank has posted a fall of 15.79% in its net profit at Rs 610.83 crore for the quarter ended March 31, 2014, as compared to Rs 725.38 crore for the same quarter in the previous year.  However, total income of the bank has increased by 22.57% at Rs 11609.72 crore for quarter under review as compared to Rs 9471.57 crore for the quarter ended March 31, 2013.

Adhunik Metaliks carries on operations at iron ore mine in Orissa

Adhunik Metaliks is operating its captive Kulum iron ore mine in Orissa and its wholly owned subsidiary, Orissa Manganese & Minerals (OMML) is operating two iron ore mines in the State of Jharkhand and Orissa. Moreover, the mining operations in all the aforesaid three mines are going as usual and there will not be any impact of the current Apex Court verdict on these mines. Further, the steel plant of the company and pellet plant of OMML are also running as usual. Earlier, Supreme Court granted temporary working permission to the company to operate at Sulaipat Iron Ore Mine of B. C. Dagara. The Apex Court directed the Forest Department of the State of Odisha to take a decision within four weeks on the diversion proposal of the mine and also directed MoEF to decide within a period of four weeks of the receipt of the proposal to grant approval for the same. Adhunik Metaliks is the flagship company of the Kolkata-based Adhunik Group of Industries and is engaged in manufacturing of wide range of special steels used for different applications in the fields of automobile, construction and engineering.

Edelweiss Financial Services soars on getting nod to increase FIIs limit to 40%

Edelweiss Financial Services is currently trading at Rs. 42.00, up by 4.85 points or 13.06% from its previous closing of Rs. 37.15 on the BSE. The scrip opened at Rs. 37.95 and has touched a high and low of Rs. 42.00 and Rs. 37.95 respectively. So far 394507 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 42.00 on 19-May-2014 and a 52 week low of Rs. 24.90 on 26-Nov-2013. Last one week high and low of the scrip stood at Rs. 42.00 and Rs. 34.20 respectively. The current market cap of the company is Rs. 3235.10 crore. The promoters holding in the company stood at 37.15% while Institutions and Non-Institutions held 22.62% and 40.23% respectively. Edelweiss Financial Services, one of India's leading diversified Financial Services Company, has received an approval to increase its limits of Foreign Institutional Investors’ (FIIs) holding in the equity shares of the company from 28% to 40%. The board of directors at its meeting held on May 17, 2014 has approved for the same. Edelweiss Financial Services is India’s leading diversified financial services company. It is engaged in the business of investment banking, brokerage services, asset management and financing.

Tata Power has invested Rs. 352 Crores of capex and capitalized assets worth Rs. 300 Crores in the last financial year (FY 2013-14)

Tata Power has invested Rs. 352 Crores of capex and capitalized assets worth Rs.300 Crores in the last financial year (FY 2013-14) Tata Power, India's largest integrated power Company has always been a frontrunner and a pioneer in providing reliable and uninterrupted power to the city of Mumbai. In order to serve its growing consumer base, Tata Power has grown its distribution network infrastructure manifold. Tata Power has invested Rs. 352 Crores of capex and capitalized assets worth Rs. 300 Crores in the last financial year (FY 2013-14) which is a record for the Mumbai distribution business. Its focus has been to develop a robust network backbone which includes Distribution Sub Stations and the High Tension (HT) network to be able to cater to the growing market demand in addition to the development of last mile connectivity to reach consumer premises. The infrastructure developed in FY14 includes:- ·         Distribution Sub stations (DSS) – 33 kV/22 kV/11 kV    = 6 nos. ·         High Tension network (HT)   = 266 KM ·         Consumer Sub Stations (CSS) – 11 kV/ 440 V  = 85 nos. ·         Low Tension network ( LT)  = 336 KM Tata Power is thus creating a backbone (33kV/11kV) of distribution’ network, identifying sources or outlets at Receiving Sub Stations (RSS) to feed supply to DSS, establishing connectivity to feed the DSS from identified RSS and creating 11kV main ring network. The network addition has been achieved against all odds, the most crucial being loss of 4 months of fair season for cable laying due to permission related delays. Tata Power is also complying with network rollout philosophy as per the MERC Supply Code Regulations, SOP Regulations and CEA (Technical Standards for Construction of Electrical Plant and Electrical Lines) Regulations, 2010. In line with its network development plan Tata Power plans to further strengthening the backbone infrastructure of the city to cater to its growing consumer base.  It plans  to setup additional 30 DSS out of which 17 are planned to be commissioned in the next 5 years and the remaining  13 DSS post FY 2018-19. The Company is also planning to increase MVA Capacity from 1525 MVA to 2445 MVA by FY 2018-19. The developed capacity of Tata Power is expected to  meet 50 per cent of the future Mumbai load assuming growth rate of 3 per cent p.a. Speaking on these developments, Ashok Sethi, Executive Director , Tata Power, said, “Over the years, Tata Power has transformed the distribution landscape by offering a plethora of choice to consumers and caters to about 38 per cent of Mumbai’s requirements. We have empowered Mumbaikars with the ‘Right to choose’ their preferred power supplier and have enabled them to benefit from competitive prices being offered by the different service providers. We have been continuously using technological innovations to overcome space constraints for substations for DSS installations. Tata Power is fully committed to providing a choice to its consumers through its efforts in technological advancement, and enhancement in customer services across its licence area.”

Castor seed futures trade lower on NCDEX

Castor seed futures traded lower on NCDEX due to selling pressure from bear operators. However, receding supplies in local mandies along with limited stocks position in the market restricted the commodity prices to some extent. The contract for May delivery was trading at Rs 3891.00, down by 0.56% or Rs 22.00 from its previous closing of Rs 3913.00. The open interest of the contract stood at 5750.00 lots. The contract for June delivery was trading at Rs 3930.00, down by 0.78% or Rs 31.00 from its previous closing of Rs 3961.00. The open interest of the contract stood at 179810.00 lots on NCDEX.

Soyabean futures decline on NCDEX

Soyabean futures edged lower on NCDEX as the traders feel the new government will take tough steps to curb inflation in the coming days. Further, lower demand in the spot market against higher arrivals from the major producing belts too influenced soyabean prices.

The contract for May delivery was trading at Rs 4525.00, down by 1.14% or Rs 52.00 from its previous closing of Rs 4577.00. The open interest of the contract stood at 1110 lots.

The contract for June delivery was trading at Rs 4573.00, down by 0.26% or Rs 12.00 from its previous closing of Rs 4585.00. The open interest of the contract stood at 119410 lots on NCDEX.

Coal India trades in green on the BSE

Coal India is currently trading at Rs. 378.00, up by 32.35 points or 9.36% from its previous closing of Rs. 345.65 on the BSE. The scrip opened at Rs. 350.00 and has touched a high and low of Rs. 380.20 and Rs. 346.00 respectively. So far 800846 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 365.20 on 16-May-2014 and a 52 week low of Rs. 238.35 on 30-Aug-2013. Last one week high and low of the scrip stood at Rs. 365.20 and Rs. 308.45 respectively. The current market cap of the company is Rs. 237495.30 crore. The promoters holding in the company stood at 89.65% while Institutions and Non-Institutions held 8.27% and 2.08% respectively. Coal India, the world’s largest coal miner by output, has reported provisional production of 37.51 million tonnes in April 2014, as against target of 37.61 million tonnes. The company’s total off-take for the month of April stood at 40.54 million tonnes as against a target of 45.17 million tonnes. Coal India is the world’s largest coal mining company. It also produces non-coking coal and coking coal of various grades for diverse applications.

Markets trade in green in afternoon session

Indian bourses have stabilized and are once again moving higher in afternoon session on the back of fresh buying by funds and retail investors amid weak Asian cues. Gains in rate sensitive stocks such as metal, realty and banks has provided support to the major indices. However, the sharp selling witnessed in defensive sector stocks has restrained the markets’ gains. Sentiments remained optimistic amid expectations that the new government will usher in strong pro-reform policies and kick-start the investment cycle. Metal index was the top gainer on BSE up by around 4.86% on hopes that the new government's likely clearance for stalled infrastructure projects would lead to a pick-up in demand going forward. Buying was broad based and shares of both the S&P BSE mid-cap and small-cap indices rallied 2-3%. However, IT, teck and Pharma were under pressure amid concerns the rupee will continue to appreciate in near future which in turn will impact the margins of domestic IT and pharma players. Stock specific front, shares of SpiceJet were down 1.3% at around Rs 14.75 after the low-cost airline's net loss widened to Rs 321 crore in Q4 FY13 from Rs 186 crore in the corresponding period last year due to expensive jet fuel, a falling rupee and slow passenger growth. On global front, major Asian equity indices were trading in red with Hang Seng down by 0.50% and Straits Times down by 0.08%. Back home, the NSE Nifty and BSE Sensex were trading above their psychological 7,200 and 24,000 levels respectively. The market breadth on BSE was negative, out of 2,420 stocks traded, 1,595 stocks advanced, while 730 stocks declined on the BSE. The BSE Sensex is currently trading at 24,200.20 up by 78.46 points or 0.33% after trading in a range of 24,427.10 and 24,107.99. There were 19 stocks advancing against 11 stocks declining on the index. The broader indices were trading in green; the BSE Mid cap index was up by 2.20%, while Small cap index up by 3.25%. The gaining sectoral indices on the BSE were Metal up by 4.86%, Power up by 4.86%, Capital Goods up by 4.46%, Realty up by 4.20%, Oil and Gas up by 3.27% and Bankex up by 2.30%. On the flip side, IT down by 4.98%, Healthcare down by 3.94%, Teck down by 3.56% and FMCG down by 3.22% were the losing indices on BSE.    The top gainers on the Sensex were Coal India up by 9.13%, Tata Power up by 6.68%, SSLT up by 6.30%, Hindalco Inds up by 5.49% and ONGC up by 5.13%. On the flip side, Sun Pharma down by 5.83%, TCS down by 5.49%, Infosys down by 5.00%, Dr Reddy’s Lab down by 4.99% and Wipro down by 4.75%. Meanwhile, Coal Ministry has extended the deadline to June 25 for companies submitting applications to participate in the competitive bidding for three mines in the region of Jharkhand and West Bengal. These three mines have an estimated 500 million tonnes of reserves, for captive use of steel, cement and sponge iron firms. Till now, the government has received 36 applications from various companies include Tata Steel and Jindal Steel in response to the tender for allotment of mines. With an aim to enhance the domestic coal production, the government has recently set up a nine-member panel, which will identify more blocks in addition to already selected 54 mines, for sale through competitive bidding.  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.  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. Meanwhile, in order to meet India’s growing coal demand, the government has planned to allot coal mines directly to private players under public-private partnership (PPP) mode, which would also end the monopoly of public sector unit Coal India. The CNX Nifty is currently trading at 7,228.70 up by 25.70 points or 0.36% after trading in a range of 7,290.35 and 7,193.55. There were 32 stocks advancing against 18 declining on the index. The top gainers of the Nifty were Coal India up by 9.35%, PNB up by 8.07%, SSLT up by 6.68%, Tata Power up by 6.22% and BPCL up by 5.69%. On the flip side, HCL Tech down by 6.90%, Sun Pharma down by 5.86%, TCS down by 5.72%, Infosys down by 4.98% and Wipro down by 4.79% were the major losers on the index. Asian equity indices were trading in red; Hang Seng down by 0.50% to 22,598.59, Straits Times down by 0.08% to 3,260.43, Shanghai Composite down by 1.40% to 1,997.15 and Nikkei 225 down by 0.51% to 14,024.89. While, Jakarta Index up by 0.05% to 5,033.99 and Taiwan Weighted up by 0.13% to 8,899.45

Nickel futures gain on firm overseas trend

Nickel futures gained on MCX as participants enlarged positions amid a firming trend overseas. Besides, rising demand at domestic spot markets from alloy-makers  also supported the prices.

The contract for May delivery was trading at Rs 1151.40, up by 3.02% or Rs 33.80 from its previous closing of Rs 1117.60. The open interest of the contract stood at 8924.00 lots.

The contract for June delivery was trading at Rs 1155.00, up by 2.81% or Rs 31.60 from its previous closing of Rs 1123.40. The open interest of the contract stood at 1387.00 lots on MCX.

ZEE trades higher on the bourses

Zee Entertainment Enterprises (ZEE) is currently trading at Rs. 275.85, up by 2.60 points or 0.95% from its previous closing of Rs. 273.25 on the BSE. The scrip opened at Rs. 275.00 and has touched a high and low of Rs. 281.70 and Rs. 275.00 respectively. So far 83543 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 300.55 on 13-Jan-2014 and a 52 week low of Rs. 208.10 on 28-Aug-2013. Last one week high and low of the scrip stood at Rs. 282.90 and Rs. 262.75 respectively. The current market cap of the company is Rs. 26796.52 crore. The promoters holding in the company stood at 43.07% while Institutions and Non-Institutions held 51.37% and 5.56% respectively. Zee Entertainment Enterprises (ZEE) is planning to launch a new national Hindi entertainment channel Zindagi on June 23, 2014.  Zindagi reinforces the vision of ZEE’s corporate philosophy ‘Vasudhaiva Kutumbakam - ‘The world is my family’ and aims to unite people in India and across the world with shows produced overseas. The budget for Zindagi’s launch phase is Rs 80-100 crore. Out of the total budget, primary spend will be on content and secondary on the marketing campaign. Zee Entertainment is India’s largest vertically integrated media and Entertainment Company. Its portfolio consists of brands like Zee TV, Zee Cinema, Zee Music, Zee Cafe, Zee Smile, Zee Action, Zee Premiere, ETC, ETC Punjabi, TEN Sports, Zee Studio, Zee Classic, Zee Trendz and Zee Sports.

Airtel 4G comes to the Ludhiana

Bharti Airtel Limited, a leading global telecommunications company with operations in 20 countries across Asia and Africa, today announced the launch of its 4G services in Ludhiana. With this roll out, the industrial hub becomes the 1st city in the country to witness the electrifying internet browsing experience simultaneously on dongles, Wi-Fi CPEs (Customer Premise Equipment/ routers) and mobile phones. While the dongles and the Wi-Fi CPE's will give customers the fastest broadband experience at home, with Apple iPhone 5S and 5C customers can experience the same on the move. Customers can now leverage advanced 4G technology capabilities like high definition video streaming with zero buffering, downloading 10 movies in less than 30 minutes, uploading full holiday albums in less than 5 minutes by uploading 2 high quality photos per second and also connect multiple devices without any experience constraint. Customers can now get connected to the fastest ever internet service anywhere, anytime on either their mobile phone on iPhone 5s/5c or on dongles or on Wi-Fi with the home broadband solution of CPEs. Announcing the launch, Manu Sood, Hub CEO –Upper North, Bharti Airtel (India) said, “The much awaited launch of Airtel 4G services fulfills a huge market requirement and will give customers in Ludhiana the power to upgrade to cutting edge 4G technology - the most advanced wireless broadband experience available across the globe today, matching their internet experience with the rest of the world. As a brand we are committed to enriching the lives of millions and invite our data savvy customers in the city to enjoy this world class data experience which we are offering at unbeatable prices.” Customers on iPhone 5s or iPhone 5c can start their mobile 4G experience right away by upgrading to a USIM (Universal SIM) / 4G SIM and selecting a plan/pack of their choice from an affordable range of offers. Customers can also enjoy the Airtel 4G’s unbeatable speed on the Airtel 4G dongle, Wi-Fi CPE and 4G compatible handsets including Xolo LT 900 and LG G2 (model D802T) apart from the iPhone 5S (models A1530& A1518) and 5C (models A1529 & A1516). While the USIM shall come free with the purchase of dongle or CPE, it shall come at a nominal cost of Rs 49/- for mobile users, the dongles are priced at Rs. 1500/-, the CPE is priced at Rs 2500/-. Customers can select from a host of affordable 4G packs or plans.  A special pack of Rs. 999/- (for postpaid – mobiles, dongles and CPEs) and Rs. 995/- (for prepaid- mobiles only) have also been introduced for heavy data user which will offer 10 GB of 4G data. For postpaid mobile customers, the plans will start as low as Rs. 100/-. Special demo zones and kiosks have been installed in Airtel's office at IC Tower, G-454, BRS Nagar, Ferozpur road and company owned store at Sarabha Nagar for customers to experience LIVE demos and get started on 4G.

Chana futures edge down on higher supply

Chana futures traded down on NCDEX as higher supplies from the new season crop in Madhya Pradesh state. Further, lower demand in the spot market too influenced chana prices.

The contract for May delivery was trading at Rs 2985.00, down by 0.40% or Rs 12.00 from its previous closing of Rs 2997.00. The open interest of the contract stood at 950 lots.

The contract for June delivery was trading at Rs 3053.00, down by 0.55% or Rs 17.00 from its previous closing of Rs 3070.00. The open interest of the contract stood at 158590 lots on NCDEX.

Potato futures move higher on rising demand

Potato futures moved higher on MCX due to a firming spot market trend on rising demand. Further, limited stock positions in the physical market on the back of tight supplies from producing regions also supported the upside of the commodity prices to some extent.

The contract for May delivery was trading at Rs 1310.70, up by 0.51% or Rs 6.70 from its previous closing of Rs 1304.00. The open interest of the contract stood at 370.00 lots.

The contract for June delivery was trading at Rs 1359.00, up by 0.81% or Rs 10.90 from its previous closing of Rs 1348.10. The open interest of the contract stood at 1647.00 lots on MCX.

ZEE plans to launch Hindi channel Zindagi

Zee Entertainment Enterprises (ZEE) is planning to launch a new national Hindi entertainment channel Zindagi on June 23, 2014.  Zindagi reinforces the vision of ZEE’s corporate philosophy ‘Vasudhaiva Kutumbakam – ‘The world is my family’ and aims to unite people in India and across the world with shows produced overseas. The budget for Zindagi’s launch phase is Rs 80-100 crore. Out of the total budget, primary spend will be on content and secondary on the marketing campaign.

Zee Entertainment is India’s largest vertically integrated media and Entertainment Company. Its portfolio consists of brands like Zee TV, Zee Cinema, Zee Music, Zee Cafe, Zee Smile, Zee Action, Zee Premiere, ETC, ETC Punjabi, TEN Sports, Zee Studio, Zee Classic, Zee Trendz and Zee Sports.

Crude Palm Oil futures edge lower on weak demand

Crude Palm oil futures traded lower on MCX as speculators reduced their positions due to weak demand in the spot market against ample stocks position. However, gains in overseas palm oil markets due to higher exports, capped some losses in crude palm oil prices to some extent.

The contract for May delivery was trading at Rs 544.50, down by 0.48% or Rs 2.60 from its previous closing of Rs 547.10. The open interest of the contract stood at 2175 lots.

The contract for June delivery was trading at Rs 541.90, down by 0.64% or Rs 3.50 from its previous closing of Rs 545.40. The open interest of the contract stood at 3314 lots on MCX.

Turmeric futures trade lower on higher supply

Turmeric futures traded lower on NCDEX after speculators reduced their exposures amid higher supply against low demand in the spot market against adequate stock positions. Moreover, subdued demand from retailers and stockists also weighed on the commodity prices.

The contract for May delivery was trading at Rs 6450.00, down by 1.83% or Rs 120.00 from its previous closing of Rs 6570.00. The open interest of the contract stood at 395.00 lots.

The contract for June delivery was trading at Rs 6688.00, down by 2.25% or Rs 154.00 from its previous closing of Rs 6842.00. The open interest of the contract stood at 11785.00 lots on NCDEX.

Tata Global Beverages shines as its arm acquires 100% stake in Bronski Eleven

Tata Global Beverages is currently trading at Rs. 147.55, up by 2.90 points or 2.00% from its previous closing of Rs. 144.65 on the BSE. The scrip opened at Rs. 145.90 and has touched a high and low of Rs. 148.20 and Rs. 145.30 respectively. So far 2,82,000 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 170.20 on 03-Nov-2013 and a 52 week low of Rs. 128.05 on 27-Jun-2013. Last one week high and low of the scrip stood at Rs. 149.45 and Rs. 143.30 respectively. The current market cap of the company is Rs. 9,124.00 crore. The promoters holding in the company stood at 35.10% while Institutions and Non-Institutions held 35.72% and 27.52% respectively. Tata Global Beverages’ overseas subsidiary based in UK has acquired a 100% stake in the equity capital of Bronski Eleven, Australia, engaged in coffee business under the MAP brand, with presence in the R&G coffee and coffee in Pods (single service portions) segments in Australia. This investment is in line with the company’s strategic vision to become a leader in the ‘good for you’ beverage segment in Australia and it also helps Tata Global Beverages to expand its portfolio to include high growth contemporary single serve business. Tata Global Beverages, formerly known as Tata Tea, is a multinational non-alcoholic Beverages Company headquartered in Kolkata, West Bengal, India and a subsidiary of the Tata Group. It is the world's second-largest manufacturer and distributor of tea. Tata Global Beverages markets tea under the major brands Tata Tea, Tetley, Good Earth Teas and JEMCA.

Kotak declares dividend under QIP Series 7

Kotak (MF) has declared dividend under the dividend option of Kotak Quarterly Interval Plan Series 7 (Kotak QIP Series 7). The record date for dividend is May 22, 2014.The quantum of dividend will be the entire appreciation in Net Asset Value (NAV) of dividend option until May 22, 2014 on the face value of Rs 10 per unit. The investment objective of the Scheme is to generate returns through investments in debt and money market instruments with a view to significantly reduce the interest rate risk.

JK Tyre trades jubilantly on plan to double capacity at Chennai plant

JK Tyre & Industries is currently trading at Rs. 213.80, up by 19.70 points or 10.15% from its previous closing of Rs. 194.10 on the BSE.

The scrip opened at Rs. 195.10 and has touched a high and low of Rs. 214.00 and Rs. 195.10 respectively. So far 152307 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 226.70 on 22-Apr-2014 and a 52 week low of Rs. 80.05 on 28-Aug-2013.

Last one week high and low of the scrip stood at Rs. 214.00 and Rs. 186.50 respectively. The current market cap of the company is Rs. 860.60 crore.

The promoters holding in the company stood at 47.34% while Institutions and Non-Institutions held 8.33% and 44.33% respectively.

Sugar futures exhibit mixed trend on NCDEX

Sugar futures exhibited mixed trend on NCDEX, as the May contracts traded high on the back of speculators created fresh positions after demand in the spot markets picked up amid drop in output. While June contracts traded down on adequate stocks position following persistent supplies from mills.

The contract for May delivery was trading at Rs 3143.00,up by 1.22% or Rs 38.00 from its previous closing of Rs 3105.00. The open interest of the contract stood at 11070.00 lots.

The contract for June delivery was trading at Rs 3021.00, down by 0.17% or Rs 5.00 from its previous closing of Rs 3026.00. The open interest of the contract stood at 52950.00 lots on NCDEX.

IT stocks slips as rupee hits 11-month high

Shares of HCL Technologies was down 6% at Rs1279, while , Wipro was also lower by 5% at Rs479

Shares of information technology (IT) are under pressure after the rupee hits 11 month high against dollar today. Shares of HCL Technologies was down 6% at Rs1279, while , Wipro was also lower by 5% at Rs479 Shares of TCS and Infosys was down 5%. TCS stock was currently trading at Rs2046, while Infosys shares was at 3019. The rupee has hit strongest in 11 months high after the Bharatiya Janata Party victory.

CARE revises ratings of REI Agro’s bank facilities

Credit rating agency, CARE has revised ‘D’ rating to long term bank facilities of REI Agro from ‘BB+’. Moreover, the rating agency has also revised rating of the company’s short term bank facilities to ‘D’ from ‘A4+’.

The aforesaid revision in ratings of the company takes into account the ongoing delays in debt servicing by the company. The cash flow position of the company has been severely impacted by lower than expected cash accruals from operations and increase in working capital requirements to finance the high inventory and debtor level. This has resulted in the inability of the company to meet its debt obligations on time.

REI Agro is engaged in processing of Basmati rice (installed capacity of 118 tph). It is also involved in trading in commodities and wind power generation.

Call rates creep up with the start of reporting fortnight

Interbank call rates were trading higher at 8.30/8.35% against its Friday's close of 7.50/7.55%, in line with repo rates as demand picked up pace with the start of fresh reporting cycle. The rates are expected to remain in this range as demand usually remains higher in the first half of reporting fortnight. The banks via Liquidity Adjustment Facility (LAF) borrowed Rs 20161 crore through repo auction on May 19, 2014, while it borrowed Rs 3883 crore through three days repo auction and parked Rs 13293 crore on May 16 via three days reverse repo auction. The overnight borrowing rates touched a high and low of 8.40% and 8.05% respectively. According to the Clearing Corporation of India (CCIL), the weighted average rate (WAR) in the call money market was at 8.28% on Monday and total volume stood at Rs 25386.18 crore, so far. As per CCIL data, WAR in the CBLO (Collateralized Borrowing and Lending Obligation) market was at 8.21% on Monday and total volume stood at Rs 18908.70 crore, so far. The indicative call rates which closed 7.50/7.55% on Friday were contributions made from Andhra Bank, AXIS Bank, Bank of America, Bank of Baroda, Bank of India, Canara Bank, J P Morgan Chase, Citibank N.A., Corporation Bank, Credit Agricole Bank, Indusind Bank, ICICI Bank, ICICI Securities, IDBI Bank, Jammu and Kashmir Bank, Punjab National Bank, RBS, Societe Generale, Standard Chartered, so far.

Govt extends deadline to June 25 for submitting applications for 3 coal mines

The Coal Ministry has extended the deadline to June 25 for companies submitting applications to participate in the competitive bidding for three mines in the region of Jharkhand and West Bengal. These three mines have an estimated 500 million tonnes of reserves, for captive use of steel, cement and sponge iron firms. Till now, the government has received 36 applications from various companies include Tata Steel and Jindal Steel in response to the tender for allotment of mines. With an aim to enhance the domestic coal production, the government has recently set up a nine-member panel, which will identify more blocks in addition to already selected 54 mines, for sale through competitive bidding.  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.  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. Meanwhile, in order to meet India’s growing coal demand, the government has planned to allot coal mines directly to private players under public-private partnership (PPP) mode, which would also end the monopoly of public sector unit Coal India.

Tata Global Beverages to acquire stake in Bronski Eleven

Tata Global Beverages Ltd has announced that the Company's overseas subsidiary based in UK has acquired a 100% stake in the equity capital of Bronski Eleven Pty Ltd, Australia, engaged in coffee business under the MAP brand, with presence in the R&G coffee and coffee in Pods (single service portions) segments in Australia.

The investment is in line with the Company's strategic vision to become a leader in the "good for you" beverage segment in Australia and it also helps Tata Global Beverages to expand its portfolio to include high growth contemporary single serve business.

Mentha oil futures edge lower on profit booking

Mentha oil futures declined on MCX as speculators indulged in profit-booking amid fall in demand in the spot market. Further, increased arrivals of the commodity in the physical market from the major producing belts in Uttar Pradesh too influenced mentha oil prices.

The contract for May delivery was trading at Rs 838.80, down by 0.26% or Rs 2.20 from its previous closing of Rs 841.00. The open interest of the contract stood at 3036 lots.

The contract for June delivery was trading at Rs 851.00, down by 0.20% or Rs 1.70 from its previous closing of Rs 852.70. The open interest of the contract stood at 1286 lots on MCX.

Jeera futures trade higher on export demand

Jeera futures traded up on NCDEX on account of fresh export demand and strong domestic buying. Further, speculators created fresh positions due to fall in supplies from producing belts, mainly attributed rise in jeera price in future trade. The contract for May delivery was trading at Rs 11100.00, up by 1.00% or Rs 110.00 from its previous closing of Rs 10990.00. The open interest of the contract stood at 333.00 lots. The contract for June delivery was trading at Rs 11240.00, up by 0.54% or Rs 60.00 from its previous closing of Rs 11180.00. The open interest of the contract stood at 9333.00 lots on NCDEX.

SBI to set up holding co to raise funds

SBI plans to set up a holding company in order to raise funds

State Bank of India said that it is not considering to set up a special purpose vehicle (SPV) for its real estate, according to a media report. SBI plans to set up a holding company in order to raise funds, the report added. The idea of setting up an SPV for raising capital from markets was launched at a meeting of finance minister P Chidambaram and heads of public sector banks last week. According to the proposal, a bank could set up an SPV to which it will transfer its realty assets. The bank then can pay rental to the SPV to create an income stream for the SPV, the report further said.

Vodacom to acquire Tata Communications’ stake in Neotel: Report

Vodacom has reportedly agreed to acquire Tata Communications’ stake in Neotel. The company will acquire Neotel for a cash consideration of $680 million. Moreover, the transaction may close before end of current fiscal. Vodacom is a pan-African mobile telecommunications company, with the largest number of subscribers of cellular networks in South Africa. Tata Communications is a leading global provider of a new world of communications. With a leadership position in emerging markets, Tata Communications leverages its advanced solutions capabilities and domain expertise across its global and pan-India network to deliver managed solutions to multi-national enterprises, service providers and Indian consumers.

JK Tyres to double capacity at Chennai plant

JK Tyres will double its capacity at its greenfield plant at Chennai by the end of this year. The work for the capacity expansion at Chennai plant is going on. The company will start production at Chennai plant from November- December. The expansion is being carried at an investment of Rs 1,500 crore. Currently, the company is producing 16,000 radial tyres per day of car and trucks and the figure would be 32,000 per day following the commissioning of the expansion project. JK Tyre & Industries is the flagship company under the umbrella of JK Organization. JK Tyre is the pioneer for Steel Radial technology in India. Over the years, the company has expanded and diversified its business portfolio. It has developed into a multi product, multi-location corporate entity.

GMR Infra's Hungund - Hospet project on NH13 commences collection at Toll Plaza 3

GMR Infrastructure has achieved commercial operation of the balance highway of 15 kms of Hungund - Hospet road project on National Highway 13. This marks the commencement of collection of toll at Toll Plaza 3; the project has earlier achieved commercial operation of two Toll Plazas during November 2012 and has now completed the balance highway after land clearances.

The project commenced collection of Toll at Toll Plaza 3 with effect from May 14, 2014 and it is expected to generate additional revenue of about Rs 10 lakh per day.

GMR Infrastructure is a Bangalore headquartered global infrastructure major with interests in Airports, Energy, Highways and Urban Infrastructure sectors. It has successfully employed the public-private partnership model to build a portfolio of high quality assets.

Suven Life shines on securing 3 product patents for NCEs May-19-2014 11:07 Hrs IST

Suven Life Sciences is currently trading at Rs. 86.95, up by 3.60 points or 4.32% from its previous closing of Rs. 83.35 on the BSE. The scrip opened at Rs. 83.75 and has touched a high and low of Rs. 88.90 and Rs. 83.75 respectively. So far 181846 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 94.40 on 30-Apr-2014 and a 52 week low of Rs. 22.00 on 13-Jun-2013. Last one week high and low of the scrip stood at Rs. 90.60 and Rs. 82.80 respectively. The current market cap of the company is Rs. 1012.32 crore. The promoters holding in the company stood at 64.76% while Institutions and Non-Institutions held 1.51% and 33.73% respectively. Suven Life Sciences (Suven) has been granted one 1 product patent from Australia, one product patent from South Korea and one product patent from China corresponding to the New Chemical Entities (NCEs) for the treatment of disorders associated with Neurodegenerative diseases and these Patents are valid through 2029, 2029 and 2030 respectively. The granted claims of the patents include the class of selective alpha-4-beta-2 compounds discovered by Suven and are being developed as therapeutic agents for major depressive disorder (MDD). With these new patents, Suven has a total of 17 granted patents from Australia, 13 granted patents from South Korea and 13 product patents from China. These granted patents are exclusive intellectual property of Suven and are achieved through the internal discovery research efforts. Products out of these inventions may be out-licensed at various phases of clinical development like at Phase-I or Phase-II. Suven Life Science is a biopharmaceutical company focused on discovering, developing and commercializing novel pharmaceutical products, which are first in class or best in class CNS therapies through the use of GPCR targets.

Coriander futures decline on ample supply

Coriander futures traded down on NCDEX as speculators reduced positions amid higher supplies from producing regions. Further lower demand in the spot markets also put pressure on the prices.

The contract for May delivery was trading at Rs 9270.00,down by 0.27% or Rs 25.00 from its previous closing of Rs 9295.00. The open interest of the contract stood at 4350.00 lots.

The contract for June delivery was trading at Rs 9610.00, down by 0.27% or Rs 26.00 from its previous closing of Rs 9636.00. The open interest of the contract stood at 43600.00 lots on NCDEX.

Fiscal, economic reforms to determine country's sovereign credit rating: S&P

Standard & Poor (S&P) Ratings Services has underscored that the new Indian government's reform initiatives in economic and fiscal policies over next two to three months would have significant implications on the country’s sovereign credit rating. It has further highlighted that key challenge for the new government would be to regain fiscal prudence in a sustainable way, which could be achieved by implementation of Goods and Service Tax (GST) that would help stabilize government’s revenues. In S&P’s view, NDA's strong showing indicates that it will have a reasonably good political platform to tackle structural issues. However, it has emphasized that new government would face hurdles in sustaining growth in the medium to long term, which includes reviving investor confidence, managing fiscal consolidation, regaining fiscal prudence, improving the current account balance and boosting the banking sector's financial strength. The rating agency also noted that the outgoing United Progressive Alliance (UPA) government recently expanded the food subsidy system and its fuel subsidy reforms are incomplete. It also acknowledged government’s attempt to shore up its non-tax revenues by accelerating divestments of shares in government-owned companies, increasing dividend receipts from government-owned companies, and delaying payments, such as fuel subsidies. Nevertheless, the rating agency further warned that if the next government fails to lift confidence, the task of turning the economy around would be heavier. It added the glimpse of this could be gauged from announcement of revised budget, which would be keenly watched not only by Dalal Street, but also global rating agency, including S&P, which is the only of the three major credit agencies to have India with a 'negative outlook' for its 'BBB-minus' rating, implying any downgrade would send the country to below investment grade.

Cardamom futures edge lower on sluggish demand

Cardamom futures traded lower on MCX as speculators reduced their positions due to sluggish demand in the spot market. Further, favorable weather conditions in the major producing states too added pressure on cardamom prices. But, pick-up in export demand capped some losses in cardamom prices to some extent.

The contract for June delivery was trading at Rs 979.30/Kg, down by 0.29% or Rs 2.80 from its previous closing of Rs 982.10/Kg. The open interest of the contract stood at 2566 lots.

The contract for July delivery was trading at Rs 972.50/Kg, down by 0.87% or Rs 8.50 from its previous closing of Rs 981.00/Kg. The open interest of the contract stood at 1006 lots on MCX.

Kumar Mangalam Birla plans to acquire 16% stake in Century Textiles: Report

Aditya Birla Group chairman -Kumar Mangalam Birla is reportedly planning to purchase stake of about 16% in Century Textiles and Industries. Aditya Marketing and Manufacturing, Essel Mining and Industries, IGH Holdings  and Padmavati Investments will subscribe to 1.86 crore preferential warrants of Century, which will be converted into equity shares in 2015.

Aditya Marketing and Padmavati Investments hold 0.08% of Century. After conversion, these four investment companies will together hold a 16.77% stake in Century

Century Textiles & Industries has wide portfolio that manufactures yarn, denim, viscose filament rayon yarn, tyrecords, caustic soda, sulfuric acid, salt, cement and pulp & paper.

Adani Enterprises reports six fold jump in Q4 consolidated net profit

Adani Enterprises has reported results for fourth quarter and year ended March 31, 2014 The company has reported a net profit of Rs 102.21 crore for the quarter ended March 31, 2014 as compared to a net loss of Rs 73.59 crore for the same quarter in the previous year. Total income of the company has increased by 14.77% at Rs 3056.84 crore for quarter under review as compared to Rs 3586.81 crore for the quarter ended March 31, 2013. On the consolidated basis, the group has reported over 6-fold jump in its net profit at Rs 2847.82 crore for the quarter ended March 31, 2014 as compared to Rs 473.80 crore for the same quarter in the previous year. Total income of the company has increased by 38.89% at Rs 16418.67 crore for quarter under review as compared to Rs 11820.84 crore for the quarter ended March 31, 2013. For the full year ended March 31, 2014, the company has posted net loss of Rs 178.69 crore as compared to a net profit of Rs 519.84 crore for the same period in the previous year. However, total income of the company has increased by 3.90% at Rs 12993.46 crore for year under review as compared to Rs 12504.91 crore in the previous year. For the year ended March 31, 2014, on the consolidated basis, the company has posted a rise of 37.68% in its net profit at Rs 2220.77 crore as compared to Rs 1612.98 crore for the same period in the previous year. Total income of company has increased by 18.73% at Rs 56225.86 crore for year under review as compared to Rs 47352.26 crore in the previous fiscal.

Dena Bank plans to increase NIM to 2.7% in FY15

The bank registered a growth of 15% in advances and 13% in deposits in FY14

Dena Bank is planning to increase its post tax profit growth by 20% this financial year. The bank's post-tax profit stood at Rs. 551.6 crore in the previous fiscal, according to a media report. The bank registered a growth of 15% in advances and 13% in deposits in FY14, the report added. The bank is also planning to increase its Net Interest Margin (NIM) to 2.7% level by concentrating more on the retail deposits. Dena Bank net profit stood at Rs 187.28 crore for the fourth quarter ended March 31, 2014. The bank had posted a net profit of Rs 125.67 crore in the January-March quarter of 2012-13. Total income increased to Rs 2,866.78 crore from Rs 2,539.74 crore. Net NPAs increased to 2.35% from 1.39% at the end of March 2013.

43 delegates from 18 countries witness Lok Sabha Elections 2014

The Election Visitors Programme (EVP) conducted by the Election Commission of India simultaneously with the Lok Sabha elections 2014 came to a successful close today. The Electoral Commissioner of Mauritius and the UNDP Resident Representative visited a Counting Centre in New Delhi today as part of the Election Visitors Programme. This is a part of the South-South Cooperation initiative of the Election Commission of India. The programme, run in partnership with UNDP, attracted a huge response. The countries which participated are Namibia, Nigeria, Lesotho, Malaysia, Mauritius, Myanmar, Nepal, Uganda, Kenya, Bhutan and several member-countries of the League of Arab States ( Egypt, Saudi Arabia, Tunisia, Somalia, Palestine, Iraq, Yemen and Oman) The delegates were divided into groups and each group was given a briefing  at EQI, followed by field visits to an elections location, again followed by another interaction at ECI. The election locations were m Karnataka, Uttar Pradesh, West Bengal and Himachal Pradesh and Delhi. In addition, ECI also facilitated field visits to Election locations by 30 trainees who were undergoing training at its training institute, IIIDEM. Diplomats posted in New Delhi and a group of Malaysian Parliamentarians also witnessed the Lok Sabha elections in various states. In all, over 140 visitors from more than 30 countries had the occasion to get first hand exposure to the largest electoral event in the world. All delegates, without exception, were impressed by the magnitude of the electoral exercise, and the numbers involved. All of them complimented the ECI on overseeing a mammoth event and ensuring that it was free and fair, transparent and peaceful. They expressed their admiration for the orderly and meticulous discharge of duties by the polling teams. They  were  impressed  with  the  extensive  measures  implemented  under  ECI's Systematic Voters  Education  & Electoral  Participation  Programme  and  many  of them requested for  information/implementation  documents  for  adoption/ replication  in  their countries. The use of technology in different areas of election management came in for high praise, and a lot of wonder and admiration from various delegates. Most of them wanted to explore the use of EVMs, VVPAT, Web-casting, live monitoring of movement of men, materials and vehicles in their own countries.

Suven Life secures 3 product patents for NCEs from Australia, South Korea and China

Suven Life Sciences (Suven) has been granted one 1 product patent from Australia, one product patent from South Korea and one product patent from China corresponding to the New Chemical Entities (NCEs) for the treatment of disorders associated with Neurodegenerative diseases and these Patents are valid through 2029, 2029 and 2030 respectively. The granted claims of the patents include the class of selective alpha-4-beta-2 compounds discovered by Suven and are being developed as therapeutic agents for major depressive disorder (MDD). With these new patents, Suven has a total of 17 granted patents from Australia, 13 granted patents from South Korea and 13 product patents from China. These granted patents are exclusive intellectual property of Suven and are achieved through the internal discovery research efforts. Products out of these inventions may be out-licensed at various phases of clinical development like at Phase-I or Phase-II. Suven Life Science is a biopharmaceutical company focused on discovering, developing and commercializing novel pharmaceutical products, which are first in class or best in class CNS therapies through the use of GPCR targets.

Adani Enterprises stock up on Q4 numbers

The stock has hit a high of Rs560 and a low of Rs540.

Shares of Adani Enterprises was up 2% to Rs 542, after reporting better numbers for the quarter. The stock has hit a high of Rs560 and a low of Rs540. The Group has posted a net profit after taxes, minority interest and share of profit / (loss) of associates of Rs. 28478.20 million for the quarter ended March 31, 2014 as compared to Rs. 4737.80 mn for the quarter ended March 31, 2013. Total Income has increased from Rs. 118208.40 mn for the quarter ended March 31, 2013 to Rs. 164186.70 mn for the quarter ended March 31, 2014.

ONGC scales highest-ever market capitalization of Rs 3.56 trillion

Oil and Natural Gas Corporation (ONGC) has scaled its highest-ever market capitalization of Rs 3.56 trillion in intra-day trade on May 16, 2014, indicating its hidden potential to its investors. In intra-day trade on May 16, 2014, ONGC scrip logged a new peak of Rs 416.35 on National Stock Exchange (NSE), taking its market capitalization to highest ever value. During the first 2 months of this current fiscal 2014-15, ONGC scrip has gained 20.54% on NSE, vis-à-vis Nifty’s 7.44% growth during the same period. Thus, ONGC has outperformed the broader index Nifty by 13.10%. ONGC’s market capitalization is 51% higher than the next highest valuable company among the listed CPSEs. ONGC is a premier oil and gas company in India, accounting for 71% of the country’s crude oil production and 54% of its natural gas production in 2011-12. It is also a significant producer of value added products such as liquefied petroleum gas (LPG), superior kerosene oil (SKO), and naphtha. GoI is the majority shareholder in ONGC, with a 69% equity stake as of now.

Dena Bank eyes 20% growth in its bottom-line this fiscal

State-run Dena Bank is aiming to achieve a growth of 20 per cent in its bottom-line this fiscal. The bank is also targeting expansion of the Net Interest Margin (NIM) to 2.7 per cent level by concentrating more on the retail deposits. The city-based lender reported NIM of 2.32 per cent for the March quarter, down from the 2.66 per cent it had reported in the year-ago period. Further, the bank has sought a capital infusion of Rs 1,200 crore from the government for FY15 to cement its core capital base, which has gone below the 8 per cent mark. For the year ended March 31, 2014, the bank posted fall of 31.92% in its net profit after tax at Rs 551.66 crore as compared to Rs 810.38 crore for the same period in the previous year. However, total income of bank increased by 14.02% at Rs 10895.20 crore for year under review as compared to Rs 9554.85 crore for the period ended March 31, 2013.