In order to boost the sales, Puravankara Projects is reportedly offering a scheme to its customers to reduce the buyer’s overall cost of home ownership. Under the scheme, although the customer would continue to avail of a home loan at the current market rate of 10.25 per cent to 10.5 per cent from his or her bank, Puravankara would step in to reimburse 3.25 per cent of the home loan interest rate to the customer.
This will effectively reduce customers' home loan interest burden to 6.99 per cent against prevailing interest rates of 10.25 per cent to 10.5 per cent.
Puravankara Projects is a leading real estate company in India, with significant presence in Bengaluru, Kochi, Chennai, Coimbatore, Hyderabad, Mysore and overseas in the United Arab Emirates, Kingdom of Saudi Arabia and Sri Lanka. The company has successfully completed 41 residential and 2 commercial projects encompassing 16.52 million square feet.
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Thursday 22 May 2014
Puravankara Projects offers interest rate subsidy to customers: Report
Tata Motors launches all-new range of ULTRA trucks
Tata Motors' Commercial Vehicle Division has launched the new Intermediate and Light Commercial Vehicle (ILCV) range of trucks christened 'ULTRA', which offers superior technology and design that ensures lowest total cost of ownership through higher uptime because of increased driver comfort, superior aggregates and customised requirements. The ULTRA range of commercial vehicles was conceived as a modern platform that will serve the needs of new generation trucks and buses.
The new Tata ULTRA range of trucks will come in several variants with payload capacity between 5 and 15 tonnes. With its contemporary design, the ULTRA range comes packed with new generation aggregates like the reliable Tata engine, gearbox and clutch and pioneering driver-centric features like disc brakes, radial tyres, spacious world-class cabin, suspended seats, HVAC option.
The all-new range of Tata ULTRA trucks brings in global design that matches aesthetics with enhanced comfort, fuel-efficiency and low cost of ownership to offer the best business proposition to operators. On the interiors, the Tata ULTRA range will come with a world-class hydraulic 45 degree tiltable cabin, which has been designed with elegant and stylish looks, with sufficient storage capacity and features like dash-mounted gear lever, AC provision and a new generation instrument cluster.
Tata Motors is India's largest automobile company, is the leader in commercial vehicles in each segment, and among the top in passenger vehicles with winning products in the compact, midsize car and utility vehicle segments. It is also the world's fourth largest truck and bus manufacturer.
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Titan Company shines as its brand Fastrack expects Rs 1,000 crore revenues for current fiscal
Titan Company is currently trading at Rs 333.20, up by 23.05 points or 7.43% from its previous closing of Rs. 310.15 on the BSE.
The scrip opened at Rs 341.15 and has touched a high and low of Rs 347.65 and Rs 331.20 respectively. So far 1125494 shares were traded on the counter.
The BSE group 'A' stock of face value Rs 1 has touched a 52 week high of Rs 343.90 on 16-May-2014 and a 52 week low of Rs 200.00 on 13-Jun-2013.
Last one week high and low of the scrip stood at Rs 343.90 and Rs 297.50 respectively. The current market cap of the company is Rs 29638.74 crore.
The promoters holding in the company stood at 53.05% while Institutions and Non-Institutions held 24.10% and 22.84% respectively.
Titan Company’s fashion brand- Fastrack, expects its turnover for the current fiscal to be around Rs 1,000 crore as against Rs 800 crore in the previous fiscal. The brand plans to add 70 newly-designed stores to its existing 157 stores. The company generally spends around five percent of the turnover on advertisements and brand building.
The brand is also looking at entering into new categories and would add a new category in the next two years. The leading fashion brand has recently introduced a new range of accessories for the summer with trendy sunglasses and backpacks. Fastrack sunglasses are priced from Rs 1,195 to Rs 2,295, the collection comprises of Aviators, Wayfarers and Sporty wraps while the backpacks are priced from Rs 1,195 to Rs 4,395.
Titan is India’s largest manufacturer of quartz watches and has a 60% market share in the Indian market. It is world’s sixth largest manufacturer of branded watches. It has a manufacturing and assembly unit at Hosur in Tamil Nadu.
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Crude oil futures trade lower on MCX
Crude oil futures traded lower on MCX on the back of caution ahead of a spate of US economic data today including initial jobless claims, existing home sales, leading indicators and manufacturing for the month of May.
The contract for June delivery was trading Rs 6099.00, down by 0.52% or Rs 32.00 from its previous closing of Rs 6131.00. The open interest of the contract stood at 10665.00 lots.
The contract for July delivery was trading at Rs 6082.00, down by 0.51% or Rs 31.00 from its previous closing of Rs 6113.00. The open interest of the contract stood at 867.00 lots on MCX.
Reliance Capital jointly acquires stake in Sula wines with Verlinvest and VisVires
Reliance Capital, Verlinvest and VisVires India Wineries have jointly acquired Rs 275-crore stake in Nashik Vintners, parent of Sula wines. The deal values India's top winemaker at Rs 700 crore and provides a handsome exit to its early financial investors led by Everstone Capital. The transaction also includes Rs 60-crore capital infusion into the company by the three acquiring shareholders.
Reliance Capital together with VisVires India Wineries, company owned by a Singapore-based investor Ravi Viswanathan, will now hold 29% stake in the company. Verlinvest, a Belgian family office belonging to the founders of beer giant Anheuser Busch InBev, will increase its stake to 23%.
Reliance Capital is a systemically important non-deposit taking NBFC. The company is part of the Reliance group led by Anil Dhirubhai Ambani. It currently operates as the holding company for the group’s entities in the financial services sector.
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Castor seed futures trade up on strong export demand
| Castor seed futures traded up n NCDEX on the account of strong export demand of meal in local mandis along with weak production estimates for the current year. Creation of fresh positions by traders and speculators further added to the upside of the commodity prices. The contract for June delivery was trading at Rs 3922.00, up by 0.59% or Rs 23.00 from its previous closing of Rs 3899.00. The open interest of the contract stood at 175780.00 lots. The contract for July delivery was trading at Rs 4017.00, up by 0.55% or Rs 22.00 from its previous closing of Rs 3995.00. The open interest of the contract stood at 132570.00 lots on NCDEX. |
Potato futures trade lower on fresh arrivals
| Potato futures traded lower on MCX as speculators offloaded their positions, driven by weak trend in the spot market. Besides, easy availability in the physical markets following fresh arrivals from producing regions in UP, Punjab, MP and West Bengal also weighed on the prices. The contract for May delivery was trading at Rs 1283.20, down by 0.41% or Rs 5.30 from its previous closing of Rs 1288.50. The open interest of the contract stood at 241.00 lots. The contract for June delivery was trading at Rs 1323.00, down by 0.62% or Rs 8.20 from its previous closing of Rs 1331.20. The open interest of the contract stood at 1653.00 lots on MCX. |
Gold futures edge lower on subdued demand
Gold future traded down on MCX as investors and speculators exited positions in the precious metal tracking a subdued trend in the overseas market as prospects of continued tapering of QE by the Fed dimmed gold’s appeal as a hedge against the inflationary risk of monetary stimulus.
The contract for June delivery was trading at Rs 27283.00, down by 0.33% or Rs 90.00 from its previous closing of Rs 27373.00. The open interest of the contract stood at 8823.00 lots.
The contract for August delivery was trading at Rs 27138.00, down by 0.05% or Rs 13.00 from its previous closing of Rs 27151.00. The open interest of the contract stood at 4199.00 lots on MCX.
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Sundaram Finance soars on offloading its entire shareholding in Credit Information Bureau
Sundaram Finance is currently trading at Rs. 802.00, up by 26.15 points or 3.37% from its previous closing of Rs. 775.85 on the BSE.
The scrip opened at Rs. 785.80 and has touched a high and low of Rs. 809.00 and Rs. 782.05 respectively. So far 3402 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 805.00 on 20-May-2014 and a 52 week low of Rs. 463.10 on 04-Sep-2013.
Last one week high and low of the scrip stood at Rs. 805.00 and Rs. 732.10 respectively. The current market cap of the company is Rs. 8921.08 crore.
The promoters holding in the company stood at 36.07% while Institutions and Non-Institutions held 12.78% and 51.16% respectively.
Sundaram Finance has sold its entire holdings of 625,000 equity shares of Rs 10 each in Credit Information Bureau (India) to Trans Union International, Inc, USA, after completion of all statutory formalities. Recently, the company’s IT subsidiary - Sundaram Infotech Solutions has bagged three large IT and ERP deals in West Asia.
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UCO Bank reports over 5-fold surge in Q4 net profit
UCO Bank has reported results for fourth quarter and year ended March 31, 2014.
The bank has reported over five fold jump in its net profit at Rs 284.70 crore for the quarter ended March 31, 2014 as compared to Rs 49.56 crore for the same quarter in the previous year. Total income of the bank has increased by 17.27% at Rs 5309.27 crore for quarter under review as compared to Rs 4527.06 crore for the quarter ended March 31, 2013.
For the full year ended March 31, 2014, the bank has reported over two fold jump in its net profit at Rs 1510.54 crore as compared to Rs 618.20 crore for FY13. Total income has increased by 10.43% at Rs 19550.42 crore for year under review as compared to Rs 17703.88 crore for the year ended March 31, 2013.
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Benchmarks extend gains; trade near intra-day high levels
Indian bourses added gains to continue firm trade in the late afternoon session hovering near the highest point of the day on the back of strong buying witnessed in consumer durables, realty and metals stocks. The firm global cues coupled with the expectations that the new government will usher in strong pro-reform policies and kick-start the investment cycle has enthused the markets to extend their gains. Almost all sectoral indices were trading in green while a mild weakness in the defensive IT and Teck sectors was visible. Sentiments also got a boost as the UN report highlighted that Indian economy is likely to grow at 5 percent in 2014 and record a slightly higher expansion of 5.5 percent next year on the back of stronger consumption and investment. Apart from blue chips, broader indices too equally participated in the rally with both mid and small cap indices were trading up by over 2.00%. Consumer durable was the top gaining index on BSE up by around 6.38% followed by realty index trading up by around 4.33%. Jewellery stocks were also on the buying radar after the Reserve Bank had yesterday eased gold import norms.
Coal India was trading up by around 7% to Rs 397 on reports that Prime Minister-elect Narendra Modi is exploring the possibility of splitting up the state-owned company and opening the sector to foreign investment to boost output and cut imports. Bajaj Auto was up nearly 3% to Rs 2,010 after the Egypt government lifted the ban on three-wheeler imports which was in effect since February. Kalindee Rail Nirman (Engineers) is locked at the lower circuit of 10% at Rs 122 after the company said its board approved the merger with Texmaco Rail & Engineering.
On global front, major Asian equity indices were trading in green with Straits Times up by 0.04% and Nikkei 225 up by 2.16% as global investors sentiments got a boost after the US Federal Reserve's last meeting reassured investors that policy makers will continue to support the world's biggest economy. Back home, the NSE Nifty and BSE Sensex were trading above their psychological 7,250 and 24,400 levels respectively. The market breadth on BSE was positive, out of 2,649 stocks traded, 2,046 stocks advanced, while 517 stocks declined on the BSE.
The BSE Sensex is currently trading at 24,458.17 up by 160.15 points or 0.66% after trading in a range of 24,493.47 and 24,347.78. There were 17 stocks advancing against 13 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 2.33%.
The gaining sectoral indices on the BSE were Consumer Durables up by 6.38%, Realtly up by 4.38%, Metal up by 2.77%, Power up by 1.97% and Auto up by 1.64%. On the flip side, Teck down by 0.33% and IT down by 0.23% were the losing indices on BSE.
The top gainers on the Sensex were Coal India up by 6.72%, Maruti Suzuki up by 4.54%, NTPC up by 3.67%, SSLT up by 3.39% and Bajaj Auto up by 2.60%. On the flip side, Bharti Airtel down by 1.81%, Hindalco Inds down by 1.32%, HDFC Bank down by 1.31%, Infosys down by 1.30% and Wipro down by 1.12%.
Meanwhile, in order to enhance Indian exports, the Reserve Bank of India (RBI) has eased norms for loans to exporters. The RBI, in its notification, stated that the domestic exporters can now get long-term loans from banks for up to 10 years to service export contracts. Earlier the exporters were allowed to get loans up to one year.
Further, the central bank notified that banks can make such payments to exporters with a satisfactory track record of three years and adjust these payments against future exports. However, banks cannot charge interest rates exceeding 200 basis points above LIBOR. Furthermore, exporters who receive loans of $100 million or above need to report the transaction immediately to the central bank, the notification added.
During the financial year 2014, Indian exports shipments touched $312.35 billion, registering 3.98% growth over the previous fiscal year but remained below the set export target at $325 billion. India’s export has been hovering near $300 billion over the last three fiscal years and it has become imperative to boost country’s exports and enhance its contribution in the world trade. In India, Foreign Trade Policy (FTP) governs all exports and imports related activities and mainly aims at enhancing the country's exports.
The five-year FTP (2009-14) ended on March 31 and the new government formed after the general elections will introduce new FTP for the period 2014-19 in June 2014. Meanwhile, new FTP is likely to promote exports of specific products in specific geographies and would also abolish conventional method of exports by focusing more on areas like branding of products in the global markets, exports of services and hi-tech products and new strategy for marketing.
The CNX Nifty is currently trading at 7,295.05 up by 42.15 points or 0.58% after trading in a range of 7,306.50 and 7,258.15. There were 32 stocks advancing against 18 declining on the index.
The top gainers of the Nifty were Coal India up by 7.04%, DLF up by 6.64%, Maruti Suzuki up by 4.28%, NTPC up by 3.71% and SSLT up by 3.51%. On the flip side, Infosys down by 1.51%, Bharti Airtel down by 1.47%, Hindalco Inds down by 1.35%, Wipro down by 1.33% and HDFC Bank down by 1.31% were the major losers on the index.
Asian equity indices were trading in green; Straits Times up by 0.04% to 3,263.05, Nikkei 225 up by 2.16% to 14,345.72, Jakarta Index up by 1.05% to 4,961.74, Taiwan Weighted up by 1.21% to 8,969.63, Hang Seng up by 0.63% to 22,980.14 and Shanghai Composite up by 0.15% to 2,027.93
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L&T surges as its JV plan to diversify its cargo handling at Katupalli Port
L&T is currently trading at Rs. 1496.00, up by 19.60 points or 1.33% from its previous closing of Rs. 1476.40 on the BSE.
The scrip opened at Rs. 1490.20 and has touched a high and low of Rs. 1506.00 and Rs. 1477.05 respectively. So far 90215 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 1540.00 on 20-May-2014 and a 52 week low of Rs. 678.10 on 28-Aug-2013.
Last one week high and low of the scrip stood at Rs. 1540.00 and Rs. 1370.70 respectively. The current market cap of the company is Rs. 138643.01 crore.
The Institutions and Non-Institutions held 55.07% and 42.25% respectively. L&T Shipbuilding is a joint-venture between Larsen & Toubro and the Tamil Nadu Industrial Development Corporation, a State government industry promotion agency is planning to diversify its cargo handling capacity at Katupalli Port to include automobiles and oil products in addition to its original plans for container handling. The private port, about 30 km to the north of Chennai, has revised its cargo mix by scaling down container handling to provide space for the new items.
The JV Company has entered into a management contract with Philippines-based International Container Terminal Services Inc to operate the container terminal.
Larsen & Toubro (L&T) is a technology, engineering, construction and manufacturing company. It is one of the largest and most respected companies in India's private sector.
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Cotton futures trade up on tight supply
Cotton futures traded up on MCX as increased buying by traders and improved international demand. Moreover, tight supplies of raw cotton supported the prices to move higher in the markets.
The contract for May delivery was trading at Rs 19830.00, up by 0.35% or Rs 70.00 from its previous closing of Rs 19760.00. The open interest of the contract stood at 3001.00 lots.
The contract for June delivery was trading at Rs 20130.00, up by 0.45% or Rs 90.00 from its previous closing of Rs 20040.00. The open interest of the contract stood at 4562.00 lots on MCX.
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India’s tea production rises by 8% in 2013-14
Tea production in the country increased by about 8% and stood at 1,224.48 million kg in 2013-14, as per data compiled by Tea Board of India. This increase in production is on account of higher output in states of Assam and West Bengal.
The total production of tea in 2012-13 was 1,135.07 million kg. The combined output of Assam and West Bengal rose 6.52% to 980.01 million kg in the previous financial year from 920.01 million kg a year earlier.
Assam and West Bengal are the major tea-producing states, accounting for 80% of India’s total output. Tea production in the southern states of Tamil Nadu, Kerala and Karnataka was up 13% at 244.47 million kg.
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Barley futures gain on improved demand
| Barley futures gained on NCDEX following fresh buying support at existing lower levels. Further, pick up in demand from beer and cattle-feed industries and restricted supply in physical markets too supported the prices. However, hopes of strong harvest limited the gains. The contract for June delivery was trading at Rs 1304.00, up by 0.93% or Rs 12.00 from its previous closing of Rs 1292.00. The open interest of the contract stood at 15550.00 lots. The contract for July delivery was trading at Rs 1331.00, up by 0.91% or Rs 12.00 from its previous closing of Rs 1319.00. The open interest of the contract stood at 2650.00 lots on NCDEX. |
Chana futures trade higher on spot demand
Chana futures traded higher on NCDEX as speculators created fresh positions tracking rising demand in the spot market, though higher sowing of summer pulses coupled with rising stocks on the exchange warehouses, capped some gains in chana prices to some extent.
The contract for June delivery was trading at Rs 2904.00, up by 0.10% or Rs 3.00 from its previous closing of Rs 2901.00. The open interest of the contract stood at 142420 lots.
The contract for July delivery was trading at Rs 2972.00, up by 0.10% or Rs 3.00 from its previous closing of Rs 2969.00. The open interest of the contract stood at 68130 lots on NCDEX.
Sugar futures trade lower on subdued demand
Sugar futures traded down on NCDEX as need-based local demand the activities remained subdued. Moreover, due to absence of upcountry demand producers sold the commodity in local markets resulting in enough supply, which also impacted the sentiments.
The contract for June delivery was trading at Rs 3012.00, down by 0.33% or Rs 10.00 from its previous closing of Rs 3022.00. The open interest of the contract stood at 51400.00 lots.
The contract for July delivery was trading at Rs 3010.00, down by 0.27% or Rs 8.00 from its previous closing of Rs 3018.00. The open interest of the contract stood at 23570.00 lots on NCDEX.
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Reserve Bank eases norms for loans to exporters
In order to enhance Indian exports, the Reserve Bank of India (RBI) has eased norms for loans to exporters. The RBI, in its notification, stated that the domestic exporters can now get long-term loans from banks for up to 10 years to service export contracts. Earlier the exporters were allowed to get loans up to one year.
Further, the central bank notified that banks can make such payments to exporters with a satisfactory track record of three years and adjust these payments against future exports. However, banks cannot charge interest rates exceeding 200 basis points above LIBOR. Furthermore, exporters who receive loans of $100 million or above need to report the transaction immediately to the central bank, the notification added.
During the financial year 2014, Indian exports shipments touched $312.35 billion, registering 3.98% growth over the previous fiscal year but remained below the set export target at $325 billion. India’s export has been hovering near $300 billion over the last three fiscal years and it has become imperative to boost country’s exports and enhance its contribution in the world trade. In India, Foreign Trade Policy (FTP) governs all exports and imports related activities and mainly aims at enhancing the country's exports.
The five-year FTP (2009-14) ended on March 31 and the new government formed after the general elections will introduce new FTP for the period 2014-19 in June 2014. Meanwhile, new FTP is likely to promote exports of specific products in specific geographies and would also abolish conventional method of exports by focusing more on areas like branding of products in the global markets, exports of services and hi-tech products and new strategy for marketing.
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Sundaram Finance offloads its entire shareholding in Credit Information Bureau
Sundaram Finance has sold its entire holdings of 625,000 equity shares of Rs 10 each in Credit Information Bureau (India) to Trans Union International, Inc, USA, after completion of all statutory formalities. Recently, the company’s IT subsidiary - Sundaram Infotech Solutions has bagged three large IT and ERP deals in West Asia.
Sundaram Finance is one of the oldest and largest providers of finance for the acquisition of commercial vehicles of all makes. The commercial vehicle finance provided by it helps the small operators to acquire vehicles with minimum hassle and documentation.
L&T’s JV to diversify its cargo handling at Katupalli Port
L&T Shipbuilding is a joint-venture between Larsen & Toubro and the Tamil Nadu Industrial Development Corporation, a State government industry promotion agency is planning to diversify its cargo handling capacity at Katupalli Port to include automobiles and oil products in addition to its original plans for container handling. The private port, about 30 km to the north of Chennai, has revised its cargo mix by scaling down container handling to provide space for the new items.
The JV Company has entered into a management contract with Philippines-based International Container Terminal Services Inc to operate the container terminal.
Larsen & Toubro (L&T) is a technology, engineering, construction and manufacturing company. It is one of the largest and most respected companies in India's private sector.
Benchmarks continue firm trade in late morning session
Indian equity benchmarks continued to trade firm in late morning session on fresh buying by funds and retail investors amid positive global cues. Sentiments remained bullish on hopes that the new government led by Narendra Modi will unleash reforms and take tough decisions to mend India's economy. Some support also came in from currency front as rupee firmed up against the US dollar tracking gains in equities. Further, Jewellery stocks were back in demand after the Reserve Bank of India eased gold import rules by allowing select trading houses, in addition to already permitted banks, to procure the precious metal to boost exports. In scrip specific development, Bajaj Auto was up nearly 3% after the Egypt government lifted the ban on three-wheeler imports which was in effect since February. Further, shares of UCO Bank were trading firm after reporting a five-fold jump in net profit at Rs 108.25 crore for the fourth quarter ended March 31 2014. While, Infosys and Wipro were trading lower. The market is likely to remain range bound in the near term with positive bias and await the cabinet formation at the centre.
On the global front, Asian shares rose after an upbeat reading on China's factory sector blunted some of the more pessimistic views on the world's second-biggest economy. Moreover, US stocks surge on Wednesday, rebounding from the previous day's broad selloff, after minutes of the Federal Reserve's last meeting showed central bankers have discussed the eventual tightening of monetary policy but made no decisions on which tools to use. Back home, traders were seen piling positions in Consumer Durables, Metal and Realty stocks while selling was witnessed in IT and Teck sector stocks. The market breadth on BSE was positive, out of 2405 stocks traded, 1888 stocks advanced, while 442 stocks declined on the BSE.
The BSE Sensex is currently trading at 24457.72 up by 159.70 points or 0.66% after trading in a range of 24475.78 and 24347.78. 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 2.08%, while Small cap index up by 2.34%.
The gaining sectoral indices on the BSE were Consumer Durables up by 7.12%, Metal up by 3.20%, Realty up by 2.74%, PSU up by 2.34% and power up by 1.82%. While, IT down by 0.34% and Teck down by 0.30% were the only losing indices on BSE.
The top gainers on the Sensex were Coal India up by 6.84%, Maruti Suzuki up by 4.85%, SSLT up by 3.79%, Bajaj Auto up by 2.89% and NTPC up by 2.85%. On the flip side, Infosys down by 1.52%, HDFC Bank down by 1.16%, Bharti Airtel down by 1.04%, Hindalco down by 1.00% and Wipro down by 0.81%.
Meanwhile, in a move that will bring down prices of gold in the domestic market, especially in peak wedding season, the Reserve Bank of India (RBI) has eased gold import norms by allowing seven more private agencies for shipping precious metal, in addition to those already permitted banks. With this, gold imports by India, the world's No. 2 bullion consumer after China, could quickly rise from current levels as more than twenty entities, including state-run banks, private banks and agencies will now be allowed to import yellow metal.
In order to control burgeoning Current Account Deficit (CAD) and sliding rupee, the Reserve Bank of India (RBI) in July, 2013 had imposed severe restrictions on gold imports. The central bank had tied imports with exports and prescribed a 20:80 formula and the facility was only available to select banks.
However, with recent development, Star Trading Houses/Premier Trading Houses (STH/PTH), which are registered as nominated agencies by the Director General of Foreign Trade (DGFT), may now import gold under 20:80 scheme, which would imply that an importer has to ensure that at least one-fifth, or 20%, of every lot of imported gold is exclusively made available for the purpose of exports and the balance for domestic use.
In a separate development, RBI also allowed banks to grant gold loans to domestic jewellery makers, a practice that was stopped last year. In absence of gold loans, jewellers had been forced to take credit to fund purchases, which substantially added to their cost and pressurized their profit margins.
The CNX Nifty is currently trading at 7,299.70 up by 46.80 points or 0.65% after trading in a range of 7,300.05 and 7,258.15. There were 32 stocks advancing against 18 declining on the index.
The top gainers of the Nifty were Coal India up by 7.23%, Maruti Suzuki up by 4.61%, SSLT up by 4.23%, IDFC up by 3.52% and DLF up by 3.50%. On the flip side, Infosys down by 1.81%, UltraTech Cement down by 1.38%, HCL Tech down by 1.26%, HDFC Bank down by 1.18% and Hindalco down by 1.06% were the major losers on the index.
Most of Asian markets were trading in green; Hang Seng up by 0.77%, Jakarta Composite up by 1.05%, Nikkei 225 increased by 2.26%, Straits Times surged 1.05%, KLSE Composite up by 0.08%. Shanghai Composite was up by 0.57%, and Taiwan Weighted was up by 1.02%. On the flip side, Seoul Composite dipped by 0.10%.
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Mentha Oil futures trade higher on rising demand
Mentha Oil futures traded up on MCX as speculators created fresh positions amid rising domestic demand against tight supplies from the major producing belts. However, expectations of higher output from the major producing belts, capped some gains in mentha oil prices to some extent.
The contract for May delivery was trading at Rs 841.50, up by 0.59% or Rs 4.90 from its previous closing of Rs 836.60. The open interest of the contract stood at 2716 lots.
The contract for June delivery was trading at Rs 854.00, up by 0.66% or Rs 5.60 from its previous closing of Rs 848.40. The open interest of the contract stood at 1628 lots on MCX.
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Gujarat NRE Coke mulls hiving off steel and wind assets
Gujarat NRE Coke (GNCL) might look at hiving off steel and wind assets in the longer-term. The company has no compulsion to monetize any assets immediately under the CDR scheme. The company doesn’t have too much of non-core assets though it has got 87.5 megahertz of wind power which is used for captive consumption unit.
Gujarat NRE Coke is the only Indian company with coking coal mines in Australia having over 650 million tonnes of Coking Coal resources with excellent coking properties. The coal mines are owned through its subsidiary- Gujarat NRE Coking Coal, listed on the ASX.
RIL to raise around Rs 10,000 crore through debt in 2014-15
In a bid to finance its capital expenditure, Reliance Industries (RIL) is planning to raise around Rs 10,000 crore by way of debt in 2014-15. The company is implementing several projects both in the manufacturing domain and service sector to continue the tradition of creating significant shareholders’ value. Though, the resolution for fund raising did not elaborate on which of its projects the money would be used.
Further, the company is seeking shareholders’ approval at its 40th AGM on June 18 to authorise the board to raise funds through non-convertible debenture in one or more tranches.
Titan Company’s brand Fastrack expects Rs 1,000 crore revenues for current fiscal
Titan Company’s fashion brand- Fastrack, expects its turnover for the current fiscal to be around Rs 1,000 crore as against Rs 800 crore in the previous fiscal. The brand plans to add 70 newly-designed stores to its existing 157 stores. The company generally spends around five percent of the turnover on advertisements and brand building.
The brand is also looking at entering into new categories and would add a new category in the next two years. The leading fashion brand has recently introduced a new range of accessories for the summer with trendy sunglasses and backpacks. Fastrack sunglasses are priced from Rs 1,195 to Rs 2,295, the collection comprises of Aviators, Wayfarers and Sporty wraps while the backpacks are priced from Rs 1,195 to Rs 4,395.
Titan is India’s largest manufacturer of quartz watches and has a 60% market share in the Indian market. It is world’s sixth largest manufacturer of branded watches. It has a manufacturing and assembly unit at Hosur in Tamil Nadu.
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Deepak Nitrite trades jubilantly on commissioning balance capacities of OBA
Deepak Nitrite is currently trading at Rs. 743.00, up by 31.65 points or 4.45% from its previous closing of Rs. 711.35 on the BSE.
The scrip opened at Rs. 719.70 and has touched a high and low of Rs. 746.00 and Rs. 719.70 respectively. So far 1533 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 746.00 on 22-May-2014 and a 52 week low of Rs. 211.00 on 28-Aug-2013.
Last one week high and low of the scrip stood at Rs. 746.00 and Rs. 600.00 respectively. The current market cap of the company is Rs. 769.56 crore.
The promoters holding in the company stood at 56.56% while Institutions and Non-Institutions held 7.34% and 36.10% respectively.
Deepak Nitrite has commissioned balance capacities of Optical Brightening Agent (OBA) on May 20, 2014. Now the plant stands fully commissioned. The company has taken this step after completion of successful trial runs of production at its new Greenfield Plant at Dahej, Bharuch district in state of Gujarat.
Deepak Nitrite is a leading manufacturer of organic, inorganic, fine and specialty chemicals and a world leader in 2,4 and 2,6 Xylidine.
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Wabco India unveils AMT OptiDrive for commercial vehicles
Wabco India has unveiled the Automated Manual Transmission technology, AMT OptiDrive, for commercial vehicles. The AMT OptiDrive was developed by Wabco of Europe, which dominates the global market for AMT in medium and heavy commercial vehicles.
AMT OptiDrive can be either retrofitted or directly fitted by OEMs on commercial vehicles with manual transmission. The advantage is that the equipment automates clutch and gear shifting to optimal conditions. The OptiDrive technology enhances fuel efficiency by about 8 per cent just by improving driving conditions.
WABCO-TVS (INDIA) is a joint venture between TVS Group and WABCO Holdings Inc. The company has pioneered the manufacture of air-assisted and air brake systems for commercial vehicles in India. With a commitment of total satisfaction to customers, their company has achieved a share of business in the OE (Original Equipment) segment greater than 85% and a market share in the after-market greater than 75%.
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Indian Metals gains on eyeing Rs 1,600 crore turnover in FY15
Indian Metals & Ferro Alloys is currently trading at Rs. 384.00, up by 2.40 points or 0.63% from its previous closing of Rs. 381.60 on the BSE.
The scrip opened at Rs. 381.10 and has touched a high and low of Rs. 389.90 and Rs. 381.10 respectively. So far 220 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 400.00 on 20-May-2014 and a 52 week low of Rs. 137.60 on 07-Aug-2013.
Last one week high and low of the scrip stood at Rs. 400.00 and Rs. 265.10 respectively. The current market cap of the company is Rs. 989.99 crore.
The promoters holding in the company stood at 55.73% while Institutions and Non-Institutions held 10.07% and 34.19% respectively.
Indian Metals & Ferro Alloys (IMFA) is forecasting a turnover of about Rs 1550-1600 crore, an increase from FY14’s Rs 1300 crore. The company expects realizations to improve in the second half of the year.
The company has registered the highest ever ferrochrome production of 198,000 tonne in FY14 and the guidance for FY15 is of about 230,000 tonnes.
Indian Metals & Ferro Alloys is primarily involved in the production of ferro alloys including charge-chrome (high-carbon ferro-chrome), and has an installed furnace capacity of 157 MVA in its two units in Therubali and Choudwar districts of Orissa. The company’s operations are supported by a 108 MW captive thermal power plant (at Choudwar) and captive chromite mines.
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Reliance Infrastructure’s arm enters into West Bengal market
Reliance Infrastructure’s arm Reliance Cement has entered into West Bengal, a market that has 14-million-tonnes per annum (mtpa) demand and potential to grow by 8 per cent in the coming years.
At present, Anil Ambani-led Reliance Group firm has 5.8 mtpa cement-making capacity. It has a 2 mtpa plant in Uttar Pradesh, 3 mtpa unit in Madhya Pradesh and 0.5 mtpa in Maharashtra. The company sells the building material in key cities of Maharashtra, Madhya Pradesh, Uttar Pradesh and Jharkhand.
Further, the company is planning to expand its presence in northern markets of India and Nepal.
Reliance Infrastructure is the largest power distribution licensee in Mumbai, with 25 years license to distribute electricity in its licensed distribution areas spread over 400 Sq. Kms. in the suburbs and surrounding areas of Mumbai, and supplying power to around 29 lakh consumers.
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CARE reaffirms ratings Reliance Broadcast Network’s bank
Credit rating agency, CARE has reaffirmed ‘AAA (SO)’ rating to Reliance Broadcast Network’s long-term bank facilities worth Rs 202 crore which was enhanced from Rs 52 crore. The rating agency has also reaffirmed ‘AAA (SO)’ rating to the company’s Non-Convertible Debentures (NCD) worth Rs 150 crore.
The ratings are based on the credit enhancement in the form of unconditional and irrevocable corporate guarantee provided by Reliance Capital [RCL, rated AAA (long-term debt)/AA+ (subordinated debt)/ PP-MLD AAA (equity linked debenture)] for ensuring the timely servicing of the debentures of Reliance Broadcast Network.
Reliance Broadcast Network has a multi media play in the spaces of radio, television and intellectual property, out of home and television products and specializes in creating and executing integrated solutions for clients, across the country.
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Bata India surges on plan to enter into rural markets & small towns
Bata India is currently trading at Rs. 1110.75, up by 19.50 points or 1.79% from its previous closing of Rs. 1091.25 on the BSE.
The scrip opened at Rs. 1100.00 and has touched a high and low of Rs. 1125.00 and Rs. 1100.00 respectively. So far 4455 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1157.00 on 31-Mar-2014 and a 52 week low of Rs. 748.20 on 12-Jun-2013.
Last one week high and low of the scrip stood at Rs. 1128.85 and Rs. 1011.00 respectively. The current market cap of the company is Rs. 7218.75 crore.
The promoters holding in the company stood at 52.96% while Institutions and Non-Institutions held 29.96% and 17.08% respectively.
Bata, India’s leading footwear retailer and manufacturer is planning to enter into rural markets and small towns of less than 500,000 people through distributors and franchisees. The company is currently developing a completely new line of merchandise to tap these unexplored markets. The company has decided to open nearly 100 rural stores over the next 12-18 months. It has already opened about 20 such in Rajasthan and Uttar Pradesh on a pilot basis. The company is also planning to tie up with wholesalers to sell shoes in rural shops.
Bata India is the largest retailer and leading manufacturer of footwear in India and is a part of the Bata Shoe Organization. The company manufactures footwear for men, women and children. The company manufactures shoes of various quality such as leather, rubber, canvas and PVC shoes.
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Nifty at day's high; resumes rally
Some buying activity is seen in consumer durables, realty, metal and power sectors on BSE, while sectors such as IT and teck are losing sheen | |
Bata India to enter into rural markets & small towns
Bata, India’s leading footwear retailer and manufacturer is planning to enter into rural markets and small towns of less than 500,000 people through distributors and franchisees. The company is currently developing a completely new line of merchandise to tap these unexplored markets. The company has decided to open nearly 100 rural stores over the next 12-18 months. It has already opened about 20 such in Rajasthan and Uttar Pradesh on a pilot basis. The company is also planning to tie up with wholesalers to sell shoes in rural shops.
Bata India is the largest retailer and leading manufacturer of footwear in India and is a part of the Bata Shoe Organization. The company manufactures footwear for men, women and children. The company manufactures shoes of various quality such as leather, rubber, canvas and PVC shoes.
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Bajaj Auto extends rally after Egypt lifts import ban
| Bajaj Auto is currently trading at Rs. 2016.75, up by 57.55 points or 2.94% from its previous closing of Rs. 1959.20 on the BSE. The scrip opened at Rs. 1999.00 and has touched a high and low of Rs. 2028.60 and Rs. 1999.00 respectively. So far 12757 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2193.85 on 17-Oct-2013 and a 52 week low of Rs. 1683.35 on 28-Aug-2013. Last one week high and low of the scrip stood at Rs. 2093.80 and Rs. 1844.00 respectively. The current market cap of the company is Rs. 58307.45 crore. The promoters holding in the company stood at 50.02 % while Institutions and Non-Institutions held 25.68 % and 24.30 % respectively. Bajaj Auto, the second-largest motorcycle manufacturer is likely to resume exports to Egypt in June 2014. The move follows the Egyptian government’s decision to lift a ban that came into effect in February on import of two-wheelers and three-wheelers. For Bajaj Auto, Egypt is the second biggest export market after Sri Lanka Of the 2,50,000-2,60,000 units of three-wheelers exported in the last financial year (FY14), Egypt contributed a-fourth of the company's overall volumes. With regards to overall motorcycles sales, Egypt is one of the growing markets for the company. Bajaj Auto is a $2.3 billion company founded in 1926. It is world’s fourth largest two and three-wheeler manufacturer. Bajaj Auto has three plants in all, two at Waluj and Chakan in Maharashtra and one plant at Pant Nagar in Uttaranchal. |
Physical rubber prices ruled flat on Wednesday
Physical rubber prices ruled flat on Wednesday following an almost similar trend in domestic futures. Further, disappointing reports from the global trendsetters too influenced the rubber prices.
Spot prices for RSS-4 and RSS-5 variety closed unchanged at Rs 145/ kg and Rs 142/ kg respectively.
In the futures market, contract of June delivery improved marginally to Rs 148.89 compared to its previous close of Rs 148.70, while July delivery closed at Rs 149.90 compared to its previous closing of Rs 150.22 on the National Multi Commodity Exchange (NMCE).
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Chettinad Cement acquires 20.58% stake in Anjani Portland Cement
Chettinad Cement has acquired 20.58 per cent stake in Anjani Portland Cement from its promoter KV Vishnu Raju. The acquisition was done in an off-market transaction and 37,84,014 shares were acquired by the Chennai-based Chettinad at Rs 61.75 a share on Tuesday.
Post the transaction, shareholding of Chettinad had gone up from 20.58% to 41.16%. It may be recalled that on May 15 Chettinad made an open offer to acquire over 47.81 lakh shares of the Hyderabad-based company at Rs 61.75 an equity share.
Chettinad Cement Corporation is engaged in production of cement, fused silca, silica and purity quartz grits. The manufacturing unit of the company is located at Puliyur, Karur an Industrially backward area in Tamil Nadu that commenced production in April 1968.
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Indian Metals & Ferro Alloys eyeing Rs 1,600 crore turnover in FY15
Indian Metals & Ferro Alloys (IMFA) is forecasting a turnover of about Rs 1550-1600 crore, an increase from FY14’s Rs 1300 crore. The company expects realizations to improve in the second half of the year.
The company has registered the highest ever ferrochrome production of 198,000 tonne in FY14 and the guidance for FY15 is of about 230,000 tonnes.
Indian Metals & Ferro Alloys is primarily involved in the production of ferro alloys including charge-chrome (high-carbon ferro-chrome), and has an installed furnace capacity of 157 MVA in its two units in Therubali and Choudwar districts of Orissa. The company’s operations are supported by a 108 MW captive thermal power plant (at Choudwar) and captive chromite mines.
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ZEE earmarks Rs 100 crore for new channel
Zee Entertainment Enterprises (ZEE) has earmarked Rs 100 crore to launch a second Hindi general entertainment channel, Zindagi. Following the launch of Zindagi, it would also increase the content cost by nearly 15 per cent as Zindagi would have shows written by overseas authors and produced in places such as Pakistan and Latin America.
In 2007, the Subhash Chandra-promoted network had launched a Hindi GEC, Zee Next, which was shut down within a year.
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.
Bajaj Auto to resume exports to Egypt as ban revoked
Bajaj Auto, the second-largest motorcycle manufacturer is likely to resume exports to Egypt in June 2014. The move follows the Egyptian government’s decision to lift a ban that came into effect in February on import of two-wheelers and three-wheelers. For Bajaj Auto, Egypt is the second biggest export market after Sri Lanka Of the 2,50,000-2,60,000 units of three-wheelers exported in the last financial year (FY14), Egypt contributed a-fourth of the company's overall volumes. With regards to overall motorcycles sales, Egypt is one of the growing markets for the company.
Bajaj Auto is a $2.3 billion company founded in 1926. It is world’s fourth largest two and three-wheeler manufacturer. Bajaj Auto has three plants in all, two at Waluj and Chakan in Maharashtra and one plant at Pant Nagar in Uttaranchal.
Bajaj Auto extends rally after Egypt lifts import ban
| Bajaj Auto is currently trading at Rs. 2016.75, up by 57.55 points or 2.94% from its previous closing of Rs. 1959.20 on the BSE. The scrip opened at Rs. 1999.00 and has touched a high and low of Rs. 2028.60 and Rs. 1999.00 respectively. So far 12757 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2193.85 on 17-Oct-2013 and a 52 week low of Rs. 1683.35 on 28-Aug-2013. Last one week high and low of the scrip stood at Rs. 2093.80 and Rs. 1844.00 respectively. The current market cap of the company is Rs. 58307.45 crore. The promoters holding in the company stood at 50.02 % while Institutions and Non-Institutions held 25.68 % and 24.30 % respectively. Bajaj Auto, the second-largest motorcycle manufacturer is likely to resume exports to Egypt in June 2014. The move follows the Egyptian government’s decision to lift a ban that came into effect in February on import of two-wheelers and three-wheelers. For Bajaj Auto, Egypt is the second biggest export market after Sri Lanka Of the 2,50,000-2,60,000 units of three-wheelers exported in the last financial year (FY14), Egypt contributed a-fourth of the company's overall volumes. With regards to overall motorcycles sales, Egypt is one of the growing markets for the company. Bajaj Auto is a $2.3 billion company founded in 1926. It is world’s fourth largest two and three-wheeler manufacturer. Bajaj Auto has three plants in all, two at Waluj and Chakan in Maharashtra and one plant at Pant Nagar in Uttaranchal. |
JSPL to seek shareholders' nod to raise up to Rs 10,000 crore through NCDs
Jindal Steel & Power (JSPL) will seek an approval from shareholders to raise up to Rs 10,000 crore by issuing non-convertible debentures (NCDs) on a private placement basis. NCDs are a secured debt instrument and offer high returns with moderate risk. They cannot be converted into shares.
The company’s board approved seeking shareholders’ nod through postal ballot to increase the company’s borrowing limit to Rs 50,000 crore and for giving loans or guarantees, providing securities and making of investments in securities up to Rs 20,000 crore.
JSPL is a part of Jindal Group and is a leading player in Steel, Power, Mining, Oil & Gas and Infrastructure. The company produces economical and efficient steel and power through backward integration from its own captive coal and iron-ore mines and passes on the benefits to its customers.
Copper futures decline on concerns over Chinese demand
Copper futures declined on demand concerns amid signals of slowing home sales in China, the world’s top consumer. However, dollar weakened against a basket of major currencies after the Federal Reserve released minutes from its last meeting, where it discussed the procedures for hiking interest rates, capped some losses in copper prices to some extent.
Copper futures for July delivery slid 0.7% to settle at $3.123 a pound on the Comex metals division of New York Mercantile Exchange. While, copper on the London Metal Exchange closed down 0.78% to $6,831 a metric ton.
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Motilal Oswal ventures into housing finance space
Motilal Oswal Financial Services, a domestic brokerage firm, has ventured into the home finance space with an initial capital of Rs 100 crore. In order to begin its operations, Aspire Home Finance Corporation (AHFC) has received a certificate of registration from sector regulator National Housing Bank (NHB).
The company is eyeing the disbursal target of Rs 216 crore in the first year. The company will focus on affordable housing units and disburse loans under Rs 25 lakh in the suburbs of Mumbai, Pune, Nagpur, Akola, Nasik, Indore, Ahmedabad, Surat, Vadodara and Bhopal.
Motilal Oswal Financial Services is a well-diversified, financial services company focused on wealth creation for all its customers, such as institutional, corporate, HNI and retail. Its services and product offerings include wealth management, retail broking and distribution, institutional broking, asset management, investment banking, private equity, commodity broking and principal strategies.
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HPCL rises on plan to acquire 11-15% stake in Petronet's east coast terminal
Hindustan Petroleum Corporation is currently trading at Rs 428.70, up by 4.05 points or 0.95% from its previous closing of Rs. 424.65 on the BSE.
The scrip opened at Rs 428.00 and has touched a high and low of Rs 430.80 and Rs. 426.65 respectively. So far 5522 shares were traded on the counter.
The BSE group 'A ' stock of face value Rs 10 has touched a 52 week high of Rs 447.85 on 20-May-2014 and a 52 week low of Rs. 158.45 on 28-Aug-2013.
Last one week high and low of the scrip stood at Rs 447.85 and Rs 370.60 respectively. The current market cap of the company is Rs 14379.81 crore.
The promoters holding in the company stood at 51.11% while Institutions and Non-Institutions held 32.76% and 16.13% respectively.
Hindustan Petroleum Corp (HPCL) is planning to acquire 11-15% stake in Petronet LNG's Rs 5,000 crore LNG import terminal on the east coast. HPCL's Vizag refinery in Andhra Pradesh is being expanded to 15 million tonnes per annum (MTPA) from current 8.33 MT and the expanded unit will have a gas requirement of close to 3 MT.
HPCL operates two major refineries producing a wide variety of petroleum fuels and specialties, one in Mumbai (west coast) of 6.5 million metric tonnes per annum (MMTPA) capacity and the other in Vishakapatnam, (east coast) with a capacity of 7.5 MMTPA.
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Gold futures decline as dollar strengthens
Gold futures declined on Wednesday owing to fall in Chinese demand and a strengthening US dollar after minutes of the US Federal Reserve's last policy meeting showed the central bank began to lay groundwork for an eventual retreat from stimulus but no final decisions were taken. However, concerns over the ongoing conflict in Ukraine and sluggish global equity markets limited the losses.
Gold futures for June delivery settled down $6.50 at $1,288.10 an ounce on the Comex division of the New York Mercantile Exchange. While spot gold fell 0.2 percent at $1,290.84 an ounce.
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GE Shipping gains on delivering ‘Jag Padma’ to its buyers
GE Shipping is currently trading at Rs. 357.95, up by 5.30 points or 1.50% from its previous closing of Rs. 352.65 on the BSE.
The scrip opened at Rs. 355.00 and has touched a high and low of Rs. 358.25 and Rs. 355.00 respectively. So far 1,236 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 359.70 on 22-Apr-2014 and a 52 week low of Rs. 199.25 on 24-Jun-2013.
Last one week high and low of the scrip stood at Rs. 359.15 and Rs. 334.00 respectively. The current market cap of the company is Rs. 5,452.00 crore.
The promoters holding in the company stood at 30.50% while Institutions and Non-Institutions held 39.84% and 29.45% respectively.
The Great Eastern Shipping Company (GE Shipping) delivered its 1996 built Medium Range Product Tanker ‘Jag Padma’ weighing 47,172 dwt to the buyers.
With the delivery of this vessel, the company’s current fleet stands at 29 vessels, comprising 21 tankers (8 crude carriers, 12 product tankers, 1 LPG carrier) and 8 dry bulk carriers (1 Capesize, 3 Kamsarmax, 4 Supramax) with an average age of 9.8 years aggregating 2.37 million dwt.
Great Eastern Shipping Company is India’s largest private sector shipping company. The company’s major businesses include shipping and offshore.
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Granules India receives Outstanding Exports Gold Award 2012-13
Granules India, a fast growing pharmaceutical manufacturing company, has received the Outstanding Exports (Europe & CIS) Gold Award 2012-13 from Pharmexcil, the Pharmaceutical Export Promotion Council of India set up by the Ministry of Commerce & Industry, Government of India.
The award was given to the company during the IPHEX conference which was held at The Bombay Exhibition Centre in Mumbai.
Granules India is a fast growing pharmaceutical manufacturing company with world class facilities and is committed to manufacturing excellence, quality and customer service. The Company produces Finished Dosages (FDs), Pharmaceutical Formulation Intermediates (PFIs) and Active Pharmaceutical Ingredients (APIs) for quality conscious customers in the regulated and semi-regulated markets.
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ONGC scales highest-ever market capitalization of Rs 3.56 trn
During the first 2 months of this current fiscal 2014-15, ONGC scrip has gained 20.54 per cent on NSE. | ||||
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