Steel Strips Wheels (SSWL) has bagged its maiden export order from the Russian territory. The order will cater to the Russian after-market demand and this order will open up opportunity for the company to increase foothold in export markets. The order is for supply of 30,000 wheels and will cater to passenger car segment.
The company is already an exclusive OEM supplier to Renault Russia for the Duster model and is now spreading it portfolio to capture opportunity in the after-market segment. The company is constantly looking to address global after market demand given the size of the market. With this entry into Russian market, the company is eyeing to explore the possibility of supplying the entire range of SSWL export product portfolio which would cater across segment vehicles.
SSWL is a part of the Steel Strips Group, headquartered in Chandigarh. It is engaged in the manufacturing of single piece steel wheel rims in the range of 10 to 30 inches for scooters, passenger cars, utility vehicles and tractors. It supplies rims to almost all major manufacturers of two wheelers, three wheelers, four wheelers, tractors and heavy commercial vehicle.
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Friday 23 May 2014
Steel Strips Wheels bags export order from Russia
Puravankara Projects trades higher on the bourses
Puravankara Projects is currently trading at Rs. 90.30, up by 6.45 points or 7.69% from its previous closing of Rs. 83.85 on the BSE.
The scrip opened at Rs. 84.70 and has touched a high and low of Rs. 91.40 and Rs. 84.15 respectively. So far 156947 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 5 has touched a 52 week high of Rs. 91.40 on 23-May-2014 and a 52 week low of Rs. 50.00 on 03-Mar-2014.
Last one week high and low of the scrip stood at Rs. 90.50 and Rs. 74.20 respectively. The current market cap of the company is Rs. 2092.85 crore.
The promoters holding in the company stood at 75.00% while Institutions and Non-Institutions held 20.20% and 4.80% respectively.
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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Suven Life Sciences to spend about Rs 60 crore on R&D in FY15
Suven Life Sciences is contemplating to spend about Rs 60 crore on R&D in FY15. As of 2014 and 2015 the company expects Rs 400-450 crore on the topline and about Rs 80-90 crore on the bottomline.
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.
Infosys strengthens on bagging $50 million deal from AT&T
Infosys is currently trading at Rs. 3150.35, up by 43.15 points or 1.39% from its previous closing of Rs. 3107.20 on the BSE.
The scrip opened at Rs. 3122.00 and has touched a high and low of Rs. 3167.20 and Rs. 3084.80 respectively. So far 16263 shares were traded on the counter.
The BSE group 'A ' stock of face value Rs. 5 has touched a 52 week high of Rs. 3847.20 on 03-Mar-2014 and a 52 week low of Rs. 2315.75 on 30-May-2013.
Last one week high and low of the scrip stood at Rs. 3337.40 and Rs. 3005.00 respectively. The current market cap of the company is Rs. 181056.66 crore.
The promoters holding in the company stood at 15.94% while Institutions and Non-Institutions held 55.76% and 12.20% respectively.
Infosys has reportedly bagged a $50-million deal from telecom giant AT&T, with the Bangalore-based software exporter expecting the telecom player to become its first $100-million customer from Europe and the US in the coming years.
The deal will see Infosys providing support for billing and Web solutions for three years to AT&T on a pay-peruse model, thereby helping Infosys' telecom vertical break into European markets. This deal comes at a time when Infosys aims to scale-up its presence in the European continent as the telecoms space continues to witness muted growth in the US.
Infosys is a global leader in consulting, technology and outsourcing solutions. The company enables clients, in more than 30 countries, to stay a step ahead of emerging business trends and outperform the competition.
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UTI declares dividend under FIIF - Half Yearly Interval Plan I
UTI (MF) has declared dividend under the dividend sub option of UTI Fixed Income Interval Fund - Half Yearly Interval Plan I. The record date for dividend is May 28, 2014.
The rate of dividend will be 100% of distributable surplus as on the record date on the face value of Rs 10 per unit.
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Mentha oil futures edge lower on reduced demand
Mentha oil futures declined on MCX as speculators reduced their holdings driven by lack of demand due to higher stocks in the physical market. Besides, expectations of higher output from the major producing belts too added pressure on mentha oil prices.
The contract for May delivery was trading at Rs 834.50, down by 1.14% or Rs 9.60 from its previous closing of Rs 844.10. The open interest of the contract stood at 2585 lots.
The contract for June delivery was trading at Rs 846.50, down by 1.06% or Rs 9.10 from its previous closing of Rs 855.60. The open interest of the contract stood at 1808 lots on MCX.
Cardamom futures trade higher on rising demand
Cardamom futures traded higher on MCX as speculators created fresh positions driven by rising domestic as well as export demand in the spot market. Further, restricted arrivals from the major producing regions and some export enquiries too supported cardamom prices uptrend.
The contract for June delivery was trading at Rs 973.90, up by 0.24% or Rs 2.30 from its previous closing of Rs 971.60. The open interest of the contract stood at 2343 lots.
The contract for July delivery was trading at Rs 943.10, up by 0.26% or Rs 2.40 from its previous closing of Rs 940.70. The open interest of the contract stood at 1223 lots on MCX.
Jain Irrigation surges on expecting 18-20% growth in FY15
Jain Irrigation Systems is currently trading at Rs. 117.20, up by 6.60 points or 5.97% from its previous closing of Rs. 110.60 on the BSE.
The scrip opened at Rs. 112.00 and has touched a high and low of Rs. 118.90 and Rs. 112.00 respectively. So far 830556 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 118.90 on 23-May-2014 and a 52 week low of Rs. 46.10 on 01-Aug-2013.
Last one week high and low of the scrip stood at Rs. 118.90 and Rs. 90.30 respectively. The current market cap of the company is Rs. 5106.96 crore.
The promoters holding in the company stood at 28.69% while Institutions and Non-Institutions held 52.57% and 18.38% respectively.
Jain Irrigation Systems is expecting to perform better in FY15 and is likely to post 18-20% growth. The company has pared its debt by Rs 250 crore. Earlier in March, the company was planning to divest 30-35% stake in the 10-year-old food-processing unit to strategic investors in a bid to cut debt and boost growth.
Jain Irrigation Systems is a manufacturer of a wide variety of PVC pipes, PE pipes, water and gas transportation pipes, ducts for optical fibre cables and drip irrigation pipes. It is also engaged in tissue culture of bananas and pomegranates and is the world’s largest processor of mangoes and is the world’s second largest processor of onions and vegetables.
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BBC retains title as #1 choice for Asia Pacific’s premium audience
BBC World News is most effective for reaching the top tier of earners as it has more viewers from this much-coveted demographic than any other news channel. | |
Sensex, Nifty surge; capital goods up 2.54%
Some buying activity is seen in capital goods, realty, power and oil & gas on BSE, while consumer durables sector is losing sheen | |
Sakthi Sugars touches the roof on the BSE
Sakthi Sugars is currently trading at Rs. 21.75, up by 1.00 points or 4.82% from its previous closing of Rs. 20.75 on the BSE.
The scrip opened at Rs. 21.75 and has touched a high and low of Rs. 21.75 and Rs. 21.75 respectively. So far 15900 shares were traded on the counter.
The BSE group 'T' stock of face value Rs. 10 has touched a 52 week high of Rs. 22.90 on 07-Apr-2014 and a 52 week low of Rs. 11.62 on 06-Aug-2013.
Last one week high and low of the scrip stood at Rs. 21.75 and Rs. 16.45 respectively. The current market cap of the company is Rs. 209.26 crore.
The promoters holding in the company stood at 74.94% while Institutions and Non-Institutions held 1.01% and 24.05% respectively.
Sakthi Sugars has completed cane crushing operations of Sakthinagar and Sivaganga Units on May 19, 2014 and May 16, 2014, respectively for the Sugar Season 2013-14.
Sakthi Sugars is one of the largest producers of sugar in India with a capacity of over 13,500 tonnes of cane crushing per day. It has units / plants in the states of Tamil Nadu and Orissa.
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Assocham recommends action plan to new government to boost economic growth
Industry body Assocham has outlined an action plan suggesting measures for new government to boost the economic growth. The action plan is aimed at achieving economic growth of 9 to 10 percent over the medium term and sustaining the high-growth path.
Assocham’s action plan highlighted that the new government must introduce single-window clearance for pending projects, relax FDI limits across key sectors, privatise sick PSUs, divest its holding in top 10-15 PSUs to generate over Rs 1 lakh crore of capital. Further, the industry body has also pitched for GST implementation, liberalisation of ECB norms, incentives for investments, restoration of the SEZ policy to its original form and easing of processes for companies planning to set up manufacturing units.
Emphasizing the need to create an environment for increasing investments, Assocham President Rana Kapoor said that new government should introduce suitable policy framework to improve the business sentiments in the country. Further, a long term approach to fiscal consolidation along with clear policies is urgently needed for addressing structural bottlenecks and high inflation. Rana Kapoor further added that in order to expedite the implementation of big infrastructure projects, new government must accelerate land acquisition and environment clearances process for mega projects by setting up a joint task force comprising central ministries like environment, finance, administrative along with the states ministries. New government must take measures soon to replace existing state and central levies with a uniform tax as implementation of Goods and Services Tax (GST) can boost India's economy by up to two percentage points.
Currently, Indian economy is struggling with slowdown and the factors like low investments, slow execution of infrastructure projects and prevailing high interest rates in order to combat elevated inflation have been adversely impacting the domestic economy. Indian economy’s growth slowed down to 4.6% during the first three quarter of FY14 and is likely to remain at sub-5% level in FY14.
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Jain Irrigation Systems expects 18-20% growth in FY15
Jain Irrigation Systems expects to perform better in FY15 and is likely to post 18-20% growth. The company has pared its debt by Rs 250 crore. Earlier in March, the company was planning to divest 30-35% stake in the 10-year-old food-processing unit to strategic investors in a bid to cut debt and boost growth.
Jain Irrigation Systems is a manufacturer of a wide variety of PVC pipes, PE pipes, water and gas transportation pipes, ducts for optical fibre cables and drip irrigation pipes. It is also engaged in tissue culture of bananas and pomegranates and is the world’s largest processor of mangoes and is the world’s second largest processor of onions and vegetables.
Markets trade jubilantly in early deals on firm global cues
Extending their previous session jubilation, Indian equity benchmarks have made a gap-up opening and are trading jubilantly in early deals with frontline gauges surpassing their crucial 22,600 (Sensex) and 7,300 (Nifty) levels on the back of buoyant global cues. The US markets extended their gains for yet another day and the Nasdaq managed to reach its best closing level in a month, after the release of a report from the National Association of Realtors showing that existing home sales rose for the first time this year in April. The Asian markets were trading mostly in the green at this point of time and Japanese market was riding high, as yen declined near a one-week low.
Back home, markets continue to maintain the steady trend on hopes that a Modi-led disposition would mark a paradigm shift in governance and herald a new era in economic reforms. Meanwhile, industry body Assocham in its action plan for the new government has pitched for liberalisation of ECB norms, GST implementation, incentives for investments and easing of processes for companies planning to set up manufacturing units. Select gold related stocks were continued their bull run for second day in a row after RBI permitted exporters, long-term export advance up to a maximum period of 10 years on a satisfactory track record and eased gold import norms.
On the sectoral front, realty, capital goods and power witnessed the maximum gain in trade, while consumer durables remained the lone loser on the BSE sectoral space. The broader indices too were trading in-line with benchmarks, while the market breadth on the BSE was positive; there were 1636 shares on the gaining side against 371 shares on the losing side while 51 shares remain unchanged.
The BSE Sensex is currently trading at 24611.40, up by 237.00 points or 0.97% after trading in a range of 24692.09 and 24470.78. There were 27 stocks advancing against 3 declines on the index. The broader indices were trading in green; the BSE Mid cap index was up by 1.25% and Small cap index gained 1.84%.
The top gaining sectoral indices on the BSE were, Realty up by 3.15%, Capital Goods up by 2.31%, Power up by 1.91%, Auto up by 1.28% and TECK up by 1.16%, while Consumer Durables down by 0.42% was the top loser.
The top gainers on the Sensex were BHEL up by 5.57%, NTPC up by 3.35%, SSLT up by 3.32%, Bharti Airtel up by 2.57% and L&T up by 2.32%. On the flip side, Hindalco Inds was down by 0.90%, HDFC Bank was down by 0.26% and Bajaj Auto was down by 0.26% were the losers on the Sensex.
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 7,345.45 up by 69.05 points or 0.95% after trading in a range of 7,363.45 and 7,293.90. There were 38 stocks advancing against 12 declines on the index.
The top gainers of the Nifty were BHEL up by 4.44%, DLF up by 4.03%, SSLT up by 3.49%, IDFC up by 3.38% and NTPC up by 3.02%. On the flip side, Power Grid down by 1.52%, Hindalco down by 0.84%, ACC down by 0.75%, Grasim down by 0.50% and Bajaj-Auto down by 0.28% were the top losers on the index.
Asian markets were traded in mixed; Jakarta Composite increased 4.47 points or 0.09% to 4,974.35, Nikkei 225 surged by 152.34 points or 1.06% to 14,490.13, Straits Times rose by 7.18 points or 0.22% to 3,272.84 and Taiwan Weighted was up by 24.52 points or 0.27% to 8,994.15.
On the flip side, Shanghai Composite declined 0.67 points or 0.03% to 2,020.62, Hang Seng tumbled by 15.85 points or 0.07% to 22,937.91, KLSE Composite decreased 1.90 points or 0.10% to 1,873.22 and Seoul Composite was down by 0.64 points or 0.03% to 2,014.95.
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Physical rubber prices improved on Thursday
Physical rubber prices improved on Thursday due to better volumes in markets. Further, lower arrivals in the local trading houses too supported rubber prices uptrend.
Spot prices for RSS-4 variety improved to Rs 145.50/ kg compared to its previous closing of Rs 145/ kg, while RSS-5 variety closed at Rs 142.50/ kg compared to its previous close of Rs 142/ kg.
In the futures market, contract of June delivery firmed up to Rs 150.58 compared to its previous closing of Rs 148.57, while July delivery closed at Rs 151.75 compared to its previous close of Rs 149.63 on the National Multi Commodity Exchange (NMCE).
Sakthi Sugars completes cane crushing operations of Sakthinagar and Sivaganga units
Sakthi Sugars has completed cane crushing operations of Sakthinagar and Sivaganga Units on May 19, 2014 and May 16, 2014, respectively for the Sugar Season 2013-14.
Sakthi Sugars is one of the largest producers of sugar in India with a capacity of over 13,500 tonnes of cane crushing per day. It has units / plants in the states of Tamil Nadu and Orissa.
SBI launches ‘Tab Banking service’ in Hyderabad
To make opening of a savings bank account easy, State Bank of India (SBI), country’s largest public sector lender has launched ‘Tab Banking service’ in Hyderabad. Under this new service, the bank’s staff will visit the customers at their home or office and by using the tablets get complete formalities for opening an account like photographs of applicant, scan identity/address proof and fill in the application in front of the customer and upload it to the central hub for further processing. Within a minute of uploading the application, the customer will get an instant account opening message on cell phone. Moreover, the bank’s representative will also deliver the welcome kit including cheque book and ATM card.
The bank reported 34.20% fall in its net profit at Rs 2234.34 crore for third quarter ended December 31, 2013 as compared to Rs 3396.06 crore for the same quarter in the previous year. However, total income of the bank increased by 14.91% at Rs 39060.76 crore for quarter under review as compared to Rs 33992.11 crore for the quarter ended December 31, 2012.
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Tata Motors surges as its arm JLR launches locally produced ‘Jaguar XJ’
Tata Motors is currently trading at Rs. 435.40, up by 5.00 points or 1.16% from its previous closing of Rs. 430.40 on the BSE.
The scrip opened at Rs. 428.80 and has touched a high and low of Rs. 439.90 and Rs. 426.90 respectively. So far 182282 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 464.20 on 16-May-2014 and a 52 week low of Rs. 263.10 on 27-Jun-2013.
Last one week high and low of the scrip stood at Rs. 464.20 and Rs. 428.50 respectively. The current market cap of the company is Rs. 120196.44 crore.
The promoters holding in the company stood at 34.33% while Institutions and Non-Institutions held 36.89% and 7.53% respectively.
Tata Motors’ British-based arm Jaguar and Land Rover (JLR) has launched locally manufactured Jaguar XJ 3.0L in the country, with price starting at Rs 92.1 lakh (ex-showroom Mumbai). The diesel powered luxury saloon, which is being manufactured at the company’ Pune plant, will be available in two variants - premium luxury and portfolio.
The vehicle comes with various luxury features including rear seat comfort pack with three massage seat functions, increased rear headroom, electric rear side window blinds and LED reading lights.
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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RBI allows CMC to increase FII limit up to 35%
Reserve Bank of India (RBI) has allowed CMC to raise its foreign investment limit up to 35% of paid-up capital. The company has passed resolutions at the board of directors' level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs. RBI has notified that Foreign Institutional Investors (FIIs), through primary market and stock exchanges, can now purchase up to 35% (revised from earlier 24%) of the paid up capital of CMC under the Portfolio Investment Scheme (PIS).
RBI further notified that the foreign share holding by FIIs in CMC have gone below the revised threshold limit stipulated under the extant FDI policy. Hence, the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect.
CMC is leading system engineering and Integration Company in India and is a subsidiary of Tata Consultancy Services, Asia’s largest software company. Operating out of 18 offices and 180 services locations in the country, CMC employs over 10,000 people and has a wholly owned subsidiary in USA called CMC Americas, Inc.
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Maruti Suzuki aims to achieve 9-10% growth in FY15
Maruti Suzuki India, country’s largest car maker is targeting to achieve a growth of 9-10% in FY15, double the estimated industry growth of 4-5%. The rural area continues to do well for the company and the company expects niche marketing to bring in incremental numbers.
To achieve 10% growth, the company has adopted a strategy to reach out to customers, instead of waiting for customers to come to the showroom. The carmaker is reaching out to customers in rural markets and target groups and banking on exchange programs to bring in incremental volumes.
Maruti Suzuki India reported 11.4% fall in total sales at 86,196 units in April 2014, against 97,302 units in the same month last year. The company’s domestic sales declined 12.60% during the month to 79,119 units, as against 90,523 units in April, 2013. However, export sales increased 4.4% during the month to 7,077 units as against 6,779 units in April 2013.
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RCom shines on plan to sell 50% stake in undersea cable business to Citic Telecom
Reliance Communications (RCom) is currently trading at Rs. 142.50, up by 3.80 points or 2.74% from its previous closing of Rs. 138.70 on the BSE.
The scrip opened at Rs. 140.05 and has touched a high and low of Rs. 143.90 and Rs. 140.05 respectively. So far 492767 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 164.45 on 20-Sep-2013 and a 52 week low of Rs. 100.55 on 23-May-2013.
Last one week high and low of the scrip stood at Rs. 143.90 and Rs. 123.50 respectively. The current market cap of the company is Rs. 29453.66 crore.
The promoters holding in the company stood at 67.80% while Institutions and Non-Institutions held 20.82% and 11.11% respectively.
Reliance Communications (RCOM) is in talks to sell a 50% stake in its undersea cable business to Hong Kong's Citic Telecom for $500 million (Rs 2,925 crore) to $600 million (Rs 3,510 crore), in order to raise funds to pare debt.
Earlier, the company’s India Enterprise Business Services' unit had unveiled a game-changing bouquet of products and services for its corporate customers, targeted at changing the way Indian enterprises communicate and connect.
RCom is India’s foremost and truly integrated telecommunications service provider. The company, with a customer base of about 150 million, including over 2.5 million individual overseas retail customers, ranks among the Top 4 Telecom companies in the world by number of customers in a single country.
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JSPL likely to reach 6 mt steel capacity at Angul by end of 2015
Jindal Steel & Power (JSPL) is expecting to achieve its predicted capacity of six million tonnes at its Angul steel making facility by the end of 2015. The company’s DRI (direct reduced iron) plant has a unique feature of using synthesis gas from the coal gasification plant as reductant. The DRI-gasification route has the advantage of using high ash coal which is predominantly available in the vicinity of the project site.
Moreover, Naveen Jindal controlled company has inked pact with Lurgi Technology Company of South Africa, for providing coal gasification technology. The DRI plant has a capacity of two million tonnes per annum (mtpa). The company’s Angul facility has already commissioned its plate mill. The company is bringing semi-finished steel products from its Raigarh plant in Chhattisgarh to produce steel plates there.
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.
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SCI receives refund on account of cancellation of shipbuilding contract
Shipping Corporation of India (SCI) has received refund on account of rescindment of shipbuilding contract for Hull No. D-2132 of which Rs 105.107 crore was paid from FPO proceeds.
The company had fully utilized an amount of Rs 582.45 crore raised though FPO for the projects. However, SCI was in receipt of Rs 260 crore (out of which Rs 105 crore as part of the FPO proceeds) on cancellation of a ship building contract.
SCI is the only Indian shipping company operating break-bulk service, international container service, liquid / dry bulk service, offshore service, passenger service, in addition to manning / managing a large number of vessels on behalf of various government departments and organizations.
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RCOM likely to sell 50% stake in undersea cable business to Citic Telecom
Reliance Communications (RCOM) is in talks to sell a 50% stake in its undersea cable business to Hong Kong's Citic Telecom for $500 million (Rs 2,925 crore) to $600 million (Rs 3,510 crore), in order to raise funds to pare debt.
Earlier, the company’s India Enterprise Business Services' unit had unveiled a game-changing bouquet of products and services for its corporate customers, targeted at changing the way Indian enterprises communicate and connect.
RCom is India’s foremost and truly integrated telecommunications service provider. The company, with a customer base of about 150 million, including over 2.5 million individual overseas retail customers, ranks among the Top 4 Telecom companies in the world by number of customers in a single country.
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SpiceJet may sell some overseas slots to Qatar Airways: reports
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IRB Infrastructure Developers surges despite reporting 28% fall in Q4 consolidated net profit
IRB Infrastructure Developers is currently trading at Rs 192.30, up by 5.60 points or 3.00% from its previous closing of Rs. 186.70 on the BSE.
The scrip opened at Rs 188.40 and has touched a high and low of Rs 193.00 and Rs 188.35 respectively. So far 174400 shares were traded on the counter.
The BSE group 'A' stock of face value Rs 10 has touched a 52 week high of Rs 191.80 on 22-May-2014 and a 52 week low of Rs 51.90 on 02-Aug-2013.
Last one week high and low of the scrip stood at Rs 191.80 and Rs 152.65 respectively. The current market cap of the company is Rs 6205.24 crore.
The promoters holding in the company stood at 61.71% while Institutions and Non-Institutions held 28.63% and 9.66% respectively.
IRB Infrastructure Developers has posted a rise of 133.71% in its net profit at Rs 115.78 crore for the quarter ended March 31, 2014 as compared to Rs 49.54 crore for the same quarter in the previous year. Total income of the company increased by 16.55% at Rs 670.19 crore for quarter under review as compared to Rs 575.02 crore for the quarter ended March 31, 2013.
On consolidated basis, the group has reported 27.72% fall in its net profit at Rs 109.23 crore for the quarter ended March 31, 2014 as compared to Rs 151.13 crore for the same quarter in the previous year. Total income of the group has declined by 6.77% at Rs 918.04 crore for quarter under review as compared to Rs 984.77 crore for the quarter ended March 31, 2013.
For the year ended March 31, 2014, the company has posted a jump of 53.84% in its net profit at Rs 288.20 crore as compared to Rs 187.33 crore for the same period in the previous year. Total income of company improved by 11.69% at Rs 2508.57 crore for year under review as compared to Rs 2245.88 crore for the period ended March 31, 2013.
For the year ended March 31, 2014, on the consolidated basis, the group has posted a fall of 17.52% in its net profit at Rs 459.12 crore as compared to Rs 556.66 crore for the same period in the previous year. However, total income of group has increased by 0.81% at Rs 3853.31 crore for year under review as compared to Rs 3822.03 crore in the previous fiscal.
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SBI MF introduces Debt Fund Series A - 27 (366 Days)
SBI Mutual Fund has launched the New Fund Offer (NFO) of SBI Debt Fund Series A - 27 (366 Days), a close ended income scheme. The NFO opens for subscription on May 23, 2014 and closes on May 27, 2014. No entry load or exit load will be applicable for the scheme. The minimum subscription amount is Rs 5000.
The scheme’s performance will be benchmarked against Crisil Liquid Fund Index and its fund manager is Rajeev Radhakrishnan.
The investment objective of the scheme is to provide regular returns and capital growth with limited interest rate risk to the investors through investments in a portfolio comprising of debt instruments such as Government Securities, PSU & Corporate Bonds and Money Market Instruments maturing on or before the maturity of the scheme.
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Gold futures surge as India reduce import restrictions
Gold futures surged on Thursday as restrictions on gold imports in India eased, the world's second biggest consumer of gold and ongoing tensions in Ukraine. The sentiments also improved after minutes of the US Federal Reserve's latest policy meeting suggested the central bank would not raise interest rates soon.
Gold futures for June delivery settled up $6.90 at $1,295 an ounce on the Comex division of the New York Mercantile Exchange. While spot gold rose 0.2 percent to $1,294.44 an ounce.
Infosys bags $50 million deal from AT&T: Report
Infosys has reportedly bagged a $50-million deal from telecom giant AT&T, with the Bangalore-based software exporter expecting the telecom player to become its first $100-million customer from Europe and the US in the coming years.
The deal will see Infosys providing support for billing and Web solutions for three years to AT&T on a pay-peruse model, thereby helping Infosys' telecom vertical break into European markets. This deal comes at a time when Infosys aims to scale-up its presence in the European continent as the telecoms space continues to witness muted growth in the US.
Infosys is a global leader in consulting, technology and outsourcing solutions. The company enables clients, in more than 30 countries, to stay a step ahead of emerging business trends and outperform the competition.
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Tata Motors’ arm JLR launches locally produced ‘Jaguar XJ’
Tata Motors’ British-based arm Jaguar and Land Rover (JLR) has launched locally manufactured Jaguar XJ 3.0L in the country, with price starting at Rs 92.1 lakh (ex-showroom Mumbai). The diesel powered luxury saloon, which is being manufactured at the company’ Pune plant, will be available in two variants - premium luxury and portfolio.
The vehicle comes with various luxury features including rear seat comfort pack with three massage seat functions, increased rear headroom, electric rear side window blinds and LED reading lights.
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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Rupee extend gains with a positive start
Indian rupee after posting their biggest single day gain in a week in last session, have strengthened further on Friday with a strong start. The domestic currency has been in a euphoric mood since a report said that finance ministry was working on a proposal to cut fiscal deficit. Rupee was also getting support from the strength in other Asian currencies and firmed up. Though there were reports that there has been intermittent Reserve Bank of India intervention through state-run banks that may cap the gains in the rupee. In the global markets, while the Japanese yen slipped to near one week low, the euro was set for a three-week decline ahead of a German business confidence data.
The partially convertible currency is currently trading at 58.41, stronger by 6 paise from its previous close of 58.47 on Thursday. The currency touched a high and low of 58.45 and 58.37 respectively.The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 58.57 and for Euro stood at 80.05 on May 22, 2014. While, the RBI’s reference rate for the Yen stood at 57.62, the reference rate for the Great Britain Pound (GBP) stood at 98.8788. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
Colgate Palmolive (India) gains on commencing commercial production in Gujarat
Colgate Palmolive (India) is currently trading at Rs. 1383.55, up by 21.30 points or 1.56% from its previous closing of Rs. 1362.25 on the BSE.
The scrip opened at Rs. 1374.90 and has touched a high and low of Rs. 1393.00 and Rs. 1371.10 respectively. So far 2,290 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 1522.95 on 18-Jul-2013 and a 52 week low of Rs. 1190.05 on 28-Aug-2012.
Last one week high and low of the scrip stood at Rs. 1405.00 and Rs. 1327.50 respectively. The current market cap of the company is Rs. 18,815.00 crore.
The promoters holding in the company stood at 51.00% while Institutions and Non-Institutions held 26.95% and 22.05% respectively.
Colgate Palmolive (India) has commenced commercial production of toothpaste on May 21, 2014 at its new manufacturing facility set up at Sanand in state of Gujarat. In the month of March 2014 the new manufacturing facility was commissioned and fully tested. The company intends to manufacture 15,000 MTs toothpaste from this manufacturing facility in the initial phase.
Colgate Palmolive (India) has trusted brands for dental care, personal care, home care and professional oral care. The company is the fastest growing and one of the oldest companies catering to the personal care products.
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Crude oil futures snap gaining streak on mixed economic data
Crude oil futures snapped their gaining streak on Thursday on getting mixed economic data, however the losses were capped on fears of supply disruption from Russia and delay in restarting Libya shipments. The initial claims for unemployment benefits in the US climbed more than expected last week. On the other hand there was report of some improved manufacturing activity from the US and China.
Benchmark crude oil futures for July delivery declined by $0.33 or 0.3 percent to close at $103.74 a barrel after trading in a range of $104.22 and $103.55 a barrel on the New York Mercantile Exchange. In London, Brent oil futures for July delivery were down 0.11 percent to $110.43 a barrel on the ICE.
FIIs were net buyers of Rs 543.82 crore in index futures and options segments on May 22
According to the data released by the NSE, the Foreign Institutional Investors (FIIs) were net buyers of Rs 543.82 crore in index futures and options segments, as per Thursday’s data, May 22, 2014.
FIIs were buyers of index futures to the tune of Rs 394.85 crore and they bought index options worth Rs 148.97 crore. In the stock segment, FII’s were net sellers of stock futures worth Rs 487.35 crore, while they sold stock options worth Rs 65.45 crore.
F&O total turnover stood at Rs 1,83,335.08 crore on May 22
Future & Option (F&O) total turnover stood at Rs 1,83,335.08 crore on May 22 and the total number of contracts traded on the day were 49,54,263.
Of the total turnover, Index Futures contributed Rs 14,343.38 crore, Stock Futures Rs 41,076.28 crore and Index Options Rs 1,11,067.13 crore, while the contribution of the Stock Options was of Rs 16,848.29 crore.
For the day, the total F&O PutCall ratio stood at 0.81, while Index Options PutCall ratio was 0.87 and that of Stock Options was 0.47.
The top five scrips with highest PCR on OI were Mcleodruss 1.52, Bank India 1.28, DLF 1.26, PNB 1.24 and Siemens 1.21.
Among most active underlying, United Spirits witnessed contraction of 0.51 million of Open Interest in the May month futures contract, followed by Reliance Industries witnessing contraction of 0.74 million of Open Interest in the May month contract; while HDFC Bank witnessed contraction of 0 .79 million of Open Interest in the May month futures contract, State Bank of India witnessed contraction 0.09 million of Open Interest in the May month contract and ICICI Bank witnessed contraction of 0.11 million of Open Interest in the May month's future contract.
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Infosys bags $50 million deal from AT&T: Report
Infosys has reportedly bagged a $50-million deal from telecom giant AT&T, with the Bangalore-based software exporter expecting the telecom player to become its first $100-million customer from Europe and the US in the coming years.
The deal will see Infosys providing support for billing and Web solutions for three years to AT&T on a pay-peruse model, thereby helping Infosys' telecom vertical break into European markets. This deal comes at a time when Infosys aims to scale-up its presence in the European continent as the telecoms space continues to witness muted growth in the US.
Infosys is a global leader in consulting, technology and outsourcing solutions. The company enables clients, in more than 30 countries, to stay a step ahead of emerging business trends and outperform the competition.
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ICICI Bank, Nucleus Software Exports win Best Lending Platform Project award
ICICI Bank and Nucleus Software Exports have been named the winners of the Best Lending Platform Project Award during the eighth Asian Banker Technology Implementation Awards Programme, held at the Kuala Lumpur Convention Centre, Kuala Lumpur on May 21, 2014. The awards ceremony was held in conjunction with the Asian Banker Summit 2014, the foremost annual meeting for decision makers in the financial services industry in the Asia Pacific region.
ICICI Bank and its technology partner Nucleus Software introduced MARC, a mobile-based Automation of Receipts on Collection Activities Processing System (CAPS), a solution that allows customers to make payment anytime, anywhere while eliminating the need for hand-written receipts. This mobile-based software has been implemented on Android and Symbian OS. It updates transaction details, generates payment receipts on a paired blue-tooth printer, and pushes SMS and e-mail confirmations of transactions to the customer. The system enables straight-through processing and tracks payment on a real-time basis and has resulted in considerable cost savings by freeing up over 200 bank employees involved in physical receipt issuance and reconciliation and manual updating of receipt details into core systems. It has been implemented at 50 locations with 150 channel partners.
The awards programme, administered by The Asian Banker and refereed by prominent global bankers, IT consultants and academics, is the most prestigious of its kind. A stringent three month long evaluation process determines the winners from across Asia Pacific, Middle East and Africa. The winners are honoured at a glittering event that recognizes their efforts in using the best technology to run their institutions and bring superior products and services to their customers.
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Colgate Palmolive (India) commences commercial production in Gujarat
Colgate Palmolive (India) has commenced commercial production of toothpaste on May 21, 2014 at its new manufacturing facility set up at Sanand in state of Gujarat. In the month of March 2014 the new manufacturing facility was commissioned and fully tested. The company intends to manufacture 15,000 MTs toothpaste from this manufacturing facility in the initial phase.
Colgate Palmolive (India) has trusted brands for dental care, personal care, home care and professional oral care. The company is the fastest growing and one of the oldest companies catering to the personal care products.
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Markets to remain in jubilant mood on sanguine global cues
The Indian markets bounced back in last session and recovered their previous session losses with buying returning in high beta stocks. Today, the start is likely to remain positive and the indices will strengthen taking cues from global markets. Meanwhile, industry body Assocham in its action plan for the new government has pitched for liberalisation of ECB norms, GST implementation, incentives for investments and easing of processes for companies planning to set up manufacturing units. While, the disinvestment department has said that the new government could look at the possibility of strategic sale of state-owned enterprises in the non-core sectors like steel and cement. There is also likely to be buzz in the markets, with regulator Sebi allowing fund houses to accept investments up to Rs 50,000 per person per year in cash in order to bring in more investors into the mutual fund (MF) sector. Traders will also be eyeing the movement of rupee which witnessed its biggest single-day rise in nearly a week on a report that finance ministry was working on a proposal to cut fiscal deficit. Exporters and gold related stocks are likely to continue their jubilation after RBI permitted exporters, long-term export advance up to a maximum period of 10 years on a satisfactory track record and eased gold import norms.
There will be lots of important result announcements too, to keep the markets buzzing. Anuh Pharma, Bosch, Colgate Palmolive, Dhanlakshmi Bank, Engineers India, HDIL, ITC, Lanco Infra, Mcleod Russel, MOIL, Neyveli Lignite, SBI, Sun TV Network etc will announce their numbers.
The US markets remained in jubilant mood and extended their gains for yet another day and the Nasdaq managed to reach its best closing level in a month, after the release of a report from the National Association of Realtors showing that existing home sales rose for the first time this year in April. The Asian markets have made a strong start and Japanese market was riding high, as yen declined near a one-week low.
Back home, resuming northward journey after a day of pause, Indian equity benchmarks ended the session with a gain of around one third of a percent, supported by firm performance of realty and consumer durables sector, although markets gave up large amount of gains towards the close as investors booked profits at higher levels. Overall, sentiments remained up-beat after UN World Economic Situation and Prospects (WESP) 2014 mid-year update, said that India’s economy would grow by 5 percent in 2014 and 5.5 percent in 2015 on stronger consumption and investment, up from 4.8 percent in 2013 and 4.7 percent in 2012. Supportive cues from US markets provided much needed support to local markets and sentiments remained up-beat on hopes of continued robust foreign buying in equities and debt after minutes of the U.S. Federal Reserve’s last meeting backed bets of a slower withdrawal of the stimulus. Asian markets ended mostly in the green. Back home, there was broad based buying witnessed in the markets and apart from the blue chips, the broader markets too participated in the rally. Meanwhile, the finance ministry was reported to propose a new plan for the incoming government for further fiscal consolidation. According to reports, the new plan which proposes to cut subsidies and welfare spending will reduce the current year’s fiscal deficit and save Rs 25,000 crore in borrowing. Jewellery makers like Titan Company, Gitanjali Gems, PC Jeweller, Thangamayil Jewellery, Tribhovandas Bhimji Zaveri edged higher after the Reserve Bank of India (RBI) eased gold import rules by allowing select trading houses, in addition to already permitted banks, to procure the precious metal to boost exports. Additionally, Coal India surged to hit 52-week high on reports that the newly elected PM designate Narendra Modi is exploring to break up the company and opening up the sector to foreign investment. Finally, the BSE Sensex gained 76.38 points or 0.31%, to 24374.40, while the CNX Nifty was up by 23.50 points or 0.32%, to 7,276.40.
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