Muthoot Finance reports 18% drop in Q4 net profit

Muthoot Finance has reported results for fourth quarter and year ended March 31, 2014. The company has posted a fall of 17.77% in its net profit at Rs 180.94 crore for the quarter ended March 31, 2014 as compared to Rs 220.04 crore for the same quarter in the previous year. Total income of the company has decreased by 17.88% at Rs 1159.08 crore for quarter under review as compared to Rs 1411.54 crore for the quarter ended March 31, 2013. For the year ended March 31, 2014, the company has posted a fall of 22.32% in its net profit at Rs 780.06 crore as compared to Rs 1004.23 crore in the previous year. Total income of the company has decreased by 8.16% at Rs 4947.43 crore for year under review as compared to Rs 5387.13 crore for the year ended March 31, 2013. Muthoot Finance is the largest gold financing company in India in terms of loan portfolio. The company is a Systemically Important Non-deposit taking NBFC headquartered in the southern Indian state of Kerala and with its corporate office in New Delhi.

Maruti Suzuki unveils ‘Celerio Green' with acclaimed iGPI technology at Rs 4.68 Lakh

Buoyed by the success of Celerio, car market leader Maruti Suzuki India has introduced Celerio Green, the CNG powered Celerio. Priced attractively at Rs.4.68 Lakh (Ex-showroom, Delhi), the Celerio Green is available on the VXitrim (Manual Transmission). Powered by the factory fitted iGPI technology (intelligent Gas Port Injection) the Bi-fuel Celerio Green delivers best-in-class Fuel Efficiency of 31.79 km/kg in CNG mode. Moreover, Celerio Green enjoys all the Maruti Suzuki standard warranty benefits and will be serviced across all MSIL service network. With Celerio Green, Maruti Suzuki has strengthened its CNG portfolio and offers iGPI technology on six models, Alto 800, Wagon R, Ertiga, SX4 and Eeco. Maruti had Suzuki launched Celerio with the revolutionary Auto Gear Shift technology during Auto Expo 2014. 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.

BHEL trades higher on the bourses

Bharat Heavy Electricals (BHEL) is currently trading at Rs. 277.95, up by 5.50 points or 2.02% from its previous closing of Rs. 272.45 on the BSE. The scrip opened at Rs. 273.00 and has touched a high and low of Rs. 291.50 and Rs. 273.00 respectively. So far 1771973 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 287.80 on 20-May-2014 and a 52 week low of Rs. 100.35 on 20-Aug-2013. Last one week high and low of the scrip stood at Rs. 287.80 and Rs. 231.00 respectively. The current market cap of the company is Rs. 68789.80 crore. The promoters holding in the company stood at 63.06 % while Institutions and Non-Institutions held 32.61 % and 4.33 % respectively. Bharat Heavy Electricals has commissioned fourth and final 130 MW hydro generating unit at Parbati III Hydro Electric Project (HEP) in Himachal Pradesh. The company has successfully commissioned all the four units of the 520 MW underground hydro power plant of NHPC. The first three units at Parbati III HEP were commissioned by BHEL in February and March 2014. Parbati III HEP powerhouse is located near village Bihali on the left bank of river Sainj, in Kullu district of Himachal Pradesh. BHEL's scope of work in the project included supply and installation of 4 numbers 130 MW Francis turbines, static excitation system, main inlet valves, digital governors, state-of-the-art control & monitoring system (SCADA), associated station auxiliaries, Gas Insulated Switchgear (GIS) and electrical & mechanical Balance of Plant (BoP). BHEL has a long standing association with NHPC beginning with setting up of NHPC's first hydro generating plant at Baira Siul (3x60 MW), by BHEL in 1981. With the addition of another 130 MW, BHEL's contribution to NHPC's total generating capacity now stands at 2,884 MW. BHEL is presently executing three more hydro projects of NHPC viz. 3x110 MW Kishanganga HEP in J&K, 4x40 MW Teesta Low Dam IV HEP in West Bengal and 4x200 MW Parbati II in Himachal Pradesh, which are in different stages of execution.

PBM Polytex gains on resuming normal production at Petlad Unit

PBM Polytex is currently trading at Rs. 65.55, up by 0.60 points or 0.92% from its previous closing of Rs. 64.95 on the BSE. The scrip opened at Rs. 68.00 and has touched a high and low of Rs. 68.60 and Rs. 62.60 respectively. So far 26434 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 66.10 on 23-May-2014 and a 52 week low of Rs. 32.80 on 05-Aug-2013. Last one week high and low of the scrip stood at Rs. 66.10 and Rs. 54.00 respectively. The current market cap of the company is Rs. 53.50 crore. The promoters holding in the company stood at 74.18% while Institutions and Non-Institutions held 1.19% and 24.62% respectively. PBM Polytex has resumed their normal production at the Petlad Unit. Earlier, workers had resumed partial production at Petlad unit at PBM Polytex on May 23, 2014. PBM manufactures a wide range of products from Ne 24’s to Ne 80’s, both single and TFO doubled yarns from as many as 25 raw material mixes. Besides Indigenous raw cotton like DCH 32, MCU 5, Shankar 6 and MECH.

Potato futures move higher on restricted arrivals

Potato futures moved higher on MCX as speculators created fresh positions after demand in the spot markets picked up. Furthermore, restricted arrivals from producing belts along with limited stocks position also influenced commodity prices upside.

The contract for May delivery was trading at Rs 1282.00, up by 0.31% or Rs 3.90 from its previous closing of Rs 1278.10. The open interest of the contract stood at 166.00 lots.

The contract for June delivery was trading at Rs 1341.90, up by 1.12% or Rs 14.80 from its previous closing of Rs 1327.10. The open interest of the contract stood at 1594.00 lots on MCX.

Sadbhav Engineering trades jubilantly on the bourses

Sadbhav Engineering is currently trading at Rs. 190.00, up by 11.20 points or 6.26% from its previous closing of Rs. 178.80 on the BSE. The scrip opened at Rs. 181.00 and has touched a high and low of Rs. 199.60 and Rs. 181.00 respectively. So far 133121 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 199.60 on 26-May-2014 and a 52 week low of Rs. 52.00 on 16-Sep-2013. Last one week high and low of the scrip stood at Rs. 199.60 and Rs. 162.00 respectively. The current market cap of the company is Rs. 2884.10 crore. The promoters holding in the company stood at 48.68% while Institutions and Non-Institutions held 42.25% and 9.06% respectively. Sadbhav Engineering has received approval from National Highway Authority of India (NHAI) for the proposal of deferment of premium for two of its projects. These projects are Hyderabad- Yadgiri 4 Laning, undertaken by Hyderabad Yadgiri Tollway Private Lmited- SPV and a step-down subsidiary of the company and Rothak- Panipat 4 Laning, undertaken by Rothak Panipat Tollway Private Lmited- SPV and a step-down subsidiary of the company.  The deferment of premium shall span over the period from 2014-15 till 2026-27. This step would give huge comfort to the lenders as debt obligation would now get priority over the premium payable to NHAI. NHAI would be able to recover the deferred premium with interest in the latter period of the concession. The deferment shall be limited to the actual revenue shortfall after meeting the debt obligation and operation expenditure. Sadbhav Engineering is one of the largest BOT developers in the road sector in India with good project execution skills. SEL operates in the four distinct business areas in the infrastructure sector viz. BOT road projects, cash contract-based road projects, irrigation projects and mining.

Hindustan Motors stock hits 10% lower ciruit

The stock has hit high of Rs13 and a low of Rs11.

Shares of Hindustan Motors was down 10% at Rs 12 after the Company has declared suspension of work at its Uttarpara Plant with effect from 6.00 AM of May 24, 2014. The stock has hit high of Rs13 and a low of Rs11. The Company has been transparent in sharing updates about the worsening conditions at its Uttarpara Plant which include very low productivity, growing indiscipline, critical shortage of funds, lack of demand for its core product the Ambassador and large accumulation of liabilities. Given the present circumstances it has no alternative but to declare a suspension of work at its Uttarpara Plant till further notice. The suspension of work will enable the Company in restricting mounting liabilities and restructure its organisation and finances and bring in a situation conducive to reopening of the plant.

Ukraine's chocolate king Poroshenko preparing for presidency

Petro Poroshenko, a candy tycoon known as the "Chocolate King," is also a seasoned politician

Billionaire Petro Poroshenko declared victory on Sunday in Ukraine's presidential election, after preliminary exit polls suggested he got 56% of the vote, according to a media report. His closest challenger, former Ukrainian prime minister and leader of the Batkivshchyna party Yulia Tymoshenko, conceded after exit polls showed her with 13% of the vote, the report added. Poroshenko, a candy tycoon known as the "Chocolate King," is also a seasoned politician. The election took place despite a recent wave of deadly violence in the East and threats by pro-Russia separatists to prevent citizens from casting their ballots.

Barley futures edge lower on weak demand

Barley futures edged lower on NCDEX on fresh selling by traders in line with weak spot markets sentiment. Further, regular supply from growing regions against slackness in demand from beer and cattle feed industries at higher levels in physical markets also supported the downside. The contract for June delivery was trading at Rs 1302.00, down by 0.65% or Rs 8.50 from its previous closing of Rs 1310.50. The open interest of the contract stood at 15280.00 lots. The contract for July delivery was trading at Rs 1329.00, down by 1.01% or Rs 13.50 from its previous closing of Rs 1342.50. The open interest of the contract stood at 3030.00 lots on NCDEX.

Incentive for coconut growers to be increased to Rs 30,000

The Coconut Development Board (CDB) under the Ministry of Agriculture has informed that the incentive for coconut growers will be increased to Rs 30,000 from Rs 8,000 per hectare of cultivation. There is lot of potential for coconut cultivation in Thane district and the farmers should make the most use of the opportunities being given by the CDB. As of now, farmers are required to procure the coconut seeds from various other sources, including agricultural universities and nurseries. The CDB has developed a nursery in Palghar where the seeds were being treated and will be given to the farmers from June 1. The CDB also stresses on the flagship programme in which educated unemployed people are trained in various facets of coconut and its care. These people, known as Coconut Mitra, take care of the plantations from cultivation to harvesting. Last year, as against the 75 hectares target for Maharashtra state, only 40 hectares could be brought under coconut cultivation and in Gujarat, as against 50 hectares, 93 hectares were brought under cultivation.

Gold futures exhibit mixed trend on NCDEX

Gold futures exhibited mixed trend on NCDEX as the June contracts traded high as speculators booked fresh positions in the precious metal as fears over Ukraine boosted the safe haven demand for the yellow metal. While August contract traded down as speculators stayed cautious over booking fresh positions in the precious metal amid concerns that a pickup in the world’s biggest economy may accelerate the US Federal Reserve’s plan to taper its record monthly bond buying program.

The contract for June delivery was trading at Rs 27360.00, up by 0.04% or Rs 11.00 from its previous closing of Rs 27349.00. The open interest of the contract stood at 8200.00 lots.

The contract for August delivery was trading at Rs 26925.00, down by 0.11% or Rs 29.00 from its previous closing of Rs 26954.00. The open interest of the contract stood at 4261.00 lots on MCX.

Turmeric futures trade lower on subdued demand

Turmeric futures traded lower on NCDEX as speculators indulged in reducing exposures due to subdued demand against adequate supplies from producing belts. Moreover, adequate stocks position in the physical market and slack upcountry orders also weighed on the prices.

The contract for June delivery was trading at Rs 6248.00, down by 1.05% or Rs 66.00 from its previous closing of Rs 6314.00. The open interest of the contract stood at 13365.00 lots.

The contract for July delivery was trading at Rs 6400.00, down by 1.11% or Rs 72.00 from its previous closing of Rs 6472.00. The open interest of the contract stood at 2685.00 lots on NCDEX.

City Union Bank shines on eyeing to maintain 20-25% CAGR growth for next 5 years

City Union Bank is currently trading at Rs. 74.80, up by 1.60 points or 2.19% from its previous closing of Rs. 73.20 on the BSE.

The scrip opened at Rs. 74.10 and has touched a high and low of Rs. 75.00 and Rs. 74.05 respectively. So far 1,10,000 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 75.00 on 26-May-2014 and a 52 week low of Rs. 37.95 on 04-Sep-2013.

Last one week high and low of the scrip stood at Rs. 75.00 and Rs. 66.00 respectively. The current market cap of the company is Rs. 4,056.00 crore.

The Institutions and Non-Institutions held 29.98% and 70.02% respectively.

City Union Bank is hopeful of maintaining 20-25 percent CAGR in terms of growth with exception of aberrations in individual years depending on GDP growth of that particular year. This current year the bank expects as if the growth may be close to 15 percent or so, for FY14-15.

Recently, Reserve Bank of India (RBI) allowed foreign institutional investors to purchase up to 35% of the paid-up capital of the bank. The bank 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 Foreign Institutional Investors (FIIs).

Nifty hits 7,500, up 1.84%

Some buying activity is seen in banking, capital goods and metal sectors on BSE, while healthcare sector is showing weakness

11:50AM: The BSE Sensex is trading up 463 points at 25,156, while S&P Nifty is trading up 135 points at 7,502. The last time Sensex crossed 25,000 was on 16 May, the day of Lok Sabha election results. BSE Mid-cap is up 1.58% at 8,804, while BSE Small-cap is up 1.6% at 9,273. All sectoral indices are in green. BSE Capital Goods index is up 3.28%, Auto Index gains 3% and Metal Index increased 2.04%. M&M, Maruti Suzuki, Coal India, L&T and ONGC are among the gainers, whereas Hindalco, Dr Reddy's Lab and Cipla are losing sheen on BSE. Stock news: State Bank of India (SBI) is likely to enter the capital market if loan growth exceeds 15%. "We are all optimistic about the new government. We should grow as per the economy," SBI Chairperson Arundhati Bhattacharya said. The bank would go for either a rights issue or a follow-on offer, after discussions with the government, she added. SBI is trading up 0.43% on BSE. JSW Steel is planning to diversify the sourcing of its iron ore, including from imports. The company is considering Goa as an alternative source to meet its raw material requirements for both Vijayanagar in Karnataka and Dolvi in Maharashtra. JSW Steel is trading up 0.39% on BSE.

Vardhman Textiles soars on reporting 44,238 metric tonnes Yarn production in Q4FY13-14

Vardhman Textiles is currently trading at Rs. 380.25, up by 35.20 points or 10.20% from its previous closing of Rs. 345.05 on the BSE. The scrip opened at Rs. 360.60 and has touched a high and low of Rs. 389.00 and Rs. 360.60 respectively. So far 221489 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 410.25 on 22-Nov-2013 and a 52 week low of Rs. 241.00 on 27-May-2013. Last one week high and low of the scrip stood at Rs. 389.00 and Rs. 333.00 respectively. The current market cap of the company is Rs. 2421.95 crore. The promoters holding in the company stood at 61.85% while Institutions and Non-Institutions held 23.38% and 14.77% respectively. Vardhman Textiles has reported the production and sales details of the company for fourth quarter of current financial year under Yarn, Grey Fabric and Processed Fabric segment. Under Yarn segment, the Production stood at 44,238 metric tonnes in Q4FY13-14 while Sales (including Internal Transfers) stood at 40427 metric tonnes for the same period. In Grey Fabric segment, the Production stood at 439 lakh meters in Q4FY13-14 while Sales (including Internal Transfers) stood at 411 lakh meters. Similarly, under Processed Fabric segment, the Production stood at 265 lakh meters in Q4FY13-14 while Sales (including Internal Transfers) stood at 271 lakh meters for the same period. Vardhman Textiles, incorporated in 1973, is one of the pioneers in textile industry with operations in the segments of yarn, sewing thread, steel, and fabric.

Copper futures trade higher on MCX

Copper futures traded up on MCX as investors and speculators booked fresh positions in the industrial metal after US new homes sales rebounded last month, signaling a pickup in the country’s housing recovery, lifting the demand outlook for industrial metals.

The contract for June delivery was trading at Rs 413.40, up by 0.62% or Rs 2.55 from its previous closing of Rs 410.85. The open interest of the contract stood at 16187.00 lots.

The contract for August delivery was trading at Rs 415.50, up by 0.52% or Rs 2.15 from its previous closing of Rs 413.35. The open interest of the contract stood at 856.00 lots on MCX.

Sharon Bio-Medicine gets nod from EDQM for Plant at Taloja in Navi Mumbai

Sharon Bio-Medicine’s Active Pharma Ingredient manufacturing Plant at Plot No. L-6, MIDC, Taloja, near Navi Mumbai District  Raigad, Maharashtra has been approved by European Directorate for the Quality of Medicines & Healthcare (EDQM) Council of Europe for complying with the certificate of suitability, as well as the implementation of a suitable Quality Management System based on the Good Manufacturing Practice as laid down in the EU Rules governing Medicinal Product in the European Union, the Company operates in accordance with the requirements of the Resolution AP-CSP (07) 1.  Earlier, the company had completed expansion in its three manufacturing facilities. The total investment in expansion has been incurred to the tune nearly Rs 125 crore. In Dehradun Formulation plant, the expanded expenditure has been around Rs 85 crore whereas capacity of the plant has been increased more than double. Similarly, other plants’ capacity had been added between 30-50%. Sharon Bio-Medicine’s Toxicology Laboratories is an independent cost centre and is approved by Department of Science & Technology, Government of India. Government of India has approved Good Laboratory Certificate to SA-FORD which is valid as per OECD Countries - GLP studies.

SUVEN LIFE Sciences Q4 PAT at Rs324mn

Growth in revenue was at Rs 1320 Mn vs.Rs 752 Mn - Up by 75%

SUVEN LIFE Sciences Limited, a biopharmaceutical company specializing in drug discovery and developmental activities in Central Nervous System disorders, and Contract Research and Manufacturing Services (CRAMS) company which is celebrating it’s silver jubilee year of operations today announced its audited financial results for the year ended 31st Mar 2014. The audited financial results were reviewed by the audit committee and approved by the Board of Directors in their meeting held on 22nd May 2014 at Hyderabad. . Financial Highlights for the 4th Quarter ended Mar’ 2014: Growth in revenue Rs 1320 Mn vs.Rs 752 Mn - Up by 75% Growth in PAT Rs 324 Mn vs. Rs 86 Mn - Up by 275% Growth in EBIDTA Rs 486 Mn vs. Rs 141 Mn - Up by 244% Financial Highlights for the year ended Mar’ 2014: Growth in revenue Rs 5133 Mn vs.Rs 2589 Mn - Up by 98% Growth in PAT Rs 1442 Mn vs. Rs 308 Mn - Up by 367% Growth in EBIDTA Rs 2221 Mn vs. Rs 542 Mn - Up by 310% The growth in profit during the year was due to the supply of pre-launch quantities of intermediates for 3 NCE’s under CRAMS. Suven’s major thrust on innovative R&D in Drug Discovery continues with a spending of Rs 479 Mn (9.387% on revenue) for the year ended March 31,2014 The Board has proposed a Dividend of Re. 0.50 per share (50% of face value Rs. 1.00 each), with an additional Special Silver Jubilee year dividend of Rs. 2.00 per share (200% of face value of Rs. 1.00 each), aggregating to Rs 2.50 per share for the financial year 2013-14, subject to approval of the shareholders in the ensuing Annual General Meeting. SUVN D-4010 and SUVN G-3031 are undergoing IND enabling toxicological studies in USA in preparation for Phase 1 clinical trial. SUVN-502 undergoing phase 1b clinical trial in USA in preparation for Phase 2a (POC) study on patients in USA

Rolta Q3 revenue up 47%

Consolidated EBITDA for Q3 FY-14 was at Rs. 281.37 cr

Rolta has posted audited financial results for the quarter and the nine-month period ended March 31, 2014. The Company had adopted July 1 to June 30 as its Financial Year. The Companies Act 2013 has prescribed a uniform Financial Year ending March 31 for all Indian Companies. The Company’s Board of Directors, therefore, decided to end the financial year on March 31 instead of June 30, 2014. The financial year data being reported was for the period of nine months up to March 31, 2014. This financial data is, therefore, not strictly comparable with FY-13 data. FINANCIAL HIGHLIGHTS Consolidated Revenue for Q3 FY-14 at Rs. 1,114.78 cr (Rs. 11.15 Billion) against Rs.759.17 cr (Rs. 7.59Bn) in Q2 FY-14, registering a Q-o-Q growth of 46.8% and Y-o-Y growth of 95.6%. Consolidated EBITDA for Q3 FY-14 at Rs. 281.37 cr (Rs. 2.82 Billion) against Rs. 285.06 cr (Rs. 2.85Bn) in Q2 FY-14, registering a Q-o-Q decline of 1.3% and Y-o-Y growth of 28.5%. Consolidated Profit after Tax for Q3 FY-14 at Rs. 138.82 cr (Rs. 1.39 Billion) against Rs.74.61 cr (Rs. 0.75bn) in Q2 FY-14, registering a Q-o-Q growth of 86.0% and Y-o-Y growth of 89.8%. Consolidated Revenue for nine months FY-14 at Rs. 2,501.72 cr (Rs. 25.02 Billion) against Rs. 1,566.58 cr (Rs. 15.67 Billion) in FY-13, registering a Y-o-Y growth of 59.7%. Consolidated EBITDA for nine months FY-14 at Rs. 805.77 cr (Rs. 8.06 Billion) against Rs.646.70 cr (Rs. 6.47 Billion) in FY-13, registering a Y-o-Y growth of 24.6%. Consolidated Profit after Tax for nine months FY-14 at Rs. 283.69 cr (Rs. 2.84 Billion) against Rs. 206.74 cr (Rs. 2.07 Billion) in FY-13, registering a Y-o-Y growth of 37.2%. The Board of Directors has recommended a final dividend of Rs. 2.25 per equity shares on the face value of Rs. 10 each for the financial year ended March 31, 2014.

Cotton futures decline on profit booking

Cotton futures traded down on MCX as traders booked profits after recent gains. Further, decline in buying from millers and a slowdown in export of raw cotton at higher prices, due to a weak overseas market too influenced the price in futures trade.

The contract for May delivery was trading at Rs 19310.00, down by 0.16% or Rs 30.00 from its previous closing of Rs 19340.00. The open interest of the contract stood at 2567.00 lots.

The contract for June delivery was trading at Rs 19620.00,down by 0.25% or Rs 50.00 from its previous closing of Rs 19670.00. The open interest of the contract stood at 5124.00 lots on MCX.

Chana futures edge lower on higher supply

Chana futures traded down on NCDEX due to large supplies from the major producing belts against lower than expected demand in the spot market. Further, hopes of bumper production this year too influenced chana prices. The contract for June delivery was trading at Rs 2867.00, down by 0.93% or Rs 27.00 from its previous closing of Rs 2894.00. The open interest of the contract stood at 137890 lots. The contract for July delivery was trading at Rs 2936.00, down by 0.88% or Rs 26.00 from its previous closing of Rs 2962.00. The open interest of the contract stood at 76380 lots on NCDEX.

Sugar futures rule flat on NCDEX

Sugar futures ruled flat for the near term contracts. While July contracts traded down as speculators reduced positions due to sluggish demand in the spot market against higher supplies. The contract for June delivery was trading flat at its previous close of Rs. 3016.00/ Quintal. The open interest of the contract stood at 49640.00 lots. The contract for July delivery was trading at Rs 3003.00/ Quintal, down by 0.13% or Rs 4.00 from its previous closing of Rs 3007.00. The open interest of the contract stood at 24800.00 lots on NCDEX.

NHAI approves premium deferment proposal of Sadbhav Engineering for two projects

Sadbhav Engineering has received approval from National Highway Authority of India (NHAI) for the proposal of deferment of premium for two of its projects. These projects are Hyderabad- Yadgiri 4 Laning, undertaken by Hyderabad Yadgiri Tollway Private Lmited- SPV and a step-down subsidiary of the company and Rothak- Panipat 4 Laning, undertaken by Rothak Panipat Tollway Private Lmited- SPV and a step-down subsidiary of the company.  The deferment of premium shall span over the period from 2014-15 till 2026-27. This step would give huge comfort to the lenders as debt obligation would now get priority over the premium payable to NHAI. NHAI would be able to recover the deferred premium with interest in the latter period of the concession. The deferment shall be limited to the actual revenue shortfall after meeting the debt obligation and operation expenditure. Sadbhav Engineering is one of the largest BOT developers in the road sector in India with good project execution skills. SEL operates in the four distinct business areas in the infrastructure sector viz. BOT road projects, cash contract-based road projects, irrigation projects and mining.

Punj Lloyd strengthens as its arm bags integrated construction contract worth $72 million

Punj Lloyd is currently trading at Rs. 46.20, up by 2.55 points or 5.84% from its previous closing of Rs. 43.65 on the BSE. The scrip opened at Rs. 44.20 and has touched a high and low of Rs. 46.80 and Rs. 43.90 respectively. So far 1535858 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 47.80 on 28-May-2013 and a 52 week low of Rs. 20.25 on 04-Sep-2013. Last one week high and low of the scrip stood at Rs. 46.80 and Rs. 35.20 respectively. The current market cap of the company is Rs. 1540.92 crore. The promoters holding in the company stood at 37.23% while Institutions and Non-Institutions held 17.29% and 45.49% respectively. Punj Lloyd’s - wholly owned subsidiary, has been awarded an integrated construction contract, from a multinational oil major, consisting of Civil, Structural, Mechanical, Electrical and Instrumental Works, in Brunei Darussalam, for an amount of Brunei Dollar 89.98 million, equivalent to approximately $72 million. Punj Lloyd provides engineering, procurement, construction (EPC) and project management services. It provides services to oil and gas, energy, infrastructure petrochemical, telecom broadband and utilities sectors, among others.

Jyothy Laboratories to achieve 20-25 percent topline growth in FY15

Jyothy Laboratories is confident of achieving 20-25 percent topline growth for FY15 and 14 percent margins in FY15. The company does not see significant debt repayment until FY16. The only debt that the company has is non-convertible debentures payable in November 2016. Jyothy Laboratories is one of the leading players in the mid and economy segments of the FMCG industry having its presence in Fabricare (Detergents/soaps for clothes), Household Insecticide (Repellent coils/liquid or spray) Dishwashing products/Toilet cleaners, Personal care (Toilet soap) and Others (Incense sticks).

Vardhman Textiles reports 44,238 metric tonnes Yarn production in Q4FY13-14

Vardhman Textiles has reported the production and sales details of the company for fourth quarter of current financial year under Yarn, Grey Fabric and Processed Fabric segment. Under Yarn segment, the Production stood at 44,238 metric tonnes in Q4FY13-14 while Sales (including Internal Transfers) stood at 40427 metric tonnes for the same period.

In Grey Fabric segment, the Production stood at 439 lakh meters in Q4FY13-14 while Sales (including Internal Transfers) stood at 411 lakh meters. Similarly, under Processed Fabric segment, the Production stood at 265 lakh meters in Q4FY13-14 while Sales (including Internal Transfers) stood at 271 lakh meters for the same period.

Vardhman Textiles, incorporated in 1973, is one of the pioneers in textile industry with operations in the segments of yarn, sewing thread, steel, and fabric.

PBM Polytex resumes normal production at Petlad Unit

PBM Polytex has resumed their normal production at the Petlad Unit. Earlier, workers had resumed partial production at Petlad unit at PBM Polytex on May 23, 2014.

PBM manufactures a wide range of products from Ne 24’s to Ne 80’s, both single and TFO doubled yarns from as many as 25 raw material mixes. Besides Indigenous raw cotton like DCH 32, MCU 5, Shankar 6 and MECH.

Mercator trades in fine fettle on bourses

Mercator is currently trading at Rs. 38.70, up by 0.45 points or 1.18 % from its previous closing of Rs. 38.25 on the BSE. The scrip opened at Rs. 38.50 and has touched a high and low of Rs. 39.35 and Rs. 38.40 respectively. So far 211237 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 40.00 on 23-May-2014 and a 52 week low of Rs. 9.10 on 06-Aug-2013. Last one week high and low of the scrip stood at Rs. 40.00 and Rs. 29.00 respectively. The current market cap of the company is Rs. 950.18 crore. The promoters holding in the company stood at 40.22 % while Institutions and Non-Institutions held 16.14 % and 43.64 % respectively. Mercator’s transaction of issue of Foreign Currency Convertible Bonds (FCCB), unsecured, aggregating $16 million on book building basis has been fully subscribed. The allotment has been made on May 23, 2014. Mercator is the second-largest private sector shipping company on a consolidated basis in India, in terms of tonnage capacity. The group has a presence in varied segments namely shipping, offshore services, oil exploration and production, dredging, coal mining/trading and logistics

Jeera futures trade lower on ample supply

Jeera futures traded down on NCDEX due to the slack demand from local buyers and below-expected overseas demand, amid sufficient supplies in the local market. Further, weakening trend in futures market also put pressure on Jeera price in future trade.

The contract for June delivery was trading at Rs 11100.00, down by 0.67% or Rs 75.00 from its previous closing of Rs 11175.00. The open interest of the contract stood at 8328.00 lots.

The contract for July delivery was trading at Rs 11220.00,down by 0.66% or Rs 75.00 from its previous closing of Rs 11295.00. The open interest of the contract stood at 3666.00 lots on NCDEX.

Crude Palm Oil futures edge lower on MCX

Crude Palm oil futures traded lower on MCX following a weak trend in the overseas market. Further, profit booking by speculators amid sluggish demand against ample stocks position in the physical market too influenced crude palm oil prices. The contract for May delivery was trading at Rs 526.10, down by 0.45% or Rs 2.40 from its previous closing of Rs 528.50. The open interest of the contract stood at 680 lots. The contract for June delivery was trading at Rs 522.30, down by 0.63% or Rs 3.30 from its previous closing of Rs 525.60. The open interest of the contract stood at 3649 lots on MCX.

SBI sells NPAs worth Rs 3,590 crore to ARCs

State Bank of India (SBI) has sold non-performing assets (NPAs) worth Rs 3,590 crore during 2013-14 to asset reconstruction companies (ARCs). The bank’s consideration for the sale was primarily in securities and a small portion in cash. Of the total sale value, Rs 241 crore was in cash and Rs 1,698 crore in security receipts. Large and mid-size corporate advances and high-end SME loan portfolios formed a basket of NPAs that were sold to four asset reconstruction companies.

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.

Punj Lloyd’s arm bags integrated construction contract worth $72 million

Punj Lloyd’s - wholly owned subsidiary, has been awarded an integrated construction contract, from a multinational oil major, consisting of Civil, Structural, Mechanical, Electrical and Instrumental Works, in Brunei Darussalam, for an amount of Brunei Dollar 89.98 million, equivalent to approximately $72 million.

Punj Lloyd provides engineering, procurement, construction (EPC) and project management services. It provides services to oil and gas, energy, infrastructure petrochemical, telecom broadband and utilities sectors, among others.

City Union Bank to maintain 20-25% CAGR growth for next 5 years

City Union Bank is hopeful of maintaining 20-25 percent CAGR in terms of growth with exception of aberrations in individual years depending on GDP growth of that particular year. This current year the bank expects as if the growth may be close to 15 percent or so, for FY14-15.

Recently, Reserve Bank of India (RBI) allowed foreign institutional investors to purchase up to 35% of the paid-up capital of the bank. The bank 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 Foreign Institutional Investors (FIIs).

ONGC commences drilling of its first well in Palar basin near Chennai

ONGC commenced drilling of its first well in the Palar basin, some 40 km north of Chennai, at a scientifically chosen patch of land. Opening up new areas and getting hydrocarbons from tough sources such as high pressure, high temperature reservoirs, ultra deep seas and hilly regions is crucial for ONGC as it cruises towards its target of producing 130 million tonnes of oil and oil-equivalent gas by 2030, from 60 mt at present.  Besides, ONGC Videsh, the overseas arm of the state-owned explorer, Oil and Natural Gas Corporation (ONGC) has signed a deal with Russia’s largest oil and gas producer Rosneft to jointly explore hydrocarbons in the offshore Arctic.  ONGC is a premier oil and gas company in India, accounting for 71% of the country’s crude oil production and 54% of its natural gas production in 2011-12. It is also a significant producer of value added products such as liquefied petroleum gas (LPG), superior kerosene oil (SKO), and naphtha. GoI is the majority shareholder in ONGC, with a 69% equity stake as of now.

Sensex hovers at 25,000; Nifty above 7,400

All sectoral indices are in green. BSE Capital Goods index is up 3.28%, Auto Index gains 3% and Metal Index increased 2.04%

10:55AM: The BSE Sensex is trading up 367 points at 25,061, while S&P Nifty is trading up 104 points at 7,471. The last time Sensex crossed 25,000 was on 16 May, the day of election results. BSE Mid-cap is up 1.58% at 8,804, while BSE Small-cap is up 1.6% at 9,273. All sectoral indices are in green. BSE Capital Goods index is up 3.28%, Auto Index gains 3% and Metal Index increased 2.04%. M&M, Maruti Suzuki, Coal India, L&T and ONGC are among the gainers, whereas Hindalco, Dr Reddy's Lab and Cipla are losing sheen on BSE. Stock news: State Bank of India (SBI) is likely to enter the capital market if loan growth exceeds 15%. "We are all optimistic about the new government. We should grow as per the economy," SBI Chairperson Arundhati Bhattacharya said. The bank would go for either a rights issue or a follow-on offer, after discussions with the government, she added. SBI is trading up 0.66% on BSE. JSW Steel is planning to diversify the sourcing of its iron ore, including from imports. The company is considering Goa as an alternative source to meet its raw material requirements for both Vijayanagar in Karnataka and Dolvi in Maharashtra. JSW Steel is trading up 1.15% on BSE.

NTPC shines on plan to start coal mining at Chatti-Bariatu mines

NTPC is currently trading at Rs. 164.35, up by 4.00 points or 2.49% from its previous closing of Rs. 160.35 on the BSE. The scrip opened at Rs. 163.20 and has touched a high and low of Rs. 167.55 and Rs. 162.55 respectively. So far 549136 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 167.55 on 26-May-2014 and a 52 week low of Rs. 110.90 on 04-Mar-2014. Last one week high and low of the scrip stood at Rs. 167.55 and Rs. 133.00 respectively. The current market cap of the company is Rs. 135802.80 crore. The promoters holding in the company stood at 75.00% while Institutions and Non-Institutions held 22.27% and 2.73% respectively. NTPC is planning to foray into coal mining by starting production at its Chatti-Bariatu mines in Jharkhand. The production from the Chatti-Bariatu mines is expected to be around 1 million tonnes and will commence by the end of the fiscal. The company has ventured into coal mining in a bid to create fuel security. The utility plans to meet about 20% of its requirement of coal from its captive mines by 2017. The company has been allotted seven coal blocks -- Chatti-Bariatu, Chatti-Bariatu (South), Pakri Barwadih, Kerandari, Brahmani, Chichiro Patsimal and Dulanga. These blocks are in the coal-rich state of Jharkhand, with the exception of Dulanga, which is in Odisha. NTPC is the largest power generating company in the country. It has also diversified into hydro power, coal mining, power equipment manufacturing, oil & gas exploration, power trading & distribution.

Steel imports should be kept out of Free Trade Agreement: Steel Ministry

In order to safeguard the interest of local steel firms, Steel Ministry has recommended new government to bring the imports from Japan and Korea with whom India has free trade pacts under negative list. Concerned over the growing steel imports, the Ministry has stated that under the Free Trade Agreement (FTA) with India and Japan/Korea, steel import has been rising at brisk pace due to progressively reducing import duty toward zero duty regime. India had signed FTA with Korea in 2009 and with Japan in 2011. India imported 5.445 million tonnes of steel in FY14. Though, the country has maintained its status as a net exporter of steel during the last fiscal. With FTA in place, Japan and Korea are enjoying duty benefits and their proportion in India's total steel import is on rise replacing traditional sources of Russia and the European Union. Further, since the economies of Japan and Korea are struggling with slowdown, these nations are exporting a lot of steel into India at a very low price, taking advantages of these FTAs. Rising steel exports from these nations has highlighted the need to exclude steel products under Chapter 72 of International Trade Centre (ITC) code from Indo-Korea and Indo-Japan Comprehensive Economic Partnership Agreement (CEPA) to ensure sustainability of domestic steel industry. India mainly imports flat steel products which find application in the automotive and fast-moving consumer durable sectors. India’s dependence on imports has also risen due to the sluggish domestic production. Over the past few years, domestic steel industry has been struggling with increased input cost, leading to decline in steel production. Further, low iron ore production, a main raw material for steel production, mainly in Karnataka has not only hampered the capacity utilization of various steel players, but also led to significant rise in the cost of iron ore in the domestic market due to limited supplies. At present, Indian steel production capacity stands at around 96 million tonnes. Meanwhile, domestic steel production is likely to improve as the government has lifted the iron ore mining ban in the main producing region Goa.

Foreign investment inflows to double to $60 billion in FY14 on Modi wave: Assocham

Banking on huge expectations from the incoming Modi Government, Indian economy could see doubling up of foreign investment inflows- including FDI and FIIs- to above $60 billion in the current financial year than $29 billion in the fiscal 2013-14, according to projection of ASSOCHAM study. The study, further pointed to a scenario of easing of prices and lowering of interest rates, the two major challenges that the Indian economy had been facing for some years now. However, it highlighted the new challenges that the emerging situation could bring for Reserve Bank of India (RBI) to deal with i.e., the problem of plenty on its impact on the Rupee rate inflation from the increased amount of cash into the system. Assocham underscored the need of new Finance Minister and RBI being on the same page in dealing with this scenario which would see Rupee appreciation and a further improvement on the current account balance and the ‘problem of plenty’ forcing RBI to sterilize the inflows by injecting cash into the system. It suggested dealing with this kind of situation by first removing import restrictions and customs duty on imports of gold since these were taken in extra-ordinary situation, which is now  a matter of past. A measure which would also bring some relief to gems and jewellery trade and industry and a first investor friendly step that can be taken in first Budget of the Modi Government. Additionally, ASSOCHAM noted that if Modi Government was successful in implementing some reform-friendly measures along with taming inflation and earning goodwill of the people, the FDI will do a fast catch-up with the FIIs. Typically, since the FDIs are long-term commitments, there would be a lag, the paper noted. The paper projected the FII investment to remain more than the FDI inflows in the current fiscal. According to expectation, while FII investment in both debt and equity could exceed $35 billion, the FDI money could be above $ 25 billion.

Tata Power eyes overseas opportunities to fuel its growth plans

In a bid to fuel its growth plans, Tata Power Company is eying overseas opportunities spread across four regions including South East Asia and SAARC. Besides, the company is exploring business opportunities in the African and Middle East regions. At present, the private power utility has an installed generation capacity of 8,560 MW while projects having capacity of nearly 850 MW are under execution. The company has ambitious plans to keep fuelling its multi-fold growth across the power value chain. The company is aiming to generate 18,000 MW by 2022 as well as additional 4,000 MW of management of distribution networks.

SREI Infrastructure gains on plan to raise Rs 2,500 crore

SREI Infrastructure Finance is currently trading at Rs. 43.50, up by 0.05 points or 0.12% from its previous closing of Rs. 43.45 on the BSE. The scrip opened at Rs. 44.00 and has touched a high and low of Rs. 44.80 and Rs. 43.05 respectively. So far 277242 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 47.70 on 21-May-2014 and a 52 week low of Rs. 17.45 on 28-Aug-2013. Last one week high and low of the scrip stood at Rs. 47.70 and Rs. 37.10 respectively. The current market cap of the company is Rs. 2193.46 crore. The promoters holding in the company stood at 48.77% while Institutions and Non-Institutions held 12.10% and 39.12% respectively. SREI Infrastructure Finance is planning to raise Rs 2,500 crore via security issuance in FY15. The Kolkata-headquartered infrastructure finance company may also look at divesting some of its investments in the near future with the outlook becoming better. SREI Infrastructure Finance’s businesses include infrastructure equipment leasing and finance, infrastructure project finance, advisory and development, insurance broking, venture capital, capital market and Sahaj e-Village.

Minimum Govt & Maximum Governance: Modi says

The PM designate's office indicated a smaller size of the next government and clubbing of ministries for smarter governance

National Democratic Alliance leader Narendra Modi will be sworn in as the 15th Prime Minister of India along with his Cabinet today. Modi will be sworn in by President Pranab Mukherjee at a grand, open air ceremony, attended by about 3,000 guests, including foreign diplomats, in the forecourt of Rashtrapati Bhavan. The ceremony will start at 6pm and is likely to go on for an hour. The heads of government of all SAARC countries are expected to attend the event. Last night, hours before Modi takes over as India’s 15th prime minister, the PM designate's office indicated a smaller size of the next government and clubbing of ministries for smarter governance. A note from Modi’s secretariat said the PM-designate had “made a dent” in ministry formation by adopting, for the first time, a guiding principle of “Minimum Government and Maximum Governance”. “It is a good beginning in transforming entity of assembled ministries to organic ministries. It will bring more coordination between different departments, will be more effective and bring a speed in process,” the note stated. Modi was elected as the Bharatiya Janata Party parliamentary party leader last week. Senior BJP leader Arun Jaitley is expected to get the key portfolio of finance along with corporate affairs, while party chief Rajnath Singh could take charge of home. List of Cabinet names have been finalised. Modi may opt for a lean and rational Cabinet. The new government will have several issues to tackle.

JSW Steel to diversify iron ore business

The company is considering Goa as an alternative source to meet its raw material requirements for both Vijayanagar in Karnataka and Dolvi in Maharashtra

JSW Steel is planning to diversify the sourcing of its iron ore, including from imports, according to a media report. The company is considering Goa as an alternative source to meet its raw material requirements for both Vijayanagar in Karnataka and Dolvi in Maharashtra. At present, JSW Steel operates three steel plants with a combined capacity of 14.3 million tonnes per annum at Vijayanagar (10 mtpa), Dolvi in Maharashtra (3.3 mtpa) and Salem in Tamil Nadu (1 mtpa). It requires 18 mtpa of iron ore at Vijayanagar and 5.5 mtpa at Dolvi. The current capacity utilisation is around 80%.

All eyes on new FM Budget task

The plan is to present the budget in Parliament by June-end or the first fortnight of July.

All they eyes are on how the new finance minister will take Budget exercise for 2014-15 after he takes charge on Tuesday, Budget may be presented in Parliament by June-end or the first fortnight of July. Report stated that the initial process had begun and the minister would be presented with facts and figures. The minister customarily meets industry chambers, industrialists, economists, agriculturalists, trade unions and so on for pre-Budget interactions.

ONGC surges as its arm inks deal with Rosneft

ONGC is currently trading at Rs. 416.15, up by 8.65 points or 2.12% from its previous closing of Rs. 407.50 on the BSE. The scrip opened at Rs. 412.00 and has touched a high and low of Rs. 418.45 and Rs. 410.50 respectively. So far 188719 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 420.00 on 20-May-2014 and a 52 week low of Rs. 234.40 on 28-Aug-2013. Last one week high and low of the scrip stood at Rs. 420.00 and Rs. 389.85 respectively. The current market cap of the company is Rs. 357405.60 crore. The promoters holding in the company stood at 68.94% while Institutions and Non-Institutions held 17.52% and 13.54% respectively.   ONGC Videsh, the overseas arm of the state-owned explorer Oil and Natural Gas Corporation (ONGC), has signed a deal with Russia’s largest oil and gas producer Rosneft to jointly explore hydrocarbons in the offshore Arctic. The company has inked a Memorandum of Understanding at the St Petersburg International Economic Forum, in the presence of Russian President Vladimir Putin. The Memorandum pave the way for the companies’ cooperation in subsurface surveys, exploration and appraisal activities and hydrocarbons production in Russia’s offshore Arctic. ONGC is a premier oil and gas company in India, accounting for 71% of the country’s crude oil production and 54% of its natural gas production in 2011-12. It is also a significant producer of value added products such as liquefied petroleum gas (LPG), superior kerosene oil (SKO), and naphtha. GoI is the majority shareholder in ONGC, with a 69% equity stake as of now.

SREI Infrastructure to raise Rs 2,500 crore through security issuance in FY15

SREI Infrastructure Finance is planning to raise Rs 2,500 crore via security issuance in FY15. The Kolkata-headquartered infrastructure finance company may also look at divesting some of its investments in the near future with the outlook becoming better. SREI Infrastructure Finance’s businesses include infrastructure equipment leasing and finance, infrastructure project finance, advisory and development, insurance broking, venture capital, capital market and Sahaj e -Village

NTPC to start coal mining at Chatti-Bariatu mines

NTPC is planning to foray into coal mining by starting production at its Chatti-Bariatu mines in Jharkhand. The production from the Chatti-Bariatu mines is expected to be around 1 million tonnes and will commence by the end of the fiscal. The company has ventured into coal mining in a bid to create fuel security. The utility plans to meet about 20% of its requirement of coal from its captive mines by 2017. The company has been allotted seven coal blocks -- Chatti-Bariatu, Chatti-Bariatu (South), Pakri Barwadih, Kerandari, Brahmani, Chichiro Patsimal and Dulanga. These blocks are in the coal-rich state of Jharkhand, with the exception of Dulanga, which is in Odisha. NTPC is the largest power generating company in the country. It has also diversified into hydro power, coal mining, power equipment manufacturing, oil & gas exploration, power trading & distribution.

HDIL gains on plan of monetizing assets for paring debt

Housing Development & Infrastructure (HDIL) is currently trading at Rs. 101.85, up by 0.30 points or 0.30 % from its previous closing of Rs. 101.55 on the BSE. The scrip opened at Rs. 102.50 and has touched a high and low of Rs. 103.45 and Rs. 100.75 respectively. So far 996060 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 103.25 on 23-May-2014 and a 52 week low of Rs. 26.10 on 07-Aug-2013. Last one week high and low of the scrip stood at Rs. 103.25 and Rs. 84.50 respectively. The current market cap of the company is Rs. 4286.41 crore. The promoters holding in the company stood at 36.17 % while Institutions and Non-Institutions held 38.54 % and 25.29 % respectively. In a bid to partly repay its debt by around Rs 600-700 crore in FY15, Housing Development and Infrastructure (HDIL) is planning to raise up to Rs 1,800 crore this fiscal by selling stakes in some of its assets. The company is planning to monetize its assets where it has around 40-45% stake in joint venture projects. The company is planning to put its 100-acre land parcel at Kukatpally in Hyderabad on block as this market has witnessed a revival in the last one month. Moreover, the company will also sell off some of its commercial projects in Mumbai this fiscal. HDIL is a real estate development company. Its business activity comprises of construction and development of residential projects, commercial, retail and slum rehabilitation projects. It is also engaged in construction of special economic zone (SEZ).

Shrenuj & Company stock hits upper circuit on 1:1 bonus issue

The stock has hit a high of Rs137 and a low of Rs125.

Shares of Shrenuj & Company has surged 10% to Rs 131, after the company said its board approved the issue of bonus shares in the ratio of 1:1 i.e.  One bonus equity share for every one share held. The stock has hit a high of Rs137 and a low of Rs125. The record date for the issue of Bonus Shares to the shareholders will be fixed after the approval of the issue of Bonus Shares by the shareholders of the Company through postal ballot in consultation with stock exchanges. The Board has recommended final Dividend for the financial year ended March 31, 2014, @ 60 paise per equity share of Rs. 2.00 each on the Equity Shares pre-bonus. While recommending the issue of Bonus Equity shares in the ratio 1:1, the Board decided that if the Bonus Equity Shares are issued prior to payment of dividend, the dividend post issue of Bonus Equity Shares would be 30 paise per equity shares of Rs. 2.00 each instead of @60 paise per equity share of Rs. 2.00 each noting that the issue and allotment of bonus shares is likely to be prior to the declaration/approval of dividend by the shareholders at the ensuing Annual General Meeting.