Crude oil futures trade higher on MCX

Crude oil futures traded higher on MCX as investors and speculators booked fresh positions in the energy commodity due to the fears that deepening unrest in Ukraine may worsen the countries ties with Russia, the world’s biggest energy exporter as well as raising concerns over global crude oil supplies. The contract for June delivery was trading Rs 6172.00, up by 0.41% or Rs 25.00 from its previous closing of Rs 6147.00. The open interest of the contract stood at 11725.00 lots. The contract for July delivery was trading at Rs 6145.00, up by 0.33% or Rs 20.00 from its previous closing of Rs 6125.00. The open interest of the contract stood at 1024.00 lots on MCX.

Castor seed futures extend losses on profit-booking May-28-2014 12:34 Hrs IST

Castor seed futures extended their losses on NCDEX due to profit-booking driven by weak spot market demand. Furthermore, strong arrivals in local mandies coupled with limited demand by castor oil traders also impacted the trading sentiments.

The contract for June delivery was trading at Rs 3825.00, down by 0.98% or Rs 38.00 from its previous closing of Rs 3863.00. The open interest of the contract stood at 160170.00 lots.

The contract for July delivery was trading at Rs 3928.00, down by 0.73% or Rs 29.00 from its previous closing of Rs 3957.00. The open interest of the contract stood at 159720.00 lots on NCDEX.

Modi government forms SIT to unearth Black Money

Special Investigation Team will be responsible for investigation, initiation of proceedings and other matters involving unaccounted money

The Narendra Modi Government hit the ground running on the first day by setting up a Special Investigation Team (SIT) to unearth black money and by holding bilateral talks with the heads of the SAARC nations. The Cabinet approved the setting up of an SIT to implement the Supreme Court’s decision on unearthing black money stocked in foreign countries, evading taxes or raised through unlawful activities. The Supreme Court had ordered the Centre to form SIT by May 28. According to CBI, the amount of black money deposited by Indian in tax havens abroad stood at Rs. 29.5 trillion in 2012. Supreme Court Judge MB Shah will head the SIT, and former Supreme Court judge Arijit Pasayat will be co-chairman. The members of SIT will include Revenue Secretary, an RBI Deputy Governor, the Chairman of the Central Board of Direct Taxes), and the Directors of the Intelligence Bureau, the Enforcement Directorate, the CBI, the Revenue Intelligence, the Financial Intelligence Unit and the Research & Analysis Wing. SIT will be responsible for investigation, initiation of proceedings and other matters involving unaccounted money. SIT will submit a status report to the court periodically. The BJP had committed to take steps to reduce corruption by simplifying procedures. It has pledged to set up a task force to recommend amendments to existing laws or enact new laws to check black money as also to track and bring back black money stashed in foreign banks.

Nickel futures gain on rising demand

Nickel futures gained on MCX as speculators enlarged positions, supported by rising demand from alloy-makers in the spot market. Further, firming trend global markets due to the supply concerns as Indonesia, the largest supplier to China, banned ore exports to spur investment in domestic smelters too supported the upside. The contract for May delivery was trading at Rs 1162.50, up by 0.48% or Rs 5.50 from its previous closing of Rs 1157.00. The open interest of the contract stood at 7434.00 lots. The contract for June delivery was trading at Rs 1163.00, up by 0.30% or Rs 3.50 from its previous closing of Rs 1159.50. The open interest of the contract stood at 2449.00 lots on MCX.

Soyabean futures trade higher on NCDEX

Soyabean futures traded higher on NCDEX on increased buying by speculators in tandem with firm global and domestic markets sentiment. Further, tight supplies coupled with IMD’s forecast of below normal rains too supported soyabean prices uptrend.

The contract for June delivery was trading at Rs 4535.00, up by 0.22% or Rs 10.00 from its previous closing of Rs 4525.00. The open interest of the contract stood at 127440 lots.

The contract for July delivery was trading at Rs 4369.00, up by 0.48% or Rs 21.00 from its previous closing of Rs 4348.00. The open interest of the contract stood at 104690 lots on NCDEX.

Tata Power's arm hikes production capacity by 60%: Report

Tata Power Solar (TPS), a 100% subsidiary of Tata Power has reportedly expanded its manufacturing capacity by 60%. The company has increased the production capacity to 200 MW from 125 MW.

Tata Power is India's largest integrated power company with a significant international presence. The Company has an installed generation capacity of 8521 MW in India and a presence in all the segments of the power sector viz. Generation (thermal, hydro, solar and wind), Transmission, Distribution and Trading.

Moody’s ups open offer price to acquire additional 26.5% of ICRA’s stake by 20%

Ratings agency ICRA’s promoter Moody's has raised its open offer price to Rs 2400 per share from Rs 2000 earlier on the back of company’s strong financials, high return ratios and high cash-flow generation. New-York based credit rating agency, Moody’s, in February 2014 had made an open offer to acquire an additional 26.5% stake in the company to take its holding stake to 55%. This move may help Moody's to tap a higher market share in country. Moody’s is the single largest shareholder in ICRA with a 28.51% stake held through its subsidiary Moody’s Investment Co. Among others, Birla Sun Life AM holds 8.91%, LIC owns 6.69%, Templeton has 5.38%, GIC holds 5.23%and PNB owns 5.01% stake in ICRA. Meanwhile, Citigroup Global Markets is the banker to Moody’s for the transaction. Moody’s contributes 15% of ICRA’s revenues. ICRA provides offshore rating services to Moody’s. ICRA is the third-largest rating company in the country by revenues.

Supreme Court allows Reliance Industries to proceed with arbitration in London: Report

Reliance Industries has reportedly received approval from Supreme Court for arbitration in London in its dispute with the Centre on the Panna-Mukta-Tapti Gas basin. The apex court has quashed the Delhi High Court order by which it had agreed to hear the Centre’s plea against foreign arbitration.

RIL is an oil refining, petrochemicals and upstream (mainly natural gas at present) company. It has two highly complex refineries with combined capacity of 1.24 million barrels per day and domestic proved reserves of 660 million barrel of oil equivalent as at end-March 2013.

Videocon Industries’ arm defers stake-sale planco

Videocon Industries’ subsidiary -- Next Retail -- has deferred the plan to offload a 40 per cent stake in the company. Earlier, Videocon Industries had said it would sell a 40 per cent stake in Next Retail to a foreign player in 2013. Despite being a multi-brand retailer, Next Retail would now focus on home-grown brands such as Videocon and Electrolux. Next Retail has shifted its outlets from the metro markets to tier two and three cities where it expects its largest selling Videocon brand to fare better than the strong multinational brands. Almost 25 per cent of its sales come from the Videocon brand in categories such as flat panel TVs and refrigerators. Further, the company is planning to enhance its presence in states such as Odisha, West Bengal and Andhra Pradesh. Videocon Industries, established two decades ago, is a global conglomerate with market capitalization of $2.5 billion. Videocon’s businesses’ consists of manufacturing, marketing and distribution of consumer electronics products and oil & gas extraction.

BHEL trades in green on the BSE

BHEL is currently trading at Rs. 252.15, up by 6.50 points or 2.65% from its previous closing of Rs. 245.65 on the BSE. The scrip opened at Rs. 247.00 and has touched a high and low of Rs. 256.75 and Rs. 247.00 respectively. So far 549087 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 291.50 on 26-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. 291.50 and Rs. 240.70 respectively. The current market cap of the company is Rs. 62046.66 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.

Barley futures decline on higher supplies

Barley futures declined on NCDEX on the back of all round selling by traders, driven by weak spot markets sentiments. Further, mounting stocks following higher supplies in spot markets also dampened the commodity prices.

The contract for June delivery was trading at Rs 1290.50, down by 1.22% or Rs 16.00 from its previous closing of Rs 1306.50. The open interest of the contract stood at 13180.00 lots.

The contract for July delivery was trading at Rs 1316.50, down by 1.39% or Rs 18.50 from its previous closing of Rs 1335.00. The open interest of the contract stood at 4910.00 lots on NCDEX.

Copper futures exhibit mixed trend on MCX

Copper futures exhibited mixed trend on MCX as the June contracts traded up as speculators created fresh positions, taking positive cues from global markets. While August contracts traded down as investors stayed cautious over booking fresh positions in the industrial metal amid weak physical demand for copper in the domestic spot market.

The contract for June delivery was trading at Rs 415.45, up by 0.07% or Rs 0.30 from its previous closing of Rs 415.15. The open interest of the contract stood at 15403.00 lots.

The contract for August delivery was trading at Rs 417.05, down by 0.06% or Rs 0.25 from its previous closing of Rs 417.30. The open interest of the contract stood at 801.00 lots on MCX.

Turmeric futures edge lower on higher stocks

Turmeric futures edged lower on NCDEX on the back of sluggish North Indian demand and higher stocks in the physical market. Moreover, adequate supplies from producing belts against slackness in overseas demand also put pressure on the yellow spice prices. The contract for June delivery was trading at Rs 5990.00, down by 1.09% or Rs 66.00 from its previous closing of Rs 6056.00. The open interest of the contract stood at 13540.00 lots. The contract for July delivery was trading at Rs 6130.00, down by 1.16% or Rs 72.00 from its previous closing of Rs 6202.00. The open interest of the contract stood at 3230.00 lots on NCDEX.

United Breweries shines on reporting over eleven fold jump in Q4 net profit

United Breweries is currently trading at Rs. 782.80, up by 9.80 points or 1.27% from its previous closing of Rs. 773.00 on the BSE. The scrip opened at Rs. 810.00 and has touched a high and low of Rs. 810.00 and Rs. 781.15 respectively. So far 24515 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 1005.00 on 28-Oct-2013 and a 52 week low of Rs. 593.40 on 12-Jun-2013. Last one week high and low of the scrip stood at Rs. 817.65 and Rs. 760.00 respectively. The current market cap of the company is Rs. 20687.06 crore. The promoters holding in the company stood at 74.82% while Institutions and Non-Institutions held 19.54% and 5.64% respectively. The company has registered over 11 fold jump in its net profit at Rs 67.71 crore f for the quarter ended March 31, 2014 as compared to Rs 5.85 crore for the same quarter in the previous year. Total income of the company increased by 6.64% at Rs 1091.64 crore for quarter under review as compared to Rs 1023.65 crore for the quarter ended March 31, 2013. For the year ended March 31, 2014, the company has posted a jump of 31% in its net profit at Rs 225.61 crore as compared to Rs 172.21 crore for the same period in the previous year. Total income of company improved by 8.05% at Rs 4259.88 crore for year under review as compared to Rs 3942.36 crore for the period ended March 31, 2013. For the year ended March 31, 2014, on the consolidated basis, the company has posted a rise of 31.32% in its net profit at Rs 226.02 crore as compared to Rs 172.11 crore for the same period in the previous year. Total income of company has increased by 8.02% at Rs 4254.09 crore for year under review as compared to Rs 3937.92 crore for the period ended March 31, 2013.

Coal Gasification: Clariant, Siemens to introduce sour gas shift tech

The agreement appoints Clariant as the exclusive catalyst supplier for all Siemens gasification integrated SGS projects

Clariant, a world leader in specialty chemicals, announced today that it has signed an agreement with Siemens Fuel Gasification Technology to cooperate in the commercialization of a new, jointly developed sour gas shift (SGS) technology for coal gasification. The agreement appoints Clariant as the exclusive catalyst supplier for all Siemens gasification integrated SGS projects. While the collaboration covers all global projects, commercialization will focus on China – the region with the highest growth rate of coal-to-chemical projects. Stefan Heuser, Head of the Catalysts Business Unit at Clariant, stated: “This global cooperation is a very important step in marketing our innovative catalysts for coal-to-chemical applications. With its strong commercialization focus on China, the cooperation supports Clariant’s strategy to increase our presence in the growing markets of Asia.” Frank Hannemann, Head of Technology of Fuel Gasification Business at Siemens, declared: “This advanced technology makes coal to chemical plants more competitive and environmentally friendly. This global cooperation enhances the broader acceptance of gasification plants in China and in growing markets around the world.” The advanced SGS technology from Clariant and Siemens significantly decreases total capital cost for coal-to-chemical and IGCC applications through optimization and simplification of total plant concepts. The entrained-flow Siemens Fuel Gasifier (SFG) is able to produce syngas from a wide range of fuels – even for low ranks of coal. Clariant’s new ShiftMax 821 catalyst enables a simple, once-through process without further adjustment of the exit gas from the gasifier. The simplified layout uses smaller and fewer reactors, and requires no steam adjustment for temperature control. This combination reduces capital expenditure for the shift system by up to 20%, and optimizes operating costs with up to 30% lower catalyst volume. The new technique can handle different steam-to-gas ratios and high carbon monoxide content in the gas, resulting in improved availability and reliability of the whole process. Thanks to steam-independent control of the exothermal reaction, it is an inherently safe process and there is no risk of temperature run-away reactions. Clariant’s Catalysts Business Unit is one of the foremost global suppliers of process catalysts. Its broad portfolio includes catalysts that enable the use of coal as feedstock, which are particularly well-suited to the needs of China’s industry. Clariant’s previous investments in the market include commercialization of the first coal-to-propylene catalysts in China, and local production of coal-to-methanol catalysts. Clariant is also the market leader in catalysts for coal-to-ammonia conversion.

CARE reaffirms A- rating to JK Tyre & Industries’ Long-term Bank Facilities

Credit rating agency, CARE has reaffirmed A- rating to JK Tyre & Industries’ Long-term Bank Facilities worth Rs 2,230.80 crore. The rating agency has also revised A1 rating to Short-term Bank Facilities worth Rs 1,325.30 crore from  A2+ and  A-/ A1 ratings to company’s Long-term/ Short term Bank Facilities worth Rs 200.00 crore from A-/ A2+ The revision in the ratings of the bank facilities of JKTI takes into account the improved liquidity position on account of continuous expansion in profitability leading to reduction in the gearing levels JK Tyre & Industries is the flagship company under the umbrella of JK Organization. JK Tyre is the pioneer for Steel Radial technology in India. Over the years, the company has expanded and diversified its business portfolio. It has developed into a multi product, multi-location corporate entity.

Tata Power shines on expanding network capacity in Ambujwadi, Mumba

Tata Power is currently trading at Rs. 101.55, up by 2.90 points or 2.94% from its previous closing of Rs. 98.65 on the BSE. The scrip opened at Rs. 98.50 and has touched a high and low of Rs. 102.10 and Rs. 96.75 respectively. So far 7,37,000 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 109.45 on 26-May-2014 and a 52 week low of Rs. 65.86 on 06-Aug-2013. Last one week high and low of the scrip stood at Rs. 109.45 and Rs. 95.75 respectively. The current market cap of the company is Rs. 27,438.00 crore. The promoters holding in the company stood at 33.04% while Institutions and Non-Institutions held 48.22% and 18.57% respectively. Tata Power has successfully expanded its distribution network and developed infrastructure to provide power supply to more than 5,000 consumers in Ambujwadi, Malad. Ambujwadi is located in the western suburbs of Mumbai, very close to the Malwani area in Malad (West) and came into existence post 2006. The region is predominantly a slum area located over a span of land and is inhabited mostly by workers that include construction labours, hawkers, domestic workers etc. Since its inception the area was devoid of electricity supply primarily due to the unavailability of free land for installation of Sub Station. Tata Power has also rolled out various services at the door steps of the consumers in Ambujwadi. For the convenience of the consumers, the Company organised mobile cash collection van for the bill payment. Tata Power representatives also provided guidance and application collection drive for the consumers at Ambujwadi. To increase safety awareness amongst the residents, Tata Power recently organised a special skit which emphasised on various safety and precautionary measures while using electrical appliance. More than 200 Ambujwadi residents participated in the Safety Day celebration. Tata Power is India's largest integrated power company with a significant international presence. The Company has an installed generation capacity of 8521 MW in India and a presence in all the segments of the power sector viz. Generation (thermal, hydro, solar and wind), Transmission, Distribution and Trading.

Ruchi Soya spurts on targeting 15-20% growth in top-line over two years

Ruchi Soya Industries is currently trading at Rs. 44.25, up by 1.25 points or 2.91 % from its previous closing of Rs. 43.00 on the BSE. The scrip opened at Rs. 43.30 and has touched a high and low of Rs. 44.90 and Rs. 43.15 respectively. So far 81460 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 70.90 on 06-Jun-2013 and a 52 week low of Rs. 26.15 on 23-Aug-2013. Last one week high and low of the scrip stood at Rs. 48.55 and Rs. 39.50 respectively. The current market cap of the company is Rs. 1491.58 crore. The promoters holding in the company stood at 55.89 % while Institutions and Non-Institutions held 15.55 % and 28.56 % respectively. Ruchi Soya Industries is expecting a 15-20% growth in top-line over the next two years. At present, the company’s annual turnover is Rs 30,000 crore. Of total, contribution of the edible oil business was Rs 16,000 crore, the balance being exports and sale of soya chunks. The leading edible oil manufacturer has a nationwide market share of 18% in the packed edible oil business. Ruchi Soya is India’s leading FMCG Company, India’s number one cooking oil and soy food maker and marketer. It is also the highest exporter of soya meal, lecithin and other food ingredients from India.

Alstom commissions NHPC's 240 MW Uri-II hydroelectric project in J&K

NHPC's 240 MW Uri-II hydroelectric project in Jammu & Kashmir has been commissioned by Alstom. The four units were made operational in phases. Alstom was awarded the Uri-II project contract by NHPC in 2007. The scope of work included turnkey execution of the electro-mechanical package comprising hydro turbines, generators and auxiliaries. The 240 MW hydropower project aims to use downstream water discharge of 480 MW Uri-I (already running) hydro project for power generation. It will also provide additional stability to the northern transmission grid.

NHPC is engaged in the planning, development and implementation of an integrated and efficient network of hydroelectric projects in India. It executes all aspects of the development of hydroelectric projects, from concept to commissioning.

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. However, expectations of an early crop following summer rains capped some demand of commodity to some extent. The contract for June delivery was trading at Rs 962.40, up by 0.12% or Rs 1.20 from its previous closing of Rs 961.20. The open interest of the contract stood at 2132 lots. The contract for July delivery was trading at Rs 948.20, up by 0.46% or Rs 4.30 from its previous closing of Rs 943.90. The open interest of the contract stood at 1396 lots on MCX.

PNB’s housing arm to raise $50 million

Punjab National Bank’s (PNB) subsidiary, PNB Housing Finance (PNB HFL) is planning to mop-up $50 million by way of loan from International Finance Corporation (IFC). PNB HFL is aiming to expand its affordable housing finance portfolio and has obtained RBI’s approval for a $100 million External Commercial Borrowings (ECB).

The fund raising is expected to support PNB HFL to increase its reach in the affordable housing finance segments with additional focus on the low income states, women borrowers and for offering mortgage financing for ‘green’ residential units.

NHPC rises on synchronizing Unit-4 of Parbati-III H.E. power station with grid

NHPC is currently trading at Rs. 24.85, up by 0.05 points or 0.20% from its previous closing of Rs. 24.80 on the BSE. The scrip opened at Rs. 24.80 and has touched a high and low of Rs. 25.10 and Rs. 24.30 respectively. So far 834868 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 28.60 on 26-May-2014 and a 52 week low of Rs. 14.80 on 07-Aug-2013. Last one week high and low of the scrip stood at Rs. 28.60 and Rs. 22.80 respectively. The current market cap of the company is Rs. 27399.90 crore. The promoters holding in the company stood at 85.96% while Institutions and Non-Institutions held 5.45% and 8.59% respectively. NHPC has synchronized Unit - 4 of Parbati-III power station with grid and machine has been put on full load i.e. 130 MW on May 22, 2014. Earlier, the company had inked an agreement with Kerala State Electricity Board on May 08, 2014 at Thiruvanthapuram for the development of Solar Power Projects in the state of Kerala. NHPC is engaged in the planning, development and implementation of an integrated and efficient network of hydroelectric projects in India. It executes all aspects of the development of hydroelectric projects, from concept to commissioning.

RBI cancels UNI allotted to Panoramic Universal’s arm in Namibia

Panoramic Universal has received a letter from Reserve Bank of India (RBI) stating the fact that RBI has taken on record the disinvestment of the entire stake of the company in its wholly owned subsidiary in Namibia namely ‘Starting Right Investments Two Two Five’ and the Unique Identification Number (UIN) allotted for the same has been cancelled. Panoramic Universal engages in the hospitality and information technology businesses. The company owns and operates hotel properties in India, the United States, and New Zealand.

L&T surges on bagging EPC orders worth $480 million in Bangladesh for two gas based power plants

L&T is currently trading at Rs. 1595.60, up by 30.25 points or 1.93% from its previous closing of Rs. 1565.35 on the BSE.

The scrip opened at Rs. 1570.30 and has touched a high and low of Rs. 1603.00 and Rs. 1570.00 respectively. So far 70998 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 1622.70 on 26-May-2014 and a 52 week low of Rs. 678.10 on 28-Aug-2013.

Last one week high and low of the scrip stood at Rs. 1622.70 and Rs. 1471.00 respectively. The current market cap of the company is Rs. 147828.99 crore.

The Institutions and Non-Institutions held 55.07% and 42.25% respectively.

Larsen & Toubro (L&T) has received two EPC (Engineering, Procurement and Construction) orders valued at around $480 million for setting up dual fuel-fired gas based combined cycle power plants in Bangladesh. One order of approximately $280 million has been received from Marubeni Corporation, Japan, for setting up a 360 MW Bheramara Combined Cycle Power Plant Development Project of North West Power Generation Company (NWPGCL) in Bangladesh.

Another order of approximately $200 million has been received from Bangladesh Power Development Board for setting up a 225 MW Sikalbaha Combined Cycle Power Plant near the port city of Chittagong in Bangladesh. It was bagged against international competition from European, Chinese and Korean EPC companies. The plant will incorporate state-of-the-art gas turbines and steam turbines from Siemens AG, Germany and other steam turbine manufacturers, which will be procured by L&T.

L&T’s scope includes design, detailed engineering, supply, installation and commissioning of the complete power plants on a turnkey basis. L&T-Sargent and Lundy, a subsidiary of L&T, will carry out the plant integration and detailed engineering, using propriety technology of Sargent & Lundy LLC, USA.

L&T has executed several large gas-based power projects on EPC basis in the past for government utilities and independent power producers in India and abroad and has recently commissioned a 375 MW Gas Based Combined Cycle Power Plant with a Single Shaft advanced class Siemens gas turbine and steam turbine for the Gujarat State Electricity Generation Corporation at Dhuvaran.

Thermax reports 8% drop in Q4 net profit

Thermax has reported results for fourth quarter and year ended March 31, 2014.

The company has posted a fall of 8.16% in its net profit at Rs 105.90 crore for the quarter ended March 31, 2014 as compared to Rs 115.32 crore for the same quarter in the previous year.  Total income of the company has decreased by 5.02% at Rs 1417.64 crore for quarter under review as compared to Rs 1492.62 crore for the quarter ended March 31, 2013.

For the year ended March 31, 2014, the company has posted a fall of 27.71% in its net profit at Rs 252.97 crore as compared to Rs 349.96 crore in the previous year. Total income of the company has decreased by 8.34% at Rs 4366.46 crore for year under review as compared to Rs 4763.88 crore for the year ended March 31, 2013.

Canara Bank inaugurates 6th overseas branch in South Africa

Canara Bank has inaugurated its 6th overseas branch at Johannesburg in South Africa, the first in South Africa. The bank already has 5 overseas branches at London and Leicester in United Kingdom, Hong Kong, Shanghai and Bahrain, apart from representative office at Sharjah and joint venture bank at Moscow.

Besides, the bank has also plans to expand its overseas presence by opening branches/offices in New York, Frankfurt, Dubai, Dar-es-Salaam, Sau Paulo, Tokyo, Abuja and Qatar during the year 2014-15.

Canara Bank has posted a fall of 15.79% in its net profit at Rs 610.83 crore for the quarter ended March 31, 2014, as compared to Rs 725.38 crore for the same quarter in the previous year. However, total income of the bank has increased by 22.57% at Rs 11609.72 crore for quarter under review as compared to Rs 9471.57 crore for the quarter ended March 31, 2013.

Tata Power expands network capacity to add 5000 consumers in Ambujwadi, Mumbai

Tata Power has successfully expanded its distribution network and developed infrastructure to provide power supply to more than 5,000 consumers in Ambujwadi, Malad. Ambujwadi is located in the western suburbs of Mumbai, very close to the Malwani area in Malad (West) and came into existence post 2006. The region is predominantly a slum area located over a span of land and is inhabited mostly by workers that include construction labours, hawkers, domestic workers etc. Since its inception the area was devoid of electricity supply primarily due to the unavailability of free land for installation of Sub Station. Tata Power has also rolled out various services at the door steps of the consumers in Ambujwadi. For the convenience of the consumers, the Company organised mobile cash collection van for the bill payment. Tata Power representatives also provided guidance and application collection drive for the consumers at Ambujwadi. To increase safety awareness amongst the residents, Tata Power recently organised a special skit which emphasised on various safety and precautionary measures while using electrical appliance. More than 200 Ambujwadi residents participated in the Safety Day celebration. Tata Power is India's largest integrated power company with a significant international presence. The Company has an installed generation capacity of 8521 MW in India and a presence in all the segments of the power sector viz. Generation (thermal, hydro, solar and wind), Transmission, Distribution and Trading.

TVS Motor expects to increase overall market share in two-wheeler segment: Report

TVS Motor Company is reportedly expecting to increase its overall market share in two-wheeler segment this year to over 14 per cent from 13 per cent at present. The company is expecting the same on the launch of two new models, Phoenix and Jupitor, introduced last year, and the Star City Plus, all expected to contribute significantly to the overall volumes. The company averages about 1,65,000 units per month, which includes 65,000 mopeds, 50,000 each of motorcycles and scooters. This number is expected to go up to about 1,85,000 units per month, thereby taking the market share to 14 per cent. Recently, the company launched all-new commuter motorcycle, TVS StaR City+ priced at Rs 41,500 (ex-showroom for the base model) and Rs 44,000 (ex-showroom for the fully packed version). TVS Motor Company is the flagship of the $6 billion Indian conglomerate, TVS Group which recently celebrated one hundred years in the automotive business in India. The company recently won 'India's Most Trusted Two Wheeler Brand' Award from the Times Group.

Alfa Transformers gains on plans to transfer assets of factory unit at Vadodara to its WOS

Alfa Transformers is currently trading at Rs. 16.70, up by 0.70 points or 4.38 % from its previous closing of Rs. 16.00 on the BSE. The scrip opened at Rs. 16.70 and has touched a high and low of Rs. 16.70 and Rs. 16.70 respectively. So far 450 shares were traded on the counter. The BSE group 'T' stock of face value Rs. 10 has touched a 52 week high of Rs. 31.00 on 12-Jul-2013 and a 52 week low of Rs. 12.00 on 20-Jan-2014. Last one week high and low of the scrip stood at Rs. 16.00 and Rs. 14.20 respectively. The current market cap of the company is Rs. 8.58 crore. The promoters holding in the company stood at 50.85 % while Non-Institutions held 49.15% of the stake. Alfa Transformers’ board of directors at its meeting held on May 27, 2014 has agreed on the proposal to transfer the assets of factory unit at plot No: 1046, 1047&1048 GIDC Estate Waghodia, Vadodara, and Gujarat - 391760 to a wholly owned subsidiary company of Alfa Transformers for better management & operation. Alfa Transformers produces Electrical Distribution & Power Transformers ranging from 10KVA, 12KV Class to Transformers of 10 MVA, 36 KV Class.

L&T bags EPC orders worth $480 million in Bangladesh for two gas based power plants

Larsen & Toubro (L&T) has received two EPC (Engineering, Procurement and Construction) orders valued at around $480 million for setting up dual fuel-fired gas based combined cycle power plants in Bangladesh. One order of approximately $280 million has been received from Marubeni Corporation, Japan, for setting up a 360 MW Bheramara Combined Cycle Power Plant Development Project of North West Power Generation Company (NWPGCL) in Bangladesh. Another order of approximately $200 million has been received from Bangladesh Power Development Board for setting up a 225 MW Sikalbaha Combined Cycle Power Plant near the port city of Chittagong in Bangladesh. It was bagged against international competition from European, Chinese and Korean EPC companies. The plant will incorporate state-of-the-art gas turbines and steam turbines from Siemens AG, Germany and other steam turbine manufacturers, which will be procured by L&T. L&T’s scope includes design, detailed engineering, supply, installation and commissioning of the complete power plants on a turnkey basis. L&T-Sargent and Lundy, a subsidiary of L&T, will carry out the plant integration and detailed engineering, using propriety technology of Sargent & Lundy LLC, USA. L&T has executed several large gas-based power projects on EPC basis in the past for government utilities and independent power producers in India and abroad and has recently commissioned a 375 MW Gas Based Combined Cycle Power Plant with a Single Shaft advanced class Siemens gas turbine and steam turbine for the Gujarat State Electricity Generation Corporation at Dhuvaran.

Arvind Remedies surges on plan to launch new drugs for Diabetes and Coronary heart disease

Arvind Remedies is currently trading at Rs 40.90, up by 0.75 points or 1.87% from its previous closing of Rs 40.15 on the BSE. The scrip opened at Rs 41.00 and has touched a high and low of Rs 41.15 and Rs 40.65 respectively. So far 25931 shares were traded on the counter. The BSE group 'B' stock of face value Rs 10 has touched a 52 week high of Rs 59.95 on 08-Nov-2013 and a 52 week low of Rs. 26.50 on 08-Jul-2013. Last one week high and low of the scrip stood at Rs 41.60 and Rs 38.55 respectively. The current market cap of the company is Rs 273.53 crore. The promoters holding in the company stood at 36.15% while Institutions and Non-Institutions held 0.09% and 63.76% respectively. Arvind Remedies has signed Memorandum of Understanding (MoU) with SRM University, Chennai, to transfer the patent right to undertake exclusive manufacturing and marketing of drugs for Type II Diabetes and Coronary heart disease. These drugs will be manufactured in the form of tablets and will be launched in the domestic market by 2015 followed by the global market. The Diabetes drug is from the botanical source to ensure zero side effects on the health of patients. Arvind Remedies is engaged in the manufacturing of pharmaceutical formulations such as tablets, capsules (including soft gels), ointments and liquids. ARL markets its products in the institutional (primarily government organizations) and ethical segments, with institutional segment contributing to 70% of the total revenues.

Alfa Transformers to transfer assets of factory unit at Vadodara to its WOS

Alfa Transformers’ Board of directors at its meeting held on May 27, 2014 has agreed on the proposal to transfer the assets of factory unit at plot No: 1046, 1047&1048 GIDC Estate Waghodia, Vadodara, and Gujarat - 391760 to a wholly owned subsidiary company of Alfa Transformers for better management & operation. Alfa Transformers produces Electrical Distribution & Power Transformers ranging from 10KVA, 12KV Class to Transformers of 10 MVA, 36 KV Class.

Ruchi Soya expects 15-20% growth in top-line in two years

Ruchi Soya Industries is expecting a 15-20% growth in top-line over the next two years. At present, the company’s annual turnover is Rs 30,000 crore. Of total, contribution of the edible oil business was Rs 16,000 crore, the balance being exports and sale of soya chunks.

The leading edible oil manufacturer has a nationwide market share of 18% in the packed edible oil business.

Ruchi Soya is India’s leading FMCG Company, India’s number one cooking oil and soy food maker and marketer. It is also the highest exporter of soya meal, lecithin and other food ingredients from India.

Sensex, Nifty open in green

Some buying activity is seen in capital goods, banking and IT sectors, while metal, auto and FMCG sectors are showing weakness

9:44AM: The BSE Sensex is trading up76 points at 24,626, while S&P Nifty is trading up 16 points at 7,334. BSE Mid-cap is up 0.87% at 8,502, while BSE Small-cap is up 1.23% at 8,992. Some buying activity is seen in capital goods, banking and IT sectors on BSE, while metal, auto and FMCG sectors are showing weakness. BHEL, Hero MotoCorp, Maruti Suzuki, L&T and ICICI are among the gainers, whereas Coal India, Tata Motors, SSLT, Hindalco and Bajaj Auto are losing sheen on BSE. Stock news: Rane Holdings Ltd, holding company of Rane Group, reported over six-fold increase in net profit at Rs 32.17 crore for the fourth quarter ended March 31, 2014. The company had reported a net profit of Rs 5.15 crore during the same period of the previous year. The scrip is trading up 5.67% on BSE.

Dion Global Solutions unveils TradeCentre for Australian retail advisory market

Dion Global Solutions, technology partner to the financial services industry, has rolled out TradeCentre, its comprehensive front end retail advisory tool, in Australia. TradeCentre allows users to manage the entire trading, order management and investment process and meet compliance requirements from a single platform. Brokers benefit from a lower total cost of ownership and the ability to better service customers in an increasingly competitive landscape. Dion deployed TradeCentre at Hartleys, a provider of corporate, stock broking and wealth management services, in May 2013 to support equities trading. With new brokers coming onboard with a range of complex requirements, TradeCentre supports equities and options trading and order management, smart order routing and multi-market coverage to meet the needs of the broader retail market. Dion Global Solutions provides market leading software to financial situations across the globe. Employing over 600 highly experienced and knowledgeable staff within the Finance and IT industries, Dion’s solution covers portfolio management, trading, settlement, risk management, compliance, analytics, messaging and workflow and research services and information products.

Gold futures decline on rising global equity markets

Gold futures declined on Tuesday on rising global equity markets with investors opting for the riskier equity assets following positive US housing and consumer confidence data. Moreover developments in Ukraine and a strengthening dollar against a basket of major currencies also weighed on the yellow metal price. Gold futures for June delivery settled down $26.20 at $1,265.50 an ounce on the Comex division of the New York Mercantile Exchange. While spot gold fell 2 percent at $1,266.75 an ounce.

FIIs were net sellers of Rs 214.27 crore in index futures and options segments on May 27

According to the data released by the NSE, the Foreign Institutional Investors (FIIs) were net sellers of Rs 214.27 crore in index futures and options segments, as per Tuesday’s data, May 27, 2014.

FIIs were buyers of index futures to the tune of Rs 15.56 crore and they sold index options worth Rs 229.83 crore. In the stock segment, FII’s were net sellers of stock futures worth Rs 1002.13 crore, while they sold stock options worth Rs 53.86 crore.        

Fiem Industries wins ‘Grand Award for QCDDM’

Fiem Industries has been awarded for best performance ‘Grand Award for QCDDM’ (Quality, Cost, Development, Delivery and Management) for FY 2013-14. The award has been conferred to the company during the 15th Supplier Meet of Honda Motorcycle & Scooter India held at Bengaluru on May 25-26, 2014.

The Global Support Supplier award was instituted by HMSI for the first time and Fiem Industries had received this award based on the supplies of automotive lamps to HONDA for Japan, Thailand and other countries.

The company has been getting awards from HMSI since their inception for excellence in performance based on QCDDM, apart from the Award for Honda Global Support Supplier given by HMSI to it last year.

Prime Focus' arm receives ISO 27001 certification

Prime Focus subsidiary - Prime Focus Technologies (PFT), has been awarded the ISO/IEC 27001:2005 certification for Information Security Management Systems (ISMS). ISO 27001 is one of the most widely recognized, internationally accepted independent security standard and PFT has earned it for the hybrid cloud technology, content processes and data centers serving its CLEAR Media ERP platform and Cloud-enabled Media Services. PFT becomes the first media and entertainment industry focused cloud technology solutions provider to achieve this certification. Prime Focus is a global visual entertainment services group that provides creative and technical services to the film, broadcast, and advertising market. The group offers a genuine end-to-end solution from pre-production to final delivery including visual effects, 2D to 3D conversion, video and audio post production, equipment hire, multi-platform content operations solutions and digital distribution.

Uni Abex Alloy Products offers VRS to employees

Uni Abex Alloy Products has offered Voluntary Retirement Scheme (VRS) to the unionized category of the employees. Eighty employees opted for the VRS and Rs 5.94 crore were paid towards VRS compensation.

Uni Abex Alloy Products incorporated in 1972 is a Neterwala Group of Company, pioneer and leading manufacturer of centrifugal and static casting in heat, wear and corrosion resistant alloys.

Arvind Remedies to launch new drugs for Diabetes and Coronary heart disease

Arvind Remedies has signed Memorandum of Understanding (MoU) with SRM University, Chennai, to transfer the patent right to undertake exclusive manufacturing and marketing of drugs for Type II Diabetes and Coronary heart disease. These drugs will be manufactured in the form of tablets and will be launched in the domestic market by 2015 followed by the global market. The Diabetes drug is from the botanical source to ensure zero side effects on the health of patients. Arvind Remedies is engaged in the manufacturing of pharmaceutical formulations such as tablets, capsules (including soft gels), ointments and liquids. ARL markets its products in the institutional (primarily government organizations) and ethical segments, with institutional segment contributing to 70% of the total revenues.

Tech Mahindra gains on teaming up with Premium Credit for IT Services

Tech Mahindra is currently trading at Rs. 1863.60, up by 9.85 points or 0.53% from its previous closing of Rs. 1853.75 on the BSE. The scrip opened at Rs. 1856.70 and has touched a high and low of Rs. 1872.30 and Rs. 1851.60 respectively. So far 6,440 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1936.35 on 06-Mar-2014 and a 52 week low of Rs. 910.00 on 06-Jun-2013. Last one week high and low of the scrip stood at Rs. 1872.30 and Rs. 1739.80 respectively. The current market cap of the company is Rs. 43,548.00 crore. The promoters holding in the company stood at 36.29% while Institutions and Non-Institutions held 48.80% and 14.91% respectively. Tech Mahindra, a specialist provider of connected solutions, has been selected by Premium Credit, the No.1 Insurance Premium Finance Company in the UK and Ireland, to deliver front and back office application services. Tech Mahindra will provide operational support and maintenance services, as well as development and implementation. It was selected because of its domain expertise in the insurance and financial services, and a strong local footprint. Tech Mahindra is a leading provider of solutions and services to the telecommunications industry with a majority stake owned by Mahindra & Mahindra. The company, since 2002 has operations in China with offices in Beijing, Shanghai, Nanjing and Guangzhou.