Chinese Prime Minister Li Keqiang called his Indian counterpart Narendra Modi and conveyed his government's desire to establish robust partnership with the new government of India for further development of ties. Li, who is the first foreign head of government to call up Modi since he took over as Prime Minister, congratulated him on his victory in the recent general elections.
Modi, on his part, noted that China was always a priority in India's foreign policy and thanking Li for his earlier message of felicitations, he underlined his government's resolve to utilize the full potential of our strategic and cooperative partnership with China and his keenness to work closely with the Chinese leadership to deal with any outstanding issues in bilateral relations by proceeding from the strategic perspective of our developmental goals and long-term benefits to our peoples.
Modi also welcomed greater economic engagement between the two countries. The two leaders agreed to maintain frequent high-level exchanges and communication. Modi extended through Premier Li an invitation to President Xi Jinping to pay a visit to India later this year.
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Thursday 29 May 2014
Chinese PM Calls Modi, conveys desire to establish robust partnership with India
Idea Cellular unveils 3G services in Punjab
Idea Cellular has unveiled 3G services in Punjab, expanding the coverage of its premium high speed Internet services. The company is also planning to put up 1,800 3G cell sites by the end of 2015 fiscal, taking services to 170 towns across Punjab.
Consumers can now avail 3G services in regions that include Chandigarh, Ludhiana, Nawanshahr, Jagraon, Malerkotla and Nabha. With this launch, Idea expanded its 3G footprint to 28 Indian states.
Idea Cellular, an AV Birla group company, provides Global System for Mobile communications (GSM)-based wireless service at the pan-India level, it is present in all 22 telecom circles.
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Apollo Tyres soars on plan to expand capacity at its Chennai facility
Apollo Tyres is currently trading at Rs. 178.35, up by 4.95 points or 2.85% from its previous closing of Rs. 173.40 on the BSE.
The scrip opened at Rs. 174.10 and has touched a high and low of Rs. 181.20 and Rs. 174.00 respectively. So far 374810 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 193.90 on 23-May-2014 and a 52 week low of Rs. 54.60 on 21-Jun-2013.
Last one week high and low of the scrip stood at Rs. 193.90 and Rs. 173.00 respectively. The current market cap of the company is Rs. 8986.76 crore.
The promoters holding in the company stood at 43.50% while Institutions and Non-Institutions held 42.36% and 14.14% respectively.
Apollo Tyres is planning to expand its capacity at its Chennai facility. Moreover, the company is also in the process of setting up a R&D centre in the same complex. The new Centre will take up R&D works related to commercial vehicles for all the Apollo plants, across the World.
At present, the Chennai plant manufacture radial tyres for truck and capacity of the plant is 6,000 trucks tyres and 15,000 passenger car tyres a day and the capacity utilisation of around 70-75%. The facility caters to both domestic and export markets.
Apollo Tyres produces the entire range of automotive tyres for ultra and high speed passenger cars, truck and bus, farm, off-the-road, industrial and specialty applications like mining, retreaded tyres and retreading material. These are produced across Apollo’s eight manufacturing locations in India, Netherlands and Southern Africa.
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Crude oil futures edge lower on MCX
Crude oil futures edged lower on MCX after US crude oil stockpiles rose 3.49 million barrels last week. Further, weak demand for the commodity in US, world’s largest consumer of crude oil also impacted the trading sentiments.
The contract for June delivery was trading Rs 6057.00, down by 0.90% or Rs 55.00 from its previous closing of Rs 6112.00. The open interest of the contract stood at 10405.00 lots.
The contract for July delivery was trading at Rs 6044.00, down by 0.82% or Rs 50.00 from its previous closing of Rs 6094.00. The open interest of the contract stood at 962.00 lots on MCX.
Nickel futures trade lower on weak global trend
Nickel futures traded lower on MCX as speculators engaged in trimming positions amid a weak trend in global markets. Further, sluggish demand from alloy making industries in the spot market also impacted the trading sentiments.
The contract for May delivery was trading at Rs 1112.30, down by 2.11% or Rs 24.00 from its previous closing of Rs 1136.30. The open interest of the contract stood at 6137.00 lots.
The contract for June delivery was trading at Rs 1115.60, down by 2.13% or Rs 24.30 from its previous closing of Rs 1139.90. The open interest of the contract stood at 2901.00 lots on MCX.
IOC reports 35% fall in Q4 net profit
Indian Oil Corporation (IOC) has reported results for fourth quarter and year ended March 31, 2014.
The company has posted a fall of 35.30% in its net profit at Rs 9389.85 crore for the quarter ended March 31, 2014 as compared to Rs 14512.81 crore for the same quarter in the previous year. However, total income from operations of the company rose by 5.75% at Rs 134867.42 crore for quarter under review as compared to Rs 127534.77 crore for the quarter ended March 31, 2013.
For the year ended March 31, 2014, the company has posted a jump of 40.24% in its net profit at Rs 7019.09 crore as compared to Rs 5005.17 crore for the same period in the previous year. Total income from operations of company has increased by 5.84% at Rs 473210.09 crore for year under review as compared to Rs 447096.25 crore for the year ended March 31, 2013.
Indian Oil Corporation has recommended dividend of Rs 8.70 per equity share (face value Rs 10 per equity share).
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Groundnut production in Gujarat estimated at 193,256 tonnes
The production of groundnut in state of Gujarat is expected to reach 193,256 tonne this year’s summer, as per estimates by the Indian Oilseed and Produce Export Promotion Council (IOPEPC). Summer sesame seed production in the state is estimated at 128,878 tonnes. The groundnut production in the state was 80,000-90,000 tonnes in 2013, while that of sesame seed was 38,000-40,000 tonnes during the same period.
In order to estimate summer groundnut and sesame seed production, the council did a survey in Gujarat during May 12-19. The sowing had improved in both commodities due to better availability of water and owing to good monsoon.
According to the report, farmers had sown groundnut in 96,331 hectares and sesame seed in 138,074 hectares. On the other hand, traders and exporters asserted that production of groundnut would be not more than 150,000 tonnes, while for sesame seed, they predicted 140,000-150,000 tonnes this summer.
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Barley futures edge lower on ample stocks
Barley futures edged lower on NCDEX on account of offloading of positions by traders amid mounting stocks following higher supplies in spot markets. However, seasonal demand from consuming industries, particularly beer makers restricted the losses to some extent.
The contract for June delivery was trading at Rs 1303.50, down by 0.19% or Rs 2.50 from its previous closing of Rs 1306.00. The open interest of the contract stood at 12580.00 lots.
The contract for July delivery was trading at Rs 1327.00, down by 0.49% or Rs 6.50 from its previous closing of Rs 1333.50. The open interest of the contract stood at 5580.00 lots on NCDEX.
Tata Motors’ arm JLR partners with Team Sky and Pinarello to engineer new Tour De France racing bike
Tata Motors’ British-based arm Jaguar and Land Rover (JLR) has deepened its partnership with Team Sky, one of the world’s leading professional road cycling teams, and built a new relationship with Pinarello, the highly regarded Italian bike manufacturer, by helping them develop the team’s latest race bike. The car maker, renowned for some of the world’s finest luxury saloons and sports cars, has used its advanced aerodynamics knowledge and facilities to help in the creation of the new Pinarello Dogma F8 bicycle, to be raced by Team Sky during the remainder of the 2014 season.
This is the first time Jaguar’s comprehensive technical capability has been used by the team, and marks the beginning of a new collaborative relationship between Jaguar, Team Sky and its family of partners and suppliers, including legendary frame manufacturer Pinarello. Jaguar is now an official ‘innovation partner’ with Team Sky.
Tata Motors is India's largest automobile company, is the leader in commercial vehicles in each segment, and among the top in passenger vehicles with winning products in the compact, midsize car and utility vehicle segments. It is also the world's fourth largest truck and bus manufacturer.
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Bond yields edge lower in range-bound trade on safe haven buying
Bond yields were trading lower in a range-bound trade on caution ahead of Rs 16,000 crore debt sale auction. However, caution ahead of Reserve Bank of India’s monetary policy review, who is likely to keep monetary policy steady in June, given continued concerns about inflation, led to some safe haven buying.
On the global front, yields on benchmark US 10-year Treasury notes dropped to their lowest in nearly 11 months on Wednesday, undermined by fall in the German bond market following weak data and more month-end buying from institutional investors. Meanwhile, Brent crude edged up slightly on Thursday, holding near $110 a barrel amid hopes of improved demand from top oil consumer the United States as a sharp drop in the country's gasoline stocks added to recent data pointing to a stronger economy.
Back home, the yields on new 10 year Government Stock 2023 were trading 1 basis point lower at 8.69% from its previous close of 8.70% on Wednesday.
The benchmark five-year interest rate swaps were trading 3 basis points lower at 8.13% from its previous close of 8.16% on Wednesday.
The Government of India have announced the sale of four dated securities for Rs 16,000 crore on May 30, 2014, including (i) 8.35% Government Stock 2022 for Rs 4000 crore, (ii) New 14 Year Government Stock for Rs 7000 crore, (iii) 9.20% Government Stock 2030 for Rs 2000 crore and (iv) 9.23% Government Stock 2043 for a notified amount of Rs 3000 crore.
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Soyabean futures trade higher on NCDEX
Soyabean futures traded higher on NCDEX following gains in the international market. Further, good demand in the physical market against tight supplies from the major producing belts also supported soyabean prices uptrend.
The contract for June delivery was trading at Rs 4606.00, up by 0.33% or Rs 15.00 from its previous closing of Rs 4591.00. The open interest of the contract stood at 119260 lots.
The contract for July delivery was trading at Rs 4449.00, up by 0.79% or Rs 35.00 from its previous closing of Rs 4414.00. The open interest of the contract stood at 99860 lots on NCDEX.
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Turmeric futures trade lower on rising export demand
Turmeric futures traded lower on NCDEX as speculators created fresh positions amid rising export demand in the spot market. Furthermore, adequate supplies from major producing areas against subdued demand in the spot market too influenced the prices.
The contract for June delivery was trading at Rs 6070.00, up by 0.83% or Rs 50.00 from its previous closing of Rs 6020.00. The open interest of the contract stood at 12930.00 lots.
The contract for July delivery was trading at Rs 6190.00, up by 0.52% or Rs 32.00 from its previous closing of Rs 6158.00. The open interest of the contract stood at 3850.00 lots on NCDEX.
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Mangalam Cement shines on commencing commercial production at Rajasthan
Mangalam Cement is currently trading at Rs. 181.20, up by 3.25 points or 1.83% from its previous closing of Rs. 177.95 on the BSE.
The scrip opened at Rs. 177.50 and has touched a high and low of Rs. 186.60 and Rs. 177.50 respectively. So far 24,000 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 189.00 on 22-May-2014 and a 52 week low of Rs. 88.00 on 02-Aug-2013.
Last one week high and low of the scrip stood at Rs. 188.00 and Rs. 165.00 respectively. The current market cap of the company is Rs. 483.00 crore.
The promoters holding in the company stood at 27.41% while Institutions and Non-Institutions held 2.58% and 70.01% respectively.
Mangalam Cement’s New Cement Mill of 1.25 million tonne per Annum (MTPA) at Adityanagar, Morak in Rajasthan which was under trial run, has started commercial production with effect from May 28, 2014. The overall capacity is now enhanced from 2.0 MTPA to 3.25 MTPA.
Mangalam Cement is a professionally managed and well established cement manufacturing company enjoying the confidence of consumers because of its superior quality product and excellent customer service.
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Coal India mulling 5-10% price hike
In a bid to offset higher cost, Coal India, the world’s largest coal miner by output is mulling 5-10% price hike. In this regard, the company will be discussing the issue with Ministry this week.
Recently, the company reported provisional production of 37.51 million tonnes in April 2014, as against target of 37.61 million tonnes. The company’s total off-take for the month of April stood at 40.54 million tonnes as against a target of 45.17 million tonnes.
Coal India is the world’s largest coal mining company. It also produces non-coking coal and coking coal of various grades for diverse applications.
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ZEE sets up independent sales team after break-up with Media Pro
Zee Entertainment Enterprises (ZEE) and Star India have set up independent sales teams for their respective channels after the break-up of their three-year-old distribution venture with Media Pro Enterprises India.
Earlier, MediaPro was set up between Zee Turner and Star Den Media Services to jointly distribute their channel bouquets. The joint venture was dissolved in April, following a change in regulations notified by the Telecom Regulatory Authority of India (TRAI) to disallow aggregation of channels of multiple broadcasters in one bouquet.
Zee Entertainment is India’s largest vertically integrated media and Entertainment Company. Its portfolio consists of brands like Zee TV, Zee Cinema, Zee Music, Zee Cafe, Zee Smile, Zee Action, Zee Premiere, ETC, ETC Punjabi, TEN Sports, Zee Studio, Zee Classic, Zee Trendz and Zee Sports.
Modison Metals mulls diversification and expansion plan
Modison Metals is eyeing for acquisition as part of its diversification and expansion plan. The board of directors at its meeting held on May 26, 2014 has taken the note of it.
Modison Metals is an established manufacturer of electrical contacts made of silver and silver alloys for low, medium and high voltage switchgear industry.
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RIL's arm selects DragonWave Solutions as packet microwave radio systems provider
Reliance Industries’ telecom arm -Reliance Jio Infocomm has selected DragonWave Solutions as a packet microwave radio systems provider for its plan to launch 4G/LTE network in the country.
Under the deal, DragonWave Solutions will provide microwave products and related services to company. DragonWave will provide 5,000 turnkey Horizon Compact+ links in support of the Reliance Jio's plan to roll out extensive, nationwide 4G/LTE networks.
RJIL, India’s largest private sector company, is the first telecom operator to hold pan India Unified License. This license authorizes RJIL to provide all telecommunication services except Global Mobile Personal Communication by Satellite Service.
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Gold futures decline on MCX
Gold futures trade down on NCDEX as a stronger dollar dimmed the appeal of gold as an alternative asset. Further, speculators exited positions in the precious metal tracking a weak trend in the overseas market.
The contract for June delivery was trading at Rs 26687.00, down by 0.55% or Rs 147.00 from its previous closing of Rs 26834.00. The open interest of the contract stood at 6780.00 lots.
The contract for August delivery was trading at Rs 25925.00, down by 0.54% or Rs 142.00 from its previous closing of Rs 26067.00. The open interest of the contract stood at 6060.00 lots on MCX.
Modison Metals rises on mulling diversification and expansion plan
Modison Metals is currently trading at Rs. 42.30, up by 0.75 points or 1.81% from its previous closing of Rs. 41.55 on the BSE.
The scrip opened at Rs. 41.85 and has touched a high and low of Rs. 43.70 and Rs. 41.75 respectively. So far 28500 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 43.70 on 29-May-2014 and a 52 week low of Rs. 21.35 on 06-Aug-2013.
Last one week high and low of the scrip stood at Rs. 43.70 and Rs. 37.70 respectively. The current market cap of the company is Rs. 141.81 crore.
The promoters holding in the company stood at 51.45% while Institutions and Non-Institutions held 0.15% and 48.40% respectively.
Modison Metals is eyeing for acquisition as part of its diversification and expansion plan. The board of directors at its meeting held on May 26, 2014 has taken the note of it.
Modison Metals is an established manufacturer of electrical contacts made of silver and silver alloys for low, medium and high voltage switchgear industry.
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Jeera futures exhibits mixed trend on NCDEX
Jeera futures exhibited mixed trend on NCDEX as the June contract traded high due to pick-up in domestic and export enquirers in the spot market, leading to speculators enlarging their positions. While July contract traded down due to offloading of positions against adequate stocks position.
The contract for June delivery was trading at Rs 10980.00, up by 0.05% or Rs 5.00 from its previous closing of Rs 10975.00. The open interest of the contract stood at 7026.00 lots.
The contract for July delivery was trading at Rs 11065.00, down by 0.09% or Rs 10.00 from its previous closing of Rs 11075.00. The open interest of the contract stood at 3930.00 lots on NCDEX.
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Aban Offshore gains on plan to raise $400 million via FCCBs, GDRs routes
Aban Offshore is currently trading at Rs. 716.05, up by 2.35 points or 0.33% from its previous closing of Rs. 713.70 on the BSE.
The scrip opened at Rs. 716.80 and has touched a high and low of Rs. 732.00 and Rs. 711.10 respectively. So far 235512 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 736.90 on 28-May-2014 and a 52 week low of Rs. 200.05 on 31-Jul-2013.
Last one week high and low of the scrip stood at Rs. 736.90 and Rs. 605.00 respectively. The current market cap of the company is Rs. 3130.80 crore.
The promoters holding in the company stood at 54.02%, while Institutions and Non-Institutions held 12.11% and 33.87% respectively.
Aban Offshore has received its board’s approval to raise $400 million through FCCBs, GDRs and other routes. The company’s board also gave nod to raise upto Rs 2,500 crore by issue of equity related securities to qualified institutional buyers.
Aban Offshore (formerly Aban Loyd Chiles Offshore) is India’s largest offshore drilling services provider to oil companies, mainly for ONGC. It is a company which provides oil field services for offshore exploration and production of hydrocarbons to the oil industry in India and abroad.
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Zydus commences Phase 3 trials of Lipaglyn in patients suffering from Lipodystrophy
Zydus Group, exploring newer therapeutic usage of its breakthrough drug Lipaglyn (Saroglitazar), has now initialed Phase III trials of the molecule for patients suffering from Lipodystrophy. The drug is already approved in India for treating diabetic dyslipidemia and hypertriglyceridemia. The goal of this trial is to evaluate the safety and efficacy of Lipaglyn 4 mg versus standard- of-care with placebo in the treatment of Lipodystrophy.
Lipodystrophy is a problem with the way the body produces, uses, and store fat. Inherited Lipodystrophies are caused by mutations in a gene. Acquired Lipodystrophies are caused by medications, autoimmune mechanism or unknown mechanisms. Patients with Lipodystrophy suffer from metabolic disorders including lipid disorder and insulin resistance that leads to diabetes. These disorders can also increase the risk for other problems such as heart or liver disease.
Zydus Cadila is an innovative, global pharmaceutical company that discovers, develops, manufactures and markets a broad range of healthcare therapies. It is the only Indian pharma company to launch its own patented NCE - Lipaglyn, the world’s first drug to be approved for the treatment of diabetic dyslipidemia.
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Syndicate Bank to raise $500 million through dollar bonds
Karnataka based PSU bank Syndicate Bank is selling dollar bonds to foreign investors through its London branch. The bank has opened an offer to sell as much as $500 million worth of dollar-denominated bonds, as it seeks to tap renewed optimism for India among foreign investors. The bank is raising this fund to boost its capital reserves by selling medium-term bonds.
The bank has posted a fall of 30.90% in its net profit at Rs 409.30 crore for the quarter ended March 31, 2014 as compared to Rs 592.34 crore for the same quarter in the previous year. However, total income of the bank has increased by 12.06% at Rs 5357.40 crore for quarter under review as compared to Rs 4780.75 crore for the quarter ended March 31, 2013.
Srei Infrastructure rises on the buzz of acquiring Jharkhand power project
SREI Infrastructure Finance is currently trading at Rs. 40.25, up by 0.35 points or 0.88% from its previous closing of Rs. 39.90 on the BSE.
The scrip opened at Rs. 40.35 and has touched a high and low of Rs. 40.95 and Rs. 39.70 respectively. So far 93460 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. 47.05 and Rs. 37.40 respectively. The current market cap of the company is Rs. 2050.08 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 reportedly planning to acquire Abhijeet Group’s 1,080 megawatt (MW) Jharkhand power project, valued at around Rs.9,000 crore. In a separate development, the Reserve Bank of India (RBI) had earlier authorized company to set up White Label ATMs (WLAs) in the country.
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.
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Srei Infrastructure Finance to acquire Jharkhand power project: Report
Srei Infrastructure Finance is reportedly planning to acquire Abhijeet Group’s 1,080 megawatt (MW) Jharkhand power project, valued at around Rs.9,000 crore. In a separate development, the Reserve Bank of India (RBI) had earlier authorized company to set up White Label ATMs (WLAs) in the country.
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.
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Indraprastha Gas gains on reporting 8% rise in Q4 net profit
Indraprastha Gas is currently trading at Rs. 318.00, up by 4.40 points or 1.40% from its previous closing of Rs. 313.60 on the BSE.
The scrip opened at Rs. 310.40 and has touched a high and low of Rs. 320.25 and Rs. 310.40 respectively. So far 5320 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 344.50 on 21-May-2014 and a 52 week low of Rs. 236.00 on 28-Aug-2013.
Last one week high and low of the scrip stood at Rs. 340.00 and Rs. 310.00 respectively. The current market cap of the company is Rs. 4477.91 crore.
The promoters holding in the company stood at 45.00% while Institutions and Non-Institutions held 38.64% and 16.36% respectively.
The company has posted a rise of 8.33% in its net profit at Rs 90.49 crore for the quarter ended March 31, 2014 as compared to Rs 83.53 crore for the same quarter in the previous year. Total income of the company has increased by 10.04% at Rs 974.47 crore for quarter under review as compared to Rs 885.54 crore for the quarter ended March 31, 2013.
For the year ended March 31, 2014, the company has posted a rise of 1.73% in its net profit at Rs 360.26 crore as compared to Rs 354.13 crore for the same period in the previous year. Total income of company has surged by 16.66% at Rs 3943.24 crore for year under review as compared to Rs 3379.89 crore for the year ended March 31, 2013.
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Markets start F&O expiry session on a cautious note
Extending their southward journey, Indian equity benchmarks have made a choppy start ahead of the expiry of May F&O contracts later today. The markets are likely to remain volatile with traders adjusting positions in the futures & options segment. Sentiment was also affected adversely by data showing foreign institutional investors (FIIs) sold shares worth a net Rs 286.54 crore on May 28, 2014, as per provisional data from the stock exchanges.
Global cues too remained sluggish with the US markets ending modestly lower overnight, consolidating and ending a four-day winning streak. Although there were good economic reports but traders opted to book profit after recent gains. The Asian markets too were trading cautiously with some of the indices trading in red in early deals led by the Japanese markets after a report of a worse-than-estimated drop in nation’s retail sales. Japan’s retail sales fell 13.7 percent in April from March, the most in at least 14 years.
Back home, on the sectoral front, consumer durables, auto and banking witnessed the maximum gain in trade, while software, technology and realty remained the top losers on the BSE sectoral space. The broader indices, however, were outperforming benchmarks, while the market breadth on the BSE was positive; there were 1,049 shares on the gaining side against 766 shares on the losing side while 43 shares remain unchanged.
The market breadth on the BSE was positive; there were 1035 shares on the gaining side against 749 shares on the losing side while 48 shares remain unchanged.
The BSE Sensex is currently trading at 24485.25, down by 70.84 points or 0.29% after trading in a range of 24528.20 and 24434.74. There were 15 stocks advancing against 14 declines on the index. The broader indices were traded on mixed note; the BSE Mid cap index was down by 0.29% and Small cap index up by 0.42%.
The top gaining sectoral indices on the BSE were, Capital Goods up by 0.49%, Auto up by 0.44%, Bankex up by 0.35%, PSU up by 0.17% and Health Care up by 0.13% while IT down by 2.61%, TECK down by 1.78%, Realty down by 0.63%, Metal down by 0.25%, and Capital Goods up by 0.15% were the top losers.
The top gainers on the Sensex were Bharti Airtel up by 2.03%, Mahindra & Mahindra up by 1.28%, Tata Power up by 1.12%,HDFC up by 0.90% and Tata Motors up by 0.72%. On the flip side, Infosys was down by 6.06%, BHEL was down by 1.85%, Hero MotoCorp was down by 1.38% , Wipro was down by 1.00% and SSLT was down by 0.65% were the losers on the Sensex.
Meanwhile, with a view to provide importers with greater flexibility in hedging facility, the Reserve Bank of India (RBI) has decided to allow domestic importers to book forward contracts up to 50 percent of the eligible limit under the past performance route. As per the present guidelines relating to hedging of currency risk of probable exposures based on past performance, Indian importers are allowed to book contracts up to 25 percent of the eligible limit.
The RBI further notified that importers who have already booked contracts up to previous limit of 25 percent in the current financial year, will be eligible for difference arising out of the enhanced limits. The eligible limit is determined on the basis of average of the previous three financial years' import turnover or the previous year's actual import turnover, whichever is higher.
The RBI’s latest move is likely to provide some relief to importers as the depreciation in rupee value increases the imports costs. During the FY14, India’s overall imports declined by 8.11% to $450.95 billion as against $490.74 billion reported in the same period of previous fiscal year. Contraction in domestic imports during FY14 was mainly driven by weak domestic demand and lower gold imports.
The CNX Nifty is currently trading at 7,317.35 down by 12.30 points or 0.17% after trading in a range of 7,325.40 and 7,302.50. There were 31 stocks advancing against 19 declines on the index.
The top gainers of the Nifty were Ultra Cement up by 3.22%, Grasim up by 1.83%, Bank Baroda up by 1.79%, Bharti Airtel up by 1.74% and Kotak Bank up by 1.33%. On the flip side, BHEL down by 1.89%, Infosys down by 1.54%, Hero Moto Company down by 1.40%, HCL Tech down by 1.06% and Coal India down by 1.03% were the top losers on the index.
Most of Asian markets were trading in green; Shanghai Composite improved 0.31 points or 0.02% points or 2,050.54, Hang Seng gained 92.30 points or 0.40% to 23,172.33, Jakarta Composite surged 21.65 points or 0.44% to 4,985.58, KLSE Composite strengthened by 5.52 points or 0.29% to 1,877.18, Nikkei 225 spurted by 8.85 points or 0.06% to 14,679.80 and Straits Times was up by 30.07 points or 0.92% to 3,301.91.
On the flip side, Seoul Composite declined 5.78 points or 0.29% to 2,011.28 and Taiwan Weighted was down by 8.37 points or 0.09% to 9,113.34.
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Indraprastha Gas reports 8% rise in Q4 net profit
Indraprastha Gas has reported results for fourth quarter and year ended March 31, 2014
The company has posted a rise of 8.33% in its net profit at Rs 90.49 crore for the quarter ended March 31, 2014 as compared to Rs 83.53 crore for the same quarter in the previous year. Total income of the company has increased by 10.04% at Rs 974.47 crore for quarter under review as compared to Rs 885.54 crore for the quarter ended March 31, 2013.
For the year ended March 31, 2014, the company has posted a rise of 1.73% in its net profit at Rs 360.26 crore as compared to Rs 354.13 crore for the same period in the previous year. Total income of company has surged by 16.66% at Rs 3943.24 crore for year under review as compared to Rs 3379.89 crore for the year ended March 31, 2013.
HPCL aims to expand capacity of Mumbai, Vizag refineries: Report
Hindustan Petroleum Corporation (HPCL) is reportedly aiming to increase its Mumbai refinery’s capacity to 200,000 barrels per day from 130,000 bpd. The state-run company is also aiming to expand the Vizag refinery’s capacity to 300,000 bpd from 166,000 bpd.
In this regard, the company will spend Rs 17000 crore for expanding the refineries. Further, the company will be able to get the environment approval by the end of this year.
HPCL operates two major refineries producing a wide variety of petroleum fuels and specialties, one in Mumbai (west coast) of 6.5 million metric tonnes per annum (MMTPA) capacity and the other in Vishakapatnam, (east coast) with a capacity of 7.5 MMTPA.
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Colgate Palmolive launches new toothpaste variant
Colgate Palmolive (India) has launched toothpaste with first of its kind technology - Colgate Maximum Cavity Protection Plus Sugar Acid Neutralizer. This new toothpaste will be available at a price of Rs 94/for 200 gms and Rs 48/ for 100 gms.
Colgate Palmolive (India) has trusted brands for dental care, personal care, home care and professional oral care. The company is the fastest growing and one of the oldest companies catering to the personal care products.
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Aban Offshore to raise $400 million via FCCBs, GDRs routes
Aban Offshore has received its board’s approval to raise $400 million through FCCBs, GDRs and other routes. The company’s board also gave nod to raise upto Rs 2,500 crore by issue of equity related securities to qualified institutional buyers.
Aban Offshore (formerly Aban Loyd Chiles Offshore) is India’s largest offshore drilling services provider to oil companies, mainly for ONGC. It is a company which provides oil field services for offshore exploration and production of hydrocarbons to the oil industry in India and abroad.
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Camson Bio Technologies surges on acquiring two export focused agro processing enterprises
Camson Bio Technologies is currently trading at Rs 68.90, up by 3.10 points or 4.71% from its previous closing of Rs 65.80 on the BSE.
The scrip opened at Rs 67.00 and has touched a high and low of Rs 71.00 and Rs 67.00 respectively. So far 28468 shares were traded on the counter.
The BSE group 'B ' stock of face value Rs 10 has touched a 52 week high of Rs 79.40 on 27-Dec-2013 and a 52 week low of Rs 38.00 on 19-Aug-2013.
Last one week high and low of the scrip stood at Rs 74.10 and Rs 62.30 respectively. The current market cap of the company is Rs 165.98 crore.
The promoters holding in the company stood at 26.32% while Institutions and Non-Institutions held 21.49% and 52.20% respectively.
Camson Bio Technologies has acquired two export focused agro processing enterprises with objective of forward integration. The company has also launched the first ever in the world Natural Water Soluble Fertilizer. The board of directors at its meeting held on May 28, 2014 has taken the note of it. The above is however subject to approval of the shareholders in the general meeting.
Camson, incorporated in 1993 is India's first wholly integrated Agriculture Biotechnology, is based at Bangalore, garden city of India. It has developed many unique biocides for plant protection and hybrid seeds for improved productivity.
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ICRA upgrades rating assigned to Bharat Forge
Credit rating agency, ICRA has upgraded the rating of Bharat Forge’s Non-convertible Debentures (NCDs) of Rs 176 crore, Rs 250 crore and Rs 350 crore from ‘AA-‘ to ‘AA’. The outlook on the long term rating is stable.
Bharat Forge engages in manufacturing of close die and open die forging, crankshafts, front axle beams, steering knuckle, connecting rods, rocker arm and many more components.
Copper futures decline on profit taking
| Copper futures declined on Wednesday as some investors took profits after a four-day rally, but speculation that surging stocks market on a global scale indicates a favorable outlook for economic growth which capped some losses in copper prices to some extent. Copper futures for July delivery slid 0.1% to settle at $3.1735 a pound on the Comex metals division of New York Mercantile Exchange. While, copper on the London Metal Exchange closed up 0.1% to $6,944 a metric ton. |
US markets close lower; snaps 4-day winning streak
The US markets closed lower on Wednesday, with the main benchmarks ending their four-day winning streak. The S&P 500 retreated from record levels but still closed above 1,900. A government report to be released tomorrow is expected to show that US economy almost certainly contracted in the first quarter during an unusually harsh winter. That’s because American exports didn’t increase as much as previously believed and construction spending was a bit softer, too. The report predicted that gross domestic product will reveal a 0.6% decline in the first three months of the year instead of a meager 0.1% increase as originally reported.
The Dow Jones Industrial Average was down by 42.32 points or 0.25 percent, to 16,633.18, the Nasdaq Composite lost 11.99 points or 0.28 percent, to 4,225.08 and the S&P 500 dropped 2.13 points or 0.11 percent, to close at 1,909.78.
The Indian ADRs closed mixed on Wednesday; Infosys was down 1.76%, Tata Motors was down 1.00% and Wipro was down by 0.12%. On the other hand, Dr. Reddy’s Lab was up by 0.48% and HDFC Bank was up 0.38%.
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RBI bars co-operative banks from granting large loans to state-run firms
The Reserve Bank of India (RBI) has advised urban co-operative banks (UCBs) to refrain from grating large loans to public sector or government entities, saying that these transactions could go against the core functions of these lenders. This suggestion came after India’s Apex Bank observed the high value loans that were being granted to public sector undertakings (PSUs) by admitting them as nominal members or otherwise by such banks.
Co-operative banks have drawn flak in the past for their alleged nexus with local politicians. In recent years, RBI has taken a harsh stance towards cooperative banks, asking them to trim bad loans, improve governance practices and building up a minimum capital base. RBI, for non-implementation of this, have also cancelled the licences of several co-operative banks.
RBI in its latest decision highlighted that the primary function of cooperative banks was to help meet the credit needs of society by providing loans and advances to small borrowers, agriculture and small businesses, however, granting high value loans to PSU only meant diluting this cooperative character.
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RDB Realty & Infrastructure to acquire shares of Maple Tieup
RDB Realty & Infrastructure is in process to acquire the shares of Maple Tieup so as to make it as a subsidiary, subject to valid confirmation received from Maple Tieup. The board of directors at its meeting held on May 28, 2014 has taken the note of it.
RDB Realty & Infrastructure, an ISO 9001:2008 certified company, is one of the leading real estate companies in Eastern India. It has pan India presence with all the necessary infrastructure, manpower, and finance.
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Indices weak; CNX IT below 200-DMA
Some buying activity is seen in banking, consumer durables and auto sectors on BSE, while IT, teck, capotal goods and realty sectors are showing weakness | ||||
Indian GDP growth unlikely to recover sharply in FY15: ICRA
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Infosys tumbles 6.1%; co-president quits
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Jet Airways gains on plan to sell three airbus A330 planes
Jet Airways is currently trading at Rs. 247.00, up by 1.65 points or 0.67% from its previous closing of Rs. 245.35 on the BSE.
The scrip opened at Rs. 245.50 and has touched a high and low of Rs. 248.40 and Rs. 245.00 respectively. So far 29,000 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 556.00 on 29-May-2013 and a 52 week low of Rs. 210.25 on 05-Feb-2014.
Last one week high and low of the scrip stood at Rs. 303.95 and Rs. 243.00 respectively. The current market cap of the company is Rs. 2,805.00 crore.
The promoters holding in the company stood at 51.00% while Institutions and Non-Institutions held 9.09% and 39.91% respectively.
Jet Airways, the country’s premier international airline is planning to sell three of its airbus A330 aircraft. The company is looking at refinancing high-cost rupee debt. The company’s consolidated debt as on March 31, 2014 stood at Rs 10,576 crore.
The private carrier posted its highest-ever net loss of Rs 2,154 crore in the fourth quarter ended March 31, impacted by higher operating expenditure and exceptional costs. The country’s second largest carrier had reported a net loss of Rs 496 crore during the same quarter a year ago.
Jet Airways currently operates a fleet of 112 aircraft, which include 10 Boeing 777-300 ER aircraft, 8 Airbus A330-200 aircraft, 4 Airbus A330-300 aircraft, 72 next generations Boeing 737-700/800/900/900 ER aircraft and 15 ATR 72-500 and 3 ATR72-600.
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Gold futures decline as dollar strengthens
Gold futures declined on Wednesday on the back of strong dollar against the euro following the positive US housing and consumer confidence data. Moreover, the stock markets held near recent record highs also weighed on the precious metal price.
Gold futures for June delivery settled down $6.20 at $1,259.30 an ounce on the Comex division of the New York Mercantile Exchange. While spot gold fell 0.4 percent to $1,258.50 an ounce.
Raghuram Rajan made a case for more coordination in monetary policies
Reserve Bank Governor Raghuram Rajan made a case for more coordination in monetary policies by different central banks to deal with the spillover effect on emerging markets | |
SBI MF introduces Dual Advantage Fund - Series III
SBI Mutual Fund has launched the New Fund Offer (NFO) of SBI Dual Advantage Fund - Series III, a close ended income scheme. The NFO opens for subscription on May 29, 2014 and closes on Jun 12, 2014. No entry load or exit load will be applicable for the scheme. The minimum subscription amount is Rs 5000.
The scheme’s performance will be benchmarked against Crisil MIP Blended Fund Index and its fund managers are Rajeev Radhakrishnan and Richard Dsouza.
The investment objective of the scheme is to generate income by investing in a portfolio of fixed income securities maturing on or before the maturity of the scheme. The secondary objective is to generate capital appreciation by investing a portion of the scheme corpus in Equity and equity related instruments.
Crude oil futures slump to one week low ahead of inventory data
Crude oil futures plunged further on Wednesday and ended at a one-week low, ahead of the official US crude oil inventory data with investors expecting the data to show an increase in stockpiles. Oil prices have risen in last few sessions on concerns that the Ukraine-Russia conflict will disrupt crude shipments from Russia, the world's second largest exporter. However, the election of Petro Poroshenko as Ukraine's new president over the weekend eased the worries of ongoing crisis with neighboring Russia and helped the prices to dip as well.
Benchmark crude oil futures for July delivery declined by $1.39 or 1.3 percent to close at $102.72 a barrel after trading in a range of $104.39 and $103.25 a barrel on the New York Mercantile Exchange. In London, Brent oil futures for July delivery declined by 0.18 percent to $109.83 a barrel on the ICE.
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