Force Motors’ LCV production stood at 964 units in May 2014

Force Motors, a Pune-based commercial vehicle maker, has reported the production, sales and export of the products manufactured by the company during the month of May 2014. The company’s production of Small Commercial Vehicles (SCV), Light Commercial Vehicles (LCV), Utility Vehicles & Sports Utility Vehicles (UV & SUV) and Tractors stood at 66 units, 964 units, 769 units and 330 units respectively.

The company’s domestic sales for SCV, LCV, UV & SUV and Tractor stood at 40 units, 1056 units, 717 units and 247 units respectively, while the company has exported 85 units of SCV in month of May 2014.

Force Motors is a fully vertically integrated automobile company, with expertise in design, development and manufacture of the full spectrum of automotive components, aggregates and vehicles.

IDFC gives in principle nod for local fund raising plans

IDFC, country’s leading integrated infrastructure finance player, consequent upon receipt of the in-principle approval for the banking license from RBI, has given in principle nod for local fund raising plans, for bringing down foreign share holding in company below 50%. The company’s board of directors at their meeting held on June 3, 2014 have approved the same. The company has reported 50.93% fall in its net profit after tax, share of minority interest and share of profit from associates at Rs 257.94 crore for the quarter ended March 31, 2014 as compared to Rs 525.70 crore for the same quarter in the previous year. However, total income of the company has increased marginally to Rs 2219.57 crore for quarter under review as compared to Rs 2218.41 crore for the quarter ended March 31, 2013.

Sundaram Finance’s arm to hire over 100 accounting professionals in Chennai

Sundaram Business Services (SBS), the BPO arm of Sundaram Finance, is planning to hire over 100 accounting professionals at its Chennai facility within 6-9 months. The hiring of niche accounting professionals is in line with the strong growth that the company aims to achieve in the accounting space in Australia. At present, the company has over 400 accounting professionals working on its overseas business. Sundaram Finance is one of the oldest and largest providers of finance for the acquisition of commercial vehicles of all makes. The commercial vehicle finance provided by it helps the small operators to acquire vehicles with minimum hassle and documentation.

NIIT to conduct ‘The CTET Advantage Program’

NIIT, leading Global Talent Development Corporation is set to conduct ‘The CTET Advantage Program’ to support Pre-Service/In-Service teachers to prepare for the forthcoming CTET and to help them ace the exam. The classroom based program will be conducted at select NIIT centres and Self-learning/Online program and test series will be offered across the country. The CTET program has been launched under aegis of NIIT Litmus, an initiative by NIIT for helping young aspirants prepare for competitive exams leading to enhanced employability. Qualifying CTET (Central Teacher Eligibility Test) is a compulsory and essential requirement for securing a teaching job in Government Schools. Leading private schools also ask for CTET qualification for recruitment and for determining pay scale. CTET is conducted by CBSE, twice a year in accordance with the guidelines framed by NCTE as per provisions of the RTE act. The CTET coaching program (The CTET Advantage) offered by NIIT has been designed to provide complete revision and clarification of concepts related to pedagogy and child development. It guides the students on taking the examination by providing them with innumerable practice tests for clearing doubts and by conducting mock tests in real test environment. The program also includes workshop in CCE, student management skills and interview skills. NIIT is a market leading, global learning outsourcing company which provides a comprehensive suite of managed training services including Curriculum Design and Content Development, Learning Administration, Learning Delivery Management, Learning Technology (including LMS), Strategic Sourcing and Advisory Services.

Prime Focus surges as its arm inks pact with BARC

Prime Focus is currently trading at Rs 43.50, up by 3.25 points or 8.07% from its previous closing of Rs 40.25 on the BSE. The scrip opened at Rs. 41.65 and has touched a high and low of Rs 44.00 and Rs 41.20 respectively. So far 1167252 shares were traded on the counter. The BSE group 'B ' stock of face value Rs 1 has touched a 52 week high of Rs 41.80 on 21-Jun-2013 and a 52 week low of Rs 23.75 on 05-Dec-2013. Last one week high and low of the scrip stood at Rs 41.40 and Rs 33.80 respectively. The current market cap of the company is Rs 804.71 crore. The promoters holding in the company stood at 41.58% while Institutions and Non-Institutions held 5.74% and 52.68% respectively. Prime Focus subsidiary - Prime Focus Technologies (PFT), the global leader in media and entertainment industry services, has been contracted by the Indian Broadcast Audience Research Council (BARC) to offer Play-out Monitoring Service to power one of the world's largest audience measurement programs. PFT’s globally proven CLEARTMMedia ERP platform bolstered with next generation content identification technology and Digital Services will help automatically generate play-out monitoring reports on a daily basis. Audience measurement data is the de facto currency for media industry, being widely used by all stakeholders for planning, pricing, selling and buying advertising inventory on the medium. PFT will offer a robust play-out monitoring service which will check the actual telecast of each channel, capture the content at every point in time, and help link it back to the rating piece of the audience measurement system. 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.

Time Technoplast gains as Grandeur Peak International buys 75 lakh shares

Time Technoplast is currently trading at Rs 46.80, up by 0.60 points or 1.30% from its previous closing of Rs. 46.20 on the BSE. The scrip opened at Rs 46.90 and has touched a high and low of Rs 47.70 and Rs 45.90 respectively. So far 65501 shares were traded on the counter. The BSE group 'B' stock of face value Rs 1 has touched a 52 week high of Rs 48.00 on 03-Jun-2014 and a 52 week low of Rs 27.50 on 28-Aug-2013. Last one week high and low of the scrip stood at Rs 48.00 and Rs 40.00 respectively. The current market cap of the company is Rs 979.15 crore. The promoters holding in the company stood at 61.92% while Institutions and Non-Institutions held 19.46% and 18.62% respectively. Grandeur Peak International Opportunities Fund has bought 75,00,000 shares of  Time Technoplast  at a price of Rs 44 per share on the NSE on June 2,2014. Meanwhile, Core International FZC sold 73, 00,000 shares of  Time Technoplast at price of Rs 44.02. Time Technoplast is the leading plastic product company based in India and is engaged in manufacture of technology based innovative products in the space of industrial packaging, infrastructure, lifestyle , automobile, healthcare , material handling and composites. It has expanded its operations outside of India in UAE, Bahrain, Thailand, China, Taiwan and Indonesia. The company is also expanding its operations in South Korea, Vietnam, Turkey and Egypt.

Coal India plans to constitute panel for overseas mines acquisition

In order to meet the rising domestic coal requirements, Coal India has planned to form a panel of consultants which would help it in acquiring, developing and operating coal mines overseas. Coal India is eyeing coal assets abroad to meet the domestic demand. Earlier, Coal Ministry had stated that acquisition of coal mines overseas should be done in an aggressive manner to meet India’s rising energy requirements. Taking forward its plans to acquire overseas mines, CIL had recently invited bids for the third phase of drilling in the African nation. It had earlier invited bids from bankers and interested parties for acquiring assets abroad. India, despite being world’s third-largest producer of coal and fifth largest in terms of reserves, has failed to keep pace with increasing domestic demand. Indian domestic coal demand is around 35 percent higher than domestic supply, resulting into a high deficit of which a huge part is being met by costly imports from Indonesia, South Africa and Australia. The country had imported a record 171 MT coal last financial year to meet domestic requirements. Meanwhile, to boost the domestic coal production, the government has planned to invite bids from private players to start coal mining in a public-private partnership (PPP) mode in the country, which would also end the monopoly of public sector unit Coal India.

Gayatri Projects touches the roof on the BSE

Gayatri Projects is currently trading at its upper circuit limit of Rs. 145.10, up by 6.90 points or 4.99 % from its previous closing of Rs. 138.20 on the BSE. The scrip opened at Rs. 144.95 and has touched a high and low of Rs. 145.10 and Rs. 140.15 respectively. So far 18596 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 145.10 on 04-Jun-2014 and a 52 week low of Rs. 47.50 on 21-Aug-2013. Last one week high and low of the scrip stood at Rs. 145.10 and Rs. 111.00 respectively. The current market cap of the company is Rs. 438.59 crore. The promoters holding in the company stood at 50.32% while Institutions and Non-Institutions held 33.99% and 15.69% respectively. Gayatri Projects’ road SPV HKR Roadways has received a Provisional Completion Certificate from the Independent Consultant, as stipulated under the Concession Agreement, on May 30, 2014. Accordingly, the Road SPV Company (HKR Roadways) has commenced collecting Toll from the public from June 01, 2014 onwards. Gayatri Projects, an ISO 9001-2000 company, is one of the fastest growing construction companies in India executing major civil works including construction of concrete/masonry dams, earthen dams, national highways, bridges, canals, aqueducts, airports, ports, etc.

Aion Direct buys additional 5.67% stake in Mercator through FCCB Conversion

Aion Direct has bought additional 5.67% stake in Mercator through FCCB Conversion. With this, Aion Direct holds 9.08% stake in the company. Back in May, Mercator reported that its transaction for issuing Foreign Currency Convertible Bonds (FCCB), unsecured, aggregating $16 million basis had been fully subscribed and the bonds stand to be alloted. 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.

Tesco completes stake buy in Trent’s arm

UK-based Tesco has completed purchase of part of the equity shares held by Trent in its wholly-owned subsidiary Trent Hypermarkets (THL) and subscribed for additional THL’s equity shares. Consequently, Trent and Tesco will each hold a 50% stake in THL.

Trent is part of the Tata Group and is engaged in business of retailing. Trent acquired 76% stake in Landmark, one of the largest books and music retail chains in the India.

Gayatri Projects' road SPV receives Provisional Completion Certificate

Gayatri Projects' road SPV HKR Roadways has received a Provisional Completion Certificate from the Independent Consultant, as stipulated under the Concession Agreement, on May 30, 2014. Accordingly, the Road SPV Company (HKR Roadways) has commenced collecting Toll from the public from June 01, 2014 onwards. Gayatri Projects, an ISO 9001-2000 company, is one of the fastest growing construction companies in India executing major civil works including construction of concrete/masonry dams, earthen dams, national highways, bridges, canals, aqueducts, airports, ports, etc.

Saven Technologies disinvests entire holdings in its USA subsidiary

Saven Technologies has disinvested its entire shareholdings in its subsidiary, Saven Technologies Inc, USA. The company had received its board approval for the same at its meeting held on May 16, 2014. Saven Technologies is an information technology service provider that specializes in planning, managing and implementing technology driven business solutions. Saven also develops products and reusable components complementary to its consulting operations that enhance immediate and measurable value for its clients.

Wipro and FCC bag Global Telecoms Business Innovation Award 2014

Frontier Communications Corporation (FCC), a leading telecommunications company in the US, and Wipro, a leading global Information Technology, Consulting and Outsourcing company, have jointly won the Global Telecoms Business (GTB) Innovation Award 2014 in the ‘Business Service Innovation' category for the Wired Prepaid Broadband Partnership Project. Global Telecoms Business is a leading UK-based publication covering the telecom industry.

Wipro is a leading provider of analytics and information management solutions - enabling customers to derive actionable business insights from data to drive growth, enhance cost management and strengthen risk management.

FIIs acquire over 1.2 million shares in Sequent Scientific

Several foreign institutional investors acquired over 1.2 million shares in the pharmaceutical and speciality chemicals firm -- Sequent Scientific.

Route One Fund 1 LP has acquired 400,000 shares, Morgan Stanley Asia (Singapore) PTE acquired 408,743 shares and Merrill Lynch Capital Markets Espana SA SV acquired 400,000 shares in the company. The shares were acquired at Rs 250 each.

Meanwhile, Primera Partners PTE has sold 1.29 million shares of Sequent Scientific.

Sequent Scientific is an integrated pharmaceutical company with a global footprint headquartered in Bangalore, India which has presence in different pharmaceutical verticals including APIs, Animal Health, Analytical Services, CRAMS and specialty chemicals. Sequent is the world's largest producer of Anthelmintics and by far the strongest player in the Veterinary API business.

Gayatri Projects touches the roof on the BSE

Gayatri Projects is currently trading at its upper circuit limit of Rs. 145.10, up by 6.90 points or 4.99 % from its previous closing of Rs. 138.20 on the BSE. The scrip opened at Rs. 144.95 and has touched a high and low of Rs. 145.10 and Rs. 140.15 respectively. So far 18596 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 145.10 on 04-Jun-2014 and a 52 week low of Rs. 47.50 on 21-Aug-2013. Last one week high and low of the scrip stood at Rs. 145.10 and Rs. 111.00 respectively. The current market cap of the company is Rs. 438.59 crore. The promoters holding in the company stood at 50.32% while Institutions and Non-Institutions held 33.99% and 15.69% respectively. Gayatri Projects’ road SPV HKR Roadways has received a Provisional Completion Certificate from the Independent Consultant, as stipulated under the Concession Agreement, on May 30, 2014. Accordingly, the Road SPV Company (HKR Roadways) has commenced collecting Toll from the public from June 01, 2014 onwards. Gayatri Projects, an ISO 9001-2000 company, is one of the fastest growing construction companies in India executing major civil works including construction of concrete/masonry dams, earthen dams, national highways, bridges, canals, aqueducts, airports, ports, etc.

Tata Power gets Environ Ministry nod for Trombay unit upgrade plan

Tata Power, India’s largest private power company has received approval from Environ Ministry for its Trombay unit-6 upgrade plan. The company’s Trombay unit upgrade will cost around Rs 1176 crore. Recently, the company through its subsidiary Tata Power Renewable Energy (TPREL) successfully commissioned its project on May 31, 2014. The project was ready during last week of March but could not be connected to state grid due to non-availability of shutdown in existing lines and substations. 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.

Maruti Suzuki strengthens on reporting 20% rise in May production

Maruti Suzuki India is currently trading at Rs. 2390.00, up by 47.15 points or 2.01% from its previous closing of Rs. 2342.85 on the BSE. The scrip opened at Rs. 2348.00 and has touched a high and low of Rs. 2392.00 and Rs. 2336.15 respectively. So far 33864 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 2505.30 on 26-May-2014 and a 52 week low of Rs. 1217.00 on 28-Aug-2013. Last one week high and low of the scrip stood at Rs. 2392.00 and Rs. 2255.00 respectively. The current market cap of the company is Rs. 71632.24 crore. The promoters holding in the company stood at 56.21% while Institutions and Non-Institutions held 35.96% and 7.83% respectively. Maruti Suzuki India, country’s largest car maker, has reported 20.11% rise in its production to 121,746 units in May 2014 as compared to 101,360 units in same month last year. Of total, the company has manufactured a 49,853 vehicles under mini segment (including Alto, A Star, Wagon R), up by 13.53%, as against 43,911 vehicles manufactured in corresponding month previous year. The company has manufactured 32,352 vehicles under compact segment, 21,727 vehicles under super compact, midsize and executive class segment, 5,891 units under utility vehicles segment and 11,923 units under vans category. Recently, the company had registered jump of 19.20% in its total car sales (Domestic + Export) for the month of May 2014 at 100,925 units, as against 84,677 units in May 2013. The company’s domestic sales also rose by 16.40% in May 2014 at 90,560 units, as against 77,821 units in corresponding month last year.

Barley futures trade lower on ample stocks

Barley futures traded lower on NCDEX following offloading of positions by traders amid mounting stocks on the back of higher supplies in spot markets. Besides, weak demand from beer and cattle feed making industries also weighed on the commodity prices.

The contract for June delivery was trading at Rs 1292.50, down by 0.35% or Rs 4.50 from its previous closing of Rs 1297.00. The open interest of the contract stood at 10720.00 lots.

The contract for July delivery was trading at Rs 1318.00, down by 0.34% or Rs 4.50 from its previous closing of Rs 1322.50. The open interest of the contract stood at 8390.00 lots on NCDEX.

Coffee exports rise by 9.32% in January-May period

The exports of Coffee has increased by 9.32% in value terms and stood at Rs 2,567 crore during the January-May period this year, according to the data compiled by the Coffee Board. This increase can be attributed to better realization in view of firm global prices. Coffee shipments from India, the world’s fifth biggest exporter, stood at Rs 2,347.92 crore in the corresponding period last year. However, the shipments fell marginally to 159,275 tonnes in volume terms, in January-May of 2014 from 159,295 tonnes in the year-ago period. Global coffee prices have risen by more than 80% during the period - after having dipped sharply last year - on expectation of production fall in the world’s largest coffee producer Brazil. The country exported 43,465 tonnes of Arabica coffee and 73,645 tonnes of Robusta coffee during the January-May of this year. The Arabica shipments rose by 31% from 33,220 tonnes, while Robusta exports dropped by 15% from 86,736 tonnes in the said period. The shipment of instant coffee rose significantly by 91% and stood at 18,875 tonnes in January-May of this year as against 9,850 tonnes in the year-ago. India exports coffee largely to Italy, Germany, Belgium, Jordan, Turkey and Russia, among others. The total domestic output is expected to be in line with the board’s estimate of 311,500 tonnes for 2013-14 crop year (October-September), down by 2.1% from 318,200 tonnes produced in 2012-13.

Gold futures extend gains on MCX

Gold futures traded up on MCX as investors and speculators booked fresh positions in the precious metal tracking a firm trend in the overseas market where the yellow metal snapped a six-day losing streak as a decline in equities boosted the demand for the bullion as an alternative asset.

The contract for June delivery was trading at Rs 26754.00, up by 0.07% or Rs 19.00 from its previous closing of Rs 26735.00. The open interest of the contract stood at 288.00 lots.

The contract for August delivery was trading at Rs 25858.00, up by 0.15% or Rs 38.00 from its previous closing of Rs 25820.00. The open interest of the contract stood at 9175.00 lots on MCX.

Canara Bank trades with traction on the bourses

Canara Bank is currently trading at Rs. 446.70, up by 7.50 points or 1.71% from its previous closing of Rs. 439.20 on the BSE. The scrip opened at Rs. 440.00 and has touched a high and low of Rs. 451.80 and Rs. 432.20 respectively. So far 276204 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 491.55 on 26-May-2014 and a 52 week low of Rs. 189.90 on 28-Aug-2013. Last one week high and low of the scrip stood at Rs. 451.80 and Rs. 406.00 respectively. The current market cap of the company is Rs. 20625.19 crore. The promoters holding in the company stood at 69.00% while Institutions and Non-Institutions held 22.06% and 8.94% respectively. Canara Bank, a leading nationalized bank, is planning to open 28 more branches in Varanasi circle. Recently, the bank has opened its 42nd circle office in the country at Varanasi, Uttar Pradesh. Meanwhile, as part of the corporate social responsibility (CSR) activity, the bank has donated a water cooler and purifier to a district hospital in Varanasi. 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.

SpiceJet unveils low-fare plan of Rs 2,999

SpiceJet, controlled by billionaire Kalanithi Maran’s Sun Group, has came out with another promotional offer, offering travel at fares starting as low as Rs 2,999 (all-inclusive one way fares). Consumers can book tickets between June 3-5, 2014 for travel between July 6, 2014 and March 28, 2015.

The three-day offer will be applicable for all via and onward connection flights. Limited inventory is available on first-come-first-served basis and the sale is not applicable on bookings made for infants and groups.

SpiceJet is India’s most preferred airline who delivers the lowest air fares with the highest consumer value. The airline currently operates more than 350 daily flights to over 44 Indian cities and 9 international destinations.

Grandeur Peak International buys 75 lakh shares of Time Technoplast

Grandeur Peak International Opportunities Fund has bought 75,00,000 shares of  Time Technoplast  at a price of Rs 44 per share on the NSE on June 2,2014. Meanwhile, Core International FZC sold 73, 00,000 shares at price of Rs 44.02.

Time Technoplast is the leading plastic product company based in India and is engaged in manufacture of technology based innovative products in the space of industrial packaging, infrastructure, lifestyle , automobile, healthcare , material handling and composites. It has expanded its operations outside of India in UAE, Bahrain, Thailand, China, Taiwan and Indonesia. The company is also expanding its operations in South Korea, Vietnam, Turkey and Egypt.

GO selects Subex's ROC Revenue Assurance and Fraud Management solutions

Subex, a leading global provider of Business and Operations Support Systems (B/OSS) for Communications Service Providers (CSPs), has been selected to provide its industry leading ROC Revenue Assurance and Fraud Management solutions in a hybrid model by GO, a leading provider in Malta. The terms of the hybrid model contract would entail an initial Managed Services deployment period after which it will be converted into a license model engagement. Subex's leadership and domain expertise in the Revenue Assurance and Fraud Management space were seen as key value drivers during an intense vendor evaluation process. Subex is a leading global provider of Business Support Systems (BSS) that empowers communications service providers (CSPs) to achieve competitive advantage through Business Optimisation - thereby enabling them to improve their operational efficiency to deliver enhanced service experiences to subscribers.

NMDC soars on increasing iron ore lumps prices by 7% in June

NMDC is currently trading at Rs. 187.00, up by 6.30 points or 3.49% from its previous closing of Rs. 180.70 on the BSE. The scrip opened at Rs. 183.00 and has touched a high and low of Rs. 187.35 and Rs. 183.00 respectively. So far 309575 shares were traded on the counter. The BSE group 'A ' stock of face value Rs. 1 has touched a 52 week high of Rs. 189.35 on 21-May-2014 and a 52 week low of Rs. 92.65 on 06-Aug-2013. Last one week high and low of the scrip stood at Rs. 187.35 and Rs. 168.30 respectively. The current market cap of the company is Rs. 74120.37 crore. The promoters holding in the company stood at 80.00% while Institutions and Non-Institutions held 16.80% and 3.20% respectively. National Mineral Development Corporation (NMDC), a state-run iron ore miner, has increased iron ore lumps prices for the month of June by 7%. Besides, it has also upped the iron ore fine prices for the month under review by 8.6%. Earlier, state-owned company, after keeping prices unchanged for two months, in the month of May slashed prices of iron ore lumps, considered high grade due to rich iron content, by Rs 200 per tonne in May due to continuing weak demand. In March and April, the company had kept its prices unchanged while it had raised the rates of iron ore fines by Rs 100 per tonne in February. NMDC is a state-controlled mineral producer of the Government of India. It is fully owned by the Government of India and is under administrative control of the Ministry of Steel.

Suven Life Sciences secures product patent in USA

Suven Life Sciences’ drug discovery portfolio has expanded into several new therapeutic areas such as Major Depressive Disorder (MDD), Obesity and Pain through Neuronal Nicotinic Receptor modulators which resulted in the grant of one product patent from USA, corresponding to the New Chemical Entity (NCE) for the treatment of disorders associated with Neurodegenerative diseases and this patent is valid through 2030. The granted claims of the patents include the class of selective alpha-4-beta-2 compounds discovered by the company and are being developed as therapeutic agents for major depressive disorder (MDD). With this new patent, the company has a total of eighteen granted patents from USA. These granted patents are exclusive intellectual property of the company and are achieved through the internal discovery research efforts. Products out of these inventions may be out-licensed at various phases of clinical development like at Phase-I or Phase-II. Suven Life Science is a biopharmaceutical company focused on discovering, developing and commercializing novel pharmaceutical products, which are first in class or best in class CNS therapies through the use of GPCR targets.

Morgan Stanley buys 12,40,000 shares of Orbit Corporation

Morgan Stanley Asia Singapore PTE has bought 12,40,000 shares of Orbit Corporation at a price of Rs 22.25 per share on June 3, 2014. On the same day, IFCI sold 8,00,000 shares of Orbit Corporation at Rs 20.68 on the NSE.

Earlier, IFCI offloaded 3.18 million shares representing 2.79% stake of realty firm for Rs 7.5 crore between May 19 and May 26. While, on May 26, 2014 IFCI sold 735,000 shares of Orbit Corporation at Rs 23.45 on the NSE, on May 23, it sold 1.09 million shares at Rs 25.25 on the NSE.

Orbit Corporation is a leading Mumbai real estate developer focused on luxury real estate development in South Mumbai.

CARE assigns ‘CGR 2’ corporate governance rating to PNB

Credit rating agency, CARE has assigned ‘CGR 2’ corporate governance rating to Punjab National Bank (PNB). The assigned CGR rating reflects the bank’s transparent ownership structure marked by majority ownership with the Government of India (GOI), satisfactory Board processes & performance monitoring by the management.

The rating also factors prudent disclosures to shareholders and depositors and well-defined organisational structure with experienced professionals at both the board level as well as other key positions in the Bank.

The bank posted a fall of 28.69% in its net profit at Rs 806.35 crore for the quarter ended March 31, 2014 as compared to Rs 1130.80 crore for the same quarter in the previous year.  However, total income of the bank increased by 8.18% at Rs 12498.23 crore for quarter under review as compared to Rs 11552.84 crore for the quarter ended March 31, 2013.

Nakoda initiates process of debt restructuring with banks

Nakoda has initiated the process of Corporate Debt Restructuring with the banks. The company has taken this step in view of over-dues of the banks.

Nakoda is engaged in trading of yarn for years since incorporation and established its own texturising plant at Silvassa in the Union Territory of Dadra & Nagar Haveli in February 1986.

Sugar futures trade down on mounting stocks

Sugar futures traded down on NCDEX due to mounting stocks following increased supplies from millers. However, seasonal demand form ice-cream and soft-drink makers, capped the fall in prices in future trade.

The contract for June delivery was trading at Rs 3004.00, down by 0.03% or Rs 1.00 from its previous closing of Rs 3005.00. The open interest of the contract stood at 39160.00 lots.

The contract for July delivery was trading at Rs 2968.00, down by 0.07% or Rs 2.00 from its previous closing of Rs 2970.00. The open interest of the contract stood at 25020.00 lots on NCDEX.

Jeera futures edge lower on ample supply

Jeera futures traded down on NCDEX on account of offloading of positions by speculators following sluggish demand in the spot market against adequate inventories. Further, increased supply from producing region mainly kept pressure on jeera prices at futures trade. The contract for June delivery was trading at Rs 11025.00, down by 0.14% or Rs 15.00 from its previous closing of Rs 11040.00. The open interest of the contract stood at 5307.00 lots. The contract for July delivery was trading at Rs 11150.00, down by 0.04% or Rs 5.00 from its previous closing of Rs 11155.00. The open interest of the contract stood at 4722.00 lots on NCDEX.

Coriander futures decline on profit booking

Coriander futures traded down on NCDEX due to subdued demand in the spot market against higher supplies from producing belts. Moreover, speculators booked profits at existing higher levels mainly pulled down coriander prices at futures trade. The contract for June delivery was trading at Rs 9507.00, down by 0.52% or Rs 50.00 from its previous closing of Rs 9557.00. The open interest of the contract stood at 16020.00 lots. The contract for July delivery was trading at Rs 9859.00, down by 0.41% or Rs 41.00 from its previous closing of Rs 9900.00. The open interest of the contract stood at 31110.00 lots on NCDEX.

NMDC ups iron ore lumps prices by 7% in June

National Mineral Development Corporation (NMDC), a state-run iron ore miner, has increased iron ore lumps prices for the month of June by 7%. Besides, it has also upped the iron ore fine prices for the month under review by 8.6%.

Earlier, state-owned company, after keeping prices unchanged for two months, in the month of May slashed prices of iron ore lumps, considered high grade due to rich iron content, by Rs 200 per tonne in May due to continuing weak demand. In March and April, the company had kept its prices unchanged while it had raised the rates of iron ore fines by Rs 100 per tonne in February.

NMDC is a state-controlled mineral producer of the Government of India. It is fully owned by the Government of India and is under administrative control of the Ministry of Steel.

Glenmark Pharma’s subsidiary opens antibody manufacturing facility in Switzerland

Glenmark Pharmaceuticals’ wholly owned subsidiary, Glenmark Pharmaceuticals S.A (GPSA), has inaugurated new cGMP compliant monoclonal antibody manufacturing facility in La Chaux-de-Fonds, Switzerland. This manufacturing facility supplements Glenmark's existing in-house discovery and development capabilities and will supply material for clinical development. Glenmark Pharma’s Swiss research center, which is an integrated antibody discovery and development unit, has fully developed in-house capabilities and infrastructure for conducting antibody discovery, cell line development, in vitro testing and characterization of antibodies, process development and analytical research. Further, this new facility supplements the research and development capabilities and will facilitate production of clinidal grade material. The facility has been designed for use of single use bioreactor systems and also houses a suite for manufacturing cell banks. The facility is fully compliant with quality, environmental and safety standards for manufacturing clinical trial material. Glenmark’s biologics research center in Switzerland has a robust pipeline of monoclonal antibodies in various stages of development including bio-specific antibodies. The focus for the biologics R&D center is to develop hovel biologic entities for the treatment of pain, inflammatory, oncologic and respiratory conditions. The company currently has 69 employees at its biologic research center.

Welspun Corp’s promoters acquire entire stake held by Mulheim in the company

Welspun Corp’s promoter group entities -- Welspun Infra Developers and Welspun Fintrade -- have acquired the entire equity shareholding held by Mulheim Pipecoatings GmbH (a Co-promoter) in Welspun Corp, constituting 3.124% equity shareholding in Welspun Corp, at a per share price of Rs 85.25 per equity share, by way of a block deal on the designated trading window of the Bombay Stock Exchange (BSE).

Welspun Corp is currently in four businesses viz Line Pipes, Energy, Infrastructure & Steel and enjoys a global leadership position in the first two businesses. It may be recalled that Welspun Corp is already in advanced stages of demerging the parts of its business other than Line Pipes into Welspun Enterprises through a court process.

Tata Motors inks pact with eBay India to sell branded merchandise

Tata Motors has inked pact with e-commerce player eBay India to sell branded merchandise of its sports utility vehicle Tata Safari Storme online. The brand store will showcase merchandise inspired from the SUV brand exclusively for over 2.1 million active eBay consumers in India. Through this pact, eBay India consumers from over 4,306 cities, towns and villages in the country will now be able to access exclusive Tata Safari Storme merchandise, from clothing to travel and camping gear. The Safari Storme online store will sell branded products, including leather key-chains, trekking bags, t-shirts, camping Swiss knives, magnetic compass and other gear. 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.

BPCL to open office in Singapore to participate in crude oil trading

In a bid to expand its global reach and participate in crude oil trading, Bharat Petroleum Corporation (BPCL) is planning to open an office in Singapore. The Singapore office will also help the company trade in energy derivatives, international financing and other joint ventures that the company may plan in the future. Moreover, the trading desk at Singapore would allow the company to enhance its information gathering on crude oil and ensure flexibility. BPCL is into exploration, production and retailing of petroleum and petrol related products. The retail business unit of BPCL is into marketing of petrol, diesel and kerosene.

BF Utilities set to raise Rs 500 crore via equity route

BF Utilities is set to raise Rs 500 crore through the equity route. The company is looking to raise the amount to fund the completion of the first phase of the expressway, which has been in the works for nearly past two decades due to scores of land acquisition problems. In addition to completion of the 12 kilometres of the expressway under the first phase, the company is also expected to deploy the fresh resources to start the development of the township along the expressway, as and when the Courts clear the compensation play to land holders. BF Utilities is engaged in power generation through wind mill technology. The company was set up to satiate the power requirements of the Kalyani Group companies, which have business interests in areas of steel making, forging, machining, etc.

Physical rubber prices ruled flat on Tuesday

Physical rubber prices ruled flat on Tuesday following the news that above 30,000 tonnes of rubber had been imported during May. Spot prices for RSS-4 and RSS-5 variety closed unchanged at Rs 145/ kg and Rs 143/ kg respectively. In the futures market, contract of June delivery inched up to Rs 144.01 compared to its previous close of Rs 143.96, while July delivery closed at Rs 142.77 compared to its previous closing of Rs 142.17 on the National Multi Commodity Exchange (NMCE).

Jet Airways receives ‘On Time Airline -- Domestic’ award

Jet Airways, India’s premier international airline, wins ‘On Time Airline -- Domestic’ award, at BIAL Pinnacle Awards 2014 held in Bengaluru. The Pinnacle Awards 2014, instituted by Bangalore International Airport (BIAL), is based on a structured selection process, that seeks to acknowledge and reward performance excellence amongst the various airport stakeholders. 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.

Wipro unveils Demand Management Rapid-Deployment Solution for SAP HANA

Wipro, a leading Global Information Technology, Consulting and Outsourcing company and an SAP global services partner, has unveiled its Demand Management rapid-deployment solution (RDS) for the SAP HANA platform, which has been qualified by SAP. The solution combines SAP software and content with services from Wipro for a pre-configured solution to reduce risks and help clients achieve benefits quickly and affordably. Wipro’s Demand Management solution can be deployed rapidly to help customers get up and running quickly with SAP HANA. Wipro is a leading provider of analytics and information management solutions - enabling customers to derive actionable business insights from data to drive growth, enhance cost management and strengthen risk management.

Biocon's arm expands tie-up with Bristol-Myers

Bristol-Myers Squibb, the NYSE listed global pharma major and Syngene International, the contract research subsidiary of India’s largest publicly held biotechnology company Biocon, have expanded their drug discovery and development collaboration in India for five more years. Since 2007, Bristol-Myers Squibb has been working with Syngene and its corporate parent, Biocon, to develop integrated capabilities in medicinal and process chemistry, biology, biotechnology, biomarkers, drug metabolism and pharmacokinetics, analytical research, and pharmaceutical development at the Biocon Bristol-Myers Squibb Research Center (BBRC) in Bangalore. The US-India collaboration has produced six drug candidates for further study and also helped Bristol-Myers Squibb reduce the time and costs associated with advancing new compounds to first-in-human studies. One drug candidate currently in clinical trials was discovered at BBRC and early nonclinical development work done at BBRC has enabled most of Bristol-Myers Squibb’s small molecule assets to advance to later stages of development over the last five years. Biocon is India’s largest and Asia's leading biotechnology company with a strategic focus on biopharmaceuticals and research services. It is a fully integrated, innovation-driven biopharma enterprise offering affordable solutions for chronic diseases to patient's worldwide.

Fire breaks out at RIL’s Poly Butadiene Rubber plant in Vadodara

A minor fire broke out at Reliance Industries (RIL) finishing line of Poly Butadiene Rubber plant in Vadodara. The fire was expeditiously brought under control by the fire fighters at the plant.

No one has been injured in the incident. The cause of fire is being investigated. Alternate finishing line is taken into production and hence there will be no impact on production. All other units are functioning normally.

Reliance Industries, is a Fortune Global 500 company and is the largest private sector company in India. Its activities span exploration and production of oil and gas, petroleum refining and marketing, petrochemicals (polyester, fibre intermediates, plastics and chemicals), textiles, retail, infotel and special economic zones.

ABB India plans to collaborate with universities in India

In a bid to develop cost efficient manufacturing solutions, ABB India is planning to tie up with universities in India. The company spends over $ one billion each year globally on research and development. The objective of the research is to look for new materials and manufacturing techniques which will cut down the dependence on imports and reduce overall costs. Further, the company is planning to cut down its import bill, which is currently pegged at 30-32 per cent of its expenditure, by carrying out an indigenisation programme. The programme does not just cover local sourcing or local manufacturing; it also looks at the design aspect of the products. ABB is a leader in power and automation technologies that enable utility and industry customers to improve their performance while lowering environmental impact. The ABB Group of companies operates in around 100 countries and employs more than 150,000 people.

Bharti Airtel to sell over 15,000 towers in Africa: Report

In a bid to reduce debt, Bharti Airtel is reportedly planning to sell over 15,000 towers in Africa for about $2-3 billion. In this regard, the company has shortlisted four companies for the sale including Helios Towers Africa, American Tower Corporation and Eaton Towers. The net debt of the company at the end of March 31, 2014 stood at Rs 60,541.6 crore. The company has also been raising money through foreign currency bonds in order to reduce debt. In May, it raised around $2 billion in a dual currency international bond sale. Airtel had entered the African market in 2010 after acquiring Zain Telecom for about $10.7 billion. The company now offers services in 17 African countries but is yet to turn profitable. Bharti Airtel is a leading integrated telecommunications company with operations in 20 countries across Asia and Africa. The company ranks amongst the top 5 mobile service providers globally in terms of subscribers.

Titan Company surges as its arm Tanishq plans to open 30 new stores in FY15

Titan Company is currently trading at Rs 327.05, up by 7.15 points or 2.24% from its previous closing of Rs 319.90 on the BSE. The scrip opened at Rs 322.00 and has touched a high and low of Rs 328.40 and Rs 322.00 respectively. So far 84221 shares were traded on the counter. The BSE group 'A' stock of face value Rs 1 has touched a 52 week high of Rs 347.65 on 22-May-2014 and a 52 week low of Rs 200.00 on 13-Jun-2013. Last one week high and low of the scrip stood at Rs 324.95 and Rs. 309.25 respectively. The current market cap of the company is Rs 28400.28 crore. The promoters holding in the company stood at 53.05% while Institutions and Non-Institutions held 24.10% and 22.84% respectively. Titan Company’s jewellery retail chain arm -- Tanishq -- is all set to spend heavily on expansion with 30 new stores in the offing during the year 2014-15. These stores will be company owned and on franchise model. Moreover, the company is expecting 15% growth in turnover for this fiscal. Currently, Tanishq has around 5% market share in the organised jewellery market of India. Titan Company is an Indian designer and manufacturer of watches, jewellery, precision engineering components and other accessories including sunglasses, wallets, bags and belts.

FIIs were net buyers of Rs 299.71 crore in index futures and options segments on June 3

According to the data released by the NSE, the Foreign Institutional Investors (FIIs) were net buyers of Rs 299.71 crore in index futures and options segments, as per Tuesday’s data, June 3, 2014. FIIs were sellers of index futures to the tune of Rs 132.47 crore and they bought index options worth Rs 432.18 crore. In the stock segment, FII’s were net buyers of stock futures worth Rs 543.58 crore, while they sold stock options worth Rs 4.08 crore.

Muthoot Finance plans to install 1,000 ATMs this year

Muthoot Finance has launched 37th ATM at its Lingarajpuram branch in Bangalore. Moreover, the company which has bagged white label ATM licence from the RBI is planning to install 1,000 ATMs this year.

Further, the company is planning to install 100 ATMs each in Karnataka and Tamil Nadu by the end of this financial year.

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.

Siemens’ arm to operate in the business of metallurgical industry

Siemens’ arm - Siemens AG, Germany has entered into an agreement with Mitsubishi-Hitachi Metals Machinery, Inc., and Mitsubishi Heavy Industries for setting up a joint venture (JV) to operate in the business of metallurgical industry as a complete provider of plant, products and services for the iron, steel and aluminium industry. Pursuant to this, the board of directors at its meeting held on June 03, 2014, has agreed in principle to transfer the Metals Technologies business of the company to a designated entity subject to such terms and conditions as may be decided later on. Siemens is the flagship listed company of Siemens AG in India and is a major player in the electronics and electrical engineering business. Germany’s Siemens AG holds a 75 per cent stake in the company.

RIL’s arm inks tower sharing agreement with Ascend Telecom Infrastructure

Reliance Industries’ telecom arm - Reliance Jio Infocomm (RJIL) has signed a tower sharing agreement with Ascend Telecom Infrastructure. Under the agreement, RJIL will utilize the pan-India tower infrastructure of Ascend to launch its 4G services, ensuring a faster and more efficient rollout to its customers.  Ascend is one of the leading innovators in the wireless infrastructure space, and has a portfolio of more than 4,500 towers across India. The company has successfully deployed innovative and efficient solutions with reduce provider’ operating costs and carbon footprints. It is at the forefront of leveraging technology to manage infrastructure efficiently. Ascend is backed by New Silk Route Growth Capital, IL&FS and the TVS Group.

RIL gains as arm inks tower sharing agreement with Ascend Telecom Infrastructure

Reliance Industries is currently trading at Rs. 1096.40, up by 1.65 points or 0.15% from its previous closing of Rs. 1094.75 on the BSE. The scrip opened at Rs. 1096.00 and has touched a high and low of Rs. 1099.00 and Rs. 1087.00 respectively. So far 19,000 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1142.50 on 16-May-2014 and a 52 week low of Rs. 765.00 on 28-Aug-2013. Last one week high and low of the scrip stood at Rs. 1101.90 and Rs. 1062.00 respectively. The current market cap of the company is Rs. 3,55,257.00 crore. The promoters holding in the company stood at 45.30% while Institutions and Non-Institutions held 29.86% and 21.41% respectively. Reliance Industries’ telecom arm - Reliance Jio Infocomm (RJIL) has signed a tower sharing agreement with Ascend Telecom Infrastructure. Under the agreement, RJIL will utilize the pan-India tower infrastructure of Ascend to launch its 4G services, ensuring a faster and more efficient rollout to its customers. Ascend is one of the leading innovators in the wireless infrastructure space, and has a portfolio of more than 4,500 towers across India. The company has successfully deployed innovative and efficient solutions with reduce provider’ operating costs and carbon footprints. It is at the forefront of leveraging technology to manage infrastructure efficiently. Ascend is backed by New Silk Route Growth Capital, IL&FS and the TVS Group.