Credit rating agency, CRISIL has assigned ‘FAA-/Stable’ rating to Gabriel India’s fixed deposit programme and reaffirmed the rating on the company’s long-term bank facilities at ‘A+/Stable’. Moreover, the ratings on the company’s short-term bank facilities and commercial paper have been reaffirmed at ‘A1’.
The ratings continue to reflect the company’s healthy market position in the suspension components segment, supported by a diverse customer and segment base, healthy technical capabilities and improving financial risk profile. These rating strengths are partially offset by the moderate susceptibility of the company's operating profitability to pricing pressures from its peers and automotive original equipment manufacturers (OEMs).
Gabriel India has the widest range of Ride Control Products in India and enjoys a leadership position in the market. It has strong presence as a producer and supplier of high quality Ride Control Products for the Indian Automotive Industry participating in all segments i.e. Passenger Cars, Utility Vehicles, Commercial Vehicles and Two Wheelers.
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Thursday, 5 June 2014
CRISIL assigns ‘FAA-/Stable’ rating to Gabriel India’s FD programme
Modi, Obama may hold bilateral meet in US
Narendra Modi and Barack Obama may hold their first bilateral meeting in September | |
RBI to conduct 28-day special term repo auction tomorrow
The auction will be conducted as per the revised guidelines issued on February 13, 2014 | |
General insurers total premium rises 6% in April
The private players closed last month with a total premium of Rs. 3,818.93 crore | |
J&K Bank to raise up-to Rs 600 crore by selling entire 5% stake in PNB MetLife
Jammu & Kashmir (J&K) Bank, Kashmir-based state-owned bank, is planning to raise Rs 500-600 crore by selling its remaining 5% stake in PNB MetLife. This stake sale is expected to be completed by December.
The bank has already reduced its equity in MetLife from 11% to 5% and by selling this remaining stake it would be completely exiting from life insurance venture. J&K Bank is a corporate agent of Metlife India. It sells life insurance products through its branches network
Jammu & Kashmir Bank is the only state government owned bank in the country with the Government of J&K (GoJK) holding around 53% shareholding in the bank. JKB holds a monopolistic position in the state of J&K constituting majority of the credit and deposits in the state.
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Tata Power rises on commencing India’s first Natural Ester filled distribution transformer in Mumbai
Tata Power Company is currently trading at Rs 108.45, up by 2.60 points or 2.46% from its previous closing of Rs 105.85 on the BSE.
The scrip opened at Rs 105.50 and has touched a high and low of Rs 108.95 and Rs. 103.20 respectively. So far 1546872 shares were traded on the counter.
The BSE group 'A' stock of face value Rs 1 has touched a 52 week high of Rs 109.45 on 26-May-2014 and a 52 week low of Rs 65.86 on 06-Aug-2013.
Last one week high and low of the scrip stood at Rs 107.10 and Rs 100.10 respectively. The current market cap of the company is Rs 28709.60 crore.
The promoters holding in the company stood at 33.04% while Institutions and Non-Institutions held 48.22% and 18.57% respectively.
Tata Power, India’s largest integrated company, has commissioned India’s first Natural Ester filled distribution transformer in Mumbai. The company has introduced Natural Ester filled distribution transformers across the Mumbai distribution area. The objective of introducing these green and fire safe installations is to ensure safe and sustainable distribution of electricity.
A pioneer in providing reliable and uninterrupted power to the city of Mumbai, Tata Power caters to over 500,000 residential, commercial and industrial customers. The company is committed to implementing innovative technology in its day to day operations and has taken a significant step with the introduction of Natural Ester filled distribution transformers.
The Natural Esters fluids have a high fire point (350 degree Celsius) and eliminate any risk of pool fires in the electrical installation as they are self-extinguishing. In comparison to the conventional mineral oil filled distribution transformers, this fluid provides improved fire safety for the densely populated areas within Tata Power’s service area. The fluid is made from a carbon neutral renewable resource, is biodegradable, non-toxic and non-hazardous in soil and water.
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ING to launch IPO for Dutch insurance major NN Group
Today ING announced the intention to proceed with the Initial Public Offering and listing on Euronext Amsterdam of NN Group | |
Barnacle LLC sells 84 lakh shares of Marksans Pharma
Barnacle LLC has sold 84 lakh shares of Marksans Pharma through the open market route. The shares were sold on an average price of Rs 20.36 valuing the transaction to Rs 17.10 crore.
Marksans Pharma is engaged in production of prescription drugs, caters in areas like oncology, gastroenterology, antidiabetic, cardiovascular, pain management, gynaecology and others.
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Piramal Enterprises buys 9.99% stake in Shriram City Union
The acquisition, by way of a preferential allotment of shares by Shriram City Union, was at a price of Rs. 1,200/- per equity share | ||||
Canara Bank trades higher on the bourses
Canara Bank is currently trading at Rs. 458.30, up by 7.65 points or 1.70% from its previous closing of Rs. 450.65 on the BSE.
The scrip opened at Rs. 453.95 and has touched a high and low of Rs. 462.05 and Rs. 449.20 respectively. So far 269193 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. 462.05 and Rs. 412.00 respectively. The current market cap of the company is Rs. 21137.19 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 upgrade at least 600 branches to 5-star category to meet international standards. These new branches will offer the customers all the banking products under one roof and provide greater access to a wide range of services. As part of this plan, the bank had recently opened two branches in Bangalore and Tumkur.
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.
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Prime Minister meets secretaries to outline policy priorities
Prime Minister Narandera Modi met the Secretaries of all government departments to outline his agenda of governance and his expectations from them. Prime Minister asked secretaries to prepare the future agenda of the departments and directly get in touch with him to resolve issues and expedite decision-making. Prime Minister has asserted that Government’s priority is to revamp the economy and asked the officials to prepare presentations on the contributions their Ministries can make for the revival.
With a view of giving the bureaucracy a greater role in decision-making, Narendra Modi held a three-hour-long marathon meeting with Secretaries without ministers. Building confidence in the bureaucracy is a top priority for the Government as it can play a key role in implementing the policies of the ruling government, he added. Meanwhile, many Ministers had already offered a free hand to the bureaucrats.
Prime Minister had already told ministers to prepare a detailed action plan for the first 100 days in office and resolve all issues left pending by the previous government on a priority basis. Prime Minister’s latest agenda for good governance highlighted 10-point framework include build up confidence in bureaucracy, give priority to education, health, water and power, mechanism for inter-ministerial issues, addressing concerns about economy, stability and sustainability in government policy, give bureaucrats independence to work without pressure, transparency in governance, infrastructure development, implement policy in time bound manner and people orientated system for better addressing people’s problems.
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Bharti Airtel rings loud on the buzz of plan to sell over 15,000 towers in Africa
Bharti Airtel is currently trading at Rs. 358.10, up by 4.65 points or 1.32% from its previous closing of Rs. 353.45 on the BSE.
The scrip opened at Rs. 355.00 and has touched a high and low of Rs. 359.70 and Rs. 351.50 respectively. So far 214992 shares were traded on the counter.
The BSE group 'A ' stock of face value Rs. 5 has touched a 52 week high of Rs. 373.50 on 01-Nov-2013 and a 52 week low of Rs. 274.50 on 11-Jun-2013.
Last one week high and low of the scrip stood at Rs. 366.25 and Rs. 335.50 respectively. The current market cap of the company is Rs. 142087.59 crore.
The promoters holding in the company stood at 65.32% while Institutions and Non-Institutions held 24.17% and 10.51% respectively.
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.
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Canara Bank plans to upgrade 600 branches to 5-star category
Canara Bank, a leading nationalized bank, is planning to upgrade at least 600 branches to 5-star category to meet international standards. These new branches will offer the customers all the banking products under one roof and provide greater access to a wide range of services. As part of this plan, the bank had recently opened two branches in Bangalore and Tumkur.
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.
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JSW Steel trades higher on the bourses
JSW Steel is currently trading at Rs. 1290.75, up by 17.00 points or 1.33% from its previous closing of Rs. 1273.75 on the BSE.
The scrip opened at Rs. 1278.00 and has touched a high and low of Rs. 1304.65 and Rs. 1262.20 respectively. So far 65279 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1304.65 on 05-June-2014 and a 52 week low of Rs. 451.50 on 19-Aug-2013.
Last one week high and low of the scrip stood at Rs. 1304.65 and Rs. 1203.05 respectively. The current market cap of the company is Rs. 31316.30 crore.
The promoters holding in the company stood at 38.45% while Institutions and Non-Institutions held 23.29% and 38.27% respectively.
JSW Steel, India’s leading steel manufacturer has won the prestigious Prime Minister’s Trophy for excellence in performance for the year 2012-13. The trophy will be awarded to the company’s Vijayanagar plant, situated in Karnataka, for being the best integrated steel plant in the country based on overall performance and different parameters. JSW Steel’s Vijayanagar facility is the first integrated steel plant in the country to produce 10 million tonnes of steel from a single location.
The evaluation for the award is done by a panel of judges comprising technologists, economists, consumers of steel and workers’ representatives on a set of criteria covering operational, financial, market, export, quality, customer satisfaction, environment and human resource related parameters.
JSW Steel is part of the JSW group which, in turn, is a part of the O P Jindal group. JSW Steel is one of the largest steel manufacturing companies in India having units in Karnataka and Maharashtra producing crude steel, long steel and flat steel products.
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KSS’ arm inaugurates Miniplex at Ramnagar
K Sera Sera Miniplex, subsidiary of KSS has inaugurated its Miniplex at Aasthan Radheyshyam Arcade, Ramnagar in Nainital on June 06, 2014 with 2 Audis. The theatre will also be used to conduct virtual E-education classes in the non-movie hours.
Recently, K Sera Sera Miniplex, inaugurated its Mahad Miniplex at 'Govind Garden' 103/1B, Plot No. 4, NH 17, Mahad, Dist. Raigad, on May 09, 2014 with 2 Audis.
KSS (formerly K Sera Sera) is a content production house that brings together a unique combination of film financing, production and distribution. The company has a net worth of more than Rs 240 crore and is listed on the NSE, BSE & Luxemburg Stock Exchange.
Deepak Fertilisers moves up on the bourses
Deepak Fertilisers & Petrochemicals Corporation is currently trading at Rs. 151.50, up by 0.30 points or 0.20% from its previous closing of Rs. 151.20 on the BSE.
The scrip opened at Rs. 153.00 and has touched a high and low of Rs. 154.80 and Rs. 150.00 respectively. So far 54045 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 160.00 on 29-May-2014 and a 52 week low of Rs. 81.20 on 01-Aug-2013.
Last one week high and low of the scrip stood at Rs. 160.00 and Rs. 144.50 respectively. The current market cap of the company is Rs. 1336.75 crore.
The promoters holding in the company stood at 45.46% while Institutions and Non-Institutions held 17.33% and 37.20% respectively.
Fertiliser Ministry wants to divert share of natural gas that was earlier supplied to Deepak Fertilizer to state-owned National Fertilizer (NFL) for manufacturing urea. In the month of May, Petroleum ministry acting on a request from the Department of Fertilizers (DoF) had stopped supply of 0.75 million standard cubic meters per day of domestic gas being supplied to Deepak Fertilisers on allegations that the private firm was using the cheaper fuel to manufacture market price crop nutrients and not subsidized urea. It asked to stop domestic gas to Deepak Fertilisers, as it manufactures nitrogen phosphorus and potassium (NPK) fertilisers, which have been decontrolled and falls Nutrient Based Subsidy (NBS) scheme.
The department noted that the NFL requires at least 2.8 mmscmd of gas for its three units at Nangal, Panipat and Bhatinda which have been shifted from using fuel oil to gas. Also, its Vijaipur plant needs 0.4-0.7 mmscmd of gas, which currently is being made up by buying costlier imported LNG.
Last year, NFL had converted its three urea manufacturing units one each at Panipat, Nangal and Bathinda to use gas as feedstock from fuel oil with an approximate cost of Rs 4,000 crore.
Deepak Fertilisers & Petrochemicals is one of the leading manufacturers of industrial chemicals and fertilisers in India. The company operates in three business segments- chemicals, fertilisers and real estate.
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ICICI Bank launches official application for Windows Phone
ICICI Bank, India’s largest private sector bank, has launched a new mobile application for its window phone customers. iMobile for Windows Phone is a rich experience for those who hold an account with ICICI Bank from viewing details of configured savings to checking out credit cards and loan accounts. This official app allows user to enjoy a variety of mobile banking features and functionality on the smartphone.
ICICI Bank is India's largest private sector bank and the second largest bank in the country with consolidated total assets of $124.76 billion at March 31, 2014. ICICI Bank's subsidiaries include India's leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Bank's presence currently spans 19 countries, including India.
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JSW Steel wins Prime Minister’s Trophy for excellence in performance
JSW Steel, India’s leading steel manufacturer has won the prestigious Prime Minister’s Trophy for excellence in performance for the year 2012-13. The trophy will be awarded to the company’s Vijayanagar plant, situated in Karnataka, for being the best integrated steel plant in the country based on overall performance and different parameters. JSW Steel’s Vijayanagar facility is the first integrated steel plant in the country to produce 10 million tonnes of steel from a single location.
The evaluation for the award is done by a panel of judges comprising technologists, economists, consumers of steel and workers’ representatives on a set of criteria covering operational, financial, market, export, quality, customer satisfaction, environment and human resource related parameters.
JSW Steel is part of the JSW group which, in turn, is a part of the O P Jindal group. JSW Steel is one of the largest steel manufacturing companies in India having units in Karnataka and Maharashtra producing crude steel, long steel and flat steel products.
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Copper futures edge lower on weak demand
Copper futures traded down on MCX as investors and speculators stayed cautious over booking fresh positions in the industrial metal after services activity in China grew at a weaker pace last month, signaling a slowdown in the world’s second biggest economy, dimming the demand outlook for industrial metals.
The contract for June delivery was trading at Rs 406.10, down by 0.09% or Rs 0.35 from its previous closing of Rs 406.45. The open interest of the contract stood at 21437.00 lots.
The contract for August delivery was trading at Rs 409.05, down by 0.17% or Rs 0.70 from its previous closing of Rs 409.75. The open interest of the contract stood at 904.00 lots on MCX.
Potato futures move lower on weak spot trend
| Potato futures moved lower on MCX as speculators offloaded positions on weak trend in spot markets. Furthermore, subdued demand in the domestic markets against higher stocks following easy availability of the commodity in the market also impacted the trading sentiments. The contract for June delivery was trading at Rs 1327.50, down by 0.20% or Rs 2.70 from its previous closing of Rs 1330.20. The open interest of the contract stood at 1434.00 lots. The contract for July delivery was trading at Rs 1364.50, down by 0.21% or Rs 2.90 from its previous closing of Rs 1367.40. The open interest of the contract stood at 1495.00 lots on MCX. |
Soyabean futures display mixed trend on NCDEX
Soyabean futures showed a mixed trend on NCDEX. The near term contracts rose on the expectations of rise in domestic as well as export demand, while July contracts declined due to ample stocks availability in the physical market on account of higher supply from the producing belts.
The contract for June delivery was trading at Rs 4426.00, up by 0.11% or Rs 5.00 from its previous closing of Rs 4421.00. The open interest of the contract stood at 92400 lots.
The contract for July delivery was trading at Rs 4297.00, down by 0.56% or Rs 24.00 from its previous closing of Rs 4321.00. The open interest of the contract stood at 105180 lots on NCDEX.
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Cotton futures trade up on tight supply
Cotton futures traded up on MCX on account of good demand from the spinning sector and enquiries from the exporters. Further, tight supplies of raw cotton supported the prices to move higher in the futures trade.
The contract for June delivery was trading at Rs 19470.00, up by 0.15% or Rs 30.00 from its previous closing of Rs 19440.00. The open interest of the contract stood at 5808.00 lots.
The contract for July delivery was trading at Rs 19700.00, up by 0.15% or Rs 30.00 from its previous closing of Rs 19670.00. The open interest of the contract stood at 2483.00 lots on MCX.
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ICRA assigns ‘A1+’ rating to certificate of deposit programme of Canara Bank
Credit rating agency, ICRA has assigned the ‘A1+’ rating to the Rs 50,000 crore certificate of deposit programme of Canara Bank. The rating agency has an ‘AAA’ rating with a Stable Outlook on the Rs 4,075 crore Lower Tier-II bonds programmes of Canara Bank. Further, the rating agency has the ‘AAA (hyb)’ rating with a stable outlook to the Rs 2500 crore Basel-III compliant Tier-II bond programme of the Bank.
The rating factors in the majority Government of India (GOI) shareholding, which provides a strong likelihood of sovereign support to the bank; coupled with the bank’s systemic importance, its established franchise, healthy business growth and adequate capitalisation profile.
Canara Bank 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 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.
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Shiva Cement’s dispatch increases by 26.8% in April-May 2014
Shiva Cement’s dispatch of cement and clinker during the period April-May 2014 has registered a growth of 26.8% as compared to April-May 2013. Earlier, the company’s dispatch of cement and clinker in the month of April 2014 registered a growth of 15.5% compared to April 2013.
Shiva Cement is engaged in manufacturing of cement and allied products. Its plants are located at Kalunga and Sundargarh in Orissa. The company has a combined installed capacity of 177,000 tonnes per annum.
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Idea Cellular rings loud on plan to raise Rs 3,750 crore via QIP issue
Idea Cellular is currently trading at Rs. 136.50, up by 0.70 points or 0.52% from its previous closing of Rs. 135.80 on the BSE.
The scrip opened at Rs. 136.50 and has touched a high and low of Rs. 137.70 and Rs. 135.50 respectively. So far 360029 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 188.35 on 15-Oct-2013 and a 52 week low of Rs. 124.40 on 10-Jun-2013.
Last one week high and low of the scrip stood at Rs. 142.40 and Rs. 132.55 respectively. The current market cap of the company is Rs. 45484.88 crore.
The promoters holding in the company stood at 45.81% while Institutions and Non-Institutions held 21.92% and 32.27% respectively.
In a bid to beef up finances ahead of what could be another bruising round of spectrum auctions later this year, Idea Cellular is all set to raise Rs 3,750 crore by selling its shares to institutions for Rs 135 to Rs 140 apiece.
Moreover, the company had been conducting road-shows overseas in places such as Kuala Lumpur and Singapore to gauge investor interest. It has appointed Bank of America Merrill Lynch, Morgan Stanley, JP Morgan, Citi Bank and Axis Capital to manage the issue.
The company’s board approved a plan in August 2013 to issue shares to raise Rs 3,000 crore through a QIP. The board had also cleared a preferential issue of shares worth Rs 750 crore to Malaysia's Axiata Group Berhad.
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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Idea Cellular to raise Rs 3,750 crore via QIP issue
In a bid to beef up finances ahead of what could be another bruising round of spectrum auctions later this year, Idea Cellular is all set to raise Rs 3,750 crore by selling its shares to institutions for Rs 135 to Rs 140 apiece.
Moreover, the company had been conducting road-shows overseas in places such as Kuala Lumpur and Singapore to gauge investor interest. It has appointed Bank of America Merrill Lynch, Morgan Stanley, JP Morgan, Citi Bank and Axis Capital to manage the issue.
The company’s board approved a plan in August 2013 to issue shares to raise Rs 3,000 crore through a QIP. The board had also cleared a preferential issue of shares worth Rs 750 crore to Malaysia's Axiata Group Berhad.
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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IL&FS Transportation hikes its equity stake in Srinagar Sonmarg Tunnel way
IL&FS Transportation Networks has increased its equity stake from 14.5% to 49% in the capital of Srinagar Sonmarg Tunnel way (SSTW). SSTW is a company promoted by SOMA Enterprise (SOMA), and the Company to undertake the Construction, Operation and Maintenance of Z-Morh Tunnel including approaches on National Highway No 1 (Srinagar - Sonmarg - Gumri Road) in the State of Jammu & Kashmir on Design, Build, Finance, Operate and Transfer (DBFOT) Annuity Basis.
IL&FS Transportation Networks has been involved in the development, operation and maintenance of national and state highways, roads (including urban roads), flyovers and bridges in Andhra Pradesh, Delhi, Gujarat, Maharashtra, Karnataka, Uttar Pradesh, Kerala, Jharkhand and Rajasthan.
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Suzlon wins 100.8 MW repeat order from ReNew Wind Power Ventures
Suzlon Group, the world’s fifth largest wind turbine manufacturer has been awarded a 100.8 MW order by ReNew Wind Power, India’s leading IPP in the wind energy sector. The project is scheduled for execution at the Bhesada wind Site, Jaisalmer district in state of Rajasthan. As per the agreement, the group will not only supply 48 units of its robust S97-120 m WTG’s but will also oversee operations, maintenance and service of the wind site over the contracted period.
The S97-120 WTG’s is set to change the dynamics of the wind energy business. This is Suzlon’s maiden order for its new towers that is specially designed with a 120 m hub height. The innovative S97- 120m tower design is a combination of Lattice & Tubular structure making it the tallest wind tower in India. The towers are designed to harness the optimal available wind resources and deliver higher energy productivity, which in turn ensures higher ROI to customers.
ReNew Wind Power projects in Gujarat & Maharashtra are powered by Suzlon turbines. ReNew Wind Power currently deploys Suzlon WTG’s for 100+ MW at their wind farms in Gujarat & Maharashtra and- this will be the 3rd successful order placed with Suzlon Group. This repeat order demonstrates, the confidence customers have with the company’s products and service capabilities.
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Polaris Financial gains on being selected by Swedish Central Bank for implementing QCMS
Polaris Financial Technology is currently trading at Rs. 206.85, up by 0.80 points or 0.39 % from its previous closing of Rs. 206.05 on the BSE.
The scrip opened at Rs. 206.55 and has touched a high and low of Rs. 209.00 and Rs. 205.55 respectively. So far 37775 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 5 has touched a 52 week high of Rs. 223.70 on 27-May-2014 and a 52 week low of Rs. 97.35 on 31-Jul-2013.
Last one week high and low of the scrip stood at Rs. 219.80 and Rs. 202.80 respectively. The current market cap of the company is Rs. 2056.60 crore.
The promoters holding in the company stood at 29.13 % while Institutions and Non-Institutions held 30.91 % and 39.97 % respectively.
Sweden's central bank, Sveriges Riksbank, the oldest central bank in the world, has chosen Polaris Financial Technology to implement its Intellect Quantum Collateral Management System (QCMS). The Collateral Management System is part of Patois' Intellect Quantum Banking suite of Central Bank Solutions -- the world's first integrated money and securities solution for Central banks. The Collateral Management System will support Riksbank's services for Swedish payments system, open market operations, bank credit operations and agency central bank arrangements.
Polaris is a full-spectrum Financial Technology major, using technology as an enabler to drive unprecedented operational productivity in Retail, Corporate and Investment Banking. Polaris services over 200 banks across the world, including 9 of the top 10 banks, with a comprehensive suite of products, services and consulting offerings.
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Axis Bank opens new branch in J&K
Axis Bank, India’s third largest private Bank, has opened a new branch in Munwarabad, Srinagar in Jammu and Kashmir (J&K). With the opening of this branch, the bank has now 26 branches in state. Further, the bank is also planning to establish more branches, and cover each and every part of the state.
The bank has reported a rise of 18.47% in its net profit after tax at Rs 1842.32 crore for the quarter ended March 31, 2014 as compared to Rs 1555.15 crore for the same quarter in the previous year. Total income of the bank has increased by 12.41% at Rs 10178.63 crore for quarter under review as compared to Rs 9054.72 crore for the quarter ended March 31, 2013.
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Swedish Central Bank selects Polaris Financial Technology to implement its Intellect Quantum Solution
Sweden's central bank, Sveriges Riksbank, the oldest central bank in the world, has chosen Polaris Financial Technology to implement its Intellect Quantum Collateral Management System (QCMS). The Collateral Management System is part of Patois' Intellect Quantum Banking suite of Central Bank Solutions -- the world's first integrated money and securities solution for Central banks. The Collateral Management System will support Riksbank's services for Swedish payments system, open market operations, bank credit operations and agency central bank arrangements.
Polaris is a full-spectrum Financial Technology major, using technology as an enabler to drive unprecedented operational productivity in Retail, Corporate and Investment Banking. Polaris services over 200 banks across the world, including 9 of the top 10 banks, with a comprehensive suite of products, services and consulting offerings.
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Asian markets trade mostly lower in the early deals on Thursday
All the Asian equity benchmarks barring KLSE Composite are trading lower in the early deals on Thursday, with investors largely refraining from making significant moves ahead of the European Central Bank's rate decision due later in the day. On the regional front, the Japanese stock market declined with investors choosing to tread cautiously ahead of the European Central Bank's rate decision. The yen's recovery too contributed to the market's decline. Among other markets in the Asia-Pacific region, Hong Kong, Shanghai, Singapore, Indonesia, Malaysia and Taiwan are down marginally, while South Korea is trading notably lower.
Shanghai Composite slipped 0.80 points or 0.04% to 2,024.04, Hang Seng dropped by 53.40 points or 0.23% to 23,098.31, Jakarta Composite declined 16.67 points or 0.34% to 4,915.89, Nikkei 225 tumbled by 39.37 points or 0.26% to 15,028.59, Straits Times declined 7.02 points or 0.21% to 3,273.15, Seoul Composite dipped 19.49 points or 0.97% to 1,989.07 and Taiwan Weighted was down by 6.17 points or 9,113.79.
On the flip side, KLSE Composite was up by 2.16 points or 0.12% to 1,867.36.
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Titan Company spurts on manufacturing capacity expansion plans
Titan Company is currently trading at Rs. 321.20, up by 0.95 points or 0.30 % from its previous closing of Rs. 320.25 on the BSE.
The scrip opened at Rs. 321.00 and has touched a high and low of Rs. 324.30 and Rs. 320.45 respectively. So far 41694 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. 328.40 and Rs. 309.25 respectively. The current market cap of the company is Rs. 28533.45 crore.
The promoters holding in the company stood at 53.05 % while Institutions and Non-Institutions held 24.10 % and 22.84 % respectively.
Titan is planning to expand its manufacturing capacity and retail footprint across the country for its entire range of products, including watches, jewellery and prescription eyewear. In this regard, the company will invest over Rs 250 crore this year. Of total, Rs 150 crore will go for capacity expansion and the remaining will be spent on retail expansion.
Last year, the company registered only four per cent top line growth with a drop in sales of watches and jewellery. Besides, the company will also invest nearly Rs 100 crore in expanding Montblanc boutiques.
Titan Company is an Indian designer and manufacturer of watches, jewellery, precision engineering components and other accessories including sunglasses, wallets, bags and belts.
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Copper futures decline on China demand concerns
Copper futures declined on Wednesday on concerns that a Chinese probe into the use of metals for obtaining loans would hurt demand. Further, stronger dollar against a basket of major currencies too added pressure on copper prices.
Copper futures for July delivery settled down 1.4% at $3.093 a pound on the Comex metals division of New York Mercantile Exchange. While, copper on the London Metal Exchange fell 1.2% to $6,785 a metric ton.
Mirc Electronics plans to expand capacity of washing machines category by 30%
Mirc Electronics is planning to expand capacity of washing machines category by 30 per cent at its plant in Roorkee, Uttarakhand. Moreover, the company, which is set to raise about Rs 32 crore from a rights issue, will invest in less penetrated categories as well as in advertising campaigns.
The company had recently brought back its erstwhile tagline of ‘Owners Pride’ in its ad campaigns.
Mirc Electronics sells consumer durables under brand Onida and is engaged in manufacturing and marketing of LCD TV, DVD and home theatres, air conditioner, washing machine, mobile phone, microwave oven and projectors and display products.
Bharat Textiles & Proofing Industries’ workers go on strike
Bharat Textiles & Proofing Industries’ workers have called for a strike in the factory premises of the company with effect from May 12, 2014 on account of demand for increase in wages.
Bharat Textiles & Proofing Industries is the leading manufacturer and exporter of industrial fabric, polyester processed, tarpaulins & tents, canvas fabric, canvas tents, canvas tarpaulin etc.
JK Tyre to expand its export footprint with Mexico’s plant
In a bid to drive volumes in the car segment in overseas markets, JK Tyre & Industries is focusing on expanding its export footprint using its plant in Mexico. The tyre market leader has been pushing after-market sales and exports in an effort to make up for the slowdown in the domestic car market.
The company has added five new export markets last fiscal and it now has a presence in over 100 markets.
Moreover, improved exports, bigger share of after-market sales and significant softening of raw material prices has helped JK turn in its highest ever profit with a 29% increase in net profit to Rs 263 crore in FY13-14.
JK Tyre & Industries is the flagship company under the umbrella of JK Organization. JK Tyre is the pioneer for Steel Radial technology in India. Over the years, the company has expanded and diversified its business portfolio. It has developed into a multi product, multi-location corporate entity.
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Power Grid Corporation strengthens on inking agreement with BSNL for improving connectivity
Power Grid Corporation of India is currently trading at Rs 127.35, up by 3.20 points or 2.58% from its previous closing of Rs 124.15 on the BSE.
The scrip opened at Rs 125.05 and has touched a high and low of Rs 128.60 and Rs. 125.05 respectively. So far 465351 shares were traded on the counter.
The BSE group 'A' stock of face value Rs 10 has touched a 52 week high of Rs 135.00 on 26-May-2014 and a 52 week low of Rs 86.70 on 02-Aug-2013.
Last one week high and low of the scrip stood at Rs 126.55 and Rs 121.00 respectively. The current market cap of the company is Rs. 64950.19 crore.
The promoters holding in the company stood at 57.90% while Institutions and Non-Institutions held 34.63% and 7.47% respectively.
Power Grid Corporation of India (PGCIL) has inked an agreement with state-owned telecom firm BSNL for improving connectivity in the north eastern region including Sikkim. The agreement envisages provisioning of bandwidth on optical fibre laid over the high tension electric transmission network of PGCIL. A total 34 links comprising multiple 10 Gbps capacity telecom circuits will be commissioned within 18 months.
PGCIL is India’s principal electric power transmission company. It owns and operates most of India’s interstate and inter-regional electric power transmission systems with inter-regional power transfer capacity of about 20,800 MW and wheels nearly 45% of total power generated across India.
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Titan to expand manufacturing capacity and retail footprint
Titan is planning to expand its manufacturing capacity and retail footprint across the country for its entire range of products, including watches, jewellery and prescription eyewear. In this regard, the company will invest over Rs 250 crore this year. Of total, Rs 150 crore will go for capacity expansion and the remaining will be spent on retail expansion.
Last year, the company registered only four per cent top line growth with a drop in sales of watches and jewellery. Besides, the company will also invest nearly Rs 100 crore in expanding Montblanc boutiques.
Titan Company is an Indian designer and manufacturer of watches, jewellery, precision engineering components and other accessories including sunglasses, wallets, bags and belts.
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Infosys launches cloud-based version of its CTSM solution
Infosys, a global leader in technology, consulting and outsourcing, has launched a cloud-based version of its Clinical Trial Supply Management (CTSM) solution. The new solution helps life sciences companies enhance efficiency of clinical trial processes by driving greater collaboration between pharmaceutical companies and contract research organizations (CROs).
This solution helps to improve the productivity of the overall drug development process. It also helps ensure the timely and accurate supply of drugs to patients at reduced costs. As a result, enterprises can price products competitively while adhering to the stringent standards required to bring products safely to consumers.
The new cloud-based version of the CTSM solution is an enhancement to the existing on-premise version of the CTSM solution – CTSM Add-On Suite 2.2 by Lodestone – that offers a complete set of tools to manage all aspects of complex clinical trials. This covers demand and supply planning as well as distribution across clinical sites. The on-premise version of the solution has been successfully managing clinical trial processes at a number of large global pharmaceutical companies across the US and Europe.
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Global Offshore sells platform supply vessel ‘M.V. Kailash’
Global Offshore Services has sold its platform supply vessel, M.V. Kailash. Recently, the company’s wholly owned subsidiary - Garware Offshore International Services acquired and immediately sold an Accommodation Barge viz Beau Geste originally taken by them on a bare boat charter in 2009, on a 'no profit no loss basis'.
Earlier, the company’s subsidiary - Global Offshore Services B.V. (GOSBV), based in the Netherlands had taken delivery of a newly built platform supply vessel (PSV), ‘M. V. Makalu’.
Global Offshore Services presently owns and operates a fleet of six anchor handling tugs cum vessels (AHTSV’S) and five platform supply vessels (PSV'S). The company's vessels are working in various markets including India, Europe and Far East.
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UTI Mutual Fund files offer document for Fixed Term Income Fund-Series XX
UTI Mutual Fund has filed offer document with SEBI to launch a Close Ended Income Scheme named as "UTI Fixed Term Income Fund - Series XX". The New Fund Offer price is Rs 10 per unit.
Entry and exit load charges will be nil for the scheme. The scheme offers growth and dividend option and seeks to collect a Minimum Target Amount of Rs 20 crore.
The scheme will be benchmarked against less than 90 days : CRISIL Liquid Fund Index, 90 days to 1095 days: CRISIL Short Term Bond Fund Index and more than 1095 days : CRISIL Composite Bond Fund Index. The minimum application amount is Rs.5,000 & in multiples of 10 under all the options/Plans.
The investment objective of the scheme is to generate returns by investing in a portfolio of fixed income securities maturing on or before the date of maturity of the scheme.
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FIIs were net sellers of Rs 556.19 crore in index futures and options segments on June 4
According to the data released by the NSE, the Foreign Institutional Investors (FIIs) were net sellers of Rs 556.19 crore in index futures and options segments, as per Wednesday’s data, June 4, 2014.
FIIs were sellers of index futures to the tune of Rs 645.32 crore and they bought index options worth Rs 89.14 crore. In the stock segment, FII’s were net buyers of stock futures worth Rs 788.70 crore, while they sold stock options worth Rs 43.72 crore.
Power Grid Corporation inks agreement with BSNL for improving connectivity
Power Grid Corporation of India (PGCIL) has inked an agreement with state-owned telecom firm BSNL for improving connectivity in the north eastern region including Sikkim. The agreement envisages provisioning of bandwidth on optical fibre laid over the high tension electric transmission network of PGCIL. A total 34 links comprising multiple 10 Gbps capacity telecom circuits will be commissioned within 18 months.
PGCIL is India’s principal electric power transmission company. It owns and operates most of India’s interstate and inter-regional electric power transmission systems with inter-regional power transfer capacity of about 20,800 MW and wheels nearly 45% of total power generated across India.
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Tata Power commissions India’s first Natural Ester filled distribution transformer in Mumbai
Tata Power, India’s largest integrated company, has commissioned India’s first Natural Ester filled distribution transformers across the Mumbai distribution area. The company has introduced Natural Ester filled distribution transformers across the Mumbai distribution area. The objective of introducing these green and fire safe installations is to ensure safe and sustainable distribution of electricity.
A pioneer in providing reliable and uninterrupted power to the city of Mumbai, Tata Power caters to over 500,000 residential, commercial and industrial customers. The company is committed to implementing innovative technology in its day to day operations and has taken a significant step with the introduction of Natural Ester filled distribution transformers.
The Natural Esters fluids have a high fire point (350 degree Celsius) and eliminate any risk of pool fires in the electrical installation as they are self-extinguishing. In comparison to the conventional mineral oil filled distribution transformers, this fluid provides improved fire safety for the densely populated areas within Tata Power’s service area. The fluid is made from a carbon neutral renewable resource, is biodegradable, non-toxic and non-hazardous in soil and water.
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Mercator surges as arm enters into agreement to avail facility of $55 million
Mercator is currently trading at Rs. 37.60, up by 1.30 points or 3.58% from its previous closing of Rs. 36.30 on the BSE.
The scrip opened at Rs. 37.30 and has touched a high and low of Rs. 37.80 and Rs. 37.00 respectively. So far 1,06,000 were traded on the counter.
The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 40.00 on 23-May-2014 and a 52 week low of Rs. 9.10 on 06-Aug-2013.
Last one week high and low of the scrip stood at Rs. 37.85 and Rs. 34.00 respectively. The current market cap of the company is Rs. 920.00 crore.
The promoters holding in the company stood at 40.22% while Institutions and Non-Institutions held 16.14% and 43.64% respectively.
Mercator’s step-down overseas subsidiary - Mercator Energy (MEPL), engaged in carrying on the business of oil & gas and allied services of the company, has entered into an agreement on June 04, 2014, to avail a facility of $55 million.
The said facility will be compulsorily converted into equity shares of MEPL in the event of listing of its shares at a pre-determined discount to the listing price. In the event of non-listing of its shares, the facility will be repaid at a pre-determined yield to maturity at the end of 6 years from the first drawdown. This transaction will help MEPL to expand in the oil and gas space.
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.
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