Tata Motors launches the all-new Movus

Tata Motors has launched the all-new Movus UV (Utility Vehicle), a spacious and comfortable family vehicle, with optimum performance, making it a perfect companion for every journey. The all-new Movus is an entry-level UV, which is fuel efficient and easy to maintain, with the lowest running cost. With best-in-segment pick-up and mileage of 15.16 kms/litre, the all-new Movus has a high uptime, with lowest cost of operations and an engine warranty of 3-years or 150,000 kms. The all-new Movus has been specifically designed to satisfy the needs of driveability, maneuverability and fuel efficiency in city travel and long haul journeys. Powered by the acclaimed high performance 2.2L VARICOR engine, the all-new Movus is engineered to deliver optimal performance in both city and highway conditions, with a power of 120 PS and torque of 250 Nm. Fitted with Independent Double Wishbone with coil springs in the front and Parabolic Leaf Spring-type suspension for the rear wheels, the all-new Movus can negotiate uneven surfaces with ease. The vehicle also has a large fuel tank of 65 litres and high load carrying capability. 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.

Gati inks MoU with the Govt. of Uttarakhand: Report

Gati has reportedly signed a Memorandum of Understanding (MoU) with the Govt. of Uttarakhand to construct a Multipurpose Community Centre at Rudraprayag, Uttarakhand. Post the natural calamity, i.e. flash floods in 2013, Gati has taken the initiative to ensure that during and post such events the residents and people around should be equipped with a community centre where they can take shelter and be safe. The multipurpose community centre will be jointly constructed by Gati Ltd and the Government of Uttarakhand. Gati is a leading player in express distribution and logistics and operates through two divisions - Express Distribution & Supply Chain (EDSC) and Coast- to-Coast (C2C) division. It also operates two container yards at Chennai and Port Blair which increases capability and provides for efficient handling of the cargo.

KRBL trades jubilantly on plan to set up a 15 MW solar power plant in Madhya Pradesh

KRBL is currently trading at Rs. 72.35, up by 4.10 points or 6.01% from its previous closing of Rs. 68.25 on the BSE. The scrip opened at Rs. 68.35 and has touched a high and low of Rs. 74.00 and Rs. 67.50 respectively. So far 308853 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 74.00 on 06-June-2014 and a 52 week low of Rs. 19.40 on 31-Jul-2013. Last one week high and low of the scrip stood at Rs. 74.00 and Rs. 66.05 respectively. The current market cap of the company is Rs. 1607.71 crore. The promoters holding in the company stood at 58.65% while Institutions and Non-Institutions held 3.37% and 37.99% respectively. KRBL has decided to set up a 15 MW solar power plant at village Hatipura in Barod tehsil of Agar district in Madhya Pradesh. The supply of power generated by this plant to Madhya Pradesh will start after 18 months from December 2015. MP Power Management Company has entered into Power Purchase Agreement (PPA) with KRBL for supplying 15 MW of power to the state. KRBL manufactures products like rice bran oil, furfural and de-oiled cakes. The husk is utilized to extract furfural and the bran used to produce around 50 tonnes of rice bran. It has a total bran oil capacity of 42 MTPD and furfural of 10 MTPD.

FPIs, NRIs can invest up to 26% in insurance: RBI

Under the new norms, 26% foreign investment including FDI, FII and NRI will be allowed under the automatic route

The Reserve Bank on Thursday said overseas investors, including FPIs and NRIs, can invest up to 26 per cent in insurance and allied activities through the automatic route. "Effective from February 4, 2014, foreign investment by way of FDI, investment by FIIs/FPIs and NRIs up to 26 per cent under automatic route shall be permitted in insurance sector," RBI said in a circular. Under the new norms, 26 per cent foreign investment including FDI, FII and NRI will be allowed under the automatic route in insurance companies, insurance brokers, Third Party Administrators (TPAs), surveyors and loss assessees. The companies bringing in foreign investment will, however, have to obtain necessary licence from the Insurance Regulatory and Development Authority (IRDA) for undertaking prescribed activities.

TVS Motor speeds up on BSE

TVS Motor Company is currently trading at Rs. 133.45, up by 2.70 points or 2.07 % from its previous closing of Rs. 130.75 on the BSE.

The scrip opened at Rs. 132.00 and has touched a high and low of Rs. 133.70 and Rs. 130.60 respectively. So far 59332 shares were traded on the counter.

The BSE group 'B' stock of face value Re. 1 has touched a 52 week high of Rs. 139.80 on 29-May-2014 and a 52 week low of Rs. 28.10 on 31-Jul-2013.

The promoters holding in the company stood at 57.40 % while Institutions and Non-Institutions held 22.16 % and 20.44 % respectively.

Life Insurance of India (LIC) has reduced its stake in TVS Motor Company by selling more than 2% shareholding over a period of around four years. The country’s largest life insurer offloaded 97,12,148 shares, constituting 2.04% stake, through open market transactions.

TVS Motor Company is the flagship of the $6 billion Indian conglomerate, TVS Group which recently celebrated one hundred years in the automotive business in India. The company recently won 'India's Most Trusted Two Wheeler Brand' Award from the Times Group.

RBI hikes CRR for non-scheduled urban co-operative banks

This increase will come into effect from July 12

The Reserve Bank of India on Thursday increased the cash reserve ratio (CRR) for non-scheduled urban co-operative banks (UCBs) by 100 basis points to 4%. (100 bps refers to 1%) This increase will come into effect from July 12. "It has been decided to increase the CRR for non-scheduled primary (urban) cooperative banks by 100 basis points from 3% to 4% of their total demand and time liabilities, on par with scheduled primary (urban) co-operative Banks," the RBI said in a statement.

India PC market declined 20.6% in Q1 2014: Gartner

Dell increased its market share in 1Q14 due to strong growth in notebooks which increased 43 percent year-over-year.

The combined desk-based and mobile PC market in India totalled nearly 1.9 million units in the first quarter of 2014, a 20.6 percent decrease over the first quarter of 2013, according to Gartner, Inc. “Consumers accounted for 47 percent of total PC sales in the first quarter of 2014,” said Vishal Tripathi, principal research analyst at Gartner. ”In the absence of any government orders this quarter, the Indian PC market performed dismally, re-emphasizing the fact that sentiments were not very positive in the first quarter of 2014, and enterprises are deferring their purchases. However, with new government leadership, there is a positive sentiment both among and enterprises and consumers, and we expect markets to bounce back in the next two quarters.” White boxes (including parallel imports), which accounted for 39 percent of the overall desktop market, declined 7 percent in the first quarter of 2014 compared to the same period last year. In the first quarter, mobile PCs declined 32 percent year-on-year due to a lack of government sales. Dell increased its market share in 1Q14 due to strong growth in notebooks which increased 43 percent year-over-year. This growth primarily came from the consumer segment where Dell grew by 44 percent.

KRBL to set up a 15 MW solar power plant in Madhya Pradesh

KRBL has decided to set up a 15 MW solar power plant at village Hatipura in Barod tehsil of Agar district in Madhya Pradesh. The supply of power generated by this plant to Madhya Pradesh will start after 18 months from December 2015. MP Power Management Company has entered into Power Purchase Agreement (PPA) with KRBL for supplying 15 MW of power to the state.

KRBL manufactures products like rice bran oil, furfural and de-oiled cakes. The husk is utilized to extract furfural and the bran used to produce around 50 tonnes of rice bran. It has a total bran oil capacity of 42 MTPD and furfural of 10 MTPD.

Praj Industries trades with traction on the bourses

Praj Industries is currently trading at Rs. 71.80, up by 0.95 points or 1.34% from its previous closing of Rs. 70.85 on the BSE. The scrip opened at Rs. 71.80 and has touched a high and low of Rs. 73.90 and Rs. 71.40 respectively. So far 1079045 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 79.15 on 05-Jun-2014 and a 52 week low of Rs. 30.00 on 02-Aug-2013. Last one week high and low of the scrip stood at Rs. 79.15 and Rs. 69.60 respectively. The current market cap of the company is Rs. 1280.41 crore. The promoters holding in the company stood at 32.96% while Institutions and Non-Institutions held 13.92% and 53.11% respectively. Ace investor Rakesh Jhunjhunwala along with his wife has offloaded 8% equity stake in biofuel company Praj Industries through block deals on Thursday. While, Rakesh Jhunjhunwala sold 1.22 crore shares, representing 6.87% stake of the company at Rs 75.06 per share, Rekha Jhunjhunwala sold 20 lakh shares at a price Rs 75 per share on the BSE. Meanwhile, HDFC Mutual Fund has bought 1.1 crore equity shares of the company at Rs 75. In the quarter ended March 2014, Rakesh and his wife held 6.99% and 1.46% stake in the company, respectively. Praj Industries is a Process Engineering and Technology Company offering innovative end-to-end solutions for biofuels, brewery, industrial processes and water and wastewater treatment systems.

Asian Paints hikes decorative paint price by 1.2%

Asian Paints has hiked decorative paint price by 1.2%. The company has raised the prices of decorative paints by Rs 6-10 litre per on account of rising input costs. Earlier, the company reported that it had hiked its industrial paint price by up to 4%. Thus, the latest hike marks company’s second price hike across range of products since start of new fiscal. Earlier, the company in the month of May hiked decorative paint prices by 1%. The move came in to offset inflationary pressure on industrial products.

Asian Paints is India’s largest paint company and Asia’s third largest paint company. The company along with its subsidiaries has operations in 20 countries across the world and 28 paint manufacturing facilities, servicing consumers in 65 countries through Berger International, SCIB Paints-Egypt, Asian Paints, Apco Coatings and Taubmans.

Potato futures move higher on increased spot demand

Potato futures moved higher on MCX as speculators enlarged positions amid increased spot demand. Moreover, tight arrivals of the commodity from producing areas and limited stocks position in the physical market also supported the upsurge. The contract for June delivery was trading at Rs 1334.40, up by 0.15% or Rs 2.00 from its previous closing of Rs 1332.40. The open interest of the contract stood at 1396.00 lots. The contract for July delivery was trading at Rs 1375.00, up by 0.18% or Rs 2.50 from its previous closing of Rs 1372.50. The open interest of the contract stood at 1541.00 lots on MCX.

Rupee resumes appreciating streak tracking gains of local equities

Indian rupee, after witnessing consolidation in previous trading session, resumed its appreciating streak and was trading with strength on Friday tracking gains in the local share-market and other Asian currencies. Additionally, euro’s strength also was working in favour of the local unit. However, central bank’s intervention may limit further uptrend of Indian currency. On the global front, euro held steady on Friday after a dramatic rebound from a four-month trough the previous day as investors booked profits after the European Central Bank eased policy in a long-anticipated move.

The partially convertible currency is currently trading at 59.19, stronger by 15 paise from its previous close of 59.34 on Thursday. The currency touched a high and low of 59.22 and 59.18 respectively.  The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 59.29 and for Euro stood at 80.69 on June 5, 2014. While, the RBI’s reference rate for the Yen stood at 57.83, the reference rate for the Great Britain Pound (GBP) stood at 99.3408. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date	1US$	1GBP
June 5, 2014	59.29	99.3408
June 4, 2014	59.33	99.1801

RBI-Reference Rate)

IL&FS Transportation trades in green on the bourses

IL&FS Transportation Networks is currently trading at Rs. 208.00, up by 0.50 points or 0.24% from its previous closing of Rs. 207.50 on the BSE. The scrip opened at Rs. 209.15 and has touched a high and low of Rs. 212.00 and Rs. 208.00 respectively. So far 14687 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 230.80 on 22-May-2014 and a 52 week low of Rs. 93.67 on 19-Sep-2013. Last one week high and low of the scrip stood at Rs. 212.00 and Rs. 186.50 respectively. The current market cap of the company is Rs. 5137.94 crore. The promoters holding in the company stood at 72.50% while Institutions and Non-Institutions held 10.40% and 17.10% respectively. 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

Cotton futures trade down on MCX

Cotton futures traded low on MCX as speculators reduced their holdings on the back of slow buying of mills. Further, the absence of fresh export demand and bearish cues from overseas markets were also seen weighing on sentiment. The contract for June delivery was trading at Rs 19410.00, down by 0.05% or Rs 10.00 from its previous closing of Rs 19420.00. The open interest of the contract stood at 5671.00 lots. The contract for July delivery was trading at Rs 19640.00, down by 0.05% or Rs 10.00 from its previous closing of Rs 19650.00. The open interest of the contract stood at 2536.00 lots on MCX.

HCL Technologies looking to add centre in United States

HCL Technologies, leading IT services provider, is looking to add a centre in United States (US) and is planning to do more of local hiring in the US. The company currently has 3 global delivery centres in US. Recently, it was reported that the company secured $500 million IT outsourcing order from beverage giant Pepsico. The fourth-largest Indian IT services firm beat HP to bag the seven-year IT deal. HCL Technologies is a leading global IT services company working with clients in the areas that impact and redefine the core of their businesses. HCL leverages its extensive global offshore infrastructure and network of offices in 31countries to provide holistic, multi-service delivery in key industry verticals including Financial Services, Manufacturing, Consumer Services, Public Services and Healthcare & Life sciences.

Crude palm oil futures trade higher on spot demand

Crude palm oil futures edged higher as speculators enlarged their positions taking positive cues from spot market on rising demand. Besides, tight inventories in the physical market due to restricted arrivals from producing regions too supported the uptrend in crude palm oil prices.

The contract for June delivery was trading at Rs 508.50, up by 0.18% or Rs 0.90 from its previous closing of Rs 507.60. The open interest of the contract stood at 1631 lots.

The contract for July delivery was trading at Rs 504.60, up by 0.12% or Rs 0.60 from its previous closing of Rs 504.00. The open interest of the contract stood at 4748 lots on MCX.

Barley futures edge lower on ample supplies

Barley futures edged lower on NCDEX as speculators trimmed positions amid weak trend in the physical markets. Besides, weak demand from beer and cattle feed making industries against adequate supplies also impacted the trading sentiments.

The contract for June delivery was trading at Rs 1278.00, down by 0.78% or Rs 10.00 from its previous closing of Rs 1288.00. The open interest of the contract stood at 9430.00 lots.

The contract for July delivery was trading at Rs 1300.00, down by 1.33% or Rs 17.50 from its previous closing of Rs 1317.50. The open interest of the contract stood at 9320.00 lots on NCDEX.

Foreign investment in CHL reaches trigger limit

Reserve Bank of India (RBI) has notified that the foreign share holding in CHL by Non-Resident Indians (NRIs)/Persons of Indian Origin (PIOs) under Portfolio Investment Scheme (PIS) has reached the trigger limit of 8%. Accordingly, further purchases of equity shares of this company would be allowed only after obtaining prior approval of the RBI.

The main objective of CHL was to run the business of a 5-- star Deluxe Hotel in South Delhi, which should have all the facilities/comforts as per the needs of the tourist/corporate bodies. The promoters of CHL are the members of the Malhotra family, having about 71.53% of shareholding.

Fitch Ratings affirms BPCL’s issuer default rating at ‘BBB-’

Global rating agency, Fitch Ratings has affirmed Bharat Petroleum Corporation’s (BPCL) long-term issuer default rating at ‘BBB-’. The outlook is stable. The rating agency has also affirmed ‘BBB-’ ratings on the company’s $500 million and CHF200 million senior unsecured notes.

The prices of around two thirds of the petroleum products (including retail diesel, public distribution kerosene and household LPG) marketed by BPCL are regulated by the government, and sold at prices lower than international market prices.

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.

GPC Mauritius I LLC 56.25 lakh shares of Edelweiss Financial Services

GPC Mauritius I LLC has sold 56,25,000 shares of Edelweiss Financial Services at a price Rs 56.57 per share on the BSE on June 5. Meanwhile, GPC Mauritius III LLC sold 68,75,000 shares at Rs 56.56 on the stock exchange.

Recently, the company has received an approval to increase its limits of Foreign Institutional Investors’ (FIIs) holding in the equity shares of the company from 28% to 40%. The board of directors at its meeting held on May 17, 2014 has approved for the same.

Edelweiss Financial Services is India’s leading diversified financial services company. It is engaged in the business of investment banking, brokerage services, asset management and financing.

Coal India gains on the buzz of plan to enter into JV with GAIL, RCF and FCIL

Coal India is currently trading at Rs. 392.25, up by 1.15 points or 0.29% from its previous closing of Rs. 391.10 on the BSE. The scrip opened at Rs. 393.50 and has touched a high and low of Rs. 397.15 and Rs. 390.15 respectively. So far 355810 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 417.00 on 26-May-2014 and a 52 week low of Rs. 215.47 on 30-Aug-2013. Last one week high and low of the scrip stood at Rs. 397.30 and Rs. 367.05 respectively. The current market cap of the company is Rs. 249085.83 crore. The promoters holding in the company stood at 89.65% while Institutions and Non-Institutions held 8.27% and 2.08% respectively. Coal India is reportedly planning to enter into Rs 10,000-crore joint venture with GAIL India, Rashtriya Chemicals & Fertilizers (RCF) and The Fertilizer Corporation of India (FCIL) to set up a urea and ammonium nitrate chemicals complex that will run on gasified coal. In this regard, Coal India has appointed Projects and Development India (PDIL) to conduct a feasibility study on the project. The plan is to use around 6 million tonnes of coal from coalfields at Talcher in Odisha and manufacture about 3 lakh tonnes of urea annually and around 300-400 tonnes of ammonium nitrate per day. Ammonium nitrate is the principal ingredient for making explosives used as blasting material at coal mines. Coal India is the world’s largest coal mining company. It also produces non-coking coal and coking coal of various grades for diverse applications.

Rakesh Jhunjhunwala, wife offload 8% stake in Praj Industries via block deal

Ace investor Rakesh Jhunjhunwala along with his wife has offloaded 8% equity stake in biofuel company Praj Industries through block deals on Thursday. While, Rakesh Jhunjhunwala sold 1.22 crore shares, representing 6.87% stake of the company at Rs 75.06 per share, Rekha Jhunjhunwala sold 20 lakh shares at a price Rs 75 per share on the BSE. Meanwhile, HDFC Mutual Fund has bought 1.1 crore equity shares of the company at Rs 75. In the quarter ended March 2014, Rakesh and his wife held 6.99% and 1.46% stake in the company, respectively. Praj Industries is a Process Engineering and Technology Company offering innovative end-to-end solutions for biofuels, brewery, industrial processes and water and wastewater treatment systems

Chana futures edge lower on profit taking

Chana futures traded down on NCDEX on profit taking as prospects of monsoon onset over the southern coast brightened with improved rainfall activities in Kerala. However, the losses in chana prices were capped by improving demand in the spot market against restricted arrivals from the major producing belts.

The contract for June delivery was trading at Rs 2817.00, down by 0.39% or Rs 11.00 from its previous closing of Rs 2828.00. The open interest of the contract stood at 70640 lots.

The contract for July delivery was trading at Rs 2883.00, down by 0.31% or Rs 9.00 from its previous closing of Rs 2892.00. The open interest of the contract stood at 121320 lots on NCDEX.

Jeera futures decline on sluggish demand

Jeera futures traded down on NCDEX as speculators reduced their holdings on the back of sluggish demand in the spot market. Moreover, the export demand of jeera in local mandis will be lower on the account of fresh supplies which mainly impacted the sentiments.

The contract for June delivery was trading at Rs 10875.00, down by 0.87% or Rs 95.00 from its previous closing of Rs 10970.00. The open interest of the contract stood at 4626.00 lots.

The contract for July delivery was trading at Rs 11000.00,down  by 0.81% or Rs 90.00 from its previous closing of Rs 11090.00. The open interest of the contract stood at 5436.00 lots on NCDEX.

Cardamom futures exhibit mixed trend on MCX

Cardamom futures showed a mixed trend on MCX. The June contracts traded higher on expectation of rising demand in the spot market, while July contracts traded lower on ample inventories following higher supplies from the major producing belts. The contract for June delivery was trading at Rs 912.00/Kg, up by 0.27% or Rs 2.50 from its previous closing of Rs 909.50/Kg. The open interest of the contract stood at 406 lots. The contract for July delivery was trading at Rs 898.00/Kg, down by 0.22% or Rs 2.00 from its previous closing of Rs 900.00/Kg. The open interest of the contract stood at 2506 lots on MCX.

Coriander futures trade up on pick-up in demand

Coriander futures traded up on NCDEX as increased buying by speculators on pick-up in spot market demand against restricted arrivals from producing belts.

The contract for June delivery was trading at Rs 9513.00, up by 0.12% or Rs 11.00 from its previous closing of Rs 9502.00. The open interest of the contract stood at 13150.00 lots.

The contract for July delivery was trading at Rs 9845.00, up by 0.12% or Rs 12.00 from its previous closing of Rs 9833.00. The open interest of the contract stood at 31130.00 lots on NCDEX.

Coal India plans to enter into JV with GAIL, RCF and FCIL: Report

Coal India is reportedly planning to enter into Rs 10,000-crore joint venture with GAIL India, Rashtriya Chemicals & Fertilizers (RCF) and The Fertilizer Corporation of India (FCIL) to set up a urea and ammonium nitrate chemicals complex that will run on gasified coal. In this regard, Coal India has appointed Projects and Development India (PDIL) to conduct a feasibility study on the project. The plan is to use around 6 million tonnes of coal from coalfields at Talcher in Odisha and manufacture about 3 lakh tonnes of urea annually and around 300-400 tonnes of ammonium nitrate per day. Ammonium nitrate is the principal ingredient for making explosives used as blasting material at coal mines. Coal India is the world’s largest coal mining company. It also produces non-coking coal and coking coal of various grades for diverse applications.

Geometric partners with Godrej's PED to modernize their processes

Geometric, a leader in advanced manufacturing software has partnered with Godrej’s Process Equipment Division (PED) in effort to modernize their processes. Godrej’s PED has seen quantum improvements in machining processes, through usage of Geometric’s solids-based CNC programming solution, CAMWorks. Godrej PED, part of Godrej and Boyce Manufacturing Company, manufactures custom-built and critical equipment for the process industry. The company has embarked on a modernization drive to fulfill customer demands for faster deliveries, while improving process efficiency and quality. One of the key products that Godrej PED manufactures is pressure vessels. CAMWorks addressed this need, by using Automatic Feature Recognition (AFR) to consistently define features and mapping them to an intelligent knowledge database, TechDB, to determine the machining processes. With these two technologies as the backbone, CAMWorks has been able to provide cost effective and simple-to-use software to Godrej PED with its advanced 3-Axis module to create the machining program for the WEP of nozzles and their cutouts.

Coromandel International enters JV with Yanmar, Mitsui Trading

Coromandel International has entered into a joint venture (JV) with Yanmar & Co and Mitsui Trading for manufacturing and marketing farm machinery. Coromandel and Yanmar will hold 40 per cent stake each and Mitsui 20 per cent. Initially, it will manufacture the Yanmar brand of mini-harvesters, planters and rotavators for paddy cultivation and then expand its range to include equipment for other crops, including sugarcane and vegetables. Coromandel International is the country’s second-largest phosphatic fertilizer player. Its crop protection business produces insecticides, fungicides and herbicides and markets these products in India and across the globe. The firm has also ventured into the retail business, setting up more than 640 rural retail centres in Andhra Pradesh and Karnataka.

TVS Motor speeds up on BSE

TVS Motor Company is currently trading at Rs. 133.45, up by 2.70 points or 2.07 % from its previous closing of Rs. 130.75 on the BSE. The scrip opened at Rs. 132.00 and has touched a high and low of Rs. 133.70 and Rs. 130.60 respectively. So far 59332 shares were traded on the counter. The BSE group 'B' stock of face value Re. 1 has touched a 52 week high of Rs. 139.80 on 29-May-2014 and a 52 week low of Rs. 28.10 on 31-Jul-2013. Last one week high and low of the scrip stood at Rs. 136.00 and Rs. 124.00 respectively. The current market cap of the company is Rs. 6278.28 crore. The promoters holding in the company stood at 57.40 % while Institutions and Non-Institutions held 22.16 % and 20.44 % respectively. Life Insurance of India (LIC) has reduced its stake in TVS Motor Company by selling more than 2% shareholding over a period of around four years. The country’s largest life insurer offloaded 97,12,148 shares, constituting 2.04% stake, through open market transactions. Following the stake sale, LIC’s stake in TVS Motors has come down to 3.46% from 5.5% earlier. The state-owned insurer offloaded the shares between September 9, 2010 and June 2, 2014. TVS Motor Company is the flagship of the $6 billion Indian conglomerate, TVS Group which recently celebrated one hundred years in the automotive business in India. The company recently won 'India's Most Trusted Two Wheeler Brand' Award from the Times Group.

Wockhardt’s arm recalls 8,712 bottles of hypertension drug from US market

Wockhardt USA Inc, a subsidiary of Wockhardt is voluntarily recalling 8,712 bottles of anti-hypertension drug Metoprolol Succinate extended-release tablets in the US market following failure of a dissolution test.  The withdrawal was classified as a Class-II recall, which the FDA defines as a situation in which use of or exposure to a violative product may cause temporary or medically reversible adverse health consequences or where the probability of serious adverse health consequences is remote. Wockhardt is one of the few companies with end to end integrated capabilities for its products, starting with the manufacture of the oral and sterile API’s, the dose forms and marketing through wholly owned subsidiary in the US, enabling the company to capture maximum value.

Strides Arcolab receives USFDA approval for Methoxsalen Softgel Capsules

Strides Arcolab has received approval from the United States Food & Drug Administration (USFDA) for Methoxsalen Capsules USP, 10 mg (Soft Gelatin Capsules). According to IMS data, the US market for generic Methoxsalen Capsule is approximately $13.6 Million, with no generic player. The product will be manufactured at the Company's USFDA approved Oral dosage facility at Bangalore and marketed directly by Strides in the US Market. Strides Arcolab is a global pharmaceutical company headquartered in Bangalore, India that develops and manufactures wide range of IP-lead niche pharmaceutical products with an emphasis on sterile injectables.

Transport Corporation to spend Rs 250 crore in FY15

Transport Corporation of India (TCI) is planning to spend Rs 250 crore to improve its customer services with investments in infrastructure and key account management. The company is eying value added and niche segments (such as mutli-modal solutions), which offer best avenues for growth. Moreover, the company is now considering diversifying outside the Port Blair sector, including the West coast to further grow the seaways division. TCI, which currently offers multiple services in both the B2B and B2C categories through -- TCI XPS -- is now fully geared up to cater to the logistics requirement of the e-commerce sector and can cater to the specific warehousing requirements of the sector due to its ability to deliver products to customers in a safe, secure and cost effective manner across the country. TCI is the flagship company of TCI Group and provides full truck load and less than full truck load transportation to a network of over 3000 destinations in India.

MMFSL gains on getting long-term issuer rating upgrade from India Ratings

Mahindra & Mahindra Financial Services is currently trading at Rs. 315.00, up by 0.85 points or 0.27 % from its previous closing of Rs. 314.15 on the BSE. The scrip opened at Rs. 317.10 and has touched a high and low of Rs. 318.00 and Rs. 312.95 respectively. So far 23179 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 355.90 on 23-Dec-2013 and a 52 week low of Rs. 212.60 on 23-Aug-2013. Last one week high and low of the scrip stood at Rs. 316.40 and Rs. 286.50 respectively. The current market cap of the company is Rs. 17864.91 crore. The promoters holding in the company stood at 52.12 % while Institutions and Non-Institutions held 42.73 % and 5.14 % respectively. Credit rating agency, India Ratings & Research has upgraded Mahindra & Mahindra Financial Services’ (MMFSL) long-term issuer rating to ‘AAA’ from ‘AA+’ with a stable outlook. The ratings reflect the credit strength of MMFSL’s parent company - Mahindra & Mahindra. Mahindra & Mahindra Financial Services is a large non-banking finance company and M&M is a leading Indian automobile company. Besides financing M&M’s vehicles, MMFSL is also the holding company of the group's other financial services forays, including rural housing finance.

Crompton Greaves surges on bagging contract worth Rs 244 crore

Crompton Greaves is currently trading at Rs 211.00, up by 2.35 points or 1.13% from its previous closing of Rs 208.65 on the BSE. The scrip opened at Rs. 210.85 and has touched a high and low of Rs. 213.60 and Rs. 210.85 respectively. So far 140980 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 214.60 on 05-Jun-2014 and a 52 week low of Rs. 71.70 on 25-Jun-2013. Last one week high and low of the scrip stood at Rs 214.60 and Rs 180.50 respectively. The current market cap of the company is Rs 13126.17 crore. The promoters holding in the company stood at 42.67% while Institutions and Non-Institutions held 42.47% and 14.64% respectively.Avantha Group Company, Crompton Greaves (CG) has bagged Rs 244 crore contract with Spanish multinational electric utility company Iberdrola to supply over 1 million ZIV single smart meters in a year. The order comprises single-phase and three-phase meters and reiterates CG’s growing dominance in the global smart grid sector. A significant advantage for CG in the Spanish market has been the regulatory framework in the country which makes it mandatory that 70 percent of the analog meters are replaced by 2016 and 100 percent by 2018. ZIV as the world’s main PRIME meter supplier, is uniquely positioned to benefit from this regulation, by collaborating closely with the distribution utilities and assisting them in achieving the challenge on time. Crompton Greaves is a global pioneering leader in the management and application of electrical energy. With more than 15,000 employees across its operations in around 85 countries, CG provides electrical products, systems and services for utilities, power generation, industries, and consumers.

Nifty above 7,500; oil & gas scrips up

Some buying activity is seen in realty, oil & gas and FMCG, while sectors such as IT and teck are losing sheen on BSE

9:41AM: The BSE Sensex is trading up 182 points at 25,220, while S&P Nifty is trading up 49 points at 7,522. BSE Mid-cap is up 1.09% at 9,053, while BSE Small-cap is up 1.59% at 9,777. Some buying activity is seen in realty, oil & gas and FMCG, while sectors such as IT and teck are losing sheen on BSE. ONGC, RIL, Gail, Tata Steel, Bharti Airtel and Hero MotoCorp are among the gainers, whereas HDFC Bank, TCS, Infosys, Hindalco, SSLT and Wipro are losing sheen on BSE. On account of fresh inflows and sharp rally in equity markets, the assets under management of mutual funds rose 7% to Rs. 10.11 trillion in May 2014 from Rs. 9.45 trillion in April 2014. The assets of mutual funds rose by 22.5% to Rs. 1.85 trillion over the last two months, according to SEBI (Securities and Exchange Board of India) data.

Copper futures decline on China port probe

Copper futures declined on Thursday after a bank suspended some metals financing due to a Chinese port investigation, prompting some concerns that the probe may lead to liquidation of finance deals.

Copper futures for July delivery settled down 0.1% at $3.0905 a pound on the Comex metals division of New York Mercantile Exchange. While, copper on the London Metal Exchange fell 0.1% to $6,780 a metric ton.

M&M unveils special edition of XUV500

Mahindra & Mahindra (M&M) has rolled out a special edition of its sports utility vehicle XUV500, priced at Rs 13.68 lakh (ex-showroom Mumbai). XUV500 Sportz, which has been built upon the top end model of XUV500, comes with various external and internal features including rear-view camera and leather-fabric seats. The model comes with various high end features like electronic stability programme (ESP) with rollover mitigation, airbags and hill hold control and hill descent control functions. Mahindra & Mahindra (M&M) is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.

Empower India in process of restructuring its business, adding new opportunities

Empower India has decided to foray into Infrastructure for Media and Entertainment Industry, which is the overall thrust area for Government of India under Integrated Tourism Development Plan. The company has taken this step as it is in process of restructuring its business and adding new opportunities through acquisition of businesses in potentially large revenue generating projects. As part of implementing such inorganic growth, the company has signed a non-binding term sheet with the promoters of Saibollywood Filmcity India, which is already building a massive Bollywood Filmcity over 350 acres in Sindhudurg, Maharashtra. The completion of the transaction is subject to satisfactory due diligence by both the parties, execution of a mutually agreed definitive binding documents and requisite approvals from the regulators.

LIC trims stake in TVS Motor Company

Life Insurance of India (LIC) has reduced its stake in TVS Motor Company by selling more than 2% shareholding over a period of around four years. The country’s largest life insurer offloaded 97,12,148 shares, constituting 2.04% stake, through open market transactions. Following the stake sale, LIC’s stake in TVS Motors has come down to 3.46% from 5.5% earlier. The state-owned insurer offloaded the shares between September 9, 2010 and June 2, 2014. TVS Motor Company is the flagship of the $6 billion Indian conglomerate, TVS Group which recently celebrated one hundred years in the automotive business in India. The company recently won 'India's Most Trusted Two Wheeler Brand' Award from the Times Group.

NMDC increases prices of Lump Ore by Rs 300 a tonne for June

National Mineral Development Corporation (NMDC), a state-run iron ore miner, has revised the prices of Iron Ore for the month of June, 2014. The state-owned company has increased the prices of Lump Ore for the month of June, 2014 by Rs 300 a tonne to Rs 4600/WMT while prices of Fines is fixed at Rs 3,160/WMT. 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.

Assets of MFs cross Rs10 trillion-mark in May

The assets of mutual funds rose by 22.5% to Rs. 1.85 trillion over the last two months

On account of fresh inflows and sharp rally in equity markets, the assets under management of mutual funds rose 7% to Rs. 10.11 trillion in May 2014 from Rs. 9.45 trillion in April 2014. The assets of mutual funds rose by 22.5% to Rs. 1.85 trillion over the last two months, according to SEBI (Securities and Exchange Board of India) data. HDFC Mutual Fund stood first in terms of AUM in the quarter ended March 2014, followed by ICICI Prudential and Reliance Mutual Fund.

NHPC’s Unit 4 of Parbati -III HE Project commences commercial operations

NHPC’s Unit 4 of Parbati-III power station (4x130 MW) pursuant to successful trial run at its maximum continuous rating of 130 MW for 12 hours on June 03, 2014, has now been declared under commercial operation with the effect from June 06, 2014.

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

Tech Mahindra, Informatica form global alliance to transform data management services

Tech Mahindra, a leading IT services provider of connected solutions to the connected world, and Informatica Corporation, the world’s number one independent provider of data integration software, announced an expansion of their decade-long strategic association. The already established global alliance now brings further value to customers through its new data management services. Customers will benefit extensively from Tech Mahindra’s rich experience in data management services, along with Informatica’s cutting-edge data integration solutions. Customers utilizing these data management services will benefit from reliable, reusable and repeatable offerings with predictable outcomes. This will be delivered through Tech Mahindra’s copyrighted framework: UDMF (Unified Data Migration Framework), DQMS (Data Quality Management Services) and iDecisions, a packaged analytic framework that enables businesses to interpret information, discover knowledge and make innovative decisions. Further, Tech Mahindra and Informatica announced plans for joint investments in developing solutions at Tech Mahindra Research Centers in Pune, Bangalore and Hyderabad. The Research Centers will focus on building portable frameworks, solutions and offerings and make them Informatica Vibe-enabled. The Informatica Vibe Virtual Data Machine is an embeddable data management engine that can access, aggregate and manage numerous types of data.

Crompton Greaves to supply over 1 million smart meters to Iberdrola

Avantha Group Company, Crompton Greaves (CG) has bagged Rs 244 crore contract with Spanish multinational electric utility company Iberdrola to supply over 1 million ZIV single smart meters in a year. The order comprises single-phase and three-phase meters and reiterates CG’s growing dominance in the global smart grid sector. A significant advantage for CG in the Spanish market has been the regulatory framework in the country which makes it mandatory that 70 percent of the analog meters are replaced by 2016 and 100 percent by 2018. ZIV as the world’s main PRIME meter supplier, is uniquely positioned to benefit from this regulation, by collaborating closely with the distribution utilities and assisting them in achieving the challenge on time. Crompton Greaves is a global pioneering leader in the management and application of electrical energy. With more than 15,000 employees across its operations in around 85 countries, CG provides electrical products, systems and services for utilities, power generation, industries, and consumers.

Symphony wins ‘Quality Mark 2014’ award

Symphony has been awarded the ‘Quality Mark 2014’ award, being judged the Best Quality Organization in the Home Appliances category by the Quality Mark Trust. The company has received the award in Ahmedabad from Minister of Gujarat Finance, Energy and Petrochemicals. Symphony is the only organised player providing Industrial and commercial air cooling solutions in India. In the last 12 months, company has completed installation of industrial and ducted air coolers in 109 sites pan India.

Crude oil futures decline on ECB’s rate cut decision

Crude oil futures ended at multi-week lows on Thursday, after the European Central Bank (ECB) announced its move to cut interest rates and lower rates on bank deposits parked overnight with the central bank to negative. The ECB cut its benchmark interest rate to a record-low 0.15% from the 0.25% rate held since November. Prices were also weighed down by the strength in greenback against a basket of six other major currencies, as a stronger US dollar usually weighs on oil as it makes dollar-priced commodities more expensive for holders of other currencies. Benchmark crude oil futures for July delivery declined by $0.16 or 0.2 percent to close at $102.48 a barrel after trading in a range of $102.69 and $101.60 a barrel on the New York Mercantile Exchange. In London, Brent oil for July delivery declined by 0.49 percent or 54 cents to $107.87 a barrel on the ICE.

FIIs were net sellers of Rs 266.11 crore in index futures and options segments on June 5

According to the data released by the NSE, the Foreign Institutional Investors (FIIs) were net sellers of Rs 266.11 crore in index futures and options segments, as per Thursday’s data, June 5, 2014.

FIIs were sellers of index futures to the tune of Rs 889.76 crore and they bought index options worth Rs 623.65 crore. In the stock segment, FII’s were net buyers of stock futures worth Rs 865.26 crore, while they sold stock options worth Rs 12.69 crore.     

Reliance MF introduces Corporate Bond Fund

Reliance Mutual Fund has launched the New Fund Offer (NFO) of Reliance Corporate Bond Fund, a close ended income scheme. The NFO opens for subscription on Jun 06, 2014 and closes on Jun 20, 2014. No entry load or exit load will be applicable for the scheme. The minimum subscription amount is Rs 5000 and in multiples of Re. 1 thereafter. The scheme’s performance will be benchmarked against CRISIL Composite Bond Fund Index and its fund managers are Prashant Pimple and Jahnvee Shah. The investment objective of the scheme is to generate income through investments in a range of debt and money market instruments of various maturities with a view to maximizing income while maintaining the optimum balance of yield, safety and liquidity. The scheme would focus its investments predominantly in corporate bonds of various maturities and across ratings for the purpose of achieving regular income and capital appreciation.

Ranbaxy, Coromandel International and Coal India to see some action today

European health regulator has lifted suspension imposed on export of drugs produced at Ranbaxy Laboratories’ Toansa plant to the EU stating medicines produced at the site posed no risk to public health despite having a number of manufacturing deficiencies. The European Medicines Agency (EMA) stated that European regulatory authorities have finalized their assessment of reported non-compliance with Good Manufacturing Practice (GMP) at the Toansa plant. As a consequence, the EU authorities will reinstate the GMP certificate which was suspended in January 2014. The certificate will be re-entered into EudraGMDP, the EU database that contains GMP certificates. Ranbaxy had voluntarily suspended exports from the Toansa plant to the EU in January 2014 after US Food and Drug Administration (USFDA) had banned the company from exporting drugs produced at the plant to be sold in the US. Coromandel International, a Murugappa group company, has entered into a joint venture with Yanmar & Co and Mitsui Trading for manufacturing and marketing farm machinery. Coromandel and Yanmar will hold 40 percent stake each and Mitsui 20 percent. The said JV will initially manufacture the Yanmar brand of mini-harvesters, planters and rotavators for paddy cultivation and then expand its range to include equipment for other crops, including sugarcane and vegetables. The machinery will target small farmers, a segment in which Japanese manufacturer Yanmar has a strong presence. The equipment will be sold and leased to farmers through Coromandel International’s Gromor chain of rural market outlets. Coal India (CIL) is planning a Rs 10,000-crore joint venture along withGAIL India, Rashtriya Chemicals & Fertilizers (RCF) and The Fertilizer Corporation of India (FCIL) to set up a urea and ammonium nitrate chemicals complex that will run on gasified coal. Coal India has appointed Projects and Development India (PDIL) to conduct a feasibility study on the project. The plan is to use around 6 million tonnes of coal from coalfields at Talcher in Odisha and manufacture about 3 lakh tonnes of urea annually and around 300-400 tonnes of ammonium nitrate per day. GAIL will be responsible for sourcing, from global suppliers, the technology for manufacturing ammonium nitrate and urea using gasified coal. The complex will come up at Fertilizer Corporation's land at Talcher, which houses a shut fertilizer plant. Bharti Airtel has entered into tie-up with African telecom operators Tigo and Zantel for providing customers in Tanzania mobile money transfer service across networks. The service is expected to start this month. Following this agreement, customers of the three firms will be able to send money by mobile to each other by using Airtel Money, Tigo Pesa or EzyPesa. This is the first agreement in Africa to adopt such interoperability whereby mobile network operators allow their customers to send and receive money across their networks and the e-money goes directly to the respective customer’s e-wallet account. HCL and Infosys are in the race for a $150-200 million contract from the US-based Rockwell Automation, an automation equipment and software maker. The contract is for modernizing IT infrastructure commonly known as IMS (infrastructure management services) and creating cloud eco-system hub for Rockwell Automation. If Infosys bags the contract, it will be its biggest during the last two fiscals. IMS is one of the fastest growing businesses for the IT sector. In the 2014 fiscal, this vertical contributed 7.1 percent to Infosys’ revenues. Wockhardt is recalling over 8,000 bottles of anti-hypertension drug Metoprolol Succinate extended-release tablets in the US market following failure of a dissolution test. According to US Food and Drug Administration (USFDA), Wockhardt USA Inc, a subsidiary of Mumbai-based firm is voluntarily recalling 8,712 bottles of the drug in the American market. The nationwide recall was initiated on April 10. The 100 mg tablets in 100-count bottles were manufactured by Wockhardt and distributed in the US market by Wockhardt USA Inc. The withdrawal was classified as a Class-II recall, which the FDA defines as a situation in which use of or exposure to the product may cause temporary or medically reversible adverse health consequences or where the probability of serious adverse health consequences is remote. Mahindra & Mahindra (M&M) has launched the limited edition XUV500 Sportz built on its W8 model. It has been priced at Rs. 13.68 lakh (ex-showroom Pune). The features of the XUV500 Sportz include unique alloy wheels with signature red inserts, rear-view camera, leather-fabric seats, fog lamps and door handles with red accents. This new offering of ‘XUV500 Sportz’ aligns with the company’s leadership position in Indian motor sports & rallying and reflects it’s ‘Sporty’ DNA very well. KIOCL will operate and maintain iron ore beneficiation and pellet plants for NMDC at Donimalai in Karnataka. KIOCL has got an edge over other public sector undertakings with an experience of running such plants for more than two decades. To begin with, NMDC’s 1.89 million tonnes per annum beneficiation plant and 1.2 mtpa pellet plant have been finalized at Donimalai. Besides, the 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%. Gammon India’s promoters and their affiliates will bring in about Rs 100 crore as Promoter Contribution by subscribing to equity shares allotted to them on a preferential basis so that the debt restructuring package, which has been approved by lenders, can be implemented. The board of directors of the company has approved the issue of 36,968,575 equity shares of Rs 2 face value each at a price of Rs 27.05 per equity share on a preferential basis to the promoters and their affiliates. Gammon India’s debt that needs restructuring aggregates about Rs 14,800 crore. The issue and allotment will be subject to the approval of the CDR lenders and also the shareholders.