Bond yields edge higher on continued bond buying for second successive session

Bond yields were trading higher on Tuesday as bond buying continued for a second straight session, although trade looked consolidating around current levels in the absence of any immediate triggers. Nevertheless, the yields are expected to trade in tight range ahead of inflation data, which is scheduled to be released on Thursday.

On the global front, US Treasuries prices slipped on Monday in quiet trading, pressured by a $62 billion sale of new coupon-bearing government debt this week and steady risk appetite following a strong US jobs report last Friday. Meanwhile, brent futures rose above $110 a barrel on Tuesday, a day after posting their biggest daily percentage gain in nearly two months, on hopes of healthy demand growth from the United States and China - the world's top two oil consumers.

Back home, the yields on new 10 year Government Stock 2023 were trading up 3 basis points at 8.58% from its previous close of 8.55% on Monday.

The benchmark five-year interest rate swaps were trading steady at its previous close of 7.78% on Monday.

The Reserve Bank of India (RBI) has announced the auction of 364 and 91 days Government of India Treasury Bills for notified amount of Rs 6,000 crore and Rs 8000 crore respectively. The auction will be conducted on June 11, 2014 using 'Multiple Price Auction' method

Eight State Governments have offered to sell 10 year securities by way of auction for an aggregate amount of Rs 4130 crore on June 10, 2014.

KPR Mill initiates expansion plans in its Garment Business

In order to meet increased demand in garment exports, KPR Mill has initiated expansion plans in its Garment Business. Besides expanding capacity of its existing facility, the company has added a new facility near Tirupur, the Asia’s Largest Knitwear Cluster. This shall increase its present capacity of 30 Million pieces to 40 Million pieces per annum (single shift).

Since major infrastructures are already in place, its operation is expected during the First quarter of FY 15. It would result in creation of direct employment for about 1,000 People.

Meanwhile, the company has set up a new unit with 12 Million Pieces per annum capacity at Thekkalur, near Tirupur. The land has already been acquired and construction work has commenced. It is expected to become operational during the Fourth quarter of FY 15. It would result in creation of direct employment for about 1,200 People.

These capacity additions are expected to enhance the Vera garment operations of KPR by over 50% in two years.

KPR Mills is a leading garment exporter as well as a largest vertically integrated apparel company, engaged in manufacturing and marketing readymade knitted garments, knitted fabrics and cotton yarn.

Fidelity Funds sells 6.02 lakh shares of Logix Microsystems

Fidelity Funds Asia Pacific Dividend Fund has sold 2.90 lakh shares of Logix Microsystems at Rs 12.51 on the BSE and sold 3.12 lakh shares at Rs 12.50 on the NSE. On the other hand, Morgan Stanley Asia Singapore PTE has bought 2.48 lakh shares of Logix Microsystems at Rs 12.50 on the BSE and bought 3.21 lakh shares at Rs 12.49 on the NSE. Logix Microsystems is India's fastest growing software products company, with an impressive lineup of highly innovative products in the US market. More than 50% of the Ward's E-dealer 100 - the hundred highest performing Automotive Retailers in the US -- are Logix Clients.

Bharti Airtel surges on the buzz of spliting Africa towers business

Bharti Airtel is currently trading at Rs. 361.95, up by 5.50 points or 1.54% from its previous closing of Rs. 356.45 on the BSE.

The scrip opened at Rs. 362.50 and has touched a high and low of Rs. 367.00 and Rs. 356.60 respectively. So far 290925 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. 367.00 and Rs. 351.30 respectively. The current market cap of the company is Rs. 142907.05 crore.

The promoters holding in the company stood at 65.32% while Institutions and Non-Institutions held 24.17% and 10.51% respectively.

Bharti Airtel has reportedly split its Africa towers business. The company has around 15000 towers in Africa. Meanwhile, Helios tower is planning to buy Bharti Airtel’s towers in Nigeria. The company’s Nigerian towers valued at $500-550 million. The company has around 5,000 towers in Nigeria.

Airtel’s net debt at the end of 2013-14 stood at Rs 60,541.6 crore ($10.4 billion), which would come down following the tower sale, thereby reducing the stress on the company’s balance sheet.

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.

Indowind Energy touches the roof as promoter group hikes stake in the company

Indowind Energy is currently trading at its upper circuit limit of Rs. 7.12, up by 0.33 points or 4.86% from its previous closing of Rs. 6.79 on the BSE.

The scrip opened at Rs. 7.12 and has touched a high and low of Rs. 7.12 and Rs. 7.12 respectively. So far 151709 shares were traded on the counter.

The BSE group 'T' stock of face value Rs. 10 has touched a 52 week high of Rs. 7.12 on 10-Jun-2014 and a 52 week low of Rs. 2.10 on 01-Aug-2013.

Last one week high and low of the scrip stood at Rs. 7.12 and Rs. 5.42 respectively. The current market cap of the company is Rs. 63.90 crore.

The promoters holding in the company stood at 38.10%, while Institutions and Non-Institutions held 0.25% and 61.65% respectively.

Indowind Energy’s - promoter group - Soura Capital, has bought 620,000 shares of the company through the open market transaction on June 06, 2014. Due to this, the percentage of share holding of promoter and promoters group in the company increased from 38.93% to 39.62%.

Indowind Energy is engaged in selling ready-to-buy wind farm projects to corporate as well as state governments. It has strong capabilities and expertise in areas like project management, robust managerial and financial resources and experience in the operations of wind farms.

Prism Cement gains as HDFC MF buys 1.21 crore shares of the company

Prism Cement is currently trading at Rs. 76.70, up by 0.40 points or 0.52% from its previous closing of Rs. 76.30 on the BSE.

The scrip opened at Rs. 77.35 and has touched a high and low of Rs. 78.00 and Rs. 72.75 respectively. So far 367076 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 79.40 on 09-Jun-2014 and a 52 week low of Rs. 22.80 on 17-Feb-2014.

Last one week high and low of the scrip stood at Rs. 79.40 and Rs. 60.50 respectively. The current market cap of the company is Rs. 3858.23 crore.

The promoters holding in the company stood at 74.87% while Institutions and Non-Institutions held 6.48% and 18.65% respectively.

HDFC Mutual Fund has bought 1,21,07,022 equity shares of Prism Cement. The MF has acquired the same at Rs 71.50 on the BSE. Recently, Prism Trust sold its entire holding of 1,23,51,600 equity shares held in Prism Cement. The Trust realized around Rs 88 crore, at an average price of about Rs 71.50 per share.

As on March 31, 2014, the promoters holding in the company stood at 74.87%, while Institutions and Non-Institutions held 6.48% and 18.65% stake in the company, respectively.

Prism Cement is one of India’s leading integrated building materials companies; with a wide range from cement, ready-mixed concrete, tiles, bath products to kitchens.

Wockhardt trades in green on BSE

Wockhardt is currently trading at Rs. 602.80, up by 30.40 points or 5.31% from its previous closing of Rs. 572.40 on the BSE.

The scrip opened at Rs. 572.05 and has touched a high and low of Rs. 617.80 and Rs. 572.05 respectively. So far 6,24,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 1210.00 on 10-Jun-2013 and a 52 week low of Rs. 336.60 on 16-Dec-2013.

Last one week high and low of the scrip stood at Rs. 617.80 and Rs. 568.00 respectively. The current market cap of the company is Rs. 6,637.00 crore.

The promoters holding in the company stood at 74.70% while Institutions and Non-Institutions held 7.84% and 17.32% respectively.

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.

Cotton futures trade up on export demand

Cotton futures traded up on MCX due to the rise in exports demand and bargain buying by traders and stockists, which created fresh positions inducing demand for the fibre. Further, expectations of higher exports mainly influenced the prices. The contract for June delivery was trading at Rs 19440.00, up by 0.93% or Rs 180.00 from its previous closing of Rs 19260.00. The open interest of the contract stood at 5428.00 lots. The contract for July delivery was trading at Rs 19650.00, up by 0.82% or Rs 160.00 from its previous closing of Rs 19490.00. The open interest of the contract stood at 2684.00 lots on MCX.

DCB Bank surges on getting nod to raise Rs 300 crore

DCB Bank is currently trading at Rs. 73.85, up by 0.75 points or 1.03% from its previous closing of Rs. 73.10 on the BSE.

The bank has posted a rise of 14.57% in its net profit at Rs 39.08 crore for the quarter ended March 31, 2014 as compared to Rs 34.11 crore for the same quarter in the previous year. Total income of the bank has increased by 19.23% at Rs 341.34 crore for quarter under review as compared to Rs 286.28 crore for the quarter ended March 31, 2013.

Bharti Airtel, Maruti Suzuki, Yes Bank in Focus Today

Bharti Airtel has submitted the final application for new telecom permits in Delhi and Kolkata service areas. Licences of Airtel in Delhi and Kolkata expire in November this year. A Unified Licence is required to continue operation in each service area.                                                 

Yes Bank: MSCI has reduced its weightage in its emerging market index. This change will lead to selling of 3.58 million shares in Yes Bank by passive funds on the close of June 11.

Bank of America Merrill Lynch (BofA-ML) maintains buy on the stock and has raised target price to Rs. 2,900 per share. BofA-ML believes Maruti will be a key beneficiary of the slew of launches planned. BofA-ML's earnings per share (EPS) forecast for Maruti is 8-20 per cent ahead of consensus.

Sensex Turns Lower After Hitting Record High; IT Stocks Gain

The BSE Sensex and the broader Nifty hit a record high for a third straight day, but the bluechip indices turned sharply lower on profit booking. The Sensex fell as much as 232 points, while the Nifty was slumped over 70 points after a positive start.

Sesa Sterlite, Tata Power and Hindalco traded with over 3 per cent losses.

The Sensex hit an all-time high of 25,711, while the Nifty hit a high of 7,683 before turning lower. As of 10 a.m., the Sensex traded 159 points lower at 25,421, while the Nifty traded 56 points lower at 7,599.

Wipro trades in fine fettle on the BSE

Wipro is currently trading at Rs. 522.45, up by 11.60 points or 2.27% from its previous closing of Rs. 510.85 on the BSE.
The promoters holding in the company stood at 73.47%, while Institutions and Non-Institutions held 13.62% and 10.97% respectively.

Wipro, a leading Global Information Technology, Consulting and Outsourcing company, has been bestowed with the prestigious Golden Peacock Award 2014, in the category of ‘Innovative Product / Service’ for its Assure Health solution in India. Wipro Assure Health is a disruptive healthcare delivery solution that enables affordable patient centric healthcare through non-invasive wearable sensor, advanced mobility, cloud based analytics and evidence based decision support system.

The winners were selected from among 1,000 entries received annually from more than 25 countries worldwide. The Award was presented to Wipro at the 24th World Congress on Total Quality & Leadership, which was held in Kerala.

Mahindra First Choice Services launches 'Autoinspekt'

Mahindra & Mahindra’s (M&M) business unit - Mahindra First Choice Services (MFCS) has launched Autoinspekt - an industry first used vehicle inspection service. Autoinspekt is an unbiased third party vehicle evaluation report for financiers, dealers, corporates and consumers to determine the condition, quality and value of their vehicles which is generated after physical inspection of the vehicle.

The company has registered a 50% growth in online vehicle sales through its eDiig platform. The company sold over 55,000 units online in FY14 and strengthened its leadership position in the B2B online vehicle auction space. During the year, the company also added new clients to its roster and expanded its buyer base to 9,500 buyers in 900+ locations across the country.

Mahindra First Choice Wheels (MFCWL) is the country’s preferred used car mart and is India’s number one multi-brand certified used car player. The company plans to expand this number to 600 outlets over the next two years.

Crude oil futures surge to three months high

Crude oil futures surged to their fresh three months high on Monday, riding on signs of an economic recovery in the US after data last week showed the economy to have added more jobs than expected in May. Crude oil also found support with some upbeat data in the last fortnight from the European Central Bank, China, and Japan, which further improved the demand growth outlook for oil. Data revealed that China's crude imports despite falling to 6.16 million barrels a day in May from April's record high of 6.8 million barrels a day, still remained 9% higher on a year-over-year basis.

Benchmark crude oil futures for July delivery surged by $1.75 or 1.7 percent to close at $104.41 a barrel after trading in a range of $104.47 and $102.62 a barrel on the New York Mercantile Exchange. In London, Brent oil futures for August delivery were up 0.92 percent to $108.86 a barrel on the ICE.

Copper futures decline on Chinese concern

Copper futures declined on Monday on concerns that a probe into stockpiles at China’s Qingdao Port may crimp demand for the base metal as collateral for credit in the world’s top metals consumer. The commodity prices also weakened due to the lower imports from China. The reports showed copper imports from China fell 15.6% from a month ago to 380,000 tonnes in May. Copper futures for July delivery settled down 0.2% at $3.0435 a pound on the Comex metals division of New York Mercantile Exchange. While, copper on the London Metal Exchange slid 0.3% to $6,670 a metric ton.