Gen. Suhag's appointment is final: Arun Jaitely

Following General V.K. Singh's accusation Army Chief designate, Lt Gen Dalbir Singh Suhag of supporting dacoity, Defence Minister Arun Jaitely said that his appointment as the next chief of army staff is final and he added that Lt. Gen. Suhag's appointment should be kept out of the political realm. Reacting to this, Rajya Sabha MP from Janata Dal United (JDU), K.C. Tyagi accused Singh of trying to block Suhag's appointment. From past seven years the post of defense minister was never controversial, but this time, BJP has made it one. Two days before the appointment of General Suhag, Subramnyan Swamy went to the election commission to stop Suhag's appointment so that V.K. Singh's relative A.K. Singh could be appointed. Meanwhile BJP leader, Subramanian Swamy said that Suhag's appointment should be reviewed and he agreed with General Singh that the appointment of General Suhag should be reconsidered.

TechNVision Ventures' affliate inks OEM agreement with Kronos Incorporated

Solix Technologies, an affliate to TechNVision Ventures and a leading provider of Enterprise Data Management (EDM) solutions, has signed an OEM agreement with Kronos Incorporated, whereby Solix's database archiving technology will be embedded into the Kronos Workforce Central suite of workforce management applications. Data growth is a major challenge faced by companies managing enterprise applications across all industries. Swelling data volumes can slow application performance, increase storage costs, deepen compliance risk, and expose business operations to outages. Solix database archiving provides an Information Lifecycle Management (ILM) framework that will enable Kronos Workforce Central customers to more effectively manage data growth challenges and enhance application performance, availability, and compliance. With Solix, Kronos Workforce Central administrators will be able to archive workforce data based on their legal hold, compliance, and data retention policies. Solix Technologies is a leading provider of information lifecycle management and application testing solutions with proven success worldwide helping customers meet vital business challenges.

Future Retail to raise Rs 2,000 crore via issue of shares

Future Retail is planning to raise Rs 2,000 crore by issuing shares to promoters and investors. The company will raise Rs 400 crore through issue of shares and warrants on preferential basis to investors and promoters and about Rs 1,600 crore through issue of shares on rights basis. 75 percent of the total funds raised will be used to reduce debt. The company will issue 15.3 million shares of Rs 130 each on preferential basis to Brand Equity Treaties, an investor in the company, for Rs 199.99 crore. It will also issue 7.6 million warrants at a price of Rs 130 each, aggregating Rs 99.99 crore to Future Corporate Resources, a promoter group entity with an option to the warrant holder to acquire same number of shares within a period of 18 months. Future Retail has debt of Rs 5,500 crore on the books and the company paid interest of Rs 155.3 crore in March quarter of last financial year, which is 98% of its profit before interest and taxes (PBIT). The company's debt is around 1.8 times of the equity.

NecLife gets European cGMP approval for its Cephalosporin FDF Facility

Nectar Lifesciences (NecLife) has touched a significant milestone by receiving second European cGMP (Current Good Manufacturing Practices) approval for its Cephalosporin Finished Dosage Forms (FDF) manufacturing facility in Baddi, Himachal Pradesh. NecLife has received second European cGMP compliance certification for both Oral & Injectables Cephalsporins followed by the successful inspection by the Portugal Authority - National Authority of Medicines and Health Products, Infarmed in July 2013. The Infarmed Certificate is accepted by all EU Health Authorities and by authorities of several other countries. NecLife's FDF facility, Unit-VI, has received this approval for all the Cephalosporin steriles and Non-sterile products which includes tablets, capsule, powder for oral suspension and powder for injections. This approval is a testimony to the high standards of quality and compliance practices put in place by the company. This approval will facilitate exports to the lucrative generic drug markets of Europe and this certification opens up lot of opportunities for Contract Manufacturing for NecLife for European customers. In addition to EU approval NLL is eagerly awaiting USFDA approval in writing anytime for its FDF & API facility inspections by USFDA between January 12 and January 24, 2014. Nectar Lifesciences is a $200 million pharmaceutical organization. The company offers a range of Cephalosporin active pharmaceutical ingredients (APIs) and finished dosage forms.

HCL Technologies trades in the green on BSE

HCL Technologies is currently trading at Rs 1403.70, up by 10.30 points or 0.74% from its previous closing of Rs 1393.40 on the BSE. The scrip opened at Rs 1401.00 and has touched a high and low of Rs 1418.00 and Rs 1390.00 respectively. So far 52272 shares were traded on the counter. The BSE group 'A' stock of face value Rs 2 has touched a 52 week high of Rs 1588.65 on 28-Feb-2014 and a 52 week low of Rs 745.30 on 26-Jun-2013. Last one week high and low of the scrip stood at Rs 1397.00 and Rs 1303.00 respectively. The current market cap of the company is Rs 98332.10 crore. The promoters holding in the company stood at 61.69% while Institutions and Non-Institutions held 32.28% and 6.03% respectively. 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.

HCC builds India’s first tunnel using Tunnel Boring Machine in Himalayan terrain

The 330 MW Kishanganga Hydroelectric Power Project is located on River Kishanganga, a tributary of river Jhelum, in Bandipore district of Jammu & Kashmir

HCC has made history by successfully completing the first tunnel constructed using Tunnel Boring Machine (TBM) in Himalayan Terrain for its Kishanganga Hydroelectric Power Project in Jammu and Kashmir. The tunnel boring machine emerged out successfully on Monday, June 10 2014, completing the 14.75 km tunnel. With this, HCC has completed tunneling work of the project well ahead of schedule. The 330 MW Kishanganga Hydroelectric Power Project is located on River Kishanganga, a tributary of river Jhelum, in Bandipore district of Jammu & Kashmir. HCC, in a joint venture with Halcrow Group Ltd. U.K. (Halcrow) is executing the project for the National Hydroelectric Power Corporation Ltd. (NHPC). The project is run of the river scheme and involves transfer of water of Kishanganga River in Gurez valley to Bonar nallah near Bandipore in Kashmir valley. Kishanganga Hydroelectric Power project is being constructed by HCC on EPC basis. The project has a 23.65 km long Head Race Tunnel to carry the water from dam to the powerhouse. The tunnel is constructed using two methodologies - 14.75 km tunnel is constructed by Tunnel Boring Machine and the remaining 8.9 km tunnel is constructed by conventional drill and blast method. This is one of the Longest HRT in India with maximum overburden (height of mountain above tunnel) of 1470 m. Speaking on the occasion, A.I. Benny, Project Manager HCC said, “Using tunnel boring machine in young Himalayan Mountains poses various geological and technical challenges. We are indeed proud of having a capable team that took up this challenge and with meticulous planning and precise execution overcome all hurdles to complete the tunnel well ahead of time.” A state-of-the-art Double Shield TBM was ordered from SELI of Italy for this specialized job. The 225 meters long TBM with a cutter head of 6.18 meters was transported to the project location via Mumbai in 160 container shipment. Transporting the machine to project location in Jammu & Kashmir was a major logistical challenge which was completed in three months. The TBM commenced its first drive on April 20, 2011 and completed the tunnel today with average monthly progress of around 500 meters. In November 2012, HCC made a national record of highest monthly tunneling progress of 816 meters at Kishanganga project. Government, of India has cleared the Project from the Indus Waters Treaty. The contract is on a turnkey basis valued at approximately Rs 2726.49 crore. Project’s Major components: Dam – 37 m high Concrete Face Rock fill Dam (CFRD) Diversion Tunnel – 9.5m diameter, 560 m long Diversion tunnel Head Race Tunnel – 23.65 km long Head Race Tunnel to carry the water from dam to the powerhouse - one of the Longest HRT in India with overburden (height of mountain above tunnel) of 1470 m. The construction of Head Race Tunnel is carried out using two methodologies. The 8.9 km tunnel of 6 m diameter from the dam side is constructed using the conventional Drill and Blast Method while the balance 14.75 km with a finished diameter of 5.2 m from the powerhouse side is constructed using Tunnel Boring Machine Tail Race Tunnel- Tail Race system discharges water back into the stream after power generation and comprises of 862 m long and 5 m diameter D-shaped tunnel and a 44 m long open channel. Surge Shaft – It is a part of the water conductor system to power house located at the end of the Head Race Tunnel which acts as a balancer to absorb the effect of water hammer when the water in motion is forced to stop. The Surge Shaft at Kishanganga is a vertical shaft of 18.75 m diameters and 100.7 m deep. Pressure Shaft - One steel lined pressure shaft 4.0 m diameter trifurcating at the bottom into three penstocks 2.1 m diameter each to create pressure in turbines for power generation. Power House - The underground Power Station consisting of two parallel caverns, one for the three generating units and the other for transformer Switchyard - A surface Switchyard

Microsoft Office 365 prompts more businesses to get onto Cloud

Microsoft is bringing new personalized experiences that integrate social capabilities throughout Office 365. Over the past three years Microsoft Office 365 has changed the way businesses operate by unlocking social and mobility scenarios enabling them to take advantage of the cloud. Amongst the thousands who have adopted the Office 365 solution are some of India’s leading non-profit organizations, education institutes, IT/ITES companies and manufacturing and healthcare organizations including Ascent Yarns, Bakewell Biscuits, BLK Super Speciality Hospital, Godrej Industries and iResearch.  Talking about how the move helped, Shailesh Joshi, Head - Corporate IT, Godrej Industries Ltd, said, “We chose Office 365 to integrate communications between our group companies across India as well as our international entities. With Exchange Online, our email is backed up with service-level agreements, performance guarantees, disaster recovery and assured business continuity. Overall, we are very satisfied with the stable performance of Exchange Online and its lower cost of ownership. We are also evaluating other services within Office 365 like SharePoint Online and Lync Online to avail full benefits of the Office 365 suite.” Further reiterating the Office 365 advantages, Yogesh Shah, Founder & Director of iResearch Services Pvt. Ltd, another company that recently took to the cloud offering, is all for adoption of technology solutions to propel growth. “With Office 365, we are taking full advantage of reliable, state-of-the-art technology that helps our business run more effectively at lower costs. Most importantly, with majority of the research workforce being mobile and geographically spread out, tools like Microsoft Lync enable field workforce to host meetings, share desktop presentations, and find appropriate individuals/expertise quickly and effectively by collaborating remotely. All this helps us meet client deadlines efficiently. Microsoft technologies provide enterprise-class, reliable and robust solutions for our operations,” he said. In fact, Office 365 Personal was recently added to complement the existing bouquet comprising Office 365 Home Premium, Office 365 University and Office 365 for businesses, and Office for iPad, aiding mobile scenarios. Office 365 is growing rapidly worldwide, making it the fastest-growing product in Microsoft history. As for Office 365 Home Premium, it is already at 3.5 million subscribers, and growing. Ramkumar Pichai, GM - Microsoft Office Division, Microsoft India, said, “We are pleased with the adoption of Office 365 amongst businesses in India and globally, which reinforces our cloud and mobile leadership. Microsoft is focused on delivering the cloud for everyone, on every device. The future lies in people focused cloud productivity that – enables individuals and organizations to achieve more with the devices and services that people love the most.” Updated capabilities of Office 365 Microsoft is bringing new personalized experiences that integrate social capabilities throughout Office 365. Powering these new user experiences is the Office Graph, a new Office 365 intelligence fabric that remains unseen to the user but is constantly analyzing content, interactions and activity streams and mapping the relationships using machine learning to intelligently connect and surface the most relevant content to each user. These new experiences include the following: Groups. Groups is a new feature unifying people, conversations, calendars, emails and files across the Office 365 suite, enabling a seamless collaboration experience across applications.  Inline Social. Microsoft is bringing the power of social collaboration and conversations to everyone by offering Inline Social experiences throughout Office 365. It has the ability to have social conversations inside documents stored in SharePoint Online and OneDrive for Business. Office 365 Video Portal. It has been developed to support upload, storage and discovery of videos in a secure manner. Businesses will be able to categorize videos into channels for specific business needs and stream them on mobile devices, with all of the video compression, optimization and rendering work done by Office 365.

Indices slip into red

Some buying activity is seen in banking, IT, healthcare and teck sectors on BSE, while sectors such as capital goods, auto, metal and FMCG are losing sheen.

At 1:16PM, BSE Sensex is trading down 93 points at 25,490, while S&P Nifty is trading down 34 points at 7,622. BSE Mid-cap is down 0.44% at 9,211, while BSE Small-cap is down 0.03% at 10,014. Some buying activity is seen in banking, IT, healthcare and teck sectors on BSE, while sectors such as capital goods, auto, metal and FMCG are losing sheen. Infosys, TCS, Cipla, SBI, Gail India and Dr Reddy's Lab are among the gainers, whereasNTPC, Tata Power, BHEL, Hindalco, SSLT and HUL are losing sheen on BSE. India's trade deficit data rose 11.3% to $11.23 billion in the month of May from $10.09 in April 2014, according to the government data. The trade exports increased to 11.3% to $28 billion in May from $23.63 billion in April, while imports also reported a rise of 9.8% to $39.2 billion from $37.7 billion, the data added. According to the trade secretary, April trade deficit has widen on a MoM basis and May trade deficit is in line with estimates. Stock news: Coal India has decided to amend the object clause of its memorandum of association (MoA) for foraying into the business of producing fertilisers and chemicals using coal gas. CIL is trading down 1.74% on BSE. Future Retail today said that its Board of Directors of the company has approved to raiseRs. 200 crore to reduce debt. At least 75% of the funds will be used for reducing debt. The scrip is trading down 2.85% on BSE.

SBI surges on plan to merge its five subsidiaries with itself

State Bank of India (SBI) is currently trading at Rs. 2704.00, up by 39.25 points or 1.47% from its previous closing of Rs. 2664.75 on the BSE. The scrip opened at Rs. 2683.00 and has touched a high and low of Rs. 2731.05 and Rs. 2683.00 respectively. So far 137871 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2833.85 on 26-May-2014 and a 52 week low of Rs. 1452.90 on 28-Aug-2013. Last one week high and low of the scrip stood at Rs. 2760.00 and Rs. 2620.00 respectively. The current market cap of the company is Rs. 201985.35 crore. The promoters holding in the company stood at 58.60%, while Institutions and Non-Institutions held 30.53% and 8.75% respectively. State Bank of India (SBI), the nation’s biggest lender is all set to merge its five associate banks with itself to fund the economy that is on the cusp of a strong growth like China two decades ago. The combination of the associates will enhance the asset base of SBI to Rs 21.9 lakh crore, and add 5,658 branches to its 15,143 branches. The combined market share will rise to 24%, from 19%, making it a formidable force. SBI’s five associates are State Bank of Travancore, State Bank of Hyderabad, State Bank of Patiala, State Bank of Bikaner & Jaipur and State Bank of Mysore. Although consolidation was first mooted about a decade ago, nothing much happened with the staff unions being a stumbling block, and the previous United Progressive Alliance’s policy inertia.

Shoppers Stop’s arm opens one Crossword franchisee store in Mangalore

Shoppers Stop’s wholly owned subsidiary - Crossword Bookstores has opened one Crossword franchisee store at Mangalore in Karnataka. Further, the company has closed one of its Crossword store located at Nirmal Lifestyle, Mulund. With these, there are now 87 Crossword stores. Shoppers Stop is engaged in the retailing business. It runs a chain of departmental stores with brands including Shopper's Stop, Home Stop, Crossword, Cafes and Restaurants etc.

Crude oil futures gain on firm Asian markets

Crude oil futures gained on MCX as speculators created positions amid a firm trend in Asian markets. The release of a key indicator of US energy demand and a meeting of the OPEC oil cartel also influenced the commodity prices. The contract for June delivery was trading Rs 6204.00, up by 0.55% or Rs 34.00 from its previous closing of Rs 6170.00. The open interest of the contract stood at 12805.00 lots. The contract for July delivery was trading at Rs 6183.00, up by 0.55% or Rs 34.00 from its previous closing of Rs 6149.00. The open interest of the contract stood at 1237.00 lots on MCX.

Castor seed futures gain on strong export demand

Castor seed futures gained on NCDEX on the back of weak production in the current year coupled with strong export demand of castor meal in local mandis. Besides, lower arrivals of the commodity from major producing belts against higher spot market demand also supported the prices. The contract for June delivery was trading at Rs 3984.00, up by 1.61% or Rs 63.00 from its previous closing of Rs 3921.00. The open interest of the contract stood at 30680.00 lots. The contract for July delivery was trading at Rs 4162.00, up by 1.46% or Rs 60.00 from its previous closing of Rs 4102.00. The open interest of the contract stood at 231930.00 lots on NCDEX.

Shree Ganesh Jewellery touches the roof on receiving Premier Trading House status

Shree Ganesh Jewellery House is currently trading at its upper circuit limit of Rs. 41.60, up by 1.95 points or 4.92% from its previous closing of Rs. 39.65 on the BSE. The scrip opened at Rs. 41.40 and has touched a high and low of Rs. 41.60 and Rs. 40.50 respectively. So far 90223 shares were traded on the counter. The BSE group 'T' stock of face value Rs. 10 has touched a 52 week high of Rs. 93.10 on 11-Jun-2013 and a 52 week low of Rs. 20.50 on 18-Dec-2013. Last one week high and low of the scrip stood at Rs. 41.60 and Rs. 36.15 respectively. The current market cap of the company is Rs. 295.90 crore. The promoters holding in the company stood at 73.46% while Institutions and Non-Institutions held 11.26% and 15.28% respectively. Shree Ganesh Jewellery House - Star Trading House status certificate of the company has been upgraded to the Premier Trading House status by the Office of the Zonal Joint Director General of Foreign Trade, Ministry of Commerce & Industry, Government of India. Shree Ganesh Jewellery House is one of the largest manufacturers and exporters of handcrafted gold jewellery in India. Its  products include handcrafted and hallmarked gold jewellery, gold enameled jewellery and gold jewellery studded with precious stones such as diamonds, rubies, emeralds, sapphires, pearls, etc. and semi-precious stones such as garnet, cubic zirconium, etc.

RCOM expands 3G Footprint to 18 Circles

Customers will be able to enjoy RCOM’s 3G services in the 5 new Circles from 20 June 2014.

Reliance Communications, India’s fully integrated telecommunications service provider, today announced the launch of its Next-Gen 3G services in 5 more telecom Circles-Karnataka, Andhra Pradesh, Tamil Nadu, Kerala and UP-East telecom Circles—thereby expanding its 3G footprint to 18 Circles across the country. With this move, RCOM will now offer best-in-class, high-speed 3G services in the entire southern part of the country and UP-East as well. Customers will be able to enjoy RCOM’s 3G services in the 5 new Circles from 20 June 2014. RCOM currently has the largest 3G footprint in the country with a presence in 13 Circles—Delhi, Mumbai, Kolkata, Punjab, Rajasthan, Madhya Pradesh, West Bengal, Himachal Pradesh, Bihar, Orissa, Assam, North East, Jammu & Kashmir. With its extended presence in 18 Circles—covering 80% of the country’s 3G data revenue market and incremental Smartphone sales—RCOM is well-positioned to target a disproportionate share of the Corporate, SME and high-value customer market. This expansion will help Reliance Communications further consolidate its data leadership position in the Indian market. “We are delighted to expand our 3G footprint to 18 Circles across India, which makes our service available in all metros and major metros in the country, enabling us to target the fast-growing data market in these Circles. Together, these Circles account for 80% of incremental Smartphone sales in the country,” Gurdeep Singh, Chief Executive Officer, Consumer Business, Reliance Communications Limited, said. “As India’s youngest pan-India GSM operator, we are committed to improving the quality of our customer mix, and our extended 3G presence will help us attract a disproportionate share of customers in the high-value Corporate and SME segments. This will also help us further consolidate RCOM’s position as the leading Indian data operator,” he added. Reliance Communications has several path-breaking, industry-defining initiatives to its name, among them the revolutionary Zero Plan and the recently-introduced One India, One Rate Plan, both of which have created new benchmarks in the Indian mobility industry. Combined with the launch of 3G services in 5 new Circles, these combine to make up a powerful proposition for the high-value Corporate and SME customer, offering them seamless, affordable and high-speed connectivity, backed by a best-in-class network due to RCOM’s robust IP back-haul and 200,000 km of fiber. Reliance Communications is the leading data operator in the Indian telecom industry. For the quarter ended 31 March 2014, the company had 37.4 million data customers, including 12.9 million 3G customers, making up the largest 3G customer base in the industry. The new launches in five Circles, therefore, open up a significant market opportunity for RCOM, as a major part of the country will now be able to access its high-speed data services.

Soyabean futures trade lower on NCDEX

Soyabean futures edged lower on NCDEX as speculators reduced their positions driven by sluggish demand in the spot market. However, expectations of lower production after the reports of low and delayed monsoon, capped losses in soyabean prices to some extent. The contract for June delivery was trading at Rs 4415.00, down by 0.05% or Rs 2.00 from its previous closing of Rs 4417.00. The open interest of the contract stood at 82720 lots. The contract for July delivery was trading at Rs 4314.00, down by 0.39% or Rs 17.00 from its previous closing of Rs 4331.00. The open interest of the contract stood at 109030 lots on NCDEX.

Barley futures edge higher on restricted supply

Barley futures edged higher on NCDEX following fresh buying at existing lower levels. Besides, restricted supply in physical markets along with increased demand from consuming industries also influenced the commodity prices in futures trade. The contract for June delivery was trading at Rs 1277.00, up by 0.31% or Rs 4.00 from its previous closing of Rs 1273.00. The open interest of the contract stood at 2900.00 lots. The contract for July delivery was trading at Rs 1307.00, up by 0.23% or Rs 3.00 from its previous closing of Rs 1304.00. The open interest of the contract stood at 14150.00 lots on NCDEX.

Union Bank of India trades in green on the BSE

Union Bank of India (UBI) is currently trading at Rs. 246.10, up by 1.70 points or 0.70% from its previous closing of Rs. 244.40 on the BSE. The scrip opened at Rs. 244.00 and has touched a high and low of Rs. 252.25 and Rs. 242.40 respectively. So far 343738 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 259.60 on 09-Jun-2014 and a 52 week low of Rs. 97.10 on 29-Aug-2013. Last one week high and low of the scrip stood at Rs. 259.60 and Rs. 213.65 respectively. The current market cap of the company is Rs. 15637.90 crore. The promoters holding in the company stood at 60.13%, while Institutions and Non-Institutions held 25.09% and 14.78% respectively. State-run Union Bank of India (UBI) is expecting a growth of around 12% in its total business for the current fiscal to over Rs 5.32 lakh crore. Moreover, the bank is taking initiative in national financial inclusion plan and committed for up-liftment of society by providing maximum assistance to agriculture, self-help groups (SHGs) and micro credit. Meanwhile, the bank’s gross NPAs surged to Rs 9,563.72 crore last fiscal from Rs 6,313.83 crore in 2012-13. The bank posted a fall of 26.66% in its net profit at Rs 578.96 crore for the quarter ended March 31, 2014 as compared to Rs 789.38 crore for the same quarter in the previous year.  However, total income of the bank increased by 12.59% at Rs 8444.95 crore for quarter under review as compared to Rs 7500.59 crore for the quarter ended March 31, 2013.

Bond yields edge higher tracing overnight surge of U.S. treasury yields

Bond yields were trading higher on Wednesday tracking rise in U.S. treasury yields. However, the yields are expected to trade in tight range ahead of the release of crucial macro-economic data. On the macro front, street widely expects factory output to rise for the first time in April since January, to reflect healthy growth in core industries, while consumer price index is also expected to ease. On the global front, U.S. benchmark 10-year yields scaled one-month peaks on Tuesday, as investors have started to price in the prospect of higher interest rates following recent upbeat U.S. economic data and hawkish comments from Federal Reserve officials. Meanwhile, Brent futures rose towards $110 a barrel on Wednesday amid expectations of a fall in U.S. gasoline stockpiles, pointing to a healthy outlook for demand from the world's top oil consumer. Back home, the yields on new 10 year Government Stock 2023 were trading 2 basis points higher at 8.58% from its previous close of 8.56% on Tuesday. The benchmark five-year interest rate swaps were trading 4 basis points higher at 7.84% from its previous close of 7.80% on Tuesday. 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.

Nickel futures edge marginally higher on firm overseas trend

Nickel futures edged marginally higher on MCX as speculators created fresh positions, driven by a firm overseas trend. Moreover, improved demand from alloy-makers at the spot markets also supported the upside of the nickel prices. The contract for June delivery was trading at Rs 1108.70, up by 0.01% or Rs 0.10 from its previous closing of Rs 1108.60. The open interest of the contract stood at 6309.00 lots. The contract for July delivery was trading at Rs 1114.00, up by 0.07% or Rs 0.80 from its previous closing of Rs 1113.20. The open interest of the contract stood at 817.00 lots on MCX.

Call rates edge higher on soaring demand on Wednesday

Interbank call rates were trading higher at 8.25%/8.30% versus its close of 7.00/7.10% on Tuesday as demand remained higher even in the second week of reporting fortnight as select banks scrambled to fulfill their product requirements in order to avoid the volatility of rates going further. However, the rates may recede approaching the fag end of reporting cycle. The banks via Liquidity Adjustment Facility (LAF) borrowed Rs 19934 crore through repo auction on June 10. Meanwhile, banks borrowed Rs 18424 crore via repo auction and parked Rs 3899 crore via reverse repo window on June 9, 2014. The overnight borrowing rates touched a high and low of 8.40% and 8.10% respectively. According to the Clearing Corporation of India (CCIL), the weighted average rate (WAR) in the call money market was at 8.29% on Wednesday and total volume stood at Rs 31453.64 crore, so far. As per CCIL data, WAR in the CBLO (Collateralized Borrowing and Lending Obligation) market was at 8.20% on Wednesday and total volume stood at Rs 29827.70 crore, so far. The indicative call rates which closed 7.00/7.10% on Tuesday were contributions made from Andhra Bank, AXIS Bank, Bank of America, Bank of Baroda, Bank of India, Canara Bank, J P Morgan Chase, Citibank N.A., Corporation Bank, Credit Agricole Bank, Indusind Bank, ICICI Bank, ICICI Securities, IDBI Bank, Jammu and Kashmir Bank, Punjab National Bank, RBS, Societe Generale, Standard Chartered, so far.

Potato futures trade higher on strong demand

Potato futures traded higher on MCX as speculators enlarged their positions supported by firming trend in spot market amid strong demand, against limited stocks position in the physical market. However, easy availability of the commodity in the market capped the gains to some extent.

The contract for June delivery was trading at Rs 1350.00, up by 0.20% or Rs 2.70 from its previous closing of Rs 1347.30. The open interest of the contract stood at 1161.00 lots.

The contract for July delivery was trading at Rs 1402.50, up by 0.55% or Rs 7.70 from its previous closing of Rs 1394.80. The open interest of the contract stood at 1830.00 lots on MCX.

Chana futures trade higher on rising demand

Chana futures traded higher on NCDEX as speculators created fresh positions driven by rising demand in the spot market. Further, restricted arrivals in the physical market due to lower estimated output too supported the chana prices uptrend. Sowing prospects for the summer crop improved with the arrival of monsoon rains over the Kerala coast, limiting the gains in chana prices to some extent. The contract for June delivery was trading at Rs 2725.00, up by 0.18% or Rs 5.00 from its previous closing of Rs 2720.00. The open interest of the contract stood at 20130 lots. The contract for July delivery was trading at Rs 2808.00, up by 0.32% or Rs 9.00 from its previous closing of Rs 2799.00. The open interest of the contract stood at 161750 lots on NCDEX.

Veer Energy’s arm secures loan worth Rs 52.56 crore from IREDA

Veer Energy & Infrastructure’s - wholly owned subsidiary - Shruti Power Projects (SPPPL) has been sanctioned a loan of Rs 52.56 crore by the Indian Renewable Energy Development Agency (IREDA), a Government of India enterprise. This loan is sanctioned for setting up a 12 MW wind farm, project size worth Rs 75.60 crore at Vinjalpur Village, Khambhalia district in the state of Gujarat. The said subsidiary has signed the loan agreement. This is expected to generate additional revenue of Rs 12 crore per annum by way of power generation. Besides, the company is also expected to take the benefit of Generation Based Incentive (GBI) as per the policy declared by the Central Government. The company is expected to commission the project by August 31, 2014. Veer Energy & Infrastructure was founded in 2006, it is an innovative energy & infrastructure company headquartered in Mumbai, its objective is to play a major role in responding to the growing problem of climate change attributed to greenhouse gas emissions.

Macquarie Ems buys 15.76 lakh shares of PTC India

Macquarie Emerging Markets Asian Trading PTE has bought 15.76 lakh shares of PTC India through open market route. The shares were purchased on an average price of Rs 100.58 valuing the transaction to Rs 15.86 crore. PTC India acts as intermediary between buyer and sellers of power. In case of cross-border trading, the company plays the role of a nodal agency. It offers advisory services for setting up independent power producing plants.

India's May trade deficit rises to $11.23bn

The trade exports increased to $28 billion in May from $23.63 billion in April, while imports also reported a rise to $39.2 billion from $37.7 billion.

Trade deficit data rose to $11.23 billion in the month of May from $10.09 in April 2014, according to the government data. The trade exports increased to $28 billion in May from $23.63 billion in April, while imports also reported a rise to $39.2 billion from $37.7 billion.

Turmeric futures decline on weak demand

Turmeric futures declined on NCDEX on weak domestic as well as export demand against adequate supplies from producing belts. The sentiments weakened further as Monsoon rains spread to interior parts of southern India and improving prospects of planting for the crop.

The contract for June delivery was trading at Rs 5834.00, down by 0.14% or Rs 8.00 from its previous closing of Rs 5842.00. The open interest of the contract stood at 1655.00 lots.

The contract for July delivery was trading at Rs 5950.00, down by 0.53% or Rs 32.00 from its previous closing of Rs 5982.00. The open interest of the contract stood at 14390.00 lots on NCDEX.

Gold future rise on hopes of rise in demand

Gold future rose on MCX as investors and speculators booked fresh positions in the precious metal tracking a firm trend in the overseas market, amid hopes that recent declines in prices of the bullion may spur demand. The contract for August delivery was trading at Rs 26165.00, up by 0.10% or Rs 26.00 from its previous closing of Rs 26139.00. The open interest of the contract stood at 8757.00 lots. The contract for October delivery was trading at Rs 26250.00, up by 0.16% or Rs 43.00 from its previous closing of Rs 26207.00. The open interest of the contract stood at 1006.00 lots on MCX.

Rupee recoups losses tailing record high local equities on Wednesday

Indian rupee, after making a weaker start, has trimmed some of its losses tailing the record high levels of local equity markets, though weakness of other Asian currency was restricted its uptrend. Additionally, hopes of good macro-economic data were aiding sentiment. On the macro front, street widely expects factory output to rise for the first time in April since January, to reflect healthy growth in core industries, while consumer price index is also expected to ease. Nevertheless, RBI’s intervention in later part of the session could hinder currency’s further recovery attempts. On the global front, euro neared a four-month low on Wednesday, after the dollar's yield advantage over the single currency widened in the wake of upbeat U.S. economic data and the European Central Bank's monetary easing. The partially convertible currency is currently trading at 59.32, weaker by 3 paise from its previous close of 59.29 on Tuesday. The currency has touched a high and low of 59.37 and 59.30 respectively.  The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 59.24 and for Euro stood at 80.59 on June 10, 2014. While, the RBI’s reference rate for the Yen stood at 57.95, the reference rate for the Great Britain Pound (GBP) stood at 99.6299. The reference rates are based on 12 noon rates of a few select banks in Mumbai. Date 1US$ 1GBP June 10, 2014 59.24 99.6299 June 9, 2014 59.06 99.3457 (RBI-Reference Rate)

PNB likely to sell NPAs worth Rs 1500 crore in July-September

Punjab National Bank (PNB) is likely to sell Non Performing Assets (NPAs) worth Rs 1500 crore in July-September quarter. The bank had for the last couple of years, taken a conscious decision of not offloading a portion of its NPAs to ARCs.

The bank’s asset quality had taken a hit due to the slowdown in the economy. PNB’s financial performance in 2013-14 was weighed down by an increase in provisioning for NPAs and also depreciation in investments.

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

ICRA upgrades rating of TV18 Broadcast’s Fixed Deposit Programme

Credit rating agency, ICRA has revised the credit rating for the Fixed Deposit Programme of TV18 Broadcast from ‘MA-’ to ‘MA’. The outlook on the medium term rating is revised from ‘Stable’ to ‘Positive’.

Moreover, the rating agency has revised the long-term rating for bank facilities worth Rs 370 Ccore of the Company from ‘BBB+’ to ‘A’. The outlook on the long-term rating is revised from ‘Stable’ to ‘Positive’. Further, the credit rating for the Commercial Paper of Rs 200 crore of the company has been reaffirmed as ‘A1+(SO)’ by ICRA.

TV18 Broadcast formerly IBN18 Broadcast owns and operates one of India's leading 24-hour English language news and current affairs channel, CNN IBN. TV18 Broadcast is focused on producing high quality news programming and to capture news and events around the world.

Tech Mahindra enters a strategic global alliance agreement with HPS

Tech Mahindra, a leading $3.1 billon specialist provider of connected solutions to the connected world has entered into a global services alliance agreement with a HPS, the market-leading provider of mission-critical solutions to the cards and payments industry. HPS’ flagship PowerCARD payments technology will now be available to Tech Mahindra's customers worldwide. The alliance will enable Tech Mahindra's financial institutions and payment processing customers of all sizes to improve their cards and payments businesses by replacing legacy hardware and software with a single, flexible and cost processing effective platform. Tech Mahindra is a leading provider of solutions and services to the telecommunications industry with a majority stake owned by Mahindra & Mahindra. The company, since 2002 has operations in China with offices in Beijing, Shanghai, Nanjing and Guangzhou.

Nifty down; profit booking at 7,700

Some buying activity is seen in banking, IT and healthcare sectors on BSE, while sectors such as capital goods, auto, metal and FMCG are losing sheen

At 11:59AM, BSE Sensex is trading down 38 points at 25,546, while S&P Nifty is trading down 10 points at 7,646. Nifty had hits a hit of 7,700. BSE Mid-cap is up 1.3% at 9,213, while BSE Small-cap is up 0.53% at 10,070. Some buying activity is seen in banking, IT and healthcare sectors on BSE, while sectors such as capital goods, auto, metal and FMCG are losing sheen. Infosys, Cipla, SBI, TCS and Wipro are among the gainers, whereas SSLT, NTPC, HUL, Tata Power, BHEL and Hindalco are losing sheen on BSE. Stock news: Coal India has decided to amend the object clause of its memorandum of association (MoA) for foraying into the business of producing fertilisers and chemicals using coal gas. CIL is trading down 1.07% on BSE. Future Retail today said that its Board of Directors of the company has approved to raiseRs. 200 crore to reduce debt. At least 75% of the funds will be used for reducing debt. The scrip is trading down 2.41% on BSE.

JK Cement shines on plan to raise long term funds amounting up to Rs 300 crore

JK Cement is currently trading at Rs. 381.50, up by 5.85 points or 1.56% from its previous closing of Rs. 375.65 on the BSE. The scrip opened at Rs. 375.00 and has touched a high and low of Rs. 383.25 and Rs. 375.00 respectively. So far 2,306 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 383.25 on 11-Jun-2014 and a 52 week low of Rs. 148.15 on 05-Aug-2013. Last one week high and low of the scrip stood at Rs. 383.25 and Rs. 351.00 respectively. The current market cap of the company is Rs. 2,667.00 crore. The promoters holding in the company stood at 66.93% while Institutions and Non-Institutions held 21.93% and 11.14% respectively. JK Cement has received an approval to raise long term funds for an amount of up to Rs 300 crore. The board of directors at its meeting held on June 10, 2014 has approved for the same. The company will raise funds by way of issue of securities and/or non convertible debentures with warrants on Preferential Allotment basis, Qualified Institutional Placement (QIP) basis or such other form as may be permissible under law with a green shoe option subject to shareholders approval. JK Cement is one of the largest cement manufacturers in north India. It is also second largest producer of white cement in India. The company exports white cement to countries like South Africa, Nigeria, Singapore, Bahrain, Bangladesh, Sri Lanka, Tanzania, UAE and Nepal.

Copper future rise on MCX

Copper future traded up on MCX as inflation in China, the world’s biggest metals consumer, remained below target, leaving more room for injection of stimulus to spur growth in the world’s second biggest economy, lifting the demand outlook for copper.

The contract for June delivery was trading at Rs 401.80, up by 0.24% or Rs 0.95 from its previous closing of Rs 400.85. The open interest of the contract stood at 25707.00 lots.

The contract for August delivery was trading at Rs 405.10, up by 0.22% or Rs 0.90 from its previous closing of Rs 404.20. The open interest of the contract stood at 1747.00 lots on MCX.

Tech Mahindra enters a strategic global alliance agreement with HPS

Tech Mahindra, a leading $3.1 billon specialist provider of connected solutions to the connected world has entered into a global services alliance agreement with a HPS, the market-leading provider of mission-critical solutions to the cards and payments industry. HPS’ flagship PowerCARD payments technology will now be available to Tech Mahindra's customers worldwide. The alliance will enable Tech Mahindra's financial institutions and payment processing customers of all sizes to improve their cards and payments businesses by replacing legacy hardware and software with a single, flexible and cost processing effective platform. Tech Mahindra is a leading provider of solutions and services to the telecommunications industry with a majority stake owned by Mahindra & Mahindra. The company, since 2002 has operations in China with offices in Beijing, Shanghai, Nanjing and Guangzhou.

Future Retail to raise Rs. 2000 crore

The company will issue 1.5 crore equity shares of Rs. 2 each at a price of Rs.130 per share on preferential basis to Brand Equity Treaties Ltd.

Future Retail today said that its Board of Directors of the company has approved to raiseRs. 200 crore to reduce debt. At least 75% of the funds will be used for reducing debt. The company would raise funds through issue of shares or warrants on preferential basis to investors and promoters of around Rs. 400 crore. Future Retail will issue Rs.76.9 trillion warrants at Rs 130 per share. The company will issue 1.5 crore equity shares of Rs. 2 each at a price of Rs. 130 per share on preferential basis to Brand Equity Treaties Ltd.

Crude Palm Oil futures edge lower on profit booking

Crude Palm oil futures traded marginally lower on MCX as speculators booked profits at prevailing levels due to a weak trend in global markets. Besides, ample inventories following higher supplies from the major producing belts too added pressure on crude palm oil prices.

The contract for June delivery was trading at Rs 510.20, down by 0.23% or Rs 1.20 from its previous closing of Rs 511.40. The open interest of the contract stood at 1993 lots.

The contract for July delivery was trading at Rs 506.50, down by 0.22% or Rs 1.10 from its previous closing of Rs 507.60. The open interest of the contract stood at 4832 lots on MCX.

Cotton futures ruled flat on near term contracts

Cotton futures ruled flat for the near term contracts due to subdued demand from local mills and exporters. While July contract traded higher due to aggressive buying by yarn makers to meet overseas demand that could consume supplies of the new crop. The contract for June delivery was trading flat at its previous close of Rs. 19430.00/Bales. The open interest of the contract stood at 5209.00 lots. The contract for July delivery was trading at Rs 19680.00/Bales, up by 0.05% or Rs 10.00 from its previous closing of Rs 19670.00. The open interest of the contract stood at 2777.00 lots on MCX.

CII seeks infrastructure status for mining sector

Industry body, the Confederation of Indian Industry (CII) has asked the government to declare mining as a strategic and infrastructure sector. CII stated that mining sector is critical for the manufacturing growth of the country and plays an important role in creating employment, preventing drain of valuable forex and propelling growth in some of the most backward states.   The CII has also sought for a reduction in the role of geographical information systems (GIS) as an explorer. GIS should focus on steps which can create an environment to attract high exploration activities in the country. Industry body further highlighted that critical step such as allowing transfer of mining licences from one company to another seamlessly should be taken with immediate effect. Capacity building within state machinery should be expedited to boost the Indian mining sector. Regarding the proposed changes in sector imports norms, CII stressed that Indian mining sector is one of the most heavily taxed in the world and any attempts to levy further imposts must be taken after analyzing its impact on sector. Over the last couple of years, India mining sector has been struggling with slowdown. High borrowing cost and weak investment were the leading factors impacting the sector growth due to policy uncertainty. India mining sector witnessed a contraction of 1.4% at 1.06 lakh crore in FY 14 as against 2.2% de-growth in the FY13.

Bank of India trades higher on the BSE

Bank of India is currently trading at Rs. 322.25, up by 0.35 points or 0.11% from its previous closing of Rs. 321.90 on the BSE. The scrip opened at Rs. 323.00 and has touched a high and low of Rs. 327.40 and Rs. 320.15 respectively. So far 303638 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 356.75 on 26-May-2014 and a 52 week low of Rs. 126.95 on 28-Aug-2013. Last one week high and low of the scrip stood at Rs. 332.75 and Rs. 316.50 respectively. The current market cap of the company is Rs. 20944.20 crore. The promoters holding in the company stood at 66.70% while Institutions and Non-Institutions held 25.64% and 7.66% respectively. Bank of India, the state-run lender has got aggressive plan for expanding the branch network to over 5,450 from 4,655 by the end of current financial year. The bank will open recruitment for 1,000 Probationary Officers and 3,500 clerical personnel in the current fiscal. This will be done in order to build infrastructure and run the new branches. Of the new branches, Rajasthan will get about 45 new branches. The bank has posted a fall of 26.31% in its net profit at Rs 557.51 crore for the quarter ended March 31, 2014 as compared to Rs 756.57 crore for the same quarter in the previous year.  However, total income of the bank has increased by 21.67% at Rs 11274.09 crore for quarter under review as compared to Rs 9265.55 crore for the quarter ended March 31, 2013.

Coal India to enter fertiliser, chemical production

Coal India has set the target of 507 million tonnes of coal this fiscal, while the target for next year is set around 574 million tonnes

Coal India has decided to amend the object clause of its memorandum of association (MoA) for foraying into the business of producing fertilisers and chemicals using coal gas. CIL said Rashtriya Chemicals and Fertilizers Ltd (RCF) had signed a Memorandum of Understanding (MoU) with Gas Authority of India Ltd (GAIL) for jointly exploring the potential use of gas produced from surface coal gas project in the fertiliser industry. The Ministry of Coal has prepared its agenda for presentation to the Prime Minister. Among the priority list include production enhancement, speedy approvals and restructuring of Coal India. Coal India has set the target of 507 million tonnes of coal this fiscal, while the target for next year is set around 574 million tonnes. In order to attract private investment, the coal ministry is also looking at working on legal framework for commercial mining.

ICRA revises ratings assigned to bank facilities of Network 18 Media & Investments

Credit rating agency, ICRA has revised/affirmed the credit ratings of bank facilities of Network 18 Media & Investments. The credit rating agency has revised long-term rating from ‘BBB+’ to ‘A’ and short-term rating from ‘A2+’ to ‘A1+’ for Rs 140 crore bank facilities of the company. The outlook on the long-term rating is revised from Stable to Positive. The agency has also revised rating from ‘MA-‘ to ‘MA’ for the Fixed Deposit Programme of the company. The outlook on the medium term rating is revised from Stable to Positive. Further, the agency has reaffirmed the rating as ‘A1 + (SO)’ for Commercial Paper of Rs 100 crore of the company. Network 18 Media & Investments is one of India's leading full play media conglomerates with interests in television, print, internet, filmed entertainment, mobile content and allied businesses.

Cotton output estimated at 38.82 million bales for 2013-14 season

The cotton crop for the season 2013-14, beginning October 1, 2013, is estimated at 38.82 million bales (170 kg each), the Cotton Association of India (CAI) stated in its May estimate of the cotton crop. The crop in state of Gujarat is estimated at 12.08 million bales in 2013-14 compared to 8.33 million bales in the previous season. Similarly, in Maharashtra the total output is estimated at 7.92 million bales in 2013-14 season, compared to 7.25 million bales in 2012-13. The total cotton supply is estimated at 44.75 million bales while the domestic consumption is estimated at 29.5 million bales, thus, leaving an available surplus of 15.25 million bales. The arrivals as on May 31, 2014, are placed at 37.02 million bales.

Jeera futures rise on pickup in demand

Jeera futures traded up on NCDEX due to pick-up in domestic and export enquiries in the spot market. Moreover, speculators hiked positions tracking a firm spot market trend on pick up in demand amid a better trend at the producing region Unjha, Gujarat, mainly influenced jeera futures trade. The contract for June delivery was trading at Rs 10740.00, up by 0.37% or Rs 40.00 from its previous closing of Rs 10700.00. The open interest of the contract stood at 1269.00 lots. The contract for July delivery was trading at Rs 10945.00, up by 0.51% or Rs 55.00 from its previous closing of Rs 10890.00. The open interest of the contract stood at 7455.00 lots on NCDEX.

Sugar futures extend gains on strong demand

Sugar futures traded up on NCDEX on account of strong demand in spot market from bulk consumers and concerns over next year's production as the weather department has forecast lower rainfall in cane growing areas. The contract for June delivery was trading at Rs 3065.00, up by 0.13% or Rs 4.00 from its previous closing of Rs 3061.00. The open interest of the contract stood at 18900.00 lots. The contract for July delivery was trading at Rs 3067.00, up by 0.16% or Rs 5.00 from its previous closing of Rs 3062.00. The open interest of the contract stood at 32450.00 lots on NCDEX.