CRISIL reaffirms ratings of HPCL’s bank facilities

Credit rating agency, CRISIL has reaffirmed ‘AAA/Negative’ rating of Hindustan Petroleum Corporation’ (HPCL) long term bank facilities. The rating agency has also reaffirmed ‘A1+’ rating to the company’s Short term bank facilities.

The company has received the said ratings reaffirmation on hopes that it will remain strategically important to the Government of India (GoI), and that the company will continue to play a key role in implementing GoI’s socio-economic policies.

HPCL operates two major refineries producing a wide variety of petroleum fuels and specialties, one in Mumbai (west coast) of 6.5 million metric tonnes per annum (MMTPA) capacity and the other in Vishakapatnam, (east coast) with a capacity of 7.5 MMTPA.

Sharon Bio-Medicine trades with traction on the BSE

Sharon Bio-Medicine is currently trading at Rs. 44.50, up by 0.25 points or 0.56% from its previous closing of Rs. 44.25 on the BSE.

The scrip opened at Rs. 44.45 and has touched a high and low of Rs. 45.95 and Rs. 44.05 respectively. So far 335729 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 57.95 on 21-Feb-2014 and a 52 week low of Rs. 27.27 on 20-Nov-2013.

Last one week high and low of the scrip stood at Rs. 46.50 and Rs. 43.60 respectively. The current market cap of the company is Rs. 467.67 crore.

The promoters holding in the company stood at 60.20% while Non-Institutions held 39.80% stake in the company.

Sharon Bio-Medicine’s one of its unit located at MIDC, Taloja, Raigad district in state of Maharashtra has been allotted Good Laboratory Practice (GLP) Certificate which is on same line as Organization for Economic Co-operation & Development Certificate (OECD). With this, the company can do Toxicity & Mutagenicity Studies and Analytical & Clinical Chemistry Testing.

This will help the company to help big Pharma, Chemical & Agro companies to do research in their fields. Sharon will do the studies and testing in its laboratory for the companies all over the world which will improve the overall margins of the company.

Further, in last 6 months company’s other unit located at Dehradun has got UK MHRA and also another unit located at MIDC Taloja, Maharashtra has got EDQM. All these certifications / approvals will help company to sell its products to regulated countries.

Call rates in-line with repo level on stable demand

Interbank call rates were trading higher at 8.00/8.05% versus its Wednesday’s close of 7.00/7.05% on Wednesday and in line with repo rate of 8% as demand remained stable at the start of new reporting cycle. The rates are expected to stay in this range for the week as banks usually prefer to borrow their fortnightly requirements early in reporting fortnight, in order to avoid the volatility of rates going further.

The banks via Liquidity Adjustment Facility (LAF) borrowed Rs 11734 crore through repo auction on June 19, 2014. Meanwhile, banks via three day repo auction borrowed Rs 20609 crore and parked Rs 8756 crore via three days reverse repo window on June 18, 2014.

The overnight borrowing rates touched a high and low of 8.05% and 7.80% respectively.

According to the Clearing Corporation of India (CCIL), the weighted average rate (WAR) in the call money market was at 8.03% on Thursday and total volume stood at Rs 30943.21 crore, so far.

As per CCIL data, WAR in the CBLO (Collateralized Borrowing and Lending Obligation) market was at 7.98% on Thursday and total volume stood at Rs 36199.45 crore, so far.

The indicative call rates which closed 7.00/7.05% on Wednesday 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.

Dr Reddy's Lab trades in the green on BSE

Dr. Reddys Laboratories is currently trading at Rs. 2432.00, up by 9.25 points or 0.38% from its previous closing of Rs. 2422.75 on the BSE.

The scrip opened at Rs. 2421.00 and has touched a high and low of Rs. 2443.45 and Rs. 2419.00 respectively. So far 4468 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 2939.80 on 28-Feb-2014 and a 52 week low of Rs. 2025.00 on 21-Aug-2013.

Last one week high and low of the scrip stood at Rs. 2462.25 and Rs. 2388.00 respectively. The current market cap of the company is Rs. 41462.94 crore.

The promoters holding in the company stood at 25.52% while Institutions and Non-Institutions held 40.59% and 15.87% respectively.

Dr. Reddy’s is an integrated global pharmaceutical company, committed to providing affordable and innovative medicines for healthier lives. Through its three businesses - Pharmaceutical Services and Active Ingredients, Global Generics and Proprietary Products - the company offers a portfolio of products and services including APIs, custom pharmaceutical services, generics, bio-similars, differentiated formulations and NCEs.

Rail stocks in demand on FDI buzz

Shares of 10 companies whose fortunes are linked to orders from Indian Railways rose by 0.22% to 5% at 11:47 IST on BSE on reports the government is moving swiftly to allow foreign direct investment in railways.

Simplex Casting (up 5%), Stone India (up 4.91%), Kalindee Rail Nirman (Engineers) (up 4.26%), Texmaco (up 3.79%), Texmaco Infrastructure & Holdings (up 3.56%), Kernex Microsystems (India) (up 2.18%), BEML (up 1.87%), Bharat Heavy Electricals (up 1.76%), Hind Rectifiers (up 1.56%) and Container Corporation of India (up 0.22%), edged higher.

The S&P BSE Sensex was up 10.29 points, or 0.04% at 25,256.54.

The commerce and industry ministry has initiated the exercise to allow 100% foreign direct investment (FDI) in several segments of railways, moving beyond its earlier plan to open select sectors such as high-speed train systems, dedicated freight lines built through the public-private partnership route and in certain areas of suburban rail networks. Currently, there is a complete ban on any kind of FDI in railways, except mass rapid transport systems.

Deutsche Mutual Fund files offer document for Hybrid Fixed Term Fund Series 26- 30

Deutsche Mutual Fund has filed offer document with SEBI to launch a Close Ended Debt Scheme named as "DWS Hybrid Fixed Term Fund Series 26-30". The New Fund Offer price is Rs 10 per unit.

Entry and exit load charges will be nil for the scheme. The scheme offers growth and dividend option and seeks to collect a Minimum Target Amount of Rs 20 crore.

The scheme will be benchmarked against CRISIL MIP Blended Fund Index. The minimum application amount is Rs. 5,000 and in multiples of Re 1 thereafter.

The investment objective of the scheme is to generate income by investing in fixed income securities maturing on or before the date of the maturity of the Scheme and to generate capital appreciation by investing in equity and equity related instruments.

Canara Bank trades in green on BSE

Canara Bank is currently trading at Rs. 444.75, up by 3.45 points or 0.78% from its previous closing of Rs. 441.30 on the BSE.

The scrip opened at Rs. 443.10 and has touched a high and low of Rs. 447.20 and Rs. 443.10 respectively. So far 15,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 498.00 on 09-Jun-2014 and a 52 week low of Rs. 189.90 on 28-Aug-2013.

Last one week high and low of the scrip stood at Rs. 473.80 and Rs. 426.50 respectively. The current market cap of the company is Rs. 19,744.00 crore.

The promoters holding in the company stood at 69.00% while Institutions and Non-Institutions held 22.06% and 8.94% respectively.

Canara Bank posted a fall of 15.79% in its net profit at Rs 610.83 crore for the quarter ended March 31, 2014, as compared to Rs 725.38 crore for the same quarter in the previous year. However, total income of the bank increased by 22.57% at Rs 11609.72 crore for quarter under review as compared to Rs 9471.57 crore for the quarter ended March 31, 2013.

Bank of Maharashtra trades sanguinely in early deals

Bank of Maharashtra is currently trading at Rs. 48.20, up by 0.35 points or 0.73% from its previous closing of Rs. 47.85 on the BSE.

The scrip opened at Rs. 48.00 and has touched a high and low of Rs. 48.60 and Rs. 47.90 respectively. So far 18473 shares were traded on the counter.

The BSE group 'B ' stock of face value Rs. 10 has touched a 52 week high of Rs. 58.00 on 19-Jun-2013 and a 52 week low of Rs. 29.10 on 28-Feb-2014.

Last one week high and low of the scrip stood at Rs. 50.65 and Rs. 45.10 respectively. The current market cap of the company is Rs. 4015.07 crore.

The promoters holding in the company stood at 85.21 % while Institutions and Non-Institutions held 7.54 % and 7.24 % respectively.

Bank of Maharashtra, a leading public sector bank, has launched MAHA e-SBTR (e-Secured Bank & Treasury Receipt) facility for payment of Registration Fee and Stamp Duty in the state of Maharashtra. The facility is inaugurated by Chief Minister of Maharashtra Prithviraj Chavan in presence of Harshwardhan Patil and Balasaheb Thorat, Ministers, Government of Maharashtra and Sushil Muhnot, Chairman & Managing Director of Bank of Maharashtra.

Bank of Maharashtra offers several products and services in personal banking such as deposits, savings, personal loans, educational loans, demat services, credit cards, etc. The bank also offers services to agricultural and SME sectors.

Reliance Industries to expand retail business

Reliance Industries is planning to expand its retail business in existing markets and exploring new markets. The company’s retail business -- Reliance Retail -- has registered a 34 per cent growth to touch Rs 14,496 crore in 2013-14.

At present, the company’s business now operates 1,691 stores covering an area of 11.7 million square feet across 146 cities.

The company had established market leadership in all the focus areas of digital, lifestyle and value formats during this period. The wholesale retail vertical Reliance Market has about 1.2 million members.

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

MT Educare enters into long term partnership arrangement with Sri Gayatri

MT Educare (MTEL), a leading education support and coaching services provider in India, through its subsidiary, has entered into a long term partnership arrangement with Sri Gayatri Educational Society (Sri Gayatri), a leading educational institution in Andhra Pradesh and Telangana. As per the arrangement, MTEL will provide to Sri Gayatri, its expertise in teacher training, study material, technology aided teaching methods and in development of digital content on the lines of ‘Robomate’.

Both the companies jointly plan to tap the growing potential in the Engineering and Medical aspirants market through various technology initiatives. With the increasing student focus on commerce streams in the two states of Andhra Pradesh and Telangana, MTEL’s presence in the XI-XII commerce market will help Sri Gayatri extend its reach to a wider target audience.

MT Educare provides educational coaching services for classes 9 and 10 (state boards, CBSE and ICSE), classes 11 and 12, graduation (commerce), preparatory/entrance tests (engineering, medical and MBA) and professional courses such as chartered accountancy under the brand name ‘Mahesh Tutorials’.

Nifty below 7,500; IT scrips up

Some buying activity is seen in IT, power, capital goods and banking sectors on BSE, while oil & gas sector is down

BSE Sensex is trading up 144 points at 25,390, while S&P Nifty is trading up 36 points at 7,594. BSE Mid-cap is up 0.78% at 9,106, while BSE Small-cap is up at 1.03 at 9,976. Some buying activity is seen in IT, power, capital goods and banking sectors on BSE, while oil & gas sector is down. BHEL, Infosys, Bharti Airtel, Tata Power, NTPC and M&M are among the gainers, whereas ONGC, Maruti Suzuki, Cipla and Bajaj Auto are losing sheen on BSE.