US crude snaps three days losing streak

Crude oil futures spiked up again after three consecutive days of modest decline with deteriorating condition in Iraq increasing concerns over disruption in oil supplies, after the ongoing conflict between militants and government forces intensified. Meanwhile, the US announced that it stood ready to take action if need be. Though, concerns the crisis will escalate and disrupt oil production sent prices higher. There was some positive economic news that capped the gains, number of individuals filing for initial jobless benefits in the week declined by 6,000, while the Federal Reserve Bank of Philadelphia said that its manufacturing index rose to an eight-month high of 17.8 in June.

Benchmark crude oil futures for July delivery, gained $0.46 or 0.5 percent to close at $106.43 a barrel after trading in a range of $106.69 and $105.32 a barrel on the New York Mercantile Exchange. In London, Brent oil futures for August delivery gained 1.01 percent to $115.42 a barrel on the ICE.

Rcom rings loud on plan of setting up sub-sea cable linking Mumbai to Singapore

Reliance Communications is currently trading at Rs. 150.40, up by 1.30 points or 0.87% from its previous closing of Rs. 149.10 on the BSE.

The scrip opened at Rs. 149.45 and has touched a high and low of Rs. 150.70 and Rs. 148.00 respectively. So far 202284 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 164.45 on 20-Sep-2013 and a 52 week low of Rs. 105.80 on 28-Aug-2013.

Last one week high and low of the scrip stood at Rs. 154.35 and Rs. 141.60 respectively. The current market cap of the company is Rs. 31073.92 crore.

The promoters holding in the company stood at 67.80 % while Institutions and Non-Institutions held 20.82 % and 11.11 % respectively.

Reliance Communications (RCom) is planning to set up sub-sea cable linking Mumbai to Singapore with a total investment of $200 million. The new ICX cable is part of the company’s strategy to provide a direct route to emerging markets corridor.

RCom, which is also in discussion with three entities to partner in the project, will spend around $40-45 million in the cable system. The remaining amount would be brought in by its three partners, of which one is a technology partner.

Bajaj Auto gains on the buzz of plan to launch quadricycle by October 2014

Bajaj Auto is currently trading at Rs. 2174.70, up by 13.85 points or 0.64% from its previous closing of Rs. 2160.85 on the BSE.

The scrip opened at Rs. 2170.00 and has touched a high and low of Rs. 2184.00 and Rs. 2152.85 respectively. So far 3023 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2228.75 on 13-Jun-2014 and a 52 week low of Rs. 1683.35 on 28-Aug-2013.

Last one week high and low of the scrip stood at Rs. 2228.75 and Rs. 2137.05 respectively. The current market cap of the company is Rs. 62597.32 crore.

The promoters holding in the company stood at 50.02% while Institutions and Non-Institutions held 25.68% and 24.30% respectively.

Bajaj Auto is a $2.3 billion company founded in 1926. It is world’s fourth largest two and three-wheeler manufacturer. The company had registered a 4% rise in total sales to 351,436 units in May 2014 against 339,348 units in May 2013. The sales of the motorcycles increased by 3% and stood at 313,020 units in the month under review against 304,780 units in May 2013.

Rupee at 60.26, down 18 paise vs US dollar.

 The rupee today lost 18 paise to 60.26 against the dollar in early trade at the Inter bank Foreign Exchange market due to increased demand for the US currency from importers. 

Forex dealers attributed the rupee's fall to increased dollar demand from importers amidst rising global crude prices but said that a higher opening in the domestic equity market and euro's strength against the US currency capped the fall to some extent. 

The rupee yesterday rose 31 paise, logging its best single-day gain in over a month, to end at 60.08 as the American currency weakened on US Fed keeping its policy of ultra-row interest rates intact. 

Meanwhile, the benchmark BSE Sensex rose by 45.08 points, or 0.18 per cent, to 25,246.88 in early trade today. 

Oil India inks pact with Gazprom

Oil India, the second biggest state-run explorer in the country, has entered into memorandum of understanding (MoU) with Russia’s Gazprom for joint pursuit of exploration opportunities across the globe. As per the agreement, both the entities will jointly participate in upstream oil and gas exploration and production opportunities in different parts of the world as well as collaborate on LNG. The MoU also provides an option to the companies for technological association. Any area or project of common interest would also be covered under the purview of MoU.

Gazprom is the only producer and exporter of liquefied natural gas (LNG) in Russia. Gazprom EP International BV (Gazprom International) is its foreign exploration and production projects operator and currently has assets in 10 countries.

Pro Fin Capital Services invests in equity shares of Tera Natural Resources and Pellets

Pro Fin Capital Services has invested in the equity shares of Tera Natural Resources and Pellets. Consequent to the investment, Tera Natural Resources and Pellets has become a subsidiary of Pro Fin Capital Services.

Tera Natural Resources and Pellets is a company incorporated under the Companies Act, 1956, having its registered office at 84/2/2, Chandi Ghosh Road, Tollygunge, Kolkotta effective from April 17, 2014.

Pro Fin Capital Services is engaged in the business of financial services such as stock and share broking and dealing in securities. The main activities include dealing in purchase and sales of securities and also rendering related services.

L&T Finance Holdings plans to raise Rs 500 crore through private placement

L&T Finance Holdings is intending to raise funds through issue of Cumulative Non-Convertible Compulsorily Redeemable Preference Shares (CRPS) for an amount not exceeding Rs 500 crore, through private placement basis, on such terms and conditions as may be decided by the board. L&T Finance Holdings is a financial holding company offering a diverse range of financial products and services across the corporate, retail and infrastructure finance sectors, as well as mutual fund products and investment management services, through its direct and indirect wholly-owned subsidiaries.