Ranbaxy trades with traction on the bourses

Ranbaxy Laboratories is currently trading at Rs. 473.70, up by 4.70 points or 1.00% from its previous closing of Rs. 469.00 on the BSE.

Ranbaxy Laboratories reportedly has filed applications seeking to sell drugs in the US, which will be manufactured at its Gurgaon plant, which is not among those barred by the US Food and Drug Administration (FDA). The company has five manufacturing facilities that are registered with the FDA, including Paonta Sahib, Mohali, Toansa, Gurgaon, and Dewas.

Ranbaxy’s Gurgaon plant has a pilot manufacturing line and the company could it scale it up the facility for commercial use, if it secured product approvals from there.

Ranbaxy’s three formulation manufacturing facilities at Paonta Sahib (Himachal Pradesh), Dewas (Madhya Pradesh) and Mohali (Punjab) have received the FDA’s import alert. Further, US regulator has also barred supply of drugs from Ranbaxy’s active pharmaceutical ingredient manufacturing plant in Toansa (Punjab) to the US.

Ranbaxy Laboratories is an integrated, research based, international pharmaceutical company producing a wide range of quality, affordable generic medicines, trusted by healthcare professionals and patients across geographies.

Nucleus Software moves up on unveiling FinnOne Neo

Nucleus Software Exports is currently trading at Rs. 210.05, up by 0.40 points or 0.19% from its previous closing of Rs. 209.65 on the BSE.
Nucleus Software Exports has launched FinnOne Neo, a product suite built to manage the lending requirements of the banking and financial services industry. FinnOne Neo is an agile and customer centric platform capable of servicing the entire loan lifecycle. The comprehensive product suite incorporates the latest business focus, compliance, technology, functionalities security aspects.
Leveraging Nucleus Software’s global leadership in lending solutions, this new offering has the capability to enhance operational efficiency and drive growth with superior risk management.
Nucleus Software Exports a leading provider of software solutions to the Banking, Financial Services Industry (BFSI). It has developed solutions spanning from retail banking to corporate banking, cash management, internet banking and credit cards.

Market edges lower as oil & gas stocks slump

Some buying activity is seen in healthcare, capital goods and auto on BSE, while banking, power realty, oil & gas, IT and FMCG sectors are showing weakness.

BSE Sensex is trading down 142 points at 25,171, while S&P Nifty is trading down 40 points at 7,529. 

BSE Mid-cap is up 0.13% at 9,220, while BSE Small-cap is down 0.06% at 10,007.

Some buying activity is seen in healthcare, capital goods and auto on BSE, while banking, power realty, oil & gas, IT and FMCG sectors are showing weakness. 

L&T, Dr Reddy's Lab, Wipro, BHEL and M&M are among the gainers, whereas ONGC, RIL, NTPC, Gail and HDFC are losing sheen on BSE. 

SEBI Chairman UK Sinha today said that the regulator has recommended tax measures for mutual fund industry to the government.

Essar Oil delisting floor price at Rs 108.18; stock up 5%

Shares of Essar OilBSE 4.97 % were locked at 5 per cent upper circuit after the company fixed the floor price of Rs 108.15 for proposed voluntary delisting of shares.

The board, on Monday, had approved delisting of shares from the BSE and NSE.

After taking Essar Energy Plc private from the London Stock Exchange (LSE), the Essar group has proposed to delist Essar Oil.
Promoters Essar Energy Holdings (EEHL) wants to buy back from the public about 13.7 crore shares (27.5 per cent) that it doesn't own in Essar Oil.

"Full ownership of the company will provide EEHL with increased operational/financial flexibility to support the company's businesses and strategic needs," the notice said. EEHL is the holding firm of the Ruais which is incorporated in Mauritius.

Moser Baer touches the roof on allocating 10 MW of modules for rooftop installation in Delhi, U.P

Moser Baer India is currently trading at its upper circuit limit of Rs. 8.38, up by 0.39 points or 4.88% from its previous closing of Rs. 7.99 on the BSE.

Moser Baer Solar has considered 10 MW of modules for rooftop installations in Delhi & U.P. The company has earmarked the quantity from its Elite series modules which has been acclaimed in the quality conscious Japanese market. Moreover, the company is geared to enhance supplies further. Any customer opting for rooftop installations in these cities would be accorded priority and get the required supply. The 1 MW of rooftop installation would be able to generate around 16,00,000 units of power which could cater to almost 1066 households in a year considering 1500 units of consumption through the year.

Recently, the company commissioned a 32.2 MW solar farm in a record time of 39 days operating at an optimum generation efficiencies from the day 1 of its operations. The projects commissioned over 225 acres of land had multiple sub- contractors working round the clock to ensure timely completion of the project including getting it grid connected.

Moser Baer India headquartered in New Delhi, is a leading global tech-manufacturing company. The company also emerged as the first to market the next-generation of storage formats like Blu-Ray discs in India.

Mentha oil futures trade lower on profit booking

Mentha oil futures traded lower on MCX as speculators booked profits at prevailing levels after decline in demand from consuming industries in the spot market. Further, ample inventories in the physical market due to increased arrivals from the major producing belts too added pressure on mentha oil prices.

The contract for June delivery was trading at Rs 747.30, down by 0.33% or Rs 2.50 from its previous closing of Rs 749.80. The open interest of the contract stood at 2087 lots.

The contract for July delivery was trading at Rs 764.40, down by 0.43% or Rs 3.30 from its previous closing of Rs 767.70. The open interest of the contract stood at 5573 lots on MCX.

Fertiliser stocks rally as gas price hike deferred.

Shares of fertilizers companies gained in trade as the government announced it is deferring gas price hike by three months. 

Natural gas is used as a raw material by fertilisers companies for manufacturing urea and other complex fertilisers. Hike in natural gas prices would have had negative impact on the fertiliser industry. 

Cost of production of domestic urea would have increased sharply if gas price revision would have happened. 

Gold futures surge on soft US economic data

Gold futures surged on Wednesday on the back of the dollar weakened against a basket of few major currencies on some soft economic data from the US with gross domestic product declining much more than previously estimated in the first quarter. However, soft physical demand for the yellow metal capped the gains.

Gold futures for August delivery settled up $1.30 at $1,322.60 an ounce on the Comex division of the New York Mercantile Exchange. While spot gold rose 0.2 percent at $1,319.85 an ounce.

L&T Finance Holdings’ arm enters into tie-up with AMW Motors

L&T Finance Holdings’ wholly-owned subsidiary - L&T Finance has enter into tie-up with AMW Motors to provide retail financing options for range of medium and heavy haulage vehicles and tippers. The agreement will help provide loans for the entire range of AMW vehicles such as tippers, the new AMW haulage range and other special purpose vehicles (SPV). AMW sells trucks ranging from 16 to 49 tonnes.

L&T Finance, which offers a wide spectrum of financial products and services for trade, industry and agriculture, is looking to further expand its base in rural retail financing.

SAIL gains on resuming operations at its Bhilai’s plant

Steel Authority of India (SAIL) is currently trading at Rs. 94.50, up by 0.20 points or 0.21 % from its previous closing of Rs. 94.30 on the BSE.

Steel Authority of India (SAIL) has restored more than half of its hot metal production at its flagship plant in Bhilai after 12-day shutdown following an accident early this month. On June 24, the plant had achieved hot metal production of 7,557 tonnes against normal daily production of 13,000 to 13,500 tonnes. This was possible as the blast furnace No. 5 resumed operation (for a shift). One more blast furnace is likely to come on stream on June 26. Another, which is under capital repair since April, will however resume production later.

A rupture in a water pipe, which carries water to the blast furnaces, killed six and forced the shutdown of five blast furnaces on June 12.

SAIL is India's largest steel producing company. The company is among the five Maharatnas of the country's Central Public Sector Enterprises. The company has five integrated steel plants, three special plants, and one subsidiary in different parts of the country.

TCS secures multi-year outsourcing deal from two European companies

Tata Consultancy Services (TCS) has secured a multi-year outsourcing deal from two major European companies. The country’s largest software exporter has been selected by Telenor Norway to modernise the telephony company’s fixed line operations. The two companies had signed a memorandum of understanding in March this year for the work that would continue till 2018. TCS has been one of two main suppliers of IT services (applications management and systems development) to Telenor Norway since 2010.

The Tata group company has also been selected to modernise Dutch insurance firm REAAL N.V’s ‘life insurance’ portfolio for a five-year period. TCS would also develop the insurer’s mainframe applications, according to a statement from the Mumbai-headquartered company.

TCS is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT, BPO, infrastructure, engineering and assurance services.

Indices down; oil & gas declines ~3.4%

Some buying activity is seen in banking, capital goods, metal and auto on BSE, while realty, oil & gas, IT, FMCG and healthcare sectors are showing weakness

BSE Sensex is trading down 163 points at 25,151, while S&P Nifty is trading down 51 points at 7,518. BSE Mid-cap is down 0.23% at 9,188, while BSE Small-cap is down 0.07% at 10,005. Some buying activity is seen in banking, capital goods, metal and auto on BSE, while realty, oil & gas, IT, FMCG and healthcare sectors are showing weakness. M&M, Axis, Bajaj Auto, Coal India, BHEL and Tata Motors are among the gainers, whereas ONGC, RIL, Gail, Maruti Suzuki, HUL, NTPC and Sun Pharma are losing sheen on BSE.