Iron ore price fall takes a massive toll in Goa e-auction

Falling iron ore prices took a big toll on the fifth round of the state government’s e-auction in Goa. Two-thirds of the allocated quantity remained unsold, as the base price was fixed higher than that in global markets. By contrast, earlier auctions saw good participation from local steel mills, sponge iron units and mineral exporters. The fifth e-auction was earlier this month and 2.3 million tonnes was offered for sale. About 699,000 tonnes was sold. Relatively poor quality of ore was another factor for the lack of buyer interest. There were no domestic taker for these grades. Besides, exports of these grades are unviable due to the 30 per cent export duty, in addition to other state levies recently imposed. Iron ore prices are down 40 per cent since January to a current $80 a tonne, due to falling demand from steel mills. Import was cheaper than buying from Goa. Of the total sales, ore-deficient JSW Steel bought 345,000 tonnes. Other major buyers were Royalline Resources, Sesa Sterlite and Bagadiya Brothers. Grade and logistics cost are the two determining factors for participation. For certain low grades, transportation cost becomes higher than the cost of mineral itself. Falling iron ore prices in the international market was another reason for selective interest in participation. Weak buying sentiment, however, may affect iron ore e-auction in future.

ICICI Bank trades higher on the BSE

ICICI Bank is currently trading at Rs 1732.80, up by 43.70 points or 2.59% from its previous closing of Rs. 1689.10 on the BSE. The scrip opened at Rs. 1690.00 and has touched a high and low of Rs. 1739.20 and Rs. 1678.50 respectively. So far 189166 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1715.00 on 13-Nov-2014 and a 52 week low of Rs. 944.25 on 04-Feb-2014. Last one week high and low of the scrip stood at Rs. 1703.95 and Rs. 1663.05 respectively. The current market cap of the company is Rs. 200521.72 crore. The promoters holding in the company stood at NA % while Institutions and Non-Institutions held 63.44 % and 7.46 % respectively. ICICI Bank, India’s largest private sector bank, is planning to introduce the NFC (Near Field Communication) based credit and debit cards in Indian markets. The NFC technology will make it super easy and fast to make payments - without having to swipe or dip your cards at the POS machines at malls and shops. All the customer will need to do is just bring a card very close (2cm) to the point of sale machine in order to make the payment. The bank will introduce these cards in Mumbai, Delhi and Hyderabad and has already tied up with 200 merchants that include shops and restaurants. ICICI Bank is India’s largest private sector bank. ICICI Bank’s subsidiaries include India’s leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Bank’s presence currently spans across 18 international locations.

KSS ties up with TV18 Broadcast for its CNBC Bazaar channel

KSS, country’s leading digital Media and Entertainment Company, has tied up with TV18 Broadcast as the leading partner of its newly launched channel CNBC Bazaar. Both the companies would not only air several programs but also host several investor education conferences. CNBC BAZAAR a new business channel from the TV18 kitty is being aired in Gujarati and gets a very reputed and strong media brand.

Recently, the company tied up with SONY Corporation, Hong Kong. With this SONY tie-up KSS became the first company in India to foray into 4K space to provide best in class movie experience for audiences.

KSS has a presence on Pan India basis through its wholly owned subsidiaries K Sera Sera Miniplex and K Sera Sera Digital Cinema.

NSE Corporate Bonds Trading report

As per the NSE data, LIC HOUSING FINANCE LIMITED 9.38 NCD 06NV15 FVRS10LAC LOA UPTO 06MR13, currently trading at Rs 100.5275 with Last Trade Yield (YTM) Annualized of 8.7653% was in maximum demand, followed by POWER FINANCE CORPORATION LTD. SR-121 A 8.9 BD 21OT17 FVRS10LAC, trading at Rs 100.8719 with YTM Annualized of 8.5300%, HOUSING DEVELOPMENT FINANCE CORPORATION LTD SR-M 018 9.34 NCD 28AG24 FVRS10LAC, trading at Rs 103.3244 with YTM Annualized of 8.8001% and LIC HOUSING FINANCE LIMITED 9.7624 NCD 08MR19 FVRS10LAC LOA UPTO 09JU14, trading at Rs 102.8573 at a YTM of 8.9000%.

Crude oil futures edge higher on MCX

Crude oil futures edged higher on MCX, as investors and speculators booked fresh positions in the energy commodity due to rising bets that the OPEC may reduce production to ease a supply glut, while a pickup in the US economy too lifted the demand outlook for the fuel.

The contract for December delivery was trading Rs 4734.00, up by 1.15% or Rs 54.00 from its previous closing of Rs 4680.00. The open interest of the contract stood at 17009.00 lots.

The contract for January delivery was trading at Rs 4762.00, up by 1.08% or Rs 51.00 from its previous closing of Rs 4711.00. The open interest of the contract stood at 1087.00 lots on MCX.

Tata Power launches two new Consumer Centres in mumbai

Tata Power, India's largest integrated power utility, has launched two Consumer Centres in Mumbai, adding to a total of 31 centres. These centres have been designed with the mantra of convenience and being closer to consumer’s homes, which will provide unmatched convenience of over-the-counter bill payment options. Tata Power has brought many such conveniences for its consumers in the area of customer care, and plans to undertake similar initiatives in the future. Tata Power is India’s largest integrated power company with a significant international presence. The Company has an installed generation capacity of 8521 MW in India and a presence in all the segments of the power sector viz. Generation (thermal, hydro, solar and wind), Transmission, Distribution and Trading.

Canara Bank opens 109 new branches

Canara Bank, a leading nationalized bank has opened 109 new branches and an equal number of ATMs on the occasion of Founders’ Day on November 19, 2014. The bank has completed 109 years of its successful banking. The bank wants to further enhance its banking, deliver faster products and offer better banking services to the customers.

Over the years, the bank has been scaling up its market position to emerge as a major 'Financial Conglomerate' with as many as nine subsidiaries/sponsored institutions/joint ventures in India and abroad. In the current fiscal, the bank had opened 875 branches, taking the total number to 5,632, including seven in overseas locations. The bank opened 1,188 ATMs during the year taking the total to 7,500.

The Bank has gone through the various phases of its growth trajectory over hundred years of its existence. Growth of Canara Bank was phenomenal, especially after nationalization in the year 1969, attaining the status of a national level player in terms of geographical reach and clientele segments.

Hindustan Zinc moves higher on the bourses

Hindustan Zinc is currently trading at Rs. 163.00, up by 0.50 points or 0.31% from its previous closing of Rs. 162.50 on the BSE.

The scrip opened at Rs. 163.00 and has touched a high and low of Rs. 164.40 and Rs. 162.55 respectively. So far 26596 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 184.00 on 09-Jun-2014 and a 52 week low of Rs. 114.80 on 26-Feb-2014.

Last one week high and low of the scrip stood at Rs. 168.95 and Rs. 160.65 respectively. The current market cap of the company is Rs. 69126.22 crore.

The promoters holding in the company stood at 64.92%, while Institutions and Non-Institutions held 33.18% and 1.89% respectively.

Hindustan Zinc is all set to make Bio-toilets in 152 schools in Rajasthan on the occasion of World’s Toilet Day with a total project cost of Rs 4 crore. The company’s decision to build 10,000 toilets and a 20 million litres a day sewage treatment plant forms a key corporate initiative under the Swachh Bharat campaign, along with efforts towards green energy and zero-discharge in business units

Hindustan Zinc manufactures three qualities of zinc -- special high grade zinc used in construction, infrastructure, household appliances etc; high grade zinc and prime western zinc. It manufactures silver used in photographic material, conductor, jewellery, etc.

Bond yields tread water on Friday; caution ahead of Rs 14,000 crore debt sale weighs

Bond yields were treading water on Friday in account of prevailing cautiousness ahead of central bank's monetary policy review on December 2, nevertheless the uptrend of yields is likely as traders could reduce their position ahead of Rs 14,000 crore debt sale later in the day. On the global front, U.S. Treasury debt prices inched higher on Thursday as investors sought the safety of government bonds amid concerns about global growth following weak manufacturing data from China and Europe. Meanwhile, brent crude briefly rose to $80 a barrel on Friday on speculation OPEC could agree to output cuts at its meeting next week, with strong U.S. economic data also bolstering oil prices. Back home, the yields on new benchmark 8.40%-2024 bonds was trading flat at Thursday’s close of 8.16%. The benchmark five-year interest rate swaps were trading 1 basis point higher at 7.36% from its previous close of 7.35% on Thursday. The Government of India announce the sale of Four dated securities for Rs 14,000 crore on November 21, 2014, including (i) 8.27% Government Stock 2020 for a notified amount of Rs 2000 crore, (ii) New 12 year Government Stock for a notified amount of Rs 6,000 crore, (iii) 8.24% Government Stock 2033 for a notified amount of Rs 3000 crore and (iv) 8.30% Government Stock 2040 for a notified amount of Rs 3000 crore respectively.

Cipla soars as its arm inks distribution pact with Serum Institute of India

Cipla is currently trading at Rs. 632.00, up by 13.40 points or 2.17% from its previous closing of Rs. 618.60 on the BSE. The scrip opened at Rs. 625.00 and has touched a high and low of Rs. 645.00 and Rs. 625.00 respectively. So far 211954 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 671.95 on 31-Oct-2014 and a 52 week low of Rs. 366.70 on 24-Feb-2014. Last one week high and low of the scrip stood at Rs. 645.00 and Rs. 593.25 respectively. The current market cap of the company is Rs. 50684.41 crore. The promoters holding in the company stood at 36.80% while Institutions and Non-Institutions held 34.67% and 27.38% respectively. Cipla’s wholly owned subsidiary, Cipla Europe NV has signed a distribution agreement with Serum Institute of India (SII), a global leader in the production of vaccines. Under the agreement, SII will develop and manufacture paediatric vaccines, while Cipla will seek European Medicines Agency approval and market the products in Europe. This collaboration with SII enables Cipla to enter into the vaccines segment, continuing our commitment to inclusive healthcare for the world. The vaccines will be manufactured in Serum’s world class production facilities approved by World Health Organisation (WHO). Cipla has emerged as one of the most respected pharmaceutical names in India as well as across more than 170 countries. Its portfolio includes 2000 products in 65 therapeutic categories with one quality standard globally.

Axis Bank trades with traction on the BSE

Axis Bank is currently trading at Rs. 479.05, up by 12.35 points or 2.65% from its previous closing of Rs. 466.70 on the BSE. The scrip opened at Rs. 465.25 and has touched a high and low of Rs. 482.20 and Rs. 465.25 respectively. So far 260314 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 485.50 on 13-Nov-2014 and a 52 week low of Rs. 215.68 on 22-Nov-2013. Last one week high and low of the scrip stood at Rs. 482.20 and Rs. 463.00 respectively. The current market cap of the company is Rs. 113102.41 crore. The promoters holding in the company stood at 28.88% while Institutions and Non-Institutions held 58.42% and 9.00% respectively. Axis Bank has launched a smart self-service terminal that allows customers to deposit as well as withdraw cash from the same machine. Customers can initiate a deposit transaction through the smart self-service terminal even without using a debit card and will receive instant credit for the deposited amount. There is no cap on the amount of cash deposited by the customer through these terminals, provided his/her PAN details are available with the bank. The smart self-service terminal will reduce the frequency of loading cash in the machine as well as the cost of idle cash as it allows cash recycling operations by dispensing deposited cash for future withdrawal transactions, thereby improving efficiency of the bank's cash operations.

Soyabean futures edge up on improved demand

Soyabean futures traded higher on NCDEX on improved demand for the bean for cattle feed in global market following robust export data from the US. However, improved International production forecasts, capped some gains in soyabean prices to some extent.

The contract for December delivery was trading at Rs 3298.00, up by 0.21% or Rs 7.00 from its previous closing of Rs 3291.00. The open interest of the contract stood at 124790 lots.

The contract for January delivery was trading at Rs 3338.00, up by 0.24% or Rs 8.00 from its previous closing of Rs 3330.00. The open interest of the contract stood at 58280 lots on NCDEX.

CARE reaffirms ratings of TCL’s bank facilities

Credit rating agency, CARE has reaffirmed ‘BBB-’ rating to Thirumalai Chemicals’(TCL’s) long term bank facilities worth Rs 205.54 crore and ‘A3’ rating to company’s Short term Bank Facilities worth Rs 376.00 crore. The ratings continue to derive strength from TCL’s experienced management, its long track record in the domestic PAN (Pthalic Anhydride) industry, healthy demand potential of its products and consistent improvement in its capital structure.

Thirumalai Chemicals is engaged in the manufacturing of industrial chemicals viz Phthalic Anhydride (PAN), Phthalate Esters (PE; diethyl phthalate and phthalimide) and food acids (maleic acid, fumaric acid and malic acid) which find applications in plastics, paints & resins industry and as additives for the food industry.

Govt approves new Rs 43,033-crore rural electrification scheme

The government has approved rural electrification scheme Deendayal Upadhyaya Gram Jyoti Yojana, which would replace the existing Rajiv Gandhi Grameen Vidyutikaran Yojana (RGGVY) and would entail an investment of Rs 43,033 crore. The balance work relating of the ongoing scheme of RGGVY till 2022 will get subsumed in this scheme as a distinct component for rural electrification and the Cabinet Committee on Economic Affairs (CCEA), for this purpose, has already approved the scheme cost of Rs 39,275 crore including budgetary support of Rs 35,447 crore. This outlay will be carried forward to the new scheme of DDUGJY in addition to the outlay of Rs 43,033 crore. The scheme is aimed at strengthening and augmentation of sub transmission and distribution infrastructure in rural areas, including metering of distribution transformers and feeders.  It would have components to separate agriculture and non-agriculture feeders facilitating judicious rostering of supply to agricultural and non-agricultural consumers in rural areas. The estimated cost of the scheme for two components of Rs 43,033 crore, includes the requirement of budgetary support of Rs 33,453 crore from the government over the entire implementation period. Further, the scheme is likely to work towards improvement in hours of power supply in rural areas, reduction in peak load and improvement in billed energy based on metered consumption and providing access to electricity to rural households.

ICRA assigns ‘A1’ rating to CP programme of KEC International

Credit rating agency, ICRA has assigned a short-term rating of ‘A1’ to the Rs 50.00 crore Commercial Paper (CP) programme of KEC International. The rating agency has long-term rating of ‘A+’ and short-term rating of ‘A1’ outstanding on term loans, fund based limits and non-fund based limits of the company aggregating to Rs 10972.09 crore. The outlook on the long-term rating is stable. The rating takes into account the strong order book position of the company, i.e. Rs 9,322 crore as on September 2014, which provides healthy revenue visibility in the medium term as well as its diversified geographical presence. KEC International is a global infrastructure Engineering, Procurement and Construction (EPC) major. It has a presence in the verticals of power transmission, power systems, cables, railways, telecom and water.

Coromandel International trades higher on the bourses

Coromandel International is currently trading at Rs. 326.00, up by 3.85 points or 1.20% from its previous closing of Rs. 322.15 on the BSE.

The scrip opened at Rs. 328.00 and has touched a high and low of Rs. 330.95 and Rs. 324.00 respectively. So far 1014 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 340.00 on 05-Nov-2014 and a 52 week low of Rs. 195.50 on 04-Feb-2014.

Last one week high and low of the scrip stood at Rs. 330.95 and Rs. 311.05 respectively. The current market cap of the company is Rs. 9318.71 crore.

The promoters holding in the company stood at 63.20% while Institutions and Non-Institutions held 12.22% and 24.59% respectively.

Coromandel International‘s production at Visakhapatnam plant has now been stabilized and the plant is operating at its normal capacity. The operations of the plant were recently impacted due to Hudhud cyclone.

Coromandel International is the country’s second-largest phosphatic fertilizer player. Its crop protection business produces insecticides, fungicides and herbicides and markets these products in India and across the globe. The firm has also ventured into the retail business, setting up more than 640 rural retail centres in Andhra Pradesh and Karnataka.

Govt to roll out industry friendly bulk drug policy in two weeks

The Government will be rolling out a new industry friendly pharma policy for bulk drugs in 10-15 days, which could help the sector in growing manifold over the next 5-7 year. Given the Prime Minister Modi’s fanaticism to shape up the sector so as to meet its sufficient for future growth both in terms of production and exports, the policy will be released by himself in next two week’s time at the most. Further, the committee and task force set up by the government for this purpose have finalized their recommendations which have been sent to Prime Minister’s Office (PMO) for final approval. The new policy is expected to eliminate all the existing irritants and prevailing ills that have overtaken the pharma sector in the last few years. It would have multiple concessions for all stakeholders of the pharmaceuticals sector so that it is put on the growth trajectory, matching its potential as the government realizes that it has done little for the sector and that whatever growth it has clocked, the credit entirely went to the private sector. With this policy, the pharma sector which is of Rs 1.8 lakh crore in size at present is likely to grow by 4-5 times in next 5-7 years with both its domestic production and exports rising phenomenally.

Yes Bank gains as RBI allows FIIs to buy shares

Yes Bank is currently trading at Rs. 698.10, up by 21.85 points or 3.23% from its previous closing of Rs. 676.25 on the BSE. The scrip opened at Rs. 690.65 and has touched a high and low of Rs. 702.00 and Rs. 688.30 respectively. So far 169784 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 712.70 on 13-Nov-2014 and a 52 week low of Rs. 292.10 on 04-Feb-2014. Last one week high and low of the scrip stood at Rs. 702.00 and Rs. 670.40 respectively. The current market cap of the company is Rs. 29093.38 crore. The promoters holding in the company stood at 22.14% while Institutions and Non-Institutions held 65.96% and 11.90% respectively. Reserve Bank of India (RBI) has allowed Foreign Institutional Investors (FIIs) to buy shares in Yes Bank as the foreign shareholding in the company has gone below the prescribed limit. The restrictions placed on the purchase of shares of the bank are withdrawn with immediate effect. Reserve Bank of India has notified that the aggregate share holdings in Yes Bank by FII/Registered Foreign Portfolios Investors (RFPI)/Non-Resident Indians (NRI)/Persons of Indian Origin (PIO) and through American Depository Receipts (ADR)/Global Depository Receipts (GDR)/Foreign Direct Investment (FDI) have gone below the prescribed threshold caution limit stipulated under the extant FDI policy. The bank has posted a rise of 30.01% in its net profit at Rs 482.54 crore for the quarter ended September 30, 2014 as compared to Rs 371.13 crore for the same quarter in the previous year. Total income has increased by 13.25% at Rs 3337.97 crore for quarter under review as compared to Rs 2947.39 crore for the quarter ended September 30, 2013.

Reliance Mutual Fund files offer document for US Equity Opportunities Fund

Reliance Mutual Fund has filed offer document with SEBI to launch an Open Ended Diversified Equity Scheme as 'Reliance US Equity Opportunities Fund'. The New Fund Offer price is Rs 10 per unit.

Entry load charges will be nil for the scheme and exit load 1% if redeemed or switched out on or before completion of 1 year from the date of allotment of units and Nil if redeemed or switched out after the completion of 1 year from the date of allotment of units. The scheme offers growth and dividend option and seeks to collect a Minimum Target Amount of Rs 10 crore.

The scheme will be benchmarked against S&P 500 Index. The minimum application amount is Rs 5,000 and in multiples of Re 1 thereafter.

The investment objective of the scheme is to provide long term capital appreciation to investors by primarily investing in equity and equity related securities of companies listed on recognized stock exchanges in the US and the secondary objective is to generate consistent returns by investing in debt and money market securities in India

UTI Mutual Fund files offer document for Medium Term Fund

UTI Mutual Fund has filed offer document with SEBI to launch an open ended income scheme with no assured return as 'UTI Medium Term Fund'. The New Fund Offer price is Rs 10 per unit.

Entry load charges will be nil for the scheme and exit load less than 365 days- 1.00%, less than 365 days and more than 548 days: 0.50% and more than 548 days : NIL. 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 Composite Bond Fund Index. The minimum application amount is Rs 5000 and in multiples of Re 1 thereafter.

The investment objective of the scheme is to generate steady and reasonable income, with low risk and high level of liquidity from a portfolio of money market securities and high quality debt.

Asian markets trade mostly higher in early deals on Friday

Most of the Asian equity benchmarks are trading higher in the early deals on Friday on the account of fairly upbeat data out of the US and a recovery in oil prices. However, investors treading cautiously amid worries about the global economy on the back of recent weak data out of euro zone and China limited the upside. On the regional front, the Japanese stock market declined on a stronger yen and on caution ahead of a long weekend. Besides, Japanese Finance Minister Taro Aso said its decline has been too fast and as Prime Minister Shinzo Abe prepares to dissolve parliament ahead of elections, too contributed to the downside. Among other markets in the Asia-Pacific region, South Korea, Shanghai and Singapore are up with solid gains and Taiwan and Hong Kong are marginally higher. Indonesia is down marginally, while Malaysia is notably lower. Hang Seng soared 25.42 points or 0.11% to 23,375.06,  KOSPI Index increased by 7.05 points or 0.36% to 1,965.09, Straits Times Index gained 21.70 points or 0.65% to 0.65%, Shanghai Composite added 14.01 points or 0.57% to 2,466.67 and Taiwan Weighted was up by 11.31 points or 0.12% to 9,090.18. On the flip side, Nikkei 225 declined by 92.68 points or 0.54% to 17,208.18, Jakarta Composite contracted by 0.63 points or 0.01% to 5,092.93 and FTSE Bursa Malaysia KLCI was down by 9.76 points or 0.54% to 1,812.53.

CRISIL reaffirms ‘D/D’ rating on Tecpro Systems’ bank facilities

CRISIL has reaffirmed ‘D/D’ rating on the bank facilities and commercial paper (CP) programme of Tecpro Systems (TSL). The rating continues to reflect ongoing instances of delay by the company in meeting its debt obligations.

The delays in repayment are on account of the company’s stretched liquidity. The group’s liquidity is expected to remain under pressure over the medium term because of its significant losses and stretched receivables.

Tecpro System provides comprehensive range of services in coal handling and Ash handling, balance of plant packages for power sector and material handling to steel, cement, ports and mining and other industries in infrastructure sector.

Integrated Power Development Scheme gets cabinet approval

The launch of Integrated Power Development Scheme (IPDS) aimed at improving India’s sub-transmission and distribution network has finally got the Union Cabinet approval. The programme entails an investment of Rs 32,612 crore and requires a budgetary support of Rs 25,354 crore for the entire duration. The earlier scheme "Restructured Accelerated Power Development and Reforms" for 12th and 13th Plans will get subsumed in this new scheme. The estimated cost of IPDS will include components of strengthening of sub-transmission and distribution networks, including metering of consumers in the urban areas. The scheme will help in reduction in AT&C losses, establishment of IT enabled energy accounting / auditing system, improvement in billed energy based on metered consumption and improvement in collection efficiency. Along with IPDS the cabinet has also approved Deen Dayal Upadhyaya Gram Jyoti Yojana, North Eastern Region Power System Improvement Project, and a framework agreement for energy cooperation among SAARC members. The North Eastern Project is to strengthen the intra state transmission and distribution system for Assam, Manipur, Meghalaya, Mizoram, Tripura and Nagaland at an estimated cost of Rs 5,111.33 crore, while the Deen Dayal project is for the rural areas, the scheme will replace the existing Rajiv Gandhi Grameen Vidyutikaran Yojana. It is aimed at ensuring around eight hours of quality power supply to agricultural consumers and 24-hour electricity to households.

Nouveau Global Ventures forays into teleshopping, e-commerce business

Nouveau Global Ventures has entered into teleshopping and e-commerce business by signing a MOU. The company has entered into a Memorandum of Understanding (MOU) with principal vendor overseas of Naaptol Online Shopping (Naaptol) and Naaptol which is one of the leading home shopping companies in India and a one shop destination for shoppers, merchants and market enthusiasts, thus helping customers to choose from various products in categories ranging from apparel, electronics, home furnishings, kitchen appliances, furniture, etc.  Under this MOU, Nouveau Global Ventures FZE incorporated in Ras Al Khaimah Free Trade Zone, Dubai, of Nouveau Global Ventures will act as a Carrying and Forwarding Agent (CFA) of principal vendor overseas of Naaptol in all the sovereign countries covered in Gulf Co-operation Council (GCC), South Asian Association for Regional Co-operation (SAARC) and Middle East and North Africa (MENA). Founded in 2008, Naaptol, a leading virtual-commerce platform has immensely revolutionized the online shopping and is now the leader of home shopping platform and a top product research engine, while Nouveau Global Ventures is presently engaged in the business of acquisition and trading of media telecast rights over national and regional TV channels.

Jindal Saw’s UAE arm raises Rs 775 crore: Report

Jindal Saw’s subsidiary, Jindal Saw Middle East FZC (JSME) has reportedly raised Rs 775 crore for its long term requirements by selling a club facility. JSME has a large facility in Abu Dhabi (UAE) to produce ductile iron (DI) pipes. It also provides techno-economic products and solutions for water transportation and sewage systems in the wider MENA region. JSME has the approval for supply of its DI pipes from many Middle East and North Africa countries. The Commercial Bank of Dubai PSC, Commercial Bank International PSC, Emirates NBD PJSC and Mashreqbank PSC acted as mandated lead arrangers and book runners. Alpen Capital (ME) was the financial advisor to the transaction. Jindal Saw is in a commanding position in India's tubular market, being the undisputed leader with a turnover in excess of Rs 7,000 crore. The business operations are highly structured with three strategic business units: large diameter pipes, seamless tubes, and DI (ductile iron) pipes. Every SBU has its own dedicated sales and marketing targets and operations.

Arvind to expand presence of its ‘The Arvind Store’

Arvind is looking to expand the presence of its ‘The Arvind Store’ to 165, from the existing 142, by the end of this fiscal. Expansion, mostly through the franchise model, will have specific focus on Tier-II, III, IV, V cities and towns. While, regular stores are approximately 1500 sq ft in size; flagships are around 4,000 sq ft. Currently, around 55 per cent of the demand in The Arvind Stores is for fabric; while the remaining is for branded apparels. The Arvind Store offers mid to premium range shirting and suiting fabrics apart from three of its fast-moving brands - Arrow, US Polo Association and Flying Machine.

Infosys features as a leader in Gartner’s Magic Quadrant

Infosys, a leader in consulting, technology, outsourcing and next generation services, has been positioned as a leader in Gartner’s Magic Quadrant for International Retail Core Banking report. The company has been positioned following the evaluation of Finacle Core Banking Solution. This is the eighth time in a row that Infosys has been named a leader in this Magic Quadrant. The evaluation began with 63 product candidates for the 2014 Magic Quadrant, and resulted in a qualified group of 20 vendor/product offerings that represent the major movers in the retail core banking system market. Infosys is highest in execution and furthest in vision within the Leaders Quadrant. Infosys is a global leader in consulting, technology and outsourcing solutions. The company enables clients, in more than 30 countries, to stay a step ahead of emerging business trends and outperform the competition.

Hester Biosciences trades jubilantly on acquiring 100% stake in Gujarat Agrofarm

Hester Biosciences is currently trading at Rs. 420.25, up by 17.55 points or 4.36% from its previous closing of Rs. 402.70 on the BSE.

The scrip opened at Rs. 420.00 and has touched a high and low of Rs. 423.25 and Rs. 405.00 respectively. So far 1977 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 471.70 on 11-Sep-2014 and a 52 week low of Rs. 78.10 on 05-Feb-2014.

Last one week high and low of the scrip stood at Rs. 423.25 and Rs. 363.00 respectively. The current market cap of the company is Rs. 342.57 crore.

The promoters holding in the company stood at 53.81% while Institutions and Non-Institutions held 0.14% and 46.05% respectively.

Hester Biosciences has acquired 100% share holding of Gujarat Agrofarm for Rs 52.50 lakh. Gujarat Agrofarm, a company located in Gujarat, is involved in the manufacturing of growth media.

This backward integration by Hester aims at securing for itself a source of growth media used in the production of vaccines.  The acquisition would enable Hester in saving over Rs 1.50 crore annually towards growth media procurement costs.

Hester Biosciences is a 100% biotech company producing animal biological. Hester has a state-of-the-art facility to produce live and killed (Inactivated) veterinary vaccines.

Crude oil futures bounce back on good economic data

Crude oil futures made a sharp rebound on Thursday amid speculation the OPEC may cut production to keep a check on prices at its meeting in Vienna next week. There were some positive economic data that too supported the prices. A Federal Reserve Bank of Philadelphia report showed its manufacturing activity index jumped to its highest level in over twenty years in November, while a Conference Board index of leading U.S. economic indicators rose more than anticipated in October. Traders overlooked the preliminary weak reading on Chinese manufacturing activity in November and euro zone private sector growth.

Benchmark crude oil futures for January delivery gained $1.35 or 1.8 percent to close at $75.85 a barrel after trading in a range of $75.90 and $74.20 a barrel on the New York Mercantile Exchange. In London, Brent oil futures for January delivery gained 0.88 percent to $78.79 a barrel on the ICE.

FIIs were net buyers of Rs 1164.81 crore in index futures and options segments on November 20

According to the data released by the NSE, the Foreign Institutional Investors (FIIs) were net buyers of Rs 1164.81 crore in index futures and options segments, as per Thursday’s data, November 20, 2014.

FIIs were buyers of index futures to the tune of Rs 227.21 crore and they bought index options worth Rs 937.60 crore. In the stock segment, FII’s were net sellers of stock futures worth Rs 308.50 crore, while they sold stock options worth Rs 64.22 crore.   

US markets closed up on signs of strengthening economy

The US markets closed higher on Thursday, as data showed improvements in the American economy which overshadowed concern over weaker growth overseas. On the economy front, the number of people who applied for new unemployment benefits totaled fewer than 300,000 for the 10th straight week, reflecting the low level of layoffs in the US economy as growth gradually picks up. Initial jobless claims fell by 2,000 to a seasonally adjusted 291,000 in the week ended November 15. Over the past month, meanwhile, the average of new claims rose by 1,750 to 287,500. The four-week average reduces seasonal volatility in the weekly data and is seen as a more accurate barometer of labor-market trends. Also, Labor stated that continuing claims decreased by 73,000 to a seasonally adjusted 2.33 million in the week ended November 8. Continuing claims reflect the number of people already receiving benefits. The Philadelphia Fed’s manufacturing index jumped to 40.8 in November from 20.7 in October. This is the highest reading of activity since December 1993. Any reading above zero indicated expansion. Both new orders and shipments rose sharply in November. Labor market indicators also improved. The two price measures moderated. Besides, the leading economic index jumped 0.9% in October, the Conference Board stated, after a gain of 0.7% in September and a flat reading in August. The upward trend in the LEI points to continued economic growth through the holiday season and into early 2015. The leading economic index is a weighted reading of 10 different indicators. Sales of existing homes rose 1.5% in October to a seasonally adjusted annual rate of 5.26 million, the highest level since September 2013, supported by low interest rates, more homes on the market and slower price growth. Separately, US consumer prices were flat in October as plunging gasoline costs offset increases in housing, medical and airline fares. The pace of inflation over the past 12 months was unchanged at 1.7% in October, but that’s down from two-year high of 2.1% earlier in the year. Energy prices dropped a seasonally adjusted 1.9% - the fourth straight decline - led by a 3% reduction in gasoline. Food prices rose 0.1%, the smallest gain in fourth months. The core CPI, which excludes volatile food and energy costs, rose by 0.2% last month. Americans are paying more for housing, especially rent, while costs also increased last month for household furnishings, airline tickets and medical care, including prescription drugs. However, the Markit Economics flash manufacturing purchasing managers index for the US fell to a 54.7 reading in November from 55.9 in October. This is the third straight monthly decline in the index, which is similar in design to the Institute for Supply Management manufacturing index. The index is now at its lowest level since January although any reading above 50 indicates expansion. Meanwhile, Federal Reserve Bank of St. Louis President James Bullard stated that low inflation in the US economy is no longer enough to justify the current rock bottom setting for short-term interest rates, and he repeated his view that rates should be lifted off their current near zero levels early next year. Bullard added that labor markets continue to improve and are approaching or even exceeding normal performance levels. Bullard took stock of the robust gains seen in the job market, which have come at a time where inflation has run persistently below the Fed’s 2% price rise target. Dow Jones Industrial Average added 33.27 points or 0.19 percent to 17,719.00, Nasdaq was up by 26.16 points or 0.56 percent to 4,701.87 while, S&P 500 ended higher by 4.03 points or 0.20 percent to 2,052.75.    The Indian ADRs closed mostly in green on Thursday; HDFC Bank was up by 0.28%, Dr. Reddy’s Lab was up 0.21% and Tata Motors was up 0.10%. On the other hand, Infosys was down by 0.97% and Wipro was down 0.05%.

Kotak Bank, ING Vysya Bank, Tech Mahindra and Dr. Reddy's to see some action today

Kotak Mahindra Bank has announced that it will acquire Bengalaru-headquartered ING Vysya Bank in an all-stock deal. ING shareholders will get 725 Kotak Bank shares for every 1,000 shares they hold. The deal will make Kotak the fourth-largest private bank in the country in terms of total business. The biggest three are ICICI Bank, HDFC Bank and Axis Bank, in that order. The combined banking entity will have a widespread network of 1,214 branches across the country. The deal will need regulatory approvals, including those from the Reserve Bank of India and Competition Commission of India. The management of the banks expects the new entity to be operational by April 1, 2015. Tech Mahindra has signed a definitive agreement to acquire global Network Services leader Lightbridge Communications Corporation (LCC) for an enterprise value of around $240 million, subject to regulatory approvals. The transaction is expected to close by Q4 of Tech Mahindra’s 2015 Fiscal Year. With this acquisition Tech Mahindra will also be addressing a rapidly growing market opportunity as Telecommunications companies and enterprises accelerate the network upgrade cycle. With Networks increasingly becoming all IP-based and Virtual, software will play a key role in managing the networks of the future. Hyderabad-based pharmaceutical company Dr. Reddy’s Laboratories has launched over-the-counter (OTC) Fexofenadine Hydrochloride and Pseudoephedrine Hydrochloride extended release tablets 60 mg / 120 mg. The allergy relief and nasal decongestant tablets are bioequivalent generic version of Allegra-D 12 Hour. The abbreviated new drug application of Dr. Reddy’s has been approved by the United States Food & Drug Administration (USFDA). The Allegra-D 12 Hour brand has US sales of approximately $49.8 million for the latest 52 weeks ending October 6, 2014. Tata Communications, a leading provider of A New World of Communications, has launched mobile LNS. The new service enables OTTs and cloud communications companies to open their communication ecosystem to telecommunication services such as voice calls and text messages, by assigning dedicated local numbers to their customers in countries of their choice. This allows the OTT’s customer’s contacts or employees in those countries to call and text the customer using a local number - significantly reducing the cost to the contact or employee. It also gives mobile operators a new revenue stream from leasing mobile phone numbers, offering growth opportunities to the entire mobile ecosystem. Aurobindo Pharma will replace about 600 products of Actavis with its own for cost optimization. Early this year, the Hyderabad-based Rs 8,100 crore drug-maker had acquired the commercial operations of Actavis Plc in seven Western European countries for euro 30 million. Aurobindo has already completed the front-end operational integration. In the second phase, it will be switching the Actavis product with Aurobindo’s wherever possible. In the third phase of integration over the next 18 months, Aurobindo plans to move manufacturing of some of the products from Europe to its own units to reduce costs. A rift between the five powerful labour unions at Coal India (CIL) is set to clear the way for Prime Minister Narendra Modi’s government to complete a stake sale in the state company that is critical to hitting budget targets. One of the unions, close to Modi’s Bharatiya Janata Party (BJP), says it has the backing of half of Coal India’s 370,000 workers and will not join a strike to oppose plans to sell 10% of the firm and let private firms to mine and sell coal. The stake sale of CIL could fetch a third of the government’s $9.5 billion annual divestment target. The Coal India offering would follow a 5% stake sale in state-controlled Oil and Natural Gas Corporation, worth $2.8 billion and slated for December. Canara Bank has launched 109 new branches and an equal number of ATMs on the occasion of Founders’ Day. The Bank was founded 109 years ago at Mangalore. The bank is expanding its reach and investing in technology, people and process for faster delivery of products and services to meet expectations of the customers. In the current financial year, the bank opened 875 branches, taking the total number to 5,632, including seven in overseas locations. The bank opened 1,188 ATMs during the year taking the total to 7,500. Sanitaryware Company, HSIL has commenced production at its faucet plant at Kaharani in the Bhiwadi region of Rajasthan. The plant, built with an investment of Rs 120 crore, has the capacity to manufacture 2.5 million pieces a year and is the country’s first bath-fitting plant with robotic technology. The company has recently shifted the production of faucets from Bhiwadi plant to Kaharani plant with effect from November 01, 2014 till the time the company achieve full capacity utilization at Kaharani plant.