Tata Power surges as its arm emerges as a leader in the solar rooftop market

Tata Power Company is currently trading at Rs. 90.30, up by 2.20 points or 2.50% from its previous closing of Rs. 88.10 on the BSE. The scrip opened at Rs. 88.20 and has touched a high and low of Rs. 90.45 and Rs. 88.15 respectively. So far 277318 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 115.25 on 09-Jun-2014 and a 52 week low of Rs. 68.95 on 30-Jan-2014. Last one week high and low of the scrip stood at Rs. 90.60 and Rs. 87.25 respectively. The current market cap of the company is Rs. 24219.92 crore. The promoters holding in the company stood at 33.04% while Institutions and Non-Institutions held 50.93% and 15.87% respectively. Tata Power’s 100% subsidiary - Tata Power Solar (TPS), one of the pioneering solar manufacturers in the world, has emerged as a leader in the industrial and commercial rooftop segment, in the recently released India Solar Rooftop Map 2015 by Bridge To India, a leading cleantech consulting firm. Tata Power Solar also ranked 2 under the residential rooftop space, in the Solar Rooftop Map 2015. Tata Power Solar stands out as the market leader in industrial and commercial rooftop with a 15% market share and considerable lead over the rest of the players. Additionally in the residential rooftop segment, the company has been ranked 2 for cumulative residential rooftop projects with a market share of over 12%. In the solar rooftop space, Tata Power Solar has completed several prestigious projects, including commissioning of the largest rooftop solar plant in South India of 2 MW for Murugan Textiles - the largest power loom producer in India.

India Ratings assigns ‘AAA’ rating to NHPC’s non-convertible taxable bonds

India Ratings & Research (Ind-Ra) has assigned NHPC’s Rs 1600 crore secured non-convertible taxable bonds a final long-term ‘AAA’ rating. The bonds will be raised in two tranches- S1 with a tenor of 10 years with no moratorium and S2 with a tenor of 15 years including a three year moratorium period.  The funds raised will be used by NHPC to meet capital expenditure requirements of the on-going projects and recoup the expenditure already incurred. NHPC is an Indian Hydro Power Generation company that was incorporated with an objective to plan, promote and organize an integrated and efficient development of hydroelectric power in all aspects.

Canara Bank trades higher on the bourses

Canara Bank is currently trading at Rs. 399.25, up by 2.75 points or 0.69% from its previous closing of Rs. 396.50 on the BSE. The scrip opened at Rs. 404.00 and has touched a high and low of Rs. 404.00 and Rs. 396.50 respectively. So far 44789 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. 209.00 on 14-Feb-2014. Last one week high and low of the scrip stood at Rs. 421.65 and Rs. 387.95 respectively. The current market cap of the company is Rs. 18392.70 crore. The promoters holding in the company stood at 69.00% while Institutions and Non-Institutions held 23.53% and 7.48% respectively. Canara Bank, a leading nationalized bank has opened new branch at Bypass Road in Madurai, taking the number of branches in its network in Madurai Circle to 185. The Bank’s Madurai Circle Office has jurisdiction over eight southern districts and is having lead bank responsibilities in Madurai and Theni districts. 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.

Kotak MF introduces Banking ETF

Kotak Mutual Fund has launched the New Fund Offer (NFO) of Kotak Banking ETF, a close ended income scheme. The NFO opens for subscription on Nov 24, 2014 and closes on Nov 28, 2014.  No entry load or exit load will be applicable for the scheme. The minimum subscription amount is Rs 5,000 and in multiples of Rs 1000 for purchase. The scheme’s performance will be benchmarked against CNX Bank Index and its fund manager is Deepak Gupta The investment objective of the scheme is to provide returns before expenses that closely correspond to the total returns of stocks as represented by the CNX Bank Index subject to tracking errors.

Gold futures edge higher on Monday

Gold futures edged higher on Monday on hopes that a surprise rate cut in China would boost demand for bullion in the top consumer. However, the investors weighed a stronger dollar amid the outlook for rising US borrowing costs limited the gains to some extent. Gold futures for December delivery edged up 0.32 percent at $1,202.20 an ounce on the Comex division of the New York Mercantile Exchange. While spot gold was steady at $1,202.20 an ounce

Government may allow commercial mining of coal after auction: Finance Minister

In a major policy development government will allow commercial mining of coal by private companies after allocating mines to public sector companies and auction to specific end users. Allowing private companies into commercial mining will help raise coal output as state monopoly Coal India, which produces about 80 percent of the nation's coal has missed all its output targets in last four years. Finance Minister Arun Jaitley said that 'First you give it to the state and central PSUs. Thereafter, you make a pool of all actual users and have an auction. 'Then the extra resource, while preserving the character of Coal India, without disturbing it, you then start exploring the possibility of commercial mining.' However, the minister has not given a timeline for allowing commercial mining by private firms. The government had last month promulgated an Ordinance for auctioning the 204 coal blocks whose allocation was cancelled by the Supreme Court in September. The auction and allocation of coal blocks through a transparent methodology would ensure that coal exploration will begin and the actual users will get the fuel rather than importing and putting a burden on current account. However, describing the government's move to reallocate the blocks by e-auction as 'not at all a welcome decision,” the Centre of Indian Trade Unions (CITU) has said it condemns any move to nullify the Coal Nationalisation Act.

Titan Company’s arm Tanishq re-launches gold deposit scheme

Titan Company’s jewellery retail chain arm -- Tanishq -- has revived its ‘gold harvest’ scheme, which it had to discontinue a few months back due to the new Companies Act which terms such schemes as public-deposit schemes. The old golden harvest scheme was popular with customers as they had to pay equated sums for 11 months, and the company paying up the last instalment. The customer could then buy gold worth 12 months of deposits. Titan Company is an Indian designer and manufacturer of watches, jewellery, precision engineering components and other accessories including sunglasses, wallets, bags and belts.

VA Tech Wabag shines on bagging order worth Rs 100 crore

VA Tech Wabag is currently trading at Rs. 1633.45, up by 34.30 points or 2.14% from its previous closing of Rs. 1599.15 on the BSE. The scrip opened at Rs. 1621.00 and has touched a high and low of Rs. 1649.30 and Rs. 1621.00respectively. So far 273 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 1748.00 on 30-Sep-2014 and a 52 week low of Rs. 480.00 on 27-Nov-2013. Last one week high and low of the scrip stood at Rs. 1633.80 and Rs. 1564.20 respectively. The current market cap of the company is Rs. 4309.74 crore. The promoters holding in the company stood at 29.43% while Institutions and Non-Institutions held 49.93% and 20.64% respectively. VA Tech Wabag has bagged an order from Maynilad Water Services, Philippines for construction of 20 MLD Sewage Treatment Plant (STP) at Tunasan. The project is funded by World Bank and the order value is around Rs 100 crore. After designing and building the plant, the company will operate and maintain the plant for a period of one year as part of the contract. This project is unique since this STP is constructed to handle wastewater flowing into the Laguna Lake which is one of the biggest alternate drinking water sources of Philippines. The company has already executed three projects in Philippines at Bagbag, Tatalon and Dona Imelda and is currently executing two large projects at Illugin and Putatan. VA Tech Wabag is a multinational player in the water treatment industry. It offers complete life cycle solutions including conceptualization, design, engineering, procurement, supply, installation, construction and O&M services.

HDIL re-launches Premier Exotica

In a bid to meet the needs of aspiring middle-class in the heart of the country’s financial capital, Housing Development Infrastructure (HDIL) has re-launched of its Kurla property -- Premier Exotica. The project -- Premier Exotica -- strategically located in Kurla, offers affordable luxury apartments to the aspiring middle-class of the city. Premier Exotica offers 1, 2, 3 & 4 bedroom apartments. The re-launch also witnesses additional 1 and 2 BHK apartments being added to the inventory in view of the growing importance of Kurla and strong housing demand in the region. Premier Exotica, which has all necessary approvals in place from various authorities, is in advanced stage of construction. Aimed to provide spacious homes and superior amenities, Premier Exotica boasts of a clubhouse, gymnasium, kids play area and landscaped gardens to name a few. HDIL is a real estate development company. Its business activity comprises of construction and development of residential projects, commercial, retail and slum rehabilitation projects. It is also engaged in construction of special economic zone (SEZ).