Valecha Engineering bags projects worth Rs 157.95 crores

Valecha Engineering, a leading infrastructure company has bagged projects worth Rs 157.95 crore. First project includes upgrading/improvement works of Joleshor-Loharpatti section of Janakpur Parikarma road at Kathmandu, Nepal worth Rs 19.88 crores. Another project includes construction of flyover and underpasses at Hero Honda chowk at km 36.175 on Delhi Gurgaon section of access controlled highway of NH-8 in the state of Haryana worth Rs 138.07 crores. Valecha Engineering is engaged in the construction of major infrastructure and engineering projects such as irrigation dams, reservoirs and canals, roads, highways and expressways, bridges and tunnels, railways, airports and foundation and piling works. Presently, the company is focusing on getting an appropriate product mix involving leading edge infrastructure technologies which will help it to achieve a de-risked business model and increased operation growth.

Tech Mahindra rises on launching Telematics Platform for the Insurance Industry

Tech Mahindra is currently trading at Rs 2637.00, up by 15.85 points or 0.60% from its previous closing of Rs. 2621.15 on the BSE. The scrip opened at Rs 2623.00 and has touched a high and low of Rs 2640.90 and Rs. 2603.00 respectively. So far 10131 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2741.00 on 21-Nov-2014 and a 52 week low of Rs. 1661.20 on 09-Dec-2013. Last one week high and low of the scrip stood at Rs. 2741.00 and Rs. 2582.00 respectively. The current market cap of the company is Rs. 61806.77 crore. The promoters holding in the company stood at 35.99% while Institutions and Non-Institutions held 50.27% and 13.74% respectively. Tech Mahindra, a specialist provider of connected solutions, has launched Usage Based Insurance (UBI), a big data and predictive analysis driven platform for auto insurers. It allows them to adjust premiums according to actual usage patterns of individual drivers instead of industry averages. The platform is flexible to fit to the growing needs of global insurance enterprises, where the market is expected to grow $100 billion plus by the end of the decade. The solution utilizes the capabilities of Tech Mahindra and AT&T in the areas of multi-vertical, engineering and infrastructure capabilities. As a result of this, the global insurers can reduce their claim costs by up to 20%, while reducing eligible insured driver premiums up to 40%. This Usage Based Insurance solution is hosted on the seamless AT&T cloud and served through AT&T’s global Machine-to-Machine (M2M) capabilities. The initial launch encompasses two products, UBI Lite and UBI Plus. UBI Plus offers a big data driven approach that takes into account real time physical world data to provide accurate information. Tech Mahindra is a leading provider of solutions and services to the telecommunications industry with a majority stake owned by Mahindra & Mahindra. The company, since 2002 has operations in China with offices in Beijing, Shanghai, Nanjing and Guangzhou.

Bond yields edge lower tailing lower crude prices and US yields

Bond yields edged lower as fall in global crude oil prices and U.S. yields, supported sentiments. However, further fall of yields is unlikely ahead of GDP data on Friday and RBI policy review on Tuesday. Q2 GDP data is estimated to have grown at 5 per cent or even lower in the second quarter of 2014-15, sharply lower than the 5.7 per cent witnessed in the first quarter. On the global front U.S. Treasuries yields fell on Tuesday, with long-dated ones hitting their lowest in over a month, after a strong auction of five-year notes and a single major bid for long-dated U.S. debt. Meanwhile, Oil prices dropped early on Wednesday as Asia's top economies showed signs of weakness, but hopes for output cuts by producer club OPEC curbed losses. Back home, the yields on new 10 year Government Stock 2023 was trading 1 basis point lower at 8.15% from its previous close of 8.16% on Tuesday. The benchmark five-year interest rate swaps were trading 1 basis point lower at 7.27% from its previous close of 7.28% on Tuesday. The Reserve Bank of India has announced the auction of 91 and 364 days Government of India Treasury Bills for notified amount of Rs 8,000 crore and Rs 6,000 crore respectively. The auction was conducted on November 27, 2014 using 'Multiple Price Auction' method. The allocation to the non-competitive bidders will be outside the notified amount at the discretion of the Bank. The Government of India have announced the sale (re-issue) of the Government Stock through auctions to be held on November 28, 2014, including (i) 8.27 per cent GS 2020 for a notified amount of Rs 3000 crore (ii) 8.40 per cent GS 2024 for a notified amount of Rs 6000 crore and (iii) 9.20 per cent GS 2030 for a notified amount of Rs 2000 crore and (iv) New 30 Years GS for a notified amount of Rs 3000 crore.

Reliance Capital gains as Nippon Life decides to raise stake in RCAM

Reliance Capital is currently trading at Rs 495.75, up by 14.70 points or 3.06% from its previous closing of Rs. 481.05 on the BSE. The scrip opened at Rs. 479.80 and has touched a high and low of Rs 496.70 and Rs. 478.00 respectively. So far 515622 shares were traded on the counter. The BSE group 'A ' stock of face value Rs. 10 has touched a 52 week high of Rs. 668.40 on 09-Jun-2014 and a 52 week low of Rs. 304.55 on 28-Feb-2014. Last one week high and low of the scrip stood at Rs. 527.40 and Rs. 469.75 respectively. The current market cap of the company is Rs. 12139.17 crore. The promoters holding in the company stood at 54.14% while Institutions and Non-Institutions held 27.26% and 18.35% respectively. Nippon Life Insurance (NLI), a Fortune 100 company and the seventh largest life insurer in the world, has decided to increase its stake in Reliance Capital Asset Management (RCAM), a part of Reliance Capital. NLI will be increasing its stake in Reliance Capital Asset Management from the existing 26 per cent to 49 per cent in two or more tranches. The Boards of Directors of both the companies - Nippon Life Insurance and Reliance Capital Asset Management - have approved the stake increase by the Japanese partner, subject to regulatory approvals. NLI will be investing an aggregate value of Rs 657 crore ($108 million) to acquire an additional stake of 9% in RCAM in the first tranche, to reach a 35% stake. The transaction pegs Reliance Capital Asset Management’s valuation at Rs 7,300 crore ($1.2 billion), the highest valuation till date for any asset management company in the country. This transaction is expected to be completed within the current financial year, subject to receipt of regulatory approvals. Reliance Capital Asset Management is the largest asset manager in India managing Rs. 2,18,338 crore ($36.0 billion) as on September 30, 2014, across mutual funds, pension funds, managed accounts and offshore funds.

SAIL plans to increase hot metal production capacity

Steel Authority of India (SAIL) is planning to increase its Rourkela Steel Plant's installed capacity of producing hot metal to 10 million tonnes per annum (MTPA) from the present level of around 4.5 MTPA.  Besides, the company is also planning to expand the capacity of its mines. Earlier, the company was in the process of finalising plan to increase the production capacity to 50 MTPA by 2025. 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.

Birla Sun Life MF introduces Fixed Term Plan - Series ME (1099 days)

Birla Sun Life Mutual Fund has launched the New Fund Offer (NFO) of Birla Sun Life Fixed Term Plan - Series ME (1099 days), a close ended income scheme. The NFO opens for subscription on Nov 25, 2014 and closes on Dec 10, 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.10 thereafter. The scheme’s performance will be benchmarked against CRISIL Composite Bond Fund Index and its fund manager is Kaustubh Gupta The investment objective of the scheme is to generate income by investing in a portfolio of fixed income securities maturing on or before the duration of the scheme.

GMR Infrastructure receives SEBI approval to raise funds upto Rs 1500 Crore

GMR Infrastructure has received approval from Securities and Exchange Board of India (SEBI) to raise funds upto Rs 1500 crore through rights issue.  The funds raised from the issue would be utilised towards repayment of certain borrowings availed by GMR Infrastructure, investment in its subsidiary - GMR Energy Ltd - as well as for general corporate purposes. In a rights issue, shares are issued to existing investors as per their holding at a pre-determined price and ratio. GMR Infrastructure is a Bangalore headquartered global infrastructure major with interests in Airports, Energy, Highways and Urban Infrastructure sectors. It has successfully employed the public-private partnership model to build a portfolio of high quality assets.