Marico Kaya Enterprises stock hits 10% upper circuit

Shares of Marico Kaya Enterprises hit 10% upper circuit at Rs1005.

The stock has hit a high of Rs1005 and a low of Rs934.

Report stated that the company posted consolidated net profit of Rs 13.27 crore in April-September of the current financial year 2014-15 

HCC Concessions sells its Annuity Road Project in AP

HCC Concessions Ltd, the infrastructure development arm of the HCC Group, today announced the sale of Nirmal BOT Ltd., its annuity project in Andhra Pradesh to Highway Concession One Pvt. Ltd., an entity majorly held by IDFC Alternatives managed India Infrastructure Fund. HCC Concessions shall receive total consideration of Rs. 64 crore for the transaction. Highway Concessions One will acquire 74% equity stake upfront, while the balance 26% equity stake shall be acquired upon receipt of an approval from NHAI. Additionally, Nirmal has also received an arbitration award in its favour for Rs.16.67 crore, which shall be payable to HCC, upon receipt.

On the occasion, Arjun Dhawan, President & CEO, HCC Concessions said, "This sale furthers our commitment to create value for shareholders. We take great pleasure in strengthening our relationship with IDFC as we transfer the custody of this first PPP asset developed by the HCC Group."

M.K. Sinha, Managing Partner & CEO, IDFC Alternatives said, "This investment is in continuation with our road sector aggregation strategy of acquiring controlling stakes in operating road assets. The acquisition also reinforces our intention to partner with sponsors with proven and long established track record in the sector and we look forward to continue working with the HCC Group in the future as well."

Sensex, Nifty slips lower

At 12:26PM, the S&P BSE Sensex is trading at 28,545 down 17 points, while NSE Nifty is trading at 8,561 down 3 points.

The BSE Mid-cap Index was flat, while BSE Small-cap Index was trading up at 1%.

Auto, Consumer Durables, Power, banking, capital goods, Metal, realty, FMCG, Oil and gas indices are the gainers, while healthcare indices is only the loser.

GAIL, Bharti Airtel, M&M, Tata Power, ITC, ICICI Bank are among the gainers, whereas TCS, Infosys, Wipro, HUL are losing sheen on BSE.

The Airports Authority of India is planning to withdraw credit facility relating to airport user fees to the low-cost carrier SpiceJet at all airports in the country from Thursday midnight, according to reports.
State Bank of India has reduced Rates Of Retail Deposits.The bank has reduced term Deposits for 1-3 Yrs to 8.5% and 5 years and above to 8.25%.

Gati Ltd has announced that the Board of Directors of the Company at its meeting held on December 05, 2014 has approved Payment of interim (special) dividend @ 30% (face value of Rs. 2/- each) i.e. Rs. 0.60 ( Sixty paise only) per share to the members of the Company for the financial year 2014-15

Coal India to put up mine wise plan to achieve a 1 billion-tonne production by 2019

In a first of its kind exercise, the government would draw mine-wise plans for Coal India to achieve a one-billion-tonne production by 2019. The company has already finalized plans to achieve 925 million tonnes. The world’s largest coal miner by output, Coal India has reported provisional production of 44.42 million tonnes in November 2014, as against target of 45.69 million tonnes. The company’s total off-take for the month of November stood at 41.57 million tonnes as against a target of 43.20 million tonnes. Coal India is the world’s largest coal mining company. It also produces non-coking coal and coking coal of various grades for diverse applications.

Gati Board declares Interim (Special) Dividend

Gati Ltd has announced that the Board of Directors of the Company at its meeting held on December 05, 2014 has approved Payment of interim (special) dividend @ 30% (face value of Rs. 2/- each) i.e. Rs. 0.60 ( Sixty paise only) per share to the members of the Company for the financial year 2014-15.

Top corporate news of the day - December 05, 2014

In a first ever exercise; the government would draw mine wise plans for Coal India to achieve one billion tonne production by 2019. 
 
ONGC Videsh Ltd, foreign arm of Oil and Natural Gas Corporation, is likely to soon acquire stakes in two Russian oilfields, Vankor and Yurubcheno-Tokhomskoye. 
 
Air India has tied up with the National Buildings Construction Corporation for monetising its land parcels. The national carrier had made a three-year plan to monetise assets worth Rs50bn by March 2016 and funds raised would be used to retire debt. 
 
After Madhya Pradesh, Essel group plans to develop smart cities in West Bengal in collaboration with the state and central government. The project will be developed under Public Private Partnership model. 
 
Following the US import alerts from the USFDA, the European Union has banned imports from aRanbaxy Laboratories factory unit in Dewas in Madhya Pradesh which makes injectable antibotics. 
 
Bharat Heavy Electricals said it has commissioned the sixth unit of 412 MW Rampur hydel power project in Himachal Pradesh. 
 
Axis Bank said it had raised Rs57.05bn by selling infrastructure bonds. The 10-year senior unsecured redeemable non-convertible debentures were priced at 8.85% a year, payable annually. (ET)
 
HDFC Bank has become the first bank to rule out a joint venture partnership with any applicant for a payment bank. (BS)
 
Essar Steel plans to invest Rs15bn over the next one year. The company intends to complete the second phase of a 6mtpa pellet plant at Paradeep in Odisha and take up a 1.35mtpa coke oven plant at Hazira, Gujarat. 
 
Even after witnessing three years of muted growth in the steel sector, JSW Steel is set to continue its expansion. The company has lined up investments worth Rs70-80bn every year towards capacity addition. (BL)
 
Ashiana Housing will mark its entry into the Chennai's realty space by launching residential projects, one of them targeted at senior citizens. 
 
Patel Engineering has sold a 4-acre plot in Mumbai's central business district for about Rs3bn as part of plans to sell assets to reduce debt. 
 
Dena Bank plans to sell Rs4-5bn of bad loans to asset reconstruction companies in the last quarter of the fiscal, a senior bank official said. 
 
Government's 5% stake in SAIL can raise Rs15-17bn for the exchequer in the first disinvestment under the new regime. 

Mastek soars 4% after winning contract

Mastek today started the day on a robust note at Rs. 277 on the BSE after the firm announced that it secured a new contract from UK-based Unum.

The announcement was made yesterday after market hours.

On the BSE, so far, the stock has hit a high of Rs. 282, and has currently jumped over 4 per cent at Rs. 278.

The counter has seen trades of around 53,000 shares, as against the daily average volume of 28,000 shares in the past two weeks.

Meanwhile, the BSE Sensex is up 39 points at 28,602.

Sensex opens on a positive note...Auto, Bankex lead

At 9:18AM, the S&P BSE Sensex is trading at 28,583 up 20 points, while NSE Nifty is trading at 8,579 up 15 points.

The BSE Mid-cap Index and BSE Small-cap Index was trading up at 1%.

Auto, Consumer Durables, Power, banking, capital goods, Metal, realty, FMCG, Oil and gas indices are the gainers, while healthcare indices is only the loser.

GAIL, BHEL, COALINDIA,SUNPHARMA,TATASTEEL, Reliance, Hindalco are among the gainers, whereas HDFC Bank, Infosys, Axis Bank, HUL are losing sheen on BSE.

US indices closed flat. ECB President Mario Draghi said the central bank was  prepared to implement more easing next year if necessary. This did not go well with global markets.  In US economic news, weekly jobless claims fell to 297,000 as expected. Monthly jobs report later in the day is awaited in US. Asian indices are mostly higher. Japan's Nikkei is up and so is Hong Kong's Hang Seng. China's Shanghai index has gained around 0.83%.

The SAIL offering is set to kick off the Modi-led government's ambitious disinvestment programme. The govt has fixed a floor price for SAIL stake sale at Rs 83 per share, through which it hopes to raise up to Rs.1,700 crore. A report stated that the government will give a discount of 5% to retail investors in the offering.

HDIL has said the allegation of irregularities in the Slum Rehabilitation Authority project in Bandra, Mumbai, is a "frivolous attempt to malign" the company. The company said that it was taking recourse to legal remedy, including quashing of the FIR registered against government and company officials, a report stated.

A High Level Committee to interact with trade and industry to ascertain where clarity on tax laws is required was constituted on Wednesday. Former Chief Economic Advisor Ashok Lahiri will serve as its Chairman while other members include retired Settlement Commission Member Sidhartha Pradhan and Gautam Ray, retired Director General (Audit) of Customs and Central Board of Excise and Customs (CBEC), an official statement said.

The Airports Authority of India is planning to withdraw credit facility relating to airport user fees to the low-cost carrier SpiceJet at all airports in the country from Thursday midnight, according to reports.

Sensex opens on a positive note...Auto, Bankex lead

At 9:18AM, the S&P BSE Sensex is trading at 28,583 up 20 points, while NSE Nifty is trading at 8,579 up 15 points.

The BSE Mid-cap Index and BSE Small-cap Index was trading up at 1%.

Auto, Consumer Durables, Power, banking, capital goods, Metal, realty, FMCG, Oil and gas indices are the gainers, while healthcare indices is only the loser.

GAIL, BHEL, COALINDIA,SUNPHARMA,TATASTEEL, Reliance, Hindalco are among the gainers, whereas HDFC Bank, Infosys, Axis Bank, HUL are losing sheen on BSE.

US indices closed flat. ECB President Mario Draghi said the central bank was  prepared to implement more easing next year if necessary. This did not go well with global markets.  In US economic news, weekly jobless claims fell to 297,000 as expected. Monthly jobs report later in the day is awaited in US. Asian indices are mostly higher. Japan's Nikkei is up and so is Hong Kong's Hang Seng. China's Shanghai index has gained around 0.83%.

The SAIL offering is set to kick off the Modi-led government's ambitious disinvestment programme. The govt has fixed a floor price for SAIL stake sale at Rs 83 per share, through which it hopes to raise up to Rs.1,700 crore. A report stated that the government will give a discount of 5% to retail investors in the offering.

HDIL has said the allegation of irregularities in the Slum Rehabilitation Authority project in Bandra, Mumbai, is a "frivolous attempt to malign" the company. The company said that it was taking recourse to legal remedy, including quashing of the FIR registered against government and company officials, a report stated.

A High Level Committee to interact with trade and industry to ascertain where clarity on tax laws is required was constituted on Wednesday. Former Chief Economic Advisor Ashok Lahiri will serve as its Chairman while other members include retired Settlement Commission Member Sidhartha Pradhan and Gautam Ray, retired Director General (Audit) of Customs and Central Board of Excise and Customs (CBEC), an official statement said.

The Airports Authority of India is planning to withdraw credit facility relating to airport user fees to the low-cost carrier SpiceJet at all airports in the country from Thursday midnight, according to reports.