Zen Tech hits roof

Zen Technologies rallied in the early morning session and locked at 5 per cent upper circuit at Rs.48.85 on the BSE on board's approval to establish a 100 per cent wholly owned subsidiary.

The company has informed the BSE that the board of Zen Technologies at its meeting held on January 5, has considered and approved to establish subsidiary in United Arab Emirates (UAE) to tap the global market for the products of the Company. 

The stock remains locked at Rs 48.85. The counter has seen trades of around 594,000 shares as against the two-week daily average volume of around 44,000 shares. 

There are pending buy order for over 83,200 shares in the queue on the BSE. Meanwhile, the BSE Sensex has slumped 543 points at 27,299.

SML Isuzu stock up 7%

According to a release issued by the company to the BSE, the company reported a strong 62.4 per cent rise in monthly sales to 1,073 vehicles sold in December 2014 compared to 660 units sold in same month a year ago.

The stock, however, has pared some gains but still trades with a solid gain of 6.89 per cent at Rs. 959.05.

The counter has seen 6.5 times jump in volume with trades of around 78,000 shares as against the two-week daily average volume of around 12,000 shares on the BSE.

Meanwhile, the Sensex has slumped 545 points to 27,298.

Nifty holds 8,200-mark; Sensex below 27,300

The market continues to trade on a weak note in the early noon deals on global growth concerns as Crude Oil prices plunged to fresh 5-1/2 low.

At 12:35 pm, the Nifty is down 169 points at 8,209.

The Sensex is down 582 points at 27,260. So far, the Sensex has plunged to a low of 27,208 and the Nifty has touched a low of 8,193.

The broader market is also trading in parallel line with the Nifty.

The CNX Smallcap index has cracked 2.2 per cent at 5,240.

The CNX Midcap index has dropped 1.8 per cent at 12,473.

The Nifty Junior is also trading with a loss of 1.8 per cent at 18,504.

Among the Nifty-50 stocks, Jindal Steel is the top loser - down 4.2 per cent at Rs. 156. ONGC has slumped around 4 per cent at Rs. 339. NMDC and Tata Steel have dropped 3.7 per cent each at Rs. 141 and Rs. 401, respectively.

Tata Motors, Tata Power and ICICI Bank have slipped 3.3 per cent each at Rs. 506, Rs. 80.10 and Rs. 351, respectively. Ambuja Cement, HDFC, Cairn India and ACC are some of the notable losers.

Top corporate news of the day - January 06, 2015

Larsen & Toubro has bagged contracts worth Rs.40bn from domestic and international clients.

Va Tech Wabag has won a Rs.2.2bn contract under the Ganga Action Plan Project to build and operate a sewage treatment plant.

Coal India Ltd has placed immediate priorities on output ramp-up and supply increase as well as unlocking of undeveloped reserves in the immediate future.

Deepak Fertilisers sells 2.2% stake in Mangalore Chemicals. Post the sale, Deepak Fertilisers' stake has come down to 29.05%.

NMDC's iron ore production up 11.5% in nine months of FY15. The company has rolled over its prices of lumps at Rs.4,200 per tonne to the month of January.

The Central Bureau of Investigation has conducted searches across 21 locations and two cities in a case against entities related to IRB Infrastructure.

Andhra Bank has almost got a new lease of life and there is no merger threat for the bank for now. The Government is set to grant a capital of about Rs.2-3bn.

NTT DoCoMo Inc has filed a request for arbitration with Tata Sons Limited to find a buyer for the Japanese company's stake in Tata Teleservices Limited.

MOIL Ltd slashed prices of various grades of manganese ore by 5-7.5% for the January-March quarter.

Honda Cars India increased the prices of its vehicles by up to Rs.60,000 following the expiry of reduced excise duty concessions and also to offset the rising inputcosts.

Essel Propack said it has expanded manufacturing capabilities in Egypt and China to cater to FMCG and cosmetic brands in West Asian, African and Chinese markets.

IFCI to raise upto Rs. 790.813 crore through Public issue of Secured, Redeemable, NCDs

IFCI Limited, a company promoted and controlled by Government of India, is, subject to market conditions and other considerations, proposing a public issue of secured redeemable non-convertible debentures of face value of Rs. 1,000 each amounting to Rs. 250.00 crore (“Base Issue Size”) with an option to retain oversubscription aggregating upto the Residual Shelf Limit i.e. Rs790.813crore. The NCDs are rated “BWR AA- (Outlook: Stable)” by Brickwork Rating India Private Limited. Instruments with this rating are considered to have the high degree of safety regarding timely servicing of financial obligations. Such instruments carry very low credit risk. The NCDs are rated “[ICRA]A (Stable)” by ICRA Limited. Instruments with this rating are considered to have the adequate degree of safety regarding timely servicing of financial obligations. The NCDs are proposed to be listed on the BSE Limited (“BSE”) and National Stock Exchange of India Limited (“NSE”). The designated Stock Exchange for the Issue is BSE. SBI Capital Markets Limited, A.K. Capital Services Limited, Edelweiss Financial Services Limited and RR Investors Capital Services Private Limited are the Lead Managers to the issue. Axis Trustee Services Limited has pursuant to regulation 4(4) of SEBI Debt Regulations given its consent for its appointment as Debenture Trustee to the Issue and Karvy Computershare Private Limited is the Registrar to the Issue. Dhir&Dhir Associates is the Legal Counsel to the Issue. The NCDs are being offered for two tenors - 5 years and 10 years and both the tenors have an option of annual coupon or premium on redemption. The NCDs with a tenure of 5 years, having annual coupon payout option, will have a coupon rate of 9.35% p.a. for all categories of Investors i.e Category I Investor i.e. Qualified Institutional Buyers (“QIB”), Category II Investor i.e. Corporates, Category III Investor i.e. High Networth Individuals (“HNIs”) and Category IV Investor i.e. Retail Individual Investors (“RII”). There is an additional incentive of 0.10% p.a over coupon rate applicable only for HNIs and RII. Thus, the aggregate of coupon rate and additional incentive for HNIs and RII is 9.45% p.a. The NCDs with tenure of 10 years having annual coupon payout option, and will have a coupon rate of 9.40% p.a for all categories of Investors i.e QIB, Corporates, HNIs and RII. There is an additional incentive of 0.10% p.a over coupon rate applicable only for HNIs and RII. Thus, the aggregate of coupon rate and additional incentive for HNIs and RII is 9.50% p.a. The Company is also offering NCDs with premium on redemption option for both the tenors i.e. 5 years and 10 years. The NCDs of face value of Rs. 1,000 with a tenure of 5 years will be redeemed on the Maturity Date at Rs. 1,563.87(for QIBs and Corporates) and Rs. 1,571.04 (for HNIs and RII). The NCDs of face value of Rs. 1,000 with tenure of 10 years will be redeemed on the Maturity Date at Rs. 2,457.50( for QIB and Corporates) and Rs. 2,480.08 ( for HNIs and RII). - See more at: http://www.indiainfoline.com/article/news-top-story/ifci-to-raise-upto-rs-790-813-crore-through-public-issue-of-secured-redeemable-ncds-115010600023_1.html#sthash.o6uM0bwu.dpuf

Top economic news of the day - January 06, 2015

Rice procurement by government agencies continues to lag at 15.14mn tonnes in the marketing year 2014-15 so far compared with 16mn tonnes in the year-ago period.The country's sugar production increased by 27.3% to 7.46mn tonnes in the first three months of the current 2014-15 season, but continuous fall in prices is a cause of concern for millers.The government expects the total proceeds from sale of 800-MHz, 900-MHz and 1,800-MHz spectrum through an auction in February to be Rs.640bn much higher than the target of Rs.430.65bn set in the Union Budget for 2014-15. The Union government has approved a proposal of Odisha government to increase iron ore output of two miners by 16.56mn tonnes a year, within the 58mn tonnes a year fixed target set by the state.

Crash...Sensex falls by over 400 points at start

At 9:18AM, the S&P BSE Sensex is trading at 27,425 down 416 points, while NSE Nifty is trading at 8,291 down 87 points.

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

Auto, Consumer Durables, Power, banking, capital goods, FMCG, Oil and gas, healthcare metal, realty indices are losers.


Tata Motors, Tata Power, ONGC, L&T, Bharti Airtel, Infosys, GAIL, ICICI Bank, BHEL, ,SUNPHARMA,TATASTEEL, Reliance, Hindalco, HDFC Bank, Axis Bank, HUL are losing sheen on BSE.The Cabinet has cleared second generation (2G) spectrum auction in the 800 MHz, 900 MHz and 1800 MHz bands at a reserve price set by the Telecom Commission. The auction, which will take place next month, is expected to fetch nearly Rs64,800 crore to the government.

The Union Finance Minister Arun Jaitley said that the present Government has taken number of bold steps like Goods and services Tax (GST). He said that the new Land Acquisition act that was passed by the previous regime had stalled development. He said that the present Government has taken necessary steps to change this Act so as to revive infrastructure growth.

The Euro has come tumbling to 9-year low vs the dollar. Worries that Greece may exit the euro zone are fuelling the weakness. US indices came down with Dow and S&P 500 dropping over 1.8% each. Nasdaq saw a fall of over 1.5%.

Ditto for Asian shares where Japan's Nikkei has crashed by over 2%. Hong Kong's Hang Seng is down 0.75% while China's Shanghai index is flat.

According to reports, BMC hadditional property tax of 20% to make up for the loss of calculating the tax on the carpet area instead of built-up area.

- See more at: http://www.indiainfoline.com/article/news-top-story/crash-sensex-falls-by-over-400-points-at-start-115010600029_1.html#sthash.mjCLZY9T.dpuf