Reliance MF introduces Dual Advantage Fixed Tenure Fund VII- Plan C

Reliance Mutual Fund has launched the New Fund Offer (NFO) of Reliance Dual Advantage Fixed Tenure Fund VII- Plan C, a close ended income scheme. The NFO opens for subscription on Jan 19, 2015 and closes on Jan 30, 2015.  No entry load or exit load will be applicable for the scheme. The minimum subscription amount is Rs 5000 and in multiples of Re 1 thereafter. The scheme’s performance will be benchmarked against Crisil MIP Blended Fund Index and its fund managers are Krishan Daga and Anju Chajjer. The investment objective of the scheme is to generate returns and reduce interest rate volatility, through a portfolio of fixed income securities that are maturing on or before the maturity of the Scheme along with capital appreciation through equity exposure.

Cabinet approves Phase III of FM radio auction

The government has cleared a proposal for auctioning Phase III of FM channels, which is expected to fetch revenue of Rs 550 crore to the exchequer. Besides, the cabinet also approved the migration (renewal) of private FM radio licences from Phase II to Phase III in 69 existing cities for 135 channels. These channels will have to pay a migration fee that will be calculated by categorizing the cities on the basis of the number of FM channels available there.

As of now, with the implementation of two phases of private FM radio, namely phase I (1999-2000) and Phase II (2005-06), there are 243 private FM channels in operation in 86 cities of the country, spanning 26 states and 3 Union Territories.

The auction process that is expected to add estimated revenue of over Rs 550 crore to the national exchequer would also help realize the amount through the migration process which is dependent on the TRAI recommended formula, where migration fee is linked with the discovery of market prices through the FM radio phase III auction.

Nifty above 8,550 levels

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

At 11:26AM, the S&P BSE Sensex is trading at 28,276 up 154 points, while NSE Nifty is trading at 8,558 up 45 points.

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

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

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

The prime minister is at it again, this time with a vision of upgrading India from a $2 trillion economy to a $20 trillion one. Ministers too have been quick to jump ahead and outline their visions to ‘overhaul their respective ministries’ and undertake a ‘generational leap’ rather than bringing about mere ‘incremental changes.’

India's software companies such as Tata Consultancy Services (TCS), Infosys and Wipro may wrap up the year ending March with lower earnings than estimated by industry body Nasscom, according to reports.Report said that Nasscom is currently compiling its growth estimates of Indian IT in the fiscal year 2014-15.

The European Central Bank (ECB) meets on Thursday and could look at buying government bonds. Greece snap polls will be later this weekend. With the US consumer price index falling 0.4% in December, speculation continues on whether the Fed will hike interest rates sooner than expected.

Government is considering removing price controls on urea and scrapping an import duty of 5 per cent, according to reports.Report said that Modi's government is planning to decontrol maximum retail price (MRP) of urea which is currently fixed at Rs5,360 ($87) a tonne.

Chinese shares fell 3% after new home prices fell. Asian markets are mixed. Japan's Nikkei is higher while Hong Kong's Hang Seng index is lower.

Several firms, including triple-A rated securities such as National Housing Bank, Power Grid Corporation, Indian Railway Finance Corporation (IRFC), Power Finance Corporation, Rural Electrification Corporation, HDFC and a couple of banks, besides several smaller firms, are expected to hit the bond market soon to raise funds at cheaper rates, says a report.

The Indian stock market has the potential to help companies raise a whopping $ 150 billion (nearly Rs 10 lakh crore) annually to help meet the country's investment targets over the next 5-7 years, leading bourse BSE's chief Ashish Chauhan said.

Tata Communications invests as strategic partner in Seaborn Networks’ US-Brazil cable

Tata Communications, a leading provider of A New World of Communications, has announced for investment for purchase of significant capacity in Seaborn Networks cable system between Brazil and US. Seaborn Networks plans for the Seabras-1 system to be ready for service in the fourth quarter of 2016. With the Seabras-1 cable landing in Tata Communications’ Wall cable landing station in the US, this will also enable seamless extension of its TGN-network. Tata Communications owns and operates the world’s largest and most advanced subsea fibre cable network. Presently, over 24% of the world’s Internet routes travel over Tata Communications’ network, and the company is the only Tier-1 provider that is in the top five by routes in five continents. Tata Communications is a leading global provider of a new world of communications. With a leadership position in emerging markets, Tata Communications leverages its advanced solutions capabilities and domain expertise across its global and pan-India network to deliver managed solutions to multi-national enterprises, service providers and Indian consumers.

Govt allows direct sale of bio-diesel by manufacturers

In an attempt to ease the sourcing of bio-diesel, the Centre on Friday has allowed private bio-diesel manufacturers to sell directly to consumers like Indian Railways. Prior to this, only state-run oil firms and private companies with infrastructure investments of Rs 2,000 crore were allowed to market petrol, diesel or bio-diesel.

However, the Union Cabinet, chaired by Prime Minister Narendra Modi, gave its approval for amending the Motor Spirit (petrol) and High Speed Diesel (diesel) control order for Regulation of Supply, Distribution and Prevention of Malpractices dated December 19, 2005.

This amendment, which would relax Rs 2000 crore investment clause, would allow private bio-diesel manufacturers, their authorized dealers and joint ventures of oil marketing companies (OMCs) authorized by the Ministry of Petroleum & Natural Gas (MoP &NG) as “dealers” and would also allow them the marketing /distribution functions for the limited purpose of supply of bio-diesel to consumers.

Blue Ocean Investment Trust sells 10 lakh shares of Sterling Holiday Resorts

Blue Ocean Investment Trust has offloaded 10 lakh shares of Sterling Holiday Resorts through the open market route. The shares were sold on an average price of Rs 219.96 valuing the transaction to Rs 21.99 crore.

Sterling Holiday Resorts is in the business of developing and running holiday resorts, hotel, restaurants etc. It has holiday resorts at various cities including Kodaikanal, Goa, Manali, Munnar, Puri, Darjeeling, Lonavala, Gangtok etc.

HDFC Bank opens new branch in Odisha

HDFC Bank, the second-largest private sector bank in India, has opened a new branch at KIIT University in Bhubaneshwar (the capital of Odisha). With the opening of this branch, the bank has now 13 branches in the city. This new branch will offer the full range of world-class banking solutions to meet the needs of the local population.

HDFC Bank is one of India’s premier banks providing a wide range of financial products and services to its 28.9 million customers. As of June 30, 2014, the bank had a distribution network with 3,488 branches and 11,426 ATMs in 2,231 cities/towns. The bank offers all services under one roof right from savings account, current account, demat account, auto loans and agriculture loans.

FDI declines 6% to $1.53 billion in November 2014

Foreign direct investment (FDI) in India declined by 6% to $1.53 billion in the month of November 2014 as compared to $1.63 billion in the same month of previous year. However, FDI during the April-November FY15 increased by 22% y-o-y to $18.88 billion from $15.45 billion recorded in the corresponding period of the previous fiscal. The sectors that received highest inflows during the first eight months of current fiscal include telecommunications ($2.47 billion), services ($1.84 billion) automobile ($1.53 billion), pharmaceuticals ($1.15 billion) and computer software and hardware ($862 million). Country wise, maximum FDI during the reported period was received form Mauritius with $5.20 billion followed by Singapore ($3.74 billion), Netherlands ($2.42 billion), the US ($1.35 billion) and Japan ($1.28 billion). During FY14, FDI increased by 8% to $24.29 from $22.42 billion recorded in the FY13. FDI is considered crucial for India, which requires around $1 trillion in the 12th five year plan (2012-2017) to overhaul its infrastructure sector such as ports, airports and highways to boost growth. However, to attract maximum FDI into the country, the government has been liberalizing the foreign investment policy. Recently, the government has eased the FDI norms in insurance sector. The government is of the view that hiking of the foreign investment cap in the insurance sector to 49 per cent will result in capital inflow of $6-8 billion. In order to encourage manufacturing of equipments, including diagnostic kits and other devices, the government also allowed 100 percent FDI under automatic route in medical devices sector. Besides, the government’s 'Make in India' programme, launched by Prime Minister Narendra Modi is another big-ticket reform that the government expects the foreign investors to bring FDI worth billions of dollars into the country.

Wipro reports 9% rise in Q3 consolidated net profit

Wipro has reported results for third quarter ended December 31, 2014.

The company has registered 3.44% fall in its net profit at Rs 1992.30 crore for the quarter under review as compared to Rs 2063.30 crore for the same quarter in the previous year. However, total income of the company has increased 4.92% at Rs 11078 crore for Q3FY15 as compared Rs 10559 crore for the corresponding quarter previous year.

On the consolidated basis, the company’s net profit after taxes, minority interest and share of profit / (loss) of associates rose 8.84% to Rs 2192.80 crore for the Q3 FY15 as compared to Rs 2014.70 crore in Q3 FY14. Moreover, the total income surged 7.52% to Rs 12588.60 crore in the quarter under review as compared to Rs 11708.60 crore in the corresponding quarter previous year.