Infosys plans to merge Finacle with EdgeVerve Systems: Reports

Report said that the merger will be made by end of July. 

Infosys is planning to merge banking product team Finacle with newly formed subsidiary EdgeVerve Systems, according to reports.

Report said that the merger will be made by end of July. 

EdgeVerve Systems is the product and platform subsidiary of Infosys formed last year.

With this merger, around 6,000 people in the team will become a part of EdgeVerve, says report.

Sun Pharma surpasses SBI in market capitalisation

Sun Pharma's market cap was Rs 2,16,637 crore, while SBI's market cap stood at 2,11,467 crore.

Sun Pharmaceuticals Industries has surpasses the State Bank of India (SBI) in overall market capitalization ranking, according to reports.

Sun Pharma's market cap was Rs 2,16,637 crore, while SBI's market cap stood at 2,11,467 crore.

Coal India has a market cap of Rs 2,31,242 crore, says report.

A Report sTATED that TCS is on top of the list with market-cap of Rs 5,08,554 crore followed by Reliance Industries, ITC, Oil and Natural Gas Corporation, HDFC Bank.

Sensex, Nifty pare gains, Infosys drags

The banking stocks as a sector too are off the day's high on account of unwinding ahead of the crucial FOMC meet today and tomorrow. 

The market ha​s pared most of its gains in mid-noon deals on the account of significant weakness in Infosys and Bharti Airtel. The Sensex is now up 90 points, on steady support from HDFC, Tata Motors and Reliance Industries.

The banking stocks as a sector too are off the day's high on account of unwinding ahead of the crucial FOMC meet today and tomorrow.

The Sensex, which, touched a high of 28,783, is now up ​only 90 points at 28,526. The Nifty is up 24 points at 8,657.

The broader indices - the CNX Midcap and Smallcap indices have also pared most of the gains and are now up 0.4 per cent each at 13,158 and 5,664, respectively.

The breadth too has now more or less turned neutral, with 751 advancing shares versus 727 declining stocks on the NSE.

Infosys and Bharti Airtel are the major draggers on the Sensex-30 stocks, accounting for a loss of 53 points on the BSE index. The former has shed 1.8 per cent at Rs. 2,227, while the latter has declined 1.5 per cent to Rs. 383.

On the other hand, HDFC, Tata Motors and Reliance Industries continue to provide ample support to the BSE index. These three stocks collectively have contributed 72 points to the BSE benchmark index.

HDFC and Tata Motors have advanced around 1.5 per cent each to Rs. 1,327 and Rs. 568, respectively, while Reliance Industries has added a per cent to Rs. 850.

Among the other Nifty-50 shares, Hindalco remains the top gainer, up 3.3 per cent at Rs. 132.

Dr.Reddy's has rallied 2.8 per cent to Rs. 3,404, and beaten down Cairn India has bounced back by 2 per cent to Rs. 222.

Cipla, Sesa Sterlite, Tata Steel, Tech Mahindra and BPCL are the other prominent gainers.

Jindal Steel with a loss of 5 per cent at Rs. 181 on account of reports of government re-looking into the company's bids for two coal blocks, is the biggest loser on the Nifty.

Bank of Baroda, Tata Power, Punjab National Bank, Mahindra & Mahindra and Zee Entertainment are the other significant losers.

Solar Frontier and Welspun Renewables Sign 100 MW CIS Thin-film Solar Module Supply Agreement

Welspun Renewables Energy Pvt. Ltd. (“Welspun Renewables”), a leading generator of solar energy in India, aggressively working towards achieving its green energy commitment. Selects Tier 1 global supplier in line with its stringent quality benchmarks. 

Welspun Renewables has signed a 100 Megawatt CIS Thin-film solar module supply agreement with Solar Frontier. Solar Frontier’s CIS modules will be used in Welspun Renewables’ upcoming solar power projects in India at sites with high levels of solar irradiation. This supply agreement follows a recent spate of Power Purchase Agreements that the company has signed with multiple state governments. The company targets commissioning over 1 GW of solar and wind capacity within fiscal 2015. Welspun Renewables is present across nearly all states in India.

Sindoor Mittal, Director Welspun Renewables commented:  “Solar energy is a priority sector for meeting India’s high demand for clean, renewable and economical energy. The government of India has set a target of 175 GW of renewable energy by 2022, of which 100 GW will be solar energy. Agreement with Solar Frontier brings us one step closer to meeting our green energy commitment. Welspun Renewables is committed to achieving high level quality benchmarks at all of its project sites, and because of this we prefer to work with Tier1 technology providers. We have worked with Solar Frontier on multiple projects before, and we do so again based on the proven high electricity yield and quality of its CIS technology, on top of the company’s close support.”

Welspun Renewables’ supply agreement follows a recent spate of Power Purchase Agreements that the company has signed with multiple state governments. The company targets commissioning over 1 GW of solar and wind capacity within fiscal 2015. Welspun Renewables is present across nearly all states in India.

“We are honoured to continue working with Welspun Renewables on its mission to help India meet its growing energy requirements in an efficient, environmentally-friendly manner,” said Atsuhiko Hirano, CEO of Solar Frontier. “This is a landmark agreement for Solar Frontier as we continue to develop our presence in key international markets with companies that are sustainable and show willingness to work closely together.”

CIS modules generate a higher energy yield than crystalline silicon modules in real-world operating conditions. This includes hot climates such as in India, where CIS modules benefit from a low temperature co-efficient (meaning a smaller loss in conversion efficiency as temperature increases), and their “light-soaking effect”, which further boosts power output after the module is exposed to light.

Solar Frontier is the world’s largest provider of CIS solar energy solutions by shipments and revenue. Manufacturing at GW-scale capacity from the southern Japanese prefecture of Miyazaki, its advanced production process has enabled it to achieve the highest level of mass production thin-film efficiencies at world-class production costs. In 2015, Solar Frontier is re-engaging the global market, from the Americas to Europe, South and Southeast Asia

SBI - Preferential Issue of Equity Shares to Government of India (GoI)

State Bank of India has informed BSE that the Executive Committee of Central Board (ECCB) of the Bank, in its meeting held on March 13, 2015, has accorded its approval to fix the Issue Price at Rs. 295.59 (Rupees Two hundred ninety five, and paise fifty nine only) per share of face value of Re. 1/-, including a premium of Rs. 294.59 per share, and accordingly, to issue 10,04,77,012 equity shares, ranking pari-passu with the existing equity shares of the Bank in all respects, on preferential basis to GoI, for a consideration of Rs. 2969,99,99,977.08 (Rupees Two thousand nine hundred sixty nine crores ninety nine lacs ninety nine thousand nine hundred seventy seven and paise eight only), subject to the approval of Government of India U/s 5(2) of the State Bank of India Act and shareholders of the Bank in terms of the SEBI ICDR Regulations.

The price for preferential issue has been arrived at in accordance with the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009, taking into consideration February 20, 2015 as the relevant date.

Indian Hotels shareholders approve 18.4 crore pay package to Rakesh Sarna

A report said that Sarna's remuneration is higher than that of his peers in the Indian hospitality sector.

Indian Hotels shareholders have approved maximum proposed remuneration of Rs 18.4 crore per annum to the recently appointed managing director Rakesh Sarna, says report.

A report said that Sarna's remuneration is higher than that of his peers in the Indian hospitality sector. 

Sarna, 57, had spent 35 years working for Hyatt Hotels, where he had risen to manage portfolio of 383 properties across the United States.

Raymond Bickson was the MD and CEO of the company till August 2014.

Pipavav Defence languishes in red

The stock has slipped over 2 per cent on talks Sebi probe in trades recent to Rel Infra stake buy.

Pipavav Defence is trading on a negative note in morning trades on reports of Sebi probe in trades done prior to Reliance Infrastructure stake buy.

Reliance Infra announced acquisition of 18 per cent controlling stake in Pipavav Defence and Offshore Engineering at Rs. 63 per share to a total of around Rs 2,082 crore on 4 March, 2015. It was followed by an open offer at Rs. 66 per share.

Pipavav has since then trading on a soft note. The stock so far today has touched a low of Rs. 57.15, and is now down 2.2 per cent at Rs. 58.50. The counter has seen trades of around 4,96,000 shares as against the two-week daily average volume of around 2.91 million shares on the BSE.

Meanwhile, the Sensex has surged 285 points to 28,722.

IRB Infra achieves financial closure for Aurangabad toll project

A Consortium of Lenders comprising of IDBI Bank, IIFCL, IDFC Ltd, Indian Overseas Bank, Union Bank of India and Andhra Bank have financed this project.

IRB Infrastructure Developers Ltd has informed BSE that Yedeshi Aurangabad Tollway Pvt. Ltd. wholly-owned Subsidiary of the Company, has achieved financial closure in terms of the Concession Agreement executed with NHAI, by tying up of Project finance of Rs. 1,756 Crore.

The total cost of this project is Rs. 3,177 Crore, out of which Viability Gap Funding from NHAI will be Rs. 558 crores, equity contribution by the Company will be approx. Rs. 863 Crore and remaining will be funded through Project finance of Rs. 1,756 Crore. The average cost of debt of this Project finance is approx. 11.75% p.a. The concession period for the project is 26 years.

A Consortium of Lenders comprising of IDBI Bank Limited - Lead Institution, India Infrastructure Finance Company Ltd. (IIFCL), IDFC Limited, Indian Overseas Bank, Union Bank of India and Andhra Bank have financed this project 

Daily Market Strategy - Watching patiently! A smart start for the indices today

The outlook is a strong start. The rupee movement will also be eyed. Though new lows were constantly being hit over the last seven trading days, we haven’t witnessed any meaningful change in OI of 8500 put suggesting 8500-8400 zone acting as a support level for the market.

We live in one of the more interest-rate-sensitive bull markets of our times. The markets world over seem to be in good cheer ahead of the Fed meet. The big question is whether the Fed drops its stance of being ‘patient’ in raising short-term interest rates. 
 
The outlook is a strong start. The rupee movement will also be eyed. Though new lows were constantly being hit over the last seven trading days, we haven’t witnessed any meaningful change in OI of 8500 put suggesting 8500-8400 zone acting as a support level for the market. The global cues are healthy.
 
Tata Motors could gain on bagging new orders while the gains in Amtek Auto recently is being attributed to a possible acquisition of a German firm.  Telecom stocks are seeing bulk deals on their counters. Meanwhile, a number of promoters seems to be lapping up their shares in recent days going by the details in the bulk deals.
 
The Dow rose 1.29% while the S&P 500 was up 1.35%. Nasdaq too gained over a percent. Asian indices are also in the green.  Crude oil remains under pressure with US crude shedding 4% and falling to hit a six-year low.
 
India is the bright spot on the “cloudy global horizon” and Asia's third-largest economy should “seize the moment” by focussing on further reforms, says IMF chief Christine Lagarde. “Recent policy reforms and improved business confidence have provided a booster shot to economic activity,” she said.
 
Russian President Vladimir Putin has reportedly ordered nearly 40,000 troops in northern and western Russia to be put on full alert early Monday as part of snap-readiness exercises, official news agencies quoted Defense Minister Sergei Shoigu as saying.
 
Rakesh Jhunjhunwala is reportedly planning to sell 23% stake in Concord Biotech. Report said that Jhunjhunwala's RARE Enterprises is expecting to raise around Rs 500 cr for its 23% stake in Concord Biotech. 
 
Wipro Ltd announced the appointment of Abid Ali Neemuchwala as the Group President and Chief Operating Officer of the company, effective April 1, 2015.
 
Sharon Bio-Medicine Ltd has announced that a meeting of the Board of Directors of the Company will be held on March 17, 2015, for the restructuring of the debts of the Company.The stock hits 10% lower circuit at Rs. 21.
 
Pharmaceutical Major Lupin announced, that it has entered into an agreement to acquire the balance 40% equity stake in South African generics major, Pharma Dynamics (PD) from its founders.  As per the agreement, the founders will exercise their put option before March 31, 2015, for the 40% equity stake it currently holds.  On completion of this transaction, PD will become a wholly owned subsidiary of Lupin, subject to closing conditions. 
 
L&T Infotech, a global provider of information technology services and solutions, has been awarded a contract worth USD 10 Mn to integrate the business functions of 
 
Rail Vikas Nigam Ltd. (RVNL). RVNL a wholly-owned public sector undertaking under the Ministry of Railways, with the specific mandate of fast track implementation of rail infrastructure projects.
 
Persistent Systems stock was down 3% at Rs. 780 after weak outlook. Persistent Systems said that for Q4FY15, the company continue to see excellent traction in the enterprise segment.The revenue growth in dollar terms is expected to be muted, company said.
 
Cairn India was the other major loser, down 3% at Rs. 218. According to a release issued by the company to the BSE, Cairn India has received the Income Tax department notice for Rs. 20,495 crore for alleged failure to deduct withholding tax on alleged capital gains arising during 2006-07 in the hands of Cairn UK Holdings Limited (CUHL), our erstwhile parent company, a subsidiary of Cairn Energy Plc.
 
DLF was the top gainer, as the stock extended its rally for the second straight trading session on the back of favourable SAT order. The Securities Appellate Tribunal (SAT) on Friday quashed the market regulator Securities & Exchange Board (Sebi) order banning the real estate company, its promoters and key executives from raising money in the capital market. The stock ended with a gain of 4.5 per cent at Rs. 165.
 
Natco Pharma slumped 4.5 per cent to Rs. 2,121 on account of profit-taking at the counter following the sharp six-day rally, wherein the stock had skyrocketed by more than 48 per cent.
 
Oudh Sugar Mills hit the 20 per cent upper circuit at Rs. 20.70 after the company's board approved a major restructuring plan. 
 
Yes Bank was up 1% to Rs. 816 on reports that the bank paid Rs. 260 crore in advance tax for Q4 as against Rs. 200 crore paid in the same period a year ago.
 
Events: IMF chief Christine Lagarde is on a two-day visit to India. She will meet officials from the Reserve Bank of India in Mumbai on Tuesday.
 
Results: Vatsa Educations.
 
Trends in FII flows: The FIIs were net sellers of Rs7.63mn in the cash segment on Monday. The domestic institutional investors (DIIs) were net buyers of Rs1.59mn, as per the provisional figures released by the NSE.
 
Global Data:  RBA Meeting's Minutes AUD, FDI - Foreign Direct Investment (YTD) (YoY) (Feb) CNY, BoJ Monetary Policy Statement JPY, Leading Economic Index (Jan) JPY, Coincident Index (Jan) JPY, BoJ Press Conference JPY, 9-Month Letras auction EUR, 3-Month Letras Auction EUR, Consumer Price Index - Core (YoY) (Feb) EUR, Consumer Price Index (MoM) (Feb) EUR, Consumer Price Index (YoY) (Feb) EUR, Employment Change (YoY) (Q4) EUR, Employment Change (QoQ) (Q4) EUR, ZEW Survey - Economic Sentiment (Mar) EUR, ZEW Survey - Economic Sentiment (Mar) EUR, ZEW Survey - Current Situation (Mar) EUR, Manufacturing Shipments (MoM) (Jan) CAD, Housing Starts (MoM) (Feb) USD, Building Permits (MoM) (Feb) USD, GDT Price Index NZD, 4-Week Bill Auction USD, Current Account (QoQ) (Q4) NZD, Current Account - GDP Ratio (Q4) NZD, CB Leading Indicator (Jan) AUD, Westpac Leading Index (MoM) (Feb) AUD, Merchandise Trade Balance Total (Feb) JPY, Adjusted Merchandise Trade Balance (Feb) JPY, Exports (YoY) (Feb) JPY, Imports (YoY) (Feb) JPY.
 
In other news in the media: 
 
Sterlite Copper is set to undertake Rs33bn expansion at Tuticorin in Tamil Nadu. 
 
Suven Life Sciences said it has secured patents in the US and New Zealand. 
 
L&T Infotech has received a US$10 mn contract from state-run Rail Vikas Nigam (RVNL) to integrate its business functions. 
 
Sutlej Textiles & Industries has received the approval from its Board of Directors to acquire Birla Textile Mills, located at Baddi in Himachal Pradesh. 
 
Lupin has inked a pact to acquire an additional 40% stake in South Africa's Pharma Dynamics, taking its holding in the company to 100%.
 
Mahindra & Mahindra Financial Services which had pulled out of a banking licence in the past is now eying a universal bank licence after reviewing the regulatory framework. 
 
Andhra Bank has got shareholder approval to raise Rs1.2bn in additional equity by issuing shares to the government. 
 
PFC has agreed to lend Rs.150bn to take up 1080 MW Manuguru plant in Khammam and another project of 4000 MW in Nalgonda district.
 
Granules India said US health regulator FDA has inspected its Gagillapur manufacturing facility near Hyderabad and did not find any deviation from good manufacturing norms. 
 
Hindustan Copper Ltd (HCL) has planned to raise Rs.8bn through private placement debt instruments. 
 
Jaya Shree Textiles, a unit of Aditya Birla Nuvo, is aiming at Rs10 bn revenue from its linen, yarn and fabric business in next two years. 
 
Ashoka Buildcon is all set to raise Rs5bn crore via qualified institutional placement (QIP), as it gears up for aggressive expansion.
 
The rate of Wholesale Price Index (WPI) -based inflation for February this year provisionally stood at (2.06) %, compared with (0.39) in January and 5.03 % in February last year, mainly on the back of declining in crude oil prices.
 
The Finance Ministry notified the Advance Pricing Agreement (APA) rules governing rollback provisions in transfer pricing cases.
 
With Prime Minister Narendra Modi keen on expanding community radio outreach, Government promised to simplify procedures and introduce online application system for licenses.

TEN MOST ACTIVE FUTURES

Symbol	No.of Cont Traded	Last price	Open Interest	% chg in Op.Int
AXISBANK	30,468	572.25	31,218,500	4.20
AUROPHARMA	26,924	1,199.75	11,360,750	-4.28
DLF	16,938	164.80	25,864,000	-6.28
BHARTIARTL	10,541	390.25	12,071,500	-1.67
ADANIENT	8,326	644.10	7,061,500	0.78
CAIRN	6,553	219.55	13,342,000	3.06
ASHOKLEY	6,352	73.80	66,648,000	1.07
BHARATFORG	6,252	1,304.25	3,556,750	1.35
BANKBARODA	5,697	183.80	25,831,250	0.82
BHEL	5,629	258.15	32,299,000	-0.33

TEN MOST ACTIVE OPTIONS

	Option Type	Strike price	No.of Cont Traded	Open Interest	% Chg in Op.In
DLF	CE	170	4,251	3,146,000	7.52
JINDALSTEL	CE	190	3,855	1,495,000	61.62
AUROPHARMA	CE	1,200	3,772	227,500	-7.14
RELCAPITAL	CE	500	3,679	1,487,500	24.01
ASHOKLEY	CE	75	3,531	10,280,000	26.73
INFY	CE	2,300	3,375	400,500	-13.87
RELIANCE	CE	860	3,159	534,500	17.93
AXISBANK	CE	580	3,099	501,500	12.19
JINDALSTEL	CE	200	2,974	1,897,000	-0.58
RELIANCE	CE	880	2,855	803,000	14.76

SUPPORT & RESISTANCE LEVEL

Company Name	S3	S2	S1	Close	R1	R2	R3
Sensex Index	28,307	28,339	28,372	28,438	28,503	28,537	28,568
Nifty Index	8,599	8,607	8,616	8,633	8,650	8,659	8,667
ABB Ltd	1,240	1,251	1,262	1,285	1,307	1,319	1,330
ACC	1,563	1,569	1,575	1,588	1,600	1,607	1,613
Ambuja Cements	254	254	255	257	258	259	260
Bajaj Holdings	1,323	1,329	1,335	1,348	1,361	1,368	1,374
BHEL	253	254	256	258	261	262	263
Bharti Airte	381	383	385	389	393	396	398
Cipla	680	684	688	695	703	707	711
Dabur India	268	269	270	271	273	273	274
GAIL India	373	375	377	381	386	388	390
Grasim Ind.	3,647	3,658	3,669	3,690	3,712	3,723	3,733
HCL Tech	2,023	2,031	2,040	2,057	2,074	2,083	2,091
HDFC Bank	1,042	1,044	1,047	1,051	1,056	1,059	1,061
Hero Honda	2,600	2,608	2,615	2,630	2,644	2,652	2,659
Hindalco	121	123	124	127	130	131	133
Hindustan Unilever	913	918	923	932	942	947	952
ICICI Bank	327	328	329	331	334	335	336
Infosys Tech	2,219	2,231	2,243	2,267	2,291	2,303	2,315
ITC Ltd	331	332	333	336	338	339	340
L&T	1,657	1,663	1,669	1,681	1,693	1,699	1,705
MTNL	20	21	21	21	22	22	22
M&M	1,205	1,209	1,212	1,220	1,227	1,231	1,234
Maruti Suzuki	3,622	3,628	3,635	3,648	3,661	3,667	3,673
Mahindra Satyam	2,804	2,809	2,815	2,825	2,836	2,842	2,847
National Alumin	45	46	46	47	47	48	48
ONGC	310	311	311	312	313	313	314
Oriental Bank	231	231	232	234	236	237	238
PNB	165	166	166	167	169	169	170
Ranbaxy Labs	796	799	802	808	814	817	820
Reliance Capital	459	462	465	471	476	479	482
Reliance Comm	65	65	66	67	69	69	70
Reliance Energy	445	448	450	455	459	462	464
Reliance Inds	833	836	838	842	846	849	851
R Power	57	57	57	58	58	58	59
Siemens India	1,351	1,362	1,373	1,395	1,417	1,429	1,439
SBI	279	280	280	282	283	283	284
TCS	2,530	2,539	2,548	2,565	2,583	2,592	2,601
Tata Motors	551	553	554	558	561	563	565
Tata Power	80	80	80	81	82	82	82
Tata Steel	323	323	324	326	328	329	330
Tata comm	416	417	418	421	424	425	427
Wipro	637	639	642	646	651	653	656
Wire And Wireless	36	36	36	36	37	37	37
Zee Entertainment	343	346	349	354	360	363	365