BHEL commissions 250 MW Thermal Unit in Gujarat

The sets of this rating class, supplied by BHEL, are considered significant in the lndian power sector. BHEL has so far contracted 251 sets of this rating class. 

Bharat Heavy Electricals Limited (BHEL) has successfully commissioned a 250 MW coal-based thermal power plant in Gujarat. The unit has been commissioned at Gujarat State Electricity Gorporation Limited's (GSECL) Sikka Thermal Power Station (TPS) by BHEL, on EPC basis.

Sikka TPS is located near Jamnagar, one of the major industrial towns of Gujarat. Two units of 120 MW each, supplied and executed earlier by BHEL are already in operation at Sikka. Another 250 MW unit, presently under execution at Sikka TPS, is also in an advanced stage of commissioning.

The sets of this rating class, supplied by BHEL, are considered significant in the lndian power sector. BHEL has so far contracted 251 sets of this rating class.

GSECL has also recently entrusted BHE! with an order for setting up an 800 MW supercritical coal-based project at Wanakbori, on EPC basis.

BHEL's installed base of over 150,000 MW of power plant equipment coupled with its rich experience makes it a choice of utilities in the country.

Stock News:
At 1:06 PM, the stock were trading lower 0.81% at Rs. 233. The stock has hit a high of Rs. 236 and a low of Rs. 232 on BSE today.

Total traded quantity on the counter stood at over 0.70 lk shares on BSE.

Meanwhile, the Sensex is trading down 246 points at 28,196.

Sensex tumble amid huge volatility

Volatility index shoots up by nearly 6 percent; breadth too extremely negative. 

The market has extended losses on the back of unabated selling pressure in auto, metal and IT shares. Select banking and pharma stocks have managed to bounce back following the recent correction.

The Sensex has plunged 298 points to 28,144, and the Nifty has shed 83 points to 8,522.

The India VIX (Volatility) index has surged nearly 6 percent to 15.90.

The broader market has also weakened in noon deals. The CNX Midcap index has plunged 1.4 percent to 13,077, and the Smallcap index has slipped nearly a percent to 5,821.

The breadth too is extremely negative  - out of 1,720 stocks traded on the NSE, 1,026 have declined and 426 have advanced so far.

The CNX FMCG index has shed 2.3 percent to 20,790. The Auto and IT indices have dropped around 1.5 percent each to 8,439 and 11,615, respectively. The Bank Nifty and Pharma indices are up 0.3 percent each at 18,399 and 12,855, respectively.

NMDC has slumped 4.5 percent to Rs. 128. Hero MotoCorp and Reliance have tumbled around 3.5 percent each to Rs. 2,318 and Rs. 895, respectively.

Hindustan Unilever shed 3 percent at Rs. 910. Infosys, Mahindra & Mahindra, Coal India, IndusInd Bank, ITC, Zee Entertainment, Asian Paints, Cipla, NTPC, Idea Cellular, ONGC, Tech Mahindra and HDFC  are the other major losers.

On the positive front, ACC and Ambuja Cements are the major gainers – up 2 percent each at Rs.  1,551 and Rs. 252, respectively.

ICICI Bank, Bank of Baroda, BPCL, Lupin, Tata Steel and Sun Pharma are the other prominent gainers 

RBI's net purchase of dollars at $49.2bn in Apr-Feb

The RBI had bought $115.9 billion from the market in April-February 2014-15, while it sold $66.7 billion 

The Reserve Bank of India's (RBI) net purchase of dollars stood at $49.2 billion in April-February 2014-15, RBI data showed.

The RBI had bought $115.9 billion from the market in April-February 2014-15, while it sold $66.7 billion.

The period also saw the forex reserves touching a record $338 billion to the week ended February 27.

"Our intervention in exchange market has historically been to reduce exchange rate volatility and that's not just the volatility today but also anticipated volatility," RBI Governor Raghuram Rajan had said at the policy review on April 7 

Lupin launches Zaxine in Canada

The agreement grants Lupin exclusive rights to promote, distribute and market Zaxine in the Canada.

Pharma Major Lupin Limited announced today that its Canadian subsidiary, Lupin Pharma Canada Limited (collectively Lupin) has launched its first Brand product Zaxine under a strategic licensing agreement with the North Carolina based GI specialty company Salix Pharmaceuticals Inc. The agreement grants Lupin exclusive rights to promote, distribute and market Zaxine in the Canada.

Zaxine 550mg (rifaximin) is a long term antibiotic treatment for adults living with hepatic encephalopathy (HE), a complication of liver disease (cirrhosis). HE can lead to a wide spectrum of mental and physical symptoms, including confusion, disruption in sleep patterns, personality changes and coma Zaxine 550mg has approved by Health Canada under priority review for the reduction in risk of overt HE recurrence in patients ≥ 18 year of age. Lupin will promote the product to Hepatologists and Gastroenterologists through its own specialty sales force in Canada. Lupin is in the process of establishing its Canadian presence and the launch opens up growth opportunities for the future. Zaxine is a ‘First-in-Class’ treatment for HE that currently has limited options for long term treatment.

Vinita Gupta, Chief Executive Officer, Lupin Limited said, “We are very excited with the expansion of Lupin’s business into Canada given the opportunity we have, to create a Brand presence with the launch of Zaxine. The launch demonstrates Lupin’s commitment to grow its brand franchise in North America and bring meaningful products to patients in Canada,” said Vinita Gupta, CEO, Lupin Pharmaceuticals Inc. and Group President, Lupin Limited. 

At 11:41 AM, the stock were trading higher at Rs. 1,778. The stock has hit a high of Rs. 1,800 and a low of Rs. 1,751 on BSE today.

Total traded quantity on the counter stood at over 5.67 lk shares on BSE.

Meanwhile, the Sensex is trading down 216 points at 28,226. 

Nifty below 8,600 levels

The BSE Midcap and Smallcap indices have also shed a percent each at 10,660 and 11,502, respectively. 

The market as extended losses in the morning deals, owing to feeble US markets and as selling pressure continues in select index heavy-weights.

The BSE Sensex tumbled to a fresh in intra-day low at 28,254, led by auto, realty, IT, FMCG, metal and capital goods shares.

The BSE benchmark index has now slipped 168 points at 28,274.

The NSE Nifty ha slipped below 8,600-mark to hit a low of 8,547. The Nifty index is now down 50 point at 8,551.

The broader markets witnessing heavy selling pressure, the BSE Midcap and Smallcap indices have shed a percent each at 10,660 and 11,502, respectively.

Among sectors, the BSE IT index has dropped almost 2 percent at 10,939. The Auto and Realty indices have shed 1.4 percent each at 18,844 and 1,681, respectively.

The FMCG, Capital Goods and Metal indices are the other notable losers.

On the other hand, the Consumer Durables index has spurted over a percent at 10,846 and the Bankex has added 0.2 percent at 21,137.

The breadth is negative in morning deals - out of 2,201 stocks traded on the BSE so far 1,297 stocks have declined, while 816 stocks have advanced.

In the Sensex space - Infosys is the top loser, down 2.5 percent at Rs. 2,126. Tata Motors, Mahindra & Mahindra, Coal India, Hindustan Unilever and Hero MotoCorp are the other significant losers.

On the other hand, ICICI Bank has spurted 1.4 percent at Rs. 314. Tata Steel has gained 1.3 percent at Rs. 350.

Gail India and NTPC have also added 0.5 percent each at Rs. 390 and Rs. 158, respectively 

People's Bank of China cuts bank reserve ratio requirement

PBoC said it will give an additional one-percentage-point reserve ratio requirement cut to banks for agricultural services 

People's Bank of China (PBoC) on Sunday announced that it would cut the level of funds that commercial banks must hold in reserve by one percentage point.

In a statement on its website, PBoC said it will give an additional one-percentage-point reserve ratio requirement (RRR) cut to banks for agricultural services and a further two-percentage-point cut to the Agricultural Development Bank of China.

It will also give a 0.5 percent cut to certain banks that give agricultural or small-business loans.

The cuts will "further enhance the ability of financial institutions to support restructuring," the PBoC said. 

Indices to open on a flat note

U.S. stocks declined sharply on Friday as a confluence of intensifying Greek default fears and new stock-market regulation from China kept investors on edge. Both S&P 500 and Dow Jones Industrial Average suffered their worst one-day point decline in more than three weeks. 

The indices are finding it difficult to approach previous highs.Results are pouring in and there are no major surprises as yet. Reliance Industries’ record profit and high GRM appears to be mostly factored in by the street.  TCS and Mindtree failed to attract buying interest and saw weakness post their results. Remember, both the companies had guided about the weakness  in advance.

On Friday, the market fell sharply on account of heavy selling pressure in Pharma, IT and the banking stocks. This week will see March eight infrastructure industries data besides numbers from Infosys, HDFC Bank, HCL Tech, Wipro and Cairn India.

The outlook is a flat start. Nifty could well consolidate after a decline of 2% last week. Stocks in focus would Hindustan Zinc, Persistent Systems and Tata Sponge Iron which announce their numbers today. Reliance is likely to outperform after the oil and gas major posted consolidated profits of Rs6381 crore, 8.5% higher (YoY) as against Rs. 5881 crore. The standalone profits also swelled to Rs. 6240 Crore as against Rs5631 Crore.

Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: “FY 2014-15 has been a very successful and important year for Reliance. In a time when the collapse of crude oil prices unsettled the hydrocarbons markets, our refining business delivered record earnings.”

Meanwhile, U.S. stocks declined sharply on Friday as a confluence of intensifying Greek default fears and new stock-market regulation from China kept investors on edge. Both S&P 500 and Dow Jones Industrial Average suffered their worst one-day point decline in more than three weeks. 

Key indices snapped a two week winning streak led by selling pressure in realty, auto and the banking stocks. Better than expected February IIP data which hit 3-month high of 5% coupled with declining March CPI which came in at 3-month low of 5.17% failed to ignite sentiment during the week as Nifty lost 2%.

After disappointing results by TCS and Mindtree, expectations have adjusted lower from the rest of the IT sector manifested in across the board correction. Adverse cross currency, salary hike and higher visa cost are likely to mar earnings performance of IT companies in the current quarter. Expectations of a shaky near-term could underpin a further underperformance of the sector.

The Finance Minister, Arun Jaitley has promised a 'modern tax system' with low and globally competitive rates. The FM reportedly assured foreign investors against any retrospective action and said taxpayers will be seen as "partners and not as potential hostages or victims".

Piramal Enterprises Ltd. announced that it has agreed to acquire a majority stake in Health SuperHiway Private Limited (“HealthHiway”), a healthcare analytics company, over the next 12 months.

Reliance Communications stock ended 1% lower at Rs. 69 on reports that the company is planning to raise funds via an overseas bond issue to pay nearly Rs 1100 crore to the government.Moody's Investors Service has assigned a (P)Ba3 rating to Reliance Communications Limited's (RCOM) proposed USD senior secured notes.

Tata Consultancy Services stock ended 4% lower at Rs. 2476 after company posted Q4 results.The stock has hit a high of Rs. 2561 and a low of Rs. 2471.

The Company has posted a net profit of Rs. 37126.70 mn for the quarter ended March 31, 2015 as compared to Rs. 53576.10 n for the quarter ended March 31, 2014.

Mahindra and Mahindra Ltd stock ended flat at Rs 1224.The company is reportedly set to buy Italian auto-design firm Pininfarina SpA.

Shares of Rolta India Ltd ended 3% lower to Rs 149.The research firm issued a strong sell report on Rolta India, saying the company does not produce free cash flow and cannot repay offshore bondholders without refinancing.

Shares of R.S Software Ltd were closed lower 8.5% at Rs. 197 on BSE. The company reported net profit of Rs. 15.5 crore in Q4 FY15 against Rs. 17 crore in the same period last quarter.

Lupin Ltd stock ended 7% lower at Rs. 1768.Report said that USFDA allowed Aurobindo Pharma to sell a generic antibiotic drug Cefixime.