MIC Electronics bags export orders from USA

MIC Electronics Ltd has announced that the Consortium consisting of MIC Electronics Ltd, and two other members have received Letter of Award (LOA) from EESL on April 23, 2015 for Cluster-2 Guntur & Cluster-3 Krishna of Andhra Pradesh valued Rs. 60.11 crores. 

With reference to the earlier letter dated April 20, 2015, MIC Electronics Ltd has announced that the Consortium consisting of MIC Electronics Ltd, and two other members have received Letter of Award (LOA) from EESL on April 23, 2015 for Cluster-2 Guntur & Cluster-3 Krishna of Andhra Pradesh valued Rs. 60.11 crores.

Further, the Company has received export orders from USA for supply of True Color Visible LED Video display Systems valued Rs. 3 Crores and other Indigenous order valued Rs. 1.21 Crores. Total Value of Orders received in this month of April 2015 is about Rs 65 Crores.

Sensex, Nifty slip further

The CNX Midcap index has slumped 1.7 percent at 12,441, and the Smallcap index has shed 2.7 percent at 5,380.

The market continue to trade with a negative zone on the back of weakness in energy, FMCG and state-owned banking shares.

The Sensex is down 255 points at 27,183, and the Nifty has shed 75 points at 8,231.

The broader market have extended losses. The CNX Midcap index has slumped 1.7 percent at 12,441, and the Smallcap index has shed 2.7 percent at 5,380.

The breadth continues to remain fairly bearish - out of 1,721 stocks traded on the NSE, 1,247 have declined and 252 have advanced.

BPCL has plunged 5 percent to Rs. 742. Cairn India has tumbled nearly 4 percent at Rs. 210.

Dr.Reddy's and HDFC have shed 3.5 percent each at Rs. 3,361 and Rs. 1,202, respectively.

Kotak Bank and Asian Paints have declined around 3 percent each to Rs. 1,326 and Rs. 750, respectively.

ACC, BHEL, ONGC, SBI and Hindustan Unilever are down over 2 percent each.

Maruti has firmed up in late noon deals on the back of strong Q4 performance. The company's Q4 net profit on a standalone basis rose by 60.5 percent to Rs. 1,284 crore when compared with Rs. 800 crore in Q4FY14. Total income was up 11.5 percent at Rs. 13,945 crore from Rs. 12,508 crore.

Idea Cellular, Sesa Sterlite and Wipro have rallied over 2 percent each to Rs. 188, Rs. 210 and Rs. 534, respectively.

Axis Bank, Punjab National Bank and Zee Entertainment are the other major gainers. 

Grab raises $ 1 million from Oliphans Capital and Haresh Chawla

The funding will enable Grab to expand in new markets like Pune and others in the near future 

Grab.in (Formerly Grab a Grub) a food-logistics firm was founded by Jignesh Patel, Nishant Vora and Pratish Sanghvi in 2012. Grab believes that last mile of the food delivery chain- that is – delivering food from the restaurant to the door-step of the customer is the most challenging step.

Grab, with a team of 500 smart riders on its rolls in Mumbai, ensure that the food is delivered in 40 minutes from the time a customer places an order at the restaurant. At present Grab works with over 350 restaurants in Mumbai and have now launched its services in Pune. Last financial year, it delivered  orders worth Rs 35 crore in Mumbai.

Grab recently raised $1 million from Oliphans Capital and independent investor Haresh Chawla. The funding will enable Grab to expand in new markets like Pune and others in the near future. The company plans on deploying 800 riders in Pune enabling it to deliver approximately 7000 orders daily across 700 outlets.

Said Pratish Sanghvi, “Home delivery orders are a significant portion of a restaurants turnover. However, the last mile delivery is a challenge for most restaurants. Grab uses technology to ensure the operational execution is seamless. While Grab reduces a restaurant’s delivery costs by converting it from fixed to a variable cost, it also allows it to expand its reach to a larger customer base”

Added Nishant Vora, Co-founder, Grab “While online food ordering is catching the customer’s attention, it’s the restaurants that eventually take care of the final delivery. Hence, we do not face competition from the online food ordering vertical. Hyper-local logistics remains our forte and our focused attention on its execution is Grab’s biggest strength”.

Grab has recently tapped into the tiffin delivery segment predominantly run by Mumbai’s famous dabbawallas. A deeper penetration into the city with the option of delivering tiffins even in the night, has allowed Grab to bridge the gap. 

Grab’s team of smart riders are connected and trackable in real time with Grab’s mobile app, similar to the ones used by cab aggregators. At any given point of time, a restaurant using Grab’s services will be able to track and share precise delivery time with the customer.

  

Grab’s clients include Mainland China, Subway, Smokin Joes, Punjab Grill, Sbarro, Cocoberry, Pesca Fresh, Maroosh, Birdys, Theobroma, Busago, Cafe Mangii, Torrp it Up, Zaafran, and many more. 

So next time you order-in your food, don’t forget to check the logo on the delivery boy’s shirt. Chances are, he would be one of the Grab’s Smart Riders.

Yes Bank launches office in Abu Dhabi

The Abu Dhabi office is keen to expand in some of the key international financial markets in order to serve the large sections of NRI population 

Yes Bank has announced its international foray by launching its first International representative office in Abu Dhabi, U.A.E. today.

Taking its first step towards Global Expansion, the bank opens its door to the NRI population residing in U.A.E. with this new representative office. Located at AI Ghaith Office Tower, 205, Hamdan Street, Abu Dhabi, U.A.E., the bank will provide services for unique investment needs of the Indian diaspora in the Gulf city through their flagship Global Indian Banking program which comprises:

• NRE/ NRO Savings Account & Fixed Deposits
• Foreign Currency Fixed Deposit (FCNR)
• Portfolio Investment Scheme (PIS) to transact in the Indian Secondary Market
• YES First Wealth management programme

The representative office was inaugurated by H.E. Sheikh Nahayan Mabarak Al Nahayan, Minister of Culture, Youth, and Social Development, Govt. of U.A.E. and H.E. Mr. T P Seetharam, Ambassador of India to the U.A.E. along with Rana Kapoor, Managing Director & CEO, YES BANK.

Rana Kapoor, Founder, Managing Director and CEO, YES BANK Ltd said, “The GCC (Gulf Cooperation Council) region is an important geography for our NRI business and our Gulf foray will play a key role in our aspiration to become ‘the Savings Bank of India’. The opening of our first international office showcases our commitment to growing our footprint in the international banking space.”

The bank is keen to expand in some of the key international financial markets in order to serve the large sections of NRI population. Yes Bank has leveraged its human capital, technology, speed and financial knowledge to be the Banker of First Choice for NRI customers by delivering high quality, customized, state-of-the-art products & services.

ICICI Bank Q4 net profit at Rs. 2,920 cr; Net NPA at 1.61% vs 1.27% qoq

ICICI Bank Q4 net profit stood at Rs. 2,920 crore vs Rs. 2,652 crore 

The Board of Directors of the Bank at its meeting held on April 27, 2015 has recommended a dividend of Rs. 5 per equity share for the year ended March 31, 2015. The declaration and payment of dividend is subject to requisite approvals. The Board of Directors has also recommended a dividend of Rs. 100 per preference share on 350 preference shares of the face value of Rs. 1 crore each for the year ended March 31, 2015.

JSW Energy Q4 cons net profit at Rs.325 Crore

JSW Energy Q4 Cons Total Income at Rs.2,189.7 Crore.

JSW Energy Ltd  has posted a net profit after taxes, minority interest and share of profit of associates of Rs.3252.20 million for the quarter ended March 31, 2015 as compared to Rs. 1746.20 million for the quarter ended March 31, 2014. 

Total Income has increased from Rs. 21130.30 million for the quarter ended March 31, 2014 to Rs. 22193.60 million for the quarter ended March 31, 2015.

The Group has posted a net profit after taxes, minority interest and share of profit of associates of Rs. 13495.10 million for the year ended March 31, 2015 as compared to Rs. 7547.40 million for the year ended March 31, 2014. 

Total Income has increased from Rs. 89076.30 million for the year ended March 31, 2014 to Rs. 96102.70 million for the year ended March 31, 2015.

Gold struggles below $1,180; Fed meet eyed

Gold declined over 1 percent on Friday after equity markets around the world touched to record highs 

The spot gold had ticked up 0.2 percent to $1,181.11 an ounce by 00:44 GMT today. The yellow metal had hit its lowest level at $1,174.73 on 20 March.

Gold declined over 1 percent on Friday after equity markets around the world touched to record highs.

The Federal Reserve will start a two-day policy meet on Tuesday, with investors watching out for comments on the strength of the economy. 

Capgemini to acquire IGATE North America

The company may acquire IGATE for Cash Of $48/Share, says report.

Capgemini is reportedly planning to acquire IGATE North America.

The company may acquire IGATE for Cash Of $48/Share, says report.

Will SCI bid adieu to the Iranian shipping venture?

This proposal has been made by circulating a draft cabinet note owing to the piled up losses. 

The Indian shipping ministry has recommended exiting from the 40-year-old joint venture shipping line Irano-Hind Shipping Company, which was formed in 1975 by Iran’s former ruler Shah Reza Pahlav and Indira Gandhi, the then PM of India. This proposal has been made by circulating a draft cabinet note owing to the piled up losses. The note has sought the views of key ministries says a report in Financial Chronicle.

Although the move is yet to gain approval, once it’s done the Shipping Corporation of India (SCI) could part depart from the venture, making way for the company to source business from India. Disengagement would prevail at the time when countries would contemplate resuming business with Iran with the attempt to augment their business, the report said.

The Iranian partner and SCI own 51% and 49% in the joint venture respectively.

Kotak Mahindra Bank lists new shares on the Exchanges

For every 1,000 shares, ING Vysya Bank shareholders receive 725 shares of Kotak Mahindra Bank. 

Kotak Mahindra Bank Ltd (“Kotak”) today announced the listing of new equity shares of the merged entity on the Stock Exchanges today. As per the scheme of merger, shareholders of ING Vysya Bank receive 725 shares of Kotak Mahindra Bank for 1,000 shares of ING Vysya Bank. Uday Kotak, Executive Vice Chairman and Managing Director, Kotak Mahindra Bank rang the ceremonial bell at National Stock Exchange (NSE), Mumbai to mark the occasion.

Shareholders of ING Vysya Bank were issued 13,92,05,159 equity shares of Rs. 5/- each. The trading for the new shares will be effective April 27, 2015.

Uday Kotak said, “It is heartening that shareholders of both the organisations approved this merger with overwhelming support. As a result, with this auspicious bell ringing ceremony, we delightfully welcome all shareholders of ING Vysya Bank into the Kotak family.”

“The merger brings two strong players, with deep Indian roots and global standards of service. I am confident that the merged entity will tap the immense growth potential the country has to offer, and contribute to India’s transformation”, added Kotak.

Effective April 1, 2015, ING Vysya Bank Ltd has merged with Kotak Mahindra Bank Ltd creating a Rs 2 trillion institution (consolidated). The merged entity – Kotak Mahindra Bank Ltd. now has a significant national footprint of 1,250+ branches and 1,900+ ATMs spread across 640+ locations, affording it the capacity and means to serve customers better.

The opportunities and synergies of this merger will create a Bigger, Bolder, Better Kotak, and will place all stakeholders on a new trajectory of growth, excellence and leadership.

Titan Company plans to open 60 new 'Titan Eye Plus' outlets: Reports

The company is also planning to increase distribution of its in-house brands -- Fastrack and Glares current year. 

Titan Company is planning to open 60 new 'Titan Eye Plus' outlets this fiscal year for expansion of eyewear products and sunglasses, according to the media reports.

Report said that the company is also planning to increase distribution of its in-house brands -- Fastrack and Glares current year.

Presently, there are over 300 Titan Eye Plus outlets in the country. 

United Spirits drops 2% after board asks Mallya to step down

The board of directors of United Spirits has asked promoter and chairman Vijay Mallya to resign from the board on the matter of fund diversion. 

United Spirits has drifted lower in the early morning deals on the BSE, on media reports that the board of directors at United Spirits has asked promoter and chairman Vijay Mallya to resign from the board on fund diversion.

So far, the stock has tumbled almost 4 percent from the day's high of Rs. 3,464 to touch a low of Rs 3,330.

Now, United Spirits is down 2 percent at Rs. 3,350, and has seen trades of around 24,000 shares as compared to its two-week daily average volume of 38,000 shares.

Meanwhile, the BSE Sensex has slipped 146 points at 27,292. 

Idea Cellular offers call rates at Re.1/min from India to Nepal

Idea Cellular, has announced that all calls made from its network from anywhere in India to Nepal will be charged as per local rate.

In its efforts to support the disaster relief initiatives and enable people to reach out to their friends and family members in the earthquake impacted areas in the country of  Nepal‎, Idea Cellular, has announced that all calls made from its network from anywhere in India to Nepal will be charged as per local rate.

‎Idea is facilitating all calls made to Nepal at just Re.1/min against the regular call rate of Rs.12/min, starting midnight of the 25th-26th upto the morning of the 28th of April 2015‎.

Providing relief to all affected by the calamity remains to be a priority for Idea, and the telecom operator will continue to undertake such measures to ensure there are no gaps in communication during the time of such crisis. 

Ratan Tata invests in Xiaomi

This is the first investment by any Indian into Xiaomi. In December last year, Xiaomi raised US$1.1 billion at a valuation of US$45 billion. 

Leading smartphone vendor Xiaomi announced that Ratan Tata, chairman Emeritus of Tata Sons, has made an investment in the company.

This is the first investment by any Indian into Xiaomi. In December last year, Xiaomi raised US$1.1 billion at a valuation of US$45 billion.

On 23 April, 2015, Xiaomi unveiled a new flagship smartphone Mi 4i in New Delhi, India. Over 1,500 Mi India fans packed the Siri Fort Auditorium to witness the presentation. In the first 2 days of registrations opening for the Mi 4i sale on Flipkart, more than 225,000 customers had registered to purchase the phone. 

Mi 4i is a high-end flagship smartphone created especially for Indian consumers. Designed to fit perfectly in your hand, the Mi 4i (priced at Rs. 12,999) features a 5” 1080p Full HD screen with the all-new Sunlight Display.

A slim high-capacity 3120mAh battery powers the ultra-compact high quality phone, which can last for 1.5 days under normal usage. Mi 4i runs on a 2nd-generation Snapdragon 615 Octa-core 64-bit processor designed by Qualcomm India. It is a 4G dual sim, dual standby device, with 13MP camera, two-tone flash, and a 5Mp front camera.

Crafting such an incredible phone has been made possible only by close cooperation with leading suppliers and world-class manufacturing partners. Mi 4i has high quality components from top tier suppliers such as Qualcomm, Sony, Samsung, Sharp, JDI, Corning, and many others. Mi 4i is also Xiaomi’s very first MIUI 6 device based on Android L.

Xiaomi has been growing rapidly in India after entering the market in July 2014. Analyst firm IDC ranked the company as the 5th-largest smartphone vendor in India in Q4 2014.

Lei Jun, founder and CEO of Xiaomi, says: “Mr. Tata is one of the most well-respected business leaders in the world. An investment by him is an affirmation of the strategy we have undertaken in India so far. This is just the start of an exciting journey, and we are looking forward to bringing more products into India.”

Infosys Innovation Fund invests in Air Quality Monitoring Pioneer, Airviz

This investment positions Infosys as a driving force in the fast-growing personal health monitoring market with a big data solution that provides indoor air pollution sensing and visualization. 

Infosys, a global leader in consulting, technology, outsourcing and next-generation services, today announced a definitive agreement for an early-stage investment of $ 2 million in Airviz to acquire a minority share. Airviz is a personal air quality monitoring startup and spinout from Carnegie Mellon University.

Earlier this year, Infosys had announced the creation of the USD 500 million Innovation Fund earmarked for investments in disruptive new technologies. This investment positions Infosys as a driving force in the fast-growing personal health monitoring market with a big data solution that provides indoor air pollution sensing and visualization.

Today, consumers in China and the United States spend more than USD 2 billion annually on residential air filters. However, these consumers have no means of measuring filter effectiveness and the resulting impact it might have on indoor air quality.

Airviz Speck, an affordable, fine particulate monitor, which uses patent-pending technology from Carnegie Mellon University, can empower individuals and communities to understand and identify health hazards related to air quality. In addition, big data visualization of historical data makes it easy for people to identify, analyze and measure issues affecting their personal air quality.

Commenting on the investment, Dr. Vishal Sikka, Chief Executive Officer, Infosys said, “This investment into Airviz reinforces our belief that the convergence of powerful new technologies and innovative ideas can greatly amplify our potential to enrich our lives, and put within our hands the power to create a better future for us all.”

Prof. Illah Nourbakhsh, Founder and Chief Executive Officer, Airviz said, “We are excited about this investment from the Infosys Innovation Fund. This will enable us to provide individuals with an affordable tool that makes the invisible visible, and enables consumers to make informed decisions about indoor air quality that can have a direct impact on personal health. Infosys’ global reach, service footprint and broad client base will be invaluable as we work towards delivering our compelling and ground-breaking technology to the market.”

The investment is expected to close before May 31, 2015, subject to customary closing conditions.

Nepal earthquake: Indian cos largely remain unaffected

The death toll from Nepal's earthquake rose to 2,789 on Monday, two days after the massive earthquake ripped across Nepal 

Indian companies having business in earthquake-hit Nepal said that their operations remain unaffected in Nepal, according to a media report.

The earthquake, which occurred on Saturday in Nepal, has destroyed numerous homes and historic sites in the Himalayan Nation. Fifty per cent of the houses, schools have been collapsed. Thousands are living in open spaces demanding shelter and water, the report added.

The death toll from Nepal's earthquake rose to 2,789 on Monday, two days after the massive earthquake ripped across Nepal.

“The natural disaster at Nepal and surrounding areas has been deeply moving and distressing as it left many dead or stranded,” Uninor said in a statement on Sunday.

The telecom company further said, “All ISD calls to Nepal from Uninor network will be charged as local calls till 28th April, 2015.”

Dabur India Ltd on Sunday said that its factory building developed cracks but there was no loss to life or property, the report further said.

Coca Cola India said it had temporarily halted its operations in Nepal a day after quake rattled in Nepal. The company's operations in Nepal were largely unaffected and its employees are safe. But the company had temporarily stopped its operations. 

Rupee opens at 4-month low

At 9:08AM, the spot rupee is up 0.15 paise at 63.72 against the US dollar.

The rupee today opened up 0.1250 paise at 63.685 as against the US dollar.

At 9:08AM, the spot rupee is up 0.15 paise at 63.72 against the US dollar.

The rupee hit a low of 63.68 and a high of 63.76 as against the US dollar.  

ICICI Bank, Maruti results in focus

The results which are expected today are ICICI Bank, Maruti Suzuki, Andhra Bank, JSW Energy. 

The results which are expected today are ICICI Bank, Maruti Suzuki, Andhra Bank, JSW Energy, Granules India, Bharti Infratel, Alembic Pharma, UPL Ltd, Chemfab Alkalis, Uniphos Enterprises, Swaraj Engines, Magnum Ventures, Kirloskar Brothers, HIL Ltd, Gayatri Sugars, EPC Industries.  

Indian petrochemical industry may touch $100 bn by 2020: Study

The domestic petrochemical industry is in the process of investing over $25 bn to meet the surging demand, besides to overcome the broad problems of infrastructure, power, water availability and others the Govt initiative of PCPIRs will greatly motivate the companies to invest them, ASSOCHAM said. 

Growing at a compounded annual growth rate (CAGR) of about 14 per cent, petrochemicals industry in India is likely to reach $100 billion by 2020 from the current size of about $40 billion, according to a recent study by apex industry body ASSOCHAM.

“Petrochemicals currently contribute about 30 per cent to India's $120 billion worth chemical industry which is likely to grow at a CAGR of 11 per cent over next few years and touch $250 billion by 2020,” noted the study titled ‘Indian Petrochemical Industry: An overview,’ conducted by The Associated Chambers of Commerce and Industry of India (ASSOCHAM).

“Petrochemicals sector is one of the fastest growing segments with a growth rate of 13 per cent which is more than twice of growth of India's gross domestic product (GDP) and also the global growth rate in petrochemical space which is stagnant at 6 per cent,” noted the study prepared by the Energy Division of ASSOCHAM.

“Huge investments made in the petrochemical space bode well for the growth of this segment, besides there is a steadfast growth in the production activity of the main petrochemicals,” said Mr D.S. Rawat, secretary general of ASSOCHAM while releasing the findings of the chamber’s study.

“"Polymers, which is the dominant part of Indian petrochemical industry is growing at a superb pace, with the middle class household boosting the consumption and also annually contributes over Rs. 8,000 crores by way of taxes and duties to the national exchequer” said Mr Rawat.

“India stands a good chance in providing a lucrative market to the world as the general trend in the global petrochemicals market has shifted to the Middle-East and Asia from the West,” he added.

“Encouragement for investment has been another significant growth factor for the petrochemical industry as the capacity of different products is in production, segmentation, and consumption trend of each of the products and so the economies of scale play a very important role in the profit making mechanism of this industry, thereby determining scope of each of the competitors in industry,” further said Mr Rawat.

“The domestic petrochemical industry is in the process of investing over $25 billion to meet the surging demand, besides to overcome the broad problems of infrastructure, power, water availability and others the Government initiative of PCPIRs will greatly motivate the companies to invest them,” highlighted the ASSOCHAM study.

Securing feedstock, right product mix, mergers and acquisitions (M&As) opportunities are currently key imperatives for petrochemical industry in India, besides there are lucrative opportunities in segments like specialty chemicals, specialty polymers, for catering to huge emerging domestic demand as also as a manufacturing hub - such initiatives are imperative for realise the growth potential of Indian petrochemicals industry, further noted the study.

Lion's share for making “Make in India” campaign a success has to be come from Petrochemicals sector, it added.

This industry is divided into few basic petrochemicals including olefins, ethane, propane, aromatic compounds such as benzene, toluene, intermediate petrochemicals, end products, polymers, synthetic fibers, and synthetic rubber, noted the ASSOCHAM study.

Compared to US and China, India’s per-capita consumption of polymers (PO + PVC) is still in nascent stage, however, opportunity to reach out to a large population and sustain the current economic growth would drive India’s polymer consumption.

India consumes about 5.2 kilograms per capita of polymers as compared to China’s per capita consumption of 30 kilograms. India’s consumption of polymers is about 6.2 million tons, which is only around 3 per cent of the global consumption of 200 million tons.

While globally, the contribution of petrochemicals to the chemicals sector is about 40 per cent while in India, this sector accounts for only 25-30 per cent of the chemicals industry

FIIs stake in HDFC stands at ~80%

The shareholding of FIIs has been gradually increasing in HDFC since September 2013. 

Foreign institutional investors (FIIs) have raised their stake in HDFC (Housing Development Finance Corporation) to around 80% during the quarter ended March 2015.

According to the shareholding pattern of HDFC available on BSE website, FIIs hold 79.65% stake in the company, while DIIs (domestic institutional investors) hold 8.74% in the March 2015 quarter.

Cumulative FII holdings in HDFC stood at 78.49% in the quarter ended December 2014, data from BSE showed.

The shareholding of FIIs has been gradually increasing in HDFC since September 2013.

Indices to open on a flat note

The outlook is a flat to positive start. Global cues are upbeat for now. 

Nature unleashed its fury over the weekend with a massive earthquake rocking Nepal on Saturday. After shocks continued in some parts of India too even as Prime Minister Narendra Modi assured absolute help to Nepal. 

Reports state Indian companies operating in Nepal have not seen any major impact on their operations.   The outlook is a flat to positive start. Global cues are upbeat for now.  

US indices clocked marginal gains on Friday. Asian markets are up with Nikkei gaining half a percent while Hong Kong's Hang Seng index is up over a percent. China's Shanghai index is up almost 2%. Globally, the US Federal Reserve monetary policy meeting could keep investors on tenterhooks while futures and option (F&O) expiry and a truncated week could bring in the swings. 

  

This week, the next batch of quarterly corporate results, investment activity of FIIs, movement in local currency and global markets will determine the near term trend on the domestic bourses.  ICICI Bank, Maruti and JSW Energy results will be in focus.

Among the earnings, we expect Bharti Airtel to report 2.3% qoq growth driven by India wireless business with ~2.5% qoq traffic growth and marginal voice pricing improvement while expectations from Africa remain muted after several quarters of revenue and margin disappointment; currency headwinds (Nigerian currency depreciation) would further hamper growth.   

Dabur India Ltd said its factory building has developed cracks but there is no loss to life or property. “There has been no impact on our operations in Nepal because of the earthquake. The factory building has developed some cracks, but it will not impact operations. There is no loss of life or property,” Dabur India Ltd spokesperson was quoted as saying.   GIC will bear the brunt of the Nepal earthquake that has caused widespread damage to industrial and commercial property. 

"We are the largest international reinsurer in the Nepal market and we have sent a team of 10 surveyors to assess the loss," said AK Roy, chairman and managing director GIC Re, which accounts for about a quarter of the total insurance in the Himalayan country, says a report.  

The Government tabled the much-awaited Goods and Services Tax (GST) bill in the Lok Sabha, amidst pandemonium of opposition members. Finance Minister Arun Jaitley said that the bill is a ‘win-win’ situation for all the stakeholders. 

Google Inc announced financial results for the quarter ended March 31, 2015.“Google’s first quarter revenue was $17.3 billion, up 12% year on year. Excluding the net impact of foreign currency headwinds, revenue grew a healthy 17% year on year,” said Patrick Pichette, CFO of Google.   

In a written reply to Lok Sabha (LS), Minister of State for Finance Jayant Sinha has said that Income Tax department has issued notices to as many as 68 cases related to Foreign Institutional Investors (FIIs), to ensure that they pay up the total tax demand of Rs 602.83 crore. 

Infosys was the biggest percentage loser in the Nifty-50. The stock registered its biggest single-day percentage loss since 13 March, 2014. The stock ended 6 percent lower at Rs. 1,993.   

Advanta plunged 10% to Rs. 469 on the back of lower-than-expected earnings growth.    Crisil zoomed to a high of Rs. 2,338 after the company announced that its board meet is scheduled to meet on 28 April, 2015 to consider the proposal for buy-back of shares.    Crompton Greaves declined nearly 3% to Rs. 164 after the company announced its plan to sell its consumer products business to private equity firms Advent International and Temasek.   Gujarat Gas succumbed to profit-taking, as the stock slipped over 7% to Rs. 707, despite twin positive news. The company reported a steady 27.2 percent jump in Q4 net profit at Rs. 62.67 crore on a year-on-year basis.    

Cyient soared to a high of Rs. 544 on news reports that the company is eyeing for an acquisition in the aerospace sector. DLF extended its losses and was down 4% at Rs. 131 after the Supreme Court issued fresh summons in response to a plea by Sebi challenging the SAT ruling.    

Reliance Capital ended lower at Rs.419.According to a release issued by the company to the BSE, Reliance Capital Asset Management announced that it has signed a Memorandum of Understanding (MoU) for Strategic Alliance with Samsung Asset Management, Korea.   

Sasken Communications tumbled nearly 6% to Rs. 233.The company's Q4 net profit fell sharply by nearly 68 percent to Rs. 2.92 crore when compared with Rs. 9.07 crore in Q4FY14.    

Walmart India, wholly owned subsidiary of Walmart Stores Inc., is all set to grow aggressively in the next five years with its Cash and Carry and the B2B e-commerce businesses across the country.