L&T bags orders worth Rs. 1507 Crores

L&T–MMH has won a prestigious EPC order from Emirates Global Aluminum (EGA) for its greenfield alumina refinery development project in Al Taweelah, Abu Dhabi, UAE. 

L&T’s Metallurgical and Material Handling (L&T-MMH) business has secured new orders worth Rs. 1507 crores across various verticals.

L&T–MMH has won a prestigious EPC order from Emirates Global Aluminum (EGA) for its greenfield alumina refinery development project in Al Taweelah, Abu Dhabi, UAE. The scope involves engineering, procurement, fabrication, erection and associated works for the tankages package.

In the domestic arena, L&T-MMH won EPC orders from SAIL for the installation of a slab caster, and suppressed combustion system along with replacement of basic oxygen furnace converter for modernization of its Steel Melt Shop at Bokaro. 

L&T–MMH has also secured orders from its existing customers both in Steel & Material Handling Segment.

These orders are clear signs of improved business prospects in the sector L&T-MMH operates as well as reinforcing the premium position it occupies in the domestic arena and increasing presence in the Gulf. The capabilities of L&T-MMH to provide technology, engineering, manufacturing and construction services coupled with the commissioning and demonstration of performance of all critical units of metallurgical as well as material handling plants give it the unique status of a complete solution provider in the industry.

Infosys appoints Manikantha A.G.S. as Company Secretary

The Board adjourned the meeting to discuss other matters 

Infosys Ltd has announced that the Board of Directors at their meeting held on June 22, 2015 appointed Manikantha A.G.S. as the Company Secretary effective June 22, 2015.

The Board adjourned the meeting to discuss other matters.

It’s a 'No'! RBI reportedly opposes using gold as CRR

“To incentivise banks, it is proposed that they may be permitted to deposit the mobilised gold as part of their CRR/SLR requirements with RBI. This aspect is still under examination,” a draft guidelines on Gold Monetisation Scheme had stated. 

RBI officials have reportedly written to the Finance Ministry opposing the latter’s suggestion to use gold deposits as bank CRR. RBI feels that banks may hoard excess gold if it is included in CRR and also highlighted that existing rules do not permit usage of gold as bank CRR.

The central bank is of the view that use of gold as CRR will weaken its effectiveness as monetary policy tool and may expose RBI's reserves to risks arising from commodity price fluctuations.

Earlier, the government was considering allowing banks to utilise gold mobilised under the monetisation scheme for meeting mandatory liquidity requirements set by the Reserve Bank of India (RBI).

“To incentivise banks, it is proposed that they may be permitted to deposit the mobilised gold as part of their CRR/SLR requirements with RBI. This aspect is still under examination,” a draft guidelines on Gold Monetisation Scheme had stated.

The Finance Ministry has sought comments from stakeholders on the draft gold monetisation scheme by June 2.

According to a report published early this year, RBI logic was that the proposal to use gold as CRR is counter intuitive. “In case of capital inflows, the banks may be asked to keep forex and gold as CRR. Assuming constant inflows, the value of rupee against dollar is likely to rise. Hence, the value of stock of forex and gold kept as CRR, will diminish with rising rupee,” the report had stated quoting sources.

CalPERS, CalSTRS & LACERA! Arun Jaitely to meet them all

The purpose of the meeting is to as always market the India story besides addressing any concerns they may have over tax issues. 

Finance Minister Arun Jaitley has a hectic schedule for the day in US where he will meet representatives of pension funds like CalPERS among others. The purpose of the meeting is to as always market the India story besides addressing any concerns they may have over tax issues.

His to meet list for the day includes representatives of California Public Employees' Retirement System (CalPERS), California State Teachers' Retirement System (CalSTRS), Intel Corporate Pension Plan, Los Angeles County Employees' Retirement Association (LACERA), Medley Partners , University of California and University of Stanford. 

Wockhardt jumps 3% on USFDA nod

Wockhardt has received USFDA nod for analgesic drug Oxycodone hydrochloride. 

Wockhardt is trading on a robust note in early morning deals on the BSE, on the back of positive news flow.

According to media reports, Wockhardt has received United States Food & Drug Administration (USFDA) nod for analgesic drug Oxycodone hydrochloride.

Following which, the scrip rallied to a high of Rs. 1,450. Now, Wockhardt is up over 3.5 percent at Rs. 1,446.

The counter has seen trades of around 64,000 shares as against the two-week daily average volume of 255,000 shares.

Meanwhile, the BSE Sensex has gained 153 points at 27,470.

Top corporate news of the day- June 22, 2015

Indiabulls Real Estate will seek shareholders' nod to raise a total of Rs. 5.38bn crore from promoters, including convertible warrants worth Rs. 2.9 bn. 

Indiabulls Real Estate will seek shareholders' nod to raise a total of Rs5.38bn crore from promoters, including convertible warrants worth Rs. 2.9bn.

Dish TV is looking to add up to 1.7 mn net subscribers this fiscal.

Dr Reddy's Laboratories Limited is working on 18 new drug applications, including the three NDAs it has already filed with the US Food and Drug Administration, and expects two more drugs to go for approvals before 2018.

Dhanuka Agritech aims to exceed Rs 20bn crore topline over next five years, fuelled by its new Rajasthan plant and latest specialized product launches.

With Oman Oil Company reluctant to put more money, Bharat Petroleum Corp Ltd has decided to fund the Rs180-200bn expansion of the Bina refinery in Madhya Pradesh on its own.

NTPC has put on back-burner its plan to set up a 1600 MW coal-based project at Gajmara in Odisha as it has enough projects in hand.

Coal India will hold pre-bid consultations with all interested bidders prior to issuance of a global tender for setting up a monitoring system for projects of more than Rs1.5bn, as the PSU eyes production of 1 bn tonne by 2019-20

Buoyed by robust response to new sports bike Pulsar RS200,Bajaj Auto is ramping up monthly production of the motorcycle model by over two-fold to 4,000 units in the next two months.

United Bank of India is mulling at shifting its treasury department to the financial capital of the country in order to stay closer to the market.

Tata Communications said it is evaluating to enhance branding activities in India and the US and may even include Singapore and Hong Kong depending on opportunities.

Intas Pharmaceuticals, a vertically integrated pharma company, today said it expects to launch its first biosimilar in the US within 9-12 months. 

Top economy news of the day - June 22, 2015

Maharashtra government, in a bid to give much needed relief to property buyers and consumers, plans to revise ready recknor rates from April 1 instead of January 1. 

Maharashtra government, in a bid to give much needed relief to property buyers and consumers, plans to revise ready recknor (RR) rates from April 1 instead of January 1.

To accelerate highways building and salvage stuck road projects, NHAI has asked developers to come forward with a financing plan and justification for the fund infusion that they are seeking from the authority.

 Concerned over declining exports, the Commerce Ministry is preparing a strategy paper to boost overseas shipments of agricultural products, particularly the value-added goods.

Dr. Reddy’s launches HAiROOTZ in India

HAiROOTZ comes from the same branch of business that markets MINTOPTM, the No. 1 dermatologist recommended brand in the country.

Dr. Reddy’s announced the launch of HAiROOTZ, the first hair growth supplement to be marketed in India as over-the-counter (OTC) by the company. HAiROOTZ comes from the same branch of business that markets MINTOPTM, the No. 1 dermatologist recommended brand in the country.

Studies reveal that more than 58% of men aged 30-50 years suffer from a common type of hair loss1, due to modern lifestyles which has brought about various nutrition related deficiencies and diseases, hair loss being one of them. HAiROOTZ provides key nutrients needed for maintaining healthy hair. Stressful lifestyles often lead to hair greying and hair loss. HAiROOTZ’s unique formula has grape seed extract containing potent antioxidants, which are 20 times greater than Vitamins E & C 2. Other key ingredients include Biotin which helps prevent excessive hair loss, minerals which have shown to reduce hair thinning, breakage and prevent dandruff and greying. It also includes key amino acids which would promote hair growth by improved blood circulation to hair roots.

HAiROOTZ comes in innovative and consumer friendly packaging with following innovations offered for the first time to ensure consumer compliance:

• Tick to Track to help the consumer track daily intake of HAiROOTZ, starting any day of the week
•  Consumer Connect platform http://mintopacademy.com website, SMS service and QR code, helps consumers get more reliable information on hair loss prevention and hair care tips.
• HAiROOTZ will be available across all leading departmental, pharmacy stores and online retailers.

Rupee opens at 63.49/$

The local unit hit a low of 63.59 and a high of 63.54 against the US dollar.

The rupee today opened at 63.49 against the US dollar. The local unit hit a low of 63.59 and a high of 63.54 against the US dollar.

On Friday,  rupee ended at 63.55 against the US dollar. The market may well consolidate in a range unless some developments emerge in Greece. Global factors, F&O expiry and FII inflows are set to dictate the near-term direction. 

Indices to open on a positive note

Lupin will make its entry into the Sensex today while Tata Power will bid farewell to the index. Infosys will be eyed as its AGM takes place today. 

Nature has been kind in showering rain over the weekend and how the monsoon progresses in areas where it is needed the most will be closely watched. The Indian equity market extended its winning run into the sixth straight trading session on the back of strong gains in select auto, financials, IT and energy stocks.

The outlook is a tentative start as the market is set to open with slight gains given the positive global cues. Indices may struggle at higher levels as the recent run-up has been at a hectic pace. The market may well consolidate in a range unless some developments emerge in Greece. Global factors, F&O expiry and FII inflows are set to dictate the near-term direction.

Lupin will make its entry into the Sensex today while Tata Power will bid farewell to the index. Infosys will be eyed as its AGM takes place today. Mastek could gain depending on whether shareholders of New Jersey based Cover-All Technologies agree on a possible merger with Majesco — the US subsidiary of Mastek.

Finance Minister Arun Jaitley has reiterated India's growth rate could be in the range of 7-7.5 percent on the back planned economic reforms. The FM met top US officials in US and has raised India’s concerns over key bilateral issues, including totalisation agreement and the proposed Bilateral Investment Treaty, says a report. The FM will meet representatives of pension funds and other long- term investors to allay their concerns over tax issues and ease of investing in India.

Those on this to meet list include California Public Employees' Retirement System (CalPERS), California State Teachers' Retirement System (CalSTRS), Intel Corporate Pension Plan, Los Angeles County Employees' Retirement Association (LACERA), Medley Partners  and University of California and University of Stanford.

State Bank of India could see action as it plans to launch its second dollar bond sale of the fiscal year to raise ~$1.5 billion.

With Oman Oil Company reluctant to put more money, Bharat Petroleum Corp Ltd has decided to fund the Rs 18,000-20,000 crore expansion of the Bina refinery in Madhya Pradesh on its own, says a report.

The RBI on behalf of the government is planning to issue sovereign gold bonds, to control trade deficit. According to the draft paper, gold bonds will be issued for tenures of five to seven years, in denominations of 2, 5 and 10 gram. The bond will be priced at the prevailing market price for gold.At the time of maturity again, the bond will be redeemed at gold’s prevailing market price.

The US market still ended with its best week in nearly two months after getting a boost from the Federal Reserve on Wednesday. The Fed's dovish statement from Wednesday afternoon boosted investor sentiment amid the Greece debt talks.

The foreign exchange reserves hit all-time high of $354.29 billion for the week ended June 12, according to RBI data.

According to Ratan Tata, the valuations of e-commerce companies are "very high"."It's true valuations are very high and valuations seem to be driving these companies more than the more traditional metrics of valuations," he said at an industry event.

Attorney General (AG) Mukul Rohatgi has reportedly told the government it should grant security clearances to 33 television channels of Sun Television Network (Sun TV). The Promoters Kalanithi Maran and his wife hold 75 per cent in the company.