G E Shipping signs contract to buy a Medium Range Product Tanker

Great Eastern Shipping Company Ltd is currently trading at Rs. 382.55, up by Rs. 1.55 or 0.41% from its previous closing of Rs. 381 on the BSE.

G E Shipping Ltd has announced that it has signed contract to buy a Medium Range Product Tanker of about 48,000 dwt.

Great Eastern Shipping Company Ltd is currently trading at Rs. 382.55, up by Rs. 1.55 or 0.41% from its previous closing of Rs. 381 on the BSE.

The scrip opened at Rs. 383.1 and has touched a high and low of Rs. 384.8 and Rs. 378.1 respectively. So far 104127(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 5744.61 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 420 on 10-Nov-2015 and a 52 week low of Rs. 326.75 on 05-Feb-2015. Last one week high and low of the scrip stood at Rs. 389.7 and Rs. 375.05 respectively.

The promoters holding in the company stood at 30.42 % while Institutions and Non-Institutions held 41.91 % and 27.41 % respectively.

The stock is currently trading below its 50 DMA.

IT's raining! Chennai rains affect top software firms

The companies, said to have adopted the Business Continuity Plan, a code for technologists working from other centres of the country to help the associates handle the projects run at the affected centre.

Chennai rains have left top software companies drenched, disrupting their operations and flooding the offices. However, the companies, said to have adopted the Business Continuity Plan, a code for technologists working from other centres of the country to help the associates handle the projects run at the affected centre.

The top companies held the critical resources at the offices in Chennai providing them all the facilites required for comfort and seamless service in order to meet the client requirements irrespective of the calamity that struck the east coast city.

As per reports, Tata Consultancy Services (TCS), having 13 offices in and around Chennai, partially shut down the offices by 1 pm, holding key resources at the helm. The company arranged for transportation and stay to ensure the safety of all its associates.

Cognizant, reportedly, closed offices by 3 pm, allowing its more than 60,000 employees to go home, except few important ones to keep its services operational.

Infosys, having a large office at the Mahindra World City near the flooded Veerapuram lake, was quoted saying in a statement to the employees that due to flooding, the company decided to shut the offices early on Tuesday. HCL Technologies, reportedly, undertook similar operations  while offering flexible work schedule to the employees, simultaneously practicing the Business Continuity Plan.

No immediate effect of Bharti Airtel’s Rs 60 bn capex plan on its Baa3 rating: Moody’s

Moody's expects Bharti will receive total proceeds of around $2.0 billion from its African tower sales which will be used to reduce debt, and help offset the spectrum deferred payment liabilities that will come on balance sheet as debt by 31 March 2016.

Bharti Airtel's announcement of a Rs. 600 billion capex plan will not immediately impact its Baa3 issuer rating and senior unsecured ratings, Moody's Investors Service stated.

On 30 November, Bharti announced the launch of a planned network transformation program aimed at improving network quality. The company plans to invest Rs. 600 billion ($9 billion) including any discretionary spectrum related investments, over the next three years, largely dedicated to its Indian operations. Initiatives under this program include the deployment of 160,000 base stations, the expansion of mobile broadband coverage to rural areas, the deployment of domestic and international fiber, and the modernization of existing network.

"While the announced capex plan is around 15% above our initial expectations for the next 3 years, we do not expect it to cause leverage to rise, although it may slow deleveraging modestly if the entire amount is spent. Still we expect proceeds from tower asset sales, potential sale of four operations in Africa to Orange SA and other monetization opportunities, including any secondary stake sales, to be prioritized for debt reduction such that the company continues to trend towards adjusted debt/EBITDA of 2.5x over the next 12 months as expected," says Annalisa Di Chiara, a Moody's Vice President and Senior Credit Officer.

The company's adjusted leverage was 2.8x for last twelve months ended 30 September 2015. Moody's expects Bharti will receive total proceeds of around $2.0 billion from its African tower sales which will be used to reduce debt, and help offset the spectrum deferred payment liabilities that will come on balance sheet as debt by 31 March 2016. As of October 2015, $1.7 billion worth of transactions were closed, most of which has been used to pay down debt.

Moody's further expects the company to maintain a prudent approach to capital spending and leverage, funding all capex from cash from operations and monetizing assets opportunistically to support debt reduction on both an absolute and relative basis.
Moody's therefore expects Bharti will continue to deleverage, such that its adjusted debt/EBITDA —including all spectrum deferred payment liabilities as debt and the application of around $2.0 billion tower proceeds to debt reduction— will trend towards 2.5x within the next 12 months.

Indian Railway contracts will benefit Titagarh: Umesh Chawdhary, Titagarh

Umesh Chowdhary, VC and MD, Titagarh Wagons commented, “The biggest suffering that we have had in the last five-seven years in the railways is the lack of decision making and USD 7 billion contract getting signed just shows that there is a complete reversal of mind sets from in decision to quick decision making”.

The Indian Railways recently signed two contracts for a combined value of around Rs. 45000 crore for a total of 1800 freight locomotives. According to Umesh Chowdhary, VC and MD of Titagarh Wagons, these two contracts will definitely benefit Titagarh, as for each locomotive that IR buys, it has to buy hundreds of wagons.

Speaking to CNBC TV 18, he said although the government is still on hold to publish the tender for wagons, the second tender will surely require more than 5000-6000 wagons. 

“The biggest suffering that we have had in the last five-seven years in the railways is the lack of decision making and USD 7 billion contract getting signed just shows that there is a complete reversal of mind sets from in decision to quick decision making,” he said.

Stock View

Titagarh Wagons Ltd is currently trading at Rs. 144.8, down by Rs. 4.9 or 3.27% from its previous closing of Rs. 149.7 on the BSE.

The scrip opened at Rs. 150.8 and has touched a high and low of Rs. 152.4 and Rs. 143.35 respectively. So far 1647151(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 1727.3 crore.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 174.6 on 10-Mar-2015 and a 52 week low of Rs. 47.52 on 17-Dec-2014. Last one week high and low of the scrip stood at Rs. 154 and Rs. 124.5 respectively.

The promoters holding in the company stood at 46.11 % while Institutions and Non-Institutions held 25.62 % and 28.27 % respectively.

The stock is currently trading below its 50 DMA.

Bankers promise lower rates and other top Banking news of the day

Round up of the major headlines that dominated the Banking sector, nationally and internationally.

Reserve Bank of India governor Raghuram Rajan on Monday kept rates unchanged but said that he is pushing banks to pass on benefits of earlier rate reductions. In a dovish policy statement, Rajan said that the Indian economy was "truly in a recovery mode" and that Indian markets are expected to sail through the US Federal Reserve's expected rate hike next month.

Feeling the RBI heat for not passing on benefits of rate cuts fully to borrowers, bankers today promised that borrowers can look forward to lower rates even as Governor Raghuram Rajan decided to keep rates on hold today.

Credit demand has been passive during the first half on financial year (FY) 2016, given the slow-moving economic activity and moderate capital expenditure (capex) plans, according to report named Banking & Financial Services: A long and arduous wait for recovery, stay selective, by Emkay Global Financial Services Ltd.

The Reserve Bank on Tuesday said it will shortly announce methodology for determining the base rate taking into account the marginal cost of funds, a move aimed at ensuring that banks pass on policy rate cuts to borrowers.

With RBI Governor Raghuram Rajan keeping the repo rate unchanged on Tuesday, India Inc today called upon banks to fully transmit the rate cuts effected so far this year to revive weak rural demand and investments.

Thomas Cook (India) Ltd recently launched a foreign exchange (forex) app with features such as live rates of 26 currencies, buying and selling facility, currency alerts and converter, and reloading Thomas Card Borderless forex card with up to eight currencies.

HDFC Ltd has sold a part of the United Spirits shares pledged with it by Vijay Mallya. HDFC Ltd sold 1.5 lakh shares for a total value of nearly Rs 47 crore.

As banks reel under huge bad debts, RBI Governor Raghuram Rajan today said steps taken by the central bank and the government should help lenders clean up their balance sheets by March 2017

RIL stock up 1%; D&M submits final report on ONGC-RIL row

US-based consultant DeGolyer and Mac-Naughton (D&M), in its final report has confirmed that oil and gas blocks owned by ONGC and Reliance Industries in the Krishna-Godavari Basin are connected and that over 11 billion cubic metres of gas migrated from the state firm's block to the one being operated by the private explorer.

Shares of RIL Ltd were up by 1% at Rs. 973. Report says that US-based consultant DeGolyer and Mac-Naughton (D&M), in its final report has confirmed that oil and gas blocks owned by ONGC and Reliance Industries in the Krishna-Godavari Basin are connected and that over 11 billion cubic metres of gas migrated from the state firm's block to the one being operated by the private explorer. 

The scrip opened at Rs. 966.4 and has touched a high and low of Rs. 976 and Rs. 965.8 respectively. So far 564498(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 312762.15 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1067 on 23-Jul-2015 and a 52 week low of Rs. 796.75 on 30-Mar-2015. Last one week high and low of the scrip stood at Rs. 992 and Rs. 962 respectively.

The promoters holding in the company stood at 45.21 % while Institutions and Non-Institutions held 31.77 % and 19.85 % respectively.

The stock is currently trading below its 100 DMA.

TCS rises marginally; partners Scaled Agile Inc

The company announced that it has joined Scaled Agile Inc as a Gold Partner to offer end-to-end enablement and transformation with offerings like Readiness Assessment, role-based training at the team, program and portfolio level, and coaching to make the transformation sustainable.

Tata Consultancy Services (TCS) rose marginally to Rs. 2367.75 after the company announced that it has joined Scaled Agile Inc as a Gold Partner to offer end-to-end enablement and transformation with offerings like Readiness Assessment, role-based training at the team, program and portfolio level, and coaching to make the transformation sustainable.

The scrip opened at Rs. 2367 and has touched a high and low of Rs. 2370.95 and Rs. 2357.95 respectively. So far 136713(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 462674.32 crore.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 2810 on 04-Mar-2015 and a 52 week low of Rs. 2333 on 27-Nov-2015. Last one week high and low of the scrip stood at Rs. 2381.8 and Rs. 2333 respectively.

The promoters holding in the company stood at 73.86 % while Institutions and Non-Institutions held 21.62 % and 4.52 % respectively.

The stock is currently trading above its 200 DMA.

JK Tyre stock surges 6%; opens two new truck wheels centres

The company has opened 3 new exclusive showrooms – one Steel Wheels showroom in Jaipur (Rajasthan) and Truck Wheels Showrooms in Yerraguntla (near Kadapa, Andhra Pradesh) and Hassan (near Mysore, Karnataka).

JK Tyre and Industries Ltd stock were higher by 6% at Rs. 112. Report says the company has opened 3 new exclusive showrooms – one Steel Wheels showroom in Jaipur (Rajasthan) and Truck Wheels Showrooms in Yerraguntla (near Kadapa, Andhra Pradesh) and Hassan (near Mysore, Karnataka).

The scrip opened at Rs. 111 and has touched a high and low of Rs. 114.5 and Rs. 111 respectively. So far 4400152(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 2404.22 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 162.95 on 19-Dec-2014 and a 52 week low of Rs. 78.25 on 30-Jun-2015. Last one week high and low of the scrip stood at Rs. 107 and Rs. 96.2 respectively.

The promoters holding in the company stood at 52.34 % while Institutions and Non-Institutions held 13.14 % and 34.52 % respectively.

The stock is currently trading below its 200 DMA

Coal India stake sale unlikely in FY16

Lack of appetite among potential investors as well as objections raised by some existing stakeholders could upset the plan, according to the business daily.

The Government's proposed sale of 10% stake in Coal India Ltd. (CIL) is unlikely to materialise before April, reports a financial newspaper.

Lack of appetite among potential investors as well as objections raised by some existing stakeholders could upset the plan, according to the business daily.

Few potential foreign investors have dropped their plans to invest in CIL citing pressure from environmental activists, reports the newspaper. 

Also, global merchant bankers have stayed away from the line-up of lead managers for the CIL issue, it adds.

The Department of Disinvestment (DoD) recently selected five domestic investment bankers to manage the proposed CIL issue.

Following the 10% stake sale in January this year, the Government's stake in CIL now stands at 79.65%.

Coal India Ltd ended at Rs. 341.5, up by Rs. 10.8 or 3.27% from its previous closing of Rs. 330.7 on the BSE.

The scrip opened at Rs. 331 and touched a high and low of Rs. 343 and Rs. 331 respectively. A total of 4025081(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 215703.69 crore.

The BSE group 'A' stock of face value Rs. 10 touched a 52 week high of Rs. 447.25 on 05-Aug-2015 and a 52 week low of Rs. 300.75 on 29-Sep-2015. Last one week high and low of the scrip stood at Rs. 343 and Rs. 329.55 respectively.

The promoters holding in the company stood at 79.65 % while Institutions and Non-Institutions held 17.48 % and 2.87 % respectively.

The stock traded below its 200 DMA.

Fly on your own! Flydubai denies partnership with SpiceJet

Earlier report says that SpiceJet is evaluating possible partnership with FlyDubai for strategic investment.

Gulf's low-cost airline FlyDubai has denied any partnership talks with SpiceJet, according to media reports.

Flydubai spokesperson stated, "flydubai confirms that it is not in talks with SpiceJet."

Earlier reports stated that SpiceJet is evaluating a possible partnership with FlyDubai for possible strategic investment.

SpiceJet Ltd C0024ended at Rs. 67.1, down by Rs. 0.6 or 0.89% from its previous closing of Rs. 67.7 on the BSE.

The scrip opened at Rs. 68.45 and touched a high and low of Rs. 69 and Rs. 66.65 respectively. A total of 7210053(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 4022.31 crore.

The BSE group 'B' stock of face value Rs. 10 touched a 52 week high of Rs. 72.5 on 24-Nov-2015 and a 52 week low of Rs. 11.25 on 16-Dec-2014. Last one week high and low of the scrip stood at Rs. 71 and Rs. 64.05 respectively.

The promoters holding in the company stood at 60.32 % while Institutions and Non-Institutions held 0.61 % and 39.08 % respectively.

The stock traded below its 50 DMA.

Rupee opens marginally higher at 66.47/$

On the domestic front, India's GDP rose 7.4 % during the second quarter of the fiscal year 2015‐16, better than the 7% growth registered during the prior quarter.

The Indian rupee opened marginally higher by 2 paise at 66.47/$ in early trade on Wednesday. On the domestic front, India's GDP rose 7.4 % during the second quarter of the fiscal year 2015‐16, better than the 7% growth registered during the prior quarter. Meanwhile, India's core sector output during October grew 3.2%, in line with the reading during the previous month. However, the growth number was well below the reading of 9% during October last year. On positive front, there has been some improvement in coal and cement output and electricity generation.

On monetary policy front, RBI kept the repo rate and CRR unchanged at 6.75% and 4% respectively. The policy commentary seems to suggest that pause could continue in the first meeting of 2016 (in February) also given that key influencers for incremental rate downshift would unfold over the coming few months. While remaining confident about achieving the 6% CPI target of January 2016, the central bank is cautious about any spike in food inflation (due to uncertainty over rabi output) and recent uptick seen in the core index. RBI hopes that impact of the seventh pay commission would be largely offset by the pursued fiscal consolidation the government.


The currency touched a high and low of 66.75 and 67.82 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.51 and for Euro stood at 70.43 on December 01, 2015. While, the RBI’s reference rate for the Yen stood at 54.13, the reference rate for the Great Britain Pound (GBP) stood at 100.4355. 

Amtek Auto to cut jobs, combine operations to cut costs

Amtek Auto has a consolidated debt of around Rs. 14,000 crore, and is looking at monetising its overseas assets to eliminate almost half of the debt over the next 12-18 months.

Amtek Auto is likely to cut its workforce by combining several operations to save costs even as the company is constantly looking to reduce its huge debt burden, reports a financial newspaper.

The company has a total workforce of 16,000 in India, including that of its various subsidiaries.

Amtek Auto has a consolidated debt of around Rs. 14,000 crore, and is looking at monetising its overseas assets to eliminate almost half of the debt over the next 12-18 months.

The company is looking at selling either a minority stake in its overall overseas business or sell off a separate entity entirely, Vice-Chairman & MD John Flintham has been quoted as saying.

Amtek Auto has appointed Morgan Stanley to advise it on debt reduction and identify buyers for its overseas assets.

The company has received a tremendous response for the proposed sale of Tekfor, the German forging company it had acquired in 2013 and is now profit-making.

Tata Motors, Ashoka Buildcon, Dena Bank among 18 Stocks in focus today

Check out the companies which will be in focus during trade today based on recent and latest news developments.

Tata Motors: Total sale of Tata Motors passenger and commercial vehicles (including exports) were at 38,918 vehicles, lower by 7%, over 41,720 vehicles, sold in November 2014.

Wockhardt Ltd: The pharma company has undergone recently an inspection at its L1-Chikalthana, Aurangabad manufacturing facility by UK MHRA and have received a communication confirming the closure of the inspection and issuance of an unrestricted GMP certificate.

Mahindra & Mahindra: The company' total sales (domestic+export) stood at 41,590 units as against 34,292 units previous year, with a rise of 21%.

Ashoka Buildcon Ltd: The company has announced that its subsidiary viz. Ashoka Concessions Limited, has received balance / last tranche of investment of Rs. 16 Crore, from Macquarie SBI Infrastructure Investments Pte Ltd. (MSIIPL) and SBI Macquarie Infrastructure Trust (SMIT).

IL&FS Engineering and Construction Company Ltd: The company has received a Letter of Acceptance (LoA) from Ministry of Road Transport and Highways (MoRTH) for a total value of Rs. 675 crores for Rehabilitation and Upgradation to 2 Lanes with Paved Shoulders Configuration and Strengthening of Birpur-Bihpur Section (from km. 0.0 to km 106) of NH-106 in the state of Bihar under Phase-I of NHDP.

Reliance Communication: Reliance Infratel, the tower arm of Reliance Communications, is reportedly planning to sign a tenancy agreement this week. The enterprise value of Reliance Infratel is pegged at Rs. 21,800 crore.
TV Today Networks: Reserve Bank of India has notified that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 26 per cent of the paid up capital of TV Today Networks Ltd. under the Portfolio Investment Scheme.


IVRCL Ltd: Bankers to IVRCL Ltd. have decided to invoke the provisions of the Strategic Debt Restructuring (SDR), reports a business daily.

Steel Strips Wheel Ltd: The company's sales turnover grew 2.5% in Nov'15 by acheiving a gross turnover of Rs.105.13 crores in Nov'15 as against 102.63 crores. Net turnover being Rs.94.70 crores in Nov'15 as against 92.41 crores for the month of Nov'14, showing a rise 2.5%.

Dena Bank: The bank said it will hold board meeting on 3 December to consider raising tier I capital up to an amount of Rs.1,500 crore, tier 2 capital up to an amount of Rs.1,000 crore and to consider raising equity capital of the bank by diluting government holding up to 52%, on obtaining necessary approvals.

Jubilant Life Sciences Ltd: The pharma company said that it has received ANDA approval for paroxetine tablets.

Eicher Motors: The company total sales for November 2015 rose 48% to 40,769 units compared to 27,542 units in November 2014.

Aurobindo Pharma: The pharma company has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Risedronate Sodium Tablets USP, 5 mg, 30 mg and 35 mg (ANDA 200296).

Ashok Leyland: The company total sales clocked 16% rise with 8971 units sold in Nov'15 as against 7,732 units sold in Nov'14.

Cox& King: Cox & Kings on Tuesday announced the sale of its UK–based adventure holiday unit, Explore Worldwide Ltd, to Switzerland’s hotel chain Hotelplan for Rs. 258 crore.

Amtek Auto: The company is likely to cut its workforce by combining several operations to save costs even as the company is constantly looking to reduce its huge debt burden, reports a financial newspaper.

Vijaya Bank: The bank has started the process of financing around 60 start-ups in various sectors, MD & CEO Kishore Sansi has been quoted as saying by a business daily.

Coal India: The Government's proposed sale of 10% stake in Coal India Ltd. (CIL) is unlikely to materialise before April, reports a financial newspaper. The company production stood at 47.47 mn tonnes in November, down by 4.42 per cent from the targeted output level for the month.

Yes Bank: The bank said it has signed loan agreements worth $265mn with OPIC and Wells Fargo to support small business growth in India.