Alok Industries Q2 net loss at Rs.242.2 crore

Total Income for the quarter ended September 30, 2015 is Rs. 3235.5 crore where as the same was of Rs. 3790.5 crore for the quarter ended September 30, 2014.

Alok Industries Ltd posted a net loss of Rs. 242.2 crore for the quarter ended September 30, 2015 whereas the net profit was of Rs. 45.36 crore for the quarter ended September 30, 2014.

Total Income for the quarter ended September 30, 2015 is Rs. 3235.5 crore where as the same was of Rs. 3790.5 crore for the quarter ended September 30, 2014.

Dena Bank ties up with SBI Life Insurance to offer Group Life Coverage

Dena Bank ties up with SBI Life Insurance Company Limited to provide Group Life Insurance coverage to its Housing Loan Borrowers under the Brand Name “Dena Grihaswami Suraksha Yojana”.

Dena Bank ties up with SBI Life Insurance Company Limited to provide Group Life Insurance coverage to its Housing Loan Borrowers under the Brand Name “Dena Grihaswami Suraksha Yojana”.

At this occasion MOU were exchanged between Shri M.K Bhatia, General Manager Dena Bank and Shri Anand Pejawar, Executive Director (Marketing) SBI Life Insurance Co. Ltd.

Highlights of the Dena Grihaswami Suraksha Yojana: -

1.Insurance cover to all housing loan borrowers at a very low premium
2.The Insurance cover is limited to outstanding loan amount.
3.Single Premium for the entire tenure of the loan at the time of entry into the scheme.
4.In case of death of the borrower during the term of cover, outstanding loan is set off against the policy proceeds settled by SBI Life Insurance Company Ltd.
5.If the amount of death claim exceeds the outstanding loan, the excess is paid to the nominee of the member

Pidilite Ind to set up manufacturing plant in HP; files IEM with DIPP

The company aims to set up a manufacturing unit at Solan in Himachal Pradesh for water based synthetic adhesives.

Shares of Pidilite Industries are currently trading at Rs. 544, up by 0.10% on BSE.

The company aims to set up a manufacturing unit at Solan in Himachal Pradesh for water based synthetic adhesives. For the purpose, Pidilite has filed an IEM with the Department of Industrial Policy and Promotion (DIPP).

The scrip opened higher at Rs. 544.85 as against its previous close of Rs. 543.60. It hit a high and a low of Rs. 550 and Rs. 543 respectively. So far, 86,000 shares have changed hands on BSE.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 637.55 on 20-Mar-2015 and a 52 week low of Rs. 425 on 17-Dec-2014. Last one week high and low of the scrip stood at Rs. 550.8 and Rs. 521.05 respectively.

The promoters holding in the company stood at 69.73 % while Institutions and Non-Institutions held 19.68 % and 10.59 % respectively.

The stock is currently trading above its 200 DMA.

Steel in 2015: Per capita consumption of total finished steel rises to 60.8 kg

Expansion of SAIL’s IISCO Steel Plant at Burnpur on 10th May, 2015. The expansion of ISP completed at a cost of Rs.16,000 crore has resulted in three fold increase in the hot metal production capacity from 0.85 million tonnes per annum to 2.9 million tonnes per annum.

CPSEs under the Ministry of Steel have undertaken modernization and expansion plan to enhance their crude steel capacity.  Prime Minister dedicated to the nation the following:-
 
Expansion of Rourkela Steel Plant of SAIL on 01st April, 2015. The expansion of Rourkela Steel plant has resulted in addition of about 2.5 million tonnes of crude steel capacity.
 
Expansion of SAIL’s IISCO Steel Plant at Burnpur on 10th May, 2015. The expansion of ISP completed at a cost of Rs.16,000 crore has resulted in three fold increase in the hot metal production capacity from 0.85 million tonnes per annum to 2.9 million tonnes per annum.
 
Expansion of RINL from 3.0 mtpa to 6.3 mtpa capacity has been completed.
 
NMDC has completed the construction activities of 1.2 mtpa pellet plant in Donimalai, Karnataka. Integrated load trials have been started.
 
Steel Research and Technology Mission of India (SRTMI) being established to spearhead R&D activities of national importance in collaboration with steel industry with an initial corpus of Rs.200 crore. Memorandum of Agreement (MoA) has been signed on 06th April, 2015.
 
In order to achieve the growth target of production of 300 Million Tonnes of Steel by 2025, a concept of Special Purpose Vehicle (SPV) has been proposed with respective State Governments of Chhattisgarh, Odisha, Jharkhand and Karnataka. The following MoUs were signed in the presence of Hon’ble Prime Minister, Hon’ble Minister for Steel & Mines and the Chief Minister, Chhattisgarh on 09th May,2015:-
 
MoU between Govt. of Chhattisgarh, NMDC, IRCON and SAIL for 140km rail line between Rowghat and Jagdalpur. Estimated project cost: Rs. 2000 crore.
 
MoU between Ministry of Steel, Govt. of Chhattisgarh, SAIL and NMDC for 3 million ton Steel Plant with an investment of approximately Rs. 18,000 crore.
 
MoU between Govt. of Chhattisgarh and NMDC for Slurry Pipeline and 2MTPA Pellet Plant at Nagarnar in Bastar District with an investment of Rs. 4000 crore.
 
MoU between Govt. of Chhattisgarh and SAIL for setting up 1MTPA Pellet Plant at Dalli-Rajhara, Balod District with an investment of Rs. 826 crore.
 
At RINL, a trend setting project to generate power with green technology in collaboration with NEDO, Japan was successfully commissioned. This is the first of its kind in the country.
 
Ministry of Steel has entered into a strategic partnership through a MoU with Ministry of Skill Development and Entrepreneurship for facilitating skill development through CPSEs of the Ministry. SAIL, RINL & MOIL each signed MoUs with National Skill Development Corporation for skill development.
 
TRENDS AND DEVELOPMENTS IN STEEL SECTOR
 
Steel sector trends
 
India is currently the 3rd largest producer of crude steel in the world as against its 8th position in 2003.
 
India continues to maintain its lead position as the world’s largest producer of Direct Reduced Iron (DRI) or Sponge Iron.
 
The steel sector contributes nearly 2% of the country’s GDP and employs over 6 lakh people.
 
The per capita consumption of total finished steel in the country has risen from 54.9 kg in 2010-11 to 60.8 kg in 2014-15.
 
Production and Consumption of Steel
 
Capacity for crude steel production expanded from 80.36 million tonnes per annum (mtpa) in 2010-11 to 109.85 mtpa in 2014-15.
 
Crude steel production grew at 6.2% annually (CAGR) from 70.67 mtpa in 2010-11 to 88.98 mtpa in 2014-15.
 
Production for sale of total finished steel (alloy + non-alloy) stood at 92.16 million tonnes during 2014-15, as against 68.62 million tonnes in 2010-11, an average annual (CAGR) growth of 8.7%.
 
Real consumption of total finished steel (alloy + non-alloy) has grown at a CAGR of 5.3% during the last five years.
 
Domestic real consumption of total finished steel (alloy + non-alloy) was at 76.99 million tonnes in 2014-15 and increased by 3.9% on a year-on-year basis (i.e. over 2013-14).
 
Export of total finished steel (alloy + non-alloy) during 2014-15 stood at 5.59 million tonnes while import of total finished steel (alloy + non-alloy) during the same year stood at 9.32 million tonnes.
 
India was a net importer of total finished steel in 2014-15.

Quick highlights of Mid-year Economy Review: Govt reiterates FY16 GDP forecast of 7-7.5%

Proposed wage hike for govt workers to impact plan for next fiscal. Retail Inflation likely to be 6% in FY16. Govt reiterates Revenue deficit target of 2.8% for FY16

Quick Highlights of Mid-year Economy Review

• Proposed wage hike for govt workers to impact plan for next fiscal
• Govt reiterates FY16 GDP forecast of 7-7.5%
• Retail Inflation likely to be 6% in FY16 
• Govt reiterates Revenue deficit target of 2.8% for FY16
• India emerging as fastest economy among largest economies
• Govt reiterates fiscal deficit target of 3.9% for FY16
• Economy made considerable progress but challenges remain
• Capital situation were sufficient to finance Current Account Deficit ( CAD)
• Need to re-assess commitment to cut fiscal deficit by 0.4% of GDP for FY17.

Peso pain! Bajaj Auto slips on export woes

The new Argentina government devalued currency in order to revive sluggish growth.

Shares of Bajaj Auto were down by 1% at Rs. 2491 on reports that its exports may get hurt after the new Argentina government devalued currency in order to revive sluggish growth.

The scrip opened at Rs. 2483.1 and has touched a high and low of Rs. 2502.85 and Rs. 2470.25 respectively. So far 193588(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 73042.78 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2655 on 23-Jul-2015 and a 52 week low of Rs. 1913.8 on 30-Apr-2015. Last one week high and low of the scrip stood at Rs. 2534 and Rs. 2375.05 respectively.

The promoters holding in the company stood at 49.29 % while Institutions and Non-Institutions held 25.89 % and 24.81 % respectively.

The stock is currently trading below its 50 DMA.

CCI approval! JBF Industries jumps 4.8%

CCI has approved acquisition of certain CCPS of JBF Global by KKR credit, as per media reports

JBF Industries jumped 4.8% to Rs. 229 on BSE. According to media reports, CCI has approved acquisition of certain CCPS of JBF Global by KKR credit. 

The scrip opened at Rs. 219.95 and has touched a high and low of Rs. 236 and Rs. 216.15 respectively. So far 934,337 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 1430.14 crore.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 318.4 on 31-Jul-2015 and a 52 week low of Rs. 185.1 on 25-Aug-2015. Last one week high and low of the scrip stood at Rs. 227.55 and Rs. 207.1 respectively.

The promoters holding in the company stood at 53.94 % while Institutions and Non-Institutions held 17.47 % and 28.59 % respectively.

The stock is currently trading below its 200 DMA.

Bank of Baroda slips 1% after CBI's chargesheet

CBI filed its chargesheet against two employees of Bank of Baroda for offences including criminal conspiracy and cheating in connection with alleged illegal remittances of over Rs 6,000 crore made to over 350 accounts in Hong Kong and Dubai from one of its branch, according to reports.

Bank of Baroda stock is down by 1% at Rs. 159. CBI  filed its charge sheet against two employees of Bank of Baroda for offences including criminal conspiracy and cheating in connection with alleged illegal remittances of over Rs 6,000 crore made to over 350 accounts in Hong Kong and Dubai from one of its branch, according to reports.

The scrip opened at Rs. 160.1 and has touched a high and low of Rs. 161.05 and Rs. 158.85 respectively. So far 914002(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 36935.68 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 228.9 on 23-Jan-2015 and a 52 week low of Rs. 137.5 on 29-Jun-2015. Last one week high and low of the scrip stood at Rs. 163.4 and Rs. 150.8 respectively.

The promoters holding in the company stood at 59.24 % while Institutions and Non-Institutions held 33.21 % and 7.55 % respectively.

The stock is currently trading above its 100 DMA.

Puffing gains! Golden Tobacco rises 2.2%

The company said that the Madras HC vide its order on Dec 7 vacated its Interim Injection order passed on October 01, 2015 on production and Sales of one of the major Brands of the Company (i.e. Golden’s Gold Flake), in the matter of ITC Vs. Golden Tobacc

Golden Tobacco Ltd gained 2.2% to Rs.48.85 on BSE. The company said that the Hon'ble Madras High Court vide its order dated December 7 (copy received on December 16, 2015) vacated its Interim Injection order passed on October 01, 2015 on production and Sales of one of the major Brands of the Company (i.e. Golden’s Gold Flake), in the matter of ITC (applicant) Vs. Golden Tobacco Limited (respondent).
The Applications being O. A. Nos.1067 to 1071 of 2015 filed by ITC dismissed by the Hon’ble High Court of Madras vide its Order dated December 07, 2015 (received on December 16, 2015).

The scrip opened at Rs. 50 and has touched a high and low of Rs. 50.9 and Rs. 48.5 respectively. So far 41262(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 84.18 crore.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 64 on 30-Dec-2014 and a 52 week low of Rs. 33.1 on 29-Sep-2015. Last one week high and low of the scrip stood at Rs. 53.7 and Rs. 44 respectively.

The promoters holding in the company stood at 26.02 % while Institutions and Non-Institutions held 0.25 % and 73.74 % respectively.

The stock is currently trading below its 50 DMA.

Strides Arcolab sets floor price for QIP at Rs.1,344.78/share

In accordance with Regulation 85 of the SEBI ICDR Regulations, the floor price has been arrived at Rs. 1,344.78 per Equity Share and the Company may offer a discount of not more than 5% on the floor price.

Strides Arcolab Ltd has informed BSE that the QIP Committee of the Board of Directors of the Company on December 17, 2015, has decided to open on "December 17, 2015" the "Qualified Institutions Placement (the "Issue") of Equity Shares of the Company, through a qualified institutions placement in accordance with Chapter VIII and other applicable provisions of the SEBI ICDR Regulations and Section 42 of the Companies Act, 2013 read with Rule 14 of the Companies (Prospectus and Allotment of Securities) Rules, 2014.

In accordance with Regulation 85 of the SEBI ICDR Regulations, the floor price has been arrived at Rs. 1,344.78 per Equity Share and the Company may offer a discount of not more than 5% on the floor price.

Hexaware Tech to see one-time impact for December quarter

Chennai is the largest delivery center for Hexaware Tech and contributes 23.5% to the total global revenue.

Hexaware Technologies Ltd, a leading global provider of IT, BPO and Consulting services provided an update today on Chennai Operations. In view of the extremely heavy & incessant rainfall and subsequent flooding, Chennai operations except mission critical activities had to be suspended for 3 days. Chennai is the largest delivery center for Hexaware and contributes 23.5% to the total global revenue. Hexaware has 44% of the global strength operating out of Chennai.

This is expected to have material impact on the company's revenue in the quarter ending 31st December 2015. Additionally, the company will have a one-time impact on cost due to wide recovery efforts.

SBI welcomes guidelines on marginal cost of funds methodology

The guidelines are to be applied w.e.f.1st April 2016 on new loans taken thereafter as well as loans getting renewed after that date.

SBI welcomes the final guidelines on marginal cost of funds methodology for interest rates on advances issued today by RBI.

The guidelines are to be applied w.e.f.1st April 2016 on new loans taken thereafter as well as loans getting renewed after that date. While these guidelines will benefit the new customers, existing customers will also have an option to shift to the new regime with some conditions.

 Sufficient time has been given to Banks to switch over to the new regime of Marginal cost of funds based Lending Rate as the same has been made effective from1st April 2016.

With Marginal Cost of Funds including tenor premium we have moved closer to international manner of benchmark rates.

HUL gains after acquiring ‘Indulekha’ brand

The company said that it will buy Indulekha, Vayodha trademarks, intellectual property, design for Rs.330 crore consideration.

Hindustan Unilever gained 0.8% to Rs. 871.50 on BSE. The company said that it will buy Indulekha, Vayodha trademarks, intellectual property, design for Rs.330 crore consideration.

The scrip opened at Rs. 868 and has touched a high and low of Rs. 873 and Rs. 865.1 respectively. So far 124,109 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 186980.08 crore.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 979 on 11-Mar-2015 and a 52 week low of Rs. 744 on 26-Dec-2014. Last one week high and low of the scrip stood at Rs. 867.55 and Rs. 816.15 respectively.

The promoters holding in the company stood at 67.21 % while Institutions and Non-Institutions held 18.72 % and 14.06 % respectively.

The stock is currently trading below its 200 DMA.

Accenture hikes 2016 revenue forecast after strong Q1

Net income fell to US$858.5 million, or US$1.28 per share, in the first quarter from US$882.2 million, or US$1.29 per share a year earlier.

Accenture Plc raised its 2016 net revenue growth forecast to 6-9% from 5-8% in local currency after reporting a better-than-expected rise in quarterly revenue.

Net income fell to US$858.5 million, or US$1.28 per share, in the first quarter from US$882.2 million, or US$1.29 per share a year earlier.

Net revenue, or revenue before reimbursements, rose to US$8.01 billion from US$7.90 billion in the same quarter last year.

Analysts had forecast net income of US$1.32 per share on revenue of US$7.92 billion.

Consulting net revenue for the quarter ended 30th November was US$4.35 billion, an increase of 6% in US dollar terms and 15% in local currency terms.

The business accounts for just over half of Accenture’s revenue, while its outsourcing unit contributes the rest.

The company’s revenue from North America, which accounted for about 47% of total revenue in the quarter, rose 9% to US$3.76 billion. In local currency, the rise was 11%.