TATA MF introduces Fixed Maturity Plan Series 47 Scheme M (370 days)

TATA Mutual Fund has launched the New Fund Offer (NFO) of TATA Fixed Maturity Plan Series 47 Scheme M (370 days), a close ended income scheme. The NFO opens for subscription on May 12, 2014 and closes on May 19, 2014. No entry load or exit load will be applicable for the scheme. The minimum subscription amount is Rs 5000. The scheme’s performance will be benchmarked against CRISIL Short Term Bond Fund Index and its fund manager is Amit Somani. The investment objective of the scheme is to generate income and /or capital appreciation by investing in wide range of Fixed Income Instruments having maturity in line with the maturity of the scheme. The maturity of all investments shall be equal to or less than maturity of a scheme.

Kotak MF introduces FMP Series 162 (370 Days)

Kotak Mutual Fund has launched the New Fund Offer (NFO) of Kotak FMP Series 162 (370 Days), a close ended income scheme. The NFO opens for subscription on May 12, 2014 and closes on May 20, 2014. No entry load or exit load will be applicable for the scheme. The minimum subscription amount is Rs 10000 & multiples of Rs.10 thereafter for both. The scheme’s performance will be benchmarked against CRISIL Short Term Bond Fund Index and its fund managers are Mayank Prakash and Abhishek Bisen. The investment objective of the scheme is to generate returns through investments in debt and money market instruments with a view to reduce the interest rate risk. The Scheme will invest in debt and money market securities, maturing on or before maturity of the scheme.

Kwality to increase milk prices by Rs 2 per litre across all variants

Kwality will increase its milk prices by Rs 2 per litre across all variants in the Delhi-NCR region with effect from Wednesday. The company will take this step as cost of procurement of milk has gone up in last few months. After the proposed increase, the Kwality full cream milk will cost Rs 48 per litre, toned milk will be priced at Rs 38 a litre and double toned would be available for Rs 34 a litre. Kwality, the country’s premier dairy foods company, focuses on building leadership positions in branded and added value markets across the dairy sector. It specializes in the storage of milk and related products. It sells about 3.5 lakh litres of milk per day.

IDFC MF introduces Fixed Term Plan Series -96 (732 Days)

IDFC Mutual Fund has launched the New Fund Offer (NFO) of IDFC Fixed Term Plan Series -96 (732 Days), a close ended income scheme. The NFO opens for subscription on May 12, 2014 and closes on May 21, 2014. No entry load or exit load will be applicable for the scheme. The minimum subscription amount is Rs 10000 & multiples of Rs.10 thereafter for both.

The scheme’s performance will be benchmarked against CRISIL Short Term Bond Fund Index and its fund manager is Anupam Joshi.

The investment objective of the scheme is to generate income by investing in a portfolio of debt and money market instruments maturing on or before the maturity of the scheme.

SRF commissions, capitalizes one plant for producing specialty chemicals

SRF has commissioned and capitalized one plant for producing specialty chemicals on April 30, 2014 at the company’s Chemical Complex in Dahej, Gujarat at an aggregated cost of Rs 52 crore. SRF is a leader in refrigerants, engineering plastics and industrial yarns in India. The company also manufactures polyester films and fluoro specialties. Besides India, SRF has a presence in Dubai, South Africa and Thailand.

Firstsource Solutions gains as its arm plans to open new center in Louisville

Firstsource Solutions is currently trading at Rs. 30.00, up by 0.05 points or 0.17% from its previous closing of Rs. 29.95 on the BSE. The scrip opened at Rs. 30.15 and has touched a high and low of Rs. 30.15 and Rs. 29.75 respectively. So far 13,000 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 34.40 on 30-Apr-2014 and a 52 week low of Rs. 9.40 on 28-Jun-2013. Last one week high and low of the scrip stood at Rs. 33.40 and Rs. 28.00 respectively. The current market cap of the company is Rs. 1979.00 crore. The promoters holding in the company stood at 56.69% while Institutions and Non-Institutions held 9.93% and 33.39% respectively. Firstsource Solutions’ USA arm will be opening a new call center in Louisville. The project, which will provide management solutions to telecommunications and media companies, will result in more than 300 full-time jobs and a $1.2 million investment. It will operate inside a 44,000-square-foot facility on Commerce Crossing Drive in southern Jefferson County. The center will enhance and strengthen the company’s nationwide customer management services. Hiring will begin in the next few months. The company has two existing operations in Louisville. Firstsource has a significant presence in North America with more than a dozen sites and 3,500 employees. The company caters to clients in the health care, telecom and media, banking, financial and insurance industries by offering services in the customer management, collections, data and transaction processing.

RIL serves arbitration notice to GoI over delayed gas price revisionRIL serves arbitration notice to GoI over delayed gas price revision

Reliance Industries (RIL), BP and NIKO have issued a Notice of Arbitration on May 9, 2014 to the Government of India (GoI) seeking the implementation of the ‘Domestic Natural Gas Pricing Guideline 2014’ notified on January 10, 2014. The continuing delay on part of the GoI in notifying the price in accordance with the approved formula for the gas to be sold has left the parties with no other option but to pursue this course of action. Without this clarity, the parties are unable to sanction planned investments of close to $4 billion this year. In addition, this will also delay the ability of the parties to appraise and develop other significant discoveries made last year. Overall, the parties were planning to invest $8-10 billion in the next few years to significantly increase production from the KGD6 block. This domestic production is essential for meeting India’s energy needs and will also help conserve foreign exchange which is required for imports of natural gas into India at the present time. All of this requires clarity on pricing.

M&M expands its footprint in the United States

Mahindra & Mahindra (M&M), India’s leading SUV manufacturer, has inaugurated the Mahindra GenZe electric two-wheeler facility and the North American Technical Center in Southeast Michigan. The GenZe by Mahindra is the first urban transportation vehicle to be offered by the Mahindra Group and the only two-wheeled electric vehicle of its kind in the United States. Mahindra GenZe selected Ann Arbor, Michigan for its manufacturing facility following a nationwide search.  This facility has the capacity to assemble up to 9,000 vehicles per year, with the ability to ramp up to 20,000 vehicles if needed. Founded in 2012 and headquartered in Palo Alto, CA with a goal to develop sustainable urban transportation solutions, the GenZe by Mahindra electric two wheeler was conceived in Silicon Valley, the heart of innovation worldwide. Mahindra GenZe is a Mahindra Group company.

Crude makes a positive start after two days of fall

Crude oil futures have made a positive start in early Asian trade on Monday, moving higher after two consecutive days of decline. The prices have got the support from speculation that increased tension in Ukraine may disrupt oil supplies from Russia, the world’s biggest energy exporter. Meanwhile, pro-Russian groups hailed a large majority in favor of secession in a referendum that was dismissed as illegitimate by Ukraine’s government and its US and European allies. Benchmark crude oil for June delivery was 10 cents higher at $100.09 a barrel in electronic trading on the New York Mercantile Exchange. In London, Brent for June settlement gained 47 cents to $108.36 a barrel on the ICE.

Markets to get a cautious start ahead of exit poll results

The Indian markets pre-empting a feavourable poll outcome went for a huge rally in last session and benchmarks ended at record high. Today, the start is likely to be cautious as the last phase of polling has started, though trade may turn volatile in the mid of the day coming near to the exit poll results. There will be some cautiousness, as apart from the elections cues, lots of macroeconomic data will be up for release. IIP and CPI data will be announced after the market hours. CPI for the month of April and Industrial Production data of March are due for release and it is expected that IIP would remain subdued for some time to come including this month. Meanwhile, Planning Commission Deputy Chairman Montek Singh Ahluwalia has said that rapid implementation of GST and reduction in fiscal deficit should be the thrust areas for the new government that will help the country achieve 7-7.5 percent growth. There will be some buzz in the markets, as the Securities and Exchange Board of India (SEBI) has said that it will review delisting rules, responding to concerns from market participants that current regulations make the process of buying out minority shareholders difficult and expensive. Realty stocks may see some buying interest on a report that amid gloom in the sector, PE investments in realty in the first quarter of 2014 was highest since 2009. Auto sector too may sigh a relief , as the Heavy Industries Ministry has reportedly said to press for continuation of excise relief for the auto sector in the full Budget, which is likely to be presented in July by the new Government. There will be lots of important result announcements too, Ballarpur Inds, Balrampur Chini, D B Corp, Indian Bank, Just Dial, TajGVK Hotels, Torrent Power and TV Today will be among many to report their earnings. The US markets ended higher in last session as the technology shares rebounded and also as the US wholesale inventories rose more than expected in March. The Asian markets have made mostly a soft start as the Chinese President Xi Jinping’s statement that nation needs to adapt to a 'new normal', indicated that the country is adjusting itself to slower growth. Back home, Indian markets came into party mood earlier than expected, while there is still one phase of election to go, traders lapped up shares from all across the board and benchmarks after a muted start, gained momentum rallying around three percent to record highs on Friday, ahead of exit poll results next week. Markets showed a one way movement with not even an iota of profit booking seen throughout the day and the bulls going berserk in the final hours ended only near the high points of the day. The global cues were not very supportive, and while the US markets ended mostly lower, Asian indices remained in cautious mood as a tense situation in Ukraine prevailed and also after Chinese producer prices slumped more than estimated in April to 1.8 percent from a year earlier and compared with 2.4 percent gain in March. Later the European markets too made a flat-to-soft start, as investors weighed corporate earnings. Back home, the markets witnessed an unexpected rally to finish the week on a high note, it was a rally led by the bluechips that took the markets out of the week’s slumber. All the heavyweights witnessed good buying interest led by Reliance Industries which moved up by around 4%, nearing Rs 1000 mark after a long time. But the massive rally enveloped all the sectors and all the sections of the market, contributing equally and barring defensive healthcare all the sectoral indices on the BSE ended considerably higher, with banking, realty, power and oil & gas hogging the limelight. Auto sector too moved higher despite Society of Indian Automobile Manufacturers (SIAM) reporting that domestic passenger car sales declined by 10.15 per cent to 135,433 units in April compared with 150,737 units in the corresponding month a year-ago. However, the Motorcycle sales last month grew 8.06 per cent to 911,908 units from 843,909 units. Finally, the BSE Sensex rushed by 650.19 points or 2.91%, to 22994.23, while the CNX Nifty surged by 198.95 points or 2.99% to 6,858.80.