SpiceJet unveils low-fare plan of Rs 2,999

SpiceJet, controlled by billionaire Kalanithi Maran’s Sun Group, has came out with another promotional offer, offering travel at fares starting as low as Rs 2,999 (all-inclusive one way fares). Consumers can book tickets between June 3-5, 2014 for travel between July 6, 2014 and March 28, 2015.

The three-day offer will be applicable for all via and onward connection flights. Limited inventory is available on first-come-first-served basis and the sale is not applicable on bookings made for infants and groups.

SpiceJet is India’s most preferred airline who delivers the lowest air fares with the highest consumer value. The airline currently operates more than 350 daily flights to over 44 Indian cities and 9 international destinations.

Grandeur Peak International buys 75 lakh shares of Time Technoplast

Grandeur Peak International Opportunities Fund has bought 75,00,000 shares of  Time Technoplast  at a price of Rs 44 per share on the NSE on June 2,2014. Meanwhile, Core International FZC sold 73, 00,000 shares at price of Rs 44.02.

Time Technoplast is the leading plastic product company based in India and is engaged in manufacture of technology based innovative products in the space of industrial packaging, infrastructure, lifestyle , automobile, healthcare , material handling and composites. It has expanded its operations outside of India in UAE, Bahrain, Thailand, China, Taiwan and Indonesia. The company is also expanding its operations in South Korea, Vietnam, Turkey and Egypt.

GO selects Subex's ROC Revenue Assurance and Fraud Management solutions

Subex, a leading global provider of Business and Operations Support Systems (B/OSS) for Communications Service Providers (CSPs), has been selected to provide its industry leading ROC Revenue Assurance and Fraud Management solutions in a hybrid model by GO, a leading provider in Malta. The terms of the hybrid model contract would entail an initial Managed Services deployment period after which it will be converted into a license model engagement. Subex's leadership and domain expertise in the Revenue Assurance and Fraud Management space were seen as key value drivers during an intense vendor evaluation process. Subex is a leading global provider of Business Support Systems (BSS) that empowers communications service providers (CSPs) to achieve competitive advantage through Business Optimisation - thereby enabling them to improve their operational efficiency to deliver enhanced service experiences to subscribers.

NMDC soars on increasing iron ore lumps prices by 7% in June

NMDC is currently trading at Rs. 187.00, up by 6.30 points or 3.49% from its previous closing of Rs. 180.70 on the BSE. The scrip opened at Rs. 183.00 and has touched a high and low of Rs. 187.35 and Rs. 183.00 respectively. So far 309575 shares were traded on the counter. The BSE group 'A ' stock of face value Rs. 1 has touched a 52 week high of Rs. 189.35 on 21-May-2014 and a 52 week low of Rs. 92.65 on 06-Aug-2013. Last one week high and low of the scrip stood at Rs. 187.35 and Rs. 168.30 respectively. The current market cap of the company is Rs. 74120.37 crore. The promoters holding in the company stood at 80.00% while Institutions and Non-Institutions held 16.80% and 3.20% respectively. National Mineral Development Corporation (NMDC), a state-run iron ore miner, has increased iron ore lumps prices for the month of June by 7%. Besides, it has also upped the iron ore fine prices for the month under review by 8.6%. Earlier, state-owned company, after keeping prices unchanged for two months, in the month of May slashed prices of iron ore lumps, considered high grade due to rich iron content, by Rs 200 per tonne in May due to continuing weak demand. In March and April, the company had kept its prices unchanged while it had raised the rates of iron ore fines by Rs 100 per tonne in February. NMDC is a state-controlled mineral producer of the Government of India. It is fully owned by the Government of India and is under administrative control of the Ministry of Steel.

Suven Life Sciences secures product patent in USA

Suven Life Sciences’ drug discovery portfolio has expanded into several new therapeutic areas such as Major Depressive Disorder (MDD), Obesity and Pain through Neuronal Nicotinic Receptor modulators which resulted in the grant of one product patent from USA, corresponding to the New Chemical Entity (NCE) for the treatment of disorders associated with Neurodegenerative diseases and this patent is valid through 2030. The granted claims of the patents include the class of selective alpha-4-beta-2 compounds discovered by the company and are being developed as therapeutic agents for major depressive disorder (MDD). With this new patent, the company has a total of eighteen granted patents from USA. These granted patents are exclusive intellectual property of the company and are achieved through the internal discovery research efforts. Products out of these inventions may be out-licensed at various phases of clinical development like at Phase-I or Phase-II. Suven Life Science is a biopharmaceutical company focused on discovering, developing and commercializing novel pharmaceutical products, which are first in class or best in class CNS therapies through the use of GPCR targets.

Morgan Stanley buys 12,40,000 shares of Orbit Corporation

Morgan Stanley Asia Singapore PTE has bought 12,40,000 shares of Orbit Corporation at a price of Rs 22.25 per share on June 3, 2014. On the same day, IFCI sold 8,00,000 shares of Orbit Corporation at Rs 20.68 on the NSE.

Earlier, IFCI offloaded 3.18 million shares representing 2.79% stake of realty firm for Rs 7.5 crore between May 19 and May 26. While, on May 26, 2014 IFCI sold 735,000 shares of Orbit Corporation at Rs 23.45 on the NSE, on May 23, it sold 1.09 million shares at Rs 25.25 on the NSE.

Orbit Corporation is a leading Mumbai real estate developer focused on luxury real estate development in South Mumbai.

CARE assigns ‘CGR 2’ corporate governance rating to PNB

Credit rating agency, CARE has assigned ‘CGR 2’ corporate governance rating to Punjab National Bank (PNB). The assigned CGR rating reflects the bank’s transparent ownership structure marked by majority ownership with the Government of India (GOI), satisfactory Board processes & performance monitoring by the management.

The rating also factors prudent disclosures to shareholders and depositors and well-defined organisational structure with experienced professionals at both the board level as well as other key positions in the Bank.

The bank posted a fall of 28.69% in its net profit at Rs 806.35 crore for the quarter ended March 31, 2014 as compared to Rs 1130.80 crore for the same quarter in the previous year.  However, total income of the bank increased by 8.18% at Rs 12498.23 crore for quarter under review as compared to Rs 11552.84 crore for the quarter ended March 31, 2013.

Nakoda initiates process of debt restructuring with banks

Nakoda has initiated the process of Corporate Debt Restructuring with the banks. The company has taken this step in view of over-dues of the banks.

Nakoda is engaged in trading of yarn for years since incorporation and established its own texturising plant at Silvassa in the Union Territory of Dadra & Nagar Haveli in February 1986.

Sugar futures trade down on mounting stocks

Sugar futures traded down on NCDEX due to mounting stocks following increased supplies from millers. However, seasonal demand form ice-cream and soft-drink makers, capped the fall in prices in future trade.

The contract for June delivery was trading at Rs 3004.00, down by 0.03% or Rs 1.00 from its previous closing of Rs 3005.00. The open interest of the contract stood at 39160.00 lots.

The contract for July delivery was trading at Rs 2968.00, down by 0.07% or Rs 2.00 from its previous closing of Rs 2970.00. The open interest of the contract stood at 25020.00 lots on NCDEX.

Jeera futures edge lower on ample supply

Jeera futures traded down on NCDEX on account of offloading of positions by speculators following sluggish demand in the spot market against adequate inventories. Further, increased supply from producing region mainly kept pressure on jeera prices at futures trade. The contract for June delivery was trading at Rs 11025.00, down by 0.14% or Rs 15.00 from its previous closing of Rs 11040.00. The open interest of the contract stood at 5307.00 lots. The contract for July delivery was trading at Rs 11150.00, down by 0.04% or Rs 5.00 from its previous closing of Rs 11155.00. The open interest of the contract stood at 4722.00 lots on NCDEX.