Nifty ends above 6000 mark

Wild gyrations seem to be the order of the day. The NSE Nifty swung over 80 points intra-day and managed a positive close. The indices saw a sharp whip-saw in early trade when the Nifty plunged below its 200-DMA. Basket selling may have happened resulting in pressure in banking, auto and realty stocks. 

Around 10:25 am, over 8 lakh Nifty futures were traded in a span of three minutes when the market saw some turmoil.  Fortunately, the decline was short-lived as indices staged a sharp bounce back led by gains in FMCG, auto, metals, power and consumer durables stocks. Sentiment also got a fillip as the European markets opened with handsome gains.  

Finally, BSE Sensex closed at 20,310 up 50 points, while NSE Nifty closed at 6,036 up 14 points over the previous close.

Balrampur Chini Mills reports net loss of Rs 50.76 crore in Q3

Balrampur Chini Mills has reported results for third quarter ended December 31, 2013.

The company has reported a net loss of Rs 50.76 crore for the quarter as compared to net profit of Rs 60.22 crore for the same quarter in the previous year. Total income from operations of the company has decreased by 27.28% at Rs 690.71 crore for quarter under review as compared to Rs 949.93 crore for the quarter ended December 31, 2012

Balrampur Chini is one of the largest integrated sugar manufacturers in India. Its business portfolio consists of manufacturing and marketing of sugar, ethyl alcohol, ethanol, generation and selling of power and also manufacturing and marketing of organic manure.

Central Bank of India reports 66% fall in Q3 net profit

Central Bank of India has reported results for third quarter ended December 31, 2013.

The bank has reported 65.80% fall in its net profit at Rs 61.53 crore for the quarter as compared to Rs 179.94 crore for the same quarter in the previous year. However, total income of the bank has increased by 15.28% at Rs 6708.50 crore for quarter under review as compared to Rs 5818.81 crore for the quarter ended December 31, 2012.

The bank’s gross NPA for the December 31, 2013 quarter of the current fiscal stood at 6.48%, as compared to 5.64% in the same quarter of the previous year. Besides, bank’s Net NPA stood at 3.69% as compared to 3.79% in the same quarter of the previous year.

DCM Shriram Industries reports 29% rise in Q3 net profit

DCM Shriram Industries has reported results for third quarter ended December 31, 2013.

The company has reported 29.34% rise in its net profit at Rs 4.32 crore for the quarter, as compared to Rs 3.34 crore for the same quarter in the previous year. Total income from operations of the company increased by 25.74% at Rs 378.99 crore for quarter under review as compared to Rs 301.41 crore for the quarter ended December 31, 2012.

DCM Shriram Industries is the flagship company of the DCM Shriram Industrial Group based predominantly in Northern India with a portfolio of products comprising of sugar, alcohol, fine chemicals, rayon tyrecord & textiles.

Tata Power surges on the buzz of plan to invest Rs 1,500 crore in renewables energy

Tata Power, India’s largest integrated power company is reportedly planning to invest Rs 1,500 crore in renewable energy. The company is also planning to add as much as 150-200 megawatts of wind and 30 megawatts of solar capacity every year.

The Company’s strategy emphasizes the development of clean energy generation from renewable sources to balance the carbon emissions from fossil fuel based generation capacity while contributing towards energy security of the country. The company has also decided to house its renewable energy projects into a new special purpose vehicle. Tata Power currently has four of its renewable projects registered under the Clean Development Mechanism (CDM) program by United Nations Framework Convention on Climate Change (UNFCCC).

Tata Power is India's largest integrated power company with a significant international presence. The Company has an installed generation capacity of 8521 MW in India and a presence in all the segments of the power sector viz. Generation (thermal, hydro, solar and wind), Transmission, Distribution and Trading.

RBI raises FII limit in Rasoya Proteins to 100%

Reserve Bank of India (RBI) has increased foreign institutional investors' (FIIs) investment limit in Rasoya Proteins to 100% of its paid-up capital. RBI has notified that FIIs, through primary market and stock exchanges, can now purchase up to 100% of the paid up capital of Rasoya Proteins under the Portfolio Investment Scheme (PIS). The company has passed resolutions at the board of directors' level and a special resolution by the shareholders, agreeing to enhance the limit for the purchase of its equity shares and convertible debentures by Foreign Institutional Investors (FIIs).

Rasoya Proteins is engaged in the Business of Solvent Extraction. The company is selling its Soya Refined Oil under the brand name ‘Rasoya’ and the oil is available in various pack size from 1/2 liter poly pack and pet bottle to 15 liter/15 kilograms tins.

CCI approves Etihad’s proposal to buy 50.1% stake in Jet Airway’s loyalty unit

The Competition Commission of India (CCI) has given an approval to Abu Dhabi-based Etihad Airways proposal for purchase of 50.1% stake in Jet Privilege (JPPL), a customer loyalty programme unit of Jet Airways. 

CCI, while clearing the transaction by majority, stated that the deal was unlikely to have any adverse impact on market competition, as Etihad’s purchase of 24% stake in Naresh Goyal-led Jet Airways has already been approved and the two carriers were already partners in their respective frequent flyer programmes. Under such customer loyalty programmes, airlines generally offer certain benefits to their frequent flyers.

Jet Airways currently operates a fleet of 113 aircraft, which include 10 Boeing 777-300 ER aircraft, 8 Airbus A330-200 aircraft, 4 Airbus A330-300 aircraft, 73 next generations Boeing 737-700/800/900/900 ER aircraft and 15 ATR 72-500 and 3 ATR72-600.

Blue Dart Express reports 49% fall in Q3 net profit

Blue Dart Express has reported results for third quarter ended December 31, 2013.

The company has reported 48.81% fall in its net profit at Rs 23.04 crore for the quarter, as compared to Rs 45.01 crore for the same quarter in the previous year. However, total income from operations of the company has increased by 10.04% at Rs 505.50 crore for quarter under review as compared to Rs 459.38 crore for the quarter ended December 31, 2012.

Blue Dart Express is one of the leading logistics company in the world. Blue Dart Express is South Asia's premier courier, and integrated express package Distribution Company. Blue Dart has warehouses spread across 50 locations in India. It also owns bonded warehouses located at 7 major metros of Ahmedabad, Bangalore, Chennai, Delhi, Mumbai, Kolkata and Hyderabad.

Bank of Baroda reports 4% rise in Q3 net profit

Bank of Baroda has reported results for third quarter ended December 31, 2013.

The bank has reported 3.58% rise in its net profit at Rs 1047.84 crore for the quarter as compared to Rs 1011.62 crore for the same quarter in the previous year. Total income of the bank has increased by 9.67% at Rs 10622.80 crore for quarter under review as compared to Rs 9685.51 crore for the quarter ended December 31, 2012.

The bank’s gross NPA for the December 31, 2013 quarter of the current fiscal stood at 3.32%, as compared to 2.41% in the same quarter of the previous year. Besides, bank’s Net NPA stood at 1.88% as compared to 1.12% in the same quarter of the previous year.

Infosys receives 50 acres land from Punjab government

Infosys, a global leader in consulting, technology and outsourcing solutions, has received 50 acres of land from Punjab government for setting up IT/ITES special economic zone at Mohali. The company is likely to invest Rs 500 crore for this project.  The company has signed Memorandum of Understanding (MoU) with the Punjab government for the same.

Meanwhile, the company is also planning to set up a campus in Punjab after the state government aggressively pursued IT companies last year for attracting IT investments into the state.

Infosys is a global leader in consulting, technology and outsourcing solutions. The company enables clients, in more than 30 countries, to stay a step ahead of emerging business trends and outperform the competition.