Tata MF introduces Fixed Maturity Plan Series 48 Scheme B

Tata Mutual Fund has launched the New Fund Offer (NFO) of Tata Fixed Maturity Plan Series 48 Scheme B (370 Days), a close ended income scheme. The NFO opens for subscription on June 09, 2014, and closes on June 16, 2014. No entry load or exit load will be applicable for the scheme. The minimum subscription amount is Rs 5,000.

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 the maturity the scheme.

Call rates edge lower on Monday; but stay higher above repo rate

Interbank call rates were trading lower at 8.30/8.35% versus its close of 8.40/8.45% on Friday as demand ebbed in the second half of reporting cycle. The rates were however higher than repo rate as select banks scrambled to fulfill their product requirements in order to avoid the volatility of rates going further. 

The banks via Liquidity Adjustment Facility (LAF) borrowed Rs 18424 crore through repo auction on June 9. Meanwhile, banks borrowed Rs 2485 crore via repo auction and parked Rs 893 crore via reverse repo window on June 6, 2014.

The overnight borrowing rates touched a high and low of 8.40% and 7.85% respectively.

According to the Clearing Corporation of India (CCIL), the weighted average rate (WAR) in the call money market was at 8.11% on Monday and total volume stood at Rs 32673.20 crore, so far.

As per CCIL data, WAR in the CBLO (Collateralized Borrowing and Lending Obligation) market was at 8.18% on Monday and total volume stood at Rs 32551.50 crore, so far.

The indicative call rates which closed 8.40/8.45% on Friday were contributions made from Andhra Bank, AXIS Bank, Bank of America, Bank of Baroda, Bank of India, Canara Bank, J P Morgan Chase, Citibank N.A., Corporation Bank, Credit Agricole Bank, Indusind Bank, ICICI Bank, ICICI Securities, IDBI Bank, Jammu and Kashmir Bank, Punjab National Bank, RBS, Societe Generale, Standard Chartered, so far.

TVS Motor speeds up on BSE

TVS Motor Company is currently trading at Rs. 133.45, up by 2.70 points or 2.07 % from its previous closing of Rs. 130.75 on the BSE.

The scrip opened at Rs. 132.00 and has touched a high and low of Rs. 133.70 and Rs. 130.60 respectively. So far 59332 shares were traded on the counter.

The BSE group 'B' stock of face value Re. 1 has touched a 52 week high of Rs. 139.80 on 29-May-2014 and a 52 week low of Rs. 28.10 on 31-Jul-2013.

Last one week high and low of the scrip stood at Rs. 136.00 and Rs. 124.00 respectively. The current market cap of the company is Rs. 6278.28 crore.

The promoters holding in the company stood at 57.40 % while Institutions and Non-Institutions held 22.16 % and 20.44 % respectively.

Life Insurance of India (LIC) has reduced its stake in TVS Motor Company by selling more than 2% shareholding over a period of around four years. The country’s largest life insurer offloaded 97,12,148 shares, constituting 2.04% stake, through open market transactions.

Following the stake sale, LIC’s stake in TVS Motors has come down to 3.46% from 5.5% earlier. The state-owned insurer offloaded the shares between September 9, 2010 and June 2, 2014.

TVS Motor Company is the flagship of the $6 billion Indian conglomerate, TVS Group which recently celebrated one hundred years in the automotive business in India. The company recently won 'India's Most Trusted Two Wheeler Brand' Award from the Times Group.

Finance Ministry evaluating various options to create robust financial institutions

In order to create much stronger financial institutions, the finance ministry is examining various suggestions made by investment bankers to merge the country's biggest state-run banks. The Ministry is evaluating these proposals which includes consolidation based on geography, business mix and information technology systems.

Among all the proposals, one suggests Punjab National Bank, Indian Bank and Dena Bank be merged to create a bank with an asset base of more than Rs 9 lakh crore, while another possible combination is to merge Bank of India, Allahabad Bank, Corporation Bank, Bank of  Maharashtra and Punjab & Sind Bank.

The basic rationale behind this move is to create large banks with a pan-India presence. However, this decision to form stronger financial institutions will hinge on political more than economic considerations. As a matter of fact, India's banks are still small when compared with global rivals. The country's largest, State Bank of India is ranked 16th in Asia while Bank of Baroda is at 32.

In a separate development, Finance Ministry has kick-started the search process for a 'special counsel' who will have the exclusive mandate to represent the government in tax disputes at the Supreme Court. Further, the Central Board of Direct Taxes has already held preliminary discussions with a few senior standing counsels in this regard and would be discussing the terms of reference with shortlisted candidates as early as next week.

Infosys, Tata Motors and RIL to see some action today

Jet Airways, the country’s premier international airline is planning to sell three of its airbus A330 aircraft. The company is looking at refinancing high-cost rupee debt. The company’s consolidated debt as on March 31, 2014 stood at Rs 10,576 crore. The private carrier posted its highest-ever net loss of Rs 2,154 crore in the fourth quarter ended March 31, impacted by higher operating expenditure and exceptional costs. The country’s second largest carrier had reported a net loss of Rs 496 crore during the same quarter a year ago. Jet Airways currently operates a fleet of 112 aircraft, which include 10 Boeing 777-300 ER aircraft, 8 Airbus A330-200 aircraft, 4 Airbus A330-300 aircraft, 72 next generations Boeing 737-700/800/900/900 ER aircraft and 15 ATR 72-500 and 3 ATR72-600.

Tata Motors launches the all-new Movus

Tata Motors has launched the all-new Movus UV (Utility Vehicle), a spacious and comfortable family vehicle, with optimum performance, making it a perfect companion for every journey. The all-new Movus is an entry-level UV, which is fuel efficient and easy to maintain, with the lowest running cost. With best-in-segment pick-up and mileage of 15.16 kms/litre, the all-new Movus has a high uptime, with lowest cost of operations and an engine warranty of 3-years or 150,000 kms. The all-new Movus has been specifically designed to satisfy the needs of driveability, maneuverability and fuel efficiency in city travel and long haul journeys. Powered by the acclaimed high performance 2.2L VARICOR engine, the all-new Movus is engineered to deliver optimal performance in both city and highway conditions, with a power of 120 PS and torque of 250 Nm. Fitted with Independent Double Wishbone with coil springs in the front and Parabolic Leaf Spring-type suspension for the rear wheels, the all-new Movus can negotiate uneven surfaces with ease. The vehicle also has a large fuel tank of 65 litres and high load carrying capability. Tata Motors is India's largest automobile company, is the leader in commercial vehicles in each segment, and among the top in passenger vehicles with winning products in the compact, midsize car and utility vehicle segments. It is also the world's fourth largest truck and bus manufacturer.

Gati inks MoU with the Govt. of Uttarakhand: Report

Gati has reportedly signed a Memorandum of Understanding (MoU) with the Govt. of Uttarakhand to construct a Multipurpose Community Centre at Rudraprayag, Uttarakhand. Post the natural calamity, i.e. flash floods in 2013, Gati has taken the initiative to ensure that during and post such events the residents and people around should be equipped with a community centre where they can take shelter and be safe. The multipurpose community centre will be jointly constructed by Gati Ltd and the Government of Uttarakhand. Gati is a leading player in express distribution and logistics and operates through two divisions - Express Distribution & Supply Chain (EDSC) and Coast- to-Coast (C2C) division. It also operates two container yards at Chennai and Port Blair which increases capability and provides for efficient handling of the cargo.

KRBL trades jubilantly on plan to set up a 15 MW solar power plant in Madhya Pradesh

KRBL is currently trading at Rs. 72.35, up by 4.10 points or 6.01% from its previous closing of Rs. 68.25 on the BSE. The scrip opened at Rs. 68.35 and has touched a high and low of Rs. 74.00 and Rs. 67.50 respectively. So far 308853 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 74.00 on 06-June-2014 and a 52 week low of Rs. 19.40 on 31-Jul-2013. Last one week high and low of the scrip stood at Rs. 74.00 and Rs. 66.05 respectively. The current market cap of the company is Rs. 1607.71 crore. The promoters holding in the company stood at 58.65% while Institutions and Non-Institutions held 3.37% and 37.99% respectively. KRBL has decided to set up a 15 MW solar power plant at village Hatipura in Barod tehsil of Agar district in Madhya Pradesh. The supply of power generated by this plant to Madhya Pradesh will start after 18 months from December 2015. MP Power Management Company has entered into Power Purchase Agreement (PPA) with KRBL for supplying 15 MW of power to the state. KRBL manufactures products like rice bran oil, furfural and de-oiled cakes. The husk is utilized to extract furfural and the bran used to produce around 50 tonnes of rice bran. It has a total bran oil capacity of 42 MTPD and furfural of 10 MTPD.

FPIs, NRIs can invest up to 26% in insurance: RBI

Under the new norms, 26% foreign investment including FDI, FII and NRI will be allowed under the automatic route

The Reserve Bank on Thursday said overseas investors, including FPIs and NRIs, can invest up to 26 per cent in insurance and allied activities through the automatic route. "Effective from February 4, 2014, foreign investment by way of FDI, investment by FIIs/FPIs and NRIs up to 26 per cent under automatic route shall be permitted in insurance sector," RBI said in a circular. Under the new norms, 26 per cent foreign investment including FDI, FII and NRI will be allowed under the automatic route in insurance companies, insurance brokers, Third Party Administrators (TPAs), surveyors and loss assessees. The companies bringing in foreign investment will, however, have to obtain necessary licence from the Insurance Regulatory and Development Authority (IRDA) for undertaking prescribed activities.

TVS Motor speeds up on BSE

TVS Motor Company is currently trading at Rs. 133.45, up by 2.70 points or 2.07 % from its previous closing of Rs. 130.75 on the BSE.

The scrip opened at Rs. 132.00 and has touched a high and low of Rs. 133.70 and Rs. 130.60 respectively. So far 59332 shares were traded on the counter.

The BSE group 'B' stock of face value Re. 1 has touched a 52 week high of Rs. 139.80 on 29-May-2014 and a 52 week low of Rs. 28.10 on 31-Jul-2013.

The promoters holding in the company stood at 57.40 % while Institutions and Non-Institutions held 22.16 % and 20.44 % respectively.

Life Insurance of India (LIC) has reduced its stake in TVS Motor Company by selling more than 2% shareholding over a period of around four years. The country’s largest life insurer offloaded 97,12,148 shares, constituting 2.04% stake, through open market transactions.

TVS Motor Company is the flagship of the $6 billion Indian conglomerate, TVS Group which recently celebrated one hundred years in the automotive business in India. The company recently won 'India's Most Trusted Two Wheeler Brand' Award from the Times Group.