Pipavav Defence gains on emerging as lowest bidder for Rs 221 crore worth order

Pipavav Defence and Offshore Engineering Company is currently trading at Rs. 45.35, up by 0.40 points or 0.89 % from its previous closing of Rs. 44.95 on the BSE.

The scrip opened at Rs. 45.30 and has touched a high and low of Rs. 46.15 and Rs. 45.25 respectively. So far 29746 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 91.75 on 01-Feb-2013 and a 52 week low of Rs. 38.80 on 17-Dec-2013.

Last one week high and low of the scrip stood at Rs. 46.80 and Rs. 44.30 respectively. The current market cap of the company is Rs. 3349.74 crore.

The promoters holding in the company stood at 44.52 % while Institutions and Non-Institutions held 17.70 % and 37.78 % respectively.

Pipavav Defence and Offshore Engineering Company has been declared lowest bidder by the Indian Coast Guard, Ministry of Defence, Government of India, for construction of one Training Ship under ‘Buy Indian’ category on a competitive basis. The value of the order would be approximately Rs 221 crore.

Training Ship is intended to provide basic sea training to all Coast Guard personnel and is one of its kind having integral helicopter, capable of operations in all maritime zones of India.

This is consecutive second prestigious recognition by the Indian Coast Guard, Ministry of Defence, Government of India (GoI) after the company was declared as the lowest bidder for design and construction of fourteen Fast Patrol Vessels for approximately Rs 920 crore.

Pipavav Defence and Offshore Engineering Company is engaged in defence, offshore, marine and engineering sectors. The company has two units, one special economic zone (SEZ) unit spread over around 95 hectares of land and another export oriented unit (EOU) spread over around 103.92 hectares of land.

Crompton Greaves unveils high-tech smart grid facility in Bangalore

In a bid to manufacture full-fledged smart grid devices, Crompton Greaves has unveiled high-tech smart grid facility at the Global Village, in Bangalore. The smart grid devices manufactured in this facility will facilitate numerical solutions to Indian utilities and industries in the Transmission and Distribution (T&D) segment and provide improvement in the electric grid to make it more efficient and reliable.

The said facility will also support economic development, foster job creation and boost an understanding of Smart Grid solutions in the energy field. The facility is fully equipped with modern equipment to ensure an annual production capacity of 10,000 units of power line carrier communication terminals (PLCC) and intelligent electronic devices (IED).

Crompton Greaves is a global pioneering leader in the management and application of electrical energy. With more than 15,000 employees across its operations in around 85 countries, CG provides electrical products, systems and services for utilities, power generation, industries, and consumers.

Govt may slash CCI’s threshold extent by half to Rs 500 crore to prop up economy

With elections being just around the corner, Prime Minister Manmohan Singh might slash Cabinet Committee on Investment’s (CCI) threshold extent by half to Rs 500 crore to get some-more stalled projects moving. These hopes were fuelled after Prime Minister's Office (PMO) sought the views of core sector ministries on lowering the investment threshold and acting further on this, the Cabinet Secretariat asked the Railway Board and the ministries of oil and gas, coal, shipping, power, steel, roads and mines to give in their views at the earliest.

In the face of a severe downturn in the economy and a drought of fresh investments, the committee, which was set up in January 2013 to revive projects that have got stuck due to various reasons, has cleared 300 cases that account for an investment of more than Rs 6 lakh crore, prompting the government to think of expanding its ambit.

Industry, which has sought the reduction in the limit, is of the view that such a move would let off a few thousand projects and their quick clearance will not only ensure investment but also significant employment. Presently, CCI's mandate allows it to push for time-bound clearances to investments of Rs 1,000 crore or more, as well as strategically critical projects in sectors such as infrastructure and manufacturing. Meanwhile, projects worth another 12 lakh crore are stuck due to various reasons and have sought CCI's help to expedite clearances.

Further, implementation of this move would prop up industrial growth, which slumped to a - 0.2% in the first eight months of 2013-14 and also would be in-line with PM's commitment to revive India's growth impulses till his last day in office. In a much of a shocker, India’s annual industrial output growth, measured by index of industrial production (IIP), in a much of a shocker, contracted further by 2.1% in November as compared to the same month last year.

Central Bank of India receives Banking Excellence Awards

Public-sector bank, Central Bank of India has received Banking Excellence Awards in two categories. The bank has bagged ECO - Technology Award - Runner Up and Jury Award for New Initiatives in a glittering function organized by Chamber of Indian Micro Small & Medium Enterprises. 

Central Bank of India has been serving more than 3,50,00,000 account holders through its 4,400 branches, 6 extension counters, 29 Satellite offices, 1,970 ATMs and 2,413 ultra small branches (USBs).

Bajaj Electricals to set up integrated R&D Centre

Bajaj Electricals is planning to set up an integrated Research and Development (R&D) Centre. The integrated R&D Centre will drive innovation and help the company in creating cutting edge technology across its three business verticals.

Further, the company that gets nearly half its top line from the consumer durables and kitchen appliances business, is focusing more on non-urban centres and plans to develop appliances specially aimed at the needs of this market.

Bajaj Electricals (BEL), part of the Rs 20000 crore Bajaj Group, is engaged in business appliances, fans, lighting, luminaries and engineering and projects.

Bank of Baroda receives best bank award for MSME sector: Report

Bank of Baroda (BOB) has reportedly conferred with the best bank award for the MSME sector. This award was instituted by the chamber of Indian micro small and medium enterprises.

Recently, Fitch Ratings had assigned BOB’s proposed US dollar-denominated senior unsecured debt an expected rating of ‘BBB-(EXP)’.

HDFC surges on plan to mop-up $300 million via ECB

Housing Development Finance Corporation (HDFC) is currently trading at Rs. 809.80, up by 9.80 points or 1.22 % from its previous closing of Rs. 800.00 on the BSE.

The scrip opened at Rs. 805.00 and has touched a high and low of Rs. 809.80 and Rs. 800.30 respectively. So far 3736 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 931.00 on 30-May-2013 and a 52 week low of Rs. 632.20 on 28-Aug-2013.

Last one week high and low of the scrip stood at Rs. 806.60 and Rs. 785.65 respectively. The current market cap of the company is Rs. 124739.88 crore.

The promoters holding in the company stood at NA % while Institutions and Non-Institutions held 87.13 % and 12.87 % respectively.

HDFC is planning to raise $300 million through external commercial borrowing (ECB) to fund its expansion. The company has not yet decided whether the raising of funds will happen this fiscal or the next one.

The Housing Finance firm is raising the money under the $1 billion ECB window for housing finance companies that the Reserve Bank allowed for funding affordable housing projects.

Last month, the company slashed interest rates by 0.25% on home loans. The new rates for HDFC home loans of up to Rs 75 lakh have come down to 10.25%, from 10.50%.

HDFC Bank is one of India's premier banks providing a wide range of financial products and services to its 28.5 million customers across hundreds of Indian cities using multiple distribution channels including a pan-India network of branches, ATMs, phone banking, net banking and mobile banking.

Bharat Forge’s arm divests its 51.85% stake in its Chinese JV operations

Bharat Forge’s indirect subsidiary in Hong Kong has divested its 51.85% stake in its Chinese JV operations ‘FAW Bharat Forge (Changchun) Company’ to its Joint Venture (JV) partner, China FAW Corporation, for $28.208 million amounting Rs 175 crore ending its 8 year old JV in China. Bharat Forge, since inception of joint venture in 2006, had over a period of time invested Rs 178 crore in 4 tranches.

Although the transaction was completed on January 13, 2014, the effective date for divestment will be October 31, 2013. The divestment will have a positive impact on the company’s cash flows and profitability on a consolidated basis.

Bharat Forge engages in manufacturing of close die and open die forging, crankshafts, front axle beams, steering knuckle, connecting rods, rocker arm and many more components.

GPT Infraprojects bags orders worth Rs 137 crore

GPT Infraprojects has bagged orders valued at Rs 137 crore. The company has bagged first order for construction of important and major steel girder bridges, along with foundation, substructure and related protection works in connection with Jhansi-Bhimsen doubling in Jhansi Division of North Central Railway in the State of Uttar Pradesh.

The company received the said order from Rail Vikas Nigam valued at Rs 114.14 crore which is to be completed over a period of 36 months. Besides, the company has also received other small orders aggregating to Rs 23 crore.

GPT Infraprojects, the flagship company of the GPT Group was renamed to reflect the core areas of operation of the Company in the execution of civil and infrastructure projects, after the merger of Tantia Concrete Products and GPT Infrastructures. GPT Infraprojects operates primarily from two divisions - the Sleeper Division and the Infrastructure Division.

Markets to get a positive start of the new week

The Indian markets managed a close with modest gains in last session as traders remaining concerned about the economic condition. Today, the start is likely to be cautious but positive; traders will be reacting to the surprisingly weak industrial production data announced after the market hours. India’s annual industrial output growth, measured by index of industrial production (IIP), contracted by 2.1% in November. However, the weak US jobs data is likely to ease some concern and the CPI inflation data will be watched, which is likely to cool down for the month of December. Power stocks will be in action today, as the Prime Minister Manmohan Singh has said that adequate energy supply at affordable price is critical for economic growth. He also said that India needs to increase its energy supply by 3 to 4 times over the next two decades. The PSU oil marketing companies too will be buzzing with Petroleum Minister M Veerappa Moily saying that the government is considering increasing the yearly quota of subsidised LPG cylinders from nine to 12 per household even as he indicated a one-time hike in diesel and LPG rates. The retail related stocks too may see some action  after government refused to accept the US retail giant Walmart’s demand of reducing the 30% local sourcing to 15% in the immediate future.

There will be some inmmportant result announcements too, to keep the markets buzzing. CMC, Exide Inds, Jay Bharat Maruti and Reliance Indl Infra will be announcing their numbers today.

The US markets made a mixed closing on getting disappointing jobs data, though the wholesale inventories rose, but traders remained concerned about Fed’s further course of action. The Asian markets have mostly made a good start, as lower growth in US payrolls eased concern the Federal Reserve may not go for aggressive stimulus cuts.

Back home, Indian equity benchmarks ended Friday’s session on a flat note due to profit booking at higher levels in late trades after the Sensex and Nifty hit their intraday high near 20,950 and 6,250 levels. Investors also remained on sidelines ahead of the November month’s index of industrial production data scheduled to be released after market hours. Earlier, markets after flat opening gained traction and traded jubilantly for most part of the day after Infosys’ third quarter earnings beat street’s expectation for the third consecutive quarter. The IT bellwether, on the consolidated basis, registered a growth of 21.36% in net profit at Rs 2875 crore as compared to Rs 2369 crore in the same quarter previous year. Total income of the company rose 25.90% to Rs 13757 crore for quarter under review as against Rs 10927 crore in corresponding quarter previous year. The up-move got extended after India’s trade deficit narrowed to $10.14 billion in December from $17.59 billion a year earlier. Exports registered growth of 3.49% to $26.35 billion for the month of December, while imports during the same month contracted by 15.25 percent over at $ 36.49 billion as compared to $43.05 billion in December, 2012. Some support also came in after Economic Affairs Secretary Arvind Mayaram underscored that inflation is expected to come down in the coming months, but added that country would need to bridge the demand-supply gap of essential food items to keep prices under check in the long run. Firm opening in European counters too supported the sentiments, however Asian equity benchmarks exhibited mixed trend. Back home, frontline gauges pared most of their intra-day gains on sell-off in banking shares after IndusInd bank reported a rise in its net performing assets (NPAs) for the third quarter ended December 31. The bank’s gross NPAs for the quarter under review stood at 1.18%, as compared to 0.99% in the same quarter of the previous year. Besides, bank’s Net NPA stood at 0.31% during the quarter as compared to 0.30% in the corresponding quarter last year. Some concern also came in on report that global rating agency Moody’s cautioning that low growth and high inflation could weaken the country’s debt profile and raise financing cost. Finally, the BSE Sensex gained 45.12 points or 0.22%, to settle at 20758.49, while the CNX Nifty added 3.10 points or 0.05% to settle at 6,171.45.