Physical Rubber prices declined on Monday

Physical rubber prices declined on Monday there were no genuine buyers even at lower levels as major consuming industries stayed away as they had ample imported stocks Spot prices for RSS-4 variety declined to Rs 140 compared to its previous closing of Rs 144; while the RSS-5 variety closed at Rs 136 compared to its previous closing of Rs 140. In the futures market, contract of May delivery dropped to Rs 138.09 compared to its previous close of Rs 143.84, while June delivery closed at Rs 140.51 compared to its previous closing of Rs 146.36 on the National Multi Commodity Exchange (NMCE)

Unitech trades jubilantly on plan to increase its construction spending

Unitech is currently trading at Rs. 16.98, up by 0.81 points or 5.01% from its previous closing of Rs. 16.17 on the BSE. The scrip opened at Rs. 16.30 and has touched a high and low of Rs. 17.10 and Rs. 16.25 respectively. So far 4708481 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 31.50 on 20-May-2013 and a 52 week low of Rs. 10.86 on 04-Mar-2014. Last one week high and low of the scrip stood at Rs. 17.20 and Rs. 15.40 respectively. The current market cap of the company is Rs. 4392.77 crore. The promoters holding in the company stood at 48.00% while Institutions and Non-Institutions held 29.54% and 22.45% respectively. In a bid to deliver at least six million sq ft of developed area this financial year, Unitech is planning to increase its construction spending. The company has nine million sq ft of delivery pending from the before 2009, when the economy started slowing. Overall, it has 12 million sq ft due for delivery. Unitech is not the only company that has failed to deliver residential units on time. According to estimates, 200,000-300,000 units are pending for delivery from all developers in the country because of the slowdown and a shortage of funds. Unitech, being one of the leading real estate companies, has several business segments relating to residential, commercial, Information Technology (IT) parks, retail, amusement parks, etc, with over four decades of achievement and continues to be a prominent player with high degree of quality and affordable real estate in the Indian market space.

IOC strengthens on buying million barrels of West African crude oil

Indian Oil Corporation (IOC) is currently trading at Rs. 273.85, up by 7.85 points or 2.95% from its previous closing of Rs. 266.00 on the BSE. The scrip opened at Rs. 266.55 and has touched a high and low of Rs. 274.50 and Rs. 265.60 respectively. So far 58936 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 320.45 on 16-May-2013 and a 52 week low of Rs. 186.20 on 31-Jul-2013. Last one week high and low of the scrip stood at Rs. 274.20 and Rs. 259.00 respectively. The current market cap of the company is Rs. 66550.18 crore. The promoters holding in the company stood at 68.57 % while Institutions and Non-Institutions held 6.97 % and 24.46 % respectively. Indian Oil Corporation (IOC) has purchased three million barrels of West African crude oil via a tender for June lifting, including a rare purchase of Nigeria’s Okwuibome grade. The company has bought million barrels of Okwuibome oil from trader Glencore as a trial cargo for processing at some of its own plants. Further, the company bought a very large crude carrier containing about a million barrels each of Nigeria’s Zafiro and Qua Iboe grades. IOC, along with subsidiary Chennai Petroleum, controls about 31% of India's oil refining capacity of 4.3 million bpd.

CARE reaffirms ratings of Accel Frontline’s bank facilities

Credit rating agency, CARE has reaffirmed ‘BB’ rating to Accel Frontline’s long term bank facilities worth Rs 79.25 crore which was enhanced from Rs 77.00 crore and ‘A4’ rating to company’s Short term Bank Facilities worth Rs 93 crore. The ratings continue to be constrained by the elevated financial risk profile of Accel Frontline marked by muted growth in sales, lower profitability, continued tight liquidity position on account of increased exposure to group companies as well as stretched collection period. Accel Frontline is one of the leading IT Services Company and an end-to-end IT solutions provider specializing in IT Infrastructure services, software solutions and warranty management services. It employs over 2000 skilled IT professionals and serves over 500 customers.

FIIs cut stake in Cipla to 23.32% during Q4 FY14

Foreign Institutional Investors (FIIs) have reduced their stake in Cipla to 23.32% during Q4 FY14 from 23.79% as on December 31, 2013. On the other hand, domestic institutional investors’ (DIIs) shareholding went up to 11.43% at the end of March 2014 quarter from 10.60% as on December 31, 2013. Under DIIs, Insurance companies held maximum stake of 6.73%, followed by mutual funds / UTI (4.43% stake) and financial institutions / banks (0.27% stake). Meanwhile, promoter and promoter group shareholding was unchanged at 36.80% at the end of March 2014 quarter. Cipla is a global pharmaceutical company which uses cutting edge technology and innovation to meet the everyday needs of all patients. For more than 70 years, Cipla has emerged as one of the most respected pharmaceutical names in India as well as across more than 170 countries.

Hindustan Zinc’s Q4 net profit dips by 13%

Hindustan Zinc has reported results for the fourth quarter and year ended March 31, 2014 The company has posted a fall of 13.14% in its net profit at Rs 1,881.20 crore for the quarter ended March 31, 2014 as compared to Rs 2,165.81 crore for the same quarter in the previous year. Total income of the company has decreased by 1.81% at Rs 4,231.34 crore for quarter under review as compared to Rs 4,309.69 crore for the quarter ended March 31, 2013. For the year ended March 31, 2014, the company has posted a marginal rise of 0.07% in its net profit at Rs 6,904.62 crore as compared to Rs 6,899.48 crore for the same period in the previous year. Total income has increased by 5.66% at Rs 15,535.43 crore for year under review as compared to Rs 14,703.03 crore for the period ended March 31, 2013.

ICRA reaffirms ratings of Biocon’s bank facilities

Credit rating agency, ICRA has reaffirmed the ‘AA+’ rating outstanding on the Rs 20 crore fund based facilities and Rs 27 crore non-fund based facilities of Biocon. The outlook on the long term rating is stable. The rating agency has also reaffirmed the ‘A1+’ rating outstanding on the Rs 203 crore (inter fund based changeable) facilities of Biocon.    The reaffirmation in ratings continues to take into account the company’s strong business profile with an integrated presence spanning research and development (R&D), manufacturing and marketing, the company’s comfortable financial position and its diversified revenue stream. Biocon is India’s largest and Asia's leading biotechnology company with a strategic focus on biopharmaceuticals and research services. It is a fully integrated, innovation-driven biopharma enterprise offering affordable solutions for chronic diseases to patient's worldwide.

Coriander futures trade lower on profit booking

Coriander futures traded down on NCDEX as speculators booked profits at existing higher levels amid fall in spot market demand. Further, traders expected fresh arrivals are likely to gain momentum in the coming days due to strong supplies in Ramganj mandi also influenced the price in future trade. The contract for May delivery was trading at Rs 9666.00, up by 0.76% or Rs 74.00 from its previous closing of Rs 9740.00. The open interest of the contract stood at 40170.00 lots. The contract for June delivery was trading at Rs 9877.00, up by 0.76% or Rs 76.00 from its previous closing of Rs 9953.00. The open interest of the contract stood at 27870.00 lots on NCDEX.

No non-compete clause in acquisition of existing pharma companies: RBI

The non-compete clause will not be applicable in acquisition of existing pharma companies by foreign entities or investors except in certain special cases with the approval of the Foreign Investment Promotion Board (FIPB), the Reserve Bank of India (RBI) said in a notification. Under a non-compete clause, a party cannot enter into a similar trade in competition against another party as part of a deal. The RBI’s notification follows revision of the existing FDI policy for pharmaceutical industry by the government in January' 2014. At present, India permits 100 percent FDI in pharmaceutical sector through automatic approval route in the new projects but in case of brownfield or existing projects, foreign investments are allowed only through FIPB's approval. Presently, several global pharma companies are looking to buy stake in existing Indian firms on the back of their strong growth prospect in future. Foreign direct investment (FDI) in the pharma sector has more than doubled to $1.26 billion during April-December’ 2014 as comparison to $589 million in the April-December period of 2012-13 amid increasing acquisitions of domestic firms by multinationals. Around 90 percent of the total FDI in the sector has come into brownfield pharma. However, low FDI in new pharma project has become a cause of concern for the government.

Turmeric futures decline on weak domestic demand

Turmeric futures declined on NCDEX as participants offloaded their positions due to weak demand in the domestic markets amid adequate stocks. However, improved exports inquiries and a slight drop in supply of the yellow spice also dampened the sentiments. The contract for May delivery was trading at Rs 6866.00, down by 0.26% or Rs 18.00 from its previous closing of Rs 6884.00. The open interest of the contract stood at 11240.00 lots. The contract for June delivery was trading at Rs 6994.00, down by 0.26% or Rs 18.00 from its previous closing of Rs 7012.00. The open interest of the contract stood at 3620.00 lots on NCDEX.