HDFC trades in green on the bourses

HDFC is currently trading at Rs. 886.40, up by 1.45 points or 0.16% from its previous closing of Rs. 884.95 on the BSE. The scrip opened at Rs. 887.80 and has touched a high and low of Rs. 891.35 and Rs. 877.45 respectively. So far 34959 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 933.00 on 10-Apr-2014 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. 895.50 and Rs. 862.25 respectively. The current market cap of the company is Rs. 137951.08 crore.  The Institutions and Non-Institutions held 87.65% and 12.35% respectively. Housing Development Finance Corporation (HDFC), India’s largest housing finance company, has raised External Commercial Borrowing (ECB) of $300 million from a consortium of 4 lenders, State Bank of India (SBI), Sumitomo Mitsui Banking Corporation (SMBC), The Bank of Tokyo-Mitsubishi UFJ, and DBS Bank. The ECB which is in the form of a syndicated loan facility is a first by an Indian Housing Finance Company (HFC) under the low cost affordable housing scheme of Reserve Bank of India (RBI). SBI and SMBC are the original mandated lead arrangers and book runners, while The Bank of Tokyo-Mitsubishi UFJ and DBS Bank are mandated lead arrangers. The borrowing facility has a tenor of 5 years. The company has drawn-down the facility in February 2014 from the above consortium of lenders. The rate of interest on the facility is linked to USD Libor plus a spread of 1.75%. HDFC has swapped the facility in Indian Rupees for the entire tenor of the loan. Road shows shall be conducted by the lender banks in Taipei & Singapore in March 2014 to syndicate the facility and invite other international banks to participate in the facility. RBI in December 2012, permitted to HFCs/ NHB to raise ECBs for financing prospective owners of low cost affordable housing units. Low Cost Affordable Housing units have been defined as units where the property cost does not exceed Rs 30 lakhs, loan amount is capped at Rs 25 lakh and the carpet area does not exceed 60 square metres.

FIIs were net sellers of Rs 860.19 crore in index futures and options segments on April 29

According to the data released by the NSE, the Foreign Institutional Investors (FIIs) were net sellers of Rs 860.19 crore in index futures and options segments as per Tuesday’s data, April 29, 2014. FIIs were sellers of index futures to the tune of Rs 427.56 crore and they sold index options worth Rs 432.63 crore. In the stock segment, FII’s were net sellers of stock futures worth Rs 690.51 crore, while they sold stock options worth Rs 1.40 crore.

Gold futures edge lower as US equities strengthen

Gold futures edged lower on Tuesday, tailing the rise in US equities as traders assessed data showing a gauge of US consumer confidence for April falling short of forecasts. Further dollar strengthened against a basket of major currencies ahead of the Federal Reserve's statement on monetary policy, which also influenced the precious metal price. Gold futures for June delivery settled down $2.70 to $1,296.30 an ounce on the Comex division of the New York Mercantile Exchange. While spot gold rose 14 cents to $1,295.74 an ounce.

Reliance MF files offer document for Dual Advantage Fixed Tenure Fund VI (Plan A - Plan F)

Reliance Mutual Fund has filed offer document with SEBI to launch a close ended hybrid scheme named as “Reliance Dual Advantage Fixed Tenure Fund VI (Plan A - Plan F)”. The New Fund Offer price is Rs 10 per unit. Entry and exit load charges will be nil for the scheme. The Minimum Target Amount of the scheme is Rs 20 crore. The scheme will be benchmarked against Crisil MIP Blended Fund Index. The minimum application amount is Rs.5000 and in multiples of Rs.10 thereafter. The investment objective of the scheme is to generate returns and reduce interest rate volatility, through a portfolio of fixed income securities that are maturing on or before the maturity of the Scheme along with capital appreciation through equity exposure.

Deutsche Mutual Fund files offer document for Global Top Dividend Fund

Deutsche Mutual Fund has filed offer document with SEBI to launch a Open Ended Overseas Fund of Funds scheme as “Deutsche Global Top Dividend Fund”. The New Fund Offer price is Rs 10 per unit. Entry load charges will be nil for the scheme and exit load 1% if redeemed/ switched out within 12 months from date of allotment. The Minimum Target Amount of the scheme is Rs 10 crore. The scheme will be benchmarked against MSCI World. The minimum application amount is Rs.5000 and in multiples of Rs.1 thereafter. The investment objective of the scheme is to generate long term capital growth from a diversified portfolio of units of overseas mutual funds that focus on high dividend yield companies.

Tata Chemicals gets nod for merger of Homefield International with itself

Tata Chemicals (TCL) has received an approval for scheme of amalgamation of Homefield International (Mauritius), a wholly owned subsidiary of the company with itself under the provisions of Companies Act, 1956. The High Court of Bombay vide its order dated March 7, 2014 has sanctioned for the same. Accordingly, in terms of the scheme, all assets and liabilities of Homefield International, under the provisions of Companies Act 1956, stands transferred to and vested in the company. As Homefield International is a wholly owned subsidiary, no shares of the company will be issued and allotted in lieu or exchange of the equity shares of Homefield International. Tata Chemicals, part of the Tata Group, is a leading manufacturer of chemicals, fertiliser and food additives. Tata Swach is a water purifier developed by Tata Chemicals.

CEAT eyeing to foray in business of sporting equipment

CEAT is eyeing to carry on the business of manufacture, distribution and sale of sporting equipment, which can conveniently and advantageously be combined with the existing business of the company. The board of directors at its meeting held on April 29, 2014, approved the proposed alteration in object clause of the Memorandum of Association (MOA) of the company, subject to the approval of the shareholders. CEAT is among the best tyre manufacturers in India. Besides tyres, the company also manufactures and markets tubes and flaps. It manufactures a wide range of tyres for two-wheelers, three-wheelers, four-wheelers, tractors and tippers and trucks.

TCS becomes exclusive certification provider for CDMI conformance testing by SNIA

Tata Consultancy Services (TCS), a leading IT services, consulting and business solutions organization, has been appointed as the only certification services and test provider for cloud data management interface (CDMI) conformance testing by the Storage Networking Industry Association (SNIA). The SNIA launched the CDMI conformance test program (CTP) for cloud vendors to provide interoperability standards for end users. Cloud storage companies will now be able to utilize TCS’ innovative CDMI Conformance Assurance Solution to ensure that their cloud storage products meet SNIA standards with greater efficiency, which leads to faster time-to-market, increased market share and less cost. TCS’ CDMI Conformance Assurance Solution tests cloud storage products for adherence to SNIA CDMI standards and reports issues that need to be fixed. With SNIA appointing TCS as the only certification services and test provider and offering support throughout the testing process, TCS’ solution empowers companies to deliver superior quality CDMI conformant products faster to the market. Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT, BPO, infrastructure, engineering and assurance services.

Dabur India gains on reporting 17% rise in Q4 consolidated net profi

Dabur India is currently trading at Rs. 178.80, up by 1.10 points or 0.62% from its previous closing of Rs. 177.70 on the BSE. The scrip opened at Rs. 178.50 and has touched a high and low of Rs. 179.00 and Rs. 178.25 respectively. So far 2,946 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 190.00 on 02-Apr-2014 and a 52 week low of Rs. 142.75 on 22-Aug-2013. Last one week high and low of the scrip stood at Rs. 182.40 and Rs. 177.00 respectively. The current market cap of the company is Rs. 31,196.00 crore. The promoters holding in the company stood at 68.64% while Institutions and Non-Institutions held 24.88% and 6.48% respectively. The company has posted a rise of 17.68% in its net profit at Rs 187.90 crore for the quarter ended March 31, 2014 as compared to Rs 159.67 crore for the same quarter in the previous year. Total income of the company increased by 14.09% at Rs 1280.90 crore for quarter under review as compared to Rs 1122.74 crore for the quarter ended March 31, 2013. On consolidated basis, the company has reported 17.32% rise in its net profit at Rs 235.29  crore for the quarter ended March 31, 2014 as compared to Rs 200.55 crore for the same quarter in the previous year. Total income of the company went up by 15.56% at Rs 1812.75 crore for quarter under review as compared to Rs 1568.61 crore for the quarter ended March 31, 2013. For the year ended March 31, 2014, the company has posted a jump of 13.73% in its net profit at Rs 672.10 crore as compared to Rs 590.98 crore for the same period in the previous year. Total income of company improved by 12.06% at Rs 4979.65 crore for year under review as compared to Rs 4443.62 crore for the period ended March 31, 2013. For the year ended March 31, 2014, on the consolidated basis, the company has posted a rise of 19.71% in its net profit at Rs 913.92 crore as compared to Rs 763.42 crore for the same period in the previous year. Total income of company has increased by 15.10% at Rs 7225.89 crore for year under review as compared to Rs 6277.96 crore for the period ended March 31, 2013.

Markets to get some recovery with a positive start

The Indian markets declined further and major indices witnessed cut of over half a percent on profit booking and some disappointing earnings announcements in last session. Today, the start is likely to be in green and markets may get some recovery after their continuous drubbing. Traders will be getting some support with an Assocham CEO survey of which around 50 per cent of Indian CEOs said they are optimistic about the Indian economy, and expect it to be stronger in the next six months. Though, there will be some concerns as well, the global credit ratings agency Crisil has said that government’s efforts to narrow fiscal deficit since last two years by expenditure cuts has resulted in lower productive spending, and the new government would find it challenging to give it a boost. Meanwhile, Prime Minister Manmohan Singh will meet the full-time members of the Planning Commission to take stock of the economy and progress of development works undertaken during the UPA regime. Mobile operators will keep buzzing, as they will be able to offer 3G services across the country, with the telecom tribunal holding their roaming pacts to be valid. There will be lots of result announcements too, to keep the market momentum going. Arss Infra Projects, Everest Inds, IDBI Bank, JSW Energy, Kansai Nerolac, Marico, Merck, Oriental Bank, Petronet LNG, Sterlite Tech and Walchandnagar are among many to announce their numbers. The US markets strengthened in last session on the back of some upbeat earnings announcements; however there was weak consumer confidence data that capped the further gains of the market. Asian markets have mostly made a positive start ahead of the Bank of Japan and Federal Reserve report on monetary policy. Back home, extending their southward journey for third consecutive session, Indian equity benchmarks ended the Tuesday’s trade near day’s lows on geo-political tension over Ukraine. Selling was both brutal and wide-based as, barring consumer durables; none of sectoral indices on BSE could manage a green close. Counters, which featured in the list of worst performers, were metal, banking, auto and power. After getting a promising start, frontline gauges slipped into negative terrain, as markets participants turned cautious on report that foreign investors sold index futures worth Rs 1170 crore over the previous two sessions. Selling got intensified in last leg of trade as investors remained pessimistic on India Meteorological Department’s (IMD) announcement that the country will likely get below-normal levels of monsoon rain this year. Moreover, the Reserve Bank of India has warned that El Nino can impact the yield, which could further trigger the inflation rate above 8.5 per cent and may result in hiking rates further. On the global front, European markets made a positive start, while the Asian markets shut shop mostly in the green. Back home, mining stocks remained under pressure during the trade on report that the Supreme Court may go for a Goa-like mining ban in Odisha for a period of three months, to allow the state government to sort out illegalities in the mining sector and grant fresh leases.  Additionally, Railway stocks such as Titagarh Wagons, Kalindee Rail Nirman and Kernex Microsystems plunged by over 10% due to profit-booking. Railway stocks had witnessed a sharp run-up in the past few trading sessions on expectations that these companies would bag orders from the new government. On the flip side, telecom stocks grabbed some limelight after the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) cleared the 3G intra-circle roaming agreements signed between Bharti Airtel, Vodafone India and Idea Cellular, saying the pacts didn't violate any license conditions and also quashed the penalties levied on the three operators by the telecom department (DoT). Finally, the BSE Sensex plunged by 165.42 points or 0.73%, to 22466.19, while the CNX Nifty declined by 46.00 points or 0.68% to 6,715.25.