Binny to diversify into real estate sector

Binny has decided to diversify into real estate development, commodity trading and power. In this regard, the company has received its board’s approval to acquire a 37 MW wind farm from Mohan Breweries and Distilleries, which has made an offer price of Rs 120 crore. Binny will make an advance payment up to 25 per cent of the offer price and will finalise details of the transaction. It will seek statutory clearances before proceeding with the deal. Mohan Breweries will refund the advance if the deal does not go through. At present, Binny is engaged in the business of marketing textiles goods, marketing engineering and other products, shipping related business, operating cold storage at Cochin, travel agency business approved by IATA and TAI, real estate and Container Freight Station.

Hero MotoCorp gains on reporting 14% surge in April sales

Hero MotoCorp is currently trading at Rs 2197.00, up by 2.55 points or 0.12% from its previous closing of Rs 2194.45 on the BSE. The scrip opened at Rs 2205.05 and has touched a high and low of Rs 2205.05 and Rs 2183.80 respectively. So far 1254 shares were traded on the counter. The BSE group 'A' stock of face value Rs 2 has touched a 52 week high of Rs 2320.00 on 07-Apr-2014 and a 52 week low of Rs 1565.95 on 25-Jun-2013. Last one week high and low of the scrip stood at Rs 2222.00 and Rs 2141.00 respectively. The current market cap of the company is Rs 43820.42 crore. The promoters holding in the company stood at 39.92% while Institutions and Non-Institutions held 38.83% and 21.25% respectively. Hero MotoCorp, the country’s largest two-wheeler maker has reported a 14.41% increase in its total sales at 5,71,054 units in April 2014, as compared to 4,99,113 units sold in the same month last year. The sales of over 5.71 lakh units in April is the result of a series of initiatives that the company has undertaken in the past few months, including new launches, customer-friendly initiatives and brand building activities. Hero MotoCorp is the World’s single largest two-wheeler motorcycle company. Honda Motor Company of Japan and the Hero Group entered a joint venture to setup Hero Honda Motors in 1984. Hero Honda Motors changed its name to Hero MotoCorp following the exit of its erstwhile Japanese promoter, Honda, from the company.

Mahindra Centuro launches new campaign featuring unique Anti-Theft System

Mahindra Two Wheelers (MTWL), part of the $ 16.7 billion Mahindra Group - one of India’s leading automotive giant and most respected business houses, has launched its new television commercial for its popular motorcycle, the Mahindra Centuro. It is an engaging sequel to the Centuro launch film released last year featuring the same macho, tough, confident Centuro man. The new campaign showcases the sensuous girl’s second attempt at trying to get to him; only to be thwarted by the Centuro’s unique advanced features like the internationally patented Anti-Theft Alarm (with Engine Immobilizer) operated by the encrypted Remote Flip Key. Mahindra & Mahindra (M&M) is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.

TATA MF introduces FMP Series 47 Scheme L (369 Days)

TATA Mutual Fund has launched the New Fund Offer (NFO) of TATA Fixed Maturity Plan Series 47 Scheme L (369 Days), a close ended income scheme. The NFO opens for subscription on May 05, 2014 and closes on May 12, 2014. No entry load or exit load will be applicable for the scheme. The minimum subscription amount is Rs 5000.

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 a scheme. The maturity of all investments shall be equal to or less than the maturity of a scheme

Sundaram MF introduces Top 100 Series I (3 years)

Sundaram Mutual Fund has launched the New Fund Offer (NFO) of Sundaram Top 100 Series I (3 years), a close ended income scheme. The NFO opens for subscription on May 05, 2014 and closes on May 23, 2014. No entry load or exit load will be applicable for the scheme. The minimum subscription amount is Rs 5000.

The scheme’s performance will be benchmarked against CNX 100 and its fund manager is J Venkatesan.

The investment objective of the scheme is to generate capital appreciation from a portfolio that is substantially constituted of equity securities specified as eligible securities for Rajiv Gandhi Equity Savings Scheme, 2012. The Scheme may also invest a certain portion of its corpus in cash & cash equivalent and money market instruments from time to time.

Gold futures surge on Ukrainian crisis

Gold futures surged on Monday as the heightened tensions and violence in Ukraine burnished the precious metal's safe-haven appeal. However, the gains were capped on the back of some outflows from the top gold fund.

Gold futures for June delivery edged up 0.20 percent at $1,305.50 an ounce on the Comex division of the New York Mercantile Exchange. While spot gold was flat at $1,300.33 an ounce.

Force Motors’ LCV production stood at 943 units in April 2014

Force Motors, a Pune-based commercial vehicle maker, has reported the production, sales and export of the products manufactured by the company during the month of April 2014. The company’s production of Small Commercial Vehicles (SCV), Light Commercial Vehicles (LCV), Utility Vehicles & Sports Utility Vehicles (UV & SUV) and Tractors stood at 44 units, 943 units, 784 units and 362 units respectively.

The company’s domestic sales for SCV, LCV, UV & SUV and Tractor stood at 32 units, 1152 units, 748 units and 336 units respectively, while the company has exported 42 units of SCV in month of April 2014.

Force Motors is a fully vertically integrated automobile company, with expertise in design, development and manufacture of the full spectrum of automotive components, aggregates and vehicles.

Deepak Fertilisers raises open offer price for acquiring 26% stake in MCFL

Deepak Fertilisers & Petrochemicals has raised the open offer price to Rs 63 per share, aggregating Rs 194.12 crore, for acquiring another 26 per cent stake in Vijay Mallya-promoted Mangalore Chemicals and Fertilizers (MCFL). Earlier as on April 23, 2014, company’s - wholly owned subsidiary - SCM Soilfert (SSL), had acquired 10,01,309 equity shares of face value of Rs 10 each representing 0.84% of share capital of MCFL. Consequent to the said purchase, SSL now holds 2,99,92,459 equity shares i.e. 25.31% in MCFL. Deepak Fertilisers & Petrochemicals is one of the leading manufacturers of industrial chemicals and fertilisers in India. The company operates in three business segments - chemicals, fertilisers and real estate.

Saraswat Bank transfers loans obtained by Dhanada Corporation to Phoenix ARC

Saraswat Co-op Bank has absolutely assigned and transferred unto and in favour of the Phoenix ARC Private all facilities / loans obtained by Dhanada Corporation from Saraswat Co-op Bank together with all underlying securities, interests thereto and all rights, title, interests in all agreements, deeds and documents in connection with the facilities / loans. The company has received a letter from Saraswat Co-op Bank and Phoenix ARC, Trustee of Phoenix Trust pursuant to the Assignment Agreement made between the aforesaid parties. Similar letters are also received by the subsidiary of the company, Dhanada Engineering Private. The management is taking every effort to remedy the situation as early as possible.

Reliance Capital gains on reporting marginal rise in Q4 consolidated net profit

Reliance Capital is currently trading at Rs. 353.70, up by 4.55 points or 1.30% from its previous closing of Rs. 349.15 on the BSE. The scrip opened at Rs. 352.00 and has touched a high and low of Rs. 355.85 and Rs. 351.50 respectively. So far 56,000 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 407.00 on 09-Dec-2013 and a 52 week low of Rs. 290.00 on 28-Aug-2013. Last one week high and low of the scrip stood at Rs. 380.65 and Rs. 347.40 respectively. The current market cap of the company is Rs. 8,649.00 crore. The promoters holding in the company stood at 54.14% while Institutions and Non-Institutions held 25.65% and 19.95% respectively. Reliance Capital has posted a fall of 77.08% in its net profit at Rs 16.50 crore for the quarter ended March 31, 2014 as compared to Rs 72.00 crore for the same quarter in the previous year. However, total income of the company increased by 9.78% to Rs 808.00 crore for quarter under review as compared to Rs 736.00 crore for the quarter ended March 31, 2013. On consolidated basis, the company has reported 0.75% rise in its net profit at Rs 267.00 crore for the quarter ended March 31, 2014 as compared to Rs 265.00 crore for the same quarter in the previous year. Total income of the company has increased by 9.28% at Rs 1848.00 crore for quarter under review as compared to Rs 1691.00 crore for the quarter ended March 31, 2013. For the year ended March 31, 2014, the company has posted a fall of 38.22% in its net profit at Rs 409.00 crore as compared to Rs 662.00 crore in the previous year. Total income of company has dipped by 91.59% at Rs 325.40 crore for year under review as compared to Rs 3868.00 crore in the previous year. For the year ended March 31, 2014, on the consolidated basis, the company has posted a fall of 8.00% in its net profit at Rs 747.00 crore as compared to Rs 812.00 crore for the same period in the previous year.  However ,total income of company has increased by 0.33% at Rs 7544.00 crore for year under review as compared to Rs  7519.00 crore in the previous fiscal.