Copper futures decline on Monday

Copper futures declined on Monday after the report of decline Chinese manufacturing .Fed’s decision to further trim its stimulus program too was weighing down the prices of red metal. However, tight supply in China and on hopes of the US economy gaining speed and steady local demand, capped some losses to some extent.

Copper futures for May delivery edged down 0.29% at $3.061 a pound on the Comex metals division of New York Mercantile Exchange.

CARE assigns ratings to Oriental Hotels’ bank facilities

Credit rating agency, CARE has assigned ‘A+’ rating to Oriental Hotels’ long term bank facilities worth Rs 100 crore. The rating assigned to bank facilities of Oriental Hotels (OHL) derives strength from the longstanding track record of operations of the company with two well-established properties in Chennai, benefits derived from being part of the Taj group including the synergy of operations with the Indian Hotels Company (IHCL) & its associates and demonstrated funding support from the group.

Oriental Hotels (OHL) is a Taj group hotel arm. The Group’s principal activities are to own and operate hotels and restaurants.

ABB India inches up on reporting 20% jump in Q1 net profit

ABB India is currently trading at Rs. 835.00, up by 0.30 points or 0.12% from its previous closing of Rs. 834.70 on the BSE. The scrip opened at Rs. 839.90 and has touched a high and low of Rs. 850.75 and Rs. 827.65 respectively. So far 12494 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 869.90 on 02-Apr-2014 and a 52 week low of Rs. 448.10 on 30-Aug-2013. Last one week high and low of the scrip stood at Rs. 860.05 and Rs. 811.00 respectively. The current market cap of the company is Rs. 17659.38 crore. The promoters holding in the company stood at 75.00%, while Institutions and Non-Institutions held 16.60% and 8.40% respectively. The company has posted a rise of 20.01% in its net profit at Rs 51.68 crore for the quarter ended March 31, 2014 as compared to Rs 43.06 crore for the same quarter in the previous year. However, total income of the company has decreased by 7.75% at Rs 1828.84 crore for quarter under review as compared to Rs 1982.61 crore for the quarter ended March 31, 2013. ABB is a leader in power and automation technologies that enable utility and industry customers to improve their performance while lowering environmental impact. The ABB Group of companies operates in around 100 countries and employs more than 150,000 people.

Cummins INC sells 32.21 lakh shares of KPIT Technologies

Cummins INC has sold 32.21 lakh shares of KPIT Technologies through the open market route. The shares were sold on an average price of Rs 170 valuing the transaction to Rs 54.77 crore. On the other hand, Apax Partners Europe Managers A/C PCV LUX SCA has bought 32.58 lakh shares in the company for an average price of Rs 169.99, through open market route valuing the transaction at Rs 55.39 crore. KPIT Technologies is one of the fastest growing global product engineering and IT consulting partners, focused on co-innovating domain intensive technology solutions for automotive & transportation, manufacturing and energy & utilities corporations.

Deepak Fertilizers gains on upping ante for Mangalore Chemicals

Deepak Fertilisers & Petrochemicals Corporation is currently trading at Rs. 134.85, up by 0.45 points or 0.33% from its previous closing of Rs. 134.40 on the BSE. The scrip opened at Rs. 135.05 and has touched a high and low of Rs. 137.25 and Rs. 134.85 respectively. So far 5802 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 135.90 on 30-Apr-2014 and a 52 week low of Rs. 81.20 on 01-Aug-2013. Last one week high and low of the scrip stood at Rs. 135.90 and Rs. 125.50 respectively. The current market cap of the company is Rs. 1193.85 crore. The promoters holding in the company stood at 45.46 % while Institutions and Non-Institutions held 17.33 % and 37.20 % respectively. 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.

Finance Ministry allays fears of US stimulus withdrawal on FDI

In an attempt to allay fears that FDI inflow would be reversed with the withdrawal of the Quantitative Easing (QE) measures in the USA, a Finance Ministry report has highlighted that India still remains an attractive destination on its own and was the third most preferred nation for FDI since 2010. The report by the finance ministry further pointed that notable liberalizations in FDI policy and several sectors, a globally competitive workforce, a rapid GDP growth rate and rapidly growing market were the growth drivers for FDI in the country. It added that India’s attractiveness on its own merits was announced by the astonishing growth rate of 9.3% in the year just next to 2009, the year of the global meltdown. The US Fed had been buying bonds worth $80 billion a month to stimulate the American economy after the 2009 global financial crisis. It has now started reducing the amount in a phased manner prompting concerns that the move will curtail investments into countries like India. Though, global capital markets and international currencies in several countries, including India, witnessed knee-jerk reactions after news of QE being trimmed by the US Federal Reserve first surfaced last year, after that some sense of stability has been regained. FDI into India, estimated as the sum total of equity inflows, reinvested earnings and other capital, was $46.55 billion in 2011-12 and $34.29 billion in the following fiscal. In 2013-14, the inflows stood at $28.8 billion for the period of April-January.

Shalimar Paints is on expansion spree

Shalimar Paints is on a major expansion and diversification drive. The 112-year-old paint-maker, which has a dominant market share in paints for industrial applications, plans to give special thrust to consumer products and step up its retail presence with a new brand. In this regard, the company will commission Rs 55-crore plant near Chennai later this year.

Shalimar Paints is one of the leading paints manufacturing companies in India. The company has three manufacturing facilities located Howrah, Nasik and Sikandrabad.

ABB India reports 20% jump in Q1 net profit

ABB India has reported results for the first quarter ended March 31, 2014 The company has posted a rise of 20.01% in its net profit at Rs 51.68 crore for the quarter ended March 31, 2014 as compared to Rs 43.06 crore for the same quarter in the previous year. However, total income of the company has decreased by 7.75% at Rs 1828.84 crore for quarter under review as compared to Rs 1982.61 crore for the quarter ended March 31, 2013. ABB is a leader in power and automation technologies that enable utility and industry customers to improve their performance while lowering environmental impact. The ABB Group of companies operates in around 100 countries and employs more than 150,000 people.

SAIL reports 14% growth in sales in month of April

Steel Authority of India (SAIL) has registered a growth of 14% in sales in the month of April 2014, with 8.1 lakh tonnes (LT) sales, including 66% increase in exports as compared to April 2013. The hot metal production stood at 1.22 million tonnes (MT) was up by 6 % and crude steel production at 1.14 MT was up by 4 % over SMLY. The company expects that it will attain a double-digit growth level both in production and sales in 2014-15 and will play a key role in India becoming the 2nd largest steel producing country in the world in coming years. SAIL is India's largest steel producing company. With a turnover of Rs 49,350 crore, the company is among the five Maharatnas of the country's Central Public Sector Enterprises. SAIL has five integrated steel plants, three special plants, and one subsidiary in different parts of the country.

Richa Industries diversifies in Turnkey Solution for PEB Steel Structured Buildings

Richa Industries has diversified in the area of taking Turnkey solutions for Pre-Engineered Steel Building (PEB) with a vision to offer cost effective, high quality and high tech building solutions. The objective of this division is to provide the total Turnkey Project Solution i.e PEB-Civil combination, providing the need Of Structure and Super Structure including all activities beginning with Land Mapping & Survey up to complete interiors of office building & Land scaping. This facility will enable the customer to off -load the entire responsibility of completing the project to Richa for completion in a time-bound manner. Richa Industries is an established ISO 9001:2008 certified Conglomerate Company, ranked 208 in India Inc, top 500 best mid-size companies, operational in Textile and Pre- engineered Building (PER) sectors.