Coriander futures decline on profit booking

Coriander futures traded down on NCDEX due to subdued demand in the spot market against higher supplies from producing belts. Moreover, speculators booked profits at existing higher levels mainly pulled down coriander prices at futures trade. The contract for June delivery was trading at Rs 9507.00, down by 0.52% or Rs 50.00 from its previous closing of Rs 9557.00. The open interest of the contract stood at 16020.00 lots. The contract for July delivery was trading at Rs 9859.00, down by 0.41% or Rs 41.00 from its previous closing of Rs 9900.00. The open interest of the contract stood at 31110.00 lots on NCDEX.

NMDC ups iron ore lumps prices by 7% in June

National Mineral Development Corporation (NMDC), a state-run iron ore miner, has increased iron ore lumps prices for the month of June by 7%. Besides, it has also upped the iron ore fine prices for the month under review by 8.6%.

Earlier, state-owned company, after keeping prices unchanged for two months, in the month of May slashed prices of iron ore lumps, considered high grade due to rich iron content, by Rs 200 per tonne in May due to continuing weak demand. In March and April, the company had kept its prices unchanged while it had raised the rates of iron ore fines by Rs 100 per tonne in February.

NMDC is a state-controlled mineral producer of the Government of India. It is fully owned by the Government of India and is under administrative control of the Ministry of Steel.

Glenmark Pharma’s subsidiary opens antibody manufacturing facility in Switzerland

Glenmark Pharmaceuticals’ wholly owned subsidiary, Glenmark Pharmaceuticals S.A (GPSA), has inaugurated new cGMP compliant monoclonal antibody manufacturing facility in La Chaux-de-Fonds, Switzerland. This manufacturing facility supplements Glenmark's existing in-house discovery and development capabilities and will supply material for clinical development. Glenmark Pharma’s Swiss research center, which is an integrated antibody discovery and development unit, has fully developed in-house capabilities and infrastructure for conducting antibody discovery, cell line development, in vitro testing and characterization of antibodies, process development and analytical research. Further, this new facility supplements the research and development capabilities and will facilitate production of clinidal grade material. The facility has been designed for use of single use bioreactor systems and also houses a suite for manufacturing cell banks. The facility is fully compliant with quality, environmental and safety standards for manufacturing clinical trial material. Glenmark’s biologics research center in Switzerland has a robust pipeline of monoclonal antibodies in various stages of development including bio-specific antibodies. The focus for the biologics R&D center is to develop hovel biologic entities for the treatment of pain, inflammatory, oncologic and respiratory conditions. The company currently has 69 employees at its biologic research center.

Welspun Corp’s promoters acquire entire stake held by Mulheim in the company

Welspun Corp’s promoter group entities -- Welspun Infra Developers and Welspun Fintrade -- have acquired the entire equity shareholding held by Mulheim Pipecoatings GmbH (a Co-promoter) in Welspun Corp, constituting 3.124% equity shareholding in Welspun Corp, at a per share price of Rs 85.25 per equity share, by way of a block deal on the designated trading window of the Bombay Stock Exchange (BSE).

Welspun Corp is currently in four businesses viz Line Pipes, Energy, Infrastructure & Steel and enjoys a global leadership position in the first two businesses. It may be recalled that Welspun Corp is already in advanced stages of demerging the parts of its business other than Line Pipes into Welspun Enterprises through a court process.

Tata Motors inks pact with eBay India to sell branded merchandise

Tata Motors has inked pact with e-commerce player eBay India to sell branded merchandise of its sports utility vehicle Tata Safari Storme online. The brand store will showcase merchandise inspired from the SUV brand exclusively for over 2.1 million active eBay consumers in India. Through this pact, eBay India consumers from over 4,306 cities, towns and villages in the country will now be able to access exclusive Tata Safari Storme merchandise, from clothing to travel and camping gear. The Safari Storme online store will sell branded products, including leather key-chains, trekking bags, t-shirts, camping Swiss knives, magnetic compass and other gear. Tata Motors is India's largest automobile company, is the leader in commercial vehicles in each segment, and among the top in passenger vehicles with winning products in the compact, midsize car and utility vehicle segments. It is also the world's fourth largest truck and bus manufacturer.

BPCL to open office in Singapore to participate in crude oil trading

In a bid to expand its global reach and participate in crude oil trading, Bharat Petroleum Corporation (BPCL) is planning to open an office in Singapore. The Singapore office will also help the company trade in energy derivatives, international financing and other joint ventures that the company may plan in the future. Moreover, the trading desk at Singapore would allow the company to enhance its information gathering on crude oil and ensure flexibility. BPCL is into exploration, production and retailing of petroleum and petrol related products. The retail business unit of BPCL is into marketing of petrol, diesel and kerosene.

BF Utilities set to raise Rs 500 crore via equity route

BF Utilities is set to raise Rs 500 crore through the equity route. The company is looking to raise the amount to fund the completion of the first phase of the expressway, which has been in the works for nearly past two decades due to scores of land acquisition problems. In addition to completion of the 12 kilometres of the expressway under the first phase, the company is also expected to deploy the fresh resources to start the development of the township along the expressway, as and when the Courts clear the compensation play to land holders. BF Utilities is engaged in power generation through wind mill technology. The company was set up to satiate the power requirements of the Kalyani Group companies, which have business interests in areas of steel making, forging, machining, etc.

Physical rubber prices ruled flat on Tuesday

Physical rubber prices ruled flat on Tuesday following the news that above 30,000 tonnes of rubber had been imported during May. Spot prices for RSS-4 and RSS-5 variety closed unchanged at Rs 145/ kg and Rs 143/ kg respectively. In the futures market, contract of June delivery inched up to Rs 144.01 compared to its previous close of Rs 143.96, while July delivery closed at Rs 142.77 compared to its previous closing of Rs 142.17 on the National Multi Commodity Exchange (NMCE).

Jet Airways receives ‘On Time Airline -- Domestic’ award

Jet Airways, India’s premier international airline, wins ‘On Time Airline -- Domestic’ award, at BIAL Pinnacle Awards 2014 held in Bengaluru. The Pinnacle Awards 2014, instituted by Bangalore International Airport (BIAL), is based on a structured selection process, that seeks to acknowledge and reward performance excellence amongst the various airport stakeholders. Jet Airways currently operates a fleet of 112 aircraft, which include 10 Boeing 777-300 ER aircraft, 8 Airbus A330-200 aircraft, 4 Airbus A330-300 aircraft, 72 next generations Boeing 737-700/800/900/900 ER aircraft and 15 ATR 72-500 and 3 ATR72-600.

Wipro unveils Demand Management Rapid-Deployment Solution for SAP HANA

Wipro, a leading Global Information Technology, Consulting and Outsourcing company and an SAP global services partner, has unveiled its Demand Management rapid-deployment solution (RDS) for the SAP HANA platform, which has been qualified by SAP. The solution combines SAP software and content with services from Wipro for a pre-configured solution to reduce risks and help clients achieve benefits quickly and affordably. Wipro’s Demand Management solution can be deployed rapidly to help customers get up and running quickly with SAP HANA. Wipro is a leading provider of analytics and information management solutions - enabling customers to derive actionable business insights from data to drive growth, enhance cost management and strengthen risk management.