Adani Ports hits record high on JV with France's CMA CGM

Adani Ports and Special Economic Zone signed an agreement with the CMA CGM Group of France to develop a new comman user container terminal at Mundra Port.

Buying continued in shares of Adani Ports and Special Economic Zone  , the largest port developer in India, after it signed an agreement with the CMA CGM Group of France to develop a new comman user container terminal at Mundra Port. The stock gained as much as 2.7 percent intraday to touch a record high of Rs 282.50 Monday.

 "This will be the fourth container terminal in Mundra capable of handling 1.3 million TEUs (twenty-foot equivalent unit) annually," the company says in its filing. The project, which comprises of design and construction of a 650 meters terminal along with 27 hectares of back area with a water depth of 16.5 meters, will be completed in 24 months.


This 50:50 JV partnership further augments APSEZ’s existing two container handling locations at Mundra and Hazira along with its already announced two container terminals to be constructed at Ennore in Chennai and Dhamra in Odisha. The transaction is subject to approvals from the regulators as maybe required including the competition commission of India, MoCI and the GMB, says the company.

Tata Motors surges as its arm JLR trims its Jaguar XJ cost by 30%

Tata Motors is currently trading at Rs. 475.45, up by 7.00 points or 1.49% from its previous closing of Rs. 468.45 on the BSE.

The promoters holding in the company stood at 34.33% while Institutions and Non-Institutions held 36.89% and 7.53% respectively.

Tata Motors’ British-based arm Jaguar and Land Rover (JLR) has pared the cost of the Jaguar XJ by nearly 30% by manufacturing it at its plant in India. This is JLR’s third model being made in India and also the first time that JLR is manufacturing the XJ outside the UK. The car comes in premium and portfolio versions, priced respectively at about Rs 92.10 lakh and Rs 98.69 lakh at ex-showroom Pune. Earlier, Jaguar XJ was bringing in completely built units and assembling them so it was bit costly.

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.

IT stocks in demand on weak rupee

Eight IT stocks rose by 0.25% to 3.96% at 12:38 IST on BSE as the rupee edged lower against the dollar today, 7 July 2014. Infosys (up 2.53% to Rs 3,321), HCL Technologies (up 1.52% to Rs 1,503), Hexaware Technologies (up 1.45% to Rs 157.55), Wipro (up 0.85% to Rs 552.15), Oracle Financial Services Software (up 0.68% to Rs 3,217.20) and Tech Mahindra (up 0.25% to Rs 2,121), edged higher. TCS rose 1.95% to Rs 2,456.95 after hitting record high of Rs 2,465.50 in intraday trade today, 7 July 2014. Polaris Financial Technology surged 3.96% to Rs 241.40 after hitting a 52-week high of Rs 243.40 in intraday trade today, 7 July 2014. The S&P BSE IT index was up 1.84% at 9,482.65 and was the top gainer among the sectoral indices on BSE. It outperformed the Sensex, which was up 0.24% at 26,023.33. The S&P BSE IT index had outperformed the market over the past one month till 4 July 2014, rising 11.55% compared with 4.66% rise in the Sensex. The index, however, underperformed the market in past one quarter, gaining 4.87% as against Sensex's 16.11% rise. IT stocks rose as the rupee edged lower against the dollar today, 7 July 2014. A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports. In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 59.9850, compared with its close of 59.72/73 on Friday, 4 July 2014.

CNX IT Index surges past 10,000 on hopes of strong outlook.

The CNX IT Index is the top sectoral gainer on the NSE. It surged over 1.8 per cent intraday to breach important resistance level of 10,000 mark. 

According to analysts, most IT companies are likely to report Q1FY15 results in line with markets expectations. Strong demand outlook is pushing the major IT exporters to higher levels. 

Infosys, India's second largest software services company, will be announcing its Q1FY15 results on Friday. 

According to the HSBC report, most IT companies should report better 2Q growth than 1Q. It expects TCS to maintain its FY15 guidance of growth better than FY14. Infosys BSE 2.43 % is likely to maintain its full year guidance of 7-9 per cent, which is effectively a 50 bps cut due to cross currency benefit. 

Sentiment in most IT companies turned positive after better-than-expected Accenture results raised hopes of better business environment. 

Zen Technologies gains on getting rating reaffirmation for banking facilities by CRISIL

Zen Technologies is currently trading at Rs. 123.00, up by 1.10 points or 0.90% from its previous closing of Rs. 121.90 on the BSE.

The scrip opened at Rs. 127.85 and has touched a high and low of Rs. 127.85 and Rs. 123.00 respectively. So far 692 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 126.90 on 04-Jun-2014 and a 52 week low of Rs. 51.30 on 28-Jan-2014.

Last one week high and low of the scrip stood at Rs. 121.90 and Rs. 107.00 respectively. The current market cap of the company is Rs. 94.91 crore.

The promoters holding in the company stood at 59.52 % while Institutions and Non-Institutions held 0.16 % and 40.32 % respectively.

Credit rating agency, CRISIL has reaffirmed ‘BB+/Stable’ rating to long term bank facilities of Zen Technologies. The rating agency has also reaffirmed ‘A4+’ rating for the company’s short term bank facilities.

The ratings on the bank facilities of the company continues to reflect the group’s established presence in the defence training simulators industry supported by its managements’ extensive industry experience and established relations with customers.

Zen Technologies, over the years, has developed expertise in designing, developing and manufacturing various types of simulators. The products developed in-house not only meet all qualitative standards but also are cost-effective. Zen has an ISO 9001:2008 (QMS), ISO 27001:2005 (ISMS) Certification and is a CMMI Level 3 company.

Kia Motors posts 4.3% global sales growth in first half of 2014

Kia’s bestselling model in overseas markets for the first six months of 2014 was the B-segment Rio (known as ‘K2’ in China) with 247,388 units sold. Kia Motors Corporation announced its global sales figures (export sales, domestic sales and sales from overseas plants) for passenger cars, recreational vehicles (RVs) and commercial vehicles for the first six months of 2014, recording a total of 1,442,851 units sold. This figure represents a 4.3% increase over the same period of 2013. Cumulatively through the first six months of 2014, China, North America, General Markets* and Europe* have experienced gains of 12.0% (326,108 units sold), 6.5% (334,357 units sold), 2.9% (263,239 units sold) and 1.3% (300,383 units sold), respectively. Kia’s bestselling model in overseas markets for the first six months of 2014 was the B-segment Rio (known as ‘K2’ in China) with 247,388 units sold. The C-segment Cerato(known as ‘Forte’ or ‘K3’ in some markets) was the second bestseller with 219,484 units delivered, while the Sportage compact CUV, Optima D-segment sedan and Soul urban crossover followed with 209,045, 133,370 and 97,114 units sold, respectively.

Indian Hotels plans to raise Rs1,000 crores

Indian Hotels Company Ltd has announced that the Rights Issue Committee - 2014 (the “Committee”) of the Company proposes to consider and approve, on July 09, 2014, inter alia, the Record Date, Issue Schedule (i.e. Issue Opening / Closing date) and the Letter of Offer in relation to the issue of the compulsorily convertible debentures (the “CCDs”), by way of rights issue, to the existing shareholders of the Company on the Record Date for an amount aggregating upto Rs. 1,000 crores in accordance with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended and other applicable laws.

Cipla plans to invest up to £100 mn in UK subsidiary

The investment underscores the growing importance of UK in Cipla’s long term strategy. Cipla Ltd has announced that the Company, in collaboration with the UK government, has expressed its intention to make investments of up to £100 million in its UK subsidiary over the next few years. The investments are expected to facilitate the launch of a range of products in the area of respiratory, oncology and antiretroviral medicines to further Cipla’s higher purpose of "universal affordable access". Cipla also plans to invest in R&D activities, clinical trials and expand further internationally. The investment underscores the growing importance of UK in Cipla’s long term strategy.

Orchid Pharma completes debt recast scheme: reports

Report stated that the process enables the company to pay back dues of Rs2,866 crore to a consortium of lenders. Orchid Chemicals and Pharmaceuticals has completed debt recast scheme it initiated in June last year, says report. Report stated that the process enables the company to pay back dues of Rs2,866 crore to a consortium of lenders. The proceeds of the sale to Hospira amount to Rs1,134 crore.

Railway stocks surged ahead of Budget

Shares of Texmaco Rail & Engineering was up 5%, while Titagarh Wagons was up 3%.

Shares of Railway stocks are higher by up to 7% second day in a row ahead of the Railway Budget on Tuesday, July 8. Shares of Texmaco Rail & Engineering was up 5%, while Titagarh Wagons was up 3%. Kalindee Rail Nirman (Engineers) shares were up by 4%. Report stated that the Railway Budget is likely to focus on modernisation and devise new strategies for attracting private investment.