Reliance Industries’ telecom arm inks MSA with Indus Towers

Reliance Industries’ telecom arm inks MSA with Indus Towers

Sep 23,2014   09:13 Hrs IST

Reliance Industries’ (RIL) telecom arm - Reliance Jio Infocomm (RJio), the only pan India operator with BWA spectrum preparing to launch 4G services has inked a Master Services Agreement (MSA) with Indus Towers, for tower infrastructure sharing. Under the agreement, Reliance Jio would utilize the telecom tower infrastructure services being provided by Indus Towers to launch its services across the country. As per the agreement, the pricing would be based on prevailing market rates. The agreement will help in avoiding duplication of infrastructure and preserving the environment. It will also ensure seamless services to Reliance Jio customers through Indus’ world class tower infrastructure.

Tata Motors trades in green on BSE

Tata Motors trades in green on BSE

Sep 22,2014   11:59 Hrs IST

Tata Motors is currently trading at Rs. 530.10, up by 11.10 points or 2.14% from its previous closing of Rs. 519.00 on the BSE. The scrip opened at Rs. 514.00 and has touched a high and low of Rs. 531.00 and Rs. 514.00 respectively. So far 134643 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 531.00 on 28-Aug-2014 and a 52 week low of Rs. 330.25 on 01-Oct-2013. Last one week high and low of the scrip stood at Rs. 528.95 and Rs. 491.05 respectively. The current market cap of the company is Rs. 144512.14 crore. The promoters holding in the company stood at 34.33 % while Institutions and Non-Institutions held 37.16% and 7.25% respectively. Tata Motors’ British-based arm Jaguar and Land Rover (JLR) has launched locally manufactured Jaguar XJ 2.0L. The petrol-powered sedan carries a price tag of Rs 93.24 lakh at Mumbai showroom. This new luxury saloon, which is being made at the company' Pune plant, comes after the successful launch of locally produced diesel-powered Jaguar XJ 3.0L earlier this year. This new car comes with various luxury features including electrically adjustable rear seats with massage function in three intensity settings, increased rear headroom and rear seat entertainment. 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.

Forex reserves stood at $315.697 billion for the week ended September 12, 2014

Forex reserves stood at $315.697 billion for the week ended September 12, 2014

Sep 20,2014   10:56 Hrs IST

According to the latest press release from the Reserve Bank of India (RBI), the country’s forex reserves decreased by $1615.40 million to $315.697 billion during the week ended September 12, 2014. The decrease in valuation of Foreign Currency Assets in the IMF pulled the forex kitty lower during the reporting week. Valuation of foreign currency assets decreased by $1599.60 million in the week and stood at $288.764 billion, while the value of gold in the reserves remained unchanged to $20.933 billion during the week. SDRs’ (Special Drawing Rights) valuation decreased by $11.40 million and stood at $4.333 billion in the week. This valuation is inclusive of SDR 3,082.5 million (equivalent to $4,883 million) allocated under general allocation and SDR 214.6 million (equivalent to $340 million) allocated under special allocation by International Monetary Fund (IMF) done on August 28, 2009 and September 9, 2009, respectively. The country’s reserve position in the IMF further witnessed a drop of $4.40 million during the week ended September 12, 2014 to $1.666 billion. Reserve position in the IMF, i.e., Reserve Tranche Position (RTP) which was shown as a memo item from May 23, 2003 to March 26, 2004 has been included in the reserves from the week ended April 2, 2004 in keeping with the international best practice.

South Indian Bank gains on plan to raise Rs 500 crore through QIP

South Indian Bank gains on plan to raise Rs 500 crore through QIP

Sep 22,2014   10:55 Hrs IST

The South Indian Bank is currently trading at Rs. 27.75, up by 0.15 points or 0.54% from its previous closing of Rs. 27.60 on the BSE. The scrip opened at Rs. 27.60 and has touched a high and low of Rs. 27.75 and Rs. 27.50 respectively. So far 45741 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 35.05 on 07-Jul-2014 and a 52 week low of Rs. 19.65 on 04-Feb-2014. Last one week high and low of the scrip stood at Rs. 28.60 and Rs. 27.20 respectively. The current market cap of the company is Rs. 3733.77 crore. The institutions and non-institutions held 52.69% and 47.31% stake in the company, respectively. South Indian Bank is planning to raise up to Rs 500 crore through qualified institutional placements (QIP). The bank has already received approval from its board for the proposed QIP, which will mostly be for meeting its capital requirement. Meanwhile, the bank is also planning to add around 50 branches this financial year to its 835 branches. The bank’s net profit for the quarter ended June 30, 2014 rose by 10.28% at Rs 126.65 crore as compared to Rs 114.84 crore for the quarter ended June 30, 2013. Its total Income increased by 9.15% to Rs 1465.84 crore for the quarter under review from Rs 1342.88 crore for the corresponding quarter of the previous year.

Shree Cement rises on entering into BTA for acquisition of 1.5 MTPA Cement Grinding Unit

Shree Cement rises on entering into BTA for acquisition of 1.5 MTPA Cement Grinding Unit

Sep 22,2014   09:48 Hrs IST

Shree Cement is currently trading at Rs. 8628.25, up by 53.30 points or 0.62% from its previous closing of Rs. 8574.95 on the BSE. The scrip opened at Rs. 8628.25 and has touched a high and low of Rs. 8628.25 and Rs. 8628.25 respectively. So far 1 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 8810.00 on 12-Sep-2014 and a 52 week low of Rs. 3965.00 on 27-Sep-2013. Last one week high and low of the scrip stood at Rs. 8765.35 and Rs. 8444.15 respectively. The current market cap of the company is Rs. 29872.75 crore. The promoters holding in the company stood at 64.79% while institutions and non-institutions held 15.88% and 19.33% respectively. Shree Cement has entered into a Business Transaction Agreement (BTA) with Jaiprakash Associates for acquisition of its 1.5 MTPA Cement Grinding Unit situated at Panipat, Haryana for a tentative consideration of around Rs 360 crore. The transaction is subject to necessary regulatory approvals. The company had already received board of directors approval for the same at their meeting held on August 25, 2014. Shree Cement (SCL), belonging to B G Bangur - H M Bangur faction of Bangur family of Kolkata, is engaged in manufacturing of cement and power generation. SCL’s eight cement plants in Rajasthan and one grinding unit in Uttrakhand have an aggregate capacity of 13.5 mn tonnes p.a.

Sep 22,2014   09:48 Hrs IST

Shree Cement is currently trading at Rs. 8628.25, up by 53.30 points or 0.62% from its previous closing of Rs. 8574.95 on the BSE. The scrip opened at Rs. 8628.25 and has touched a high and low of Rs. 8628.25 and Rs. 8628.25 respectively. So far 1 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 8810.00 on 12-Sep-2014 and a 52 week low of Rs. 3965.00 on 27-Sep-2013. Last one week high and low of the scrip stood at Rs. 8765.35 and Rs. 8444.15 respectively. The current market cap of the company is Rs. 29872.75 crore. The promoters holding in the company stood at 64.79% while institutions and non-institutions held 15.88% and 19.33% respectively. Shree Cement has entered into a Business Transaction Agreement (BTA) with Jaiprakash Associates for acquisition of its 1.5 MTPA Cement Grinding Unit situated at Panipat, Haryana for a tentative consideration of around Rs 360 crore. The transaction is subject to necessary regulatory approvals. The company had already received board of directors approval for the same at their meeting held on August 25, 2014. Shree Cement (SCL), belonging to B G Bangur - H M Bangur faction of Bangur family of Kolkata, is engaged in manufacturing of cement and power generation. SCL’s eight cement plants in Rajasthan and one grinding unit in Uttrakhand have an aggregate capacity of 13.5 mn tonnes p.a.

RBI should hike interest rates to bring down inflation: IMF

RBI should hike interest rates to bring down inflation: IMF

Sep 19,2014   10:22 Hrs IST

Little ahead of the Reserve Bank of India (RBI)'s monetary policy review on September 30, the International Monetary Fund (IMF) has suggested the central bank should increase its guard to fight against stubbornly high inflation by hiking its key policy rates so that inflation remains lower on sustainable basis. In a note released ahead of the G20 meeting of Finance Ministers and central bank governors at Cairns in Australia, IMF underscored that India needs to take more steps to reduce the large fiscal deficit and fight against stubbornly high inflation, which would warrant a hike in interest rates and a simpler monetary framework with clear objectives and operational autonomy for the central bank. Notably, right after the release of five year low August WPI data, Reserve Bank of India’s governor, Raghuram Rajan clearly had ruled out the chances of rate cut at the month-end monetary policy announcement, citing that Inflation in Asia's third-largest economy, India, was still high and hence there was no point in slashing interest rates since this would further build on to inflationary pressures. He then had underscored that Reserve Bank of India would bring down interest rates as and when it is “feasible”. Helped by slower annual rises in prices of fuel and clothes, retail inflation edged down marginally to 7.8% in August from 7.96% a month earlier. Meanwhile, extending its easing trend, India's main inflation gauge, based on monthly WPI, softened more than expected at 3.74% for the month of August, as compared to 5.19% (Provisional) for the previous month of July. Street widely was expecting a number above 4% for the month under review. Further, the international agency which also called for higher public spending on infrastructure to ease supply bottlenecks and support economic development, asserted that removing supply bottlenecks would lead to more sustainable growth. Separately, IMF, though acknowledging government’s stand on fiscal consolidation, flagged concerns over its quality and durability. The government has proposed to bring down the fiscal deficit to 4.1% of GDP in current year from 4.5% last fiscal and also has put up in place a fiscal consolidation roadmap as per which the fiscal deficit has to be brought down to 3% of the GDP by 2016-17.

Tata Steel opens new automotive finishing line

Sep 19,2014   10:10 Hrs IST

Tata Steel has opened a new finishing line at its IJmuiden steelworks in the Netherlands to strengthen the supply of high-value steels to the automotive sector and other markets. The company has invested 12 million euros in Finishing Line 32, which will process up to 400,000 tonnes of galvanised (corrosion resistant) steel coil a year. The finishing line’s location at the end of the company’s three hot-dip galvanising lines in IJmuiden will increase processing speed and delivery reliability for customers, while also reducing on-site steel movements. Finishing Line 32 enables inspection, cutting to width and length, laser welding, slitting, two sided oiling, marking, coiling and binding of galvanised steel. After the finishing, coils are wrapped and loaded onto trucks or trains for direct delivery to customers. Tata Steel, the flagship company of the Tata group is the first integrated steel plant in Asia and is now the world’s second most geographically diversified steel producer and a Fortune 500 Company.

Eros International trades jubilantly on continuing partnership with NGE for Housefull 3

Eros International trades jubilantly on continuing partnership with NGE for Housefull 3

Sep 18,2014   01:03 Hrs IST

Eros International Media is currently trading at Rs. 269.20, up by 14.20 points or 5.57% from its previous closing of Rs. 255.00 on the BSE. The scrip opened at Rs. 255.15 and has touched a high and low of Rs. 273.15 and Rs. 253.40 respectively. So far 71854 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 282.00 on 03-Sep-2014 and a 52 week low of Rs. 131.25 on 23-Sep-2013. Last one week high and low of the scrip stood at Rs. 273.15 and Rs. 234.80 respectively. The current market cap of the company is Rs. 2493.01 crore. The promoters holding in the company stood at 74.76% while Institutions and Non-Institutions held 17.38% and 7.85% respectively. Eros International Media (Eros), a leading global company in the Indian film entertainment industry has continued its partnership with Sajid Nadiadwala to release the third instalment of the hugely successful comedy franchise Housefull. Following the unprecedented success of the first two in the series, Eros once again teams up with Nadiadwala Grandson Entertainment (NGE) for the much awaited Housefull 3, directed by writer-turned-director duo Sajid-Farhad. The film is slated for a 2015 release. Eros International Media is a part of the Eros Group., which has an extensive film library and is in the business of sourcing Indian and other film content and exploiting it worldwide through its offices in India, UK, USA, UAE, Singapore, Australia, the Isle of Man and Fiji across formats such as theatres, home entertainment, television and digital new media.

Bajaj Auto trades higher on the bourses

Bajaj Auto trades higher on the bourses

Sep 18,2014   12:51 Hrs IST

Bajaj Auto is currently trading at Rs. 2345.00, up by 29.85 points or 1.29% from its previous closing of Rs. 2315.15 on the BSE. The scrip opened at Rs. 2315.50 and has touched a high and low of Rs. 2350.70 and Rs. 2306.70 respectively. So far 8336 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2380.00 on 08-Sep-2014 and a 52 week low of Rs. 1796.00 on 04-Feb-2014. Last one week high and low of the scrip stood at Rs. 2372.00 and Rs. 2295.00 respectively. The current market cap of the company is Rs. 67596.14 crore. The promoters holding in the company stood at 50.02% while Institutions and Non-Institutions held 25.67% and 24.29% respectively. Pune-based automaker Bajaj Auto has announced a contribution of Rs 20 crore for the Prime Minister's National Relief Fund. The company has contributed this amount to provide relief efforts in the flood ravaged areas of Jammu & Kashmir (J&K). Jammu and Kashmir has seen unforeseen disaster and damage to property and infrastructure worth crores of rupees. The company would like to join the Government’s effort to help in relief operations in flood-ravaged Jammu & Kashmir and provide all support to the affected countrymen in the State. Bajaj Auto is a $2.3 billion company founded in 1926. It is world’s fourth largest two and three-wheeler manufacturer. Bajaj Auto has three plants in all, two at Waluj and Chakan in Maharashtra and one plant at Pant Nagar in Uttaranchal.

Reserve Bank eases FDI norms to issue shares to NRIs

Reserve Bank eases FDI norms to issue shares to NRIs

Sep 18,2014   10:02 Hrs IST

Giving a reason to cheer to the India Inc. Reserve Bank of India (RBI) has allowed companies to issue equity shares to a resident outside India against any type of fund, subject to certain conditions like entry route, sectoral cap, pricing guidelines and compliance with the applicable tax laws. RBI reviewed the existing guidelines in consultation with the Government of India and, accordingly, decided to permit issue of equity shares against any other funds payable by the investee company, remittance of which does not require prior permission of the Government of India or Reserve Bank of India under FEMA, 1999 or any rules/ regulations framed or directions issued thereunder As per the latest RBI guidelines the equity shares shall be issued in accordance with the existing FDI guidelines on sectoral caps, pricing guidelines and the issue of equity shares under this provision shall be subject to tax laws as applicable to the funds payable and the conversion to equity should be net of applicable taxes. Earlier, an Indian company under the automatic route could issue shares/convertible debentures to a person resident outside India against lump-sum technical know-how fee, royalty External Commercial Borrowings (other than import dues deemed as ECB or Trade Credit) and import payables of capital goods by units in Special Economic Zones. Through government route, FDI in activities not covered under the automatic route requires prior approval of the Government which are considered by the Foreign Investment Promotion Board (FIPB), Department of Economic Affairs, Ministry of Finance. Indian companies having foreign investment approval through FIPB route do not require any further clearance from RBI for receiving inward remittance and issue of shares to the foreign investors.