Sensex, Nifty slip further

The CNX Midcap index has slumped 1.7 percent at 12,441, and the Smallcap index has shed 2.7 percent at 5,380.

The market continue to trade with a negative zone on the back of weakness in energy, FMCG and state-owned banking shares.

The Sensex is down 255 points at 27,183, and the Nifty has shed 75 points at 8,231.

The broader market have extended losses. The CNX Midcap index has slumped 1.7 percent at 12,441, and the Smallcap index has shed 2.7 percent at 5,380.

The breadth continues to remain fairly bearish - out of 1,721 stocks traded on the NSE, 1,247 have declined and 252 have advanced.

BPCL has plunged 5 percent to Rs. 742. Cairn India has tumbled nearly 4 percent at Rs. 210.

Dr.Reddy's and HDFC have shed 3.5 percent each at Rs. 3,361 and Rs. 1,202, respectively.

Kotak Bank and Asian Paints have declined around 3 percent each to Rs. 1,326 and Rs. 750, respectively.

ACC, BHEL, ONGC, SBI and Hindustan Unilever are down over 2 percent each.

Maruti has firmed up in late noon deals on the back of strong Q4 performance. The company's Q4 net profit on a standalone basis rose by 60.5 percent to Rs. 1,284 crore when compared with Rs. 800 crore in Q4FY14. Total income was up 11.5 percent at Rs. 13,945 crore from Rs. 12,508 crore.

Idea Cellular, Sesa Sterlite and Wipro have rallied over 2 percent each to Rs. 188, Rs. 210 and Rs. 534, respectively.

Axis Bank, Punjab National Bank and Zee Entertainment are the other major gainers. 

Grab raises $ 1 million from Oliphans Capital and Haresh Chawla

The funding will enable Grab to expand in new markets like Pune and others in the near future 

Grab.in (Formerly Grab a Grub) a food-logistics firm was founded by Jignesh Patel, Nishant Vora and Pratish Sanghvi in 2012. Grab believes that last mile of the food delivery chain- that is – delivering food from the restaurant to the door-step of the customer is the most challenging step.

Grab, with a team of 500 smart riders on its rolls in Mumbai, ensure that the food is delivered in 40 minutes from the time a customer places an order at the restaurant. At present Grab works with over 350 restaurants in Mumbai and have now launched its services in Pune. Last financial year, it delivered  orders worth Rs 35 crore in Mumbai.

Grab recently raised $1 million from Oliphans Capital and independent investor Haresh Chawla. The funding will enable Grab to expand in new markets like Pune and others in the near future. The company plans on deploying 800 riders in Pune enabling it to deliver approximately 7000 orders daily across 700 outlets.

Said Pratish Sanghvi, “Home delivery orders are a significant portion of a restaurants turnover. However, the last mile delivery is a challenge for most restaurants. Grab uses technology to ensure the operational execution is seamless. While Grab reduces a restaurant’s delivery costs by converting it from fixed to a variable cost, it also allows it to expand its reach to a larger customer base”

Added Nishant Vora, Co-founder, Grab “While online food ordering is catching the customer’s attention, it’s the restaurants that eventually take care of the final delivery. Hence, we do not face competition from the online food ordering vertical. Hyper-local logistics remains our forte and our focused attention on its execution is Grab’s biggest strength”.

Grab has recently tapped into the tiffin delivery segment predominantly run by Mumbai’s famous dabbawallas. A deeper penetration into the city with the option of delivering tiffins even in the night, has allowed Grab to bridge the gap. 

Grab’s team of smart riders are connected and trackable in real time with Grab’s mobile app, similar to the ones used by cab aggregators. At any given point of time, a restaurant using Grab’s services will be able to track and share precise delivery time with the customer.

  

Grab’s clients include Mainland China, Subway, Smokin Joes, Punjab Grill, Sbarro, Cocoberry, Pesca Fresh, Maroosh, Birdys, Theobroma, Busago, Cafe Mangii, Torrp it Up, Zaafran, and many more. 

So next time you order-in your food, don’t forget to check the logo on the delivery boy’s shirt. Chances are, he would be one of the Grab’s Smart Riders.

Yes Bank launches office in Abu Dhabi

The Abu Dhabi office is keen to expand in some of the key international financial markets in order to serve the large sections of NRI population 

Yes Bank has announced its international foray by launching its first International representative office in Abu Dhabi, U.A.E. today.

Taking its first step towards Global Expansion, the bank opens its door to the NRI population residing in U.A.E. with this new representative office. Located at AI Ghaith Office Tower, 205, Hamdan Street, Abu Dhabi, U.A.E., the bank will provide services for unique investment needs of the Indian diaspora in the Gulf city through their flagship Global Indian Banking program which comprises:

• NRE/ NRO Savings Account & Fixed Deposits
• Foreign Currency Fixed Deposit (FCNR)
• Portfolio Investment Scheme (PIS) to transact in the Indian Secondary Market
• YES First Wealth management programme

The representative office was inaugurated by H.E. Sheikh Nahayan Mabarak Al Nahayan, Minister of Culture, Youth, and Social Development, Govt. of U.A.E. and H.E. Mr. T P Seetharam, Ambassador of India to the U.A.E. along with Rana Kapoor, Managing Director & CEO, YES BANK.

Rana Kapoor, Founder, Managing Director and CEO, YES BANK Ltd said, “The GCC (Gulf Cooperation Council) region is an important geography for our NRI business and our Gulf foray will play a key role in our aspiration to become ‘the Savings Bank of India’. The opening of our first international office showcases our commitment to growing our footprint in the international banking space.”

The bank is keen to expand in some of the key international financial markets in order to serve the large sections of NRI population. Yes Bank has leveraged its human capital, technology, speed and financial knowledge to be the Banker of First Choice for NRI customers by delivering high quality, customized, state-of-the-art products & services.

ICICI Bank Q4 net profit at Rs. 2,920 cr; Net NPA at 1.61% vs 1.27% qoq

ICICI Bank Q4 net profit stood at Rs. 2,920 crore vs Rs. 2,652 crore 

The Board of Directors of the Bank at its meeting held on April 27, 2015 has recommended a dividend of Rs. 5 per equity share for the year ended March 31, 2015. The declaration and payment of dividend is subject to requisite approvals. The Board of Directors has also recommended a dividend of Rs. 100 per preference share on 350 preference shares of the face value of Rs. 1 crore each for the year ended March 31, 2015.

JSW Energy Q4 cons net profit at Rs.325 Crore

JSW Energy Q4 Cons Total Income at Rs.2,189.7 Crore.

JSW Energy Ltd  has posted a net profit after taxes, minority interest and share of profit of associates of Rs.3252.20 million for the quarter ended March 31, 2015 as compared to Rs. 1746.20 million for the quarter ended March 31, 2014. 

Total Income has increased from Rs. 21130.30 million for the quarter ended March 31, 2014 to Rs. 22193.60 million for the quarter ended March 31, 2015.

The Group has posted a net profit after taxes, minority interest and share of profit of associates of Rs. 13495.10 million for the year ended March 31, 2015 as compared to Rs. 7547.40 million for the year ended March 31, 2014. 

Total Income has increased from Rs. 89076.30 million for the year ended March 31, 2014 to Rs. 96102.70 million for the year ended March 31, 2015.

Gold struggles below $1,180; Fed meet eyed

Gold declined over 1 percent on Friday after equity markets around the world touched to record highs 

The spot gold had ticked up 0.2 percent to $1,181.11 an ounce by 00:44 GMT today. The yellow metal had hit its lowest level at $1,174.73 on 20 March.

Gold declined over 1 percent on Friday after equity markets around the world touched to record highs.

The Federal Reserve will start a two-day policy meet on Tuesday, with investors watching out for comments on the strength of the economy. 

Capgemini to acquire IGATE North America

The company may acquire IGATE for Cash Of $48/Share, says report.

Capgemini is reportedly planning to acquire IGATE North America.

The company may acquire IGATE for Cash Of $48/Share, says report.

Will SCI bid adieu to the Iranian shipping venture?

This proposal has been made by circulating a draft cabinet note owing to the piled up losses. 

The Indian shipping ministry has recommended exiting from the 40-year-old joint venture shipping line Irano-Hind Shipping Company, which was formed in 1975 by Iran’s former ruler Shah Reza Pahlav and Indira Gandhi, the then PM of India. This proposal has been made by circulating a draft cabinet note owing to the piled up losses. The note has sought the views of key ministries says a report in Financial Chronicle.

Although the move is yet to gain approval, once it’s done the Shipping Corporation of India (SCI) could part depart from the venture, making way for the company to source business from India. Disengagement would prevail at the time when countries would contemplate resuming business with Iran with the attempt to augment their business, the report said.

The Iranian partner and SCI own 51% and 49% in the joint venture respectively.

Kotak Mahindra Bank lists new shares on the Exchanges

For every 1,000 shares, ING Vysya Bank shareholders receive 725 shares of Kotak Mahindra Bank. 

Kotak Mahindra Bank Ltd (“Kotak”) today announced the listing of new equity shares of the merged entity on the Stock Exchanges today. As per the scheme of merger, shareholders of ING Vysya Bank receive 725 shares of Kotak Mahindra Bank for 1,000 shares of ING Vysya Bank. Uday Kotak, Executive Vice Chairman and Managing Director, Kotak Mahindra Bank rang the ceremonial bell at National Stock Exchange (NSE), Mumbai to mark the occasion.

Shareholders of ING Vysya Bank were issued 13,92,05,159 equity shares of Rs. 5/- each. The trading for the new shares will be effective April 27, 2015.

Uday Kotak said, “It is heartening that shareholders of both the organisations approved this merger with overwhelming support. As a result, with this auspicious bell ringing ceremony, we delightfully welcome all shareholders of ING Vysya Bank into the Kotak family.”

“The merger brings two strong players, with deep Indian roots and global standards of service. I am confident that the merged entity will tap the immense growth potential the country has to offer, and contribute to India’s transformation”, added Kotak.

Effective April 1, 2015, ING Vysya Bank Ltd has merged with Kotak Mahindra Bank Ltd creating a Rs 2 trillion institution (consolidated). The merged entity – Kotak Mahindra Bank Ltd. now has a significant national footprint of 1,250+ branches and 1,900+ ATMs spread across 640+ locations, affording it the capacity and means to serve customers better.

The opportunities and synergies of this merger will create a Bigger, Bolder, Better Kotak, and will place all stakeholders on a new trajectory of growth, excellence and leadership.

Titan Company plans to open 60 new 'Titan Eye Plus' outlets: Reports

The company is also planning to increase distribution of its in-house brands -- Fastrack and Glares current year. 

Titan Company is planning to open 60 new 'Titan Eye Plus' outlets this fiscal year for expansion of eyewear products and sunglasses, according to the media reports.

Report said that the company is also planning to increase distribution of its in-house brands -- Fastrack and Glares current year.

Presently, there are over 300 Titan Eye Plus outlets in the country.