India’s steel consumption rises 0.4% during April-November

Impacted by economic slowdown, India’s steel consumption grew by merely 0.4 per cent to 48.291 million tonne during the April-November period of the current fiscal.

According to Joint Plant Committee (JPC), a body under the Steel Ministry, a sharp decline in imports also led to the fall in consumption.

The consumption of finished steel, a key indicator of the health of an economy, was at 48.09 MT in the first eight months of the last fiscal, 2012-13.

The Indian economy grew by 4.8 per cent during the July-September quarter. It had hit a decadal low of 5 per cent in 2012-13 on account of poor performance in the farm, manufacturing and mining sectors.

“India’s real consumption of total finished steel was...impacted by slowdown in domestic economy...and a sharp decline (28.3 per cent) in imports during this period which the 5.3 per cent rise in production for sale could not offset but on hindsight, the same appears to have checked real consumption growth,” JPC said.

Production for sale of total finished steel at 53.398 MT, registered a growth of 5.3 per cent during April-November, encouraged by a 10.7 per cent growth in the case of main producers. India is the world’s fourth largest steel maker.

Import of total finished steel showed downward trend, declining by 28.3 per cent year-on-year in April-November at 3.656 MT, JPC said.

It was impacted by factors like slowdown in the domestic economy, exchange rate volatility, relative prices, global downswing and bilateral agreements among others, it added.

Export of finished steel was up 6.9 per cent during the period at 3.53 MT driven by different economic conditions, impact of global downswing and depressed domestic demand.

“Real consumption of total finished steel grew by 0.6 per cent in November 2013 at 5.942 MT, discouraged by a moderate 4.3 per cent growth in production for sale, a 60 per cent fall in imports and a 26.6 per cent rise in exports,” JPC said.

Sensex down 56 points; Oil & gas, auto stocks skid

The Sensex and the Nifty ended marginally in the red as investors remained cautious ahead of RBI's mid-quarter monetary policy review on December 18 and the Federal Open Market Committee meeting on December 17 and 18.

The US Federal Reserve could spell out its plans on when it could begin tapering its $85-billion-a-month bond-buying programme.

Domestic sentiment was also dampened owing to rise in WPI inflation to a 14-month high of 7.52 per cent in November, higher-than-expected consumer price inflation at 11.2 per cent and lacklustre numbers from auto companies.

The 30-share BSE index Sensex was down 56.06 points (0.27 per cent) at 20,659.52 and the 50-share NSE index Nifty was down 13.7 points (0.22 per cent) at 6,154.70.

Sectoral gainers & losers

On the BSE, IT, consumer durables, TECk and healthcare indices remained investors' favourite and were up 1.56 per cent, 1.2 per cent, 1.03 per cent and 0.81 per cent.

On the other hand, oil & gas, auto, FMCG and banking indices succumbed to selling pressure and were down 1.61 per cent, 0.7 per cent, 0.49 per cent and 0.05 per cent, respectively.

Top 5 Sensex gainers/losers

SSLT, Infosys, Tata Power, Coal India and ICICI Bank were the top five Sensex gainers, while the top five losers were Jindal Steel, Sun Pharma, Bharti Airtel, RIL and M&M.

Rajesh Agarwal, Head-Research, Eastern Financiers, said in a report: “Markets are expected to remain volatile in the coming week on the headline inflation announcement, followed by the crucial RBI monetary policy review. Also, the Q3FY13 advance tax numbers that are going to trickle-in, in the early part of the week, is expected to have its effect on market performance. The other important factor on the investor’s watch-list would be the development in the next FOMC meet slated on December 17and 18.”

European stocks rose after a key index measuring economic output in the euro zone rose to 52.1 in December. Asian shares fell towards a three-month low as a survey showed Chinese manufacturing expanding less than estimated and the yen strengthened.

RIL declines on plans to shut crude distillation unit at Jamnagar refinery for maintenance

Reliance Industries is currently trading at Rs. 847.60, down by -15.75 points or -1.82 % from its previous closing of Rs. 863.35 on the BSE.

The scrip opened at Rs. 860.20 and has touched a high and low of Rs. 861.50 and Rs. 846.00 respectively. So far 219562 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 954.80 on 21-Jan-2013 and a 52 week low of Rs. 765.00 on 28-Aug-2013.

Last one week high and low of the scrip stood at Rs. 888.00 and Rs. 858.40 respectively. The current market cap of the company is Rs. 274526.77 crore.

The promoters holding in the company stood at 45.31 % while Institutions and Non-Institutions held 29.53 % and 21.74 % respectively.

Reliance Industries (RIL) is reportedly planning to shut its crude distillation unit (CDU) at its 660,000 barrels per day (bpd) Jamnagar refinery for maintenance purpose in early February. Moreover, the maintenance will take around two weeks and the capacity of the unit to be shut was estimated between 320,000 and 330,000 bpd.

Reliance operates two refineries in Jamnagar with a total capacity of 1.24 million bpd, making this one of the world's largest refining complex in a single location.

Power Grid trades in the green on the BSE

Power Grid Corporation of India is currently trading at Rs 98.55, up by 1.10 points or 1.13% from its previous closing of Rs 97.45 on the BSE.

The scrip opened at Rs 97.00 and has touched a high and low of Rs. 99.20 and Rs. 96.90 respectively. So far 314072 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 118.00 on 14-Dec-2012 and a 52 week low of Rs. 86.70 on 02-Aug-2013.

Last one week high and low of the scrip stood at Rs. 101.90 and Rs. 96.60 respectively. The current market cap of the company is Rs. 45695.39 crore.

The promoters holding in the company stood at 69.42 % while Institutions and Non-Institutions held 23.69 % and 6.88 % respectively.

Credit rating agency, CARE has reaffirmed ‘AAA’ rating to  Power Grid Corporation of India’s Long-term Borrowing Programme for FY14 worth Rs 13,000 crore which enhanced from 11,000 crore.

The ratings continue to take into account the ownership and continued support of the Government of India (GoI), PGCIL pivotal role in the Indian power sector for developing and maintaining inter-state and inter-regional power transmission network and national grid management, low risk business having cost-plus-tariff structure for majority of the projects, high operating efficiency, consistent increase in the operating income and net profit, superior profitability margins and strong project execution skills.

Power Grid is engaged in bulk power transmission and its responsibility include planning, coordination, supervision and control over inter-State transmission system and operation of National and Regional Power Grids.

Sensex down 39 points; Oil & gas, FMCG stocks major losers

The Sensex and the Nifty were trading marginally in the red in the afternoon session on Monday owing to rise in WPI inflation to a 14-month high of 7.52 per cent in November, higher-than-expected consumer price inflation at 11.2 per cent and lacklustre numbers from auto companies.

Domestic sentiment was also dampened as investors remained cautious ahead of RBI's mid-quarter monetary policy review on December 18 and Federal Open Market Committee meeting on December 17 and 18.

The US Federal Reserve could spell out its plans on when it could begin tapering its $85-billion-a-month bond-buying programme.

At 1.15 p.m., the 30-share BSE index Sensex was down 38.83 points (0.19 per cent) at 20,676.75 and the 50-share NSE index Nifty was down 13.55 points (0.22 per cent) at 6,154.85.

Sectoral gainers & losers

On the BSE, oil & gas, FMCG, power and metal sectors succumbed to selling pressure and were down 1.32 per cent, 0.85 per cent, 0.54 per cent and 0.43 per cent, respectively.

On the other hand, IT, consumer durables, TECk and healthcare indices remained investors' favourite and were up 1.57 per cent, 1.44 per cent, 1.21 per cent and 0.59 per cent.

Top 5 Sensex gainers/losers

Infosys, SSLT, Coal India, TCS and ICICI Bank were the top five Sensex gainers, while the top five losers were Jindal Steel, Hindalco, Sun Pharma, Tata Steel and RIL.

Rajesh Agarwal, Head-Research, Eastern Financiers, said in a report: “Markets are expected to remain volatile in the coming week on the headline inflation announcement, followed by the crucial RBI monetary policy review. Also, the Q3FY13 advance tax numbers that are going to trickle-in, in the early part of the week, is expected to have its effect on market performance. The other important factor on the investor’s watch-list would be the development in the next FOMC meet slated on December 17and 18.”

European stocks fell ahead of a two-day Federal Reserve meeting starting tomorrow. Asian stocks fell towards a three-month low as a survey showed Chinese manufacturing expanding less than estimated and the yen strengthened.

Blue Star surges on plan of entering into various countries with proper distribution channel

Blue Star is currently trading at Rs. 160.25, up by 2.50 points or 1.58% from its previous closing of Rs. 157.75 on the BSE.

The scrip opened at Rs. 160.00 and has touched a high and low of Rs. 165.25 and Rs. 159.00 respectively. So far 6915 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 195.00 on 17-Dec-2012 and a 52 week low of Rs. 130.15 on 28-Aug-2013.

Last one week high and low of the scrip stood at Rs. 170.00 and Rs. 156.65 respectively. The current market cap of the company is Rs. 1456.96 crore.

The promoters holding in the company stood at 40.07% while Institutions and Non-Institutions held 25.47% and 34.47% respectively.

In a bid to expand exports business, Blue Star is planning to foray into various countries with proper distribution channel. These countries include West Asia and African countries including Sri Lanka, Maldives, Iran, Saudi Arabia and Egypt. The company is expecting to increase exports turn over to Rs 200-250 crore from Rs 90 crore last year by 2015-16.

Meanwhile, the company is all set to launch its products in Sri Lanka this week, through a proper distribution channel. While the company had exports to the country based on the random orders received, there was no proper presence set up in Sri Lanka.

Blue Star is India’s leading central air-conditioning and commercial refrigeration company fulfilling the cooling requirements and providing end-to-end solutions as a manufacturer, contractor and after-sales service provider to corporate, commercial, institutional and residential customers.

Infosys moves up on the BSE

Infosys is currently trading at Rs. 3448.55, up by 74.70 points or 2.21% from its previous closing of Rs. 3373.85 on the BSE.

The scrip opened at Rs. 3370.00 and has touched a high and low of Rs. 3447.50 and Rs. 3354.60 respectively. So far 48,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 3447.90 on 19-Nov-2013 and a 52 week low of Rs. 2190.00 on 29-Apr-2013.

Last one week high and low of the scrip stood at Rs. 3389.65 and Rs. 3310.00 respectively. The current market cap of the company is Rs. 1,98,054 crore.

The promoters holding in the company stood at 15.94% while Institutions and Non-Institutions held 56.09% and 12.82% respectively.

Infosys McCamish Systems LLC, an Infosys BPO company, has unveiled a transformational customer service platform, VPAS Customer Service Work Desk (CSWD). VPAS CSWD blends the flexibility and configurability of the leading Business Process Management (BPM) software from Pegasystems, with the comprehensive VPAS Policy Administration System from Infosys McCamish to create a powerful and unique web-based customer service platform to enhance operational excellence and customer experience.

The platform offers a unique, configurable desktop with multiple communication options for service representatives. Irrespective of the insurance product, the distribution channel, or the underlying Policy Administration System, it enables delivery of unsurpassed flexibility through customized display of available information. The platform has the ability to leverage multiple Policy Administration Systems for end-to-end servicing of all types of life insurance and annuity contracts.

Infosys BPO, the business process outsourcing subsidiary of Infosys, was set up in April 2002. Infosys BPO focuses on integrated end-to-end outsourcing and delivers transformational benefits to its clients through reduced costs, ongoing productivity improvements, and process reengineering.

Silver futures decline to Rs 45,461 per kg

Silver prices fell 0.54 per cent to Rs 45,461 per kg at the futures trade today as speculators trimmed positions due to weak cues from global markets.

On the Multi Commodity Exchange, silver for delivery in May 2014 traded lower by Rs 246 or 0.54 per cent to Rs 45,461 per kg in a business turnover of five lots.

Similarly, the white metal for delivery in March declined Rs 231 or 0.52 per cent to Rs 44,545 per kg in a business volume of 282 lots.

In the international market, silver traded 0.7 per cent lower at $19.57 an ounce in Singapore.

Market analysts said a weak trend in precious metals overseas amid speculation that the Federal Reserve policy makers may decide to start cutting back asset purchases this week, and as a survey showed that holdings in exchange-traded products will contract further next year, led to fall in silver prices at the futures trade here.

WPI inflation at 7.52%

The annual rate of inflation stood at 7.52% for the month of November, 2013.

The annual rate of inflation, based on monthly WPI, stood at 7.52% (provisional) for the month of November, 2013 (over November, 2012) as compared to 7.00% (provisional) for the previous month and 7.24% during the corresponding month of the previous year.
Build up inflation rate in the financial year so far was 6.70% compared to a build up rate of 4.84% in the corresponding period of the previous year.

The movement of the index for the various commodity groups is summarized below:-

PRIMARY ARTICLES (Weight 20.12%)

The index for this major group rose by 1.9 percent to 256.3 (provisional) from 251.6 (provisional) for the previous month.  The groups and items which showed variations during the month are as follows:-

The index for 'Food Articles' group rose by 2.0 percent to 256.4 (provisional) from 251.4 (provisional) for the previous month due to higher price of egg (8%), condiments & spices (7%), fruits & vegetables (6%), beef & buffalo meat and fish-marine (5% each), pork (4%), urad and jowar (3% each), moong, maize, ragi and wheat (2% each) and       arhar, mutton, masur, milk and barley (1% each).  However, the price of fish-inland (10%), tea (5%), gram (2%) and  poultry chicken and rice (1% each) declined.

The index for 'Non-Food Articles' group rose by 2.1 percent to 216.7 (provisional) from 212.3  (provisional) for the previous month due to higher price of sugarcane (19%), gingelly seed (16%), soyabean (9%), copra (coconut) (8%), tobacco (4%), safflower (kardi seed), rape & mustard seed and castor seed (3% each) and coir fibre, niger seed, fodder and mesta (1% each).  However, the price of guar seed (12%), groundnut seed (6%), raw rubber (5%), raw cotton (4%), raw silk (3%), raw jute and flowers (2% each) and sunflower (1%) declined.

The index for 'Minerals' group rose by 0.5 percent to 365.7 (provisional) from 363.7 (provisional) for the previous month due to higher price of zinc concentrate (7%), steatite (4%) and crude petroleum (2%).  However, the price of      barytes (6%), copper ore (4%), phosphorite (3%), sillimanite (2%) and iron ore (1%) declined.

FUEL & POWER (Weight 14.91%)

The index for this major group rose by 0.1 percent to 209.6 (provisional) from 209.4 (provisional) for the previous month due to higher price of lpg (5%), bitumen (2%) and high speed diesel (1%).  However, the price of aviation turbine fuel (5%), petrol and kerosene (2% each) and furnace oil (1%) declined.

MANUFACTURED PRODUCTS (Weight 64.97%)

The index for this major group rose by 0.2 percent to 151.9 (provisional) from 151.6 (provisional) for the previous month. The groups and items for which the index showed variations during the month are as follows:-

The index for 'Food Products' group rose by 0.6 percent to 170.8 (provisional) from 169.8 (provisional) for the previous month due to higher price of gingelly oil (10%), processed prawn (6%), rice bran oil and wheat flour (atta) (3% each),  sooji (rawa), maida, ghee, oil cakes and palm oil (2% each) and copra oil, tea dust (blended), cotton seed oil, soyabean oil, groundnut oil and mustard & rapeseed oil (1% each).  However, the price of gur (5%), khandsari and tea leaf (unblended) (2% each) and tea dust (unblended), tea leaf (blended), sugar and sunflower oil (1% each) declined.


The index for 'Textiles' group rose by 0.5 percent to 140.4 (provisional) from 139.7 (provisional) for the previous month due to higher price of jute yarn (6%), tyre cord fabric (3%),  man made fibre, man made fabric, jute sacking cloth and cotton fabric (1% each).  However, the price of gunny and hessian cloth (2%) and jute sacking bag (1 % each) declined.

The index for 'Wood & Wood Products' group rose by 0.3 percent to 178.9 (provisional) from 178.4 (provisional) for the previous month due to higher price of plywood & fibre board (1%).

The index for 'Paper & Paper Products' group rose by  0.4  percent to 142.9 (provisional) from 142.3 (provisional) for the previous month due to higher price of kraft  paper & bags (2%) and cream laid woven paper and printing and writing paper (1% each).

The index for 'Leather & Leather Products' group rose by 1.3 percent to 145.6 (provisional) from 143.8 (provisional) for the previous month due to higher price of  leather footwear (2%) and leathers (1%).

The index for 'Rubber & Plastic Products' group rose by 0.1 percent to 146.7 (provisional) from 146.6 (provisional) for the previous month due to higher price of syringe (15%), rigid pvc (4%), rubber brakes and plastic/ldpe/polythene bags (2% each) and plastic/pvc suitcases, plastic rolls and rubber transmission belt (1% each).  However, the prices of rubber components & parts, foot ball and other rubber products (2% each) and tractor tyre, plastic bottles, polyester film and synthetic rubber compound (1% each).    

The index for 'Chemicals & Chemical Products' group declined by 0.1 percent to 148.7 (provisional) from 148.9 (provisional) for the previous month due to lower price of explosives (3%), rubber chemicals (2%) and synthetic resin, toilet soap, non-cyclic compound and pigment & pigment intermediates (1% each).  However, the price of      organic manure, hair / body oils, safety matches/ match box and pesticides (1% each) moved up

The index for 'Basic Metals, Alloys & Metal Products' group declined by 0.1 percent to 164.0 (provisional) from 164.1 (provisional) for the previous month due to lower price of steel castings (3%), pressure cooker (2%) and crc lead and iron & steel wire (1% each).  However, the price of steel rods (10%), steel: pipes & tubes (2%) and ferro silicon, brass, silver, steel structures, pig iron and melting scrap (1% each) moved up.

The index for 'Machinery & Machine Tools' group rose by 0.5 percent to 132.2 (provisional) from 131.6 (provisional) for the previous month due to higher price of electric switches (9%), sprinkler and t.v. accessories (5 % each), ball/roller bearing (3%), boiler & accessories (2%) and machine tools, electric switch gears, lamps and battery dry cells (1% each).  However, the price of electric motors (3%) and hydraulic equipment and electronic pcb /micro circuit (1% each) declined.

The index for 'Transport, Equipment & Parts' group declined by 0.1 percent to 135.5 (provisional) from 135.7 (provisional) for the previous month due to lower price of motor vehicles (1%).  However, the price of railway  axle & wheel and bi-cycles (1% each) moved up.

FINAL INDEX FOR THE MONTH OF SEPTEMBER, 2013 (BASE YEAR: 2004-05=100)
 
For the month of September, 2013, the final Wholesale Price Index for ‘All Commodities’ (Base: 2004-05=100) stood at 180.7 as compared to 179.7 (provisional) and annual rate of inflation based on final index stood at 7.05 percent as compared to 6.46 percent respectively  as reported on 14.10.2013.

ED attaches Rs 100 cr assets in NSEL case

The Enforcement Directorate has attached a fresh estimated Rs 100 crore assets of a borrower company and its associates in connection with money laundering probe in the National Spot Exchange Ltd (NSEL) scam case.

The agency’s latest action, under the Prevention of Money Laundering (PMLA) laws, had been taken against the borrower company and its two group companies, which owe the investors Rs 922 crore, sources said.

The ED had earlier attached Rs 75 crore assets belonging to the same firms. The latest attachment of about Rs 100 crore includes properties in Delhi and national capital region.

The firms are one of the largest borrowers in the businesses of this exchange.

The ED is probing the case alongside the Economic Offences Wing of the Mumbai Police.

The agency had conducted searches on the premises of the company on October 31 and had sealed a number of them in cities like Mumbai, National Capital Region, Lucknow, Punjab and Chandigarh.

The ED had earlier registered a criminal case under PMLA in this case which had rattled the bourse for allegations of large-scale financial misdeeds.

The ED, sources said, suspects that the firm laundered huge amounts of sums generated from the operations at NSEL and its investigations suggest these funds were ploughed into real estate and other avenues.

A flat in Delhi’s Jor Bagh area, a villa in Gurgaon, a farmhouse in Kapashera, a flat in Mumbai and few other locations in the NCR were searched and have been attached under the latest action, sources said.

An attachment action under money laundering laws is meant to deprive the accused of the benefits of the ill-gotten property or assets.

The order can be challenged before the Adjudicating Authority of PMLA within 180 days.

The ED, according to its probe till now, found no sugar stocks in the name of the firm which were reflected in the original documents.