Sensex, Nifty fail to soar

After enjoying a spectacular rally on Monday, the Indian equity market took a breather. Global cues hurt sentiment at start and traders and investors preferred to remain on the sidelines ahead of the wholesale price index data which was re scheduled to be announced on January 15, Wednesday.

Meanwhile, India's retail inflation in December eased to a 3-month low. The consumer price index stood at 9.87% in last month of 2013 from the corresponding month of last year. Prices had surged a revised 11.16% yoy in November - the fastest pace on record.

Today’s decline was led by the metals, FMCG, banking and the capital goods stocks. Even the midcap and the smallcap stocks witnessed some profit booking. 

On the other hand, bucking the negative trend were the healthcare and the oil and gas stocks. 

Finally, BSE Sensex closed at 21,033 down 101 points, while NSE Nifty closed at 6,242 down 31 points over the previous close.

Cairn India plans to invest Rs 3,000 crore in Rajasthan oilfield

Cairn India is planning to invest Rs 3,000 crore over the next 3 years to improve recovery from its prolific Rajasthan oilfield. The company is also planning to launch the largest enhanced oil recovery (EOR) and improved oil recovery (IOR) schemes. The EOR/IOR schemes will help recover over 90 million barrels of oil in the Rajasthan block and sustain peak output for a longer time. This investment is part of the Rs 12,800 crore capex the company had outlined last year. More than 80% of the total capex will be spent on Cairn's prolific Barmer oil block in Rajasthan.

Cairn India is primarily engaged in the business of oil and gas exploration, production and transportation. Average daily gross operated production was 205,014 boepd in Q3 FY2012-13. The Company sells its oil to major refineries in India and its gas to both PSU and private buyers.

Apollo Tyres unveils Vredestein brand tyres in India

Strengthening its product offering further in the Indian market, Apollo has introduced its premium European brand, Vredestein into India.  Vredestein brand, known for its designer and high quality tyres, is entering India with tyre sizes of 15 to 20, primarily catering to the luxury coupes, premium luxury sedans and SUVs, with speeds upto 240 to 300 kph (speed rating of ‘V’ to ‘Y’). This, the company says, would complement the existing product range from Apollo Tyres in the passenger vehicle tyres space.

The tyres being introduced currently, under the Vredestein brand, are Ultrac Sessanta, Ultrac SUV Sessanta, Ultrac Cento and Sportrac 5, all with the signature touch of renowned automobile designer, Giorgetto Giugiaro. Vredestein’s ongoing commitment to excellence has also been ratified by some of the renowned German, Austrian, Dutch and Swiss automotive and touring publications in the recent past, who gave high ratings to these tyres.

Apollo Tyres produces the entire range of automotive tyres for ultra and high speed passenger cars, truck and bus, farm, off-the-road, industrial and specialty applications like mining, retreaded tyres and retreading material. These are produced across Apollo’s eight manufacturing locations in India, Netherlands and Southern Africa.

Cairn India set to start Rs 5,725 crore share buyback from January 23

Cairn India is all set to start buying back shares from January 23 and the buyback will be open until July 22. In this regard, the exploration company will spend up to Rs 5,725 crore. The purchase may include a part of the 10.3% stake held by former promoter Cairn Energy Plc.

The company already received shareholder approval to buy 17.09 crore shares, or 8.9% of the equity, from the open market at not more than Rs 335 apiec.

After completion, Agarwal’s Vedanta Group ownership in Cairn India will rise to 64.53% from 58.76%.

Cairn India is primarily engaged in the business of oil and gas exploration, production and transportation. Average daily gross operated production was 205,014 boepd in Q3 FY2012-13. The Company sells its oil to major refineries in India and its gas to both PSU and private buyers.

Bajaj Electricals aims to achieve top-line of Rs 5,000 crore in FY15

Bajaj Electricals is aiming to achieve top-line of Rs 5,000 crore in financial 2014-15, up by over 47% from Rs 3,400 crore clocked in 2012-13. Moreover, the company which is now growing at about 25% is targeting aggressively to touch Rs 4,200- 4,300 crore sales revenues in fiscal 2013-14. The consumer durables and lighting segments are expected to cross sales revenues of Rs 2,100 crore and Rs 900 crore respectively in 2013-14.

Further, the company’s projects order book at the end of Q3 of 2013-14 fiscal stood at Rs 1,465 crore, and is expected touch Rs 1,500 crore by the end of the fiscal.

Bajaj Electricals (BEL), part of the Rs 20000 crore Bajaj Group, is engaged in business appliances, fans, lighting, luminaries and engineering and projects.

HDFC Bank aims to issue ten lakh credit cards in 2014

HDFC Bank, the largest issuer of credit cards in India is targeting to issue ten lakh credit cards in 2014. As of November-end 2013, the bank had a base of 51.20 lakh cards, about a third of the total credit cards in the country.

The bank has been one of the most aggressive issuers of credit cards in the recent past. However, growth in the bank’s credit card base had decelerated earlier this financial year. The number of outstanding HDFC Bank’s credit cards outstanding declined for three consecutive months - June, July and August, 2013.

HDFC Bank is one of India's premier banks providing a wide range of financial products and services to its 28.5 million customers across hundreds of Indian cities using multiple distribution channels including a pan-India network of branches, ATMs, phone banking, net banking and mobile banking.

ONGC inks MoU with Kuwait petro for exploration and production

Oil and Natural Gas Corporation (ONGC) has signed Memorandum of Understanding (MoU) with Kuwait Petro for exploration and production. Moreover, Kuwait Petro is keen of buying stake in ONGC Petro additions (OPaL) and ONGC Mangalore Petrochemicals (OMPL).

OPaL, a multi billion joint venture company is setting up a grass root mega Petrochemical project at Dahej, Gujarat in PCPIR/SEZ, while OMPL, a company promoted by ONGC is setting up an aromatic complex along with Mangalore Refineries & Petrochemical (MRPL) at Mangalore in Mangalore Special Economic Zone (MSEZ) adjacent to the existing MRPL refinery.

ONGC is a premier oil and gas company in India, accounting for 71% of the country’s crude oil production and 54% of its natural gas production in 2011-12. It is also a significant producer of value added products such as liquefied petroleum gas (LPG), superior kerosene oil (SKO), and naphtha. GoI is the majority shareholder in ONGC, with a 69% equity stake as of now.

M&M to set up a technology academy in Chennai

In a bid to strengthen in-house Research and Development (R&D) capability, Mahindra & Mahindra (M&M), a part of the $16.7 billion Mahindra Group is planning to set up a technology academy at the Mahindra Research Valley near Chennai. This will help to fast-track development and launch of new vehicles -- SUVs and tractors.

The company is also finalizing plans for an overseas technology centre in Europe along the lines of the one it has in Detroit.

Mahindra & Mahindra (M&M) is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.

Dena Bank plans to open 65 new branches by end of current fiscal: Report

Public sector lender Dena Bank is reportedly planning to open 65 new branches by the end of current fiscal. These new branches will be opened across urban and rural areas and in all geographies. Earlier, the bank has planned to open 150-175 branches in current fiscal, out of which 90 branches have already been opened till December 2013.

Recently, the bank had received capital infusion of Rs 700 crore from the Government of India (GOI) towards issuance and allotment of equity shares on preferential basis. Post capital infusion, the paid-up capital share capital of the bank has increased from Rs 350.05 crore to Rs 468.64 crore and GOI’s holding in the bank has increased from 55.24% to 66.57%.

Dena Bank was established in 1938 and was nationalized in July 1969. As on September 30, 2013, the bank has 1,509 branches and 770 ATMs with 57% branches in rural and semi-urban areas. More than half of the bank’s branches are in the states of Gujarat and Maharashtra.

Money Market shut for trade on account of 'Id-E-Milad'

Money Market are shut for trade today, i.e., January 14, 2014 on account of 'Id-E-Milad'.