HDFC trades in green on the bourses

HDFC is currently trading at Rs. 886.40, up by 1.45 points or 0.16% from its previous closing of Rs. 884.95 on the BSE. The scrip opened at Rs. 887.80 and has touched a high and low of Rs. 891.35 and Rs. 877.45 respectively. So far 34959 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 933.00 on 10-Apr-2014 and a 52 week low of Rs. 632.20 on 28-Aug-2013. Last one week high and low of the scrip stood at Rs. 895.50 and Rs. 862.25 respectively. The current market cap of the company is Rs. 137951.08 crore.  The Institutions and Non-Institutions held 87.65% and 12.35% respectively. Housing Development Finance Corporation (HDFC), India’s largest housing finance company, has raised External Commercial Borrowing (ECB) of $300 million from a consortium of 4 lenders, State Bank of India (SBI), Sumitomo Mitsui Banking Corporation (SMBC), The Bank of Tokyo-Mitsubishi UFJ, and DBS Bank. The ECB which is in the form of a syndicated loan facility is a first by an Indian Housing Finance Company (HFC) under the low cost affordable housing scheme of Reserve Bank of India (RBI). SBI and SMBC are the original mandated lead arrangers and book runners, while The Bank of Tokyo-Mitsubishi UFJ and DBS Bank are mandated lead arrangers. The borrowing facility has a tenor of 5 years. The company has drawn-down the facility in February 2014 from the above consortium of lenders. The rate of interest on the facility is linked to USD Libor plus a spread of 1.75%. HDFC has swapped the facility in Indian Rupees for the entire tenor of the loan. Road shows shall be conducted by the lender banks in Taipei & Singapore in March 2014 to syndicate the facility and invite other international banks to participate in the facility. RBI in December 2012, permitted to HFCs/ NHB to raise ECBs for financing prospective owners of low cost affordable housing units. Low Cost Affordable Housing units have been defined as units where the property cost does not exceed Rs 30 lakhs, loan amount is capped at Rs 25 lakh and the carpet area does not exceed 60 square metres.

Dabur India reports 17% rise in Q4 consolidated net profit Apr-29-2014 03:02 Hrs IST

The company has posted a rise of 17.68% in its net profit at Rs 187.90 crore for the quarter ended March 31, 2014 as compared to Rs 159.67 crore for the same quarter in the previous year. Total income of the company increased by 14.09% at Rs 1280.90 crore for quarter under review as compared to Rs 1122.74 crore for the quarter ended March 31, 2013. On consolidated basis, the company has reported 17.32% rise in its net profit at Rs 235.29  crore for the quarter ended March 31, 2014 as compared to Rs 200.55 crore for the same quarter in the previous year. Total income of the company went up by 15.56% at Rs 1812.75 crore for quarter under review as compared to Rs 1568.61 crore for the quarter ended March 31, 2013. For the year ended March 31, 2014, the company has posted a jump of 13.73% in its net profit at Rs 672.10 crore as compared to Rs 590.98 crore for the same period in the previous year. Total income of company improved by 12.06% at Rs 4979.65 crore for year under review as compared to Rs 4443.62 crore for the period ended March 31, 2013. For the year ended March 31, 2014, on the consolidated basis, the company has posted a rise of 19.71% in its net profit at Rs 913.92 crore as compared to Rs 763.42 crore for the same period in the previous year. Total income of company has increased by 15.10% at Rs 7225.89 crore for year under review as compared to Rs 6277.96 crore for the period ended March 31, 2013.

Hexaware Technologies declines on reporting 11% fall in Q1 consolidated net profit

Hexaware Technologies is currently trading at Rs 154.10, down by 17.50 points or 10.20% from its previous closing of Rs 171.60 on the BSE. The scrip opened at Rs 172.05 and has touched a high and low of Rs 172.95 and Rs 150.40 respectively. So far 1136906 shares were traded on the counter. The BSE group 'B' stock of face value Rs 2 has touched a 52 week high of Rs 179.85 on 23-Apr-2014 and a 52 week low of Rs 72.30 on 25-Jun-2013. Last one week high and low of the scrip stood at Rs 179.85 and Rs 169.10 respectively. The current market cap of the company is Rs 4606.09 crore. The promoters holding in the company stood at 63.84% while Institutions and Non-Institutions held 18.58% and 10.48% respectively. Hexaware Technologies has reported results for first quarter ended March 31, 2014. The company has posted a rise of 35.98% in its net profit at Rs 96.04 crore for the quarter ended March 31, 2014 as compared to Rs 70.63 crore for the same quarter in the previous year. Total income from operations of the company increased by 9.27% at Rs 253.31 crore for quarter under review as compared to Rs 231.83 crore for the quarter ended March 31, 2013. On consolidated basis, the company has reported 11.33% fall in its net profit at Rs 70.30 crore for the quarter ended March 31, 2014 as compared to Rs 79.28 crore for the same quarter in the previous year. However, total income from operations of the company rose by 15.99% to Rs 588.88 crore for quarter under review as compared to Rs 507.68 crore for the quarter ended March 31, 2013.

GMR Energy withdraws DRHP filed with SEBI on various business reasons

GMR Energy has withdrawn the draft red herring prospectus (DRHP) filed with the Securities and Exchange Board of India (SEBI) due to various business reasons on April 28, 2014. The company had filed a DRHP with SEBI on March 28, 2014. GMR Energy Trading is a part of the prestigious GMR Group of companies. The GMR Group has a significant presence in the power sector through its power companies, under the flagship of GMR Energy. GMR Group has a current installed capacity of 823 MW of power projects with nearly 8000 MW under various stages of implementation and development.

Force Motors gains on plan to establish manufacturing facility at Tamil Nadu

Force Motors is currently trading at Rs. 382.80, up by 0.90 points or 0.24% from its previous closing of Rs. 381.90 on the BSE. The scrip opened at Rs. 382.00 and has touched a high and low of Rs. 384.80 and Rs. 381.00 respectively. So far 1409 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 440.00 on 09-Apr-2014 and a 52 week low of Rs. 225.00 on 07-Aug-2013. Last one week high and low of the scrip stood at Rs. 393.85 and Rs. 376.05 respectively. The current market cap of the company is Rs. 502.08 crore. The promoters holding in the company stood at 56.54 % while Institutions and Non-Institutions held 5.99 % and 37.47 % respectively. Force Motors has received an approval to establish a manufacturing facility at Anjur village, Chengelpet taluka, Kancheepuram district in state of Tamil Nadu to manufacture/assemble Engine-Gearbox for automobiles. The board of directors at its meeting held on April 29, 2014, has decided and approved for the same. Further, the above is subject to receipt of necessary approvals, sanctions, from the statutory authorities and subject to the contracts with the other contracting parties. Force Motors is a fully vertically integrated automobile company, with expertise in design, development and manufacture of the full spectrum of automotive components, aggregates and vehicles.

Exide Industries reports 9% drop in Q4 net profit

Exide Industries has reported results for fourth quarter and year ended March 31, 2014 The company has posted a fall of 9.77% in its net profit after tax at Rs 132.14 crore for the quarter ended March 31, 2014 as compared to Rs 146.46 crore for the same quarter in the previous year. However, total income of the company has increased by 3.14% at Rs 1622.79 crore for quarter under review as compared to Rs 1573.38 crore for the quarter ended March 31, 2013. For the year ended March 31, 2014, the company has posted fall of 6.82% in its net profit after tax at Rs 487.08 crore as compared to Rs 522.78 crore for the same period in the previous year. Total income of company has decreased by 2.43% at Rs 5997.27 crore for year under review as compared to Rs 6147.25 crore for the period ended March 31, 2013. For the year ended March 31, 2014, on the consolidated basis, the company has posted a fall of 0.85% in its net profit after tax, share of minority interest and share of profit from associates at Rs 544.66 crore as compared to Rs 549.35 crore for the same period in the previous year. However, total income of company has increased by 30.48% at Rs 8379.65 crore for year under review as compared to Rs 6421.94 crore for the period ended March 31, 2013.

Reliance Mutual Fund files offer document for Debt Opportunities Fund (Plan A to Plan E)

Reliance Mutual Fund has filed offer document with SEBI to launch a close ended equity scheme fund as “Reliance Debt Opportunities Fund (Plan A to Plan E)”. The New Fund Offer price is Rs 10 per unit. Entry load charges will be nil for the scheme and exit load for plan A 1% if redeemed or switched out, within or equal to 3 months or residual maturity, whichever is lower, from the date of allotment of units & nil thereafter, For Plan B 1% if redeemed or switched out, within or equal to 1 year or residual maturity, whichever is lower, from the date of allotment of units & nil thereafter, Plan C 1% if redeemed or switched out, within or equal to 2 years or residual maturity, whichever is lower, from the date of allotment of units & nil thereafter, Plan D 1% if redeemed or switched out, within or equal to 3 years or residual maturity, whichever is lower, from the date of allotment of units & nil thereafter, Plan E 1% if redeemed or switched out, within or equal to 4 years or residual maturity, whichever is lower, from the date of allotment of units & nil thereafter . The Minimum Target Amount of Rs 20 crore. The scheme will be benchmarked against for a plan with tenure* ranging between 90 days to 3 yrs-Crisil Short Term Bond Fund Index, for a plan with tenure ranging between 3 yrs 1 day to 10 yrs-Crisil Composite Bond Fund Index. The minimum application amount is Rs.5000 and in multiples of Rs.10 thereafter. The investment objective of the scheme is to generate income through investments in a range of debt and money market instruments having maturity less than or equal to the residual maturity of the respective plans.

Benchmarks recover from day’s low; broader indices continue to outperform

Recovering from day’s low, benchmark equity indices gained bit of momentum however were still trading below the neutral line in red, with loss of over quarter of a percent in afternoon deals. However, going further in the session Markets could bounce back into positive territory tailing positive start of European markets. Presently, off day’s high, while Sensex and Nifty were little short of the crucial 22,550 and 6750 levels respectively. Conversely, broader indices outperforming larger peers were trading with gains in range of 0.25%-0.50%. On the global front, against the backdrop of indecisive performance of Asian counterparts, European share market got off to a positive start amidst caution ahead of outcome of U.S. Federal Reserve's policy meet on late Wednesday and a clutch of US economic data in the week ahead. Closer home, most of the sectoral indices on BSE were trading into positive terrain, nevertheless prominent gainers were stocks belonging to Consumer Durables, Realty and Information Technology counters which garnered maximum investors’ interest. On the flip side, stocks from Metal, Fast moving consumer goods and Auto counters were witnessing maximum brunt of profit-booking. Amongst non-sectoral guage activity, telecom stocks rang loud after The Telecom Disputes Settlement and Appellate Tribunal (TDSAT) Tuesday cleared the 3G intra-circle roaming agreements signed between Bharti Airtel, Vodafone India and Idea Cellular, saying the pacts didn't violate any license conditions and also quashed the penalties levied on the three operators by the telecom department (DoT). The overall market breadth on BSE is in the favour of advances which thumped declines in the ratio of 925:886; while 49 shares remained unchanged. The BSE Sensex is currently trading at 22545.85, down by 85.76 points or 0.38% after trading in a range of 22,681.89 and 22,470.43. There were 9 stocks advancing against 21 stocks declining on the index. The broader indices have added gains; the BSE Mid cap index was up by 0.29%, while Small cap index up by 0.57%. The gaining sectoral indices on the BSE were Consumer Durables up by 0.78% Realty up by 0.59%, IT up by 0.35%, Teck up by 0.26% and Capital Goods were up by 0.09%. While, Metal down by 1.58%, FMCG down by 0.76%, Auto down by 0.71% Bankex down by 0.58% and Power down by 0.37% were the losing indices on BSE.    The top gainers on the Sensex were Wipro up by 1.03%, Sun Pharma up by 0.57%, L&T up by 0.41%, ONGC up by 0.30% and Infosys up by 0.25%. On the flip side, Tata Steel down by 3.13%, Hindustan Unilever down by 2.17%, Bajaj Auto down by 2.03%, Hindalco Inds down by 1.42% and Cipla down by 1.33%. Meanwhile, the Fitch group entity India Ratings has stated that the new government will need to push strong policy reforms to bring economy back to higher growth trajectory. In its latest report it has stated that though the worst appeared to be over, Indian economy is unlikely to migrate to a high growth phase of around 9% over the next two-to-three years. Indian rating has kept its growth forecast for FY15 at 5.6 %. The rating agency also rejected the possibility of drop in farm productivity saying that the reservoir are a decadal high already and it is too early to assess the impact of possible El Nino. India Meteorological Department (IMD) predicted a sub-normal monsoon this year because of the El Nino effect. It has noted that till April 3, 2014 adequate water storage in major reservoirs was 25 per cent higher than last year and 37 per cent higher than the average of last 10 years which will help in alleviating some pressure which is likely to emanate from lower-than-average seasonal rainfall. The rating agency projects seasonal factors primarily rainfall to continue to exert pressure on inflation. However, it expect that both WPI and CPI-based inflation to fall and average out at 5.5 per cent and 8 per cent in FY15. Further, India Ratings estimates current account deficit (CAD) to be $45.4 billion (2.1 percent of GDP) in FY15 as against around $32 billion (1.7% of GDP) last fiscal. Capital flows are expected to be buoyant and are estimated to touch $60 billion in FY15. Rise in foreign currency assets and a manageable CAD will support the rupee, which is expected to settle at around 57-58 by end of FY15. It added that a mild decline in inflation and the rupee appreciation will impact interest rate positively and expects 10-year G-sec rate to settle around 8.3-8.4% by end-March 2015. Regarding the industry growth, the report highlighted that the industrial sector will grow by 4.1 % in FY15 mainly due to better mining and electricity sector performance. Indian economic growth is estimated at around 4.9% during the FY14. The CNX Nifty is currently trading at 6,740.75, down by 20.50 points or 0.30% after trading in a range of 6,779.70 and 6,711.10. There were 22 stocks advancing against 26 declining on the index, while 2 stocks remained unchanged. The top gainers of the Nifty were Grasim up by 2.33%, Ambuja Cement up by 1.82%, Ultratech Cement up by 1.81%, Tech Mahindra up by 1.61% and ACC up by 1.27%. On the flip side, Jindal Steel down by 3.58%, Tata Steel down by 3.11%, HUL down by 2.30%, Bajaj Auto down by 2.19% and Hindalco Inds down by 1.52% were the major losers on the index. Asian equity indices were trading mixed; Hang Seng up by 0.17%, Shanghai Composite up by 0.53% and Taiwan Weighted up by 0.71%. While,  Straits Times was down by 0.44%, Nikkei 225 down by 0.98% and Jakarta Composite down by 0.19%.  European shares got off to a positive start; with CAC 40 adding 0.38%, DAX rising by 0.48% and FTSE 100 advancing 0.22%.

Wockhardt trades jubilantly on the bourses

Wockhardt is currently trading at Rs. 835.00, up by 113.20 points or 15.68% from its previous closing of Rs. 721.80 on the BSE. The scrip opened at Rs. 727.95 and has touched a high and low of Rs. 843.75 and Rs. 727.00 respectively. So far 2259155 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 1944.85 on 02-May-2013 and a 52 week low of Rs. 336.60 on 16-Dec-2013. Last one week high and low of the scrip stood at Rs. 843.75 and Rs. 623.00 respectively. The current market cap of the company is Rs. 9164.89 crore. The promoters holding in the company stood at 74.70%, while Institutions and Non-Institutions held 7.84% and 17.32% respectively. Wockhardt will resume manufacturing, selling and distributing the Fixed Dose Combination (FDC) of Dicyclomine Hydrochloride IP 10mg, Tramadol Hydrochloride IP 50mg & Acetamenophen IP 325mg after getting suspension revoke by the State Drug Controller in Himachal Pradesh.  Earlier, the company’s certain drugs had been suspended by the State Drug Controller in state of Himachal Pradesh. Wockhardt is one of the few companies with end to end integrated capabilities for its products, starting with the manufacture of the oral and sterile API’s, the dose forms and marketing through wholly owned subsidiary in the US, enabling the company to capture maximum value.

ICICI Prudential Mutual Fund files offer document for Small Cap Fund

ICICI Prudential Mutual Fund has filed offer document with SEBI to launch a close ended equity scheme named as “ICICI Prudential Small Cap Fund”. The New Fund Offer price is Rs 10 per unit. Entry and exit load charges will be nil for the scheme. The Minimum Target Amount of the fund is Rs 10 crore. The scheme will be benchmarked against CNX Small Cap Index. The minimum application amount is Rs.5000 and in multiples of Rs.10 thereafter. The investment objective of the scheme is to generate capital appreciation by investing predominantly in equity and equity related securities of small cap companies.