Chinese Prime Minister Li Keqiang called his Indian counterpart Narendra Modi and conveyed his government's desire to establish robust partnership with the new government of India for further development of ties. Li, who is the first foreign head of government to call up Modi since he took over as Prime Minister, congratulated him on his victory in the recent general elections.
Modi, on his part, noted that China was always a priority in India's foreign policy and thanking Li for his earlier message of felicitations, he underlined his government's resolve to utilize the full potential of our strategic and cooperative partnership with China and his keenness to work closely with the Chinese leadership to deal with any outstanding issues in bilateral relations by proceeding from the strategic perspective of our developmental goals and long-term benefits to our peoples.
Modi also welcomed greater economic engagement between the two countries. The two leaders agreed to maintain frequent high-level exchanges and communication. Modi extended through Premier Li an invitation to President Xi Jinping to pay a visit to India later this year.
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Thursday, 29 May 2014
Chinese PM Calls Modi, conveys desire to establish robust partnership with India
Idea Cellular unveils 3G services in Punjab
Idea Cellular has unveiled 3G services in Punjab, expanding the coverage of its premium high speed Internet services. The company is also planning to put up 1,800 3G cell sites by the end of 2015 fiscal, taking services to 170 towns across Punjab.
Consumers can now avail 3G services in regions that include Chandigarh, Ludhiana, Nawanshahr, Jagraon, Malerkotla and Nabha. With this launch, Idea expanded its 3G footprint to 28 Indian states.
Idea Cellular, an AV Birla group company, provides Global System for Mobile communications (GSM)-based wireless service at the pan-India level, it is present in all 22 telecom circles.
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Apollo Tyres soars on plan to expand capacity at its Chennai facility
Apollo Tyres is currently trading at Rs. 178.35, up by 4.95 points or 2.85% from its previous closing of Rs. 173.40 on the BSE.
The scrip opened at Rs. 174.10 and has touched a high and low of Rs. 181.20 and Rs. 174.00 respectively. So far 374810 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 193.90 on 23-May-2014 and a 52 week low of Rs. 54.60 on 21-Jun-2013.
Last one week high and low of the scrip stood at Rs. 193.90 and Rs. 173.00 respectively. The current market cap of the company is Rs. 8986.76 crore.
The promoters holding in the company stood at 43.50% while Institutions and Non-Institutions held 42.36% and 14.14% respectively.
Apollo Tyres is planning to expand its capacity at its Chennai facility. Moreover, the company is also in the process of setting up a R&D centre in the same complex. The new Centre will take up R&D works related to commercial vehicles for all the Apollo plants, across the World.
At present, the Chennai plant manufacture radial tyres for truck and capacity of the plant is 6,000 trucks tyres and 15,000 passenger car tyres a day and the capacity utilisation of around 70-75%. The facility caters to both domestic and export markets.
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.
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Crude oil futures edge lower on MCX
Crude oil futures edged lower on MCX after US crude oil stockpiles rose 3.49 million barrels last week. Further, weak demand for the commodity in US, world’s largest consumer of crude oil also impacted the trading sentiments.
The contract for June delivery was trading Rs 6057.00, down by 0.90% or Rs 55.00 from its previous closing of Rs 6112.00. The open interest of the contract stood at 10405.00 lots.
The contract for July delivery was trading at Rs 6044.00, down by 0.82% or Rs 50.00 from its previous closing of Rs 6094.00. The open interest of the contract stood at 962.00 lots on MCX.
Nickel futures trade lower on weak global trend
Nickel futures traded lower on MCX as speculators engaged in trimming positions amid a weak trend in global markets. Further, sluggish demand from alloy making industries in the spot market also impacted the trading sentiments.
The contract for May delivery was trading at Rs 1112.30, down by 2.11% or Rs 24.00 from its previous closing of Rs 1136.30. The open interest of the contract stood at 6137.00 lots.
The contract for June delivery was trading at Rs 1115.60, down by 2.13% or Rs 24.30 from its previous closing of Rs 1139.90. The open interest of the contract stood at 2901.00 lots on MCX.
IOC reports 35% fall in Q4 net profit
Indian Oil Corporation (IOC) has reported results for fourth quarter and year ended March 31, 2014.
The company has posted a fall of 35.30% in its net profit at Rs 9389.85 crore for the quarter ended March 31, 2014 as compared to Rs 14512.81 crore for the same quarter in the previous year. However, total income from operations of the company rose by 5.75% at Rs 134867.42 crore for quarter under review as compared to Rs 127534.77 crore for the quarter ended March 31, 2013.
For the year ended March 31, 2014, the company has posted a jump of 40.24% in its net profit at Rs 7019.09 crore as compared to Rs 5005.17 crore for the same period in the previous year. Total income from operations of company has increased by 5.84% at Rs 473210.09 crore for year under review as compared to Rs 447096.25 crore for the year ended March 31, 2013.
Indian Oil Corporation has recommended dividend of Rs 8.70 per equity share (face value Rs 10 per equity share).
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Groundnut production in Gujarat estimated at 193,256 tonnes
The production of groundnut in state of Gujarat is expected to reach 193,256 tonne this year’s summer, as per estimates by the Indian Oilseed and Produce Export Promotion Council (IOPEPC). Summer sesame seed production in the state is estimated at 128,878 tonnes. The groundnut production in the state was 80,000-90,000 tonnes in 2013, while that of sesame seed was 38,000-40,000 tonnes during the same period.
In order to estimate summer groundnut and sesame seed production, the council did a survey in Gujarat during May 12-19. The sowing had improved in both commodities due to better availability of water and owing to good monsoon.
According to the report, farmers had sown groundnut in 96,331 hectares and sesame seed in 138,074 hectares. On the other hand, traders and exporters asserted that production of groundnut would be not more than 150,000 tonnes, while for sesame seed, they predicted 140,000-150,000 tonnes this summer.
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Barley futures edge lower on ample stocks
Barley futures edged lower on NCDEX on account of offloading of positions by traders amid mounting stocks following higher supplies in spot markets. However, seasonal demand from consuming industries, particularly beer makers restricted the losses to some extent.
The contract for June delivery was trading at Rs 1303.50, down by 0.19% or Rs 2.50 from its previous closing of Rs 1306.00. The open interest of the contract stood at 12580.00 lots.
The contract for July delivery was trading at Rs 1327.00, down by 0.49% or Rs 6.50 from its previous closing of Rs 1333.50. The open interest of the contract stood at 5580.00 lots on NCDEX.
Tata Motors’ arm JLR partners with Team Sky and Pinarello to engineer new Tour De France racing bike
Tata Motors’ British-based arm Jaguar and Land Rover (JLR) has deepened its partnership with Team Sky, one of the world’s leading professional road cycling teams, and built a new relationship with Pinarello, the highly regarded Italian bike manufacturer, by helping them develop the team’s latest race bike. The car maker, renowned for some of the world’s finest luxury saloons and sports cars, has used its advanced aerodynamics knowledge and facilities to help in the creation of the new Pinarello Dogma F8 bicycle, to be raced by Team Sky during the remainder of the 2014 season.
This is the first time Jaguar’s comprehensive technical capability has been used by the team, and marks the beginning of a new collaborative relationship between Jaguar, Team Sky and its family of partners and suppliers, including legendary frame manufacturer Pinarello. Jaguar is now an official ‘innovation partner’ with Team Sky.
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.
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