Religare Invesco Mutual Fund files offer document for Annual Interval Fund-Series 1 - Plan A to D

Religare Invesco Mutual Fund files offer document for Annual Interval Fund-Series 1 - Plan A to D

Sep 03,2014   10:10 Hrs IST

Religare Invesco Mutual Fund has filed offer document with SEBI to launch an Interval Income Fund as “Religare Invesco Annual Interval Fund- Series 1 - Plan A to D”. The New Fund Offer price is Rs 10 per unit. Entry and exit load charges will be nil for the scheme. The scheme offers growth and dividend option and seeks to collect a Minimum Target Amount of Rs 20 crore. The scheme will be benchmarked against CRISIL Short Term Bond Fund Index. The minimum application amount is Rs 5000 per application and in multiples of Rs 10 thereafter. The investment objective of the scheme is to generate income by investing in a portfolio of debt and money market instruments maturing on or before the opening of the immediately following Specified Transaction Period.

Crude oil futures suffer sharp cuts on demand concern

Crude oil futures suffer sharp cuts on demand concern

Sep 03,2014   08:37 Hrs IST

Crude oil futures suffered sharp cuts on Tuesday to snap their four days gaining streak. There were concerns over demand growth prospects as the dollar strengthened against some major currencies, the greenback firmed up after the Institute for Supply Management reported that its manufacturing purchasing managers’ index jumped to 59.0 in August from 57.1 in July. Also there was weak Chinese factory data that outweighing persistent worries about the situation in Ukraine. There were mounting concerns that global supply is far outreaching demand Benchmark crude oil futures for October delivery, plunged by $3.08 or 3.2 percent to close at $92.88 a barrel after trading in a range $95.91 and $92.68 a barrel on the New York Mercantile Exchange. In London, Brent oil futures for October delivery declined by 2.14 percent to $100.60 a barrel on the ICE.

Punj Lloyd rises on buzz of plan to sell stake in Medanta Medicity

Punj Lloyd rises on buzz of plan to sell stake in Medanta Medicity

Sep 02,2014   03:16 Hrs IST

Punj Lloyd is currently trading at Rs 39.70, up by 1.85 points or 4.89% from its previous closing of Rs 37.85 on the BSE. The scrip opened at Rs 39.70 and has touched a high and low of Rs 39.70 and Rs 38.80 respectively. So far 435653 shares were traded on the counter. The BSE group 'B' stock of face value Rs 2 has touched a 52 week high of Rs 60.85 on 19-Jun-2014 and a 52 week low of Rs 20.25 on 04-Sep-2013. Last one week high and low of the scrip stood at Rs 39.25 and Rs 36.40 respectively. The current market cap of the company is Rs 1318.42 crore. The promoters holding in the company stood at 37.16% while Institutions and Non-Institutions held 14.20% and 48.64% respectively. In a bid to cut its debt, Punj Lloyd is reportedly planning to sell its stake in Gurgaon-based multi specialty hospital Medanta Medicity Hospitals. The company will sell half of its 17% shareholding in Global Health, a company which owns, manages and operates the Gurgaon based hospital for around Rs 300 crore. Moreover, Singapore’s state investment company - Temasek -- is negotiating with the company to buy its minority stake in super specialty hospital -- Medanta Medicity. Punj Lloyd provides engineering, procurement, construction (EPC) and project management services. It provides services to oil and gas, energy, infrastructure petrochemical, telecom broadband and utilities sectors, among others.

Maruti's August sales rise 27 per cent to 1,10,776 units

The country's largest car-maker Maruti Suzuki India  today reported 26.9 per cent increase in its total sales in August at 1,10,776 units as against 87,323 units in the same month of previous year. 

Domestic sales during the month stood at 98,304 units, up 29.3 per cent from 76,018 units in August of previous year, Maruti Suzuki India (MSI) said in a statement. 

Sales of mini passenger cars, including Alto, A-Star and WagonR were up 8.3 per cent at 34,686 units as against 32,019 units in the previous year. 

MSI said during the month, sales of its compact cars, comprising Swift, Estilo, Celerio, Ritz and Dzire were at 46,759 units as against 30,512 units in the year-ago month, up 53.2 per cent. 

Dzire Tour sales were at 1,328 units as against 520 units in August last year, up 114.2 per cent. 

Sales of mid-sized sedan SX4 were down by 85.6 per cent to 50 units as against 348 units in August of previous year, the company said. 

The company's sales of utility vehicles, including Ertiga and Gypsy were at 5,491 units as against 4,563 units, up 20.3 per cent. 

Van sales, comprising Omni and Eeco were at 9,990 units as compared to 7,956 units in the previous year, up 25.6 per cent, it said. 

Exports in August were up 10.3 per cent to 12,472 units from 11,305 units in the same month of previous year, it added. 

Bharti Infratel eyes acquisition of Vodafone, Idea towers

Bharti Infratel   is eyeing the acquisition of Vodafone and Idea  towers in India. Sources suggest that the telecom major is in initial talks with both the companies for part or complete buyout while exploring various fundraising options. Currently, Vodafone has 25,000 towers in India whereas Idea has 9,400 towers. However, valuation of towers is yet to be assessed. Bharti Infratel has a cash flow of over Rs 2,000 crore but will need to raise capital to buyout towers.

Rupee up 3 paise against the US dollar in trade

The rupee recovered by three paise to 60.47 against the US dollar in early trade today on sustained foreign capital inflows amid the country's economic growth rate improving to two-and-half year high of 5.7 per cent in the April-June quarter. 

Increased selling of dollars by banks and exporters amid soaring equity markets on the back of heavy buying by foreign investors also supported the rupee.

The rupee had eased by five paise to close at 60.50 against the dollar in the previous session on Thursday. 

Indraprastha Gas surges on entering into SPA to acquire upto 5 crore equity shares of MNGL

Indraprastha Gas has signed Share Purchase Agreement (SPA) to acquire upto 50,000,000 equity shares of Rs 10 each of Maharashtra Natural Gas (MNGL) at a price of Rs 38 per equity share from certain financial investor shareholders of MNGL in such a manner so that upto completion of the proposed transaction the Company's shareholding in MNGL shall not exceed 50% of the issued, subscribed and paid up share capital of MNGL. MNGL is in City Gas Distribution business in Pune in the State of Maharashtra.

Indraprastha Gas, incorporated in 1998, is engaged in distribution of Compressed Natural Gas (CNG) and Piped Natural Gas (PNG) in Delhi. In 1999 the company took over Delhi City Gas Distribution Project from GAIL (India). IGL laid the network for the distribution of natural gas in the National Capital of Delhi to consumers in the domestic, transport, and commercial sectors.

Tata Motors gains on launching passenger vehicle range in Algeria

Tata Motors has launched its passenger vehicle range in Algeria. The range comprises Tata Indica and Tata Vista from the hatchback range, and Tata Indigo and Tata Manza from the sedans. Moreover, the company has appointed SPA Elsecom for distribution and marketing. The new range is now available in dealerships for sale.

Tata Motors in association with SPA Elsecom has set up dealerships at Algiers and Oran, with further plans underway to establish ten additional sales and service centers, to cover important regions, by the end of this year.

The company has presence in countries across Europe, Latin America, Africa, Russia, Middle East, Asia and lately Australia. Algeria has been ear-marked as a focus market in the Tata Motors global strategy.

Tata Motors, 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.

Qantas looks past record loss, opens door to foreign investors

 Qantas Airways Ltd (QAN.AX) is looking past a record annual loss and predicting blue skies ahead, as a landmark change in Australian laws opens the door to significant foreign investment in the airline's international arm - its biggest headache.

The prospect of new funding - long desired by the struggling national flag carrier - and a surprisingly positive outlook for the current year sent Qantas' shares rising to a three-month high on the Sydney exchange on Thursday.

The so-called 'Flying Kangaroo' has been bruised by high fuel costs, a strong Australian dollar, increasing international competition and a domestic price war with arch-rival Virgin Australia Holdings (VAH.AX).

Qantas has also long complained it is competing at a disadvantage due to Australian laws restricting the level of foreign investment in the carrier while its rivals are allowed unfettered funding.

The airline unveiled a new holding structure that will divide its domestic and international arms, a separation made possible following the passing of changes to the Qantas Sale Act earlier this week, the carrier said.

Foreign and individual investors can now take a stake of up to 49 percent in the international arm. That is a major change from the previous limits on ownership by individual investors of 25 percent and by foreign-owned airlines of 35 percent.

Oil slips towards $102 on ample supply

Brent crude oil fell towards $102 a barrel on Thursday, depressed by ample supply and lacklustre demand as global economic growth remains tepid. 

Oil supply is expected to exceed demand this year, analysts forecast, and crude oil benchmarks on both sides of the Atlantic Basin are on track to post a second monthly decline. 

October Brent crude was down 25 cents at $102.47 a barrel by 0800 GMT. Last week, the contract hit a 14-month intraday low of $101.07 and it has been unable this week to break out of the $102-$103 range. 

US crude slipped after news of the fire at BP's largest refinery in the United States. The October contract was last down 40 cents at $93.48 a barrel

Political instability in Iraq and Libya continued to weigh on investors' minds even though oil exports from the two countries have actually risen in recent months.