HDFC MF introduces FMP 1107D October 2014 (1) HDFC Mutual Fund has launched the New Fund Offer (NFO) of HDFC FMP 1107D October 2014 (1), a close ended income scheme. The NFO opens for subscription on Oct 31, 2014 and closes on Nov 10, 2014.  No entry load or exit load will be applicable for the scheme. The minimum subscription amount is Rs 5,000. The investment objective of the scheme is to generate income through investments in Debt / Money Market Instruments and Government Securities maturing on or before the maturity date of the respective Plan(s).

IDFC MF introduces Fixed Term Plan Series-106 (1098 Days) IDFC Mutual Fund has launched the New Fund Offer (NFO) of IDFC Fixed Term Plan Series-106 (1098 Days), a close ended income scheme. The NFO opens for subscription on Oct 31, 2014 and closes on Nov 10, 2014.  No entry load or exit load will be applicable for the scheme. The minimum subscription amount is Rs 10,000 and multiples of Rs. 10 thereafter. The scheme’s performance will be benchmarked against Crisil Composite Bond Fund Index and its fund manager is Anupam Joshi. 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 maturity of the scheme.

SBI MF introduces Dual Adavantage Fund - Series V SBI Mutual Fund has launched the New Fund Offer (NFO) of SBI Dual Advantage Fund - Series V, a close ended income scheme. The NFO opens for subscription on Oct 31, 2014 and closes on Nov 14, 2014.  No entry load or exit load will be applicable for the scheme. The minimum subscription amount is Rs 5,000 and in multiples of Re. 1  thereafter. The scheme’s performance will be benchmarked against Crisil MIP Blended Fund Index and its fund managers are Rajeev Radhakrishnan and Dharmendra Grover. The investment objective of the scheme is to  generate income by investing in a portfolio of fixed income securities maturing on or before the maturity of the scheme. The secondary objective is to generate capital appreciation by investing a portion of the scheme corpus in Equity and equity related instruments.

Policy changes by government and RBI termed as ‘credit positive’ by Moody’s International rating agency, Moody’s has termed recent measures by the government coupled with those unveiled by the Reserve Bank of India (RBI) on the economic, fiscal and financial fronts as ‘credit positive’ for the economy since this would help sustain higher GDP growth and would go long way in addressing some of the constraints on the country’s sovereign credit profile. In a report, titled 'Recent policy changes to support growth acceleration', Moody's Investors Service lauded the recently launched ‘Make in India’ campaign which saw the government initiating some reforms in the labour and investment policies front. It also appreciated government’s financial inclusion measures, infrastructure development initiatives, clarity around inflation targets, as well as banking and energy sector reforms. Further, the international rating agency termed these measures as incremental rather than radical and underscored these measures would harness the country's economic advantages of size, diversity and a deep pool of labour and savings. Also, it added that such measures would not only improve country’s investment climate but also will allow the economy to reap the benefits of lower global commodity prices and international financial flows seeking real investment assets. Moody’s in its report highlighted that it expects incremental reforms to raise productivity, savings and investment growth  and  that if policies could lower fiscal deficits, stabilise inflation and strengthen the banking sector this would help mitigate the macro-economic and financial risks to growth that have been evident in the last three years. It added that higher investment and lower macro-economic imbalances could help sustain growth rates of around 7.5% over the next 5-10 years, which would be significantly higher than the 5%-6% growth Moody's expects for India in 2015. However, the rating agency ruled out any revision in the credit rating citing the present country's sovereign rating of ‘BBB- with a stable outlook’ already factors in its assessment that its growth potential is high and such higher growth rates would in themselves be of limited significance for the sovereign credit profile. Nevertheless, the international rating agency would re-assess country's institutional strength if inflation metrics, investment climate, policy predictability and transparency continue to show sustained improvement.

Govt to launch new products to improve savings Oct 31, 2014 11:20 Hrs IST In a bid to enhance the thriftiness of the people, the government has asserted that it is committed to improve the savings rate and has planned to launch new products to achieve the objective. Joint Secretary of Department of Economic Affairs (DEA) Rajat Bhargava, has asserted that, two new products will be launched soon by the government which will be of tremendous significance in increasing the savings rate and giving more choices to small savers. Higher saving plays an important role to boost the economic growth as more money is deposited into the banks and thus allocated to finance the infrastructure projects. To bring unbanked sections of the society into the formal financial sector and promote the savings of people, the government launched ‘Pradhan Mantri Jan Dhan Yojana’ to help the poor open bank accounts. Under the Jan Dhan Yojana, the person opening the bank account will get a debit card and the family will get Rs 1 lakh insurance cover. The PMJDY has set an ambitious target of bringing in more than 7.5 crore un-banked families into India's banking system by opening more than 15 crore bank accounts. If the account remains active for 6 months the account holder will become eligible for an overdraft facility of up to Rs 2,500. This will further be enhanced by the bank to Rs 5000 over time.

Govt likely to make amendments to land acquisition act in winter session of Parliament

To kick-start the development of stalled projects, the government is expected to make amendments to land acquisition act during the winter session of Parliament, which would commence since November 24, 2014. Among many things, Centre may decide upon dilution of the consent clause, restricting social impact assessment to large projects and giving states the powers to define 'emergency' under 'urgency clause' for acquiring land, which are some of the many demands sought by states. The Act has faced criticism from various quarters including some states. Further, it is on account of contentious nature of the legislation, the government has been holding wide-ranging consultations to ensure a smooth sailing when the amendments are tabled in the Parliament. According to Commerce and Industry Minister Nirmala Sitharaman, the government is looking for amendments for making the acquisition process easier without making changes on the compensation clause. The Rural Development Ministry has already suggested a number of amendments that will ease provisions such as mandatory consent of at least 70% locals for acquiring land for PPP projects and 80% for private projects.  Moreover, the bill could witness some drastic changes, if Prime Minister Narendra Modi approves Ministry's proposals which also include dilution of a key clause of Social Impact Assessment study criticised by states as time consuming for industrialization process. However, the centre will focus on the changes, which has consensus

RBI increases gold loan limit for UCBs to Rs 2 lakh

The Reserve Bank of India (RBI) has raised the limit for urban co-operative banks (UCBs) to sanction loan against gold collateral to Rs 2 lakh from Rs 1 lakh at present under the bullet repayment scheme. As per the bullet repayment scheme, the UCBs are allowed to sanction loan only on conditions that the period of loan shall not exceed 1 year from the date of sanction. Interest will become due for payment along with principal only at the end of 12 months from the date of sanction. Further, banks should maintain a Loan to Value (LTV) ratio of 75 per cent on the outstanding amount on an ongoing basis, failing which the loan will be treated as a Non Performing Asset. The RBI’s notification further stated that UCBs should take necessary and usual safeguards and formulate suitable policy for lending against gold jewellery with the approval of their boards of directors. In another announcement, Reserve Bank also directed urban co-operative banks to strictly adhere to the requirement of using their full name along with their logo or abridged name as a brand promotion exercise. Central bank noted that UCBs efforts towards brand building do not compromise with the rule of proper disclosure to the public. Earlier, a Standing Advisory Committee in 2006 had allowed UCBs to use logo or shorter names

US markets gain on encouraging GDP data The US markets closed higher on Thursday, as report showed faster-than-estimated growth in gross domestic product, fueling speculation that economy is strong enough to withstand higher interest rates. The US economy grew by a 3.5% annual rate in the third quarter, fueled by a surge in exports and the biggest jump in federal spending in five years. Although growth slowed from a 4.6% pace in the spring, the economy continued to show solid if unspectacular improvement during the period stretching from July through September. Consumers spent at a moderate 1.8% pace, businesses’ invested at a steady clip and government is no longer a major drag on the economy. What’s more, the US is adding jobs at the fastest rate since the recession ended in 2009 and consumers are feeling the most confidence in seven years, buoyed by a rising stock market and falling gasoline prices. Meanwhile, applications for US unemployment benefits rose slightly in late October, but the level of jobless claims continued to point to an improving labor market in which companies are holding onto the workers they already have while slowly beefing up their staffs. Initial jobless claims climbed by 3,000 to 287,000 in the week ended October 25. Claims have been under the key 300,000 benchmark for seven straight weeks for the first time since the recession ended. The average of new claims over the past month, meanwhile, dipped by 250 and stood at 281,000. The four-week average reduces seasonal volatility in the weekly report and is seen as a more accurate barometer of labor-market trends. Dow Jones Industrial Average added 221.11 points or 1.30 percent to 17,195.42, Nasdaq was up by 16.91 points or 0.37 percent to 4,566.14, while S&P 500 ended higher by 12.35 points or 0.62 percent to 1,994.65.  The Indian ADRs closed mostly in green on Thursday; Infosys was up by 1.24%, HDFC Bank was up by 0.40%, Wipro was up 0.22% and Dr. Reddy’s Lab was up 0.21%. On the other hand, Tata Motors was down 0.10%

US markets gain on encouraging GDP data The US markets closed higher on Thursday, as report showed faster-than-estimated growth in gross domestic product, fueling speculation that economy is strong enough to withstand higher interest rates. The US economy grew by a 3.5% annual rate in the third quarter, fueled by a surge in exports and the biggest jump in federal spending in five years. Although growth slowed from a 4.6% pace in the spring, the economy continued to show solid if unspectacular improvement during the period stretching from July through September. Consumers spent at a moderate 1.8% pace, businesses’ invested at a steady clip and government is no longer a major drag on the economy. What’s more, the US is adding jobs at the fastest rate since the recession ended in 2009 and consumers are feeling the most confidence in seven years, buoyed by a rising stock market and falling gasoline prices. Meanwhile, applications for US unemployment benefits rose slightly in late October, but the level of jobless claims continued to point to an improving labor market in which companies are holding onto the workers they already have while slowly beefing up their staffs. Initial jobless claims climbed by 3,000 to 287,000 in the week ended October 25. Claims have been under the key 300,000 benchmark for seven straight weeks for the first time since the recession ended. The average of new claims over the past month, meanwhile, dipped by 250 and stood at 281,000. The four-week average reduces seasonal volatility in the weekly report and is seen as a more accurate barometer of labor-market trends. Dow Jones Industrial Average added 221.11 points or 1.30 percent to 17,195.42, Nasdaq was up by 16.91 points or 0.37 percent to 4,566.14, while S&P 500 ended higher by 12.35 points or 0.62 percent to 1,994.65.  The Indian ADRs closed mostly in green on Thursday; Infosys was up by 1.24%, HDFC Bank was up by 0.40%, Wipro was up 0.22% and Dr. Reddy’s Lab was up 0.21%. On the other hand, Tata Motors was down 0.10%.

Asian markets trade higher in morning deals on Friday All the Asian equity benchmarks are trading higher in the morning deals on Friday on the back of improving investor confidence following the release of upbeat economic data from the US overnight. On the regional front, the Japanese market is advancing, buoyed by the overnight gains on Wall Street and improved earnings from technology companies. Investor sentiment was also lifted by media reports which indicated that Japan's $1.2 trillion pension fund will increase its holdings of equities. Among the other markets in the Asia-Pacific region, Hong Kong, Shanghai, Singapore, Indonesia, Malaysia, South Korea and Taiwan are all trading in positive territory. Nikkei 225 gained 247.77 points or 1.58% to 15,905.97, Hang Seng surged by 214.50 points or 0.90% to 23,916.54, KOSPI Index climbed 1.01 points or 0.05% to 1,959.94, Straits Times added 16.33 points or 0.50% to 3,250.64, Jakarta Composite increased by 12.46 points or 0.25% to 5,071.31, Shanghai Composite jumped by 21.47 points or 0.90% to 2,412.55, FTSE Bursa Malaysia KLCI spurted by 0.59 points or 0.03% to 1,843.37 and Taiwan Weighted was up by 9.92 points or 0.11% to 8,897.99.

Asian markets ended in green on Friday Asian markets ended in green on Friday, after the Bank of Japan unexpectedly boosted monetary stimulus. The Bank of Japan surprised global financial markets by expanding its massive stimulus spending in a stark admission that economic growth and inflation have not picked up as much as expected after a sales tax hike in April. The jolt from the BOJ, which had been expected to maintain its level of asset purchases, came as the government signaled its readiness to ramp up spending to boost the economy and as the government pension fund, the world’s largest, was set to increase purchases of domestic and foreign stocks. BOJ Governor Haruhiko Kuroda portrayed the decision as a preemptive strike to keep policy on track, rather than an admission that his plan to reflate the long moribund-economy had derailed. Japanese Housing Starts fell to a seasonally adjusted -14.3%, from -12.5% in the preceding quarter. Singaporean Unemployment Rate fell to 1.9%, from 2.0% in the preceding quarter. Taiwanese GDP rose to 3.78%, from 3.74% in the preceding month while Thai Industrial Production fell to a seasonally adjusted -3.9%, from 2.6% in the preceding month whose figure was revised up from -2.7%. Thai Trade Balance fell to a seasonally adjusted 1.13B, from 2.20B in the preceding month. Asian Indices Last Trade Change in Points Change in % Shanghai Composite 2420.18 29.10 1.22 Hang Seng 23,998.06 296.02 1.25 Jakarta Composite 5089.55 30.70 0.61 KLSE Composite 1855.15 12.37 0.67 Nikkei 225 16,413.76 755.56 4.83 Straits Times  3274.25 39.94 1.23 KOSPI Composite 1964.43 5.50 0.28 Taiwan Weighted 8974.76 86.69 0.98

Adani Power, Lanco Infratech, BPCL and Thermax to see some action today The Competition Commission of India (CCI) has cleared Adani Power’s proposed deal with Lanco Infratech to buy latter’s 1,200-MW imported coal-fired power plant at Udupi in Karnataka for more than Rs 6,000 crore, marking the biggest acquisition in India’s thermal power industry. Post the combination, the combined market share of Adani, both in terms of installed capacity and electricity generation, would not be significant enough to raise any competition concern. The proposed combination is not likely to have any appreciable adverse effect on competition in India, the CCI observed while clearing the deal. The deal, the largest in thermal power in terms of value and capacity, catapults the Adani Group, already India’s biggest private sector power producer, to a bigger league with a capacity of nearly 10,000 MW while helping Lanco reduce debt. India’s state-owned Bharat Petroleum Corporation (BPCL) aims to double its refining margins once it completes the expansion and upgrade of its Kochi refinery in southern India to process high sulphur crudes by 2016. The refiner’s margins dropped to $3 a barrel this year, from $4.50 to $5 a barrel last year, but levels will increase by a about $3 to $4 a barrel by mid-2016. The company aims to raise the capacity of the Kochi refinery in southern India to 310,000 bpd from the current 190,000 bpd by May 2016. Besides boosting margins with the upgrade and expansion, the refinery will also be able to produce fully Euro IV compatible gasoline and diesel. Energy and environment major, Thermax has received an order from a leading African conglomerate to supply a captive power project for one of their cement plants. The scope of work includes system design, manufacture, supply and supervision of erection and commissioning of the plant. The order valued at around Rs 321 crore was won against stiff global competition. More importantly, this was a repeat order from the client and reinforces the confidence of African customers in Thermax’s ability to provide lump sum turnkey solutions for their power needs. The power plant, to be commissioned within a time frame of 15-16 months, will utilise the latest generation AFBC (Atmospheric Fluidised Bed Combustion) boilers and high pressure steam cycle to facilitate optimal plant efficiency. State-of-the-art air-cooled condensers will ensure low water utilisation by the power plant. Cash-rich Bharti Infratel is looking at the option of taking over the telecom towers of Vodafone and Idea Cellular in India at a valuation of Rs 5,000 crore. The company is also scouting for telecom tower acquisition opportunities in Sri Lanka and Bangladesh with its Rs 7,646-crore cash kitty. Bharti Infratel already owns a 42 percent stake in Indus Towers - a three-way venture between Bharti, Vodafone and Idea - and possesses 84,000 towers across India. Vodafone owns 25,000 towers, while Idea owns 9,446 towers in India. Bankers say it would cost Bharti Infratel anywhere between Rs 4,500 crore and Rs 5,000 crore to buy out the towers from Idea and Vodafone. Generic drug-maker Cipla has requested the government to revoke five patents held by Swiss firm Novartis AG on respiratory drug Onbrez, to boost its access in the Indian market. Cipla alleged that Novartis has had patents on the drug since 2008-09, but did not make it in India, and instead imported a negligible quantity from Switzerland, leading to a shortage of supply. Onbrez, chemically called indicaterol, is used to treat breathing problems associated with chronic obstructive pulmonary disease. Tata Motors’ British-based arm Jaguar and Land Rover (JLR) has opened its first engine manufacturing plant, under Tata ownership. The 500-million pound project will help increase the automaker’s competitiveness, giving it more flexibility to respond to market needs and future technologies. The new engine manufacturing centre, near the central English city of Wolverhampton, current has 300 employees. JLR first announced plans to build the 100,000-sq metre plant (the size of 14 football pitches) in 2011, with construction beginning the following year. It includes an engine testing facility, manufacturing and separate assembly halls for diesel and petrol engines. The United Bank of India (UBI) has inked a Memorandum of Understanding (MoU) with the Life Insurance Corporation of India (LICI) for a banc assurance tie-up. This means that UBI will act as a channel partner to sell various LIC products through its bank branches. UBI is the 10th public sector bank with which LICI has signed a MoU for distribution of its products. Axis Bank, India’s third largest private Bank, has launched its seamless online outward remittance facility in over 100 currencies. The new outward remittance service offers customers the convenience and choice to initiate transfers through Axis Bank in additional 88 currencies taking the total to 101 currencies. This facility will empower the bank’s customers to transfer money to as many as 150 countries from the comfort of their home or office. The service also offers greater transparency as the exchange rates are displayed upfront to the customer before initiating the remittance. Dabur India will soon roll out Chyawanprash in biscuit and snack bar variants as part of its bid to make the traditional brand appealing to young consumers and make the 130-year-old company future ready. The company plans to modernize its over half-a-century-old brand Dabur Chyawanprash, along with other brands in its portfolio such as Hajmola digestive candy and Pudin Hara. While biscuits is an over Rs 10,000-crore category with Parle and Britannia leading it, snack bars as a category has not yet picked up in the country. Dabur dominates the Rs 550-crore chyawanprash category with close to 65% share followed by Emami.

Moody's retain negative outlook on Indian banks on high corporate leverage In yet another worrying development for banking sector, international rating agency, Moody’s while retaining its negative outlook for the Indian banking sector, has underscored that high leverage in the corporate sector could prevent any meaningful recovery in asset quality of the banking system over the next 12-18 months, regardless of moderate rebound in economic growth. The rating agency since November 2011 has maintained a negative outlook for the banking system. Notably, the report of Moody just comes a day after another global ratings agency Standard & Poor’s (S&P’s), in its Country Risk Assessment report on the Indian banking sector, underscored that country’s plan to grant new banking licenses to companies could heighten the risk for banking sector as the aggressive market share gaining tactics, like underwriting standards or undercutting prices by new entrants may adversely impact the banking sector's stability. Further, Moody’s specified that negative outlook on the Indian banking system pertains mainly to the public-sector banks, which represent more than 70% of total banking-system assets, since these banks have experienced higher growth rates in non-performing and restructured loans, as well as greater weakening in profits, than their private sector peers.  The agency has estimated that India's corporate sector had an average debt-to-equity ratio of more than 3 times, and would need a stronger economic recovery than currently projected by the credit agency to bring down the leverage. Moody’s in its report, highlighted that continuing poor asset quality, wherein the NPAs levels were set to touch 4.5% of the system, would require continued provisioning and strengthened capital buffer and highlighted that after provisioning, profitability of public sector banks would generate insufficient internal capital for loan growth. It added that poor asset quality and low capitalization remained to be the primary concerns for Indian public sector banks, which were not expected to improve much in the coming 18 months.

Policy changes by government and RBI termed as ‘credit positive’ by Moody’s International rating agency, Moody’s has termed recent measures by the government coupled with those unveiled by the Reserve Bank of India (RBI) on the economic, fiscal and financial fronts as ‘credit positive’ for the economy since this would help sustain higher GDP growth and would go long way in addressing some of the constraints on the country’s sovereign credit profile. In a report, titled 'Recent policy changes to support growth acceleration', Moody's Investors Service lauded the recently launched ‘Make in India’ campaign which saw the government initiating some reforms in the labour and investment policies front. It also appreciated government’s financial inclusion measures, infrastructure development initiatives, clarity around inflation targets, as well as banking and energy sector reforms. Further, the international rating agency termed these measures as incremental rather than radical and underscored these measures would harness the country's economic advantages of size, diversity and a deep pool of labour and savings. Also, it added that such measures would not only improve country’s investment climate but also will allow the economy to reap the benefits of lower global commodity prices and international financial flows seeking real investment assets. Moody’s in its report highlighted that it expects incremental reforms to raise productivity, savings and investment growth  and  that if policies could lower fiscal deficits, stabilise inflation and strengthen the banking sector this would help mitigate the macro-economic and financial risks to growth that have been evident in the last three years. It added that higher investment and lower macro-economic imbalances could help sustain growth rates of around 7.5% over the next 5-10 years, which would be significantly higher than the 5%-6% growth Moody's expects for India in 2015. However, the rating agency ruled out any revision in the credit rating citing the present country's sovereign rating of ‘BBB- with a stable outlook’ already factors in its assessment that its growth potential is high and such higher growth rates would in themselves be of limited significance for the sovereign credit profile. Nevertheless, the international rating agency would re-assess country's institutional strength if inflation metrics, investment climate, policy predictability and transparency continue to show sustained improvement

Thermax soars on bagging order worth Rs 321 crore from leading African conglomerate

Thermax is currently trading at Rs. 932.10, up by 50.90 points or 5.78% from its previous closing of Rs. 881.20 on the BSE. The scrip opened at Rs. 901.00 and has touched a high and low of Rs. 940.00 and Rs. 901.00 respectively. So far 4,079 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 989.70 on 02-Jul-2014 and a 52 week low of Rs. 609.35 on 12-Nov-2013. Last one week high and low of the scrip stood at Rs. 940.00 and Rs. 876.00 respectively. The current market cap of the company is Rs. 11,106.00 crore. The promoters holding in the company stood at 61.98% while Institutions and Non-Institutions held 23.05% and 14.97% respectively. Energy and environment major, Thermax has received an order from a leading African conglomerate to supply a captive power project for one of their cement plants. The scope of work includes system design, manufacture, supply and supervision of erection and commissioning of the plant. The order valued at around Rs 321 crore was won against stiff global competition. More importantly, this was a repeat order from the client and reinforces the confidence of African customers in Thermax’s ability to provide lump sum turnkey solutions for their power needs. The power plant, to be commissioned within a time frame of 15-16 months, will utilise the latest generation AFBC (Atmospheric Fluidised Bed Combustion) boilers and high pressure steam cycle to facilitate optimal plant efficiency. State-of-the-art air-cooled condensers will ensure low water utilisation by the power plant.

Glenmark Pharma gains on reporting 7% rise in Q2 consolidated net profit Glenmark Pharmaceuticals is currently trading at Rs. 713.00, up by 1.30 points or 0.18% from its previous closing of Rs. 711.70 on the BSE. The scrip opened at Rs. 720.05 and has touched a high and low of Rs. 722.00 and Rs. 705.90 respectively. So far 19145 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 789.40 on 09-Sep-2014 and a 52 week low of Rs. 489.10 on 27-Nov-2013. Last one week high and low of the scrip stood at Rs. 731.20 and Rs. 701.55 respectively. The current market cap of the company is Rs. 19307.02 crore. The promoters holding in the company stood at 48.31% while Institutions and Non-Institutions held 40.96% and 10.73% respectively. Glenmark Pharmaceuticals registered 9.89% rise in its net profit at Rs 116.43 crore for the quarter under review as compared to Rs 105.95 crore for the same quarter in the previous year. Total income of the company has increased 17.44% at Rs 711.75 crore for Q2FY15 as compared Rs 606.03 crore for the corresponding quarter previous year. On consolidated basis, the company’s net profit after taxes and minority interest and share of profit of associates for the quarter under review registered 6.99% growth at Rs 165.08 crore against Rs 154.30 crore in the September quarter of previous fiscal. The company’s total income has increased by 13.87% at Rs 1681.68 crore for the quarter from Rs 1476.78 crore in the similar quarter of previous year.

ING Vysya Bank gains as RBI lifts curbs on share purchase by FIIs ING Vysya Bank is currently trading at Rs. 645.90, up by 11.90 points or 1.88 % from its previous closing of Rs. 634.00 on the BSE. The scrip opened at Rs. 642.00 and has touched a high and low of Rs. 646.60 and Rs. 638.00 respectively. So far 2779 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 723.15 on 07-Apr-2014 and a 52 week low of Rs. 493.00 on 04-Feb-2014. Last one week high and low of the scrip stood at Rs. 669.00 and Rs. 619.00 respectively. The current market cap of the company is Rs. 12237.67 crore. The promoters holding in the company stood at 42.73 % while Institutions and Non-Institutions held 43.70 % and 13.57 % respectively. Reserve Bank of India has notified that the aggregate share holdings in ING Vysya Bank by Foreign Institutional Investors (FII)/Registered Foreign Portfolios Investors (RFPI)/Non-Resident Indians (NRI)/Persons of Indian Origin (PIO) and through American Depository Receipts (ADR)/Global Depository Receipts (GDRs)/Foreign Direct Investment (FDI) have gone below the prescribed threshold caution limit stipulated under the extant FDI policy. The restrictions placed on the purchase of shares of the bank are withdrawn with immediate effect. Equity shares of ING Vysya Bank can now be purchased by FIIs through primary market and stock exchanges. ING Vysya Bank has posted a rise of 2.18% in its net profit at Rs 180.13 crore for the quarter ended September 30, 2014 as compared to Rs 176.28 crore for the same quarter in the previous year. Total income has increased by 10.79% at Rs 1664.03 crore for quarter under review as compared to Rs 1501.96 crore for the quarter ended September 30, 2013.

JK Lakshmi Cement rises on reporting 3 fold jump in Q2 net profit JK Lakshmi Cement is currently trading at Rs 377.50, up by 17.70 points or 4.92% from its previous closing of Rs 359.80 on the BSE. The scrip opened at Rs. 373.90 and has touched a high and low of Rs. 383.05 and Rs. 370.00 respectively. So far 60484 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 368.75 on 01-Oct-2014 and a 52 week low of Rs. 64.00 on 04-Feb-2014. Last one week high and low of the scrip stood at Rs. 362.75 and Rs. 343.70 respectively. The current market cap of the company is Rs. 4412.63 crore. The promoters holding in the company stood at 45.94 % while Institutions and Non-Institutions held 29.54 % and 24.42 % respectively. JK Lakshmi Cement has registered 3 fold jump in its net profit at Rs 30.61 crore for second quarter ended September 30, 2014 as compared to Rs 10.30 crore for the same quarter in the previous year. Total income of the company has increased 25.43% at Rs 573.77 crore for Q2FY15 as compared Rs 457.46 crore for the corresponding quarter previous year

Vijaya Bank surges on raising Rs 500 crore through bonds Vijaya Bank is currently trading at Rs. 47.55, up by 0.30 points or 0.63% from its previous closing of Rs. 47.25 on the BSE. The scrip opened at Rs. 47.50 and has touched a high and low of Rs. 47.60 and Rs. 47.20 respectively. So far 23669 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 58.80 on 26-May-2014 and a 52 week low of Rs. 33.90 on 04-Feb-2014. Last one week high and low of the scrip stood at Rs. 47.75 and Rs. 46.60 respectively. The current market cap of the company is Rs. 4080.82 crore. The promoters holding in the company stood at 74.06% while Institutions and Non-Institutions held 9.64% and 16.30% respectively. Vijaya Bank has augmented its Tier-II capital by raising Rs 500 crore through an issue of unsecured redeemable non-convertible Basel-III compliant Tier-II bonds with a coupon rate of 9.15% per annum. The issue was fully subscribed and allotment was made on October 30, 2014. The bank has shareholders nod to raise additional equity capital of Rs 600 crore from the markets. Vijaya Bank, the Karnataka-based bank offers various products and services specific to various segments such as it has saving accounts for children, scheme for women clientele, credit facilities to minority communities like Zoroastrians, Buddhists are among others.

Ambuja Cements surges on reporting 44% growth in Q3 net profit
Oct 31, 2014 10:51 Hrs IST
Ambuja Cements is currently trading at Rs. 226.40, up by 2.50 points or 1.12% from its previous closing of Rs. 223.90 on the BSE.

The scrip opened at Rs. 227.85 and has touched a high and low of Rs. 228.30 and Rs. 224.75 respectively. So far 89325 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 243.85 on 09-Jun-2014 and a 52 week low of Rs. 150.50 on 14-Feb-2014.

Last one week high and low of the scrip stood at Rs. 228.45 and Rs. 216.85 respectively. The current market cap of the company is Rs. 35003.63 crore.

The promoters holding in the company stood at 50.39% while Institutions and Non-Institutions held 39.68% and 7.97% respectively.

Ambuja Cements has reported results for third quarter ended September 30, 2014. The company has registered 44.03% rise in its net profit after taxes at Rs 239.06 crore for the quarter under review as compared to Rs 165.97 crore for the same quarter in the previous year. Total income of the company has increased 9.12% at Rs 2290.57 crore for Q3FY15 as compared Rs 2098.95 crore for the corresponding quarter previous year.

Ambuja Cement is a part of a global conglomerate Holcim and its current cement capacity is 27.25 million tonnes. The company has five integrated cement manufacturing plants and eight cement grinding units across the country.

Bata India trades higher on the bourses Bata India is currently trading at Rs. 1282.00, up by 24.15 points or 1.92% from its previous closing of Rs. 1257.85 on the BSE. The scrip opened at Rs. 1263.00 and has touched a high and low of Rs. 1282.00 and Rs. 1263.00 respectively. So far 2755 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1412.90 on 07-Oct-2014 and a 52 week low of Rs. 884.00 on 31-Oct-2013. Last one week high and low of the scrip stood at Rs. 1282.00 and Rs. 1228.00 respectively. The current market cap of the company is Rs. 8122.94 crore. The promoters holding in the company stood at 52.96% while Institutions and Non-Institutions held 29.84% and 17.20% respectively. In a bid to continue to increase its retail presence, Bata India has opened its largest store in Bandra at Hill Road, Mumbai. Trading from 9,000 square feet area and spread across 3 floors, the new store offers customers an international shopping experience. The store showcases Bata’s new-extensive product offering in the newly introduced city format. Customers can choose from an extensive range of the retailer's latest collection across footwear for women, men, children, as well as a special edit of exclusive accessories. Bata India is the largest retailer and leading manufacturer of footwear in India and is a part of the Bata Shoe Organization. The company manufactures footwear for men, women and children. The company manufactures shoes of various quality such as leather, rubber, canvas and PVC shoes.

Indian Bank advances on getting rating re-affirmation for proposed Tier II bonds

Oct 31, 2014 11:13 Hrs IST

Indian Bank is currently trading at Rs. 169.60, up by 3.75 points or 2.26 % from its previous closing of Rs. 165.85 on the BSE. The scrip opened at Rs. 166.20 and has touched a high and low of Rs. 170.50 and Rs. 166.20 respectively. So far 8453 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 198.90 on 26-May-2014 and a 52 week low of Rs. 73.25 on 31-Oct-2013. Last one week high and low of the scrip stood at Rs. 170.00 and Rs. 161.00 respectively. The current market cap of the company is Rs. 7902.42 crore. The promoters holding in the company stood at 81.51 % while Institutions and Non-Institutions held 14.57 % and 3.92 % respectively. Credit rating agency, CARE has reaffirmed AAA rating to Indian Bank’s Proposed Tier II Bonds (Basel III compliant) worth Rs 1000 crore. The rating takes into account the majority ownership of Indian Bank by the Government of India (GoI), its comfortable capitalization level, consistent business growth and comfortable liquidity and resource profile. The bank’s net profit for the quarter declined by 34.73% at Rs 207.16 crore as compared to Rs 317.39 crore for the quarter ended June 30, 2013. Its total income has decreased marginally by 1.23% to Rs 4144.01 crore for the quarter under review from Rs 4195.48 crore for the corresponding quarter of the previous year.

Manappuram Finance surges on reporting 10% rise in Q2 net profit Manappuram Finance is currently trading at Rs. 32.55, up by 0.35 points or 1.09% from its previous closing of Rs. 32.20 on the BSE. The scrip opened at Rs. 32.70 and has touched a high and low of Rs. 33.35 and Rs. 32.25 respectively. So far 886540 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 33.35 on 31-Oct-2014 and a 52 week low of Rs. 14.05 on 07-Jan-2014. Last one week high and low of the scrip stood at Rs. 33.35 and Rs. 28.30 respectively. The current market cap of the company is Rs. 2750.75 crore. The promoters holding in the company stood at 32.01% while Institutions and Non-Institutions held 42.87% and 25.12% respectively. Manappuram Finance has registered 9.64% rise in its net profit at Rs 76.43 crore for the quarter under review as compared to Rs 69.71 crore for the same quarter in the previous year. However, total income of the company has decreased 7.70% at Rs 504.58 crore for Q2FY15 as compared Rs 546.69 crore for the corresponding quarter previous year. Manappuram Finance is a non-deposit taking NBFC and having a strong presence in South India in states of Kerala, Tamil Nadu, Karnataka and Andhra Prades

Power Grid spurts on commissioning first 765-kV double circuit line from Nellore to Kurnool Oct 31, 2014 11:37 Hrs IST Power Grid Corporation of India is currently trading at Rs. 145.30, up by 1.10 points or 0.76 % from its previous closing of Rs. 144.20 on the BSE. The scrip opened at Rs. 144.50 and has touched a high and low of Rs. 145.50 and Rs. 143.80 respectively. So far 81840 shares were traded on the counter. The BSE group 'A ' stock of face value Rs. 10 has touched a 52 week high of Rs. 146.50 on 07-Jul-2014 and a 52 week low of Rs. 91.70 on 28-Nov-2013. Last one week high and low of the scrip stood at Rs. 145.00 and Rs. 139.65 respectively. The current market cap of the company is Rs. 75779.58 crore. The promoters holding in the company stood at 57.90 % while Institutions and Non-Institutions held 34.94 % and 7.17 % respectively. Power Grid Corporation of India (PGCIL) has commissioned the first 765-kV double circuit line from Nellore to Kurnool, thereby linking the South India Grid. Earlier Power Grid, by commissioning the 765-kV Raichur to Solapur line, has enabled One nation One grid by integrating the Southern Grid with the rest of India. In addition, three other 765-kV sub-stations at Raichur, Kurnool and Nellore have been commissioned. About 9,000 MVA (megavolt ampere) transformation capacity has been added during this period. Power Grid stated that these systems have greatly facilitated import of power from other regions. PGCIL is India’s principal electric power transmission company. It owns and operates most of India’s interstate and inter-regional electric power transmission systems with inter-regional power transfer capacity of about 20,800 MW and wheels nearly 45% of total power generated across India.

MOIL surges as FIIs raise stake in Q2FY15 Oct 31, 2014 11:45 Hrs IST MOIL is currently trading at Rs. 308.00, up by 4.20 points or 1.38% from its previous closing of Rs. 303.80 on the BSE. The scrip opened at Rs. 305.40 and has touched a high and low of Rs. 310.20 and Rs. 303.75 respectively. So far 12409 shares were traded on the counter. The BSE group 'B ' stock of face value Rs. 10 has touched a 52 week high of Rs. 341.00 on 26-May-2014 and a 52 week low of Rs. 210.50 on 10-Feb-2014. Last one week high and low of the scrip stood at Rs. 310.60 and Rs. 290.60 respectively. The current market cap of the company is Rs. 5179.44 crore. The promoters holding in the company stood at 80.00% while Institutions and Non-Institutions held 9.71% and 10.29% respectively. Foreign institutional investors (FIIs) have raised their stake in MOIL by 31 basis points to 7.13 percent in Q2FY15 from 6.82 percent as on June 30, 2014. Moreover, domestic institutional investors’ (DIIs) shareholding increased by 2 basis points to 2.59 percent at the end of September 2014 quarter from 2.57 percent as on June 30, 2014. Meanwhile, non institutions were holding 10.28 percent stake in the company at the end of September 2014 quarter, down 33 basis points from 10.61 percent as on June 30, 2014, while corporate bodies were holding 1.93 percent stake in the company at the end of September 2014 quarter, up 6 basis points from 1.87 percent as on June 30, 2014. Further, promoters’ shareholding in the company was unchanged at 80 percent at the end of September 2014. MOIL is the largest iron ore company in India and fifth largest in world. It currently operates seven underground mines (Kandri, Munsar, Beldongri, Gumgaon, Chikla, Balaghat and Ukwa mines) and three opencast mines (Dongri Buzurg, Sitapatore/Sukli, and Tirodi). The company is actively involved in exploration and development activities with a view to increase its proven manganese ore reserves.

M&M gains as its arm inaugurates multi-brand car workshop at Punjab M&M is currently trading at Rs. 1297.50, up by 9.90 points or 0.77% from its previous closing of Rs. 1287.60 on the BSE. The scrip opened at Rs. 1298.00 and has touched a high and low of Rs. 1299.00 and Rs. 1285.00 respectively. So far 31,000 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 1421.00 on 04-Sep-2014 and a 52 week low of Rs. 847.00 on 04-Feb-2014. Last one week high and low of the scrip stood at Rs. 1311.00 and Rs. 1239.85 respectively. The current market cap of the company is Rs. 80,586.00 crore. The promoters holding in the company stood at 25.78% while Institutions and Non-Institutions held 56.61% and 12.28% respectively. Mahindra First Choice Services (MFCS), a wholly owned subsidiary of Mahindra & Mahindra, has expanded its presence in North India with the inauguration of its authorized dealership ‘Badaliya Auto’. The showroom is located near the Civil Hospital, Dasuya in state of Punjab and is spread over 5000 square feet. The company’s footprint in Punjab currently encompasses 21 dealerships and it further plans to expand this number to 25 outlets by year end. Key focus towns in the state of Punjab include Ludhiana, Jalandhar, Amritsar and Chandigarh. 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.

JSW Steel surges as Moody’s assigns Ba1 rating with stable outlook

JSW Steel is currently trading at Rs. 1260.70, up by 13.00 points or 1.04% from its previous closing of Rs. 1247.70 on the BSE. The scrip opened at Rs. 1250.00 and has touched a high and low of Rs. 1269.95 and Rs. 1245.00 respectively. So far 30973 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1365.35 on 02-Sep-2014 and a 52 week low of Rs. 805.00 on 14-Feb-2014. Last one week high and low of the scrip stood at Rs. 1269.95 and Rs. 1180.00 respectively. The current market cap of the company is Rs. 30553.67 crore. The promoters holding in the company stood at 39.31% while Institutions and Non-Institutions held 24.14% and 36.55% respectively. JSW Steel has been assigned Ba1 rating with stable outlook by Moody’s and BB+ rating with stable outlook by Fitch. JSW Steel is part of the JSW group which, in turn, is a part of the O P Jindal group. JSW Steel is one of the largest steel manufacturing companies in India having units in Karnataka and Maharashtra producing crude steel, long steel and flat steel products.

HCL Technologies trades higher on the bourses

HCL Technologies is currently trading at Rs. 1612.00, up by 34.80 points or 2.21% from its previous closing of Rs. 1577.20 on the BSE. The scrip opened at Rs. 1580.00 and has touched a high and low of Rs. 1623.85 and Rs. 1580.00 respectively. So far 43442 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 1775.40 on 07-Oct-2014 and a 52 week low of Rs. 1044.00 on 25-Nov-2013. Last one week high and low of the scrip stood at Rs. 1623.85 and Rs. 1480.45 respectively. The current market cap of the company is Rs. 112578.94 crore. The promoters holding in the company stood at 61.53% while Institutions and Non-Institutions held 32.71% and 5.76% respectively. HCL Technologies, a leading global IT services company, has won two International ECHO Awards from the Direct Marketing Association (DMA) for its ‘CoolestInterviewEver’ campaign. The International ECHO Awards honor the world’s best marketing campaigns based on a winning combination of strategy, creativity and results that have the power to change business. HCL has been presented with a Silver Award in the Business and Consumer Services Category; and a Bronze Award in the Information Technology Category for its end to end recruitment campaign on twitter. HCL Technologies is a leading global IT services company working with clients in the areas that impact and redefine the core of their businesses. HCL leverages its extensive global offshore infrastructure and network of offices in 31countries to provide holistic, multi-service delivery in key industry verticals including Financial Services, Manufacturing, Consumer Services, Public Services and Healthcare & Life sciences.

ACC gains on reporting 62% growth in Q3 net profit ACC is currently trading at Rs. 1502.15, up by 7.45 points or 0.50% from its previous closing of Rs. 1494.70 on the BSE. The scrip opened at Rs. 1510.00 and has touched a high and low of Rs. 1510.00 and Rs. 1495.25 respectively. So far 11694 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1570.00 on 10-Sep-2014 and a 52 week low of Rs. 971.25 on 30-Jan-2014. Last one week high and low of the scrip stood at Rs. 1510.00 and Rs. 1454.40 respectively. The current market cap of the company is Rs. 28215.31 crore. The promoters holding in the company stood at 50.30% while Institutions and Non-Institutions held 32.47% and 17.23% respectively. ACC has registered 69.57% jump in its net profit at Rs 204.91 crore for the quarter under review as compared to Rs 120.84 crore for the same quarter in the previous year. Total income of the company has increased 9.64% at Rs 2859.04 crore for September as compared Rs 2607.69 crore for the corresponding quarter previous year. On consolidated basis, the company’s net profit after taxes, minority interest and share in profit of associates for the quarter under review registered 61.98% growth at Rs 192.60 crore against Rs 118.90 crore in the September quarter of previous fiscal. The company’s total income has increased by 9.26% at Rs 2847.23 crore for the quarter from Rs 2605.83 crore in the similar quarter of previous year.