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The big news

FTIL exits MCX by selling 5 pc stake for over Rs 200 cr

27 August 2014

Financial Technologies (FTIL) today exited country's largest commodity exchange MCX by selling its residual 5 per cent stake in the bourse, it had originally promoted, for over Rs 200 crore.
In July, Jignesh Shah-led FTIL, the erstwhile promoter of MCX, had announced sale of its 15 per cent stake in MCX to Kotak Mahindra Bank for Rs 459 crore. Yesterday, commodity market regulator FMC had approved the deal with Kotak.
"...Pursuant to the applicable clauses of the listing agreement, please be informed that without prejudice to the legal rights and remedies, the company has further sold balance 5 per cent equity shares of MCX in the market," FTIL said in a statement.
"Post the above selling and subject to unlocking of balance shares by MCX to complete the condition precedent of Share Purchase Agreement (SPA), the company holds nil shares in MCX," it added.
MCX shares rose by 5.08 per cent to settle at Rs 856.85 apiece on the BSE. Its total market cap stands at Rs 4,370 crore at today's closing price. Based on this, the five per cent stake is valued at Rs 218 crore.
As per exchange data, SBI Life Insurance has bought over 3 lakh shares in MCX today.
FTIL originally held a 26 per cent stake in MCX. It has divested stake in MCX?after market regulator


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PM to launch Jan Dhan financial inclusion scheme tomorrow

27 August 2014

Prime Minister Narendra Modi will tomorrow launch Jan Dhan Yojana, a mega financial inclusion plan under which bank accounts and RuPay debit cards with inbuilt insurance cover of Rs 1 lakh will be provided to crores of persons with no access to formal banking facilities.
Plans are afoot to open as many as 1 crore bank accounts on the first day of the launch of the Pradhan Mantri Jan Dhan Yojana (PMJDY).
Besides the main launch in the capital, 76 other functions are being organised at different places to mark the occasion. The functions to be held at state capitals and major district headquarters will be attended by Union Ministers and state Chief Ministers.
The Prime Minister has already sent 7.25 lakh emails to bank officers informing them about the financial inclusion scheme PMJDY, which he had announced in his Independence Day address to the nation.
Public sector banks, according to an official release, will organise more than 60,000 camps in rural and urban areas on the launch day.
The scheme seeks to provide two accounts to 7.5 crore identified households by August 2018.
On the occasion of the launch, Prime Minister will also visit an exhibition on Technology and Financial Literacy will be organised in the capital.
A film on 'Financial Inclusion' will also be screened and the Prime Minister will unveil a Logo and a Mission Document on Financial Inclusion. He will dedicate the mobile banking facility on the basic mobile phone (USSD) to the nation.
Finance Minister Arun Jaitley, Minister of State for Finance Nirmala Sitharaman, RBI Governor Raghuram Rajan and other senior officials will attend the function, said a release.


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NSEL pays Rs 141.23 crore to e-Silver unit holders

27 August 2014

National Spot Exchange Ltd (NSEL) announced that Rs 43.89 crore was paid as final payment to unit holders of e-Silver transactions, achieving financial closure today.
Initial remittances comprised sale of 70.48 per cent of silver, and sale proceeds of Rs 97.34 crore was directly credited to bank accounts of unit holders beginning from June 5, 2014, NSEL said in a statement here.
With today's payment of Rs 43.89 crore, the total amount realised stands at Rs 141.23 crore, at an average rate of 41.06722 per unit of e-Silver, the statement said.
Last year, the NSEL scam involving Rs 5,600 crore broke out when the exchange failed to pay its investors in commodity contracts.
The exchange said the move would benefit 16,285 investors of e-Silver to redeem their holdings.
The exchange started the process of redemption of e-Series from April 12, 2014 beginning with rematerialisation.
More than 10,000 kg of e-Silver was rematerialised and delivered to unit holders out of 44,500 kg of silver available for redemption.
It may be noted that since May 8, 2014, despite the ongoing crisis the exchange started the process of financial closure in a systematic manner by auctioning the underlying commodities of balance stock which was available after rematerialisation.
So far, the exchange has concluded the sale of gold and zinc in its entirety and distributed the amount to the unit holders.
The value of total metals rematerialised and sold so far in e-Series redemptions is about Rs 369 crore, as against the total metal worth of Rs 375 crore, which is 98.4 per cent of the total value.
The process of financial closure of platinum, copper, lead and nickel comprising of remaining balance 1.6 per cent of the total value is on and it is expected to be completed soon, the NSEL said.


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Maruti to challenge CCI penalty,says order lacks understanding

27 August 2014

Country's largest carmaker Maruti Suzuki India today said it would challenge the penalty imposed on it by CCI for violation of trade norms in the spare parts and after services market.
"I believe what CCI has done (is) that they have not understood the entire issue of spare parts of cars. What they are saying may apply to other industries (but not in auto)...There is a lack of understanding of the difference. (The auto) industry by its nature is totally different," Maruti Suzuki India (MSI) Chairman RC Bhargava told PTI in an interview.
Asked if the company would challenge the order, he said: "We will have to challenge the order. There is no question of not challenging the order."
The Competition Commission of India (CCI) had slapped a total penalty of Rs 2,545 crore on 14 car makers in India on Monday. Out of the total, the fine imposed on MSI was Rs 471.14 crore.
Stating that the functioning of the automobile industry, specially with regards to the spares are different from other industrial sectors, Bhargava said said CCI hasn't taken a holistic view.
"What the CCI has dealt with is that it will result in lowering the prices of the spare parts. They have totally forgotten that most parts of the car are critical for safety or for pollution or environment or for performance," Bhargava said.
He further said: "Now cost does not cover the quality of the parts you put into the car, they have totally not dealt with the quality part of the car."
Already Mahindra & Mahindra and Tata Motors have said they would challenge the CCI order at an appropriate forum.
As per the Competition Act 2002, orders passed by the Competition Commission of India (CCI) can be challenged before the COMPAT (Competition Appellate Tribunal) within 60 days.
The other companies fined by CCI are Volkswagen India, Fiat India Automobiles, BMW India, Ford India, General Motors India, Hindustan Motors, Mercedes-Benz India, Nissan Motor India, Skoda Auto India and Toyota Kirloskar Motor.
CCI found that auto firms violated competition norms with respect to its agreements with local Original Equipment Suppliers (OESs) as well as with authorised dealers.
Through these agreements, the car makers "imposed absolute restrictive covenants and completely foreclosed the after market for supply of spare parts and other diagnostic tools", CCI had said.
The regulator had also ordered the automobile companies to undertake certain compliances within 180 days from the receipt of the order and has directed them to submit a report within 60 days of receipt of the order on the action initiated for compliance with the order.


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Guargum Export Fall on 25 August

27 August 2014

Guargum export fall on Monday in Comparison to Saturday. Total export stands at 1,712.82 ton on Monday , While it was 2056 tons on Saturday.

 

Guargum Powder Export on 25th August

Country

Export

Australia

16

Canada

38

Brazil

34

Germany

22

Equador

14

Philippines

20

Thailand

37.25

Japan

16

US

1435.57

UAE

80

Total

1712.82

Export in tons

 

 


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Badal to ask NAFED for adding maize in crop procurement list

27 August 2014

Punjab Chief Minister Parkash Singh Badal will ask the Centre to add maize in NAFED's crop procurement list in order to enable it procure crop from Punjab.
The decision to this effect was taken in a meeting held here today where a team of National Agricultural Cooperative Marketing Federation of India Ltd (NAFED) called on Punjab Chief Minister here today, said an official release.
The team was led by National Cooperative Union of India (NSUI) chairman Chandra Pal Singh and NAFED chairman V R Patel.
Badal said the state government has identified maize, cotton, oilseed crops, pulses and agro-forestry as alternative crops to break the rotation of wheat and paddy, making agriculture not only more sustainable but also environment friendly.
He asked NAFED to provide a proper marketing solution, especially for maize and oil seed crops.
Patel said NAFED will initiate maize procurement from Punjab immediately after getting permission from the Centre.
He also urged Badal to take up the matter of early release of NAFED's pending payments of about Rs 500 crore with the central government to bail out the organisation from financial crisis.
Badal gave an assured that he would certainly take up the issue with the concerned Union Ministry, the release added.


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Defence stocks rose up to 20% on FDI notification

27 August 2014

Stocks of companies related to the defence sector rose sharply by up to 20 per cent today after government notified increase in FDI limit to 49 per cent through approval route in the sector.
Buoyed by the move, shares of Bharat Electronics Ltd zoomed 20 per cent to settle at Rs 2,114.40, while Astra Microwave Products rose by 8.55 per cent to Rs 135.90 on the BSE.
Shares of BEML surged 4.99 per cent to Rs 540.55 -- its upper circuit limit and Pipavav Defence and Offshore Engineering Company was up 0.99 per cent to Rs 46.
The move is aimed at boosting domestic industry of the country which imports up to 70 per cent of its military hardware.
FDI ceiling in the sensitive defence sector has been hiked from current 26 per cent, with the condition that the company seeking permission of the government for FDI up to 49 per cent should be an Indian company owned and controlled by Indians.
Further, foreign direct investment proposals above 49 per cent will have to seek the approval of the Cabinet Committee on Security on "case to case basis, wherever it is likely to result in access to modern and state-of-the-art technology in the country," according to the press note of the Department of Industrial Policy and Promotion


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DLF shares fall 4.5% post SC order to pay Rs 630 crore penalty

27 August 2014

Shares of real estate major DLF today fell by 4.5 per cent, after the company was directed by the Supreme Court to deposit Rs 630 crore fine slapped on it by the Competition Commission of India (CCI) for allegedly resorting to unfair business practices.
Reacting to this, shares of DLF fell by 4.44 per cent to settle at Rs 183.05 on the BSE. In intra-day, it tumbled 5.32 per cent to Rs 181.35.
At the NSE, the stock slipped 4.49 per cent to end at Rs 183.05.
Following the dip in the stock, the company's market value fell by Rs 1,510.71 crore to Rs 32,615.29 crore.
In terms of volume, 15.05 lakh shares of the company changed hands at the BSE, while over one crore shares were traded at the NSE during the day.
The apex court said the total amount will be deposited within three months with its Registry pending the outcome of the appeal filed by DLF against May 19 order of Competition Appellate Tribunal's upholding the penalty of Rs 630 crore imposed by the CCI.
DLF pleaded that it should be granted at least six months time to deposit the amount. However, the bench comprising justices Ranjana Prakash Desai and N V Ramana said it was inclined to grant three months time only.
Further, the bench directed that out of Rs 630 crore, the real estate major has to deposit Rs 50 crore in three weeks and the Registry will be at liberty to invest it in any of the nationalised banks.
The CCI in 2011 had found DLF violating fair trade norms and imposed a fine of Rs 630 crore on it following a complaint by Belaire Owners' Association in Gurgaon.
It was in May 2010 that the buyer's association had complained against DLF


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Sensex,Nifty hit new high on Eurozone stimulus hopes, US data

27 August 2014

Indian stocks rose for the fifth day with benchmark Sensex today vaulting 117.34 points to a new closing peak for the third session in a row on hopes of fresh stimulus in Eurozone and positive Asian cues after investors welcomed data indicating the US economy is back on track.
Across-the-board gains were also seen on continued foreign funds inflows amid investors churning portfolios ahead of monthly expiry in equity derivatives tomorrow, say brokers.
The 30-share BSE Sensex touched intra-day high of 26,599.12 points on rise in ICICI Bank, ONGC, Tata Motors, Dr Reddy, Wipro, Infosys, Hindalco and HeroMotocorp shares.
It surrendered some of gains later but managed to settle at new record high of 26,560.15, logging a rise of 117.34 points, or 0.44 per cent. It surpassed previous record peaks of 26,442.81 hit yesterday and 26,437.02 on August 25.
In five days, Sensex has gained about 246 points.
"Positive global cues and likelihood for further monetary stimulus from European Central Bank (ECB) boosted the market sentiment...Stocks from oil & gas sector also gained on hopes of proper reforms for subsidies," said Nidhi Saraswat, Senior Research Analyst, Bonanza Portfolio.
Similarly, the 50-share NSE Nifty gained 31.30 points, or 0.40 per cent, to settle at new closing peak of 7,936.05, surpassing earlier record closing high of 7,913.20 hit on August 22. Intra-day today, it touched high of 7,946.85.
Yesterday, Nifty had fallen by 1.55 points.
"Ongoing bull-run suggests that Nifty is fast approaching towards the magic 8,000-mark" said Deepak Pahwa, a Delhi-based stock broker.
ONGC was the biggest gainer among Sensex scrips rising 2.31 per cent on reports of government's stake sale plan in the company, followed by ICICI Bank by 2.05 per cent. Overall, 21 Sensex stocks gained while 9 constituents declined.
Sectorwise, the BSE Oil & gas index rose the most (0.84 per cent), followed Auto 0.81 per cent, IT 0.75 per cent and Consumer Durables 0.64 poer cent. Midcap index ended 0.73 per cent up and Smallcap barometer jumped 0.79 per cent.
Foreign Portfolio Investors (FPIs) had bought shares worth a net Rs 364.72 crore yesterday.
Most Asian indices rose tracking US stocks that jumped anew Tuesday after data showed consumer confidence rose in August for a fourth straight month, to its strongest level since February 2008. Also, durable goods orders surged in July to a new monthly record.


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24x7 power supply plan provides robust growth avenues: NTPC

27 August 2014

Pinning hopes on the new government's initiatives, NTPC today said plans to provide round-the-clock electricity to every household in the country translates to robust growth opportunities amid challenges faced by the power sector.
However, the country's largest power producer has also flagged concerns about the poor health of state electricity distribution companies.
Addressing the shareholders today, NTPC Chairman and Managing Director Arup Roy Choudhury said the new government's strong focus on tapping all possible sources also opens up new business opportunities for the company.
"The new government's vision of providing 24X7 power to each household translates into robust growth opportunities amid challenges for the sector," he said at the company's Annual General Meeting.
Among others, he said creation of Telangana provides further opportunities to set up new power projects. NTPC has the mandate to set up a 4,000 MW power plant in the new state.
State-owned NTPC has an installed generation capacity of 43,128 MW.
The utility is also looking to increase its green energy portfolio and currently, it has an installed renewable capacity of 95 MW.
With regard to challenges, NTPC chief mentioned high Aggregate Technical and Commercial (AT&C) losses as well as poor financial health of state distribution companies as concerns.
"Several measures have been introduced by the government which include R-APDRP scheme focused to reduce the AT&C losses to below 15 per cent level," he said.
To help cash-strapped state discoms, the government is already working on a Financial Restructuring Plan (FRP).
"Some states like Tamil Nadu, Rajasthan, etc have already started implementation of FRP. There has also been strategic rethink about the effectiveness of FRP and the ways and means to make such measure really effective," Choudhury added.
Noting that India has one of the lowest annual per capita power consumption of 917.18 Kwh, he said that demand, supply and consumption trends would be key to sectoral growth.


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Live Video

MANDI/SPOT PRICE

Gold(Mumbai) 28,060 [-115] Gold(Delhi) 28,040 [-160]  Gold(Chennai) 28,230 [-45]  Gold(Jaipur) 28,230  [+30] Silver(Delhi) 42,452 [-798] Silver(Mumbai) 42,464 [-886]  Silver(Chennai) 42,575 [-1675]  Silver(Jaipur) 42,452   [-1098] Chana(Rajkot) 2,600  [00]  Chana(Bikarner) 2,691 [-26] Dhaniya(Rajkot) 10,000  [+500]  Jeera(Rajkot) 9600  [+250] Guar Seed(Surat) 3,000 [-250]  Guar Seed(Bikaner) 5,611 [-25]   Mustard Seed(Rajkot) 3,100 [+25]  Maize(Vijayanagaram)1,310 [00] Maize(Rajkot) 1,350  [+50] TM(Chodavaram) 6,500 [00] Wheat(Bikaner) 1,431 [-20] 

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MANDI/SPOT PRICE

Gold(Mumbai) 28,060 [-115] Gold(Delhi) 28,040 [-160]  Gold(Chennai) 28,230 [-45]  Gold(Jaipur) 28,230  [+30] Silver(Delhi) 42,452 [-798] Silver(Mumbai) 42,464 [-886]  Silver(Chennai) 42,575 [-1675]  Silver(Jaipur) 42,452   [-1098] Chana(Rajkot) 2,600  [00]  Chana(Bikarner) 2,691 [-26] Dhaniya(Rajkot) 10,000  [+500]  Jeera(Rajkot) 9600  [+250] Guar Seed(Surat) 3,000 [-250]  Guar Seed(Bikaner) 5,611 [-25]   Mustard Seed(Rajkot) 3,100 [+25]  Maize(Vijayanagaram)1,310 [00] Maize(Rajkot) 1,350  [+50] TM(Chodavaram) 6,500 [00] Wheat(Bikaner) 1,431 [-20]

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COMMODITY INTRADAY CALL

Evening Trading Call   : 27-August-2014

 

Analyst

Commo/Curr

Trade

Initiate

Stop Loss

Target

 
Harish_Galipelli_VPJRJWealthmanagement.jpg

Crude Oil  (Sept) 

Buy

5,700

5,660

5,760

 
 
 

Harish Galipelli, VP, JRJ Wealth Management

 
Aurobindoprasad.jpg

Aluminium (Aug)

Buy

125.60

124.80

126.40

 
 
 

Aurobinda Prasad, Head Research, Karvy Comtrade

 
Ajay_Kedia_Director_KediaCommodity.jpg

CPO (Sept)

Sell

454

459

445

 
 
 

Ajay Kedia, Director, Kedia Commodity

 
Tarun_Satsangi.jpg

Copper (Aug)

Sell

426

430

421

 
 
 

Tarun Satsangi, Head Research, Globe Capital

 
Jaiprakash_Gupta.jpg

Gold (Oct)

Sell

27,950

28,200

27,650

 
 
 

Jaiprakash Gupta, Director, Moneylicious

 


Punjab Chief Minister Parkash Singh Badal will ask the Centre to add maize in NAFED's crop

Financial Technologies (FTIL) today exited country's largest commodity exchange MCX by selling its

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