The market is seen opening firm on positive Asian stocks. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 41 points at the opening bell.
Tata Consultancy Services (TCS) announced on Saturday, 16 November 2013 the launch of its 10,000-seat campus, Garima Park, in Gandhinagar, Gujarat. The state-of-the-art software development facility was inaugurated by Narendra Modi, Hon'ble Chief Minister, Gujarat who was welcomed at the venue by Cyrus P Mistry, Chairman, Tata Group and N. Chandrasekaran, Chief Executive Officer & Managing Director. Also present on the occasion were senior officials of the state government, business, academic and community leaders as well as senior executives from TCS.
N Chandrasekaran, Chief Executive Officer and Managing Director, said, TCS has played a pioneering role to make Gujarat an attractive IT destination for global companies and also helped drive technology-led growth by investing in talented youth of the state and building long-term partnerships with state institutions. He added, We are delighted to launch our new world-class campus in Gandhinagar. This will help TCS further scale up its presence and drive the expansion of the IT industry in Gujarat.
Developed over 25.5 acres of land with a built-up area of 1.6 million square feet, TCS Garima Park is the latest addition to the company's unique global network of software development and delivery centers. It features highly secure software development and delivery centers of multiple sizes to meet the needs of global clients.
TCS Garima Park has been developed as a green campus and is a LEED (Leadership in Energy and Environmental Design) Gold rated IT campus. Built with locally sourced red stone, a trademark feature of local architecture, the campus also uses extensive technology to increase efficiency and reduce wastage. Solar panels, LED lighting, occupancy and light-sensitive sensors have been used to optimise power consumption, for instance.
TCS Garima Park provides a contemporary and holistic working space for employees. It has been designed to extensively use natural light and ventilation extensively throughout the structure. There are open, shared spaces for TCSers to use to collaborate and co-create like a 250-seat amphitheatre, a 250-seat multli-purpose hall. To help TCSers focus on wellness, TCS Garima Park also features a modern gymnasium, tennis, badminton and basketball courts as well as a jogging track for employees to use.
The Garima Park campus also features a learning center as well as iClass rooms (connected with other TCS learning hubs across the world), hi-end virtual presence conference rooms, meeting rooms and cafeterias. The campus is an approved Special Economic Zone and will serve global customers across industry segments.
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NMDC said on Saturday, 16 November 2013 it achieved production and despatches of iron ore of 148.06 lakh tonne and 160.66 lakh tonne respectively (provisional) upto October 2013. It rolled over the October 2013 prices of iron ore (lumps - 4300 Rs/WMT, fines - 2610 Rs/WMT) to the month of November, 2013.
GlaxoSmithKline Pharmaceuticals (GSK) after market hours on Thursday, 14 November 2013 announced a new Rs 864 crore [85 million pound] factory creating 250 jobs in India as part of its continued commitment to ensuring access to medicines for people in the country.
During a visit to India on Thursday, 14 November 2013 to take part in a conference of international business leaders, GSK Chief Executive Officer Sir Andrew Witty said the location of the new factory is yet to be finalised, but that the lead site is in Bangalore.
GSK will partner with local design and construction companies to build a state of the art manufacturing facility which is expected to benefit from leading edge technologies including continuous manufacturing and automated systems.
The announcement is GSK's latest commitment to its manufacturing network in India where the company has invested Rs 1017 crore [100 million pound] over the last decade. GSK is proactively building capacity in the country as it delivers its portfolio of products in areas such as gastroenterology and anti-inflammatory medicines. When complete the new factory will make pharmaceutical products for the Indian market at a rate of up eight billion tablets and one billion capsules a year. The facility, expected to be operational by 2017, will also include a warehouse, site infrastructure and utilities to support the manufacturing and packing of the medicines.
Around 8500 people work in India for GSK. The company is a leader in dermatology and vaccines, with vaccines such as Rotarix against severe diarrhoea, and Synflorix used to protect children against streptococcus pneumonia. In addition, GSK's consumer business continues to be a market leader with six billion cups of its best known product Horlicks consumed by over 30 million households every year.
Sir Andrew said: GSK is a long-standing investor in India and we fully support the Government in their efforts to increase access to affordable medicines and to improve healthcare. This new facility will substantially increase the capacity of our manufacturing base and enable us to bring more medicines to the people of India.
Bosch on Friday, 15 November 2013 said that workmen of the company's Bangalore plant have resorted to a 'Tool Down' strike with effect from second shift of 14 November 2013, without giving any prior notice to management. In view of the Union's illegal and unjustified strike, the management of the company has decided to shut down plant operations for workmen at Bangalore plant with effect from night shift of 14 November 2013 till further notice. Efforts are in hand to resolve the matter and restore normalcy at the earliest, the company said.
Jaiprakash Associates after market hours on Thursday, 14 November 2013 reported a 47.1% drop in net profit to Rs 67.67 crore on 5.6% growth in net sales to Rs 3149.40 crore in Q2 September 2013 over Q2 September 2012.
Jaypee Cement Corporation, wholly owned subsidiary of the company, having a total capacity of 12.8 MTPA (including 3 MTPA under implementation), has entered into an agreement on 11 September 2013 with UltraTech Cement for sale of 4.8 MTPA cement plants in Gujarat. Accordingly, demerger of Gujarat cement plants is under process.
Bhushan Steel's net profit declined 70.19% to Rs 60.06 crore on 10.99% fall in total income to Rs 2276.60 crore in Q2 September 2013 over Q2 September 2012. The company announced result after market hours on Thursday, 14 November 2013.
Bhushan Steel also said after market hours on Thursday, 14 November 2013 that the board of directors of the company at its meeting held on 14 November 2013 has considered and approved to raise further equity shares for sum not exceeding Rs 1000 crore by way of right issue.
Key benchmark indices snapped seven-day losing streak to register gains on Thursday, 14 November 2013 as firmness in European and Asian stocks boosted sentiment. The S&P BSE Sensex was up 205.02 points or 1.02% to 20,399.42, its highest closing level since 11 November 2013.
Stock markets had remained closed on Friday, 15 November 2013 on account of Moharram.
Foreign institutional investors (FIIs) bought shares worth a net Rs 970.03 crore on Thursday, 14 November 2013, as per provisional data from the stock exchanges.
Meanwhile, the second and final phase of voting in Chhattisgarh will be held tomorrow, 19 November 2013. Polling in the first phase for the 90-member state assembly had seen voter turnout of 67% on 11 November 2013.
Asian markets were trading higher following firm cues from Wall Street. Key benchmark indices in Taiwan, Hong Kong, China, Singapore, Japan, Indonesia and South Korea rose by 0.22% to 1.92%.
US stocks stepped higher on Friday, lifting the S&P 500 and Dow industrials to record closes, as investors continued to find encouragement in Janet Yellen's support for the Federal Reserve's stimulus efforts.
At a confirmation hearing on Thursday, Yellen, the nominee to lead the Fed, defended the central bank's aggressive bond-buying program, known as quantitative easing or QE, and tried to ease concerns that bubbles were forming in the equity markets. That boosted stocks globally on Thursday and continued to contribute to positive sentiment on Friday.
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