Sensex drops 3.1% in January

Key benchmark indices settled with small gains on last trading day of the week and month after seeing high intraday volatility throughout the day. The barometer index, the S&P BSE Sensex, was up 15.60 points or 0.08%, up 65.42 points from the day's low and off 58.47 points from the day's high. The market breadth, indicating the overall health of the market, was positive. In the foreign exchange market, the rupee edged lower against the dollar.

Indian stocks today, 31 January 2014 snapped five-day falling trend. The Sensex had lost 875.41 points or 4.09% in five trading sessions to 20,498.25 on 30 January 2014 from a recent high of 21,373.66 on 23 January 2014. The Sensex lost 656.83 points or 3.1% in January 2014. From a record high of 21,483.74 on 9 December 2013, the Sensex has declined 969.89 points or 4.51%. From a 52-week low of 17,448.71 on 28 August 2013, the Sensex has risen 3,065.14 points or 17.56%.

Coming back to today's trade, bank stocks gained after the Reserve Bank of India (RBI) on Thursday, 30 January 2014 laid out a road map to deal with a surge in bad loans in the banking system. State Bank of India (SBI) rose after the state-run bank after market hours on Thursday, 30 January 2014 said that it has raised Rs 8031.64 crore by selling shares through qualified institutional placement. In IT pack, HCL Technologies scaled a record high. Offshore oil services were in demand on fresh buying.

Idea Cellular rose after two bulk deals were executed on the counter on BSE today, 31 January 2014. Other telecom stocks were also in demand. Motherson Sumi Systems jumped after robust Q3 earnings. Many metal stocks gained. NTPC dropped as the stock turned ex-dividend today, 31 January 2014, for interim dividend of Rs 4 per share for the year ending 31 March 2014.

Key benchmark indices alternately swung between positive and negative zone in early trade. Key benchmark indices extended intraday gains and hit fresh intraday high in morning trade. A bout of volatility was witnessed as key benchmark indices reversed intraday gains in mid-morning trade. Key benchmark indices saw divergent trend in early afternoon trade after alternately swinging between positive and negative zone. The barometer index, the S&P BSE Sensex, was slightly lower. The 50-unit CNX Nifty was marginally higher. Key benchmark indices hovered in positive terrain in afternoon trade. Key benchmark indices hovered in positive zone in mid-afternoon trade amid alternate bouts of rise and fall near the flat line. Volatility ruled the roost in late trade as the key benchmark indices turned positive after sinking in negative zone to hit intraday low.

Foreign institutional investors (FIIs) sold shares worth a net Rs 430.20 crore on Thursday, 30 January 2014, as per provisional data from the stock exchanges.

The S&P BSE Sensex was up 15.60 points or 0.08% to 20,513.85, its highest closing level since 29 January 2014. The index gained 74.07 points at the day's high of 20,572.32 in morning trade, its highest level since 29 January 2014. The index fell 49.82 points at the day's low of 20,448.43 in late trade.

The CNX Nifty was up 15.80 points or 0.26% to 6,089.50, its highest closing level since 29 January 2014. The index hit a high of 6,097.85 in intraday trade, its highest level since 29 January 2014. The index hit a low of 6,067.35 in intraday trade.

The BSE Mid-Cap was up 96.68 points or 1.56% at 6,308.05. The BSE Small-Cap index was up 81.55 points or 1.32% to 6,263.35. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On BSE, 1,565 shares gained and 1,113 shares fell. A total of 151 shares were unchanged.

The total turnover on BSE amounted to Rs 1809 crore, lower than Rs 1974 crore on Thursday, 30 January 2014.

Among the 30-share Sensex pack, 19 stocks gained and rest of them declined.

NTPC lost 1.37% as the stock turned ex-dividend today, 31 January 2014, for interim dividend of Rs 4 per share for the year ending 31 March 2014.

Coal India rose 0.67%. The Ministry of Corporate Affairs after trading hours on Thursday, 30 January 2014, said that the Competition Commission of India (CCI) has ordered investigation under Section 26(1) of the Competition Act in respect of information filed by Wardha Power Company (Informant) against Western Coalfields (WCL) and Coal India (CIL). The Informant had alleged that WCL and CIL have abused their dominant position and the various clauses of the Fuel Supply Agreement were discriminatory, the Ministry of Corporate Affairs said in a statement. The CCI is of the opinion that prima facie case was made out against WCL and CIL for investigation for contravention of Section 4 of the Competition Act and it is a fit case to be investigated by DG. The report of DG is to be submitted within 60 days from receipt of the order.

The CCI in the past also ordered investigations against Coal India and its subsidiaries for their alleged anti-competitive conduct in other similar cases, the Ministry of Corporate Affairs said.

Cairn India rose 0.9%. In its announcement issued on 24 January 2014, Cairn Energy PLC undertook to keep the market updated regarding the request from the Indian Income Tax Department for information regarding its income tax assessments for the year ended 31 March 2007.

Following this, Cairn Energy PLC has re-confirmed with its advisers that throughout its history of operating in India the company has been fully compliant with the tax legislation in force in each year.

The correspondence received from the Indian Income Tax Department indicates that this is in respect of amendments introduced in the 2012 Indian Finance Act which seek to tax prior year transactions under retrospective legislation.

Cairn Energy PLC intends to take whatever steps are necessary to protect the company's interests and to defend its position. While this matter is being discussed, Cairn Energy PLC has been restricted by the Indian Income Tax Department from selling its shares in Cairn India (valued at $1 billion as at 31 December 2013).

Cairn Energy PLC will continue to pursue its current exploration and development programme as planned.

Neyveli Lignite Corporation rose 2.59% after net profit jumped 120.6% to Rs 489.02 crore on 4.7% growth in net sales to Rs 1314.95 crore in Q3 December 2013 over Q3 December 2012. The Q3 result was announced after market hours on Thursday, 30 January 2014.

Neyveli Lignite Corporation (NLC)'s other income surged 379.39% to Rs 553.41 crore in Q3 December 2013 over Q3 December 2012. Other income includes an amount of Rs 426.63 crore towards dues of surcharge and interest receivable from TANGEDCO, as agreed and recorded in the minutes of meeting held with them on 19 December 2013, NLC said.

NLC said that disputed income tax demand of Rs 315.01 crore, which has not been provided since the identical issue has been decided in favour of the company in appeal in earlier year and the appeal for the same will be preferred in due course.

PSU OMCs gained as crude oil prices retreated in thin Asian holiday trade on Friday after hitting their highest levels of the year in response to data showing the US economy grew more than expected in the fourth quarter.

BPCL (up 2.74%), HPCL (up 4.37%) and Indian Oil Corporation (IOC) (up 3.48%) gained.

West Texas Intermediate for March delivery was down 46 cents or 0.47% to $97.77 a barrel today, 31 January 2014.

The government had on Thursday, 30 January 2014, raised the cap on number of subsidised domestic LPG cylinders from 9 to 12 per year effective from 1 February 2014. The government agreed to demand from 9 to 12 after Congress Vice President Rahul Gandhi told Prime Minister Manmohan Singh the present allocation wasn't enough.

The hike will cost the government between Rs 3300 crore and Rs 4400 crore in additional subsidies it will have to pay state-run fuel retailers, according to estimates by the oil ministry. The government already pays about Rs 46000 crore every year to subsidize cooking gas.

Bank stocks gained after the Reserve Bank of India (RBI) on Thursday, 30 January 2014 laid out a road map to deal with a surge in bad loans in the banking system.

Among private sector banks, AXIS Bank (up 0.83%) and ICICI Bank (up 1.58%) gained. HDFC Bank shed 0.70%.

State Bank of India (SBI) rose 0.69% to Rs 1,528. The state-run bank after market hours on Thursday, 30 January 2014 said that it has raised Rs 8031.64 crore by selling shares through qualified institutional placement. The bank sold 5.13 crore shares at an average price Rs 1,565 per share, which is at a discount of 3.95% to the floor price of Rs 1629.35, as calculated in terms of Sebi ICDR Regulations.

Punjab National Bank (PNB) gained 6.98% after the state-run bank reported fall in ratio of net non-performing asset to 2.8% as on 31 December 2013 from 3.07% as on 30 September 2013. The bank net profit declined 42.14% to Rs 755.41 crore on 3.68% growth in total income to Rs 11922.30 crore in Q3 December 2013 over Q3 December 2012. The Q3 result hit the market during trading hours today, 31 January 2014.

The bank's provisions and contingencies surged 98.36% to Rs 1590.04 crore in Q3 December 2013 over Q3 December 2012. Provisions and contingencies declined 16.25% on sequential basis. The provision coverage ratio as on 31 December 2013 works out to 58.55%.

RBI circular dated 23 August 2013 on investment portfolio of the Banks -- classification, valuation and provisioning -- gave banks the option of distributing the net depreciation of the entire AFS & HFT portfolios on each of the valuation dates in the current financial year in equal installments during the year. In accordance with this circular, PNB has made adequate provision towards the proportionate additional depreciation on the entire AFS & HFT portfolio as on 31 December 2013.

PNB's Capital Adequacy Ratio (CAR) as per Basel III norms stood at 11.02% as on 31 December 2013 as against 11.62% as on 30 September 2013.

Meanwhile, PNB said its board of directors at its meeting held today, 31 January 2014, has declared an interim dividend of Rs 10 per equity share for the year ending 31 March 2014. The record date has been fixed as 12 February 2014 to ascertain the entitlement of shareholders to receive the interim dividend, PNB said.

Union Bank of India rose 4.48% after net profit rose 15.39% to Rs 348.94 crore on 18.26% increase in total income to Rs 8230.17 crore in Q3 December 2013 over Q3 December 2012. The result was announced during trading hours today, 31 January 2014.

The bank's ratio of net non-performing assets to net advances stood at 2.26% as on 31 December 2013, compared with 2.15% as on 30 September 2013 and 1.70% as on 31 December 2012.

The bank's ratio of gross non-performing assets (NPA) to gross advances stood at 3.85% as on 31 December 2013, compared with 3.64% as on 30 September 2013 and 3.36% as on 31 December 2012.

Provisions and contingencies fell 28.80% to Rs 610.40 crore in 31 December 2013 over 31 December 2012. The provisioning coverage ratio as on 31 December 2013 stood at 59.97%.

The bank's Capital Adequacy Ratio (CAR) as per Basel III norms stood at 10.12% as on 31 December 2013, compared with 9.72% as on 30 September 2013.

Oriental Bank of Commerce rose 5.22%. The bank's net profit fell 31.28% to Rs 224.30 crore on 4.49% increase in total income to Rs 5063.98 crore in Q3 December 2013 over Q3 December 2012. The result was announced during trading hours today, 31 January 2014.

Among other PSU bank stocks, Indian Bank (up 8%), Allahabad Bank (up 4.52%), UCO Bank (up 2.55%), Canara Bank (up 2.59%), Bank of Baroda (up 3.11%), Bank of India (up 2.63%) gained.

The Reserve Bank of India (RBI) on Thursday, 30 January 2014 laid out a road map to deal with a surge in bad loans in the banking system. The framework outlines a corrective action plan that will offer incentives for early identification of stressed assets by banks, timely revamp of accounts considered to be unviable, and prompt steps for recovery or sale of assets in the case of loans at the risk of turning bad.

On Thursday, 30 January 2014 the central bank issued final rules similar to the measures outlined in the working paper after taking public feedback into account. Lenders will need to carve out as special category of assets termed special mention accounts (SMAs) in which early signs of stress are visible.

Accounts within this category will be put under three sub-categories, based on the period for which their principal or interest payments are overdue. The duration of overdue payments can range from under 30 days to 90 days. Loan repayments that are more than 90 days overdue are classified as non-performing assets (NPAs) under existing regulations.

If a borrower's interest or principal payments are overdue by more than 60 days, a joint lenders' forum must be formed by the bankers for early resolution of stress, RBI said.

The new rules also offer incentives to lenders to quickly and collectively agree to a resolution plan by offering better regulatory treatment for stressed assets where such a plan is under implementation. As a way to discourage long-drawn-out negotiations between bankers, RBI said accelerated provisioning will be applicable if no agreement can be reached.

Restructuring proposals in accounts where the aggregate exposure of banks is above Rs 500 crore will now be subjected to assessment by an independent evaluation committee (IEC) of experts. The IEC will look into the viability aspects after ensuring that the terms of restructuring are fair to the lenders, said RBI.

The committee will submit its recommendations to the corporate debt restructuring (CDR) cell within a period of 30 days.

Appropriate incentive structures may be built so as to provide greater role to PE (private equity) firms and other institutions in restructuring of troubled-company accounts. These institutions can be expected not only to bring additional funds for restructuring, but also bring in expertise for management of the business unit in question, RBI said in a statement.

Further, banks will not be allowed to offer finance to such specialized entities put together for acquisition of troubled companies.

In the interest of better information sharing within the banking system, RBI said it will set up a central repository of information on large credits to collect, store and disseminate credit data to lenders. For this, banks will have to furnish credit information on all their borrowers having aggregate fund-based and non-fund-based exposure of Rs 5 crore and above.

IDFC rose 1.36%. The company after market hours reported 10.02% rise in consolidated net profit to Rs 500.68 crore on 3.67% rise in total income to Rs 2122.84 crore in Q3 December 2012 over Q3 December 2012.

ING Vysya Bank shed 0.81%. The bank after market hours reported 3.08% rise in net profit to Rs 167.34 crore on 4.37% rise in total income to Rs 1487.85 crore in Q3 December 2012 over Q3 December 2012.

Tata Consultancy Services (TCS) gained 0.5%. TCS after market hours on Thursday, 30 January 2014 announced that it has been designated as a Leader in the IDC MarketScape: Worldwide Life Science Manufacturing and Supply Chain ITO. Among the attributes cited in the report, 'IDC MarketScape: Worldwide Life Science Manufacturing and Supply Chain ITO 2013 Vendor Assessment,' TCS was lauded for its overall capability and extensive experience in working with global life science companies across all three sections of the industry: pharmaceutical, biotech and medical devices.

The report evaluated the 12 leading IT vendors that serve the life science manufacturing and supply chain space, across a number of capability and strategy measures such as Offering Roadmap, Portfolio Strategy, Customer Base, Engagement Capability, Pricing Model, Investment, Growth Strategy, etc. IDC MarketScape criteria selection, weightings and vendor scores represent well-researched IDC judgment about the market and vendors through structured discussions, surveys and interviews with market leaders, participant buyers and end users.

In the current market conditions, there is a strong demand from life sciences companies for skilled IT Outsourcing (ITO) partners that have significant domain depth and experience, said Eric Newmark, Program Director, IDC Health Insights, Business Systems Strategies Program. TCS has demonstrated its expertise and innovation through its extensive work with life sciences companies in the manufacturing and supply chain market. TCS' exceptional technical skills, coupled with the overall value that the company consistently delivers to its global life sciences clients, make it an established leader in the field.

Our continued leadership in the life sciences manufacturing and supply chain market is a testament to the unparalleled value we bring to our customers, said Debashis Ghosh, President, Life Sciences, Manufacturing and Energy, TCS. Our strategy is to enable life sciences companies to use technology effectively to optimize manufacturing operations and adopt emerging supply chain practices, which will result in a more holistic, patient-centric healthcare ecosystem. This, coupled with a strong global footprint and a continuous focus on innovation, ensures that we are a partner of choice for life sciences companies worldwide.

IDC MarketScape vendor analysis model is designed to provide an overview of the competitive fitness of IT, telecommunications, or industry-specific suppliers in a given market.

HCL Technologies gained 2.06% to Rs 1,463.35 after hitting a record high of Rs 1,470 in intraday trade.

Hero MotoCorp (HMCL) fell in volatile trade after Managing Director & Chief Executive Officer Mr. Pawan Munjal said at the time of announcement of the company's Q3 December 2013 results on Thursday, 30 January 2013, that the company's earnings before interest, taxation, depreciation and amortization (EBITDA) was affected due to partial recovery of rising metal costs and currency fluctuation. The stock was off 1.29% at Rs 1,974. The stock hit a high of Rs 2,028.65 and low of Rs 1,955.

HMCL's net profit rose 7.53% to Rs 524.66 crore on 11.13% increase in total turnover (net sales and other operating income) to Rs 6876.78 crore in Q3 December 2013 over Q3 December 2012. Sales volume rose 6.85% to 16.80 lakh two-wheelers in Q3 December 2013 over Q3 December 2012. EBITDA (earnings before interest, taxation, depreciation and amortization) margin stood at 13.06% in Q3 December 2013.

Commenting on the company's financial performance for Q3 December 2013, Mr. Pawan Munjal, Managing Director & Chief Executive Officer, Hero MotoCorp said: "We have been able to post solid sales in the quarter in a relatively dull market, and our PAT and total turnover figures are up from the corresponding quarter last year. However, our EBITDA has been affected due to partial recovery of rising metal costs and currency fluctuation. We continue to sustain our market-leadership quarter after quarter with a strong focus on performance and profitability, and going forward, we plan to further strengthen our leadership and demonstrate our prowess in innovation and technology. While the industry overall is under constant pressure due to a number of reasons, we are confident of and committed to deliver value to our stakeholders. For this, we will continue to challenge the existing benchmarks and innovate constantly to pave way for improved performance. We are excited about the upcoming Auto Expo where we will be showcasing our vision for the future of two-wheelers. Only yesterday, we gave you a glimpse of the range of products that we are developing. But there's more to come -- several more products, including new concepts which you will get to see at the Delhi Motor Show in February".

Delivering on its commitment to bring revolutionary products in the two-wheeler market, Hero MotoCorp (HMCL) on Wednesday, 29 January 2014, unveiled a slew of game-changing two-wheelers across-the-spectrum. The next-generation range of two-wheelers includes the new 250-cc sports bike 'HX250R', the break-through Liquid-cooled Turbo Charged Diesel Concept Bike 'RNT', India's first series hybrid scooter 'LEAP' and 110cc scooter 'Dash'.

Motherson Sumi Systems jumped 12.06% to Rs 202.10 after net profit surged 142.28% to Rs 249.60 crore on 19.89% increase in total income to Rs 7993.50 crore in Q3 December 2013 over Q3 December 2012. The result was announced during trading hours today, 31 January 2014.

EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) rose 48.92% to Rs 761 crore in Q3 December 2013 over Q3 December 2012. EBITDA margin stood at 9.6% in Q3 December 2013, higher than 7.8% in Q3 December 2012.

The company said it continues to get additional orders and expand its operations globally in line with requirements of its customers. The company had net debt of Rs 4436 crore as on 31 December 2013.

Commenting on company's performance, Mr. V.C. Sehgal, Chairman, Motherson Sumi Systems said, "The company has delivered its best ever results in revenues as well as operating margins for a quarter. This is exceptional performance both in domestic and overseas businesses in current market conditions. SMR and SMP continue to grow and deliver improved results. We are moving forward in the right direction towards achieving our targets. We thank all our stakeholders for their unstinted support to us at all times."

Idea Cellular rose 1.99% Rs 143.20 after two bulk deals were executed on the counter at 12:07 IST on BSE today, 31 January 2014. A bulk deal of 5.69 lakh shares was executed on the counter at Rs 143 per share. Another bulk deal of 9.40 lakh shares was executed on the counter at Rs 143 per share.

Other telecom stocks were also in demand. Bharti Airtel (up 2.32%), MTNL (up 6.41%), Tata Teleservices (Maharashtra) (up 0.69%) and Reliance Communications (up 5.76%) gained.

Marico rose 0.38% after consolidated net profit rose 31% to 135 crore on 10% growth in revenue from operations to Rs 1201 crore in Q3 December 2013 over Q3 December 2012. The Q3 result was announced during trading hours today, 31 January 2014.

Adani Enterprises lost 0.79% after consolidated net profit declined 83.61% to Rs 68.20 crore on 0.71% growth in total income to Rs 13747 crore in Q3 December 2013 over Q3 December 2012. The Q3 result was announced during trading hours today, 31 January 2014.

Adani Enterprises' consolidated EBITDA (earnings before interest, taxation, depreciation and amortization) rose 0.23% to Rs 2111 crore in Q3 December 2013 over Q3 December 2012.

Adani Enterprises said that its port and coal trading businesses continue to grow on a steady basis, whereas its performance was affected by non-availability of domestic coal and delay in compensatory tariff in its power business.

Commenting on the company's financial performance, Mr Gautam Adani, Chairman, Adani Group said, "Our integrated business model of Resources, Logistics & Energy has an in-built resilience & adaptability. This was tested & validated over the last two years wherein the Power Business part of the model was nurtured & supported within the value chain. In the ensuing quarters, we will enjoy these synergy benefits as we see marked improvement in power business on account of tariff revisions, full availiability of plant capacity and better business & growth environment".

Mr Devang Desai, CFO Adani Group and Executive Director, Adani Enterprises said, "Our overall improved quarterly performance has set the direction for ensuing quarters as we see greater contribution from the power business. We continue to focus on operating coast reductions & revenue enhancements and closely nurture the capital spends in all our businesses".

Many metal stocks gained. Sesa Sterlite (up 0.61%), JSW Steel (up 2.37%), Jindal Steel & Power (JSPL) (up 0.16%), Hindustan Zinc (up 0.62%), Tata Steel (up 2.6%), and Hindalco Industries (up 1.71%) edged higher.

Steel Authority of India (Sail) fell 1.61%.

National Aluminium Company (Nalco) lost 5.11%, with the stock extending Thursday's 3.56% fall triggered after announcing Q3 result after trading hours on Wednesday, 29 January 2014. Nalco's net profit rose 10.16% to Rs 131.03 crore on 2.26% decline in total income to Rs 1764.64 crore in Q3 December 2013 over Q3 December 2012.

Balasore Alloys jumped 12.17% after net profit galloped 793.02% to Rs 11.52 crore on 15.34% growth in total income from operations to Rs 188.62 crore in Q3 December 2013 over Q3 December 2012. The Q3 result was announced after market hours on Thursday, 30 January 2014.

Aditya Birla Nuvo (ABNL) advanced 3.75%. The company before market hours today, 31 January 2014 said its wholly-owned subsidiary, ABNL IT & ITES, has on Thursday, 30 January 2014 entered into an agreement to divest its IT-ITeS subsidiary, Aditya Birla Minacs Worldwide, subject to customary closing conditions, third party consents and regulatory approvals. Pursuant to a share purchase agreement with a group of financial investors led by Capital Square Partners (CUP) and CX Partners (CXP), ABNL IT & ITeS will divest Aditya Birla Minacs at an enterprise value of $260 million subject to the working capital adjustments.

Aditya Birla Nuvo entered the iTeS sector in 2003 through acquisition of TransWorks, a $12 million company. Later to provide scale to the business, TransWorks acquired Minacs, a $265 million company in 2006. Committed to its turnaround and growth, ABNL supported Minacs over the years, to attain revenue of $450 million (Rs 2466 crore) and net profit of $23 million (Rs 125 crore) in fiscal 2012-13, Aditya Birla Nuvo said in a statement.

Today, Aditya Birla Minacs has risen to the stature of a global business solutions provider that partners with global corporations through its 35 centers spanning 10 countries across 3 continents. To further expand its scale, enhance its competitive advantage and attain the next level of growth, Minacs requires capital investments, the company added.

Being a conglomerate, Aditya Birla Nuvo constantly evaluates its capital allocation strategy and reviews its business portfolio. Given the multiple growth opportunities and ensuing capital requirements at ABNL, the company decided to divest Minacs to a strategic financial investor, with extensive domain experience, who can ensure that Minacs continues to progress forward on its strategic roadmap, Aditya Birla Nuvo said.

Dr. Rakesh Jain, Managing Director, Aditya Birla Nuvo, said, Considering ABNL's capital commitment and growth plans for other businesses, the Company has decided to divest Minacs. We are confident that the new shareholders will provide the requisite direction to Minacs and enable it to rise to its full potential."

The transaction is expected to be completed in 2 to 3 months, subject to the requisite customary and regulatory approvals, ABNL said.

Realty stocks rose on renewed buying. Godrej Properties (up 4.16%), Parsvnath Developers (up 1.29%), HDIL (up 2.17%), DLF (up 2.04%), Indiabulls Real Estate (up 0.75%), D B Realty (up 0.19%) and Unitech (up 4.13%) gained.

Oberoi Realty rose 1.35% after Supreme Court on Thursday, 30 January 2014, dismissed the previous Bombay High Court order that restricted several acres of forest land in suburban Mumbai for development. The company made the announcement after market hours on Thursday, 30 January 2014.

Oberoi Realty said that certain properties of its wholly-owned subsidiary, Oberoi Constructions (OCL), situated in village Nahur and village Mulund were declared as private forest. OCL had challenged decision by a writ petition in Bombay High Court against the State of Maharashtra and others. This writ petition was dismissed by the Bombay High Court vide an order dated 24 March 2008.

OCL later filed a special leave petition before the Supreme Court challenging the said order of the Bombay High Court.

The Supreme Court in the said Special Leave Petition on Thursday, 30 January 2014, pronounced a judgement setting aside the said order of the Bombay High Court, Oberoi Realty said in a statement.

Bayer CropScience rose 2.13%. The company's net profit fell 95.68% to Rs 39 crore on 12.07% rise in net sales to Rs 626.60 crore in Q3 December 2013 over Q3 December 2012. The company announced the result after market hours on Thursday, 30 January 2014.

Bayer CropScience announced after market hours on Thursday, 30 January 2014, that Mr. Stephan Gerlich ceased to be the Vice Chairman and Managing Director of the company and also as a member of the board of directors with effect from closing hours of 30 January 2014. Mr. Richard van der Merwe was appointed as Vice Chairman and Managing Director of the company with effect from 1 February 2014.

Balkrishna Industries surged 7.05% after net profit jumped 66.4% to Rs 123.85 crore on 24.2% growth in net sales to Rs 867.32 crore in Q3 December 2013 over Q3 December 2012. The Q3 result was announced after market hours on Thursday, 30 January 2014.

Balkrishna Industries' board of directors at a meeting held on Thursday, 30 January 2014, approved a scheme of arrangement for amalgamation of Balkrishna Paper Mills (a wholly owned subsidiary) with the company and demerger of the paper board business division, together with investment in Balkrishna Synthetics, on a going concern basis in to Nirvikara Paper Mill. Upon completion of the Scheme, Nirvikara Paper Mills will issue and allot one fully paid up equity share of Rs 10 each for every nine equity shares held in the company as on the record date to be fixed for this purpose after receipt of all approvals. Upon completion of the Scheme, all shareholders of the company shall become the shareholders of Nirvikara Paper Mills which is proposed to be listed on the Bombay Stock Exchange and the National Stock Exchange of India, Balkrishna Industries said.

The appointed date for the proposed amalgamation is 1 April 2013 and the demerger shall take effect from the date on which the orders of the Bombay High Court, sanctioning the scheme of arrangement is filed with the Registrar of Companies, Maharashtra, Balkrishna Industries said.

Balkrishna Industries said that the proposed scheme of arrangement will re-organize and segregate the paper board business division, together with investment in Balkrishna Synthetics as a separate listed entity resulting in a focused independent management, streamline the operations and provide access to varied sources of raising funds to achieve the growth potential of paper board business. The proposed scheme of arrangement will create enhanced value for shareholders and allow a focused growth strategy, which would be in the best interest of the company, its shareholders, creditors and all stakeholders, it added. The restructuring proposed by this scheme of arrangement will also provide an opportunity to the investors to select investments which best suit their investment strategies and risk profiles, the company said.

Offshore oil services were in demand on fresh buying. Aban Offshore (up 20%), GOL Offshore (up 11.6%), Global Offshore Services (up 4.99%), Hindustan Oil Exploration Company (up 3.3%), Dolphin Offshore Enterprises (India) (up 13.45%) gained.

Suven Life Sciences rose 3.7% after the firm said it has received 3 product patents one each from Canada, China and India corresponding to NCEs for treatment of disorders associated with neurodegenerative diseases. The announcement was made during trading hours today, 31 January 2014.

Suven Life Sciences (Suven) announced today, 31 January 2014 the grant of three product patents one each from Canada and India corresponding to the new chemical entities (NCEs) for the treatment of disorders associated with neurodegenerative diseases and these patents are valid through 2025.

The granted claims of the patents include the class of selective 5-HT compounds discovered by Suven and are being developed as therapeutic agents and are useful in the treatment of cognitive impairment associated with neurodegenerative disorders like Alzheimer's disease, Attention deficient hyperactivity disorder (ADHD), Huntington's disease, Parkinson and Schizophrenia, Suven said in a statement.

With these new patents, Suven has a total of fourteen granted patents from Canada, twelve granted patents from China and seventeen granted patents from India. These granted patents are exclusive intellectual property of Suven and are achieved through the internal discovery research efforts, the company said. Products out of these inventions may be out-licensed at various phases of clinical development like at Phase-I or Phase-II, Suven said in a statement.

Venkat Jasti, CEO, Suven Life Sciences said, "We are very pleased by the grant of these patents to Suven for our pipeline of molecules in CNS arena that are being developed for cognitive disorders with high unmet medical need with huge market potential globally".

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 62.67, compared with its close of 62.56/57 /11 on Thursday, 30 January 2014.

Foreign direct investment (FDI) inflows into India rose 54.8% in November to $1.64 billion compared with $1.06 billion a year ago, a government statement said on Friday.

Total FDI inflows in the first eight months for the current fiscal year that ends in March were down 2% from a year earlier at $15.46 billion, compared with $15.85 billion during the year-ago period, the statement said.

India's consumer inflation should ease in the next two months, and will fall to 8% by the end of the year, Reserve Bank of India (RBI) Governor Raghuram Rajan said in an interview with TV news channel on Thursday, 30 January 2014. The consumer price index eased to a three-month low of 9.87% in December 2013. "There is some disinflation in the system. What was 9.87 is going to come down further next month, and probably a little further into March," Rajan said. "We are setting rates at a level that we think is consistent with that disinflation for us to get some bite and for the inflation in the system to come down to about 8% at the end of the year," Rajan said.

In an interview to another TV news channel, Rajan on Thursday disputed criticism that lower interest rates would lead to higher growth because banks are fixing interest rates based on inflation. "This notion somehow that the RBI is standing in the way of growth is complete nonsense, Rajan said. "Today what is standing in the way of growth is inflation. Unless we bring inflation down, growth with lower interest rates has no hope," Rajan said.

Rajan warned of a breakdown in global policy coordination after the Federal Reserve further cut stimulus, noting how emerging markets helped pull the global economy out of crisis starting in late 2008. "Industrial countries have to play a part in restoring that, and they can't at this point wash their hands off and say we'll do what we need to and you do the adjustment. Fortunately the IMF has stopped giving this as its mantra, but you hear from the industrial countries: We'll do what we have to do, the markets will adjust and you can decide what you want to do," Rajan said. "We need better cooperation and unfortunately that's not been forthcoming so far," he said.

Rajan said developed countries might not like adjustments emerging markets take to cope with the outflows, without elaborating on specific measures.

European stock markets extended losses in midmorning action on Friday, after data showed euro-zone inflation fell unexpectedly in January, further adding to fears of deflation in the region. Key benchmark indices in UK, France and Germany were down by 0.78% to 1.42%.

The annual rate of inflation across the 18 countries that shared the euro fell to a record low in January. The European Union's statistics agency said Friday consumer prices rose by just 0.7% in the 12 months to January, down from an 0.8% annual rate of inflation in December, and further below the ECB's target of just under 2%.

The ECB last cut its benchmark interest rate in November, responding to a fall in the annual rate of inflation from 1.1% to 0.7% in October.

Eurostat Friday said the number of people without jobs across the 17 countries that then shared the euro fell by the largest amount since April 2007.

The statistics agency said the euro zone's unemployment rate was unchanged in December at 12%, having revised the November figure down from 12.1%. But the number of people without jobs fell by 129,000, the largest drop in a single month since April 2007, well before the onset of the financial crisis.

The decline in the number of jobless was led by Spain, but also included Germany, Italy and Portugal.

French consumer spending inched down in December, as households cut purchases of clothes and accessories, the national statistics bureau said Friday.

Consumer spending in the euro zone's second-largest economy dropped 0.1% last month, but posted a 1.4% increase on the year.

Spain's inflation rate was unchanged in January from the previous month and continues to be well below the European Central Bank's own target, preliminary data released Friday show.

In its preliminary estimate, the National Statistics Institute, known as INE, said Spain's European Union-harmonized consumer price index rose 0.3% on the year, the same as in December.

The ECB aims to keep the annual inflation rate in the euro zone below but close to 2% over the medium term.

By Spain's own methodology, January's CPI increased by 0.2%, compared with a 0.3% rise in December.

UK consumers were the most optimistic in over six years in January, buoyed by improvements in both personal finances and the economy, a survey showed Friday.

The monthly consumer confidence index from research firm GfK rose to -7 in January from -13 in December. That was the highest level since September 2007 and more than reversed the single-point declines reported in the index in recent months.

Most Asian markets were closed today, 31 January 2014, for the Lunar new year holiday. In Japan, the Nikkei 225 index lost 0.62% to settle at 14,914.53. China's markets remain closed until 7 February 2014 for the Lunar New Year holiday, while Hong Kong is shut until 4 February 2014.

Japanese industrial production rose 1.1% on month in December, the Ministry of Economy, Trade and Industry said Friday, on a demand rush ahead of an April sales tax increase. It also comes after a 0.1% decline in November. The increase in industrial output was due to a rise in production in the general purpose and production machinery sectors as well as electronic parts and devices.

Meanwhile, Japanese consumer prices rose at their sharpest rate in over five years in December, the government said Friday. Consumer prices also increased for the whole of 2013, the first annual increase in five years, according to data released by the Ministry of Internal Affairs and Communications.

The core consumer price index, which excludes volatile fresh-food costs, climbed 1.3% from a year earlier in December, faster than a 1.2% gain in the previous month, according to data released by the Ministry of Internal Affairs and Communications. It was the biggest rise since a 1.9% increase in October 2008. The core index for 2013 increased 0.4% after a 0.1% fall the previous year. The CPI including fresh food prices rose 1.6% on year in December.

Employment data released Friday also suggested a strongly recovering economy. The jobless rate fell to 3.7% of the work force, down from 4% in November and the lowest rate since December 2007. The closely watched ratio of available jobs to applicants also improved to 1.03, meaning 103 jobs were on offer for every 100 job seekers.

Trading in US index futures indicated that the Dow could fall 84 points at the opening bell on Friday, 31 January 2014. US stocks rebounded on Thursday, 30 January 2014, as investors welcomed data showing a robust pace of growth in the economy in the final quarter of last year, while upbeat earnings from Facebook Inc. boosted the tech sector.

The US economy expanded rapidly in the final quarter of 2013, the Commerce Department said on Thursday, 30 January 2014, as consumers shrugged off a government shutdown, with the data fueling hopes of even faster growth ahead. The gross domestic product grew at 3.2% annual pace.

The number of people who sought US unemployment benefits near the end of January rose to the highest level in six weeks, but it's unclear whether the increase is the residue of holiday-season distortions or reflects a deterioration in the labor market. The less-volatile, four-week average rose by a fraction.

Meanwhile, Janet Yellen will be sworn in as chairwoman of the Federal Reserve on Monday, 3 February 2014, the US central bank announced Thursday, 30 January 2014. Yellen will replace outgoing Fed Chairman Ben Bernanke, whose term as chairman expires on Friday, 31 January 2014.

The Federal Reserve on 29 January 2014 took another gradual step toward exiting its controversial bond-buying program. As expected, the Fed decided, after a monetary policy review, to reduce the pace of monthly asset purchases to $65 billion, from January's $75 billion. The Fed also signaled that it is likely to keep reducing its purchases in the coming months, citing a pickup in economic activity and improvement in the labor market.

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