Shares of fertilizer manufacturers will be in focus after Minister of Chemicals and Fertilizers Ananth Kumar yesterday, 7 January 2015, said that the government has removed the cap/restrictions to production of Neem coated urea. Addressing a press conference, Kumar said that using Neem coated urea will not only increase crop yields but also lower input cost to farmers. He said it will also reduce imports of precious fertilizers as well as reduce ground and soil pollution. He said that Neem coated urea is costly by 5% compared to plain prilled urea but it reduces nitrogen loss by more than 10%, thereby incurring a net savings of Rs 13.5 per bag for farmers. Due to higher nitrogen use efficiency, the use of nitrogen coated urea can also eliminate import of urea resulting in huge foreign exchange savings for the country.
Kumar informed that there is adequate availability of fertilizers in the country and there is no shortage anywhere. He said that in December 2014, 1,706 rakes were used for supply of fertilizers as compared to 1,488 in December 2013. He said, in future also, there will be no dearth of urea. The minister clarified that there would neither be increase in urea price nor change in subsidy.
Wipro reportedly won a $400 million, multi-year IT infrastructure management contract from Swiss engineering giant ABB. Wipro will maintain the back-end technology operations for Zurich-based ABB for five years, reports added.
Shares of hospitality firms and travel companies will be in focus. Foreign Tourist Arrivals (FTAs) to India increased 6.8% to 8.77 lakh in December 2014, as compared to FTAs of 8.22 lakh in December 2013. FTAs during the period January- December 2014 exhibited an accelerated growth of 7.1% to 74.62 lakh, as compared to the FTAs of 69.68 lakh with a growth of 5.9% during January- December 2013 over the corresponding period of 2012.
Shares of Southern Petrochemicals Industries Corporation (SPIC), Mangalore Chemicals & Fertilizers and Madras Fertilizers may edge higher after Minister of Chemicals and Fertilizers Ananth Kumar yesterday, 7 January 2015, said that the government has decided to give subsidy on naphtha for next 100 days for naphtha based fertilizer plants of these three companies. The SPIC Tuticorin plant will be entitled for the subsidy.
With respect to media reports titled Glenmark Pharma wins patent war with Abbott, Glenmark Pharmaceuticals after market hours yesterday, 7 January 2015 said that the company confirms the news item. The company has no plans in the near future to launch this product in India and hence does not consider the same as material, requiring disclosure under Clause 36 of the listing agreement, Glenmark Pharmaceuticals said.
Karur Vysya Bank (KVB) has signed an memorandum of understanding (MoU) with Daimler India Commercial Vehicles on 5 January 2015 for financing buyers of trucks manufactured by the company under the brand name "Bharath Benz". KVB will offer loans to the buyers of new Bharath Benz trucks at bank's sole discretion, as per bank's internal eligibility criteria, subject to the terms and conditions set out by the bank in this regard. The MoU shall be for a term of three years and may be extended to such further period as agreed by both the parties.
Sobha said that Q3 December 2014 was operationally a subdued quarter with the company achieving new sales of 661,451 square feet valued at Rs 427 crore with an average realisation of Rs 6,456 per square feet. The company pre-launched 2 projects admeasuring total saleable area of 0.67 million square feet. Sobha said that the demand in markets across the country have remained muted with sluggish place of project approvals in the southern markets of Kerala and Tamil Nadu affecting the saleability of projects for developers across the spectrum. Bangalore continued to hold ground, accounting for majority of the new sales, the company said.
City Union Bank said the bank has inaugurated 442nd and 443rd branch on 7 January 2015 at Naranamangalam, Thiruvarur Dist. and Sitharkadu, Nagai Dist.
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