Key benchmark edged higher as Asian and European stocks rose after China's short-term interest rates fell after China's central bank pumped in an usually large amount of funds into the money markets to pre-empt a potential liquidity crisis, as demand for cash rises ahead of the Lunar New Year holiday. The barometer index, the S&P BSE Sensex, and the 50-unit CNX Nifty eked out small gains. The Sensex garnered 46.07 points or 0.22%, off 51.40 points from the day's high and up 61.92 points from the day's low. The market breadth, indicating the overall health of the market, was positive.
Indian stocks edged higher for the second day in a row today, 21 January 2014. The Sensex has garnered 187.50 points or 0.89% in two trading sessions from a recent low of 21,063.62 on 17 January 2014. The Sensex has risen 80.44 points or 0.38% in this month so far (till 21 January 2014). From a 52-week low of 17,448.71 on 28 August 2013, the Sensex has risen 3,802.41 points or 21.79%. From a record high of 21,483.74 hit on 9 December 2013, the Sensex is off 232.62 points or 1.08%.
Coming back to today's trade, bank stocks rose on renewed buying. But, Kotak Mahindra Bank fell on weak Q3 results. Tata Motors rose after the company on Monday, 20 January 2014, announced the launch of the REVOTRON Series -- the next generation petrol engine family that will power its future models in the passenger vehicle market.
Metal and mining stocks edged higher after China's central bank injected emergency funds into banks to tackle concerns about liquidity. Hindustan Zinc and Sesa Sterlite, both, hit 52-week high after trade minister Anand Sharma on Monday, 20 January 2014, said that Union Cabinet has approved divestment of government's residual stake in Hindustan Zinc. Shares of steel makers rose as iron ore prices dropped.
Among side counters, Infotech Enterprises hit record high. Sasken Communication Technologies surged after the company's board of directors declared a special dividend of Rs 22.50 per share.
The market sentiment was boosted by data showing that foreign funds were net buyers of Indian stocks on Monday, 20 January 2014. Foreign institutional investors (FIIs) bought shares worth a net Rs 403.20 crore from the secondary equity markets on Monday, 20 January 2014, as per data from Securities & Exchange Board of India.
The S&P BSE Sensex garnered 46.07 points or 0.22% to settle at 21,251.12, its highest closing level since 16 January 2014. The index jumped 97.47 points at the day's high of 21,302.52 in mid-morning trade. The index fell 15.85 points at the day's low of 21,189.20 in early afternoon trade.
The CNX Nifty advanced 9.85 points or 0.16% to settle at 6,313.80, its highest closing level since 16 January 2014. The index hit a high of 6,330.30 in intraday trade. The index hit a low of 6,297.90 in intraday trade.
The total turnover on BSE amounted to Rs 1877 crore, higher than Rs 1831.60 crore on Monday, 20 January 2014.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,376 shares gained and 1,247 shares fell. A total of 160 shares were unchanged.
The S&P BSE Mid-Cap index rose 0.45% and the S&P BSE Small-Cap index rose 0.39%. Both these indices outperformed the Sensex.
The S&P BSE Bankex index (up 1.55%), the S&P BSE Auto index (up 1.03%), the S&P BSE Metal index (up 0.77%), the S&P BSE Capital Goods index (up 0.64%), the S&P BSE Realty index (up 0.59%) and the S&P BSE Consumer Durables index (up 0.53%) outperformed the Sensex
The S&P BSE Healthcare index (down 0.1%), the BSE PSU (down 0.19%), the S&P BSE FMCG index (down 0.18%), the S&P BSE Oil & Gas index (down 0.53%), the S&P BSE Power index (down 0.59%), the S&P BSE Teck index (down 0.63%) and the S&P BSE IT index (down 0.68%) underperformed the Sensex.
Index heavyweight and cigarette maker ITC edged lower in choppy trade. The stock lost 0.42% at Rs 328.80. The stock hit a high of Rs 332.30 and low of Rs 328.40.
Asian Paints declined 2.16% on weak Q3 result. The company after market hours on Monday, 20 January 2014, reported 1.75% fall in consolidated net profit to Rs 329.35 crore on 13.03% rise in total income to Rs 3481.99 crore in Q3 December 2013 over Q3 December 2012. Asian Paints said that results for Q3 December 2013 include unaudited consolidated financials of Sleek International in which the company acquired 51% stake on 8 August 2013. In view of this, the results for Q3 December 2013 are not comparable with the corresponding previous periods, Asian Paints said.
"The decorative paints business in India did well considering the challenging and uncertain macro environment. Raw material prices were marginally higher in the third quarter. Industrial paints segment continued to be impacted by sluggish manufacturing environment in the economy, with no major capes activity. Automotive coatings growth was affected due to the subdued demand in the automotive sector. International Business registered good growth. Middle East and Asia have done well even though some countries continued to be affected by political events and macro economic uncertainty," said K.B.S. Anand, Managing Director & CEO, Asian Paints.
Emami rose 0.71% on strong Q3 result. The company's consolidated net profit rose 31.1% to Rs 150.68 crore on 6.6% increase in net sales to Rs 584.67 crore in Q3 December 2013 over Q3 December 2012. The result was announced after market hours on Monday, 21 January 2014.
Index heavyweight Reliance Industries (RIL) extended Monday's losses triggered by the company reporting a flat bottom line in Q3 December 2013 due to fall in gross refining margins (GRM). The stock was off 0.69%. The company's net profit rose 0.2% to Rs 5511 crore on 10.5% growth in revenue to Rs 106383 crore in Q3 December 2013 over Q3 December 2012. The Q3 result was announced after market hours on Friday, 17 January 2014.
RIL's profit before depreciation, interest and taxation (PBDIT) declined 1.8% to Rs 9927 crore in Q3 December 2013 over Q3 December 2012. RIL's non-operational income jumped 32.47% to Rs 2305 crore in Q3 December 2013 over Q3 December 2012.
RIL's gross refining margin (GRM) declined to $7.6/barrel in Q3 December 2013, from $7.7/barrel in Q2 September 2013 and $9.6/barrel in Q3 December 2012.
RIL said its refining business maintained stable earnings on Q-o-Q basis in Q3 December 2013 despite lower volumes and decline in regional benchmark complex margins. RIL's margins were positively impacted by widening crude differentials, strength in middle-distillates and naphtha product cracks, which was offset by weak gasoline cracks
RIL said that the net addition to fixed assets for the nine month ended 31 December 2013 was Rs 27645 crore including exchange rate difference capitalization. Capital expenditure was principally on account of ongoing expansions projects in the petrochemicals and refining business at Jamnagar, Dahej, Silvassa and Hazira.
RIL said its retail unit Reliance Retail continued its growth momentum in Q3 December 2013 despite challenging macroeconomic environment. Reliance Retail's revenue jumped 38.32% to Rs 3927 crore in Q3 December 2013 over Q3 December 2012.
Oil India rose 0.86%. The company said before market hours that a meeting of the board of directors of the company will be held on 28 January 2014 to consider the declaration of interim dividend for the year ending 31 March 2014.
Metal and mining stocks edged higher after China's central bank injected emergency funds into banks to tackle concerns about liquidity. China is the world's largest consumer of copper and aluminum. National Aluminum Company (up 0.41%), Hindustan Copper (up 0.22%), NMDC (up 0.94%), Hindalco Industries (up 0.71%) gained.
Hindustan Zinc rose 2.15% to Rs 135.40 after hitting a 52-week high of Rs 141.80 in intraday trade. Trade minister Anand Sharma on Monday, 20 January 2014, said that Union Cabinet has approved divestment of government's residual stake in Hindustan Zinc. He said the method and timing of the stake sale would be decided later. The government sold its control in Hindustan Zinc to India-born billionaire Anil Agarwal's Vedanta Resources PLC almost a decade ago. The government now still has a 29.54% stake in Hindustan Zinc. Vedanta holds 64.92% stake in Hindustan Zinc through its Indian arm Sesa Sterlite -- erstwhile Sterlite Industries. Vedanta has been seeking a larger control of the company to fast-track decision-making.
Sesa Sterlite rose 1.78% to Rs 209.15. The stock hit a 52-week high of Rs 213.05 in intraday trade.
Shares of steel makers rose as iron ore prices dropped. Iron ore futures for May delivery on the Dalian Commodity Exchange slid 1.6% to close at 847 yuan a ton, the lowest since the contract's Oct. 18 debut. Iron ore is key raw material in steel manufacturing. Lower iron ore prices could reduce cost of production for steel makers. Tata Steel (up 2.8%), Steel Authority of India (up 1.03%), Jindal Steel & Power (up 1%) and JSW Steel (up 0.39%) gained.
TCS dropped 2.28%. The company today, 21 January 2014, said it has introduced TCS Embedded Code Analyzer (TCS ECA) -- a new solution that enhances the software assurance lifecycle for automotive, high-tech and other industries that develop products which rely on embedded software. TCS ECA has been developed by TCS in collaboration with Nissan Motor Co., (Nissan) in Japan and is available from distribution partner Yokogawa Digital Computer Corporation, TCS said.
Embedded software is the center-point of a vast range of products manufactured across industries and quality software code is a necessity to ensure these products operate properly at all times. TCS ECA has been designed to combine TCS' leadership in engineering software solutions and services with Nissan's expertise in automotive software. TCS ECA is the most scalable product of its kind in the market today and can easily be customized to suit specific needs across industries, TCS said.
TCS ECA helps manufacturers accelerate product development, produce more reliable products, reduce time-to-market, and lower costs attributed to software failure. It helps the embedded software developer community improve the software quality and better comply with key regulations, such as MISRA-C and ISO 26262 in the automotive industry. TCS ECA automatically detects the coding defects which are difficult to identify through standard testing and review processes and are often very expensive to locate and fix if not detected early in the software development cycle, TCS said.
TCS' consolidated net profit rose 15.1% to Rs 5333 crore on 1.5% increase in revenue to Rs 21294 crore in Q3 December 2013 over Q2 September 2013. Operating profit grew 0.5% to Rs 6337 crore in Q3 December 2013 over Q2 September 2013. Operating margin was reported at 29.8% in Q3 December 2013. TCS announced the third quarter results after trading hours on Thursday, 16 January 2014.
TCS said growth in Q3 December 2013 was driven by industries like Life Science & Healthcare, Manufacturing, Media, Travel & Hospitality and Telecom. The company's broad based presence across markets and services helped overcome seasonal weakness in some markets. Europe led growth, driven by the continuous investments being made in that market, while North America and UK also grew during the quarter, TCS said in a statement. Among growth markets, Latin America, APAC and MEA registered strong growth. India business suffered from volatility and declined sequentially, TCS said. Among service lines, Business Process Services, Enterprise Solutions, Global Consulting were the leaders.
HCL Technologies rose 0.91% to Rs 1,445, after hitting a record high of Rs 1,457.95 in intraday trade. The company's consolidated net profit rose 5.7% to Rs 1496 crore on 2.8% increase in revenue to Rs 8184 crore in Q2 December 2013 over Q1 September 2013. The results are as per US Generally Accepted Accounting Principles (US GAAP). The company announced Q3 results on 16 January 2014.
Earnings before interest, taxation, depreciation and amortization (EBITDA) rose 1.6% to Rs 2126 crore in Q2 December 2013 over Q1 September 2013. EBITDA margin declined to 26% in Q2 December 2013, from 26.3% in Q1 September 2013.
HCL Technologies' consolidated net profit as per US GAAP rose 7.1% to $241.6 million on 4% growth in revenue at $1.3213 billion in Q2 December 2013 over Q1 September 2013. EBITDA rose 2.8% to $343.3 million in Q2 December 2013 over Q1 September 2013. EBITDA margin edged lower to 26% in Q2 December 2013, from 26.3% in Q1 September 2013.
Infotech Enterprises jumped 7.43% to Rs 381.75 after hitting a record high of Rs 383 in intraday trade.
Sasken Communication Technologies jumped 6% to Rs 207.60 after hitting a 52-week high of Rs 216.10 in intraday trade today, 21 January 2014. The company's board of directors declared a special dividend of Rs 22.50 per share. The announcement was made after market hours on Monday, 20 January 2014.
Based on the current market price of Rs 207.60, the special dividend of Rs 22.50 per share translates into a dividend yield of 10.83%.
Sasken Communication Technologies after market hours on Monday, 20 January 2014 said that in celebration of its 25th year since incorporation, the Board at its meeting held on 20 January 2014, has declared a special dividend of Rs 22.50 per share. This is in addition to the special dividend of Rs 2.50 per equity share declared in October 2013, thus taking the total special dividend to Rs 25 per share. The dividend will be disbursed on and from 31 January 2014, the company said.
Sasken Communication Technologies has announced 25 January 2014 as the record date for the purpose of payment of special dividend.
Auto stocks were mixed. Maruti Suzuki India rose 1.25%. M&M fell 0.89%.
Tata Motors rose 2.56%. The company on Monday, 20 January 2014, announced the launch of the REVOTRON Series -- the next generation petrol engine family that will power its future models in the passenger vehicle market. The company unveiled the first petrol engine from its REVOTRON series - the Turbocharged Intercooled Multi-point Fuel Injected (MPFi) Petrol Engine, REVOTRON 1.2T. Tata Motors said that the REVOTRON Series has been designed based on extensive feedback from car owners, car enthusiasts and expert drivers from across the globe; observing their driving habits followed by extensive testing in gruelling climatic conditions in India as well as in countries like the UK and Korea.
The REVOTRON Series has been developed by Tata Motors with inputs from renowned global players in the area of combustion, boosting, friction and calibration, to deliver class-leading performance, the company said in a statement. Tata Motors also worked closely with global engine consultant AVL (Austria) and key technology partners like Bosch, Honeywell, Mahle and INA to bring in the latest technology for the new engine series. REVOTRON 1.2T has been tested for global standards along with a testing car by TEnergy of Korea to ensure that the engine performance is best-in-class, Tata Motors said. The engine has been manufactured to be light on weight and low on friction, delivering high performance and fuel economy. The REVOTRON series will include 3-and 4-cylinder petrol engines to offer superior performance as well as high fuel efficiency to our customers, Tata Motors said.
Announcing the launch, Mr. Ranjit Yadav, President, Passenger Vehicle Business Unit, Tata Motors said: "With the launch of REVOTRON 1.2T, Tata Motors passenger vehicles business is making a strategic shift towards a more complete portfolio. The name itself, an amalgamation of Revolution and the French word "tronel", meaning "balance", conveys the essence of this engine brand that uses key technological advances to revolutionize and balance great driving manoeuvrability, without compromising on power or fuel efficiency. We are enhancing our portfolio with the next generation petrol engines - REVOTRON series".
The REVOTRON 1.2T has been engineered to deliver optimum balance of power, performance and fuel economy, Tata Motors said. Developed using a range of eco-friendly and future-oriented technologies, the next-generation petrol engine incorporates latest know-how like multi-drive modes, allowing the best of economy and driving pleasure. The Advance Engine Management Systems (AMS) provides a digitally precise control for vehicle performance and emissions and offers the design of reciprocating components to ensure the best out of every drop of fuel. With enhanced customer benefits for the best driving experience, the REVOTRON series is therefore positioned to be a revolution in Performance, Refinement and Economy, the three pillars of the REVOTRON series, Tata Motors said.
Shares of two-wheeler makers were mostly lower. Hero MotoCorp (down 0.64%), TVS Motor Company (down 0.77%) declined. Bajaj Auto rose 0.63%.
Bank stocks edged higher on renewed buying. ICICI Bank rose 3.41%.
AXIS Bank rose 2.56%. AXIS Bank's net profit increased 19.06% to Rs 1604.11 crore on 9.94% increase in total income to Rs 9433.55 crore in Q3 December 2013 over Q3 December 2012. The result was announced on 16 January 2014.
The bank's gross non-performing assets increased to Rs 3008.20 crore as on 31 December 2013, from Rs 2734.47 crore as on 30 September 2013 and Rs 2275.30 crore as on 31 December 2012. The ratio of net non-performing assets to net advances stood at 0.42% as on 31 December 2013, compared with 0.37% as on 30 September 2013 and 0.33% as on 31 December 2012. The ratio of gross non-performing assets (NPA) to gross advances stood at 1.25% as on 31 December 2013, compared with 1.19% as on 30 September 2013 and 1.10% as on 31 December 2012.
Provisions and contingencies fell 47.65% to Rs 202.49 crore in 31 December 2013 over Q3 December 2012. Provisions and contingencies declined 70.54% on sequential basis
HDFC Bank gained 1.22%. The bank's net profit rose 25.1% to Rs 2325.70 crore on 17.75% growth in total income to Rs 12738.95 crore in Q3 December 2013 over Q3 December 2012. The bank announced Q3 results on 17 January 2014.
HDFC Bank's net interest income (NII) rose 16.4% to Rs 4634.80 crore in Q3 December 2013 over Q3 December 2012. The net interest margin or NIM declined to 4.2% in Q3 December 2013, from 4.3% in Q3 December 2012. HDFC Bank's's non-interest income rose 11.4% to Rs 2148.30 crore in Q3 December 2013 over Q3 December 2012.
With asset quality remaining stable during the quarter, provisions and contingencies declined 4% to Rs 388.80 crore in Q3 December 2013 over Q3 December 2012, HDFC Bank said.
Total deposits rose 22.9% YoY to Rs 349215 crore as on 31 December 2013. Adjusted for foreign currency non-resident (FCNR) deposits raised during the quarter, the total deposits growth rate would have been 15.5% and CASA ratio would be 43.7%, HDFC Bank said.
Advances grew 22.9% YoY to Rs 296742 crore as of 31 December 2013. The domestic loan growth was contributed by both retail and wholesale segments, with retail loans growing by 13.6% and wholesale loans by 22.1%, resulting in a domestic loan mix between retail and wholesale of 54:46. Total advances in overseas branches as of 31 December 2013 were at 8% of the total advances as against 3.8% as of 31 December 2012, HDFC Bank said.
The bank's Capital Adequacy Ratio (CAR) as at 31 December 2013 as per Basel III guidelines stood at 14.7%, as against a regulatory requirement of 9%. Of this, Tier-I CAR was 9.9%. These CAR ratios are based on net worth numbers which do not take into account the profits for nine months ended 31 December 2013. Had the same been included, the total CAR and Tier-I CAR would have been 16.2% and 11.5% respectively, HDFC Bank said.
Kotak Mahindra Bank fell 3.08% on weak Q3 results. The bank's net profit fell 5.99% to Rs 339.98 crore on 3.85% increase in total income to Rs 2492.01 crore in Q3 December 2013 over Q3 December 2012. The bank's consolidated net profit rose 2.43% to Rs 591.25 crore on 6.43% growth in total income to Rs 4424.50 crore in Q3 December 2013 over Q3 December 2012. The result was announced during trading hours today, 21 January 2014.
The bank's gross non-performing assets edged up to Rs 1076.18 crore as on 31 December 2013, from Rs 1005.97 crore on 31 September 2013 and Rs 740.02 crore as on 31 December 2012. The ratio of gross non-performing assets (NPA) to gross advances stood at 2.01% as on 31 December 2013, higher than 1.97% as on 30 September 2013 and 1.46% as on 31 December 2012. The ratio of net non-performing assets to net advances stood at 1.1% as on 31 December 2013, higher than 0.96% as on 30 September 2013 and 0.64% as on 31 December 2012.
Provisions and contingencies jumped 64.63% to Rs 69.74 crore in Q3 December 2013 over Q3 December 2012.
Kotak Mahindra Bank's net interest income (NII) rose 11% to Rs 913 crore in Q3 December 2013 over Q3 December 2012.
Advances as on 31 December 2013 were up 6% year-on-year (YoY) to Rs 53149 crore as on 31 December 2013. The bank is cautiously slowing down on CECV lending. Without considering CECV, the growth in advances was 12% in Q3 December 2013 on YoY basis.
Restructured loans considered standard amounted to 0.08% of net advances as on 31 December 2013.
Savings deposits as on 31 December 2013 grew by 38% to Rs 9106 crore from Rs 6616 crore as on 31 December 2012. CASA ratio was 30%.
RBI vide circular dated 23 August 2013 on "Investment portfolio of banks - Classification, Valuation and Provisioning", as a one-time measure permitted banks to transfer SLR securities from Available For Sale (AFS)/Held For Trading (HFT) category to Held To Maturity (HTM) category at valuation rates prevailing on 15 July 2013, provided the transfer happened before 30 September 2013. Kotak Mahindra Bank has not transferred any SLR security from AFS/HFT category to HTM category. The bank's SLR securities in HTM category as on 31 December 2013 were 11.7% of net demand and time liabilities (NDTL). As permitted under the same circular, the Kotak Mahindra Bank has opted to distribute the net depreciation on the AFS and HFT portfolios in equal installments during the current financial year. Accordingly, of the net depreciation of Rs 196.95 crore as on 31 December 2013, the bank has amortised Rs 43.43 crore and Rs 131.30 crore in the Profit and Loss Account for the quarter and nine months ended 31 December 2013 respectively.
Among PSU bank stocks, State Bank of India, Union Bank of India, Bank of India, Bank of Baroda and Punjab National Bank rose 0.82% to 2.34%.
Canara Bank rose 1.92% after the bank said after market hours on Monday, 20 January 2014 that the board of directors of the bank at its meeting held on 20 January 2014 has approved the payment of interim dividend of Rs 6.50 per share or 65% for the year ending 31 March 2014 and permitted the payout date of dividend as 31 January 2014 (i.e., the date of dividend warrant would be 31 January 2014).
Federal Bank rose 0.97% at Rs 83.45. The Cabinet Committee on Economic Affairs on Monday, 20 January 2014, approved the proposal of Federal Bank for increase in foreign investment ceiling in the bank to 74% of the bank's equity, subject to the aggregate foreign institutional investors' (FIIs) shareholding not exceeding 49% of the paid up equity share capital of the bank. The approval would result in foreign investment of approximately Rs 1400 crore in the country, a government statement said.
It may be recalled that the Reserve Bank of India (RBI) had in August last year banned further purchases of shares of Federal Bank by FIIs after aggregate foreign share holding in the private sector bank crossed the overall limit of 49% of the bank's paid-up capital. Total FII holding in Federal Bank was 42.27% as on 31 December 2013
The Reserve Bank of India (RBI) on Monday, 20 January 2014, said it has constituted an Expert Committee to review governance of boards of commercial bank in India. The terms of reference of the committee include review of the regulatory compliance requirements of banks' boards in India. The committee will judge what can be rationalised and where requirements need to be enhanced. The committee will examine the working of banks' boards, including whether adequate time is devoted to issues of strategy, growth, governance and risk management. The committee will review central bank regulatory guidelines on bank ownership, ownership concentration and representation in the board.
The committee will analyse the representation on banks' boards to see whether the boards have the appropriate mix of capabilities and the necessary independence to govern the institution, and to investigate possible conflicts of interest in board representation, including among owner representatives and regulators. In this regard, the committee will also assess and review the 'fit and proper' criteria for all categories of directors of banks, including tenor of directorship and it will examine board compensation guidelines and any other issue relevant to the functioning of banks' boards and the governance they exercise.
The committee is expected to submit its report within three months from the date of its first meeting, the RBI said.
Cadila Healthcare rose 0.3%. The company said during market hours that it has received final approval from the USFDA to market Bupropion Hydrochloride Extended-release tablets USP (XL) in the strength of 300 mg in the United States. The drug falls in the anti-depressants segment. The estimated sales in 2013 in US as per IMS for Bupropion Hydrochloride Extended-release tablets USP (XL) in the strength of 300 mg was $255.9 million. The total market for Bupropion was estimated at $526.7 million.
Cadila Healthcare said that the group now has 87 approvals and has so far filed 216 ANDAs since the commencement of filing process in FY 2004.
Aurobindo Pharma rose 5.93%, with the stock extending Monday's 6.31% rally triggered by the company signing a binding offer to acquire commercial operations in seven Western European countries from Actavis plc. Closing of the transaction is conditional on certain antitrust approvals and completion of employee consultation processes, Aurobindo Pharma said in a statement.
Aurobindo said it expects to acquire personnel, commercial infrastructure, products, marketing authorizations and dossier license rights in seven European countries. Actavis and Aurobindo will be entering into a long term commercial and supply arrangement in order to support the ongoing growth plans of these businesses. The acquisition expands Aurobindo's front-end operations into five segments (generics, prescription products, over-the-counter products, hospital products and generics tenders) with approximately 1,200 products and an additional pipeline of over 200 products, Aurobindo Pharma said in a statement.
Aurobindo Pharma said that the management estimates the net sales for the acquired businesses would be around euro 320 million in 2013 with a growth rate of over 10% year-on-year. Although these businesses are currently loss-making, Aurobindo said it expects them to return to profitability in combination with its vertically integrated platform and existing commercial infrastructure. The acquisition will make Aurobindo one of the leading Indian pharmaceutical companies in Europe, it added. Since 2006 Aurobindo has been steadily expanding its European footprint through an increasing presence in UK, Spain and Germany. The acquisition will enable Aurobindo to achieve critical mass in Western Europe with a top 10 position in several key markets, Aurobindo Pharma said in a statement.
Actavis plc is a global, integrated specialty pharmaceutical company focused on developing, manufacturing and distributing generic, brand and biosimilar products. Actavis has global headquarters in Dublin, Ireland and US administrative headquarters in Parsippany, New Jersey, USA.
Jet Airways (India) rose 5.52%. The company after trading hours on Monday, 20 January 2014, said it will launch a daily direct flight service from Mumbai to Paris with effect from 14 May 2014, subject to government approvals. This new flight from India's financial capital Mumbai, to Paris, the world's most popular tourist destination, will be operated by wide-body Airbus A330 aircraft, Jet Airways said.
Jet Airways flight 9W 124 will depart from Mumbai's brand new Chhatrapati Shivaji International Airport, T2 at 1200 hrs and arrive at Paris' Charles de Gaulle airport at 1750 hrs. The return flight 9W 123 will depart Paris at 2110 hrs (LT) and arrive Mumbai at 0945 hrs the following day thus providing a seamless connection to the airline's entire network within India. Moreover, the return Jet Airways flight from Paris to Mumbai will make it the only evening departure from continental Europe to Mumbai, Jet Airways said.
Paris will be the airline's twenty first international destination and will provide a key gateway point for travel to several destinations across Europe with Jet Airways' code share and interline partners, Jet Airways said.
To mark this important launch, Jet Airways has announced a special return Economy introductory fare of Rs 45,291 (including taxes) and return Premie introductory fare of Rs 1,53,315 (including taxes) for guests traveling from Mumbai to Paris. The regular fare on this sector would be: Economy Rs 62,040 and Premiere Rs 2,02,114 (inclusive of taxes). These fares available since 14 January 2014 have a travel validity commencing 14 May 2014. However, to avail of the attractive introductory fares, guests will need to book and purchase their tickets on or before 10 February 2014. In addition, JetPrivilege members can earn double miles on flights booked between 14 May and 13 June 2014.
Jet Airways will deploy an Airbus A330-200 aircraft on this route, with 18 Premiere seats that open up as flatbeds and 236 ergonomic Economy seats offering guests unmatched comfort. Guests traveling to Paris will experience the airline's famed in-flight service, its award-winning In-flight Entertainment (IFE) system, carefully selected menus offering a range of Indian and international options, along with the airline's warm and personalized hospitality, Jet Airways said.
Mr. Gaurang Shetty, Vice President Commercial, Jet Airways (India), said: "Jet Airways is delighted to launch its maiden service to Paris, one of the world's top destinations and a key gateway point for airline guests traveling travelling between India and France while they experience Jet Airways' hallmark in-flight service. By offering enhanced connections to several European cities from Paris with our code share partners, we are confident that this new flight would prove immensely popular with our guests. Furthermore, Jet Airways would be able to offer guests seamless travel between Europe and India, and onwards to SAARC destinations including Colombo, Dhaka and Kathmandu and vice versa."
Lakshmi Machine Works advanced 2.77% after net profit jumped 174.34% to Rs 52.40 crore on 46.19% growth in total income from operations (net) to Rs 629.63 crore in Q3 December 2013 over Q3 December 2012. The Q3 result was announced after market hours on Monday, 20 January 2014.
Easun Reyrolle jumped 13.24% to Rs 77 after a domestic mutual fund acquired 1.43% stake in the company on Monday, 20 January 2014. HDFC Mutual Fund bought 2.98 lakh shares or 1.43% stake in Easun Reyrolle at Rs 68 per share in a bulk deal on BSE on Monday, 20 January 2014.
Amtek Auto rose 2.45% to Rs 71 after 0.32% equity changed hands in two bulk deals today, 21 January 2014. A bulk deal of 5 lakh shares was executed on Amtek Auto counter at Rs 70.40 per share at 13:22 IST on BSE today, 21 January 2014. Another bulk deal of 2 lakh shares was executed on counter at Rs 70.40 per share at 13:26 IST on BSE today, 21 January 2014.
The Reserve Bank of India's Third Quarter Review of Monetary Policy for 2013-14 is scheduled on 28 January 2014. The RBI kept its main lending rate viz. the repo rate unchanged after its last policy review in December and said at that time that it expected inflation to ease in the following months.
European stocks rose on Tuesday, 21 January 2014, after China's central bank added funds to the financial system. Key benchmark indices in France, Germany and UK rose 0.07% to 0.34%.
Asian stocks edged higher on Tuesday, 21 January 2014, as China's money-market rates dropped after the central bank pumped funds into the financial system. Key benchmark indices in China, Japan, Singapore, Hong Kong, Indonesia, and South Korea were up 0.16% to 0.99%. Taiwan's Taiwan Weighted fell 0.25%.
China's short-term interest rates fell on Tuesday, 21 January 2014, after the central bank pumped in an usually large amount of funds into the money markets to pre-empt a potential liquidity crisis, as demand for cash rises ahead of the Lunar New Year holiday. The relatively proactive move to calm the stress in the money markets is a departure from three liquidity crunches last year, when the central bank held off until the squeeze became much worse. The central bank offered 75 billion yuan ($12.39 billion) in seven-day reverse repurchase agreements, short-term loans to commercial lenders, as well as 180 billion yuan in 21-day reverse repos via its routine open-market operations on Tuesday. The PBOC's latest move came after it announced in a brief statement late Monday that it had offered funds to the nation's large banks, after money market rates spiked as a result of heavy demand for cash ahead of the Lunar New Year holiday and amid worries over the vast "shadow banking" sector.
The Bank of Japan's two-day monetary policy meeting began today, 21 January 2014.
Trading in US index futures indicated that the Dow could advance 51 points at the opening bell on Tuesday, 21 January 2014. The US stock market was closed on Monday, 20 January 2014, for a holiday commemorating civil rights leader Martin Luther King Jr.
The Federal Open Market Committee (FOMC) holds a two-day monetary policy meeting on 28 and 29 January 2014. By a 9-to-1 vote, the Fed on 18 December 2013 decided to trim its asset-purchase program by $10 billion to $75 billion per month starting in January 2014.
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