Mindtree Q4 profit falls 8.4% to Rs 129 cr, $ revenue flat

Mindtree's fourth quarter consolidated net profit declined 8.4 percent sequentially to Rs 129 crore that fell short of expectations on Thursday, impacted by forex loss. Profit was expected at Rs 134 crore for the quarter, according to a CNBC-TV18 poll.

Moneycontrol Bureau

Mindtree 's fourth quarter consolidated net profit declined 8.4 percent sequentially to Rs 129 crore that fell short of expectations on Thursday, impacted by forex loss. Profit was expected at Rs 134 crore for the quarter, according to a CNBC-TV18 poll.

Revenues were in line during the quarter. Rupee revenue grew 0.7 percent to Rs 918 crore and dollar revenue increased to USD 147.8 million from USD 147.7 million on sequential basis. Dollar revenue growth in constant currency was 1.8 percent on sequential basis.

The software services exporter has reported a forex loss of Rs 13 crore for the quarter against gain of Rs 7 crore in December quarter.

Mindtree missed on operational front as operating profit dropped 5.3 percent to Rs 179 crore and margin declined 120 basis points to 19.5 percent in the quarter gone by. Those were expected at Rs 181.5 crore and 19.8 percent, respectively.

Other income more than doubled to Rs 30.4 crore from Rs 14 crore during the same period.

For FY15, the company exceeded NASSCOM's dollar revenue growth estimate of 12.3 percent. It reported dollar revenue at USD 583.8 million, a growth of 16.4 percent over previous financial year and rupee revenue at Rs 3,561.9 crore, up 17.5 percent.

Mindtree said it has 217 active clients as of March 2015, adding USD 10 million clients increased to 14 and USD 5 million clients rose to 28 during the quarter.

Attrition rate inched up a bit by 10 basis points to 18.2 percent in March quarter from 18.1 percent in previous quarter.

The company has recommended a final dividend of Rs 10 per equity share for the year ended March 31, 2015.

The scrip of Mindtree (which announced earnings post market hours) closed at Rs 1,391.25, down 2.58 percent on the BSE.

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Fineotex Chemical approves sub-division of equity shares

Fineotex Chemical at its Meeting held on April 16, 2015, has approved the sub-division of 1 Equity Shares of the Company having face value of Rs 10 each into 5 Equity shares of face value of Rs 2 each and consequential alteration in the relevant clauses relating to Memorandum of Association of the Company.

Fineotex Chemical Ltd has informed BSE that the Board of Directors of the Company at its Meeting held on April 16, 2015, inter alia, have:1. Approved the sub-division of 1 (One) Equity Shares of the Company having face value of Rs. 10/- each into 5 (Five) Equity shares of face value of Rs. 2/- each and consequential alteration in the relevant clauses relating to Memorandum of Association of the Company.2. Approved the notice of postal ballot dated April 16, 2015.3. Approved the appointment of Mr. Hemant Shetye, Partner HS Associates, Practicising Company Secretary as Scrutinizer for the purpose of Postal Ballot.4. Constituted a "Sub-division Committee" compromising of Mr. Surendrakumar Tibrewala and Mr. Sanjay Tibrewala. The aforesaid Committee is authorized to finalize the record date for the purpose of subdivision of shares and to take all necessary, expedient and incidental actions thereto required for executing the activities relating to the Sub-division of Equity Shares.Source : BSE

Read all announcements in Fineotex Chem

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Infosys, Tech Mahindra top picks: Kawaljeet Saluja

Kawaljeet Saluja -Executive Director & Head - Research at Kotak Institutional Equities is of the view that Infosys and Tech Mahindra are the top picks.

Kawaljeet Saluja -Executive Director & Head - Research at Kotak Institutional Equities told CNBC-TV18, "The relative valuations of Tata Consultancy Services  (TCS) versus Infosys now capture relatively lower growth expectation of the street. I think at 15 percent premium the valuations will sustain, I don't think the street is paying a huge premium to TCS anymore. So, if they deliver in line with NASSCOM then the returns which you will make is pretty much in line with the earnings growth which is like 12-13 percent from the current level."

"As far as our rating is concerned Infosys  and Tech Mahindra  are our top picks," he added.

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Stocks that were buzzing in trade today

CNBC-TV18s Varinder Bansal lists some of the key stocks which were buzzing in trade today.

CNBC-TV18s Varinder Bansal lists some of the key stocks which were buzzing in trade today.

Watch video for more..

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PE Electronics eyes 10% in TV mkt with Philips by 2016

PE Electronics, the license holder of Philips brand of TVs in India is aiming to have 10 percent market share in the segment by 2016 with a turnover of up to Rs 1,800 crore in next two years.

The company with presence in top 50 towns is now gearing up to enhance its sales and service network in small towns by adding smaller screen size TVs under Philips brand. "We would definitely be a brand with 10 percent of the market share by 2016.

By then, the sales would be around million units with turnover of at least Rs 1,700 crore to 1,800 crore," PE Electronics Chief Executive Officer Neeraj Sethi told Media.

PE Electronics was set up in 2010 and has marketing rights of two brands, Philips in TV domain and Electrolux in the home appliances segment through a licensee agreement. "With Philips, we have around 5 percent market share and for Electrolux we have 4 percent market share," he said.

Sethi did not share the revenue details of the company. PE Electronics has recently launched a 4K Ultra HD television range priced between Rs 1,55,000 and Rs 3,72,500. Over network expansion, Sethi said: "In the last three to four years we focused on top 50 towns...We are present with 15 percent market penetration and are targeting to be at 30,000 counters by the end of this year." According to him, within three years, PE Eelectronics would be able to reach B-class towns.

"These smaller towns would be definitely be catered with small screen sizes, but not with the focused approach right now," Sethi added. On competition with homegrown players like Micromax and Intex, he said: "Philips has a history of almost eight decades in India and it has a brand loyalty and always given quality products with technology differentiation.

"We would never compete with the brand which are lower on stable, but will give best features at a price which is affordable," Sethi added.

On licensing agreement with Philips, he said: "We had five years license agreement which was extended for two years till 2017 and can be extended again."

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Internet.org can co-exist with Net Neutrality: Zuckerberg

Amid a raging debate on ensuring equal Internet access for all, Facebook chief Mark Zuckerberg today rejected criticism that his internet.org programme, which has RCom as a partner in India, was against the concept of Net Neutrality.

Internet.org is a Facebook-led initiative which states that it aims to bring 5 billion people online in partnership with tech giants like Samsung and Qualcomm. Facebook's partnership with Reliance Communications  to provide free Internet access to 33 websites as part of its Internet.org initiative has raised quite a few eyebrows with free Internet activists saying that it violates the idea of Net Neutrality.

The debate in India has also been triggered by mobile operator Airtel  introducing an open marketing platform 'Airtel Zero', and TRAI's consultation paper on whether telecom firms can be allowed to charge different rates for different uses of Internet data like email, Internet browsing and use of apps like Whatsapp, Viber and Sky.

Zuckerberg, who has achieved a cult status after founding the world's largest free social networking platform, today defended his initiative in a discussion. He said: "For people who are not on the Internet though, having some connectivity and some ability to share is always much better than having no ability to connect and share at all.

That's why programmes like Internet.org are important and can co-exist with net neutrality regulations." Net neutrality implies equal treatment be accorded to all Internet traffic and no priority be given to an entity or company based on payment to service providers like the telecom companies, which is seen as discriminatory.

Zuckerberg said net neutrality is important to "make sure network operators don't discriminate and limit access to services people want to use, especially in countries where most people are online".

While the telecom major continues to defend itself saying the platform does not violate the concept, Flipkart has walked out of negotiations with the eCommerce firm stating that it after looking in deeper, it realised that net neutrality "can get compromised in the future".

Its competitor Snapdeal's CEO also tweeted his support today saying "Of course, we are for #NetNeutrality @snapdeal". According to Net Neutrality India, over 5 lakh emails have been sent to TRAI in support of the issue. Telecom Regulatory Authority of India has put up the issue for public feedback with the last date for submitting comments being April 24 and counter comments May 8.

Besides, the government has also formed a panel to study the issue.

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Prefer midcap pharma stocks on correction: Kunj Bansal

Kunj Bansal of Centrum Wealth Management is of the view that one may prefer midcap pharma stocks on correction.

Kunj Bansal of Centrum Wealth Management told CNBC-TV18, "Any good quality pharma stock especially from midcap if it corrects, it is certainly a good buying opportunity given their valuations and the sharp run-up that we saw in recent past."

"Even over the medium and longer term the sector is likely to give a slower return but will continue to give good returns over a medium term. They may not be sharp movers in the short term, that is certainly true," he said.

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Tech Mahindra ties with Comverse, to make center in Israel

Information technology group Tech Mahindra  is partnering with US -Israeli Comverse Inc to set up a research and development centre in Israel.

The two companies did not disclose financial details.

Manish Vyas, president of Tech Mahindra's communications group, told Media the deal -which would bring the Indian company hundreds of engineers - will help the firm more than double its engineering business revenue within a few years. The company does about USD 400 million annually in engineering, about half of that is in telecoms.

"Engineering is a very large part of our business but we want to make it even bigger. We believe it can be a billion dollars annually in the next few years," he said. "Given the culture of entrepreneurship in Israel we need to be here."

Under the "strategic relationship", Tech Mahindra will be responsible for R&D and customer services while Comverse will be in charge of product management and sales.

The venture into Israel by Tech Mahindra, which is part of the USD 16.5 billion Mahindra conglomerate, is the latest sign of booming ties between the countries since Indian Prime Minister Narendra Modi came to power last year.

Tech Mahindra Executive Vice Chairman Vineet Nayyar said the company's global activities will be concentrated in three countries - India, the United States and Israel.

Tech Mahindra, which employees over 98,000 people in 51 countries, will take on about 400 Comverse workers, up to 300 from Israel and the rest mainly from the United States, France, Japan, Bulgaria and India.

Comverse last year began a restructuring that included reducing its workforce by 14 percent.

"We hope to gain access to world class talent," Vyas said. "We have a big presence in Europe, India and the US (But) Israel was missing from the global footprint in terms of talent."

About half of Tech Mahindra's business is in telecoms with the rest from banking, healthcare and manufacturing.

Tech Mahindra owns Israel's Leadcom, a provider of network services for telecom companies, after it bought Leadcom's parent Lightbridge Communications in February.

Leadcom has about 25 workers in Israel and Vyas said the company is still working out what the relationship will be between Leadcom and the Comverse staff.

He said Israel fits in nicely with the company's long-term strategy, which includes a programme that enable employees to start up their own businesses with equity from Tech Mahindra.

"Given the culture of entrepreneurship in Israel we need to be here," Vyas said.

Tech Mahindra stock price

On April 15, 2015, Tech Mahindra closed at Rs 659.00, down Rs 5.75, or 0.86 percent. The 52-week high of the share was Rs 749.50 and the 52-week low was Rs 432.00.

The company's trailing 12-month (TTM) EPS was at Rs 24.47 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 26.93. The latest book value of the company is Rs 89.46 per share. At current value, the price-to-book value of the company is 7.37.

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Housing finance firm DHFL too lowered its home loan rate

The rate has been revised downward from 10.15 percent and the new rate would be effective from Wednesday, DHFL said in a statement.

Housing finance firm DHFL too lowered its home loan rate by 0.25 percent to 9.90 percent. The rate has been revised downward from 10.15 percent and the new rate would be effective from Wednesday, DHFL said in a statement.

"The reduction in the interest rate reflects our commitment towards enabling home ownership in tier 2 and 3 towns for each and every Indian," said Kapil Wadhawan, CMD of DHFL.

Although  SBI had lowered its base rate by 0.15 percent, it later announced a cut in spread over and above the base rate by 0.10 percent for home loans, bringing home loan down to 9.85 percent - at par with base rate - women borrowers.

However, the aggressive posturing by SBI is only for new borrowers, while the older borrowers will continue paying the spreads as per the older contracted rates.

As of December 2014, SBI had outstanding housing loan of Rs 1,52,905 crore as against Rs 1,35,129 crore at the end of third quarter of the previous fiscal registering a growth of 13.15 percent.

It's closest competitor  ICICI Bank had home loan portfolio size of Rs 84,425 crore.  HDFC Ltd had a loan book grew to Rs 2,19,951 crore at the end of last year as against 1,92,284 crore as at December 31, 2013.

ICICI Bank stock price

On April 13, 2015, ICICI Bank closed at Rs 316.90, down Rs 1.35, or 0.42 percent. The 52-week high of the share was Rs 393.30 and the 52-week low was Rs 242.88.

The company's trailing 12-month (TTM) EPS was at Rs 18.81 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 16.85. The latest book value of the company is Rs 126.25 per share. At current value, the price-to-book value of the company is 2.51.

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Indag Rubber standalone Mar '15 sales at Rs 65.79 crore

Mar '15 Dec '14 Sep '13 Net Sales/Income from operations 65.73 59.66 61.56 Other Operating Income 0.06 0.08 0.07 Total Income From Operations 65.79 59.75 61.63 EXPENDITURE Consumption of Raw Materials 40.74 37.80 41.05 Purchase of Traded Goods 0.06 0.06 -- Increase/Decrease in Stocks 0.76 1.24 -1.20 Power & Fuel -- -- -- Employees Cost 4.66 4.45 4.22 Depreciation 0.57 0.57 0.63 Excise Duty -- -- -- Admin. And Selling Expenses -- -- -- R & D Expenses -- -- -- Provisions And Contingencies -- -- -- Exp. Capitalised -- -- -- Other Expenses 8.04 6.53 6.94 P/L Before Other Inc. , Int., Excpt. Items & Tax 10.96 9.10 9.99 Other Income 0.63 0.48 0.16 P/L Before Int., Excpt. Items & Tax 11.58 9.58 10.14 Interest 0.09 0.02 0.08 P/L Before Exceptional Items & Tax 11.49 9.56 10.06 Exceptional Items -- -- -- P/L Before Tax 11.49 9.56 10.06 Tax 2.00 2.13 2.41 P/L After Tax from Ordinary Activities 9.48 7.43 7.65 Prior Year Adjustments -- -- -- Extra Ordinary Items -- -- -- Net Profit/(Loss) For the Period 9.48 7.43 7.65 Equity Share Capital 5.25 5.25 5.25 Reserves Excluding Revaluation Reserves -- -- -- Equity Dividend Rate (%) -- -- -- EPS Before Extra Ordinary Basic EPS 18.07 14.16 14.58 Diluted EPS 18.07 14.16 14.58 EPS After Extra Ordinary Basic EPS 18.07 14.16 14.58 Diluted EPS 18.07 14.16 14.58 Public Share Holding No Of Shares (Crores) 0.13 0.13 0.13 Share Holding (%) 25.23 25.23 25.00 Promoters and Promoter Group Shareholding a) Pledged/Encumbered - Number of shares (Crores) -- -- -- - Per. of shares (as a % of the total sh. of prom. and promoter group) -- -- -- - Per. of shares (as a % of the total Share Cap. of the company) -- -- -- b) Non-encumbered - Number of shares (Crores) 0.39 0.39 0.39 - Per. of shares (as a % of the total sh. of prom. and promoter group) 100.00 100.00 100.00 - Per. of shares (as a % of the total Share Cap. of the company) 74.77 74.77 75.00 Source : Dion Global Solutions Limited

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VRL Logistics' Rs 468 crore IPO to open tomorrow

The company has fixed price band of Rs 195-205 per share for its proposed IPO. Based on the price band, the IPO could raise between Rs 451 crore and Rs 468 crore through its initial share-sale programme.

VRL Logistics will hit the capital markets tomorrow with an estimated Rs 468-crore initial public offer (IPO). The bidding for shares in the IPO will open on Wednesday and close on April 17, making VRL Logistics the fourth company to hit the capital markets this year.

The IPO constitutes of a fresh issuance of Rs 117 crore worth of equity shares and an offer for sale of 1.71 crore equity shares by NSR-PE Mauritius LLC and the promoters' family.

The company has fixed price band of Rs 195-205 per share for its proposed IPO. Based on the price band, the IPO could raise between Rs 451 crore and Rs 468 crore through its initial share-sale programme.

The proceeds of the issue would be utilised for expanding the company's existing fleet of goods transportation vehicles, repayment of loan and for other general corporate purposes.

Out of the Rs 117 crore raised through fresh issuance, the company plans to purchase vehicles for Rs 64 crore and repay its debt of Rs 28 crore. Post IPO, promoters' stake would be reduced to 69-70 percent while 25 percent would be held by public and the rest 5 percent would be held by investors. The equity shares are proposed to be listed on both BSE and NSE.

The issue is being managed by ICICI Securities Limited and HSBC Securities and Capital Markets (India) Private Limited. This is the company's second attempt to enter the capital markets.

Earlier in December 2010, the Karnataka-based company had filed draft documents with Sebi for an IPO of 2.35 crore equity shares.

VRL, which has a total fleet strength of over 3,400 vehicles, employs 15,000 people. It provides luxury bus service in states such as Karnataka, Maharashtra, Goa, Andhra Pradesh, Telangana, Tamil Nadu, Gujarat and Rajasthan.

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Agio Paper standalone Mar '15 sales at Rs 0.03 crore

Mar '15 Dec '14 Mar '14 Net Sales/Income from operations -- -- -- Other Operating Income 0.03 0.00 0.33 Total Income From Operations 0.03 0.00 0.33 EXPENDITURE Consumption of Raw Materials -- -- -- Purchase of Traded Goods -- -- -- Increase/Decrease in Stocks -- -- -- Power & Fuel 0.02 0.01 0.02 Employees Cost 0.07 0.07 0.04 Depreciation 0.07 0.07 0.07 Excise Duty -- -- -- Admin. And Selling Expenses -- -- -- R & D Expenses -- -- -- Provisions And Contingencies -- -- -- Exp. Capitalised -- -- -- Other Expenses 0.22 0.09 0.35 P/L Before Other Inc. , Int., Excpt. Items & Tax -0.36 -0.25 -0.15 Other Income 4.62 0.03 0.16 P/L Before Int., Excpt. Items & Tax 4.26 -0.22 0.01 Interest -4.23 1.47 1.29 P/L Before Exceptional Items & Tax 8.48 -1.69 -1.28 Exceptional Items -- -- -- P/L Before Tax 8.48 -1.69 -1.28 Tax -- -- -- P/L After Tax from Ordinary Activities 8.48 -1.69 -1.28 Prior Year Adjustments -- -- -- Extra Ordinary Items -- -- -- Net Profit/(Loss) For the Period 8.48 -1.69 -1.28 Equity Share Capital 16.13 16.13 16.13 Reserves Excluding Revaluation Reserves -- -- -- Equity Dividend Rate (%) -- -- -- EPS Before Extra Ordinary Basic EPS 5.26 -1.05 -0.80 Diluted EPS 5.26 -1.05 -0.80 EPS After Extra Ordinary Basic EPS 5.26 -1.05 -0.80 Diluted EPS 5.26 -1.05 -0.80 Public Share Holding No Of Shares (Crores) 0.74 0.74 0.74 Share Holding (%) 45.78 45.78 45.78 Promoters and Promoter Group Shareholding a) Pledged/Encumbered - Number of shares (Crores) -- -- -- - Per. of shares (as a % of the total sh. of prom. and promoter group) -- -- -- - Per. of shares (as a % of the total Share Cap. of the company) -- -- -- b) Non-encumbered - Number of shares (Crores) 0.87 0.87 0.87 - Per. of shares (as a % of the total sh. of prom. and promoter group) 100.00 100.00 100.00 - Per. of shares (as a % of the total Share Cap. of the company) 54.22 54.22 54.22 Source : Dion Global Solutions Limited

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Here are Kalpesh Ashar's few investment ideas

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Here are Kalpesh Ashars few investment ideas

Watch the interview of Kalpesh Ashar of Full Circle Financial Planners and Advisors with Sumaira Abidi and Reema Tendulkar on CNBC-TV18, in which he gave few investment ideas.

Kalpesh Ashar ( more)

Sole Proprietor

Full Circle Financial Planners and Advisors

Watch the interview of Kalpesh Ashar of Full Circle Financial Planners and Advisors with Sumaira Abidi and Reema Tendulkar on CNBC-TV18, in which he gave few investment ideas.

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MCX Silvermic June contract trades lower

Silvermic prices on MCX slipped on Monday. MCX Silvermic June contract was trading at Rs 37052 down Rs 139, or 0.37 percent.

At 15:45 hrs MCX SILVERMIC April contract was trading at Rs 36590 down Rs 127, or 0.35 percent. The SILVERMIC rate touched an intraday high of Rs 36865 and an intraday low of Rs 36517. So far 17102 contracts have been traded. SILVERMIC prices have moved down Rs 3709, or 9.20 percent in the April series so far.

MCX SILVERMIC June contract was trading at Rs 37052 down Rs 139, or 0.37 percent. The SILVERMIC rate touched an intraday high of Rs 37282 and an intraday low of Rs 36998. So far 2131 contracts have been traded. SILVERMIC prices have moved down Rs 3756, or 9.20 percent in the June series so far.

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Pune SME showcases digital offerings at Hannover Messe 2015

Known as the world's leading fair for industrial technology, Hannover Messe revolves around the key challenges associated with Industry 4.0 such as standards for M2M communication, data security and new business models. True to the theme of the event, CloudMAP and Tabit are geared to accelerate the Integrated Industry Approach.

Acording to the official statement by the company, "Moving to the cloud is inevitable for forward looking businesses, especially in an industry which is looking at digitizing its entire value chain including core processes. CloudMAP is the best step your business can take towards cloud management. This cloud orchestration and management solution helps industrial companies move their workloads to cloud and manage them with minimal fuss and maximum efficiency."

Tabit is a mobile platform that builds interactive and visual mobile apps along with built-in offline capabilities. Industrial companies can leverage the product to enhance their productivity greatly. Tabit can create truly multi-dimensional apps that can be used for performance support, self-training, reference materials, checklists, presentations, sales and marketing activities. In today's world where knowledge is highly underutilized, Tabit emerges as a differentiator for your business and generates tremendous business benefits.

Shrikant Shingane, MD of e-Zest Solutions GmbH, while speaking about the event said, "The d!conomy has disrupted the industry and people are talking about new trends such as Industry 4.0, Smart Integration and the Internet of Things. Our product innovations fit in wonderfully in the new digital ecosystem. These products are already at work in many businesses and are enabling rapid digital transformation across them."

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India to clock 7.9% GDP growth in FY16: Morgan Stanley

The country's economy will grow at 7.9 percent this fiscal and 8.4 percent in FY 2016-17, on the back of policy reforms, spurt in domestic demand and lower inflation, according to Foreign brokerage Morgan Stanley.

"The government's determined efforts to implement policy actions to improve the growth mix, i.e. reviving productive investment and cutting back less effective redistributive policies, are helping the economy move towards the path of faster growth and lower inflation," it said in a note today.

Under the new growth computation methodology, the GDP expansion at market prices will go up to 7.9 percent in FY16 and accelerate further to 8.4 percent in FY17, it said. Stating that the risk to the growth forecasts are "evenly balanced", it said the pace of policy actions to revive productivity dynamic, strength of external demand recovery and trend in capital inflows into emerging markets are the key factors to monitor.

The country switched to a newer system of GDP growth computation, which made it the fastest growing major economy in the world. Analysts still take the numbers with caution due to absence of back data.

Morgan Stanley said under the older series of growth, its FY16 growth estimate remains unchanged at 6.5 percent.

The Narendra Modi-led government has initiated a slew of reforms like opening up the defence sector for private and foreign investments, increasing foreign ownership caps in insurance etc to step up the growth.

Inflation has also been trending below 5.5 percent, well within the RBI's targets. The government and RBI have also agreed on an inflation targeting framework, which will make the monetary policy more predictable.

The note said growth will start picking up from the April quarter and the external demand to improve in the second half of the year onwards. On inflation, it said that the retail price will come below 5 percent, which will create more room for the RBI for rate cuts to push growth.

The government is expecting a GDP growth of 8-8.5 percent and clock double-digit level in the subsequent years. "Growth in 2015-16 is expected to be between 8-8.5 percent. Aiming for a double digit rate seems feasible very soon," Finance Minister Arun Jaitley had said while presenting the Budget for 2015-16.

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Gold regains Rs 27K level on global cues

Besides, increased buying by jewellers to meet wedding season demand helped the precious metal to recapture the crucial level. Silver also advanced by Rs 150 at Rs 36,900 per kg on increased offtake by industrial units and coin makers.

Gold prices rose for the second straight day and reclaimed the psychologically important Rs 27,000-mark, surging by Rs 280 to trade at Rs 27,080 per 10 grams at the bullion market on Saturday amid a firming global trend.

Besides, increased buying by jewellers to meet wedding season demand helped the precious metal to recapture the crucial level. Silver also advanced by Rs 150 at Rs 36,900 per kg on increased offtake by industrial units and coin makers.

Bullion traders said besides a firming trend overseas, increased buying by jewellers mainly led to the rise in gold prices.

Gold in New York, which normally sets price trend on the domestic front, shot up by 1.16 percent to USD 1,207.30 an ounce and silver by 2.07 percent to USD 16.49 an ounce in yesterday's trade.

In the national capital, gold of 99.9 and 99.5 percent purity rose by Rs 280 each to Rs 27,080 and Rs 26,930 per 10 grams, respectively.

It had gained Rs 50 yesterday. However, Sovereign remained flat at Rs 23,700 per piece of eight grams in scattered deals. In a similar fashion, silver ready rose further by Rs 150 at Rs 36,900 per kg and weekly-based delivery by Rs 310 at Rs 36,710 per kg.

On the other hand, silver coins, however, traded at last level of Rs 55,000 for buying and Rs 56,000 for selling of 100 pieces.

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Apple CEO Cook: Orders are 'great' for Apple Watch

The hyped watch became available for pre-order early Friday morning and sold out online within hours. Buyers of some models won't receive their devices until May, while others will have to wait until July.

Consumer enthusiasm for the Apple Watch has impressed Tim Cook. 

While visiting an Apple store in California on Friday, the tech behemoth's CEO told CNBC that reaction to the smartwatch has been "extraordinary."

"Customers have been giving us great feedback and orders have been great, as well," Cook said.

Surrounded by a crowd outside the Palo Alto store, Cook also showed off his watch of choice, a stainless steel model with a white band.

By midmorning Friday, "Apple Watch" listings surfaced on eBay.

Despite customer enthusiasm and mostly positive reviews for the watch, Apple stock has reacted sluggishly. Shares in the company were 0.4 percent higher Friday afternoon.

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Airbus supports Modi's 'Make in India' initiative

In India, Airbus Group already operates two engineering centres - one focused on civil aviation and the other one defence - besides, a research and technology (R&T) centre which together employ over 400 highly qualified people.

Expressing support to 'Make in India' initiative, aircraft manufacturer Airbus on Saturday said it is ready to manufacture in India, as Prime Minister Narendra Modi visited its facility here.

Modi took the tour of the facility where planes are manufactured. He was given a briefing by officials on the functioning.

Airbus Group CEO Tom Enders, who received the Indian leader, said: "We are honoured to host Prime Minister Modi in Toulouse and convey to him our desire to forge a stronger industrial bond with India. India already takes a centre-stage role in our international activities and we want to even increase its contribution to our products".

"We support Prime Minister Modi's 'Make in India' call and we are ready to manufacture in India, for India and the world," he added.

In India, Airbus Group already operates two engineering centres - one focused on civil aviation and the other one defence - besides, a research and technology (R&T) centre which together employ over 400 highly qualified people.

The group's senior representative conveyed their decision to expand these centres so that they can take on comprehensive design responsibilities for future Airbus group programmes. 

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Why the euro could fall even further

It's been a one-way euro trip lower. The common currency has fallen every day this week, and is now near the lowest levels in 12 years.

Now, currency traders are keenly watching American economic data, as better news about the economy could lead the euro drop to intensify.

It all comes down to expectations about the Federal Reserve's next move. Most market participants believe the Fed will raise short-term rate targets this year. That should help the US dollar and hurt the euro, as it means that holding dollars will produce greater returns than holding euros, increasing demand for the greenback.

Expectations about a June Fed move have been tamped down due to a bevy of soft economic readings, most conspicuously the March jobs number. But this week, the Fed minutes and hawkish words from William Dudley have told investors that a June hike is still on the table, according to Boris Schlossberg of BK Asset Management.

Dudley, the generally dovish New York Fed president, told Reuters on Wednesday that depending on how the data develops, a June move could be "still in play."

Read More: American stocks are the world's worst this year

In the week ahead, Schlossberg says the biggest data point he will watch is Tuesday's retail sales report. If it indicates that "the US consumer finally started to spend, then dollar bulls run wild, and we may see 1.0500 break" on the euro, which is currently a bit below 1.0600 per dollar.

That's because better data could serve to convince traders that the much-awaited Fed move will come sooner than previously anticipated.

However, some traders say the move is overdone.

"This short-term move is technical, so I expect to see the euro bounce and the dollar pull back off of the recent move," said David Seaburg, head of equity sales trading with Cowen and Co.

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Apple CEO Cook: Orders are 'great' for Apple Watch

The hyped watch became available for pre-order early Friday morning and sold out online within hours. Buyers of some models won't receive their devices until May, while others will have to wait until July.

Consumer enthusiasm for the Apple Watch has impressed Tim Cook. 

While visiting an Apple store in California on Friday, the tech behemoth's CEO told CNBC that reaction to the smartwatch has been "extraordinary."

"Customers have been giving us great feedback and orders have been great, as well," Cook said.

Surrounded by a crowd outside the Palo Alto store, Cook also showed off his watch of choice, a stainless steel model with a white band.

By midmorning Friday, "Apple Watch" listings surfaced on eBay.

Despite customer enthusiasm and mostly positive reviews for the watch, Apple stock has reacted sluggishly. Shares in the company were 0.4 percent higher Friday afternoon.

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Airbus supports Modi's 'Make in India' initiative

In India, Airbus Group already operates two engineering centres - one focused on civil aviation and the other one defence - besides, a research and technology (R&T) centre which together employ over 400 highly qualified people.

Expressing support to 'Make in India' initiative, aircraft manufacturer Airbus on Saturday said it is ready to manufacture in India, as Prime Minister Narendra Modi visited its facility here.

Modi took the tour of the facility where planes are manufactured. He was given a briefing by officials on the functioning.

Airbus Group CEO Tom Enders, who received the Indian leader, said: "We are honoured to host Prime Minister Modi in Toulouse and convey to him our desire to forge a stronger industrial bond with India. India already takes a centre-stage role in our international activities and we want to even increase its contribution to our products".

"We support Prime Minister Modi's 'Make in India' call and we are ready to manufacture in India, for India and the world," he added.

In India, Airbus Group already operates two engineering centres - one focused on civil aviation and the other one defence - besides, a research and technology (R&T) centre which together employ over 400 highly qualified people.

The group's senior representative conveyed their decision to expand these centres so that they can take on comprehensive design responsibilities for future Airbus group programmes. 

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Gold regains Rs 27K level on global cues

Besides, increased buying by jewellers to meet wedding season demand helped the precious metal to recapture the crucial level. Silver also advanced by Rs 150 at Rs 36,900 per kg on increased offtake by industrial units and coin makers.

Gold prices rose for the second straight day and reclaimed the psychologically important Rs 27,000-mark, surging by Rs 280 to trade at Rs 27,080 per 10 grams at the bullion market on Saturday amid a firming global trend.

Besides, increased buying by jewellers to meet wedding season demand helped the precious metal to recapture the crucial level. Silver also advanced by Rs 150 at Rs 36,900 per kg on increased offtake by industrial units and coin makers.

Bullion traders said besides a firming trend overseas, increased buying by jewellers mainly led to the rise in gold prices.

Gold in New York, which normally sets price trend on the domestic front, shot up by 1.16 percent to USD 1,207.30 an ounce and silver by 2.07 percent to USD 16.49 an ounce in yesterday's trade.

In the national capital, gold of 99.9 and 99.5 percent purity rose by Rs 280 each to Rs 27,080 and Rs 26,930 per 10 grams, respectively.

It had gained Rs 50 yesterday. However, Sovereign remained flat at Rs 23,700 per piece of eight grams in scattered deals. In a similar fashion, silver ready rose further by Rs 150 at Rs 36,900 per kg and weekly-based delivery by Rs 310 at Rs 36,710 per kg.

On the other hand, silver coins, however, traded at last level of Rs 55,000 for buying and Rs 56,000 for selling of 100 pieces.

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Why the euro could fall even further

It's been a one-way euro trip lower. The common currency has fallen every day this week, and is now near the lowest levels in 12 years.

Now, currency traders are keenly watching American economic data, as better news about the economy could lead the euro drop to intensify.

It all comes down to expectations about the Federal Reserve's next move. Most market participants believe the Fed will raise short-term rate targets this year. That should help the US dollar and hurt the euro, as it means that holding dollars will produce greater returns than holding euros, increasing demand for the greenback.

Expectations about a June Fed move have been tamped down due to a bevy of soft economic readings, most conspicuously the March jobs number. But this week, the Fed minutes and hawkish words from William Dudley have told investors that a June hike is still on the table, according to Boris Schlossberg of BK Asset Management.

Dudley, the generally dovish New York Fed president, told Reuters on Wednesday that depending on how the data develops, a June move could be "still in play."

Read More: American stocks are the world's worst this year

In the week ahead, Schlossberg says the biggest data point he will watch is Tuesday's retail sales report. If it indicates that "the US consumer finally started to spend, then dollar bulls run wild, and we may see 1.0500 break" on the euro, which is currently a bit below 1.0600 per dollar.

That's because better data could serve to convince traders that the much-awaited Fed move will come sooner than previously anticipated.

However, some traders say the move is overdone.

"This short-term move is technical, so I expect to see the euro bounce and the dollar pull back off of the recent move," said David Seaburg, head of equity sales trading with Cowen and Co.

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Look at private sector banks: Nipun Mehta

Nipun Mehta of Blue Ocean Capital Advisors is of the view that one may look at private sector banks.

Nipun Mehta of Blue Ocean Capital Advisors told CNBC-TV18, "Banking would probably very clearly be a mixed bag not just banking the entire financial space probably a mixed bag with non banking financial companies (NBFCs), housing finance and private sector banks probably doing well but may be the PSU banks are mixed bag."

"Not too much is expected out of metals and again not too much is expected out of realty and not too much are expected from infra and capital goods. If you look at the IIP Index month-on-month one there is very limited consistency that we have seen. Last month capital goods suddenly having a spike, mining for example could just see a spike this month but there has been so much inconsistency across all of these sectors that is going to reflect in the results that you see for the quarter not just in terms of management commentary that has been cautious but also in terms of financials which are backed by these kind of IIP number that are showing up. So, fairly inconsistent results even within spaces are expected across the entire spectrum," he said.

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Zylog Systems' board meeting on April 07, 2015

Zylog Systems has informed that a meeting of the Board of Directors of the Company will be held on April 17, 2015, to consider, deliberate, discuss & decide on the proposal of filing of Scheme of Arrangement U/s 391-394 of the Companies Act, 1956 with the secured creditors/lenders & other creditors of the Company for rehabilitation of Company.

Zylog Systems Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on April 17, 2015, to transact the following business:1. To Consider, deliberate, discuss & decide on the proposal of filing of Scheme of Arrangement U/s 391-394 of the Companies Act, 1956 with the secured creditors/lenders & other creditors of the Company for rehabilitation of Company before the Hon'ble High Court subject to approval of stock exchanges, banks and others wherever necessary.2. To appoint solicitors, advisors and consultants for the said arrangement & rehabilitation of the Company.3. To authorize Mr. Ramanujam Sesharathnam, Managing Director of the Company to take necessary steps and to do all such acts and deeds on behalf of the Company for giving effect to the scheme of arrangement.Source : BSE

Read all announcements in Zylog Systems

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Use mkt fall to buy stks; like banking, IT, pharma: Experts

Nipun Mehta says the banking, IT and pharma sector are likely to do well.

The Modi government is focused on job revival and hence, the outlook for the upcoming days is positive. But given the fact that there are very little positives in the near-term, it is tough to time the market, says Parag Thakkar.

In an interview to CNBC-TV18, Thakkar and Nipun Mehta share their views over the current market situation.

Mehta says the banking, IT and pharma sector are likely to do well.

Watch videos for more.

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Pick Lupin, Cipla: Kunal Saraogi

Kunal Saraogi of Equityrush recommends picking Lupin and Cipla.

Kunal Saraogi of Equityrush told CNBC-TV18, "At the current level of around Rs 2,000  Lupin  definitely merits a buy. So does  Cipla , it has corrected quite a bit, so both of these stocks can be picked up at the current level."

On Friday, Lupin closed at Rs 1,964.60, down Rs 50.25, or 2.49 percent. It has touched an intraday high of Rs 2,020 and an intraday low of Rs 1,959.

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Looking at Rs 2000cr order book in next 6 months: Man Infra

Man Infraconstruction today announced it had received an order worth Rs 105 crore from Gujarat Pipavav Port. In an interview with CNBC-TV18's Mangalam Maloo and Reema Tendulkar, MD Parag Shah discussed the development, apart from the state of business.

Man Infraconstruction  today announced it had received an order worth Rs 105 crore from Gujarat Pipavav Port .

In an interview with CNBC-TV18's Mangalam Maloo and Reema Tendulkar, MD Parag Shah discussed the development, apart from the state of business.

Below is the transcript of the interview on CNBC-TV18.

Mangalam: Just wanted to know if you could take us through this order and another couple of orders that you have won this quarter and with that what does that take your order book to?

A: We got this order of around Rs 105 crore which is from Gujarat Pipavav Port is for the backup yard and the completion period is 10 months from today.

Reema: What would be the rough margins on this particular order?

A: It should be a regular contracting margins say around 8-10 percent.

Mangalam: You had earlier indicated that your order book, you are looking at around Rs 2,000 crore in the next six months when you last spoke to us so what is your current order book?

A: Everything is under pipeline. We started our atmosphere project, also we have received the CC and the project has already been started.

Please watch video for the full interview.

Man Infra stock price

On April 09, 2015, Man Infraconstruction closed at Rs 44.80, up Rs 1.65, or 3.82 percent. The 52-week high of the share was Rs 48.50 and the 52-week low was Rs 18.44.

The company's trailing 12-month (TTM) EPS was at Rs 2.00 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 22.4. The latest book value of the company is Rs 23.78 per share. At current value, the price-to-book value of the company is 1.88.

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Look at Reliance Industries: Prakash Diwan

Prakash Diwan of Altamount Capital Management is of the view that one may look at Reliance Industries.

Prakash Diwan of Altamount Capital Management told CNBC-TV18, "As we draw close to the earnings announcement and there is a lot of expectation that the GRMs would pleasantly surprise this time and with a significant bump up. It tells you that  Reliance Industries  has kind of got over at least that particular issue and if telecom were also to kind of trigger in which seems to getting closer and closer as we move along because lot of those milestones are already done with."

"My sense is people have kind of waited enough and now it is time for the last mile to kind of be connected of sorts for investors and the big move that Reliance has always been expected to make. That is why there is a lot of retail participation that has come back. We have seen enquiries into Reliance in terms of saying whether it is worth buying at this stage which six months back nobody asked. So, people have started querying that particular thing, wanting to build that into the portfolio," he said.

"Institutions are anyways done quite well in the last quarter adding up to Reliance but this time around it is HNIs and retail that are looking at it. So, my sense is the results is probably the key trigger here and I hope there is a no disappointment when results are out otherwise you could probably see a equally sharp reaction downwards."

Disclosure: Reliance Industries has acquired management control of Network18, which owns TV18 Broadcast and moneycontrol.com.

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Mkt may not test new highs; prefer NBFCs, pvt banks: Pros

According to Prakash Diwan, Altamount Capital Management the correction seems to have moved from smallcaps to the largecaps.

Although the market on Thursday gained strength and closed higher, Prakash Diwan, Altamount Capital Management is not convinced that the correction is completely over.

The market sustained its uptrend for the fifth consecutive session today with the Sensex rallying 177.46 points to 28885.21 after the Moody's upgraded outlook on India to positive from stable. The Nifty closed above 8750, up 63.90 points at 8778.30 supported by  Reliance Industries and banks stocks.

According to Diwan, the correction seems to have moved from smallcaps to the largecaps. Basically, the activity has now shifted more to small and midcap space, says Diwan. He thinks profit booking in largecaps could get severe.

Moreover, Diwan thinks expectations of weak earnings are also penciled in now but don't see new highs being tested for the market.

According to Dipan Mehta, Member BSE & NSE today's upmove could be due to liquidity and increase in retail participation.

However, he would be in a wait and watch mode till the earnings season is done and would keenly watch for management commentary on the guidance front.

Talking sector specific, Mehta says among PSU banks he prefers only SBI because for the last two quarters it surprised the street. The change in management has made a big difference for SBI but by and large he is not so positive on other PSU banks and prefers private banks. With regards to IT stocks he says it is better to play them post earnings because now even the midcap companies have come out with warning.

For Diwan NBFCs is a good space to be in and metals seem to have done better than anticipated. He expects Reliance Industries to surprise on the GRM front.

However, Telecom according to Diwan would be a risk at current valuations.

for more on their stock/sector specific ideas watch video

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Buy banking stocks on market stability: Sudarshan Sukhani

Sudarshan Sukhani of s2analytics.com is of the view that one can buy banking stocks if the market stabilises.

Sudarshan Sukhani of s2analytics.com told CNBC-TV18, "Pharma will not give us buying opportunities or good opportunities for the next few days. That is probably a more easier statement to make. If we see follow through tomorrow or if we see stability in the banks tomorrow then banks would become a buy for the short term."

On Thursday,  State Bank of India  closed at Rs 280.45, up Rs 6.85, or 2.50 percent. It has touched an intraday high of Rs 281.35 and an intraday low of Rs 272.65.

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Look at Coal India: Phani Sekhar

P Phani Sekhar of Karvy Stock Broking is of the view that one may look at Coal India.

P Phani Sekhar of Karvy Stock Broking told CNBC-TV18, "The production numbers of  Coal India  are certainly encouraging and it seems that the company is poised to do well next year also. This is something that we hear every year. However, as long as they maintain a 5 percent volume growth in production, things should be reasonably okay for them."

"Coal India is one of those stocks that is not a growth stock but if you are looking at around a 12 percent capital appreciation with another 3-4 percent dividend yield thrown in it is a good nice stable stock in your portfolio. Apart from that I don't see Coal India doing any wonders in the near to medium-term," he added.

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Lanka to take call on Rs 3k cr undersea power link: PGCIL

The report on the 500 MW project, to be jointly implemented by Power Grid Corporation of India Ltd and Ceylon Electricity Board, has been already sent to the island nation. It will only be the second project of its kind, after the transnational 2,000 MW power transmission line between Britain and France.

State-owned Power Grid Corp  on Wednesday said the call to implement the proposed Rs 3,000 crore undersea power transmission link has to be taken by Sri Lanka.

The report on the 500 MW project, to be jointly implemented by Power Grid Corporation of India Ltd and Ceylon Electricity Board, has been already sent to the island nation. It will only be the second project of its kind, after the transnational 2,000 MW power transmission line between Britain and France.

"The draft report on the project has been sent to the Government of Sri Lanka from our side...since they (Sri Lanka) will take power, and since undersea cables are expensive, so they have to finalise what to do next," PGCIL CMD R N Nayak said here.

The India-Lanka undersea cable project, to be implemented at an estimated cost of Rs 3,000 crore, was to be completed by 2013. The line is expected to expand to 1,000 MW later.

The 285-km power link, including submarine cables over a stretch of 50 km, will enable the two nations to trade surplus power.

PowerGrid offers consultancy services abroad. It has over 100 consultancy clients in the power sector, the services including new transmission lines, substations and project management services.

The company, which is also providing consultancy to neighbouring Bangladesh to set up a 400 Kv HVDC network, besides planning to install transmission lines from the Bangladesh border, is looking for similar opportunities in Nepal and Bhutan.

PGCIL is executing an engineering consultancy assignment for two 400Kv sub-stations and associated overhead transmission lines in Dubai from Dubai Electricity & Water Authority. Shares of the company were trading at Rs 149.05, up 0.85 percent on the BSE. 

Power Grid Corp stock price

On April 08, 2015, Power Grid Corporation of India closed at Rs 147.30, down Rs 0.45, or 0.3 percent. The 52-week high of the share was Rs 159.00 and the 52-week low was Rs 102.00.

The company's trailing 12-month (TTM) EPS was at Rs 9.07 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 16.24. The latest book value of the company is Rs 65.87 per share. At current value, the price-to-book value of the company is 2.24.

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MUDRA to provide loans up to Rs 10 lkhs to small businesses

To 'fund the unfunded' self- employed as well as small businesses, Prime Minister Narendra Modi today launched the MUDRA Yojana that will offer loans of up to Rs 10 lakh at low rate of interest.

The Micro Units Development and Refinance Agency Ltd (MUDRA) will focus on the 5.75 crore self-employed who use funds of Rs 11 lakh crore and provide jobs to 12 crore people, he said. "A look at the details reveals the reality that only 1.25 crore people find employment in large industries, whereas small enterprises employ 12 crore people...

MUDRA scheme is aimed at funding the unfunded," Modi said. The Pradhan Mantri MUDRA Yojana, which has a corpus of Rs 20,000 crore, can lend between Rs 50,000-Rs 10 lakh to small entrepreneurs. It has been set up for development and refinancing activities relating to micro units.

It will provide refinance to banks and other institutions at 7 per cent. Explaining the functioning of MUDRA, Financial Services Secretary Hasmukh Adhia said micro finance institutions (MFIs) and non-banking finance companies (NBFCs) can avail of loans from MUDRA for onlending to the borrowers. MUDRA has been registered as an NBFC with the Reserve Bank, Adhia said, adding that within a year, the government intends to come out with a legislation to convert the NBFC into a bank.

He further said that MUDRA would act as a subsidiary of SIDBI and there would be no overlap with the functioning of the two. It will also help in developing MFI sector. "We would encourage more MFIs to be created.

So the purpose of MUDRA is to create as many MFIs as possible which can actually give same kind of eco-system and services which are avail now to these poor people. It will provide much needed fund at poor people doorsteps at a reasonable rate of interest," Adhia said. He added: "We rely too much only on commercial banks and unfortunately commercial banks are comfortable lending to people who want more than Rs 10 lakh.

Their main forte has never been micro finance and that is what we are targeting." The roles envisaged for MUDRA include laying down policy guidelines for micro enterprise financing business and registration of MFI entities as well as their accreditation and rating. "The lending rate would be decided on the risk margin that MFI will undertake... We would put some restrictions on interest rate because you are using my fund, MUDRA fund.

Then you cannot lend more than the prescribed rate. That rate would be decided by board of the MUDRA NBFC," Adhia said. The government has already appointed Jiji Memon as the CEO of MUDRA.

Memon was a NABARD Chief General Manager. In his Budget 2015-16 speech, Finance Minister Arun Jaitley had proposed the setting up of MUDRA. 

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Srei Equipment Fin plans to raise up to Rs 500cr via NCDs

The money raised through the issue will be used to fund the company's growth plans for infrastructure equipment financing.

Srei Equipment Finance is planning to raise up to Rs 500 crore by issuing non-convertible debentures (NCDs). "The company is proposing a public issue of secured, redeemable NCDs of face value of Rs 1,000 each amounting up to Rs 250 crore, with an option to retain over-subscription aggregating up to Rs 500 crore," Srei said in a statement.

The money raised through the issue will be used to fund the company's growth plans for infrastructure equipment financing.

"This is the first time the company is coming up with a NCD issue. NCDs give attractive returns for retail investors compared to similar investment products.

The funds raised would be used to fund our growth plans for infrastructure equipment financing," Srei Equipment Finance CEO D K Vyas said.

NCDs are loan-linked bonds issued by a company that cannot be converted into stock and usually offer higher interest rate than that of convertible debentures.

Srei Capital Markets and Edelweiss Financial Services are lead Managers to the issue. Srei Equipment Finance, jointly promoted by Srei Infrastructure Finance and BNP Paribas Lease Group, manages assets of worth over Rs 18,051 crore as on September 30, 2014.

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Airwaves in bag, growth line clear for top-3 telcos: CRISIL

The recently concluded spectrum auctions saw India's top three telcos -  Bharti Airtel , Vodafone and  Idea Cellular - not just win back spectrum in all the circles where it was expiring but also grab some additional chunks. While the trio has had to cough up a lot of money for this, they also got spectrum for 20 years. Additionally, the spectrum they already hold beyond this does not come up for renewal in the medium term. Consequently, CRISIL expects these telcos to consolidate their market position and strengthen business-risk profiles.

To be sure, debt will bloat, which will have a bearing on the financial-risk profiles of operators. And revenue gains required to entirely offset the high payout will be a challenge in the face of intensifying competition (refer to CRISIL release, 'Telcos need 5-paise ARPM gain to offset spectrum cost', dated February 16, 2015). But for the top three, there are offsets available – such as rapid growth in data revenues boosting cash accruals, and equity infusion or divestment of non-core assets. In the near-term, though, their capital structure will be impacted.

The auctions garnered about Rs.1100 billion revenue for the government (of which Rs.290 billion is immediately payable). This is above CRISIL's pre-auction estimate of Rs.90 billion because of higher-than-expected pricing multiple in the 900 MHz band, and unanticipated interest in the 800 MHz band. The 900 MHz band saw very aggressive bidding with multiples of over 2 times, against CRISIL's expectation of 1.5 times, but the troika spent close to our expectations. The 800 MHz band, which was primarily used for voice services by CDMA technology-based operators, saw robust bidding given its potential for high-speed data services. Operators picked up 1800 MHz and 2100 MHz airwaves in some circles to augment existing network and expand 3G offerings. Of the total spectrum sold, nearly two-third was won by the three telcos who between them account for 70 per cent of industry revenue.

The acquisition of additional airwaves in the 900 MHz and 2100 MHz bands will enable telcos to improve the quality of their data services. Decongestion of existing networks, better user experience and opportunity to consolidate market position in circles where they acquired 900 MHz airwaves for the first time will further strengthen the business-risk profiles of the three telcos.

As for debt, CRISIL estimates their combined debt/EBITDA will have shot up from 3.3 times as on March 31, 2014, to 3.9 times by March 31, 2015. Spectrum-winning operators are expected to opt for deferred payment to the government, which is convenient because the first tranche will be due only in 2018 and the rest in 10 annual tranches thereafter.

The ability of telcos to increase their ARPM will be a key monitorable.

Disclaimer: CRISIL has taken due care and caution in preparing this Press Release. Information has been obtained by CRISIL from sources which it considers reliable. However, CRISIL does not guarantee the accuracy, adequacy or completeness of information on which this Press Release is based and is not responsible for any errors or omissions or for the results obtained from the use of this Press Release. CRISIL, especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this Press Release.

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SBEC Sugars: Outcome of board meeting

SBEC Sugar at its meeting held on April 07, 2015, has approved the appointment of Mr. Shobit Nehra as Company Secretary and Compliance Officer of the Company as per Clause 47 of the Listing Agreement w.e.f. April 07, 2015.

SBEC Sugar Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 07, 2015, inter alia, has approved the following:1. To conduct the Postal Ballot Pursuant to Section 110 of the Companies Act, 2013 read with Rule 22 of the Companies (Management and Administration) Rules, 2014, for seeking the approval of Shareholders of the Company by way of Postal Ballot on the following matters:(a) Authorization for Related Parties Transactions;(b) Creation of Charges on the Assets of the Company with respect to Borrowings and;(c) Authorization for Making Inter-Corporate loans and Investments by the Company.2. Accept the Resignation of Mr. G. C. Jain from the post of Independent Director of the Company w.e.f. April 07, 2015.3. Appointment of Mr. Shobit Nehra as Company Secretary and Compliance Officer of the Company as per Clause 47 of the Listing Agreement w.e.f. April 07, 2015.Source : BSE

Read all announcements in SBEC Sugars

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Gold nickel to be positive in short term: Navneet Damani

Disappointing data from USA should keep gold prices positive. Reduced supply on nickel pig iron size, should help nickel prices.

Navneet Damani
Motilal Oswal

Gold and silver prices extended gains for yet another week as the dollar index declined on disappointing U.S. economic data. U.S. data over the past month has shown persistent weakness and the latest jobs data missed expectations by a huge margin. Non-farm payrolls increased by just 126k in March, the lowest print in more than a year which pushed back expectations of a rate hike by the Fed. Earlier, the Fed dropped the word 'patient' from its statement as widely expected, but lowered its estimate for where the federal funds rate will be by the end of 2015. Following this, most economic data ranging from GDP to employment to durable goods orders to housing starts has been disappointing which has supported gold prices. Considering this, the short term trend in gold is likely to stay positive and only a string of positive economic data will cap rallies.

Crude oil prices gained marginally again last week as expectations that Iran oil may not come into the market this year lifted prices. The progress of Iran's talks with P5+1 has raised concerns over trade sanctions being lifted off Iran but markets haven't fully discounted Iran returning to oil markets as doubts remain if a final agreement will be achieved by June . Earlier, geo-political risks took center stage after Saudi and its allies launched strikes in Yemen. Although, Yemen is a marginal oil producer, a key oil chokepoint passes through Yemen and markets are worried over disruption to supplies arising from closure of this key transit point. Also, fire at a big oil platform in Mexico led to short covering by the end of last week. Meanwhile, OPEC output edged higher in March and U.S. inventories continue to inch higher which means oversupply concerns remain and will cap oil prices at higher levels. A weaker dollar may however fuel a short term uptrend.

Last week turned out to be another volatile for most asset classes, with base metals being highly volatile amongst them. With a short trading week or extended weekend in most parts of the world, participants chose to stay light on positions. Copper prices were under selling pressure with attempts of pullbacks, while Nickel prices were very volatile, starting the week to hit a 6 year low and bouncing back sharply. In the week ahead, markets outside the U.S. will remain closed on Monday. The U.S. is to release service sector activity on Monday and the Federal Reserve is to publish the minutes of its March meeting on Wednesday. Recovery in nickel was expected, having been oversold. The fundamentals of the complex remain worrisome and an oversold technical situation will go only so far in stabilizing the market. What will be more effective, is if we start to see reduced supply coming into the market, especially on the nickel pig iron side, where most Chinese producers are reported to be unprofitable. We remain positive on nickel prices and expect rallies to extend towards 840 and 856 in the coming days.

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Suzuki eyes 5L sales in India in FY16

Japanese motorcycle major Suzuki  will focus on niche segment bikes of 150 cc and above in India, targeting young customers, as it chases over 30 per cent rise in sales at 5 lakh units in the current fiscal.

The company's Indian arm, Suzuki Motorcycle India Pvt Ltd (SMIPL) is also aiming for over 40 per cent increase in sales of its super bikes, which includes the likes of Hayabusa and GSX-R, to 400 units this fiscal with plans to launch new global models of above 800 cc bikes like S1000 and S100F.

SMIPL, which today launched a variant of its flagship model Gixxer, priced at Rs 83,439 (ex-showroom, Delhi), had sold a total of 3.74 lakh two-wheelers in 2014-15.

"Going forward, our focus would be on 150 cc and above bikes. Our products will be towards niche segment bikes. We intend to focus on products for young and young-at-heart customers," Suzuki Motorcycle India Executive Vice President Atul Gupta told reporters here.

Elaborating on the company's strategy, Gupta said: "There is a severe competition in the mass segment bikes. Your bottomlines don't get affected while in the niche segment, even though you sell less units, you can earn money." He, however, said that the company will continue to sell its mass segment motorcycle Hayate while stressing that focus would be on niche bikes going forward.

On super bikes, Gupta said: "Last year, we sold 280 units in the country and this fiscal we are looking to sell 400 units." He said SMIPL plans to launch 'a few' more superbikes in the country simultaneously with global launches, including the S1000 and S1000F that are expected to hit markets sometime in June.

The company is also looking to expand its sales network in the country with a target to set up 1,500 touch points by March 2016. "From 600 touch points, we have now touched a figure of 800 outlets now. By March 2016, we aim to take this number to 1,500 outlets," Gupta said.

The company would focus on strengthening distribution network in A and B class cities, he added. Commenting on rural markets, which are performing below par, Gupta said: "Our sales are not impacted as we sell only one mass segment bike." When asked about exports, Gupta said the company is looking at around 50,000 shipments abroad in the current fiscal from 30,000 units it exported in 2014-15. At present, the company exports to various markets, including Latin America, Middle East, Africa and neighbouring countries.

Suzuki Motorcycle India has an installed capacity to churn out 5.4 lakh units annually. The company gets 80 per cent of its sales from scooter segment and the rest from bikes.

Maruti Suzuki stock price

On April 07, 2015, Maruti Suzuki India closed at Rs 3601.00, down Rs 25.75, or 0.71 percent. The 52-week high of the share was Rs 3785.15 and the 52-week low was Rs 1867.00.

The company's trailing 12-month (TTM) EPS was at Rs 106.83 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 33.71. The latest book value of the company is Rs 694.45 per share. At current value, the price-to-book value of the company is 5.19.

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Buy City Union Bank; target of Rs 110: Firstcall Research

Brokerage house Firstcall Research is bullish on City Union Bank and has recommended buy rating on the stock with a target price of Rs 110 in its research report dated April 04, 2015.

Firstcall Research's report on City Union Bank

"City Union Bank was incorporated on 31st October, 1904 as 'The Kumbakonam Bank', head quartered in Chennai. The bank in the beginning preferred the role of a regional bank and slowly but steadily built for itself a place in the Delta District Thanjavur. The company set up its first branch at Mannargud on 24th January 1930. After this the company started set up a series of branches at Nagapattinam, Sannanallur, Ayyampet, Tirukattupalli, Tiruvarur, Manapparai, Mayuram and Porayar within a period of 25 years."

"City Union Bank Ltd has achieved Total Interest Earned of Rs. 6845.02 million for the 3rd quarter of the financial year 2014-15 as against Rs. 6461.32 million in the corresponding quarter of the previous year. The bank has reported a net profit of Rs. 1027.00 million against Rs. 890.83 million in the corresponding quarter of the previous year. The bank has reported an EPS of Rs. 1.72 for the 3rd quarter as against an EPS of Rs. 1.65 in the corresponding quarter of the previous year. The Bank has inaugurated its 475th branch on 30th March, 2015 at Anna Salai located at Ponnamaravathy, Pudukkottai – Dist, Tamil Nadu. The Savings bank deposits recorded a growth of 16% as on 31st December, 2014. The Bank's Balance Sheet size increased by 10% to RS. 269020.00 mn as on December 31, 2014 from Rs. 244690.00 mn as on December 31, 2013. The total Deposits as on 31st Dec 2014, increased from Rs. 211160.00 mn to Rs. 232030.00 mn thereby registering a growth of 10% y-o-y basis. As on Dec 31, 2014 Advances portfolio registered a growth of 7% yoy basis to Rs. 169680.00 mn, from Rs. 158250.00 mn as on Dec 31, 2013. Gross & Net NPA level stood at 2.12% & 1.31% respectively as on December 31, 2014. The Provision Coverage Ratio as at December 31, 2014 stood at 62%. As on 31st Dec 2014, Capital Adequacy Ratio under Basel III increased to 15.73%."

"At the current market price of Rs.98.25, the stock P/E ratio is at 14.80 x FY15E and 13.16 x FY16E respectively. Earning per share (EPS) of the company for the earnings for FY15E and FY16E is seen at Rs. 6.64 and Rs. 7.46 respectively. Total Interest Earned and PAT of the company are expected to grow at a CAGR of 10% and 11% over 2013 to 2016E respectively. Debt-Equity ratio is expected at 10.03 x for FY15E and 9.07 x for FY16E. Price to Book Value of the stock is expected to be at 2.42 x and 2.04 x for FY15E and FY16E respectively. We recommend 'BUY' in this particular scrip with a target price of Rs. 110.00 for Medium to Long term investment", says Firstcall Research report.

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Essar Oil's CBM block production rises to 0.5 mmscmd

Essar Oil said it has built a high quality infrastructure gas conditioning and compression stations, in-field pipelines of 120 kms and last mile pipeline connectivity network to end users of about 60 kms.

Essar Oil Ltd , the nation's second biggest private refiner, on Monday said gas output from its Raniganj coal-bed methane (CBM) block in West Bengal has crossed 0.5 million standard cubic metres per day, making it India's largest CBM gas producer.

"While nearly 100 wells have been already placed on gas production, additional 155 wells have been drilled and are at various stages of the hydrofracking-completion-dewatering cycle for further gas production ramp up," the company said in a statement here.

Essar Oil said it has built a high quality infrastructure gas conditioning and compression stations, in-field pipelines of 120 kms and last mile pipeline connectivity network to end users of about 60 kms.

"The company anticipates completing the development programme ahead of the May 2016 deadline as per the Contract with the Government of India," the statement said.

With a total investment outlay of Rs 4,000 crore, the Raniganj Project is a first of its kind in India, aimed at responsibly producing methane gas from the coal seams located 1,000 metres or deeper below the ground.

Gas from Raniganj will be supplied to Matix Fertiliser and Chemicals Ltd, having the world's largest single stream plant for ammonia and urea located in West Bengal.

"With unity of conception, technology and team effort, we have been able to register a multifold increase in CBM production to 0.55 mmscmd and expect to ramp up delivery to 1.2 mmscmd over the next few months by bringing wells on production stream which are drilled and presently under completion and dewatering phase," said Manish Maheshwari, CEO-E&P, Essar Oil.

Mumbai-based Essar Oil operates a 20 million tonnes a year refinery at Vadinar in Gujarat. It also has more than 1,400 petrol pumps in various parts of the country and another 600 in various stages of commissioning.

It also has a portfolio of onshore and offshore oil and gas blocks with about 1.7 billion barrels of oil equivalent in reserves and resources. 

Essar Oil stock price

On April 06, 2015, Essar Oil closed at Rs 110.50, up Rs 0.45, or 0.41 percent. The 52-week high of the share was Rs 132.50 and the 52-week low was Rs 50.90.

The company's trailing 12-month (TTM) EPS was at Rs 13.59 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 8.13. The latest book value of the company is Rs 16.65 per share. At current value, the price-to-book value of the company is 6.64.

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Prime Property: The Chennai property tangle

The winds are blowing hot and cold for luxury housing in Bengaluru and Chennai. Prime Property tells you which of the markets are flourishing.

The winds are blowing hot and cold for luxury housing in Bengaluru and Chennai. Prime Property tells you which of the markets are flourishing.

Watch video for more.

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Unseasonal rains to push CPI inflation to 6% in Q2 2015

Inflation momentum is likely to increase in the coming months largely due to unseasonal rains which could push CPI inflation to nearly 6 percent in next three months, says a Nomura report.

According to the global financial services firm, although transitory, inflation momentum is expected to rise in the next three months. "We estimate that unseasonal rains could push CPI inflation close to 6 percent in second quarter of 2015 (April-June period), versus our current estimate of 5.2 percent , indicating a transitory shock of 80 bps on CPI inflation," Nomura India Chief Economist Sonal Varma said in a note.

While on-the-ground prices in March were contained and are not yet a significant cause for inflation concern, the past four episodes of unseasonal rain suggest that there are upside risks to food inflation, and therefore CPI inflation, in the next three months, Varma added.

According to the Ministry of Agriculture's initial assessment, the recent spate of rains damaged around 10.7 mn hectares of land, which comprises about 18 percent of the total winter (rabi) crop area sown.

The Japanese brokerage firm said this rise in inflation momentum is "transitory", and accordingly should not be a source of too much concern for the RBI, "although some short-term caution is warranted in order to keep inflation expectations anchored," it said.

The retail inflation rose to 5.37 percent in February on higher prices of food items, including vegetables and beverages.

Meanwhile, inflation measured on wholesale price index (WPI) was at (-) 0.39 percent in January, (-) 0.50 percent in December and (-) 0.17 percent in November, respectively. With inflation dropping to record lows, industry is demanding further easing of interest rates to boost growth.

Last month, the Reserve Bank had surprised markets by reducing the benchmark interest rate by 0.25 percent to 7.5 percent . The RBI is scheduled to announce its bi-monthly policy statement on Tuesday.

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