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Stressing upon the need for timely execution of projects, the government has put Coal India’s (CIL) 42 mining projec
Giving its disinvestment programme a big push, the Union Government has decided to dilute its stake in three public sector entities:
Stressing upon the need for timely execution of projects, the government has put Coal India’s (CIL) 42 mining projects on its monitoring list, amid ambitious plans for 1 billion tonnes output by 2019. A total of 49 projects each of three million tonnes per annum and above capacity and capital cost of Rs 500 crore and above, including 42 from CIL were included in the monitoring list. Some of the projects under the monitoring list include Kulda Open Cast Project (OCP) in Odisha, Kaniha (OCP) in Odisha, Amarapali OCP in Jharkhand and Amlohri Expansion OCP in Madhya Pradesh. CIL has 148 on-going projects which are under different stages of implementation. Of these projects, 95 mines have both forestry and environmental clearances.
Auto major Tata Motors has joined hands with UK-based Microlise to launch advanced telematics and fleet management services in the Indian market. Under the partnership, which is for an initial period of five years, both sides intend to utilize their respective strengths to deliver services through Tata Fleetman platform, a vehicle management and tracking system, which the Mumbai-based auto major had launched in 2012. While Microlise will provide the technology and solutions, Tata Motors will integrate them in its commercial vehicles and utilize its reach for service delivery.
Buoyed by improved sentiment in domestic automobile market, Maruti Suzuki, the country’s largest car maker, has scaled up its projection for growth in cars sales this financial year. The company is expecting a double-digit growth rate this year. The company would also invest Rs 4,000 crore over the next five years in developing at least five new products at its India research & development (R&D) centre. The first model with significant Indian content will be a compact sports utility vehicle that will come in 2016. Also, the company's cash surplus, currently at over Rs 7,000 crore, will only increase, as it does not have to make any investment in the upcoming Gujarat plant.
Sun Pharmaceutical Industries’ recall worries continue with its American subsidiary Taro recalling its leading blood clot drug from the market after the USFDA found that the product did not meet its quality norms. Taro has recalled Warfarin Sodium after the USFDA faulted its poor quality. This is the third such recall for Sun which agreed to buy troubled fellow drug maker Ranbaxy in March this year to create the world’s fifth largest generic drug maker. Besides, the firm also announced plans to introduce an enabling resolution at its forthcoming shareholders meet to raise Rs 12,000 crore through a qualified institutional placement.
Sagar Cements is all set to buy cement business of Bangalore-based BMM Ispat Group. The deal, with an enterprise value of about Rs 500 crore, is likely to be sealed in a couple of weeks. The annual general meeting of Sagar Cements scheduled to be held on September 24 is expected to take up the transaction. The valuation per tonne could be around $80-$85. Once the deal is closed, Sagar’s capacity would go up from 2.75 million tonnes to 3.75 million tonnes as BMM has a one-million-tonne cement manufacturing unit at Tadipatri in Anantapur district of Andhra Pradesh. The acquisition would benefit Sagar as it would provide easy access to southern markets and significantly reduce freight charges by over 40 percent. Further, it also has a captive power plant of 25 MW.
Kolkata-based, United Bank of India (UBI) is confident of bringing down its gross non-performing assets to below 10 percent this fiscal (FY15). As on June 30, 2014 (end of first quarter), its gross NPAs stood at Rs 7,097 crore, that is, 10.49 percent of gross advances, which is much higher than that of its peers. In the first quarter of this fiscal, cash recoveries of Rs 340 crore were made, Rs 626 crore worth of accounts upgraded, and Rs 248 crore written off. UBI has set a cash recovery target of Rs 1,150 crore during this fiscal. Last fiscal, it recovered Rs 645 crore, and another Rs 1,488 crore loans were upgraded (part recoveries).
Mahindra & Mahindra (M&M), the automobile major will launch two Compact Utility Vehicle platforms and one Commercial vehicle platform next year. The company’s sales have been impacted by two things; narrowing of gap between diesel and petrol price and a shift in product preferences of consumers towards compact UVs. The company was recently looking to strengthen its global presence even as its sales have been shrinking in the local market. Meanwhile, the company is working out a joint entry strategy in key markets with Korean unit Ssangyong Motor and exploring alliance opportunities with Swedish carmaker Saab and Peugeot Citroen of France.
Magma Fincorp will be increasing its focus on vehicle loans in Andhra Pradesh and Telangana. The company is targeting 20 percent growth in the present financial year by increasing disbursal of loans for cars and tractors. The company had disbursed Rs 562 crore in the two states during the financial year ended March 31, 2014. It has 24 branches in Andhra and Telangana and would consolidate its business rather than expanding it this year. The Kolkata-based non-banking finance company had earlier announced that it would raise Rs 500 crore for expansion.
Indian Hotels Company’s strategy for expanding abroad is back to the drawing board. The company that runs the Taj group of hotels, part of Tata Group, exited its management control contract with Morroco’s JK Hotels for the Taj Palace at Marrakech in that country. This comes a couple of months after the company sold its sole property in Australia, Blue Sydney, for about Rs 180 crore. And, less than a year earlier, it had called off a $1.2-billion bid for Bermuda-based Orient-Express Hotels. The reported loss for 2013-14 was Rs 553 crore, consolidated debt Rs 4,252 crore. It also has debt amounting to Rs 553 crore maturing in this financial year.
Leading two wheeler maker TVS Motor Company expects to make operations of its Indonesian subsidiary, PT TVS Motor, profitable during the current fiscal. During 2013-14, PT TVS sold 19,200 vehicles registering a growth of 3 percent as against 18,600 vehicles sold in the earlier year. While its domestic sales grew by 12 percent, the exports were down 3 percent. During the year, PT TVS exported 10,300 two wheelers. PT TVS successfully made an entry into Myanmar market and plans to expand its presence in new markets like Laos, Cambodia, Malaysia and Turkey.
Giving its disinvestment programme a big push, the Union Government has decided to dilute its stake in three public sector entities: ONGC, Coal India and NHPC. At the current market price, it can mobilize around Rs 43,000 crore, close to the disinvestment target of Rs 43,425 crore. With the Cabinet Committee on Economic Affairs’ (CCEA) nod, as much as 11.36 percent of the Government holding in NHPC, 10 percent in Coal India, and 5 percent in ONGC will be diluted. Currently, the Government owns 89.65 percent in Coal India, 85.96 percent in NHPC and 68.94 percent in ONGC.
Public sector behemoth Indian Oil Corporation (IOC) signed a memorandum of understanding (MoU) with Uttar Pradesh government for exploring and executing piped domestic gas projects in the state. The memorandum of understanding is aimed at developing natural gas infrastructure and a better distribution network. IOC would lay gas pipelines and set up Compressed Natural Gas (CNG) stations after due diligence. In fact, an IOC joint venture had already started groundwork in Allahabad and the domestic consumers there are expected to be supplied piped natural gas in the next one-and-a-half years. Besides, industrial consumers would be supplied natural gas.
Coal India (CIL) hopes to increase its annual production by 10-20 million tonnes this fiscal. The increase will be after getting clearances from the Ministry of Environment and Forests. The company was recently planning to take steps to clear fuel supply bottlenecks, including augmenting output to 615 million tonnes (mt) by fiscal 2017. The company envisages to produce it in an optimistic scenario, 615 mt of coal by terminal year of XII Five Year Plan (2016-17). CIL is also planning to increase production in abandoned underground mines with increased mechanization.
Drug maker Sun Pharmaceutical Industries’ manufacturing facility in Halol (Gujarat) is undergoing a surprise inspection by the US Food and Drug Administration (USFDA). The move may have been triggered by a number of recent recalls from the plant. In May, Sun Pharma’s another manufacturing facility in Karkhadi, also in Gujarat, had received a warning letter from the USFDA after investigators identified violations of current good manufacturing practice and regulations for finished pharmaceuticals. Sun Pharma had recalled 40,000 bottles of Venlafaxine Hydrochloride extended-release tablets, Gemcitabine and Metformin from the US market.
Tata Communications will shortly bring solutions that help telecom operators offer voice calls over fourth-generation network, which transfers data at high speed but isn’t considered a quality carrier of voice. Since most of the revenue for telecom operates comes from voice services, voice calls over 4G long-term evolution network - also called Voice over LTE or VoLTE - is expected to become a key factor for the success of 4G. It allows mobile operators offer high-definition voice over 4G LTE networks. In India, Bharti Airtel and Aircel have already launched 4G services in some cities on the 2,300 MHz band, or using the TD-LTE technology. Reliance Jio Infocomm is the sole holder of a pan-India licence for 4G LTE on TD-LTE band.
Godrej Properties township project in Nagpur ‘Godrej Anandam’ has completed Phase I and has commenced handing over apartments to customers. Phase I of the project, comprising approximately 200 apartments over 3 towers, recently received occupancy certificate from the Nagpur Municipal Corporation. Spread over 29 acres of refreshing greenery, Godrej Anandam is an integrated township project with 22 acres of residential development. Phase II of the project, bookings for which are currently open, consists of 2, 3 and 4 BHK luxury apartments and penthouses. Godrej Anandam achieved ‘6 STAR’ CRISIL Real Estate Star Ratings (CREST) from CRISIL, which was the highest in the entire region of Vidarbha. The project won ‘Best Upcoming Township Award’ at the Realty Kings Awards by My FM, Dainik Bhaskar and CREDAI Nagpur.
With the country’s used car market getting bigger by the day and outpacing the new car market in terms of volumes, the multi-brand chain Mahindra & Mahindra’s (M&M) arm - Mahindra First Choice Wheels is set to rapidly expand its chain of network of retail franchises and expects to take it past the 450 mark by fiscal end, up from 380 now. The used car market is growing at about 20 percent per annum and the company sees this trend continuing. Besides, the company inaugurated its new retail store close to the IT hub of Hyderabad. Last year, the company facilitated sales of more than 57,000 cars through dealers and about 70,000 cars sales through business to business platform.
State Bank of Mysore (SBM) has signed a Memorandum of Understanding (MoU) with Mumbai-based RML Information Services for providing SMS-based services to over five lakh farmer customers of the bank. RML will provide personalized agri information to farmers on weather, input prices, crop diseases, government schemes/initiatives, and market prices of produce, among others, through SMS and dedicated contact centres by a team of local experts. The service, provided at a nominal fee, is available on all handsets and in nine languages, including Kannada.
American restaurants chain, McDonald’s plans to increase its presence in smaller towns and non-metro cities in India. Hardcastle Restaurants (HRPL), the master franchise for the Western and Southern operations of McDonald’s in India, plans to invest around Rs 750 crore over the next 4-5 years for expanding restaurant network in India. The company, which is the wholly owned subsidiary of Westlife Development, plans to add about 175 to 250 new stores to its existing 189 restaurants in India, this will take the total tally to around 400 stores in next four-five years. The company is also adding McCafe brand to offer beverages. McCafe is seen as an extension of the brand McDonald’s which has been offering quick service foods.
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