Cadila Healthcare Mounts On back of Fund Raising Plan

Cadila HealthcareZydus Cadila Healthcare’s stock jumped 4.76% to Rs 363.30 on the BSE on a plan to raise $100 million from foreign markets. The scrip had touched a high peak of Rs 364.50 and a low of Rs 345.

During the last month, the company’s share price had soared in the range of Rs 320-Rs 335. On 15 June 2007, it climbed from Rs 332.80 on 8 June 2007 to Rs 346.80.

The company's board has sanctioned a plan to issue foreign currency convertible bonds (FCCBs) or such other instruments with green shoe option for this purpose

SBH Boosts NRE Depository Rates

State Bank of HyderabadHyderabad: State Bank of Hyderabad (SBH) has augmented interest rates on non-resident external (NRE) term deposits with effect from June 1.

According to the bank release, the interest rate has been augmented to 5.39 per cent from 5.3 per cent on deposits from one year to less than two years, on the other hand, the rates for maturities from two to less than three years has been altered to 5.32 per cent (5.06 per cent) and from three to five years 5.3 per cent (5.01 per cent).

PNB Alters FCNR (B), NRE Rates

Punjab National BankPunjab National Bank (PNB) has increased the rates of interest offered on Non-Resident Indian deposits wef June 1.

The interest rate on dollar denominated deposits under the foreign currency non-resident (banks) scheme has been increased from 4.55 per cent to 4.64 per cent for maturity of 1 year to less than 2 years, from 4.31 per cent to 4.57 per cent for 2 to less than 3 years, from 4.26 per cent to 4.55 per cent for 3 to less than 4 years, from 4.26 per cent to 4.55 per cent for 4 to less than five years and from 4.29 per cent to 4.57 per cent for five years maturity only.

HDFC Bank Opens 19 Branches In A Day

HDFC BankHDFC Bank has opened 19 branches in a day in Delhi and the National Capital Region (NCR), outdoing its own record of 14 branches in a day in October 2005.

With the launch of 19 branches on Saturday (June 2), the total number of branches in Delhi and NCR has gone up to 116 and to 270 in North India. As on March 31, 2007 the bank had a network of 684 branches and 1,605 ATMs in 316 towns and cities.

HDFC Bank was established in August 1994 as HDFC Bank Limited. As of December 31, 2006, the bank had a India network of 684 branches in 316 cities in India and over 1663 ATM's. The Bank started its operations as a Scheduled Commercial Bank in January 1995.

UBI Cuts Home Loan Rates By 50 bps

United Bank of IndiaUBI has abbreviated interest rates on home loans up to Rs 20 lakh by 50 basis points wef May 7.

M V Nair, chairman and managing director of the bank told, “We have taken this step following the Reserve Bank of India's step in the monetary policy to reduce the risk weight on housing loans below Rs 20 lakh. This will be with immediate effect.”

Bank’s total exposure towards the housing segment is Rs 4,465 crore.

“We are targeting a growth of 25 per cent in home loans for the year,” Mr. Nair added.

Tata Tea In JV Deal With Zhejiang Tea

Tata TeaTata Tea has signed up a joint venture deal with Zhejiang Tea Import and Export Company of People’s Republic of China.

As per the reports issued by Tata Tea that the contract involves establishing a blended company at Economic Development Zone of Anji County, Zhejiang, PRC in order to fabricate and promote green tea polyphenols, other green tea extracts, cold and hot water soluble instant tea, liquid tea concentrates and other value added tea related products.

The 70 percent of the registered capital of the joint venture firm is possessed by Tata Tea. The estimates project cost is Rs 70 crore, which is funded by a mix of equity capital and borrowings.

CCL To Raise Output By Two Folds

As part of its development plan, Central Coalfields Ltd (CCL) is ready to increase the company’s production by two fold by the next couple of years. It also plans to raise the capacity of coal washeries.

The decision to increase output is taken in order to meet up increased demand in the power sector.

Mr. R.P. Rotolia, CCL’s Chairman and Managing Director stated that the company aspired to achieve a production aim of about 78 million tonnes (mt) by 2011-12 from the surviving intensity of about 44mt while the Coal Ministry is inviting 84 mt by final year of the Eleventh Plan.

Market Opens Positive, Continues To Trade Confidently

After opening optimistically at 13,886.71, the 30-share index
continues to trade in the positive zone. Select stocks from cement,
banking, automobile and pharmaceutical led the progressions while IT
stocks turned down.

According to Ashwin Gada, broker, Networth Stock Broking told that
the market is likely to be a little explosive for coming two three
days. He added that the share index may further reject 50--100 points
today and the Nifty may subsequently descend to 4080 level.

Sensex experienced 1,182 advancements as against 802 declinations whereas 77 remained unchanged.

Among the sectoral indices, BSE Bankex arose 0.76%, BSE Auto
ascended 0.41%, BSE IT rejected 0.33% and BSE Metal climbed up 1.35%.

Tech Mahindra Made Hefty Gains

Tech MahindraTech Mahindra has registered a jump of 160% in its net profit for the year ending on March 31, 2007, at Rs 612.6 crore from Rs 235.4 crore in the corresponding year.

The largest solution providers in the telecom space has posted 136% increase in its total revenues that reached Rs 2,929 crore, as against Rs 1,242.7 crore in the same corresponding period.

RIL Eyes CWC Storehouses

Reliance IndustriesReliance Industries (RIL) has started out bending its power to smarten up its retail back-end. The company is in talks with the government-owned Central Warehousing Corporation (CWC) for all its non-operated and the partly functioned warehousing capacity stretched within 15 cities.

A source said the company has already signed up a contract to lease 2 million sq ft on commercial terms from CWC. The agreement for the other 2 million sq ft is expected to be closed in the next few months.

Market Ends Week On Depressive Note

BSE SensexThe 30-share index opened flat at 14,129.89 and then lost its power and started trading negatively. In the mid-noon trades, the index continued to trade in a negative zone and closed lower. Stocks from oil & gas, automobile and metal led the declines.
In contrast, Asian stocks heaved after increase in metals prices that pushed metal stocks towards the upward direction and US productivity data exhibited better-than-expected growth.
The BSE Sensex ended the day at 13,934.27, after losing 143.94 points while Nifty closed at 4,117.35, down 33.5 points.
Out of the total 2,667 shares, 1,130 boosted, 1,453 turned down while 84 remained on their previous places.

Market Ends Optimistically, More Gains Expected

After openingStock Markets sturdily at 13,987.77, the stock market continued to trade optimistically on the back of Asian market that climbed up to their weekly highs.
Then, in the afternoon trades, the stock index continued its volatility and touched a high of 14,082.26, and lastly ended on a firm note. The stocks, which led the advancements, include auto, cement and metal.
Likewise, Asian stocks mounted Thursday on profits viewpoint that advanced sureness in investors and as Korea Electric Power Corp. reported better than expected earnings. In addition, United Microelectronics Corp. also reported elevated earnings.

HDFC's Net Grows By 29%

Housing Development Finance CorporationHousing Development Finance Corporation Ltd (HDFC) has recorded an increase of 28.96% in its net profit at Rs 550.05 crore in the last quarter of the last financial year.

The company directors recommend a dividend of Rs. 22 a share for the year ended March 31, 2007, as against Rs. 20 per share in the previous year.

The bank’s net profit for the whole year boosted 24.9% to Rs 1570.38 crore, as against Rs 1257.30 crore for the year ended March 31, 2006.

Hindalco Posts Up Q4 Results

Hindalco IndustriesHindalco Industries has declared the results of the final quarter of the previous fiscal 2006-07.

Aditya Birla Group flagship company recorded 15.16 per cent growth in net profit at Rs 721.3 crore for the quarter ended March 31.

The company said the recent development take place on growing metal demand because of growth in infrastructure plus the auto industry.

The company had registered a net profit of Rs 626.3 crore for the same quarter ended March 31, 2006. The total income sprang up by 30.56 per cent to Rs 4,872.2 crore.

Indian Power Companies are looking for equipment from Japan and China

The growing power demand in the country is turning out to be great news for international electrical equipment manufacturers. Power majors like Tata Power Company (TPC), Reliance Energy (REL), National Thermal Power Corporation (NTPC) and Larson & Tubro (L&T) are currently in negotiations with several global leaders for equipment orders that could add up to millions of dollars.
TPC is in talks with Japanese companies Hitachi, Mitsubishi and Toshiba for super-critical technology, said sources. REL has already joined hands with Shanghai Electric for sourcing equipment for its three projects — Hisar (1,200 MW), Yamunanagar (600 MW) and Rosa (1,200 MW). The company is planning to continue the tie-up for its forthcoming projects also, the sources added.

ICICI Bank will be in list of top 100 global FIs

Raising $5 ICICI Bankbillion through a follow-on equity offering may see the country’s largest private sector entity, ICICI Bank breaking into the top 100 financial institutions in the world, in terms of market capitalisation. The bank, whose current market capitalisation is $18.89 billion (Rs 77,834 crore), presently stands at the 111th position among the top 150 financial institutions in the world, when compared on an m-cap basis. Raising $5 billion through the equity offer will take ICICI Bank to a position of 84 in this list.

Uday Shankar Moves From MCCS To STAR India As COO

Star IndiaThe CEO of Media Content and Communications Services (MCCS) has been chosen as the COO of STAR India. MCCS is a 74:26 percent venture between Ananda Bazaar Patrika and STAR Group.
The declaration was made in a combined report by Star and MCCS. Mr. Shankar will shortly join Star India and keep an eye on the company’s overall functioning.
He will report to Paul Aiello, the chief executive officer of STAR Group.

UTI Bank To Raise Rs. 2000 Crore Fresh Capital

UTI BankUTI Bank executive director of corporate strategy, Asok Kumar has announced that they have decided to go in for a fresh equity issue in the current financial year; the bank is aiming around hiking Rs 2,000 crore either through a domestic issue or global depository receipts in order to smarten up its tier-I capital base

Google To Bring Out PowerPoint Killer

Google IncThe Mountain View, California based Google Inc is planning to bring out PowerPoint killer, the presentation software similar to Microsoft’s popular PowerPoint. Google's new presentation software is aimed to compete against Microsoft's ubiquitous PowerPoint software that's part of its popular Office suite.

The PowerPoint killer software was described by the Google Chairman and Chief Executive Eric Schmidt at a conference for Internet entrepreneurs. He also shelled at Microsoft and AT&T Inc, whose executives recently quetched that Google may soon have an illegal monopoly in online advertising.

Rising Rupee Could Go Weak

Indian CurrencyAccording to the reckonings of Treasury managers and economists, the rupee could slide back to its 43 levels against the US dollar by the end of this calendar year; the short term gains of the local currency indicated at a weaker currency over the medium term.

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