PM Modi’s ‘Make in India’ Pitch Ahead of US Visit; Top CEOs Present

Sharemasterindia.com: India Inc is present in much strength at Delhi’s Vigyan Bhawan where Prime Minister Narendra Modi will make his ambitious “Make in India” pitch today, with an aim to turn the country into a global manufacturing hub.
Leading industrialists like Mukesh Ambani of Reliance Industries, Cyrus Mistry, Chairman of Tata Group, Azim Premji, Chairman, Wipro, Kumar Mangalam Birla who heads the Aditya Birla Group and Chanda Kochar of ICICI Bank are in the audience.
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Petrobras, ONGC Find Gas in Brazil Offshore Extension Well

Sharemasterindia.com: Brazil’s state-run oil company Petroleo Brasileiro SA discovered natural gas in a well being drilled to help measure the potential of a giant Brazilian offshore find, the company said in a securities filing on Wednesday.
Petrobras, as the company is known, owns 75 per cent and its Indian partner Oil and Natural Gas Corp 25 per cent of the discovery.
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CCI Order Clears Road for Generic Car Parts Market

New Delhi(Sharemasterindia.com): Thousands of tiny shops in India’s biggest auto components market do brisk business selling a bewildering array of spare parts for about a third of the official price charged by the likes of Toyota Motor Co or Volkswagen AG.
Generic parts sold by traders in places like old Delhi’s Kashmere Gate market account for about a sixth of India’s $6.6 billion after-sales components sector, IHS Automotive estimates, but a recent move by regulators could boost that share.
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ISRO’s Mars Mission: Centum Electronics Shares Surge Over 200% Since Launch

Sharemasterindia.com: The share prices of some component suppliers to India’s mission to Mars have surged sharply since the spacecraft to the red planet was launched on November 5.
Today, the Indian Space Research Organisation’s (ISRO) Mars Orbiter Mission successfully entered the red planet’s orbit. A successful landing could further boost shares in companies, traders said.
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Supreme Court cancels 214 illegal coal blocks, gives companies six months to comply

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In a landmark decision, the Supreme Court on Wednesday scrapped 214 of the coal blocks allocated between 1993 and 2010, sparing only 4. The 4 coal blocks that were spared are government-run, non joint ventures. Two of the exempted coal blocks are in Madhya Pradesh and two in Jharkhand. The apex court gave “six months” breathing time to the coal blocks that are already operational.
The 42 blocks  would till  then be managed by Coal India .The companies running these blocks also have to compensate the govt by paying Rs. 295 per metric tonne.
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Suzlon Shares Crash 30% in Four Days

PSharemasterindia.com: Shares in wind turbine manufacturer Suzlon Energy fell to their maximum daily limit for the fourth consecutive day in a row, down 4.83 per cent at rupee“>Rs. 15.75 on NSE. Further as of 11.55 a.m. there were pending sell orders for 13.66 crore shares on NSE.

Including today’s fall, shares of India’s largest wind power company have fallen over 30 per cent in last four trading sessions after fresh equity shares following the conversion of the company’s foreign currency convertible bonds (FCCBs) began to trade from Friday, September 19, 2014.
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RBI Seen Holding Rates Until Q2 of 2015, Then Ease: Reuters Poll

Sharemasterindia.com: The Reserve Bank of India will probably wait until the second quarter of next year to loosen policy as it wants to cool inflation before trying to spur growth, a Reuters poll found ahead of a policy review meeting next week.
All but three of 46 economists surveyed over the past week said the bank would leave its key repo rate unchanged at 8.0 per cent when it meets on September 30.
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Markets extend losses; Nifty slips below 8,000

 Markets extended losses after the first hour of trade after select heavyweights pared early gains

Markets extended losses after the first hour of trade as investors turned cautious and trimmed position ahead of the expiry of September derivative contracts tomorrow.  Further, investors are also adopting a wait-and-watch stance ahead of the Supreme Court verdict on coal block allocations later today.
At 10:30AM, the 30-share Sensex was down 91 points at 26,684 and the 50-share Nifty was down 27 points at 7,990.
TCS, L&T, HDFC and Tata Motors were down 1-2% contributing the most to the Sensex losses.
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Metal Stocks Fall Ahead of Supreme Court’s Ruling on Coal Allocation

Metal shares fell ahead of the Supreme Court’s ruling on 218 coal blocks allocated by the government since 1993.
Hindalco Industries was down 2 per cent while Jindal steel and Power fell 1.9 per cent. Read More...

Educomp Solutions Jumps 9% on Acquisition Buzz

Shares in Educomp Solutions jumped over 9 per cent on Wednesday on buzz that the diversified education services provider’s K-12 schools may soon be bought by a large corporate. According to a media report, Educomp may attract a valuation of $250 million for its network of more than 50 schools.
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Rupee Recovers After Falling to 61.03/Dollar

Sharemasterindia.com: The rupee fell to 61.03 against the dollar in early trade today at the Interbank Foreign Exchange market due to increased demand for the US currency from importers.
Later the rupee recovered to 60.96 against the dollar. Read More....

BSE Sensex, Nifty Flat Ahead of Coal Block Verdict

BSE Sensex and Nifty struggled today in the early trade as traders remained cautious of the Supreme Court ruling on coal blocks.
The top court will pronounce its verdict at 2 pm on 218 blocks whose allocation was declared illegal by it.
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SpiceJet launches scheme for MSME travellers

Sharemasterindia.com: Budget airline SpiceJet launched a scheme for travellers from micro, small and medium medium enterprises (MSME), offering them up to 10 percent discount on fares.
The private carrier unveiled what it claimed was first-of-its kind dedicated self-booking platform, ‘SME Traveller’, for air travellers for this corporate segment, offering flexibility and savings on every booking. Under the platform, MSME executives can avail up to 10 percent discount and collect “Spice Points” upon each completed travel, among other benefits, the airline said in a release here this evening.Read More...

Jet Airways in focus on plan to expand international operations from November

Sharemasterindia.com: Jet Airways (India) said it will expand international operations from November 2014 with a view to provide connectivity from four more Indian cities to Abu Dhabi and other international destinations. Jet Airways’ will launch flight services from Ahmedabad, Goa and Lucknow to Abu Dhabi and beyond from 14 November 2014, the airline said in a release.
Titan Company said its board has approved the invitation and acceptance of deposits from customers for jewelry purchases under the Companies (Acceptance of Deposits) Rules, 2014. Read More....

Haemorrhaging talent, Infosys’ new CEO allows staff to use Twitter, Facebook

Sharemasterindia.com: Infosys Ltd’s new CEO has come up with a novel approach to reviving the financial fortunes of India’s trailblazing outsourcing firm: use Facebook at work, tweet, but get the job done.
Infosys has long been run as a conservative company known for keeping strict tabs on work hours and sometimes fining employees for not wearing ties on specific days. Such cheerless self-regard could not have come at a more challenging time, analysts say.

In the last few years, the former bellwether of India’s outsourcing industry has lagged rivals in winning contracts from the West, torn between chasing high-margin projects and low-margin bread-and-butter IT deals.Read More.....

PNB Seeks to Bring Down Government Stake to 51%

The recent surge in equity markets has opened up opportunities for state-run banks to raise capital to boost their balance sheet, which has taken a hit due to a surge in bad loans.

KR Kamath, chairman and managing director at Punjab National Bank

Recently the Punjab National Bank (PNB) board passed a resolution to raise funds either through qualified institutional placement (QIP) or follow-on public offering (FPO) or rights issue.

The government of India currently holds 58.87 per cent stake in PNB. Speaking to NDTV, KR Kamath, chairman and managing director at Punjab National Bank, said, “We are approaching the government to reduce the shareholding to 51 per cent or 52 per cent, whichever the government deems correct.” Read More...

BSE Sensex, Nifty Flat; IT Stocks Gain

Sharemasterindia.com: BSE Sensex and Nifty were steady in the early trade with IT stocks supporting the market while some profit-taking was seen in capital goods and FMCG stocks.
The Sensex was up 27 points to 27,234.46 while Nifty rose 8 points to 8,154.
Elsewhere in other global markets, Asian shares recouped early losses on Tuesday after a reading on China’s massive factory sector outpaced the market’s bleak expectations. Read More...

Airlines Oppose Modi Govt’s Regional Connectivity Plan

BANAGALORE (Sharemasterindia.com): The NDA government’s proposal to promote regional connectivity has suffered a setback as private airline operators have opposed the move based on their current financial state.

Indian carriers had reported losses of $1.7 billion in Fy14 and is estimated to incur losses to the range of $1.4 billion in Fy15.

The Union government had asked private carriers to deploy 100 per cent of trunk route capacity on regional routes among other requirements. Agencies reported that full service carrier Jet Airways had asked for a rethink on the policy and reduce it to 50 per cent as regional routes could cause overcapacity. Continue Reading