Themis Medicare license and supply agreement
Themis has agreed to manufacture and supply and Novartis has agreed to purchase from Themis Diclofenac topical get formulated using a unique TPM transdermal drug delivery system, in finished dosage pharmaceutical form on certain commercial terms and conditions.
Him Fibres appointment of director
Himachal Fibres has informed BSE that Shri. Mayank Malhotra has been appointed as Non executive Director of the Company in the meeting of Board of Directors Administration Committee held in Ludhiana on April 12, 2013.
The breadth of the sell-off will underline some expectations that gold's meteoric rally may end after 12 years of gains.
The precious metal slid below USD 1,500 an ounce for the first time since July, 2011. Gold posted its biggest weekly decline since December, 2011.
Selling became heavy after an unexpected contraction in US retail sales data, which hurt stocks and supported the dollar. It added to pressures that were building this week from several factors, including a draft plan for Cyprus to sell bullion and outflows from exchange-traded gold funds.
"The scale of the decline has been absolutely breathtaking. We tried to rally and that just didn't get anywhere ... there hasn't been any downside support, it's like a knife through butter," Societe Generale analyst Robin Bhar said.
The pace of the sell-off appeared tied to volatility in the price of Japanese government bonds, which has forced certain holders to sell other assets to meet the risk modeling of their investment portfolios.
The spot price of bullion hit a low of USD 1,477, down 5.3 percent on the day. For the week, it showed a decline of more than 6 percent, in its biggest weekly drop since December 2011. Bonds rallied on Friday.
Losses in gold accelerated and trading volumes ballooned after prices fell through key support at USD 1,521 an ounce. The market is down some 23 percent below a record peak of USD 1,920.30 hit in September 2011. Investors define a bear market as a decline of 20 percent or more from a market high.
Bullion has soared for more than a decade due to its status as a safe-haven investment in troubled times and in response to inflation fears as the Federal Reserve embarked on an aggressive stimulus program to jump-start the US economy after the financial crisis.
But with signs of a tentative recovery now in world's largest economy, further losses could be looming in gold. Speculative investors are holding one of their smallest net longs in the precious metal since December 2008.
"Could it retest USD 1,300 or USD 1,200 on a short-term technical basis? Absolutely yes," said Geoffrey Fila, associate portfolio manager at Galtere Ltd, a commodities-focused hedge fund in New York with about USD 600 million under management.
U.S. gold futures also hit their lowest since July 2011, with gold for June delivery falling to as low as USD 1,476 an ounce by 5:20 p.m. EDT (2150 GMT). It settled at USD 1,501.40, down 4.1 percent.
Other precious metals also sold off, with silver the biggest loser, sliding 5.36 percent to USD 26.12 per ounce. The commodities complex came under pressure as Brent crude oil hit an nine-month low.
Gold sank more than 5 percent on Friday, entering bear-market territory as institutional investors fled bullion in favor of other safe-haven assets amid concerns about central bank sales and souring sentiment.
The breadth of the sell-off will underline some expectations that gold's meteoric rally may end after 12 years of gains.
The precious metal slid below USD 1,500 an ounce for the first time since July, 2011. Gold posted its biggest weekly decline since December, 2011.
Selling became heavy after an unexpected contraction in US retail sales data, which hurt stocks and supported the dollar. It added to pressures that were building this week from several factors, including a draft plan for Cyprus to sell bullion and outflows from exchange-traded gold funds.
"The scale of the decline has been absolutely breathtaking. We tried to rally and that just didn't get anywhere ... there hasn't been any downside support, it's like a knife through butter," Societe Generale analyst Robin Bhar said.
The pace of the sell-off appeared tied to volatility in the price of Japanese government bonds, which has forced certain holders to sell other assets to meet the risk modeling of their investment portfolios.
The spot price of bullion hit a low of USD 1,477, down 5.3 percent on the day. For the week, it showed a decline of more than 6 percent, in its biggest weekly drop since December 2011. Bonds rallied on Friday.
Losses in gold accelerated and trading volumes ballooned after prices fell through key support at USD 1,521 an ounce. The market is down some 23 percent below a record peak of USD 1,920.30 hit in September 2011. Investors define a bear market as a decline of 20 percent or more from a market high.
Bullion has soared for more than a decade due to its status as a safe-haven investment in troubled times and in response to inflation fears as the Federal Reserve embarked on an aggressive stimulus program to jump-start the US economy after the financial crisis.
But with signs of a tentative recovery now in world's largest economy, further losses could be looming in gold. Speculative investors are holding one of their smallest net longs in the precious metal since December 2008.
"Could it retest USD 1,300 or USD 1,200 on a short-term technical basis? Absolutely yes," said Geoffrey Fila, associate portfolio manager at Galtere Ltd, a commodities-focused hedge fund in New York with about USD 600 million under management.
US gold futures also hit their lowest since July 2011, with gold for June delivery falling to as low as USD 1,476 an ounce by 5:20 p.m. EDT (2150 GMT). It settled at USD 1,501.40, down 4.1 percent.
Other precious metals also sold off, with silver the biggest loser, sliding 5.36 percent to USD 26.12 per ounce. The commodities complex came under pressure as Brent crude oil hit an nine-month low.
A European Commission assessment of what Cyprus needs to do as part of its European Union/International Monetary Fund bailout earlier this week showed it was set to sell gold reserves to raise around 400 million euros.
While Cyprus' gold sale in itself is small, heavily indebted euro zone nations such as Italy and Portugal could also find themselves under increasing pressure to put their bullion reserves to work.
"If Cyprus can break the gold market, then (there are) many reasons to be worried, with Slovenia, Hungary, Portugal, Spain and Italy in line," said Milko Markov, an investment analyst at SK Hart Management.
Wary investors continued to cut exposure to gold, with total holdings at the world's major bullion gold-backed exchange-traded-funds (ETFs) falling to their lowest since early 2012.
Holdings of the largest fund, New York's SPDR Gold Trust GLD fell a further 2.1 tonnes, or 67,710 ounces on Thursday, after a 17-tonne outflow on Wednesday.
Financial market watchers are awaiting the outcome of a two-day meeting in Dublin beginning on Friday. Euro-zone finance ministers there said the necessary elements are now in place to launch national procedures to endorse a 10 billion euro bailout fund loan for Cyprus.
A European Commission assessment of what Cyprus needs to do as part of its European Union/International Monetary Fund bailout earlier this week showed it was set to sell gold reserves to raise around 400 million euros.
While Cyprus' gold sale in itself is small, heavily indebted euro zone nations such as Italy and Portugal could also find themselves under increasing pressure to put their bullion reserves to work.
"If Cyprus can break the gold market, then (there are) many reasons to be worried, with Slovenia, Hungary, Portugal, Spain and Italy in line," said Milko Markov, an investment analyst at SK Hart Management.
Wary investors continued to cut exposure to gold, with total holdings at the world's major bullion gold-backed exchange-traded-funds (ETFs) falling to their lowest since early 2012.
Holdings of the largest fund, New York's SPDR Gold Trust GLD fell a further 2.1 tonnes, or 67,710 ounces on Thursday, after a 17-tonne outflow on Wednesday.
Financial market watchers are awaiting the outcome of a two-day meeting in Dublin beginning on Friday. Euro-zone finance ministers there said the necessary elements are now in place to launch national procedures to endorse a 10 billion euro bailout fund loan for Cyprus.
Apr 12, 2013, 12.10 PM IST
Like this story, share it with millions of investors on M3
Liberty Phosphate to consider dividend
Liberty Phosphate board meeting will be held on April 17, 2013, to consider and approve the audited Annual Accounts for the financial year 2012-13 and also to consider recommendation of dividend on 8% cumulative redeemable preference shares as well as on equity shares of the company.
Like this story, share it with millions of investors on M3
Liberty Phosphate to consider dividend
Liberty Phosphate board meeting will be held on April 17, 2013, to consider and approve the audited Annual Accounts for the financial year 2012-13 and also to consider recommendation of dividend on 8% cumulative redeemable preference shares as well as on equity shares of the company.
Read all announcements in Liberty Phos
From DJ EU Officials Spain Aid Cap Of 100 Bn Euros 'should Be Enough'
The latest earning numbers FIRST on CNBC-TV18
The privately held ABD, India's third largest distiller, and the listed Tilaknagar have talked about a stock swap cum cash deal to create a combined entity valued at USD 1 billion.
At 11:07 hrs Tilaknagar Industries was quoting at Rs 62.65, up Rs 5.15, or 8.96 percent. It has touched an intraday high of Rs 65.20 and an intraday low of Rs 58.40. It was trading with volumes of 278,315 shares.
In the previous trading session, the share closed up 0.61 percent or Rs 0.35 at Rs 57.50.
Current market capitalisation of Tilaknagar Industries stands at Rs 763.58 crore.
The share touched its 52-week high Rs 86.95 and 52-week low Rs 46.20 on 04 January, 2013 and 29 August, 2012, respectively.
Read all announcements in Mafatlal Ind
Apr 11, 2013, 12.25 PM IST
Like this story, share it with millions of investors on M3
Triveni Turbine appoints additional director
Triveni Turbine at its meeting held on April 10, 2013, have appointed Mr. Meleveetil Damodaran as an Additional Director (Non Executive - Independent) on the Board of the Company effective from April 10, 2013.
Like this story, share it with millions of investors on M3
Triveni Turbine appoints additional director
Triveni Turbine at its meeting held on April 10, 2013, have appointed Mr. Meleveetil Damodaran as an Additional Director (Non Executive - Independent) on the Board of the Company effective from April 10, 2013.
Read all announcements in Triveni Turbine
From DJ EU Officials Spain Aid Cap Of 100 Bn Euros 'should Be Enough'
The latest earning numbers FIRST on CNBC-TV18
Oil Country board to consider dividend
Oil Country Tubular board meeting will be held on April 25, 2013, to consider and take on record the Audited Financial Results of the Company for the 4th Quarter / year ended March 31, 2013 and to consider dividend, if any.
Apr 11, 2013, 12.25 PM IST
Read all announcements in EID Parry
"Following a 32 percent underperformance of Hindalco Industries since our initiating coverage report, we continue to retain our Sell recommendation on its stock as we believe the aluminium cycle would remain in downward trajectory for a prolonged period. We also believe that consensus projections have factored in a lot of optimism in respect of aluminium prices and hence the earnings downgrade would continue in FY14 as well (there is 13 percent/14 percent cut in consensus EBITDA estimates for FY13E/FY14E, respectively, over the past one year). We have revised our FY14E EBITDA/PAT estimates downward by 13 percent/15 percent, respectively, due to a reduction in domestic market volume estimates and a change in currency assumption. Our EBITDA estimates are 10 percent/19 percent below consensus estimates for FY14E/FY15E, respectively.
Earnings to remain subdued: We expect just a 2 percent CAGR in consolidated EBITDA over FY12-FY15E, while PAT is likely to witness a negative CAGR of 23 percent over the same period due to high interest costs and depreciation. Standalone performance is likely to witness significant pressure with 9 percent/40 percent drop in EBITDA/PAT, respectively, over FY12-FY15E despite an 8 percent CAGR in aluminium volume. Although Novelis' performance would remain stable in US dollar terms, in rupee terms the performance would be impacted, due to currency appreciation.
Mahan coal block benefits unlikely before FY16: The final lease pact for Mahan coal block in Madhya Pradesh has not yet been signed and we believe it can still take three-six months, taking an optimistic view, considering the slow government clearance process. However, after that it would take 15-18 months to develop the projects, which effectively means the benefits of Mahan coal block would accrue only from FY16.
Structural changes in global aluminium market: There have been a few structural changes in pricing and costs compared to 2005-08, where costs have moved up by USD 400/tn-USD 500/tn while prices have settled in the lower range of USD 400/tn- USD 500/tn over the same period. We don't expect any dramatic change in the scenario considering lower demand and inventory overhang (over three months of inventory). In the above scenario, Hindalco is investing close to Rs400bn (FY13E-FY15E capex is Rs184bn) to expand aluminium capacity three-fold. We expect a low single-digit return ratio from these projects, which could potentially de-rate the stock for a very long period.
Leveraging Novelis' balance sheet seems to be a remote possibility: Considering the large capex in domestic market, leveraging Novelis' balance sheet would have been a prudent strategy to benefit from low interest rates in developed markets. But this option looks to be remote as its free cash flow post capex is negative USD 82mn over FY13E-FY15E and the debt/EBITDA ratio is at optimum level of 5.1x on TTM basis.
Valuation: Hindalco trades at EV/EBITDA multiples of 8.1x/8.3x FY14E/FY15E earnings, respectively, above the past 10 years' average of 5.4x. We have retained Sell rating on it with a revised target price of Rs 75 (4.5x FY15E EV/EBITDA and CWIP at a 20 percent discount)," says Nirmal Bang research report.
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
