Call of 30/09/15 WEDNESDAY
@ 11:18
Buy Nifty oct ltp 7916 SL today's low (7894)
trgt 7940/7980++
ALL TRGT HIT
@ 11:18
Buy Nifty oct ltp 7916 SL today's low (7894)
trgt 7940/7980++
ALL TRGT HIT
Wednesday 30 September 2015
Tuesday 29 September 2015
Highlights of RBI's 4th Bi-Monthly Monetary Policy Statement 2015-16 Cogencis, Tuesday, Sep 29
MUMBAI - Following are the highlights of the Reserve Bank of India's
fourth Bi-Monthly Monetary Policy Statement for 2015-16 (Apr-Mar):
MAIN HIGHLIGHTS
* Repo rate cut by 50 bps to 6.75%
* Banks' CRR left unchanged at 4.0% of NDTL
* To continue providing liquidity under variable repos
* Reverse repo rate adjusted to 5.75%
* MSF rate, Bank Rate adjusted to 7.75%
* Banks' CRR left unchanged at 4.0% of NDTL
* Banks' deposit rates have reduced significantly
* Have frontloaded 50 bps cut in repo rate
* Policy stance to continue to be accommodative
INFLATION
* As projected, CPI inflation has dropped to 9-month low
* Food inflation contained by govt's resolute supply mgmt
* Disinflation has been broad-based
* Inflation excluding food, fuel has come off June's peak
* Inflation likely to go up from Sep for a few months
* Favourable base effect seen reversing Sep onwards
* Expect January CPI inflation at 5.8%
* 6% CPI inflation target for Jan "likely to be achieved"
FISCAL
* To fix FPI debt invest limit in rupee terms from now
* Key that proactive supply management by govt be in place
* Pass-through of rupee depreciation will be monitored
* Underlying econ activity weak on sustained export fall
* Underlying econ activity weak on rainfall deficiency
* Commodity prices will remain contained for a while
* Govt has reaffirmed desire to meet fiscal deficit aims
* Govt has reaffirmed desire to improve spending quality
* To work with govt to ensure bks pass on past rate cuts
* Liquidity conditions eased considerably Aug to mid-Sep
* Widening trade gap may push up Jul-Sep CAD modestly
* Cos can issue rupee bonds overseas with 5-yr maturity
* Foreign rupee bond issue within $51 bln corp debt cap
* Non-bks, PDs can take long-positions in when-issued mkt
* No curb on end use of foreign rupee bond issue proceeds
* Standalone PDs can deal in currency futures on bourses
* Norms on standalone PDs' currency futures deals Nov end
* To launch exchange-traded currency F&O in 3 cross pairs
* Exchange-traded currency F&O in euro-dlr, sterling-dlr
* Exchange-traded currency F&O also in dlr-yen
* CCIL member can short-sell gilt to its gilt acct holder
* To up FX hedge cap for residents in OTC mkt to $1 mln
GROWTH
* Cut FY16 output growth forecast to 7.4% vs 7.6% before
* Since Aug, most conditions for further easing been met
* Econ recovery far from robust
* Rural demand remains subdued
* Manufacturing has exhibited uneven growth in Apr-Jul
* Tentative recovery of econ underway
TATA STEEL :
Tata Steel's deals in Tata Motors under fire
For about five years, Tata Steel has been serious about paring debt by selling non-core assets. And, has raised Rs 17,500 crore.
So, it was no surprise when the company sold 38.5 million shares of Tata Motors at Rs 324.60 each to institutional investors on September 18. The same day, it sold an additional 37.9 mn shares to parent Tata Sons for Rs 330 each. The transactions together brought Rs 2,500 crore to the company.
However, a closer look at Tata Steel’s holdings in Tata Motors reveals it also bought 8.34 mn shares at Rs 448 each for Rs 374 crore by subscribing to the automobile company’s rights issue. These shares were allotted to the company in May, and the recent sales have been at prices lower than what it paid in the rights issue.
The company chose not to respond to detailed queries sent on Friday on the purchase and sale of Tata Motors shares in the past six months.
“The debt levels in Tata Steel have been high for a while, including when they subscribed to the rights issue,
For about five years, Tata Steel has been serious about paring debt by selling non-core assets. And, has raised Rs 17,500 crore.
So, it was no surprise when the company sold 38.5 million shares of Tata Motors at Rs 324.60 each to institutional investors on September 18. The same day, it sold an additional 37.9 mn shares to parent Tata Sons for Rs 330 each. The transactions together brought Rs 2,500 crore to the company.
However, a closer look at Tata Steel’s holdings in Tata Motors reveals it also bought 8.34 mn shares at Rs 448 each for Rs 374 crore by subscribing to the automobile company’s rights issue. These shares were allotted to the company in May, and the recent sales have been at prices lower than what it paid in the rights issue.
The company chose not to respond to detailed queries sent on Friday on the purchase and sale of Tata Motors shares in the past six months.
“The debt levels in Tata Steel have been high for a while, including when they subscribed to the rights issue,
Stocks in Focus:
Rate sensitives to be in focus on @RBI decision. India VIX back at 21.6, volatility to continue in markets.
Today, FIPB likely to take up 31 foreign investment proposals including that of Cipla, Aditya Birla Nuvo and HDFC Capital Advisors. Among others, proposals of SPARC, Strides Arcolab and Apollo Hospitals Enterprise are on the agenda.
Monday 28 September 2015
ET NOW BROKERAGE
CLSA ON POWER GRID
@darshanetnow
Maintain Buy, Target `166
NE-Agra Project commissioned - the largest project of Power Grid
Project start can boost the visibility of 20% EPS growth over FY15 - 17
Project can reduce capital stuck in capital work-in-progress by 15%
BARCLAYS ON SIEMENS
@darshanetnow
Cut target to `711 from `731, Maintain Underweight
Valuations remain challenging despite recent share price correction
Expect most positive drivers to emerge only from FY19
Revival in industrial capex already reflected in current valuations
Has lost market share in both transformer and substation orders
CS ON AARTI INDUSTRIES
@darshanetnow
Management remains confident of a 15-20% volume CAGR
On track to achieve a 20-25% earnings CAGR over the next few years
Product mix will gradually change in the favour of higher-margin products
Restructuring complete; de-merger likely by FY17
Stock trades at 14x FY17E consensus EPS, after 95% returns in CY15
BOFA ML ON BHEL
@darshanetnow
Cut target to `155 from `158, Maintain Underperform
CEA denies technical clearance for the Telangana project
Projects rejected by CEA are not given environmental clearance
Telangana project represents `5000 cr or 4%of order book
1,320 MW Ennore project cancelled by Madras High Court
Cut FY16-18 EPS estimates by 3-5% on recent order cancellations
GS ON BAJAJ AUTO
@darshanetnow
Maintain Sell, Target `1974
New launches fail to revive domestic fortunes
Efforts to revive the Discover brand are not yielding results
Pulsar launches has not helped their volumes and market share
Motorcycles category is losing ground to scooters
NOMURA ON EMAMI
@darshanetnow
Downgrade to Neutral from Buy, Target `1200 from `1010
Downgrade stocks as all positives seem to be priced in
At current levels, prefer Dabur, Godrej and HUL
New acquisitions and business poised for high growth
NOMURA ON AMARA RAJA
@darshanetnow
Downgrade to Reduce from Buy; Raise target `824 from `568
Telecom segment slowdown could be a key headwind
Market expectations seem too optimistic
Expect replacement battery industry growth to slow to 7.5%
NOMURA ON EXIDE
@darshanetnow
Maintain Neutral, Target `159 from `164
Slow industry growth limits upside
Industrial segment likely to be affected by improving power supply
Inability to gain share from unorganised segment is key risk
Economic Times
Business Standard
Ø Foreign investors get relief from controversial MAT
Ø Marriage of Regulators: FMC to merge with Sebi
Ø Mobiles to fall under separate category in revised IIP
Ø Lenders approve higher cost in 4 Lanco projects
Ø Russian traders want JV with Indian tea cos
Ø Maruti's agitating workers chalk out future strategy
Ø NALCO to invest over Rs 65K cr for new projects
Ø FIPB to take up 31 FDI proposals on Tuesday
Ø India will be $20-trillion economy: PM at Facebook event
Ø Rajeev Agarwal to oversee commodities at Sebi
Ø FPIs in selling mode, take out Rs 6,000 cr in Sept
Ø Top six cos take Rs 53,886 cr hit in market valuation
Ø MMTC to produce, market sovereign gold coins
Ø ICICI makes aggressive push in unsecured loans
Ø JPMorgan schemes to hive off Amtek holdings
Ø Liberty to raise stake in joint venture with Videocon to 49%
Business Line
Mint
Ø SEBI steps up measures against SMS, social media scams
Ø India will play big part in driving technology forward: Pichai
Ø Lenders want Amtek promoters to inject some equity first
Ø Four SME IPOs to hit capital markets this week
Ø BSE gets shareholders’ nod to list its shares
Ø Moser Baer to focus on LED products, targets ₹500-cr market size in 3 years
Ø Govt to complete spectrum harmonisation by December end
Ø Xi Jinping pledges $2 billion for South-South cooperation
Ø Laid-off Ssangyong workers in Mumbai seeking reinstatement: Mahindra
Ø German transport authority asks Volkswagen to present car clean-up plan
Ø Narendra Modi shows keen interest in Tesla technology
Financial Express
Financial Chronicle
Ø Modi invites Apple CEO Tim Cook to set up manufacturing base
Ø SAIL invests Rs 2,
600 cr in Rourkela plant for hot rolled coils
Ø Qualcomm announces to invest $150 mn for Indian start-ups
Ø ITC aims Rs 18K cr revenue from agriculture business by ‘21
Ø US FDA revokes approval for Sun Pharma's seizure drug over compliance issues
Ø MFs go slow on debt investments in Sept
Ø Stamp duty may be scrapped on property transfers to Reits
Ø Farmers may get right to sell crop at benchmark
Ø Agri-commodities expect upside in medium term
CLSA ON POWER GRID
@darshanetnow
Maintain Buy, Target `166
NE-Agra Project commissioned - the largest project of Power Grid
Project start can boost the visibility of 20% EPS growth over FY15 - 17
Project can reduce capital stuck in capital work-in-progress by 15%
BARCLAYS ON SIEMENS
@darshanetnow
Cut target to `711 from `731, Maintain Underweight
Valuations remain challenging despite recent share price correction
Expect most positive drivers to emerge only from FY19
Revival in industrial capex already reflected in current valuations
Has lost market share in both transformer and substation orders
CS ON AARTI INDUSTRIES
@darshanetnow
Management remains confident of a 15-20% volume CAGR
On track to achieve a 20-25% earnings CAGR over the next few years
Product mix will gradually change in the favour of higher-margin products
Restructuring complete; de-merger likely by FY17
Stock trades at 14x FY17E consensus EPS, after 95% returns in CY15
BOFA ML ON BHEL
@darshanetnow
Cut target to `155 from `158, Maintain Underperform
CEA denies technical clearance for the Telangana project
Projects rejected by CEA are not given environmental clearance
Telangana project represents `5000 cr or 4%of order book
1,320 MW Ennore project cancelled by Madras High Court
Cut FY16-18 EPS estimates by 3-5% on recent order cancellations
GS ON BAJAJ AUTO
@darshanetnow
Maintain Sell, Target `1974
New launches fail to revive domestic fortunes
Efforts to revive the Discover brand are not yielding results
Pulsar launches has not helped their volumes and market share
Motorcycles category is losing ground to scooters
NOMURA ON EMAMI
@darshanetnow
Downgrade to Neutral from Buy, Target `1200 from `1010
Downgrade stocks as all positives seem to be priced in
At current levels, prefer Dabur, Godrej and HUL
New acquisitions and business poised for high growth
NOMURA ON AMARA RAJA
@darshanetnow
Downgrade to Reduce from Buy; Raise target `824 from `568
Telecom segment slowdown could be a key headwind
Market expectations seem too optimistic
Expect replacement battery industry growth to slow to 7.5%
NOMURA ON EXIDE
@darshanetnow
Maintain Neutral, Target `159 from `164
Slow industry growth limits upside
Industrial segment likely to be affected by improving power supply
Inability to gain share from unorganised segment is key risk
Economic Times
Business Standard
Ø Foreign investors get relief from controversial MAT
Ø Marriage of Regulators: FMC to merge with Sebi
Ø Mobiles to fall under separate category in revised IIP
Ø Lenders approve higher cost in 4 Lanco projects
Ø Russian traders want JV with Indian tea cos
Ø Maruti's agitating workers chalk out future strategy
Ø NALCO to invest over Rs 65K cr for new projects
Ø FIPB to take up 31 FDI proposals on Tuesday
Ø India will be $20-trillion economy: PM at Facebook event
Ø Rajeev Agarwal to oversee commodities at Sebi
Ø FPIs in selling mode, take out Rs 6,000 cr in Sept
Ø Top six cos take Rs 53,886 cr hit in market valuation
Ø MMTC to produce, market sovereign gold coins
Ø ICICI makes aggressive push in unsecured loans
Ø JPMorgan schemes to hive off Amtek holdings
Ø Liberty to raise stake in joint venture with Videocon to 49%
Business Line
Mint
Ø SEBI steps up measures against SMS, social media scams
Ø India will play big part in driving technology forward: Pichai
Ø Lenders want Amtek promoters to inject some equity first
Ø Four SME IPOs to hit capital markets this week
Ø BSE gets shareholders’ nod to list its shares
Ø Moser Baer to focus on LED products, targets ₹500-cr market size in 3 years
Ø Govt to complete spectrum harmonisation by December end
Ø Xi Jinping pledges $2 billion for South-South cooperation
Ø Laid-off Ssangyong workers in Mumbai seeking reinstatement: Mahindra
Ø German transport authority asks Volkswagen to present car clean-up plan
Ø Narendra Modi shows keen interest in Tesla technology
Financial Express
Financial Chronicle
Ø Modi invites Apple CEO Tim Cook to set up manufacturing base
Ø SAIL invests Rs 2,
600 cr in Rourkela plant for hot rolled coils
Ø Qualcomm announces to invest $150 mn for Indian start-ups
Ø ITC aims Rs 18K cr revenue from agriculture business by ‘21
Ø US FDA revokes approval for Sun Pharma's seizure drug over compliance issues
Ø MFs go slow on debt investments in Sept
Ø Stamp duty may be scrapped on property transfers to Reits
Ø Farmers may get right to sell crop at benchmark
Ø Agri-commodities expect upside in medium term
The last of RBI’s rate cuts for now?: RBI is expected to follow a neutral monetary stance after the policy rate drops to 7%. The fight against inflation from now on may not be easy
http://www.livemint.com/Opinion/PmUMCaqPPFOFqutejshaFO/The-last-of-RBIs-rate-cuts-for-now.html
Five key announcements by US tech titans during Modi’s Silicon Valley visit: Google has announced plans to set up base for free wifi at 500 railway stations while Microsoft will take low-cost broadband technology to some five lakh villages
http://www.livemint.com/Politics/pzGz7LXgMEYlpz4bVDBSCM/5-key-announcements-by-US-tech-titans-during-Modis-Silicon.html
FIPB to take up 31 FDI proposals on Tuesday: FIPB first clears those FDI proposals which are considered sensitive for the economy
http://www.livemint.com/Politics/h5Za7ZkavAVrSfVes2ntkN/FIPB-to-take-up-31-FDI-proposals-on-Tuesday.html
Forward earnings forecast can mislead: For Nifty companies, actual earnings have fallen short of analyst estimates in every year since the Lehman crisis of 2008
http://www.business-standard.com/article/markets/forward-earnings-forecast-can-mislead-115092800011_1.html
Maruti's agitating temporary workers chalk future strategy: Company sources reiterated the management was open to listening to the workers' concerns
http://www.business-standard.com/article/companies/maruti%E2%80%99s-agitating-temporary-workers-chalk-future-strategy-115092700650_1.html
PSU divestment: Govt woos Australian, Canadian pension funds: Sees advantages in having these as long-term investors; finds a response but will have to overhaul our units' information-sharing culture
http://www.business-standard.com/article/economy-policy/psu-divestment-govt-woos-australian-canadian-pension-funds-115092800019_1.html
Buy rating on Strides Arcolab: Strides’ unique business model likely to yield the company dividends: It has the tangible and intangible capabilities to grow
http://www.financialexpress.com/article/markets/indian-markets/buy-rating-on-strides-arcolab-strides-unique-business-model-likely-to-yield-the-company-dividends/142308/
Retro tax mess: Arun Jaitley gets his act together, big boost for Modi dispensation: If FM Arun Jaitley succeeds in cleaning up the retrospective tax mess, it will be a big boost for PM Narendra Modi-led dispensation, reeling under Parliamentary setbacks on the Land Acquisition and GST Bills.
http://www.financialexpress.com/article/fe-columnist/retro-tax-mess-arun-jaitley-gets-act-together-big-boost-for-narendra-modi-govt-expected/142132/
To hire or own a car: If you travel up to 25 km daily, it makes sense to use taxi-hailing apps. If over 75 km, owning a vehicle is cheaper
http://www.business-standard.com/article/pf/to-hire-or-own-a-car-115092700733_1.html
http://www.livemint.com/Opinion/PmUMCaqPPFOFqutejshaFO/The-last-of-RBIs-rate-cuts-for-now.html
Five key announcements by US tech titans during Modi’s Silicon Valley visit: Google has announced plans to set up base for free wifi at 500 railway stations while Microsoft will take low-cost broadband technology to some five lakh villages
http://www.livemint.com/Politics/pzGz7LXgMEYlpz4bVDBSCM/5-key-announcements-by-US-tech-titans-during-Modis-Silicon.html
FIPB to take up 31 FDI proposals on Tuesday: FIPB first clears those FDI proposals which are considered sensitive for the economy
http://www.livemint.com/Politics/h5Za7ZkavAVrSfVes2ntkN/FIPB-to-take-up-31-FDI-proposals-on-Tuesday.html
Forward earnings forecast can mislead: For Nifty companies, actual earnings have fallen short of analyst estimates in every year since the Lehman crisis of 2008
http://www.business-standard.com/article/markets/forward-earnings-forecast-can-mislead-115092800011_1.html
Maruti's agitating temporary workers chalk future strategy: Company sources reiterated the management was open to listening to the workers' concerns
http://www.business-standard.com/article/companies/maruti%E2%80%99s-agitating-temporary-workers-chalk-future-strategy-115092700650_1.html
PSU divestment: Govt woos Australian, Canadian pension funds: Sees advantages in having these as long-term investors; finds a response but will have to overhaul our units' information-sharing culture
http://www.business-standard.com/article/economy-policy/psu-divestment-govt-woos-australian-canadian-pension-funds-115092800019_1.html
Buy rating on Strides Arcolab: Strides’ unique business model likely to yield the company dividends: It has the tangible and intangible capabilities to grow
http://www.financialexpress.com/article/markets/indian-markets/buy-rating-on-strides-arcolab-strides-unique-business-model-likely-to-yield-the-company-dividends/142308/
Retro tax mess: Arun Jaitley gets his act together, big boost for Modi dispensation: If FM Arun Jaitley succeeds in cleaning up the retrospective tax mess, it will be a big boost for PM Narendra Modi-led dispensation, reeling under Parliamentary setbacks on the Land Acquisition and GST Bills.
http://www.financialexpress.com/article/fe-columnist/retro-tax-mess-arun-jaitley-gets-act-together-big-boost-for-narendra-modi-govt-expected/142132/
To hire or own a car: If you travel up to 25 km daily, it makes sense to use taxi-hailing apps. If over 75 km, owning a vehicle is cheaper
http://www.business-standard.com/article/pf/to-hire-or-own-a-car-115092700733_1.html
Friday 25 September 2015
Thursday 24 September 2015
Market Today
Global equities mixed
US markets closed marginally lower. S&P 500 lost 0.2% to 1,938 on selling in commodity shares. Tracking the cues Asian markets opened mixed.
India consumer confidence slips in September
Consumer confidence in India waned in September on reduced optimism about personal finances, according to the ANZ-Roy Morgan India Consumer Confidence index. This is the second month in a row the index has fallen.
RBI proposes easier ECB norms
The Reserve Bank of India (RBI) came out with a draft paper that allows Indian companies to raise funds from a wider class of lenders, reports Business Standard. According to the proposals companies can take the external commercial borrowings route for raising 10-year funds which is capped at five years now, the report says.
L&T to sell assets, dilute stake in non-core subsidiaries
Larsen and Toubro Ltd (L&T) is looking to sell some assets including roads and infrastructure projects and dilute its stake in non-core subsidiaries to revive performance, reports Reuters. In another report, the company is seeing little sign of economic recovery, with some of its factories running below capacity.
Coal India may revise capital expenditure plan
Coal India Ltd (CIL) may revise its five-year capital expenditure due to land acquisition issues, reports Business Standard. The company has to acquire an additional 20,000 acres to meet its annual production target.
NTPC’s aversion to fresh equity may stall Dabhol spin-off
A proposal to split Ratnagiri Gas and Power Pvt. Ltd (RGPPL) into two companies, one running the Dabhol Power plant and the other the liquefied natural gas terminal, has run into trouble with one of the shareholders, NTPC Ltd, expressing its reluctance to put in more equity, reports Mint.
R-Com close to selling telecom tower business
Reliance Communications Ltd (R-Com) is moving towards complete exit from the telecom tower business, reports The Economic Times. According to the report, the tower business is valued at Rs.20,000-24,000 crore.
Bajaj Auto to begin exports of RE60
Bajaj Auto Ltd is set to begin exports of its quadricycle RE60, after the company got approvals from a European certification agency, reports Mint.
Aban Offshore aims to reduces debt by 10%
Aban Offshore Ltd is planning to reduce its debt by 10% this year, reports Business Standard. The company moved an enabling resolution to get shareholders’ approval to raise funds through depository receipts and qualified institutional placements.
Blackstone to rise holding in Gateway Rail Freight
Private equity firm Blackstone is set to increase its shareholding in Gateway Rail Freight Ltd, a unit of Gateway Distriparks Ltd, by converting its preference shares into equity.
Rating on GMR’s road project cut to default
CARE has cut the long-term loans ratings on the GMR Hyderabad-Vijayawada Expressways to default grade, reports Business Standard. GMR Infrastructure holds 90% stake in the expressways.
Lenders take over Visa Steel
Lenders to the Visa Steel Ltd has decided to convert debt into equity by invoking strategic debt restructuring (SDR) rules.
Wednesday 23 September 2015
Tuesday 22 September 2015
Monday 21 September 2015
STOCK UPDATES
ADLABS ENTERTAINMENT: Is looking to set up theme parks in Delhi and
Hyderabad. (ET)
* ARSS INFRASTRUCTURE PROJECTS: Has got a 1.48-bln-rupee order from the
Odisha government for the expansion and widening of some sections of National
Highway-326 and State Highway-4 into two lanes. (Cogencis)
* ASIAN PAINTS: Plans to set up a paints manufacturing unit in Mysore in
Karnataka with an investment of about 23 bln rupees. (Cogencis)
* AUROBINDO PHARMA: Has got approval from the US Food and Drug Administration
for gemfibrozil tablets, a generic version of Pfizer's cholesterol lowering
drug Lopid. (Cogencis)
* BAJAJ HINDUSTAN: The company's Lalitpur Power Generation Co has commissioned
first out of the three 660 MW capacity units of its thermal power plant in
Mirchwara, Uttar Pradesh. (FE)
* BANK OF MAHARASHTRA: Is keen to expand its business in northern India,
Executive Director R.K. Gupta said. (BL, Sat)
* DELTA CORP: Route One Fund has sold 3.28% stake in the company through an
open market transaction. (PTI)
* HOTEL LEELAVENTURE: Has signed an agreement to sell its Goa hotel to
Malaysia's MetTube for 7.25 bln rupees. (BL)
* IDFC: The Reserve Bank of India has approved the company to make additional
provisioning of up to 25 bln rupees in Jul-Sep against stressed assets. The
company said the additional provision will result in a one-time loss in
Jul-Sep. (Cogencis)
* MAHINDRA HOLIDAYS & RESORTS INDIA: Is planning to cut down the debt of
recently acquired Finland-based company, Holiday Club Resorts Oy through asset
divestment. (ET)
* MARUTI SUZUKI INDIA: Is expecting that its parent, Suzuki Motor Corp will
soon get much-delayed clearance from the Gujarat government for its upcoming
plant. (PTI)
Has approached the Inland Waterways Authority of India to explore
opportunity to access eastern markets through Varanasi-Haldia route. (BL)
* MMTC: Bharti Enterprises' Vice-Chairman Akhil Gupta is in talks to buy 5%
stake in Indian Commodity Exchange from the company. (ET, Sat)
* NAGARJUNA OIL REFINERY: Lenders are seeking compensation from the company's
prospective investor, Netoil Singapore under the debt recast plan. (BL)
* NATIONAL BUILDING CONSTRUCTION CORP: Has got a 1.97-bln-rupee order from
the Ministry of Textiles to construct a trade facilitation centre and crafts
museum at Varanasi in Uttar Pradesh. (Cogencis)
* POWER MECH PROJECTS: Has got a 1.67-bln-rupee contract from Jaypee Group's
Prayagraj Power Generation Co to operate and maintain services of a thermal
power plant at Bara in Uttar Pradesh. (Cogencis)
* RURAL ELECTRIFICATION CORP: Is planning to raise funds through issuance of
bonds maturing in five years, and has invited bids from merchant bankers on
Sep 21. (Cogencis)
* SUN PHARMACEUTICAL INDUSTRIES: Has sold two central nervous system
divisions, which were a part of erstwhile Ranbaxy Laboratories, to STRIDES
ARCOLAB for 1.65 bln rupees. (Cogencis)
* VIJAYA BANK: Has reduced interest rates on some bulk deposits by
25 basis points effective Sep 19. (Cogencis)
* TATA STEEL: Has sold 37.88 mln shares of TATA MOTORS to the holding company
Tata Sons at 330 rupees a piece, raising 12.5 bln rupees. (Cogencis)
Has raised more than 41 bln rupees through sale of non-core assets so far.
(PTI)
* TD POWER SYSTEMS: Has received an order from a European company to supply
multiple 10 MW generators for a power plant in Germany. (Cogencis)
* TORRENT POWER: The government has allocated natural gas to three stranded
power plants of the company for six months starting Oct 1 following the
recent auctions. (Cogencis)
* YES BANK: Has reduced interest rates on some term deposits by 25 basis
points effective Sep 18. (Cogencis)
Hyderabad. (ET)
* ARSS INFRASTRUCTURE PROJECTS: Has got a 1.48-bln-rupee order from the
Odisha government for the expansion and widening of some sections of National
Highway-326 and State Highway-4 into two lanes. (Cogencis)
* ASIAN PAINTS: Plans to set up a paints manufacturing unit in Mysore in
Karnataka with an investment of about 23 bln rupees. (Cogencis)
* AUROBINDO PHARMA: Has got approval from the US Food and Drug Administration
for gemfibrozil tablets, a generic version of Pfizer's cholesterol lowering
drug Lopid. (Cogencis)
* BAJAJ HINDUSTAN: The company's Lalitpur Power Generation Co has commissioned
first out of the three 660 MW capacity units of its thermal power plant in
Mirchwara, Uttar Pradesh. (FE)
* BANK OF MAHARASHTRA: Is keen to expand its business in northern India,
Executive Director R.K. Gupta said. (BL, Sat)
* DELTA CORP: Route One Fund has sold 3.28% stake in the company through an
open market transaction. (PTI)
* HOTEL LEELAVENTURE: Has signed an agreement to sell its Goa hotel to
Malaysia's MetTube for 7.25 bln rupees. (BL)
* IDFC: The Reserve Bank of India has approved the company to make additional
provisioning of up to 25 bln rupees in Jul-Sep against stressed assets. The
company said the additional provision will result in a one-time loss in
Jul-Sep. (Cogencis)
* MAHINDRA HOLIDAYS & RESORTS INDIA: Is planning to cut down the debt of
recently acquired Finland-based company, Holiday Club Resorts Oy through asset
divestment. (ET)
* MARUTI SUZUKI INDIA: Is expecting that its parent, Suzuki Motor Corp will
soon get much-delayed clearance from the Gujarat government for its upcoming
plant. (PTI)
Has approached the Inland Waterways Authority of India to explore
opportunity to access eastern markets through Varanasi-Haldia route. (BL)
* MMTC: Bharti Enterprises' Vice-Chairman Akhil Gupta is in talks to buy 5%
stake in Indian Commodity Exchange from the company. (ET, Sat)
* NAGARJUNA OIL REFINERY: Lenders are seeking compensation from the company's
prospective investor, Netoil Singapore under the debt recast plan. (BL)
* NATIONAL BUILDING CONSTRUCTION CORP: Has got a 1.97-bln-rupee order from
the Ministry of Textiles to construct a trade facilitation centre and crafts
museum at Varanasi in Uttar Pradesh. (Cogencis)
* POWER MECH PROJECTS: Has got a 1.67-bln-rupee contract from Jaypee Group's
Prayagraj Power Generation Co to operate and maintain services of a thermal
power plant at Bara in Uttar Pradesh. (Cogencis)
* RURAL ELECTRIFICATION CORP: Is planning to raise funds through issuance of
bonds maturing in five years, and has invited bids from merchant bankers on
Sep 21. (Cogencis)
* SUN PHARMACEUTICAL INDUSTRIES: Has sold two central nervous system
divisions, which were a part of erstwhile Ranbaxy Laboratories, to STRIDES
ARCOLAB for 1.65 bln rupees. (Cogencis)
* VIJAYA BANK: Has reduced interest rates on some bulk deposits by
25 basis points effective Sep 19. (Cogencis)
* TATA STEEL: Has sold 37.88 mln shares of TATA MOTORS to the holding company
Tata Sons at 330 rupees a piece, raising 12.5 bln rupees. (Cogencis)
Has raised more than 41 bln rupees through sale of non-core assets so far.
(PTI)
* TD POWER SYSTEMS: Has received an order from a European company to supply
multiple 10 MW generators for a power plant in Germany. (Cogencis)
* TORRENT POWER: The government has allocated natural gas to three stranded
power plants of the company for six months starting Oct 1 following the
recent auctions. (Cogencis)
* YES BANK: Has reduced interest rates on some term deposits by 25 basis
points effective Sep 18. (Cogencis)
House views
Macquarie on Crompton Greaves
Maintains Outperform
TP cut to Rs. 249 from Rs.256
Macquarie on Coal India
Maintains Outperform
TP raised to Rs. 430 from Rs.429
UBS on Tata Power
Maintains Neutral
TP cut to Rs. 72 from Rs.85
UBS on NTPC
Maintains Neutral
TP cut to Rs. 140 from Rs.150
UBS on JSW Energy
Maintains Buy
TP cut to Rs. 110 from Rs.130
UBS on SKS Microfinance
Downgraded to Neutral from Buy
TP cut to Rs. 500 from Rs.650
UBS on Voltas
Maintains Buy
TP cut to Rs. 350 from Rs.360
CS on SKS Microfinance
Upgraded to Outperform from Neutral
TP maintained at Rs. 480
Barclays on Dr Reddy’s Labs
Maintains Overweight
TP raised to Rs. 4634 from Rs. 4503
Macquarie on Crompton Greaves
Maintains Outperform
TP cut to Rs. 249 from Rs.256
Macquarie on Coal India
Maintains Outperform
TP raised to Rs. 430 from Rs.429
UBS on Tata Power
Maintains Neutral
TP cut to Rs. 72 from Rs.85
UBS on NTPC
Maintains Neutral
TP cut to Rs. 140 from Rs.150
UBS on JSW Energy
Maintains Buy
TP cut to Rs. 110 from Rs.130
UBS on SKS Microfinance
Downgraded to Neutral from Buy
TP cut to Rs. 500 from Rs.650
UBS on Voltas
Maintains Buy
TP cut to Rs. 350 from Rs.360
CS on SKS Microfinance
Upgraded to Outperform from Neutral
TP maintained at Rs. 480
Barclays on Dr Reddy’s Labs
Maintains Overweight
TP raised to Rs. 4634 from Rs. 4503
Sunday 20 September 2015
Big news, positive for TV18 Broadcast, Dish TV
NEW DELHI: The NDA government plans to do a “comparative study” of foreign direct investment (FDI) in print and electronic media in some major countries “on a priority basis” even as it mulls options to expand the scope of FDI in this sector in India.
Also Read: http://economictimes.indiatimes.com/industry/media/entertainment/media/government-mulls-raising-fdi-cap-to-100-in-dth-cable-networks/articleshow/49031425.cms
NEW DELHI: The NDA government plans to do a “comparative study” of foreign direct investment (FDI) in print and electronic media in some major countries “on a priority basis” even as it mulls options to expand the scope of FDI in this sector in India.
Also Read: http://economictimes.indiatimes.com/industry/media/entertainment/media/government-mulls-raising-fdi-cap-to-100-in-dth-cable-networks/articleshow/49031425.cms
Saturday 19 September 2015
Friday 18 September 2015
LME Inventory Data Update
Copper UP 2150
Zinc DOWN -1525
Lead DOWN -550
Nickel UP 2670
Aluminum DOWN -9650
Cancelled Warrants
Copper DOWN -0.16
Zinc DOWN -0.59
Lead DOWN -0.10
Nickel DOWN -1.11
Aluminum UP 0.12
Impact- Data is negative for copper,nickel, flat for zinc, lead and positive for aluminium
FTSE Rebalancing
Estimated Buying and Selling
Buy
* EMAMI (HMN IS) - Buying of 1.6 mn shares, 8X ADV
* BAJAJ FINANCE (BAF IS) - Buying 468k shares, 5.8X ADV
* TORRENT PHARMA (TRP IN) - Buying 1.2 mn shares, 5.6X ADV
* UPL (UPLL IS) - Buying 8.8 mn shares, 5X ADV
* ADANI PORTS (ADSEZ IS) - Buying 9.5 mn shares, 1.4X ADV
* TATA MOTORS DVR (TTMT/A IS) - Buying 11 mn shares, 3X ADV
Sell
* POWER GRID (PWGR IS) - Selling 4.2 mn shares, 2X ADV
* HDFC Bank (HDFCB IS) - Selling 2.9 mn shares, 2X ADV
* AXIS Bank (AXSB IS) - Selling 2.7 mn shares, 0.5X ADV
* KOTAK MAHINDRA BANK (KMB IS) - Selling 1.9 mn shares, 1.5X ADV
This is FTSE rebalcing
On 18 th sep
Estimated Buying and Selling
Buy
* EMAMI (HMN IS) - Buying of 1.6 mn shares, 8X ADV
* BAJAJ FINANCE (BAF IS) - Buying 468k shares, 5.8X ADV
* TORRENT PHARMA (TRP IN) - Buying 1.2 mn shares, 5.6X ADV
* UPL (UPLL IS) - Buying 8.8 mn shares, 5X ADV
* ADANI PORTS (ADSEZ IS) - Buying 9.5 mn shares, 1.4X ADV
* TATA MOTORS DVR (TTMT/A IS) - Buying 11 mn shares, 3X ADV
Sell
* POWER GRID (PWGR IS) - Selling 4.2 mn shares, 2X ADV
* HDFC Bank (HDFCB IS) - Selling 2.9 mn shares, 2X ADV
* AXIS Bank (AXSB IS) - Selling 2.7 mn shares, 0.5X ADV
* KOTAK MAHINDRA BANK (KMB IS) - Selling 1.9 mn shares, 1.5X ADV
This is FTSE rebalcing
On 18 th sep
Wednesday 16 September 2015
Tuesday 15 September 2015
NIFTY UPDATE
To go up Nifty has to hold 7760-7800 zone,
Break out from 7880 is very important,
If does not break again selling can take over.
Break out from 7880 is very important,
If does not break again selling can take over.
India Capital World Markets Update:
SGX Nifty: 7856(-18)
DJ: 16371(-62)
NASDAQ 4806(-16)
FTSE: 6085(-33)
HANGSENG: 21555(-7)
NIKKEI: 18205(+240)
Fno ban :
Amtekauto
Century Tex
Monday 14 September 2015
Indian Daybook- “Stocks to watch”
July IIP At 4.2%: Capital Goods Output At 10.6% Vs -3.6% (MoM) (Positive)
RBI: April-June Current Account Gap At 1.2% Vs 1.6% Of GDP (Positive)
COMMERCE MINISTER : Interest Subvention Policy for Exporters to be submitted to Cabinet shortly (Positive)
Met Department Says: June 1-September 11 Rainfall At 667.8 mm; 15% Below Normal (Negative)
Cipla, Lupin Expand in U.S. to Meet FDA Standard (Positive)
Borosil Glass (BRSL): To spend up to 1.74b rupees on shrs buyback at up to 2,500 rupees/shr (Positive)
Elder Pharma (ELDP): Clarifies in talks with prospective lenders for restructuring debt (Positive)
JK Tyre (JKI): Agrees to buy Cavendish Industries, a unit of Kesoram Industries (Positive)
Manali Petrochemicals (MPCH): In accord to invest up to 5b rupees in Tamil Nadu in 3-5yrs (Positive)
Mangalore Refinery (MRPL): Clarifies no fire or explosion in any part of refinery complex (Positive)
Maruti Suzuki (MSIL): Introduces Ciaz variants with safety features (Positive)
NHPC (NHPC): Says Chutak Power Station was completely restored Sept. 10 (Positive)
Colgate fixes 24.09.2015 as Record Date for 1:1 Bonus Issue (Positive)
July IIP At 4.2%: Capital Goods Output At 10.6% Vs -3.6% (MoM) (Positive)
RBI: April-June Current Account Gap At 1.2% Vs 1.6% Of GDP (Positive)
COMMERCE MINISTER : Interest Subvention Policy for Exporters to be submitted to Cabinet shortly (Positive)
Met Department Says: June 1-September 11 Rainfall At 667.8 mm; 15% Below Normal (Negative)
Cipla, Lupin Expand in U.S. to Meet FDA Standard (Positive)
Borosil Glass (BRSL): To spend up to 1.74b rupees on shrs buyback at up to 2,500 rupees/shr (Positive)
Elder Pharma (ELDP): Clarifies in talks with prospective lenders for restructuring debt (Positive)
JK Tyre (JKI): Agrees to buy Cavendish Industries, a unit of Kesoram Industries (Positive)
Manali Petrochemicals (MPCH): In accord to invest up to 5b rupees in Tamil Nadu in 3-5yrs (Positive)
Mangalore Refinery (MRPL): Clarifies no fire or explosion in any part of refinery complex (Positive)
Maruti Suzuki (MSIL): Introduces Ciaz variants with safety features (Positive)
NHPC (NHPC): Says Chutak Power Station was completely restored Sept. 10 (Positive)
Colgate fixes 24.09.2015 as Record Date for 1:1 Bonus Issue (Positive)
Cnx Nifty (7789)
Nifty has last week touch its support level of 7540 made a low of 7539 and bounced showing a positive
If the gap is filled of 8090..8230 and maintains above it we can see reversal
Maintains below 7540 we enter into a free fall zone and we have to watch where it holds support
INTRADAY
Maintains above 7880 as told earlier we can see 8000..8040..8080
Below 7750 we can see 7680
Nifty has last week touch its support level of 7540 made a low of 7539 and bounced showing a positive
If the gap is filled of 8090..8230 and maintains above it we can see reversal
Maintains below 7540 we enter into a free fall zone and we have to watch where it holds support
INTRADAY
Maintains above 7880 as told earlier we can see 8000..8040..8080
Below 7750 we can see 7680
Friday 11 September 2015
IIP Data July: Current: 4.2% Previous: 3.8% Expectations: 3.4%
Manufacturing Growth: Current: 4.7% Previous: 4.6% Expectations: 3.25% (Positive for economy)
INDIA July IIP At 4.2%: Capital Goods Output At 10.6% Vs -3.6% (MoM). Basic Goods Output At 5.2% Vs 5.1% (MoM). Manufacturing Sector Output At 3.5% Vs 4.6% (MoM). July mining output at 1.3% vs -0.3% MoM. (Data Positive For Economy.)
Manufacturing Growth: Current: 4.7% Previous: 4.6% Expectations: 3.25% (Positive for economy)
INDIA July IIP At 4.2%: Capital Goods Output At 10.6% Vs -3.6% (MoM). Basic Goods Output At 5.2% Vs 5.1% (MoM). Manufacturing Sector Output At 3.5% Vs 4.6% (MoM). July mining output at 1.3% vs -0.3% MoM. (Data Positive For Economy.)
Big News:
20% upper circuit for Fin Tech. Supreme Court allows FinTech to sell stake In IEX. Stock will blast.
Cnx Nifty (7788)
Yesterday Nifty showed good pull back after opening lower levels
Stiff resistance zone 7830..7870
If maintains above 7830
We can see 7870...
Above 7870 we can see good momentum upto 7920...8000 levels
If nifty maintains below 7820 we can again fall to 7680 zone
Bank Nifty (16738)
Bank Nifty
If maintains above 16740.780 zone we can see rally upto
16850...17040...17400
If maintains below 16700...we can see 16580..16500..300
Yesterday Nifty showed good pull back after opening lower levels
Stiff resistance zone 7830..7870
If maintains above 7830
We can see 7870...
Above 7870 we can see good momentum upto 7920...8000 levels
If nifty maintains below 7820 we can again fall to 7680 zone
Bank Nifty (16738)
Bank Nifty
If maintains above 16740.780 zone we can see rally upto
16850...17040...17400
If maintains below 16700...we can see 16580..16500..300
Thursday 10 September 2015
Bank Nifty Future Daily Chart
On Thursday after gap down opening below 16475 at 16315, Bank Nifty Future made a low of 16187 and at end closed 86 points up at 16719, recovered 532 points from day’s low.
Now on upper side if it crosses and sustain above its immediate resistance of 16788 then may continue its upward movement till 16947 – 17193 levels.
On lower side 16475 will act as immediate major support. If it breaks this then 16187 – 15793 are the next.
On Thursday after gap down opening below 16475 at 16315, Bank Nifty Future made a low of 16187 and at end closed 86 points up at 16719, recovered 532 points from day’s low.
Now on upper side if it crosses and sustain above its immediate resistance of 16788 then may continue its upward movement till 16947 – 17193 levels.
On lower side 16475 will act as immediate major support. If it breaks this then 16187 – 15793 are the next.
S&P downgrades Brazil to junk | Many Indian cos may be hit
Several Indian companies have sizeable exposure to the Brazilian market. They include United Phosphorous and Torrent Pharma, whose revenue shares from this market go into double digits, besides Glenmark, KEC International, Rallis India, Cadila, Tata Motors, Havells India and TCS.
There are also others like Lupin, Sun Pharma (through Ranbaxy), Godrej Consumers, Bajaj Auto, MM Forgings, Praj Industries (has a Petrobas order) and ONGC, which generate 2-3 per cent of their total revenues from Brazil
Several Indian companies have sizeable exposure to the Brazilian market. They include United Phosphorous and Torrent Pharma, whose revenue shares from this market go into double digits, besides Glenmark, KEC International, Rallis India, Cadila, Tata Motors, Havells India and TCS.
There are also others like Lupin, Sun Pharma (through Ranbaxy), Godrej Consumers, Bajaj Auto, MM Forgings, Praj Industries (has a Petrobas order) and ONGC, which generate 2-3 per cent of their total revenues from Brazil
MARKET UPDATE
MARKET IS FACING A GAP DOWN DUE TO STIFF FALL IN DOW LAST NIGHT. ON THE OTHER HAND, FRESH PROBLEMS ARE ARISING FROM BRAZIL , ON ACCOUNT OF REDUCED CREDIT RATING BY S&P. IT CAN DEFAULT DUE TO FALLING COMMODITY PRICES.
Cnx Nifty (7818)
We can see a gap down opening due to global cues sgx is trading -85
Below 7530 ...new zone of further fall opens up
Above 7850 only we can see some upward move
Bank Nifty (16633)
Alike Nifty we can see gap down opening in bank nifty too below 15790
Further down levels
Upward momentum only above 16800
We can see a gap down opening due to global cues sgx is trading -85
Below 7530 ...new zone of further fall opens up
Above 7850 only we can see some upward move
Bank Nifty (16633)
Alike Nifty we can see gap down opening in bank nifty too below 15790
Further down levels
Upward momentum only above 16800
Wednesday 9 September 2015
The Cabinet today gave its nod to a wide range of policy issues like spectrum trading norms, gold monetisation and gold bond scheme.
Boost for telecom
The Cabinet approved of the telecom spectrum trading norms today, allowing telcos to buy or sell airwaves from each other. The telecom companies will now be able to trade un-utilised spectrum thereby consolidating the sector.
The government will also garner additional revenue from the spectrum trading as levies on incomes.
Gold monetisation
The government also have its nod to the gold monetisation scheme that would allow gold depositors to earn interest on their metal accounts. Once the gold is deposited in metal account, it will start earning interest on the same.
The scheme was announced by Finance Minister Arun Jaitley in his Budget 2015-16.
Boost for telecom
The Cabinet approved of the telecom spectrum trading norms today, allowing telcos to buy or sell airwaves from each other. The telecom companies will now be able to trade un-utilised spectrum thereby consolidating the sector.
The government will also garner additional revenue from the spectrum trading as levies on incomes.
Gold monetisation
The government also have its nod to the gold monetisation scheme that would allow gold depositors to earn interest on their metal accounts. Once the gold is deposited in metal account, it will start earning interest on the same.
The scheme was announced by Finance Minister Arun Jaitley in his Budget 2015-16.
Cabinet meeting today to clear spectrum sharing watch telcos.
Cabinet meet resumes: Agenda for the meeting:
1) 100% FDI route for white label ATMs
2) Consider Spectrum Trading Rules
3) Increase limit of DA (Daily allowance) for government employees by 6%
4) Anti-dumping duty on steel import to revive steel sector
5) Gold monetization and Gold bond scheme
6) Special parliament session for GST bill
Cabinet meet resumes: Agenda for the meeting:
1) 100% FDI route for white label ATMs
2) Consider Spectrum Trading Rules
3) Increase limit of DA (Daily allowance) for government employees by 6%
4) Anti-dumping duty on steel import to revive steel sector
5) Gold monetization and Gold bond scheme
6) Special parliament session for GST bill
FACTORS TO WATCH
09:15 AM: Finance Minister Arun Jaitley to speak at an event.
10:00 AM: RBI Deputy Governor S.S. Mundra at an industry event.
10:30 AM: Federal cabinet likely to meet. Agenda not given.
Cnx Nifty (7688)
● We can see a gap up opening today as sgx is trading +99
● This rally is an opportunity to book profits on long as charts are showing strong barriers in the zone of 8000...8500 zone
● Charts are not showing any fresh buying opportunity
● Intraday trades maximum BTST and STBT will be good
Our recommended support of 7540 is hold by nifty with a closing above 7620 bounce back zone can make it rally upto 8000..8100
INTRADAY
SUPPORT
7520
7620
RESISTANCE
7780
7880
Bank Nifty Sep Fut (16403)
Alike Nifty, Bank Nifty too has same signals
Bank nifty reversed before its bounce back zone (15686) from 15793 giving a good close
Above 16500 closing we can see rally
Intraday RESISTANCE
16800..16720 zone
Support
16160..16120 zone
● We can see a gap up opening today as sgx is trading +99
● This rally is an opportunity to book profits on long as charts are showing strong barriers in the zone of 8000...8500 zone
● Charts are not showing any fresh buying opportunity
● Intraday trades maximum BTST and STBT will be good
Our recommended support of 7540 is hold by nifty with a closing above 7620 bounce back zone can make it rally upto 8000..8100
INTRADAY
SUPPORT
7520
7620
RESISTANCE
7780
7880
Bank Nifty Sep Fut (16403)
Alike Nifty, Bank Nifty too has same signals
Bank nifty reversed before its bounce back zone (15686) from 15793 giving a good close
Above 16500 closing we can see rally
Intraday RESISTANCE
16800..16720 zone
Support
16160..16120 zone
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