}

Wednesday, 23 May 2018

23 May 2018 - Views & News

BUSINESS NEWS HEADLINES

Business Standard

SBI to sell stake in SBI Gen, SBI Card & SBI Caps soon
OC posts 40% YoY jump in Q4 profit at Rs 5,218 cr
India Inc foreign borrowing jumps over 2-fold in April
Venezuela willing to accept oil payments in rupees
Over 39L jobs created in 7 months till March: EPFO
Dalmia Bharat not to revise bid for Binani Cement
'5G to offer $27 bn biz opportunity for India by 2026'
SBI posts record loss of Rs 77 bn in Q4; stock rises 3.7%
Modi, Putin talk multi-nation trade corridor being built by India via Iran
Sebi probes insider trading violation at Fortis Healthcare
Oil on the boil: Fuel subsidy may hit Rs 530 bn: Moody's
Rupee recovers from two-day fall to 68.04 vs dollar, edges 8 paise higher
Sebi to ease norms for MF in derivative investment by raising cap on F&O

Mint

Hyundai to hike vehicle prices by up to 2% from June
DLF eyes bookings of ₹2,500 cr in FY’19; to be debt free by March
Bharti Group exits Biyani’s Future Enterprises by selling its 13.64% stake
RCom moves NCLAT challenging order allowing plea for its insolvency
Highest bidder for Air India to be known by Aug: Choubey
NCLAT puts Essar Steel insolvency process on hold
Cipla back in black, posts Q4 profit of Rs179 crore but misses estimates
Bosch Q4 standalone net down 1.51% at Rs433.78 crore
Bata India March quarter profit jumps 44.8% to Rs52 crore
Warburg Pincus leads race to buy 26% stake in insurer IndiaFirst

Financial Chronicle

India may not accept arbitration orders annulling Cairn, Vodafone tax demands
Airbus says will obey WTO ruling on aircraft subsidies
Sony buys EMI Music Publishing in USD 1.9bn deal
SoftBank confirms selling ‘entire stake’ in Flipkart to Walmart
China, US near deal on ZTE reprieve; Beijing cuts auto tariffs
FY18 fiscal deficit may come down to 3.4%
DHFL raises over Rs 10,000 crore on day 1
CCI okays $66 billion Bayer-Monsanto deal
Essar Steel insolvency: NCLAT orders status quo
SGX to launch Indian derivatives despite legal move by NSE

Tuesday, 22 May 2018

22 May 2018 - Views & News

BUSINESS NEWS HEADLINES

Business Standard

India to achieve 9 per cent growth rate by 2022
China to buy large amounts of US farm exports: Trump
Rising crude may stretch CAD to 2.5 pc of GDP in FY19
CBI charge-sheets Rotomac promoters
US issues steep list of demands for treaty with Iran
SBI and PNB just got a $5.2 bn breather, but it may not last
Google may face $4.3 bn claim in iPhone privacy case
Fortis faces MCA probe for mismanagement, EGM to seal takeover on Tuesday
NCLAT hope for L&T, firm to argue case on Tuesday for Bhushan Steel dues
Two consecutive years of better monsoon, MSP hike lift rural demand
Markets drop for fifth straight session on rising crude oil prices
Canada, US, Mexico to renegotiate new NAFTA deal, bring it to conclusion

Mint

Foreign investments in Indian start-ups doubled to $16,728 million in 2017
Set sugarcane pricing free: Industry body ISMA to Govt
At 33.26 mt, wheat purchases exceed target by 4%
Rail Vikas Nigam gets SEBI’s nod to launch IPO
L&T's hydrocarbon arm bags Rs 3,800-cr worth orders
Colgate Palmolive profit rises 25%
India’s Q4 GDP growth likely at 7.4%: Icra
UAE to allow 100% business ownership to foreign investors
NSE to delist Kingfisher Airlines, 17 others from 30 May
Glenmark gets USFDA nod for generic version of Welchol tablets
Moody’s downgrades PNB on impact of Nirav Modi fraud

Financial Chronicle

Sensex ends down 232 points as 1970 BSE stocks drop; PSU banks surge on mega resolution
Income Tax department to file pleas in NCLT to extract tax due from shell firms
Finmin ties up with 40 entities to extend funding under Mudra scheme
Government to step up coal supply to power plants from May 19 -June 30
FinMin rules out raising equity investment limit for pension funds
Airlines may get nod to tap ECB window for low-cost funds
Banks have tapped just a third of credit-worthy consumers: Report
CAIT to move CCI against Flipkart-Walmart deal
Gems & jewellery exports dip 22% in April


TOP NEWS

Glenmark: Company has submitted a New Drug Application (NDA) to the USFDA for its leading respiratory pipeline candidate Ryaltris, an investigational fixed-dose combination nasal spray – Long term positive; FDA will determine whether the NDA is complete for filing within 60 days. If the NDA is accepted, the Prescription Drug User Fee Act (PDUFA) target action date will be assigned at that time.

Ashok Leyland: Plans three major launches in the heavy truck space in FY2019 to gain market share; Positive….(details in other news)

Punjab National Bank: Moody’s has cut PNB rating to Ba1 from Baaa3 reflecting the negative impact of fraudulent transactions on the bank's standalone profile, and particularly on its capital position – Negative read thru

Petronet LNG and GAIL: The deadlock over Kochi-Bengaluru gas pipeline project seems to have ended as GAIL is believed to have awarded the work to lay 94-km pipeline along the Koottanadu-Walayar stretch and is expected to award contract for 42-km in Bengaluru-Krishnagiri stretch soon as per media reports - positive read through for Petronet LNG as the completion of the pipeline would help improve utilisation level at its Kochi LNG terminal.

OTHER NEWS

Tata Steel : The National Company Law Appellate Tribunal (NCLAT) has declined to stay Tata Steel’s acquisition of Bhushan Steel under the insolvency resolution process; positive

Ashok Leyland: Plans three major launches in the heavy truck space in FY2019 to gain market share; Positive
Ashok Leyland will roll out three heavy truck ranges this fiscal as it seeks to grow its share in the multi-axle vehicle (MAV), tipper and tractor trailer segments. The company has unveiled  41-tonne haulage truck, which will be first of its kind in the segment and also will launch high HP tippers and tractor-trailers. In the tipper space the company plans to introduce a 320 HP tipper (current tipper range is 120 HP) aimed at domestic as well as international markets. Also the company would be launching a 49 ton tractor trailor with a 320 HP engine. These launches come at a time when the M&HCV market has been gradually witnessing a greater preference for higher tonnage trucks.

BSE Ltd becomes India’s first exchange to be recognized as a designated offshore securities market by the US SEC; Positive
BSE Ltd has received recognition as a ‘Designated Offshore Securities Market’ (DOSM) from the US SEC and becomes the first stock exchange in India to receive DOSM recognition. The recognition speaks about the comparability of the international regulatory framework adopted by BSE, governing its structure, organization and disclosure standards. DOSM status allows sale of securities to US investors through the trading venue of BSE without registration of such securities with the US SEC and thus eases the trades by US investors in India.

Infibeam: Acquires Dubai based online payment processing company – positive read-thru
Infibeam's wholly owned subsidiary Infibeam Global EMEA FZ-LLC, has acquired 100% Shareholding of Vavian International Limited, one of the fast growing digital payment processing company in Middle East region, for AED 4.32 Million (Rs 80 Million). The average monthly gross income is around AED 0.6 Million (~Rs. 11 Million). The acquisition is expected to be completed in next 2 to 4 weeks.

Bank of Baroda: The Bank launches MSME factory in Gurgaon to promote funding to small businesses – Neutral read thru

Friday, 18 May 2018

18 May 2018 - Views & News

BUSINESS NEWS HEADLINES

Business Standard

Oil hits $80 a barrel on concerns about Iran supply
Over Rs 10 lakh crore invested in telecom sector: COAI
IBC to end crony capitalism in India: Niti Aayog
NuMetal offers Rs 37,000 cr for Essar Steel
After Manipal, IHH extends validity of Fortis offer
Airtel urges HC to dismiss Jio plea against its IPL ad
Goyal hopes PSU banks will overcome 'legacy issues'
Jute Board warns of distress sale on dwindling cultivable area
Odisha govt to spend Rs 750 billion on water resources development
Nirav Modi scam: Sebi raps PNB for disclosure lapses in quarterly results
Rel Power sells Tilaiya UMPP to Jharkhand for Rs 1.12 bn
As RCom faces insolvency test; Mukesh Ambani's hope of bailing it out fade

Mint

Thermal plants resume coal imports amid domestic shortages
Aluminium industry wants quantitative curbs on imports
Domestic air-passenger traffic up 26% in April
Escorts Railways earmarks Rs.400 cr for metro foray
Granules gets USFDA nod for postpartum haemorrhage prevention drug
RCom, Ericsson ‘settle’ dispute out of court
Indian economy projected to grow 7.6% in 2018-19: UN
RBI issues final norms on net stable funding ratio
Rs4 per litre hike in petrol, diesel prices in the offing: Brokerage firms
MFs shun TCS, ICICI Bank, Avenue Supermarts in April
Bitcoin to use 0.5% of world’s electricity by end of 2018
High costs weigh on Hindalco in Q4

Financial Chronicle

Falling rupee to impact investor return of solar projects: Ind-Ra
Investment in NCD control leads to improvement in health, economy, says WHO report
Flipkart deal may negatively impact earnings per share (EPS) by $0.25-0.30: Walmart
Govt allows eSIMs, hikes mobile connections limit to 18 per persons
India Inc’s January-April PE/VC deal tally reaches 6.3 billion: Report
DHFL to issue NCDs with 8.9-9.1% coupon
Global fund managers bet on tech and commodities
Sebi categorisation of mutual funds in India
India looks to rupee payment system for Iran oil
Fortis EGM to vote on removal of four directors


TOP NEWS

Biocon: Company’s Bangalore plant which had received 483 observations indicate no serious concerns and is unlikely to be escalated; plant may get cleared with routine response with training records – Positive for Biocon; Management had said that obs are procedural.

Sun Pharma: Taro Pharma reports growth in profit for Q4FY2018, buoyed by lower tax rate and forex gain. Also Sun Pharma announces US launch of authorized generic (AG) for Welchol Tablets (drug has US sales of ~ Rs 3485 crore) – Positive for Sun; Company to reports its Q4FY2018 numbers on May 25, 2018. Management commentary will be key to watch for….(details in other news.)

Jaypee Infratech, JP Associates: The Allahabad bench of NCLT has said that the transaction by which 758 acres of land had been used to secure loans for JP Associates was fraudulent, preferential and undervalued as per media reports. It ordered immediate release of the collateral that JP Associates had used to secure loans of more than Rs21000 crore. Negative for Jaypee Infratech and JP Associates.

PSU Banks: The Govt. after its meeting with the Public Sector Banks (PSBs), has said it will ensure support so that these banks come out of the PCA framework as quickly as possible. – Sentimentally Positive for the PSBs, including those under the PCA framework. Likely moves may be a fresh Capital Infusion in ailing PSBs and the center may also ask the RBI to relax the PCA restrictions on fresh loans.  The 11 PSBs that are under the RBI’s PCA framework are IDBI Bank, UCO Bank, Bank of India, Central Bank of India, Indian Overseas Bank, Dena Bank, Oriental Bank of Commerce, Bank of Maharashtra, United Bank of India, Corporation Bank and Allahabad Bank.

OTHER NEWS

Sun Pharma: Taro Pharma reports growth in profit for Q4FY2018, buoyed by lower tax rate and forex gain.
Taro Result:
·         Net sales of $175.2 million, reported decline of 12%YoY (however QoQ there is 12% growth), the result of continuing increased competition and the challenging pricing environment, particularly in the U.S.; despite an increase in overall volumes.
·         Net profit was $86.3 million compared to $83.0 million, growth of 4%.
·         EBITDA at $74.8 mn vs $101.8 mn, down 26%
·         Margins at 42.7% vs 51.2%
·         Tax expense decreased  to $10.7 million, resulting in an effective tax rate of 11.0% compared to 17.3%.
·         Foreign Exchange (FX) income of $16.0 million compared to FX expense of $5.8 million─ a favorable impact of $21.9 million, principally the result of the weakening of the Canadian dollar vs. the U.S. dollar.

Escorts: Railways  division earmarks ₹400 cr for metro foray; aims to quadruple revenues in next four years; positive 
Escorts Railways Equipment Division, a unit of the Escorts Group, has earmarked nearly ₹400 crore for possible acquisitions in India or Europe to help its entry into the lucrative metro rail sector. Potential targets could be companies in areas such as air-conditioning, traction equipment and coupling systems which are all important components for metro rail. The company aims to quadruple railway revenue in the next three-four years from the present ₹350 crore (Railways forms 6% of revenues currently) . It sees good demand for its new products such as bogie-mounted brake systems for freight wagons and axle-mounted disc brakes for LHB (stainless steel) coaches. 

Telecom sector: Govt allows eSIMs, hikes mobile connections limit to 18 per persons – positive read-thru for Bharti Airtel, as it has started selling Apple Watch Series 3 which has eSIM service 
Mobile users will not need to buy a new SIM while changing service provider or buying a new connection, according to new guidelines issued by the DoT and allow use of embedded SIMs (eSIM). Since the number of SIMs required for machine-to-machine (M2M) communications will be huge, the DoT has enhanced number of connections per user to 18 which includes 9 SIMs that can be used for normal mobile phone communications or for use in devices which has slot for them.

Reliance Industries (RIL): Reliance Jio (RJIO), subsidiary of RIL; has entered into an exclusive partnership with Screenz, a platform for “entertainment-based interactivity” used by broadcasters. With partnership JIOScreenz will become one of the largest platform and an integrated providers of entertainment based gamification in India - neutral read through RIL.

Reliance Communications (Rcom): Ericsson, Rcom in talks to settle dues outside NCLT
As per media report, Rcom and Ericsson are in advanced talks to settle their dispute over the telco’s dues outside the insolvency and bankruptcy proceedings. Ericsson has sought an undertaking that SBI will pay up the dues if the Rcom does not clear the settled amount. The latest settlement amount being discussed is around Rs 700 to Rs 800 crore, after Ericsson rejected an initial offer of Rs 400-500 crore.

Wednesday, 16 May 2018

16 May 2018 - Views & News

BUSINESS NEWS HEADLINES

Business Standard

India's April trade deficit widens to $13.7 billion
Niti Aayog governing council to discuss 'New India 2022'
Gold imports decline 33%, exports rise 5.2% in April
Request from Indian govt highest after the US: Facebook
NCLT admits Ericsson's bankruptcy plea against RCom
Aditya Birla Capital's 2 cos apply to NCLT for merger
Crude oil nears $80 a barrel on Iran sanctions
Bonds, rupee lose big as RBI decides to stay clear
Fraud-hit PNB posts biggest ever quarterly loss of Rs 134.17 billion in Q4
Lupin Q4 net loss at Rs 7.83 bn due to one time write-off
Vodafone India's FY18 operating profit at Rs 98 bn, data traffic up 4 times
Two independent directors quit IDBI days after FIR in Aircel loan case

Mint

Uzbekistan keen to collaborate with Indian textiles, IT firms
Nalco sets revenue from operations target at Rs 9,350 cr
Soaking seeds in selenium reduces arsenic content in rice
Suven Life Q4 net up 56% at Rs 62.5 cr
Resistance caps the upside in MCX Zinc
Monsanto India Q4 profit up 66%
Despite Brexit uncertainties, India-UK trade up 15%
RBI imposes penalty on Cooperative bank
Britannia Industries Q4 profit rises 25% to Rs263 crore
Blackstone unit sells 8% stake in Mphasis for about Rs1,440 crore
Ascendas to buy two office buildings in Navi Mumbai for Rs930 crore
First oil cargo for India’s strategic reserve in Mangaluru sails from UAE
Motorcycle sales outpace scooters’ for third straight month

Financial Chronicle

Forbes honours 100 Gulf-based Indian businessmen; their collective net worth is whopping $26.4 billion
RBI may hike interest rate in next monetary policy meet as inflation rears its ‘ugly’ head
Pay Rs 5 cr more to refund home buyers: SC tells Supertech
India 3rd largest solar market in world behind China and US, says Mercom report
NCLT okays Tata Steel bid for Bhushan Steel
Arcelor parks `7Kcr with SBI for Galva
Google asked to pay tax on advt revenue sent to parent firm
India 3rd largest solar market
Four companies added to MSCI Global Index

TOP NEWS

Glenmark: Company announces grant of substitution and successful launch of generic Seretide Accuhaler in Denmark; first inhaled respiratory product launch in Europe; Glenmark has marketing & distribution rights for the product across 15 European countries – Positive for Glenmark; Fluticasone/Salmeterol (Seretide) dry powder inhaler is a combination product for the treatment of asthma and chronic obstructive pulmonary disease (COPD).

Britannia Industries: reported strong results in Q4FY2018 with revenues growing by ~13% on comparable basis (driven by double digit volume growth), while the OPM expanded 235BPS to 15.6% and the PAT grew by 25.2%yoy to Rs263.2crore (bang in-line with our expectation of Rs264.4crore) – positive read through for the stock (double digit volume growth augurs well)

Indiabulls Real Estate: The Board of Directors of the company will be held on May 18, 2018, to consider the proposal of Buy-back of equity shares of the Company.

Reliance Communications (Rcom): NCLT admits Ericsson's bankruptcy plea against RCom, subsidiaries – negative
The dedicated bankruptcy court has admitted three insolvency petitions filed against Rcom and its subsidiaries, by Ericsson. This decision makes Rcom effectively bankrupt. As a result, Rcom can no longer sell its assets as the company plans to sell most of its wireless units to Reliance Jio.  

OTHER NEWS

Ultratech Cement, Dalmia Bharat, Binani Industries: The NCLT ruled the resolution professional of Binani Cement could not decide on the eligibility of the bidders placing their revised bids and instead directed the Binani Cement’s committee of creditors to select one of the bids placed before it. Negative read thru for Dalmia Bharat as it may lose Binani cement assets due to Ultratech’s higher bid. Positive for Binani Industries.

ICICI Bank: The Bank has acquired 168,999,900 shares of Gammon Infrastructure Projects Ltd through pledge invocation. Accordingly, at May 14 2018 the total equity shareholding of the Bank stands at 17.94 per cent – Neutral read thru

Persistent system: Combines its services and digital business units to set up a new technology service unit – neutral read-thru

EPC Industries: M&M subsidiary EPC Industries Limited has entered in to an agreement with Top Greenhouses Limited, Israel to form a JV company to provide solutions for Protected Cultivation Technology Products. EPC would hold 60% stake in the JV with an investment of Rs 1.8 crore, while the balance 40% would be with Top Greenhouse. Positive read thru.

Logistics Sector: Non-petroleum and non-gems and jewellery exports in April 2018 showed an increase of 11.7% YoY to USD19.8 billion. However, non-oil imports during the same period declined by 4.3% YoY to USD29.21 billion. The imbalance in exports and imports can increase the empty running cost for logistics players like Container Corporation of India, Gateway Distriparks. Negative read thru for the stocks.

NTPC: inked pact with Bihar and its power utilities to acquire their entire stake in two joint ventures at Nabinagar and Kanti, and to buy Barauni thermal plant. The company has not disclosed consideration for these acquisitions under the MoU. Post transaction, the Barauni plant will become part of NTPC portfolio and Kanti and Nabinagar will become wholly-owned subsidiaries of NTPC. Positive

Cyient: Signs definitive agreement to acquire the remaining 49% stake in its subsidiary, Cyient Insights

IRB Infrastructure: The two wholly-owned subsidiaries of the Company have now executed Concession Agreement with National Highways Authority of India (NHAI) for two Hybrid Annuity Projects under NHDP Phase IV in the state of Tamil Nadu. Positive read thru for IRB Infrastructure.

Oil & Gas: Oil ministry rejects DGH proposal to allow private oil companies continue exploration activities in producing fields post expiry of exploration licensing period; neutral read through for Reliance Industries and Vedanta Limited  
The oil ministry has rejected the Directorate General of Hydrocarbon’s (DGH) recommendation that the private upstream companies be permitted to carry out exploration activities in their producing fields. As per the current regulations, the upstream company has to relinquish entire contract area to the government except places where discoveries have been made post the expiry of exploration licensing period – neutral read through for upstream companies especially Reliance Industries and Vedanta Limited (exposure to oil & gas exploration sector through its stake in Cairn India).

Monday, 14 May 2018

14 May 2018 - Views & News


TOP NEWS

Pharma Sector: US president Donald Trump has not indicated any major changes in pharma policy for generic pricing – Positive for pharma sector; however generic pricing pressure to continue.

Dena Bank: In view of mounting non-performing assets, the RBI has asked Dena Bank not to issue any fresh loans or hire new personnel. - Negative read thru 

Public sector banks: After Dena Bank, the Reserve Bank now is likely to impose certain restrictions on a couple more public sector lenders under the Prompt Corrective Action mechanism due to worsening asset quality. This is as per media reports.  - Sentimentally negative for the PSU Banking sector. Already, 11 of 21 state-owned banks are under the RBI’s PCA because of their weak financials. 

Federal Bank: The Board of private sector bank Federal Bank has approved 26 per cent strategic investment by homegrown private equity player True North in its wholly-owned subsidiary FedFina subject to statutory and regulatory approvals. - Positive read thru. The investment will help FedBank Financial Services Limited augment its capital base primarily to support its growing asset business and to grow its branch network

Relaxo Footwears: Q4FY18 result - Strong performance on all fronts with revenue rising by 17.2% YoY and OPM increased by 550BPS to 17.6% (highest since many quarters). Robust operating performance led to PAT growth of ~70% YoY to Rs. 53.5 crore. …..(details in Investment Call)

Maruti Suzuki: Targets 2.5 million sales by FY2023 and 5 million sales by FY2030; translates into industry leading 9% CAGR growth over FY2018-2030 period; positive read thru…..(details in other news)

OTHER NEWS

TVS Motors: Partner BMW is prepping up to launch  G310R and G 310 GS in India in H2FY2019 – Positive for TVS Motors as domestic launches would boost the volume offtake by BMW.

TVS Motors partner for premium motorcycles (BMW Motorrad) is prepping up for the launch of its two entry-level motorcycles namely G310R and G 310 GS in India. As per the media report, bikes will be launched in the second half of 2018 around July. Powering the BMW G310R and G 310 GS is a 313cc, liquid-cooled engine that is mated to a six-speed transmission system. The bikes come with disc brakes at both ends and an ABS likely to come as standard. The BMW G310R is expected to be priced at Rs 3 lakh while the G 310 GS is likely to be priced at 3.5 lakhs (Rs 50,000 more due to  additional off-road equipment). Positive for TVS Motors as both the motorcycles would be manufactured at TVS Motors Facility and would boost the volumes.
.

Maruti Suzuki: Targets 2.5 million sales by FY2023 and 5 million sales by FY2030; translates into industry leading 9% CAGR growth over FY2018-2030 period; positive read thru

Maruti Suzuki, the Indian car market leader has set target sell 2.5 million vehicles/year by 2022-23 and 5 million by the end FY2030. Maruti's message to its component suppliers about the future is very bullish (sales target implies industry leading 9% CAGR over FY2018- 2030), after having outpaced the market in the past four years. Maruti is urging suppliers to invest in capacity and technology as the company aims to strengthen its grip on Indian passenger vehicle market. Maruti has lined up an investment of $3 billion (over Rs 20,000 crore) over the next few years, which will not only go into developing new-generation cars, but also in sales and marketing infrastructure. Parent Suzuki plans to spend 160 billion yen ($1.46 billion) to develop self-driving cars, electric vehicles including hybrids and more efficient petrol engines and connected vehicle systems, a significant portion of which to defend its turf in India.

Oil and Natural Gas Corporation (ONGC): ONGC Videsh Limited (OVL), subsidiary of ONGC, has filed an arbitration claim for $400million against the government of Sudan in a London court as they have not made the payment of dues to OVL since 2011. We highlight here that OVL holds 25% stake in the Greater Nile Oil Project (GNOP) in Sudan with oil production of 0.22mt in 9MFY2018 (3% of overall oil production of OVL). We have already highlighted the news in our FNA dated 17th April-2018 – the delay in the receivable from Sudan will have marginal impact on cashflow of ONGC and if they make provision in P&L for entire dues then there would be one time negative impact of Rs1.4/share (or negative impact 6%) on our FY2019E EPS of Rs22.5. 

Oil Marketing Companies (OMCs – IOCL, BPCL and HPCL): Has increased price of petrol and diesel marginally by Rs0.17/litre and Rs0.21/litre respectively on 14-May-2018 (post the Karnataka elections). Although the price hike is much lower when compared to sharp run-up in the international oil price but we believe that gradual increase in the auto fuel price would help OMCs to recover lost auto fuel marketing margins as seen post Gujarat elections – sentimentally positive for OMCs.

Ashoka Buildcon unit executes concession agreement with NHAI for a Rs 1,687 crore project. Positive for the stock.

JSW Steel : The Competition Commission of India (CCI) has given approval to the proposed combination with regard to the resolution plan in respect of the corporate insolvency regulation process of Monnet Ispat and Energy ltd; Positive