}

Wednesday, 31 August 2016

31 August 2016 - Views & News

MARKET VIEW

Markets are likely to open Flattish note. Bias for market is positive; Nifty has started making higher top and higher bottom, it has also finally broken out from the recent consolidation phase. An immediate resistance for the Nifty is at 8788 whereas the Index now has a strong support at 8640 levels
.
Nifty Spot Levels

Support 8711 – 8640 – 8595
Resistance 8788 – 8850 - 8900

MARKET UPDATE

Sgx Nifty -3 pts ‎Dow -48.69 pts ,Nsdq -9.34 pts , S&P -4.26 pts ‎, Bovespa -34 pts , Ftse -17 pts , Dax +113 pts  , Cac +33 pts , Nikkei  +152 pts  now, Crude @ $46.18 brl (-0.17), Brent @ $48.37 brl (-0.89) , Gold @ $1314.80 (-1.50), Silver @ $18.70 (+0.02), Euro @ $1.1150, JPY @ $102.9000, INR @ $67.0313

GLOBAL MARKET UPDATE

• Apple Inc was the largest weight on US stock indexes on Tuesday after antitrust regulators ordered the company to pay about USD 14.5 billion in back taxes to the Irish government, but gains in bank shares partly offset the decline.
• US consumer confidence rose to an 11-month high in August, with households more upbeat about the labor market.
• Bets on a bottoming out of bond yields have given support to bank stocks of late.
• The Dow Jones industrial average fell 48.69 points, or 0.26 percent, to 18,454.3

Today's Corporate Action 31st Aug  Ex Date

AHMDSTE Dividend - Rs. - 0.7500GANECOS Dividend - Rs. - 1.2000
GENUSPOWER Dividend - Rs. - 0.2500GULFOILLUB Final Dividend - Rs. - 4.0000
HINDCOMPOS Dividend - Rs. - 1.0000MALLCOM Dividend - Rs. - 2.0000MARUTI Final Dividend - Rs. - 35.0000
ONGC Final Dividend - Rs. - 3.2500
PHOENIXLTD Final Dividend - Rs. - 0.4500

Today's Key Result 31st Aug 

Bpcl( Est Net 2148 Cr -10% Yoy)  Abfrl,Ansal Prop,Gvkpil, Hathway Cable,Llyod Elect,Mcx,Sadbhav Eng,United Brew Ltd  Srcs-Cogencis Est Net 

TOP NEWS

Ultra Tech  Cement got approval to hike FII investment limit to 30% from an earlier of 24% - Sentimentally positive

Reliance Jio partners with Videocon- In the run up towards the launch of its services, Reliance Jio  has partnered  with Videocon, more clarity on pan India  Jio launch and strategy will emerge from Reliance  AGM on 1st September 2016.

Kotak Mahindra Bank: RBI gives nod to Canada Pension Investment Board to increase its holdings in Kotak Mahindra  Bank from 5% to 10% - Positive for Kotak Mahindra  Bank.

Steel prices are likely to go up by Rs 2,000-2,500 a trillion (as per reports) starting September with a sharp rise in raw material cost and signs of a revival in demand, positive of steel manufacturers, along with Ratnamani Steel and Pipes.

Sugar – According to International Sugar Organisation (ISO) the global sugar market, which after five years slipped into a deficit in 2015-16 (Oct-Sep), is likely to post a deeper deficit in 2016-17; this would result in further surge in the global sugar prices – positive for sugar companies (including Balrampur Chini and Dhampur Sugar) as surge in the domestic sugar prices would add-on to earnings.

Maharashtra to Scrap 94 Tenders In 14 Irrigation projects, negative for Jain Irrigation (though Jain’s Irrigation management says scrapping Of irrigation projects by Maha Govt won’t affect biz)

In a major decision, Maharashtra government today decided to scrap 94 tenders in 14 irrigation projects in the Konkan and Nashik divisions which are under the Anti-Corruption Bureau's scanner, This includes 81 various works related to Gosi-Khurd irrigation project in Vidarbha region, which has seen a massive cost escalation in last 35 years. Addressing reporters at Mantralaya, Water Resources Minister Girish Mahajan said the total cost of the scrapped tenders is about Rs. 3,295 crore

OTHER NEWS

TCS and GE join hands to reduce gas turbine manufacturing cost
TCS announced that it has developed an innovative digital solution to reduce the manufacturing cost and time of gas turbines in collaboration with General Electricals (GE). The digital solution will analyze temperature at various points on the metal turbine parts as they are assembled and cooled, allowing operators to know when the next operation can be performed, reducing wait time between operations and improving quality monitoring.

Info Edge (India) invests additional Rs 17.3 crore in Canvera
Canvera.com has raised Rs 20 crore in Series B funding led by existing investor Info Edge (India) Ltd. Info Edge has invested Rs 17.3 crore in the company while the remaining Rs 2.7 crore is coming from new investors and certain existing investors. Prior to this investment, Info Edge had a 49% stake in Canvera, for a total investment of Rs 90.1 crore (as of 25th May 2016). With this investment, Info Edge has invested Rs 107.4 crore in the company since 2012, when it made an initial investment of Rs 35 crore.

COAL INDIA: Submitted an application to the National Institute of Mines (Instituto Nacional de Minas) of Government of Mozambique to surrender prospecting licences awarded to its wholly-owned subsidiary Coal India Africana Limitada since mining would be "technically not feasible" in the licence areas

AVIATION: Domestic airlines no longer need prior government approval to enter into international code share pacts with foreign carriers, with the Directorate General of Civil Aviation relaxing the requirements in this regard, positive for Aviation players like Indigo, Spice jet stc

Road Sector – Government panel clears 16 highway projects for bidding – Positive read thru for the sector
A government panel cleared for bidding 16 highway projects totaling 622km worth Rs7456 crore in 11 states as per media reports. Of the total number of projects, 13 would be executed in EPC mode, 2 in hybrid annuity mode and 1 in BOT mode. The detailed project reports of the projects are complete and the contracts can be put up for bidding. The news is positive read thru for the sector which comprises companies like IRB Infrastructure, IL&FS Transportation, L&T, Ashoka Buildcon, Sadbhav Engineering, KNR Construction, Gayatri Projects, MBL Infrastructure among others.

The Phoenix Mills – The company is looking to sell stakes in a clutch of projects housed in a Island Star special purpose vehicle as per media reports. The company is in talks with several PE investors to divest a minority stake in the SPV. The SPV primarily houses a mall in Bengaluru valued at around Rs1000-1200 crore. The development is positive read thru for The Phoenix Mills.

DLF – DLF shortlists bidders for stake sale in rental arm – positive read thru for the stock
DLF has shortlisted bidders for stake sale in its rental arm and has allowed access to virtual data room and vendor diligence reports as per media reports. The company expects to receive binding, updated bids in the form of marked up shareholder agreements once the shortlisted bidders complete their due diligence. The stake sale is expected to leave DLF in funds, enabling it to substantially lower its debt. The development is positive for DLF.

IL&FS Transportation – The CFO of the company, Mr. Dilip Bhatia in a telephonic interview with media said that the company will monetize three to four of its mature assets by creating an Infrastructure Investment Trust over the next six to nine months. The move will help the company to reduce debt substantially at the consolidated level. The development is positive read thru for ITNL.

Marico raised prices of its Parachute and Saffola products in the range of 3.5-8.0% in July 2016 (in-line with management commentary; factored in our estimates) in wake expected increase raw material prices; going ahead price increase will depend upon the surge in raw material prices and competitive intensity and hence would not have any substantial impact on the sales volume – neutral for the stock

Divis Laboratories to invest 500 crores to set up a new API facility at Kakinada in Andhra Pradesh, which is expected to be operational in the later part of 2017-18, will be funded through internal accruals – Positive for Divi’s

Tata Motors to focus on new product launches; platform sharing and vendor consolidation to improve performance of India Operations; positive:
Tata Motors will focus on reducing the number of platforms used in manufacturing passenger vehicles and increase platform sharing to drive down costs. The company will look at ways to remove inefficiencies among its component suppliers to drive down costs. The company will conduct an audit of the vendors and aims to reduce the number of vendors (it currently has 1,300 component suppliers in both passenger and commercial vehicle segment).  Also the company plans to phase out old legacy products and introduce new products across segments and aims to be amongst the top  three players in the passenger vehicle markets 

MORE NEWS

SWIFT discloses more attacks on banks by hackers
Indian economy to grow at 7.8% in 2016-17: Survey
Oil and Gas Ministry seeks uniform taxes on LPG
Black money: 300% rise in I-T Dept raids, seizures
GST, reforms to boost India's growth: FM to US CEOs
Chile breaks Dubai's record of solar power at low cost
Govt approves Rs 7,457 cr highway projects in 11 states
Chinese firms invested $2.3 billion in 3 months in India
EU crackdown on multinational tax deals
Need to provide more capital to PSBs to deal with NPAs: RBI
Green panel clears SAIL's Rs 5,419-cr modernisation plans
Sebi warns investors about schemes offering prize money
Rcom evaluating options regarding 700 MHz spectrum
Sebi asks commexes to register traders for price dissemination service
Business Line
DLF shortlists bidders for stake sale in rental assets arm
Trade unions stick to Sept 2 strike, reject govt’s wage hike 
EU orders Apple to pay up to 13 bn euros tax to Ireland 
NTPC Koldam hydro project achieves 107% capacity utilisation
RCom to offer 300 minutes of 4G calling at Re 1
Oil prices rise as dollar comes off 2-week high
Govt to amend norms for fixing drug prices
BSE 500, mid-cap indices scale record high
India-US nuclear deal: Time to yield concrete results, says John Kerry
Aircel Cellular moves SC against Madras HC decision on spectrum charge
Moody’s concerns could thwart GMR’s stock from take off
Our focus area is small and medium sector: Microsoft’s Pramanik           
Airtel, Vodafone, Idea cut tariff, bundle plans ahead of Reliance Jio entry
Sensex jumps 440 points on global cues, corprate earnings; Nifty hits 16-month high
RBI allows foreign investors higher holding in Ultra Tech
Indian rupee gains 15 paise to close at 67.03 against US dollar
Industry pitches for 18% GST, exemptions for e-comm players
India, US sign logistics pact to cement defence ties
IOC raises oil import from Iran to 5 MT for FY'17
Offshore funds, ETF witness over $5b net outflows
Cipla gets USFDA nod for generic anti-depressant drug
India-Myanmar scale up ties in China's shadow

 STOCK IN NEWS 

• Tata Motors will focus on reducing the number of platforms used in manufacturing passenger vehicles and increase platform sharing to drive down costs.
• Tata Motors lines up new vehicles; to phase out legacy products
• Maruti launches Swift variant priced upto Rs 6.86 lakh
• Airtel, Vodafone, Idea cut tariff, bundle plans ahead of Reliance Jio entry
• M&M to continue selling 1.99 ltr engine SUVs in NCR
• Green panel clears SAIL's Rs 5,419-cr modernisation plans
• Indian Oil Corp raises oil import from Iran to 5 MT for FY'17
• Cipla gets USFDA nod for generic anti-depressant drug
• The U.S. agreed to “look into” India's concerns about Obama administration's move to increase fee for H1B and L1 visas.
• Mukesh Ambani to announce Reliance JIO 4G commercial launch on September 1.
• Canada Pension Plan hikes stake in Kotak Mahindra Bank.

Tuesday, 30 August 2016

30 August 2016 - Views & News

MARKET VIEW

Markets are likely to open Positive. The index has strong resistance in the zone of 8660 – 8680, above which the bulls will dominate. On the way down, the bears need to break the crucial support zone of 8540 – 8518 to gain momentum.

Nifty Spot Levels

Support 8580 – 8540 – 8518
Resistance 8640 – 8683 - 8711

MARKET UPDATE

Sgx Nifty +17 pts ‎Dow +107.59 pts ,Nsdq +13.41 pts , S&P +11.34 pts ‎, Bovespa +894 pts , Ftse Clsd , Dax -43 pts  , Cac -17 pts , Nikkei  -21 pts  now, Crude @ $47.00 brl (+0.02), Brent @ $49.26 brl (-0.66) , Gold @ $1326.70 (-0.40), Silver @ $18.93 (+0.06), Euro @ $1.1191, JPY @ $101.8600, INR @ $67.1763

GLOBAL MARKET UPDATE

• Financial and commodity-sector stocks led the S&P 500 higher in a low-volume session on Monday after consumer spending rose for a fourth straight month, pointing to a pick-up in US economic growth.
• The US Commerce Department said that consumer spending, which accounts for more than two-thirds of US economic activity, rose 0.3 percent last month after a 0.5 percent gain in June.
• The Dow Jones industrial average rose 107.59 points, or 0.58 percent, to 18,502.99.

Today's Corporate Action 30th Aug  Ex Date

CHENNPETRO Dividend - Rs. - 4.0000
HSIL Dividend - Rs. - 4.0000
IONEXCHANG Dividend - Rs. - 3.0000KKCL Final Dividend - Rs. - 1.5000OFSS Dividend - Rs. - 100.0000
PPAP Dividend - Rs. - 1.0000SHARDA Final Dividend - Rs. - 6.2500
UBL Dividend - Rs. - 1.1500
VGUARD Stock  Split From Rs.10/- to Rs.1/-

‎Today's Key Result 30th Aug 

Cox & King,Cromp Greaves, Goodyear, Whirlpool
Srcs-Cogencis Est Net 
TOP NEWS

Bharti Airtel cuts data tariff sharply (especially on pre paid (packs) in preparation of Reliance Jio launch of services – Negative; concerns related to intensified competition led realization pressure on telecom operators would result in de-rating of the telecom stocks

V-Guard Industries- Stock split on 30th August, 2016 (record date) in ratio of 10:1. The stock will turn ex-stock split on August 30.

ZEEL says in advanced stage of discussion for sale of TEN Sports – Positive; sports has been a loss making unit for Zee
ZEE entertainment agreed that it is in advanced stage of discussion for sale of its sports business (TEN Sports). It also disclosed that owing to confidentiality provisions, the company is unable to comment on specific details or timelines. ZEEL's sports business, housed under TEN Sports brand, consists of 5 channels.

MACRO WRAP

RBI annual report indicates improving economy
The Reserve Bank of India (RBI)'s annual report indicates that the reform measures, passing of crucial bills by the Government and reduction on the number of stalled projects (dwon from 592 to 404 projects) are key positives. It has indicated that slower investment pick up and low capacity utilization are concerns. Inflation worry remains as it is at the higher range for RBI which needs to come down before further rate cuts can happen.

 OTHER NEWS

Tyre industry: Natural rubber and crude oil prices dip 9-13% in last two months; positive for Apollo Tyres, Ceat, JK Tyres and Balkrishna Industries
Domestic natural rubber prices have fallen to Rs 130 from Rs 140-142/kg levels witnessed in mid-July. Also, crude oil prices have declined 13% from the June peak levels. Also, the natural rubber prices can dip further given the increased tapping post monsoon and lower international prices (international rubber prices are currently trading at Rs 108/kg). Decline in the raw material prices is positive for Apollo Tyres, Ceat, JK Tyres and Balkrishna Industries.

TD power wins contract for exports of generators-railway application; positive
TD power has won contract for supply of 45 railway application generators from a major multi-national company for installation in North America. The supplies under this order would be completed between January 2017 &April 2017. Company expects volume growth from this business in future.  

Ashoka Buildcon Q1FY2017 Results: Company reported only standalone financials - Standalone net profit down by 33% YoY Ashoka Buildcon reported only standalone financials for the Q1FY2017. The company's standalone total income declined by 2% YoY to Rs477 crore as against Rs498 crore during Q1FY2016 (included Rs13 crores dividend income from subsidiaries). The company's standalone operating margins declined by over 400BPS YoY to 14.3% for Q1FY2017 as against 18.3% for Q1FY2016 which led to 26% YoY decline in EBITDA to Rs68 crore. Further, lower other income and higher effective tax rate led to 33% YoY decline in its standalone net profit to Rs31 crore. The company will be holding a conference call today (30th August) post which we will update about other developments. Ashoka Buildcon has secured a Rs946crore contract from the National Highways Authority of India for two/four-laning of the Rajgunj-Chas-Jharkhand/West Bengal border on an engineering, procurement, and construction basis .

Monsanto  has approached the Delhi high court against a Competition Commission of India (CCI) order that rejected its challenge against probing the role of the company’s top officials for anti-competitive practices
The company has challenged CCI’s order of 26th July and objected to a probe of its officials while claiming that such a probe could only be allowed if a company does not comply with orders. The CCI order had asked the seed company to cooperate with the investigation initiated against its officials.

L&T Technology Services, an arm of L&T, has received the approval of SEBI for IPO. The IPO could unlock value for L&T – positive read thru  
According to media sources, the IPO size of L&T Technology Services is estimated to be in the range of Rs 750-1,000 crore. The company, which provides innovative engineering as well as research and development services across sectors, has revenues worth nearly $500 million.

Coal India’s subsidiary Coal Videsh is looking for acquiring coking coal assets  in South Africa. The company’s Board has approved signing of a memorandum of understanding (MoU) with the South Africa government-controlled African Exploration Mining and Finance Corporation (AEMFC).   
eClerx board approves Buyback of equity shares
eClerx approved a proposal for Buyback of equity shares of the company, for an aggregate amount not exceeding Rs. 234 Crores at a price not exceeding Rs2,200 per share. At maximum Buyback price, the buyback translates into approximately 1,068,182 Equity Shares of the Company, representing about 2.6% of the total paid up equity share capital of the Company

Wipro and Stibo Systems Partner for Master Data Management Solutions
Wipro and Stibo Systems announced a partnership, that will see the two companies collaborate to offer Master Data Management (MDM) solutions. This partnership is aimed at building trust-worthy data foundations to help joint customers derive accurate insights as they embrace digital transformation

Ajanta Pharma gets USFDA tentative approval  for generic of Relax tablet; used to treat migraine headaches – Positive for Ajanta

MORE NEWS

Shah Committee report on RIL-ONGC by Aug 31
Australian Commonwealth Bank to shut down India ops
Indo-UK free trade pact likely soon: Sitharaman
Ratan Tata, Vijay Kelkar and Nandan Nilekani to set up a microfinance firm 
Airtel cuts 4G price by up to 80% to check Jio effect 
ZEE in discussion with suitors for sale of sports biz
Infra giants return to highways sector
Birla plans to exit low-margins business in India, abroad
Inflation leaves no room for rate cuts, says Rajan
RBI balance sheet up 12.3% at Rs 32.43 lakh cr in 2015-16
Tata Sons reaches for the sky, infuses more funds in Vistara, Air Asia
Shree Renuka Sugars to exit Brazil partially to reduce debt
Indian Oil Q1 net rises 31% on improved margins from petrochem business
DLF Q1 profit doubles on sale of DT Cinemas
Pharma pricing body moves to recover money overcharged by firms 
Mallya deliberately didn’t disclose full assets: banks to Apex court
With Harvard University, Tata’s JLR hopes to soon steer fleet of driverless cars
Gautam Adani’s Carmichael mine project upheld by Australian court
SBI pushing for Jyoti Structures takeover by Dubai’s Amin Group
Goldman Sach subsidiary sells stake in Max Ventures
The biggest challenge in implementing Sebi’s algo curbs could be Sebi
L&T Technology Services gets Sebi clearance for IPO
Reliance Jio pre-launch offer now available on Sony, Videocon phones             
RBI concerned over weak monetary policy transmission
FSDC's sub-committee discusses global, domestic developments
Government defers mega spectrum auction by 2 days to October 1
PACL case: Sebi puts on sale properties across 192 districts
NHAI awards Rs1,646-cr contract to Ashoka Buildcon, Ramky Infra
Plea to RBI, Sebi to stop SBT-SBI merger
KNPP Unit-2 synchronised with southern grid
Jaitley wants Indo-US trade on firmer footing
India bids for Chinese investments in tourism
Prospects for Fed rate hike to drive mkt sentiment
Offshore funds, ETF witness over $5b net outflows

 STOCK IN NEWS 

1. Monsanto moved to Delhi High Court against CCI order
2. Zee Entertainment Enterprise Ltd  is looking to sell its sports channel Ten Sports for an undisclosed amount.
3. IDBI Bank said it has cut its stake in rating agency CARE to 3.40 per cent from 6.12 per cent.
4. MEP Infra gets NHAI toll collection contract in Jharkhand
5. Dr Reddy's launches Nitroglycerin tablets in the US
6. Airtel cuts data prices, launches innovative packs for pre-paid users
7. Aurobindo, Intas seek to boost Europe business with Teva bid
8. Oswal group initiates sale of NDTV stake at 3.5 times returns
9. Road Ministry: Awards Contract Worth Rs 700 Cr To Ramky Infra and 946 Cr Contract To Ashoka Buildcon
10. Ajanta Pharma: Gets Tentative US FDA Nod For Eletriptan Hydrobromide Oral Tablets
11. Relief for Adani as Australian court dismisses plea challenging mine approval

Monday, 29 August 2016

29 August 2016 - Views & News

MARKET VIEW

Nifty is likely to open on a weak note based on the global cues. The crucial support for Nifty is at 8490 level. 

Nifty Spot Levels

Support 8540 – 8518 – 8489
Resistance 8620 – 8683 - 8728

GLOBAL MARKET UPDATE

 • US stocks ended modestly lower after a volatile session on Friday, having bounced between gains and losses as investors wrestled with the likely timing of a US interest rate hike following comments from top Federal Reserve officials.
• Yellen told a gathering of central bankers from around the world in Jackson Hole, Wyoming, the US economy was nearing the central bank's goals of maximum employment and price stability but that future hikes should be "gradual".
• The Dow Jones industrial average fell 53.01 points, or 0.29 percent, to 18,395.4. 

TOP NEWS:

Govt to consider scrapping policy for commercial vehicles – Positive Ashok Leyland, Tata Motors and CV auto anci companies like Gabriel, Jamna Auto
Government will finalise the draft policy for scrappage of Medium and heavy commercial vehicles (MHCV) which are older than 15 years. The Government will be ready with a draft scheme in 15 days which would then be sent to Finance Ministry. Incentives to the tune of Rs 2-3 Lakh on new vehicle purchase would be provided in the Budget for the owners who opt for scrappage scheme. As per Government estimates, the policy is likely to cover 12-15 lakh MHCV vehicles. The policy would trigger strong demand for new MHCV (MHCV industry current size is 3 lakh units). Positive for Ashok Leyland, Tata Motors and CV related ancillary players such as Jamna Auto, Sundram Fasteners and Gabriel

Seeds Industry form association to put pressure on govt – Postive read thru
Post the Monsanto withdrawing its plans for GM seeds in India, major seed companies have formed Federation of Seed Industry of India (FSII), which includes ten companies like Monsanto India, Bayer Corp Science, Syngenta to name a few. The FSII wants the government to allow the market to set the price of GM seeds rather than any other regulatory mechanism. This if approved can be a positive for seed companies.

Tyre imports from China grow by 40% in Q1 – Negative for domestic tyre companies
Chinese imports of truck and bus radial (TBR) tyres to India has grown over 40% in Q1FY17 compared to imports during the June quarter last year. According to the industry, Chinese imports now form 35% of the TBR replacement market. In TBR imports, China's share is around 96%. The continued growth in imports from Chinese players is continuing to impact domestic CV players Apollo Tyres, JK Tyres, and Ceat

FUND RAISING

KSK Energy Ventures   board approves raising funds up to Rs 5,000 via issue of securities

OTHER NEWS

M&M has launched DiGiSense, a technology solution that connects M&M vehicles, tractors, trucks and construction equipment to the cloud.  This technology provides data such as route planning, delivery tracking, vehicle utilisation reports, trip optimisation, alerts and machine hour operations and geo fencing. DiGiSense empowers fleet operators, drivers, dealers and service teams to access vital information about their vehicles, trucks, tractors or construction equipment on a real time basis from the driver's seat and afar.

L&T - management expects IDPL restructuring by March and sees big gun orders worth Rs 4,300 crore in next 2-3 months; also widening export focus to Southeast Asia and Africa – positive read thru
Larsen & Toubro - The management expects to finish restructuring of L&T Infrastructure Development Projects Limited (IDPL) by March next year and sees big gun orders worth Rs 4,300 crore coming in within next 2-3 months. L&T management has enhanced focus on Southeast Asia and Africa to make up for the slowdown in West Asia, as low crude oil prices continuing to weigh on investment plans of oil-rich nations. Overseas orders now account for a third of the company's order inflow, up from 10-12 per cent a few years ago. L&T has identified new markets including Tanzania, Kenya, Ethiopia, Uganda, Mozambique and Algeria in Africa and Malaysia, Vietnam, Indonesia in Southeast Asia  

JBF Industries  Q1FY2017 results weak : Net profit declined 49.7% (YoY) to Rs 9.8 crore while sales grew by 4.7% YoY to Rs 941 crore. EBITDA declined by 32.5% YoY to Rs 67.3 crore and EBITDA margin contracted to 7.2% against 11.1%.  

Power sector -The power ministry plans to set up two funds of $1 billion each to enable alternative financing options for stressed power assets and renewable energy projects. The two funds have been proposed under the ambit of the National Investment and Infrastructure Fund (NIIF).

Coal India will invest around Rs 7,765 crore towards the ongoing projects in FY2017 and Rs 5,069 crore in various projects, including railway infrastructure, super critical thermal power plant and solar power. – positive read thru

Infosys to split business into smaller units
Infosys plans to split its business into smaller units, which will be managed by the company's next rung of management. The smaller units, with revenues between $500 million and $700 million each, could have from a handful to a couple of dozen clients — a structure that would give Sikka and his presidents the ability to zoom in on the particular needs of a particular cluster of clients

GMR Infra wins Goa’s Greenfield Mopa Airport for Rs 3300 crore; positive for GMR infra
GMR Infrastructure Limited 's subsidiary GMR Airports Limited (GAL) has won bid for development and operation of Mopa Greenfield Airport in North Goa. The airport will be built under the BOT (Build Operate Transfer) model. Its total ordersize is Rs 3300 crore.
MORE NEWS

India, US eye bilateral trade worth $500 bn: Report
Aurobindo, Intas in race for $1 billion buyout of Teva UK
Govt may advance Parliament session to approve GST
Forex reserves increases to $367 billion
Crops cover 5 per cent more area than year ago
SFIO widens Mallya probe; top bankers under scanner
$1 bn fund in the works for renewables: Piyush Goyal
Paytm to raise $300 million, valuation pegged at $5 billion
RBI unions write to MPs, state FMs against PDMA
Adani Enterprises promoters pledge shares
REC to seek shareholder nod on September 21 for raising Rs 50,000 crore
Draft vehicle scrapping policy to be ready in a fortnight
NBCC share sale: 8 merchant bankers vie to manage the show
Zee Unimedia eyes ad business from other media outlets, too
To reduce dependence on IPPs, Suzlon to focus on captive customers
Madhya Bharat Agro to launch IPO on Monday
ACC poised to ramp up manufacturing capacity with Jamul, Sindri plants
Centre working to provide farm loans in timely manner: Minister
Sebi mulling relaxed norms for REITs, InvITs, start-ups listing
Trade unions refuse to call off 2 September strike
Flipkart valuation downgraded by Morgan Stanley 3rd time in 6 months
Coal India to spend Rs7,765 crore to increase mining capacity
Tax resolution scheme: CBDT to write to 2.59 lakh taxpayers
NSE to complete delisting process of 140 companies in two months            
India, US set to sign key logistics agreement
Power Grid to electrify 1,000 km of rail tracks on pilot basis
Huawei Reaffirms Commitment to ‘Make in India’ Vision
Insurers to file compliance to investment norms form March
Gold rebounds on jewellers' buying, silver jumps Rs 280/kg
Policymakers plan for 'brave new world' as Fed nears rate hikes
Monsanto lobbies with US lawmakers on Indian norms
Investors have to track share pledging moves
India no exception to external trends in a global economy
Govt moots Rs 1.5kcr security fund for solar projects
Welspun tangle points to quality challenges

 STOCK IN NEWS 

1. Adani Enterprises promoters — Gautam Adani and Rajesh Adani — have pledged an additional 16.5 million shares or 1.50 per cent stake to STCI Finance Ltd.
2. REC to seek shareholder nod on September 21 for raising Rs 50,000 crore
3. Bharti Airtel announced the launch of its 'India with Airtel' bouquet of services offering end-to-end connectivity solutions for foreign companies looking to set up businesses in India.
4. NBCC share sale: 8 merchant bankers vie to manage the show
5. ICRVL eyes Rs 500 crore biz from Boutique Living in 5 years
6. ONGC hires consultant to assess reserves in GSPC KG gas block
7. CIL gets shareholders nod for buyback of 10.89cr shares
8. Infosys to give clearer picture on guidance post Q2
9. CIL to invest Rs 7,765 crore in FY'17 for capex
10. Welspun India hires EY to probe US export lapse
11. Mahindra launches technology platform DiGiSense Lupin gets tentative USFDA nod for generic anti-depressant

Friday, 26 August 2016

26 August 2016 - Views & News

MARKET VIEW

Indian markets are likely to open on a flattish note based on the global cues. Nifty as long as holding 8480 levels, bias remains positive for short term.

Nifty Spot Levels

Support 8540 – 8518
Resistance 8620 - 8683

MARKET UPDATE

Sgx Nifty -4 pts ‎Dow -33.07 pts ,Nsdq -5.47 pts , S&P -2.97 pts ‎, Bovespa +4 pts , Ftse -18 pts , Dax -93 pts  , Cac -28 pts , Nikkei  -163 pts  now, Crude @ $47.34 brl (+0.01), Brent @ $49.67 brl (+0.62) , Gold @ $1324.00 (-0.60), Silver @ $18.48 (-0.00), Euro @ $1.1287, JPY @ $100.5600, INR @ $67.0550

GLOBAL MARKET UPDATE

• US stocks were modestly lower on Thursday, weighed down by a drop in healthcare and consumer names, while financials advanced slightly after two more Federal Reserve officials pushed the case for a rate hike.
• The Dow Jones industrial average fell 33.07 points, or 0.18 percent, to 18,448.41. 

Today's Corporate Action 26th Aug  Ex Date

FINCABLES Final Dividend - Rs. - 2.0000FINCABLES Special Dividend - Rs. - 0.5000
PFC Bonus issue 1:1
TCI Spin Off‎

Today's Key Result 26th Aug 

Tata Motors ( Cons 2501 Cr -10% Yoy) P& G( 100 Cr - 6% Yoy) Finolex Inds,Guj Inds,Jb Chem, Jbf Inds,Pratibha Inds,Shilpa Medi,Triveni Eng  Srcs-Cogencis Est Net 

TOP NEWS

Lupin Pharma gets USFDA tentative approval for gPaxil oral tablets (Extended release) used as an anti-depressant – Positive for Lupin.

Cipla’s subsidiary InvaGen Pharma gets USFDA approval for trospium chloride used to treat overactive bladder – Positive for Cipla.

Biocon & Mylan Inc have reported that European Medicines Agency (EMA) has accepted for review Mylan’s Marketing Authorization Application (MAA) for a proposed biosimilar Trastuzumab, which is used to treat certain breast and gastric cancers. Mylan and Biocon, which have co-developed this proposed biosimilar, anticipate that this may be the first MAA for a Trastuzumab biosimilar accepted by the EMA for review – Positive for Biocon

Banking sector: RBI measures to increase debt market liquidity and participation  - positive read through
The Reserve Bank of India (RBI) announced several debt market reforms in line with the HR Khan Committee report. Which will help increase participations, liquidity in the Corporate Debt market. It has allowed banks to sell Masala Bonds, increasing credit enhancement limit from 20% to in 50%. Also, To improve market liquidity, the RBI allowed market making in Government Securities (G-Secs), accepted corporate bonds as eligible collateral under its Liquidity Adjustment Facility (LAF), removed the 7-day restriction for lending by listed companies in G-Sec market repo, introduced the electronic platform for corporate bond repos, allowed Foreign Portfolio Investors (FPIs) direct access to the corporate bond market sans brokers

SBI, ICICI Bank: RBI identifies SBI and ICICI Bank as D-SIBs in 2016 – neutral read through
The Reserve Bank of India has identified State Bank of India (SBI) and ICICI Bank as Domestic Systemically Important Banks (D-SIBs) in 2016 and has retained their bucketing structure as it was last year. The additional Common Equity Tier 1 (CET1) requirement for these banks has already been phased-in from April 1, 2016 and would become fully effective from April 1, 2019. The additional CET1 requirement will be in addition to the capital conservation buffer. Consequently, SBI & ICICI Bank will have to maintain 0.6% and 0.2% respectively as Additional Common Equity Tier 1 requirement as a percentage of Risk Weighted Assets (RWAs).
  
MACRO WRAP

Macro news: RBI widens S4A scheme ambit, gives more flexibility to banks: Sentimentally positive
As per media reports, the Reserve Bank of India (RBI) has issued a clarification with respect to norms of its Scheme for Sustainable Structuring of Stressed Assets (S4A) which allows bankers to restructure debt of corporate NPA accounts. As per the clarification, banks will now be allowed to waive accrued penal interest, the interest may not need be necessarily included in aggregate bank exposure. Also, the scheme ambit has been widened to include loans to projects that are still under implementation.  Also, RBI has allowed S4A norms to be applicable on all entities (earlier only those which had minimum Rs 500 crore debt) which includes accounts promoted by Asset restructuring companies (ARCs) which were not allowed earlier. Also, banks are now allowed to accept upfront infusion from promoters to reduce debt. The development will be positive for banks as well as for indebted corporate borrowers.

FUND RAISING

IDBI Bank to raise Rs 1,500 crore via additional tier-I bonds, this will help the bank to raise overall Tier-I capital.

Oil India board meeting on 24 Sep to consider issue of NCDs up to Rs6000cr

Indian Hotels has received the approval of its shareholders to raise upto Rs700 crore through issuance of non-convertible debentures on a private placement basis for its future growth prospects 
OTHER NEWS

Century Plyboards is divesting from Singapore subsidiary due to unviable business condition (imposition of anti dumping duty by India); is likely to get back whatever invested (about 2,00,000 Singapore dollars) – the company will continue to focus on domestic business and expect GST to improve domestic business fundamentals
Century Plyboards India is divesting its 51 per cent stake in Singapore subsidiary Innovation Pacific. The deal is expected to be completed in three months. The company indicated that hefty anti-dumping duty imposed by India on medium-density fibreboards (MDFs) made the proposed venture in Vietnam unviable. For any unspecified party, the duty was almost $64 per cubic metre, which is equivalent to 25 per cent of the CIF (cost, insurance and freight) price. The company expects to get back what it has invested about 2 lakh Singapore dollars (~Rs. 1crore). The company will be focusing on the domestic business.

J Kumar Infraprojects – The company on behalf of the “J Kumar-CRTG” JV signed an agreement with the Mumbai Metro Rail Corporation on 24th August 2016 for Rs5012 crore phase-3 of the city metro. MMRC had issued the LOA to the JV for the 3rd phase of the metro project and project was assigned last month on 5th July 2016. The work is expected to begin by October 2016.

Nalco’s Rs 2,835 crore offer to buyback will open on August 30. The offer size represents 22.15% of the aggregate of share capital and free reserves of Nalco. The buyback is to happen at a price of Rs 44/share.

Blue Star & Voltas: Air conditioner manufacturers are embracing the new energy efficiency standards sooner than expected as the new norms are slated to become mandatory from January 2018. We believe players like Blue Star, Voltas could be benefitted as they have already tweaked their manufacturing processes. These companies are hopeful that stringent energy efficient standards will benefit the industry, further helping grow the market for ACs in India. – positive read thru for AC players like Blue Star and Voltas

TCS analytics software helps retailers tap IoTs to serve up personalized customer experiences
TCS announced new software that enables brick-and-mortar retailers to leverage insightful data from in-store sensors and other Internet of Things (IoT) devices to deepen relationships with customers through more personalized marketing strategies.

Inox Leisure plans to invest Rs 200 crore
Inox Leisure plans to invest Rs 200 crore to add up to 60 cinema screens across the country this fiscal. The total capital expenditure that the company intends to incur on this pipeline for 2016-17 is ~Rs 200 crore, which would be funded by 60:40 debt equity.

EROS International media has signed a pact with Reliance Jio Infocomm, where Eros will provide entertainment content service ErosNow on Jio's platform

Banking sector: RBI draft measures to limit exposure of banks – neutral read thorough
In addition to its push to wean companies off bank finance and towards bond markets, the Reserve Bank of India (RBI) issued stringent draft norms on large exposures of banks to standalone and group entities. As per the draft, (sought feedback by Sep 15), RBI has set the large exposure limit for a counter-party at 20% and For a group, 25% of the bank's eligible capital base. In an exceptional case, the boards of banks may allow a bank to take an additional 5% exposure to a single entity, but such a leeway is not allowed for group exposures. These limits are sharply lower than the 15% cap on a single borrower exposure and the limit of 40% of capital funds of banks for a corporate exposure that are applicable now. As per the draft norms, all aspects of the large exposure framework must be implemented by Mar 31, 2019, and the whole framework will be reviewed after one year of full implementation. 
MORE NEWS

SBI and ICICI Bank "too big to fail" for second year in a row
RBI asks banks to strictly comply with crop insurance scheme
Russia becomes top wheat exporter to the world
Govt to transfer PMAY funds directly to beneficiaries
Liquidity shifting from EU to EM: Ridham Desai 
Jio extends free trial offer to Gionee, Karbonn owners
BoB's total business takes Rs 90,000-cr hit in FY16
RBI allows banks to raise Masala bonds, opens up currency market
Decks cleared to shut down 7 PSUs
Ajay Piramal, Venu Srinivasan join Tata Sons' board
SBI, ICICI continue to be systemically important: RBI
IDBI Bank opts for AT-1 bonds to raise Rs 1,500 cr
Insurers to file compliance to investment norms from Mar2017
Bloomberg acquires Barclays Risk Analytics
HDFC to issue NCDs worth Rs. 500 cr on Friday
IOC to consider bonus shares issue
Natco Pharma gets EIR from USFDA for Chennai facility 
ITC sues Britannia for allegedly copying biscuit packaging style
Welspun to appoint external auditor to look into alleged supply lapses
Gems, jewellery exports up 12% in April-July 
RBI says large firms have to pay more for bank loans, starting FY18
Kingfisher Airlines brands fail to find buyers for the second time
Brokerages lower growth outlook for IT sector
Asia-Pacific beats North America in fintech investment: report
Uber is said to lose at least $1.2 billion in first half of 2016
Power, port assets to be included in Essar-Rosneft deal            
Sensex slips 224 points on F&O expiry, Nifty settles below 8,600;
Vodafone India to delay IPO filing until towards end-2016 - IFR
EMA accepts Mylan, Biocon Trastuzumab biosimilar for review
IndiGo seeks shareholder nod to up borrowing cap to Rs 20k cr
Patanjali becomes 3rd largest FMCG seller at Future Retail
Back to licence raj, stock limit on sugar mills likely
MFs asset base from B15 cities up 19% to Rs 2L cr
IOC to invest Rs 650 cr in Tripura, send tankers via Bangladesh
India attracts $339 million fintech investments
Fed eyes public spending to plug $1t investment gap
Pfizer to buy antibiotics business from AstraZeneca

 STOCK IN NEWS 

1. Patanjali becomes 3rd largest FMCG seller at Future Retail
2. Monsanto dips as parent co drops plan to launch GM cotton seed
3. Panel on coal requirement by Sasan Power to meet next week
4. Cairn tax dispute: India has to respond by November, says CEO
5. IDBI Bank opts for AT-1 bonds to raise Rs 1,500 cr
6. Natco Pharma gets EIR from USFDA for Chennai facility
7. TCS settles US lawsuit for $26 mn
8. Hero Group's renewable energy arm to raise $125 million from IFC
9. Pfizer to buy antibiotics business from AstraZeneca
10. IOC to invest Rs 650 cr in Tripura, send tankers via Bangladesh
11. IndiGo seeks shareholder nod to up borrowing cap to Rs 20k cr

Thursday, 25 August 2016

25 August 2016 - Views & News

MARKET VIEW

Indian markets are expected to open flat to positive. Today being expiry in NSE, markets may remain volatile during the day. Overall we maintain our bullish stance on the Nifty for a short-term target of 8850 as long as it is trading above 8518.

Nifty Spot Levels

Support 8590 – 8540 – 8518
Resistance 8696 – 8728 - 8750

MARKET UPDATE

Sgx Nifty +1 pts ‎Dow -65.82 pts ,Nsdq -42.38 pts , S&P -11.46 pts ‎, Bovespa -302 pts , Ftse -32 pts , Dax +30 pts  , Cac +14 pts , Nikkei  -61 pts  now, Crude @ $46.76 brl (-0.01), Brent @ $49.05 brl (-0.91) , Gold @ $1328.80 (-0.90), Silver @ $18.54 (-0.02), Euro @ $1.1263, JPY @ $100.5400, INR @ $67.1013

GLOBAL MARKET UPDATE

 • Asian stocks slipped, taking their cue from an overnight drop on Wall Street, while the dollar marked time ahead of Friday's speech by Federal Reserve Chair Janet Yellen at the global central bankers' meeting
• Wall Street retreated, pulled lower by weakness in the materials and healthcare sectors, with the Dow losing 0.4 percent and S&P 500 falling 0.5 percent. Recent hawkish comments from some Fed officials, including Vice Chairman Stanley Fischer, have raised expectations that Yellen might signal a hike in September.
• Crude dropped to a one-week low after a government report showed that US crude inventories unexpectedly rose last week. Meanwhile Iran’s oil ministry said the country hasn't yet decided whether to join informal OPEC talks next month in Algiers.
• Gold prices slipped to a 4-week low as investors seemed to move from the sidelines ahead of a speech by Federal Reserve Chair Janet Yellen this weekend

Today's Corporate Action 25th Aug  Ex Date

BPTEX Reduction of Capital
CREATIVE Final Dividend - Rs. - 3.0000
GNFC Dividend - Rs. - 2.0000GPTINFRA Interim Dividend - Rs. - 1.0000INDIANCARD Interim Dividend - Rs. - 10.0000
ITHL Dividend - Rs. - 4.2500
JAYBARMARU Final Dividend - Rs. - 2.0000
JBMA Dividend - Rs. - 1.7500JINDALSAW Spin Off
JKTYRE Dividend - Rs. - 2.5000MAYURUNIQ Buy Back of Shares
MAYURUNIQ Interim Dividend - Rs. - 0.2500
NUTRICIRCLE Reduction of Capital
SHRIDINE Dividend - Rs. - 1.5000STRTECH Final Dividend - Rs. - 1.0000USHDI Dividend - Rs. - 1.0000VIMTALABS Dividend - Rs. - 1.0000
Today's Key Result 25th Aug 

Gammon Infra, Jyoti Structure,  Srcs-Cogencis Est Net 

TOP NEWS

Monsanto India: Pulls out new GM cotton seed from India. Negative for Monsanto near term, also negative for Kaveri Seeds in long run , if the issue persists
Monsanto has withdrawn an application seeking approval for its next generation of genetically modified cotton seeds in India. The report further suggests that the withdrawal comes on the back of a government proposal that would force Monsanto to share its technology with local seed companies, which would take the competitive advantage away from Monsanto. The decision to pull out  could set back Monsanto's efforts to introduce its new seed - Bollgard II -Roundup Ready Flex technology, for years ahead and lead to further losses.

Natco, Biocon & Dr Reddy: Teva’s second patent on Copaxone is invalidated by US agency – Sentimentally positive for Natco, Biocon and Dr Reddy as these companies have ANDA’s filed with USFDA; Copaxone has market size of $ 3.5 bn in US and is big opportunity for generic players which now await USFDA approval so that the product could be launched.

Automobiles: The proposed vehicle scrappage policy mooted by the road ministry on Wednesday received in-principle support from the finance ministry. The policy aims at checking pollution by scrapping 15-year-old vehicles from road. As per the media sources, finance ministry had suggested putting the proposed policy before a committee of secretaries. A committee of secretaries will discuss the policy. Instead of asking for tax exemption, Government would provide incentive in the Budget. Scrappage policy once finalised would lead increased demand for new vehicles and is positive for the Automobile sector. Positive in the  first phase:  for CV players like Ashok Leyland, Tata Motors  and CV ancillaries players like Jamna auto, Sundram Fasteners among others
  
FUND RAISING

SBI to raise up to Rs 11,100 Cr Additional Tier-I capital  through Basel-III compliant perpetual debt instruments.

STRONG RESULT

PNC Infratech - PNC Infratech more than doubled its consolidated net profit for the quarter ended June 30, to Rs 54.20 crore as against Rs22.13 crore in the year ago period. Consolidated total income remained almost stagnant at Rs 684.44 crore during the quarter under review as against Rs686.68 crore last year period. Consolidated EBITDA for the quarter was at Rs 165.8 crores, which was 25.4% higher than Rs. 132.2 crores in the corresponding quarter of previous year. The EBITDA margin improved from 19.5% to 26.1%. The Company’s order book in terms of outstanding contracts pending execution is valued at over Rs. 5,100 crores as on 30th June 2016. 

OTHER NEWS

Godrej Consumer products (GCPL) expanded the household insecticides category with the launch of Good Knight Fabric Roll on and patches (apply on clothes and not skin) and Good Knight Cool Gel (apply on skin) to provide personal and out of home protection from mosquitoes; focus is on maintaining the leadership position in the household insecticide segment in India and get back into strong double digit growth trajectory – positive read through for GCPL

Strides Shasun gets USFDA nod for Ranitidine tablets  - Positive for Strides
Tata Global Beverages (TGBL) is likely to restructure its China operations, there are challenges in operations of the Chinese joint venture, Zhejiang Tata Tea Extraction Company. A call on the business will be taken in the coming years - no major impact on earnings as the JV is small and contribution to consolidated entity is lower

M&M: Plans to launch 20 new products in the Commercial Vehciles space over the next 2-3 years; to double market share
M&M’s Ltd's truck and bus division is looking to become a full-range commercial vehicle player over the next two to three years with 20 new products in the pipeline with a focus on ICV (Intermediate Comercial Vehicle space) space. With the GST coming up, the  company expects the hub n spoke model to pick up, which would result in the demand picking up in the ICV space. To support the new product launches, the company has lined up a Rs 700 crore capex plan spread over the next 2-3 years. With the introduction of new models and entering new geographies, the company plans to double its market share in the Commercial Vehicles space from the current level of 4%.

Grasim Industries, Aditya Birla Nuvo – Kumar Mangalam Birla met with the senior management of the LIC to explain the merger of AB Nuvo and Grasim as per media reports. LIC will decide on whether to support the deal in 10-15 days.

State Bank of India: To partner LIC to form credit enhancement fund: sentimentally positive
State Bank of India, the country's largest bank, may partner with Life Insurance Corporation of India (LIC) and India Infrastructure Finance Company Ltd (IIFCL) to set up a credit enhancement fund that will guarantee lower-rated bonds issued by infrastructure companies and bolster their ratings. The fund's initial size could be Rs 500 crore and the guarantee provided by this fund will improve the credit ratings of these bonds, which will help firms to raise money at lower interest rates and also tap insurance and pension funds. The proposed fund will initially provide guarantees to bonds issued by infrastructure companies. At present, insurers are not allowed to invest in bonds of companies that are rated below AA, the second-highest level of safety. This will also give room to promoters to service their existing debt with bonds having much higher tenor and benefit from substantial reduction in interest burde.

Two wheelers: Two wheeler majors Hero Motocorp and Honda have offered exclusive discounts to government employees, to drive their sales.  The move comes on the back of a pay out of the 7th pay commission recommendations. Hero MotoCorp is offering cash discounts of Rs 1,500 on every product (motorcycles and scooters), irrespective of ticket size. For government employees residing in Delhi, insurance worth Rs 1,600 is also being offered as a freebie. The companies are targeting around 4.8 million central government employees and 5.5 million pensioners, who will benefit from the increase.

Novartis India buy back  window opens from 25th August 2016 till 8 September 2016 for shares worth Rs 290 crore - the buyback price is at a premium of 7% to its closing price of Rs 711.20 on Wednesday.
Novartis would acquire close to 38 lakh shares at a price of Rs 760 a share. Currently, the promoter of the pharmaceutical company- Novartis AG holds 75% of outstanding equity in the Indian subsidiary. Hence as per SEBI’s listing guidelines; it require a minimum free float of 25%; this would imply that the promoters, namely Novartis AG would need to tender shares in the buyback should it want the Indian subsidiary to stay listed.

Infrastructure – The Cabinet Committee approved Rs24,373 crore of rail projects. The investment which will be in 9 projects seeks to construct 1937.38km of tracks across nine states. The CCEA also revised the cost estimate of the National Highways Interconnectivity Improvement project to Rs6461 crore from Rs5193 crore. The development is positive read thru for infrastructure sector.

TCS: Has paid $26 mln to the US district Orange County to settle a case for not meeting the terms of a $6.4-mln contract for building a property tax system for the latter in California

AstraZeneca Pharma India – To terminate distribution agreement for Meronem (meropenem) in India. This is as a result of a global agreement by AstraZeneca PLC to sell the development and commercialisation rights to Pfizer Inc, of its late-stage small molecule antibiotics business. Meronem is a anti-bacterial used for the treatment of serious infections in hospitalised patients – Negative for Astrazeneca India; Could be positive for Pfizer India if Pfizer Inc decides to launch the product in India through Pfizer India.

Tata Global Beverages has indicated that the GST will have inflationary impact on the tea prices which might lead to higher branded tea prices – sentimentally negative for Tata Global Beverages and HUL’s beverage segment 

MORE NEWS

Union Cabinet clears new India-Cyprus DTAA
SBI may partner LIC, IIFCL for credit enhancement fund
CCI clears way for setting up of $17-billion entity
Bad loans of state-run banks double in 15 months
KFA brands to be auctioned again on Thursday
Mukesh Ambani's hunts for 100 million Jio subscribers
Private sector bankers salary misaligned: RBI
Nirmala Sitharaman plumps for 200 bps rate cut by RBI
Tata Global Beverages to explore restructuring or selling China operations
Record German budget surplus fuels investment debate
Vodafone-Idea merger not easy, unlikely anytime soon: analysts
Lupin arm gets USFDA nod to market generic Zyvox tablets
Sebi reviews warehousing norms for agricultural products
GST rate should be lower for essential food items: CII 
NBCC plans to build on business with Hindustan Steelworks acquisition
GST to have inflationary impact: Cyrus Mistry
Strides Shasun gets USFDA nod for Ranitidine tablets
‘Energy Efficiency will unlock hidden savings in manufacturing sector’ 
LIC won’t hike investment in stocks in 2016-17
Essar said to face asset sale challenge from IDFC private equity
Tata Global Beverages looks to enter dairy business
Infosys may get about $60 million for GST project
SBI plans to raise Rs11,100 crore through AT-1 bonds
Kingfisher Airlines brands to be auctioned again at lower price             
India Inc enduring deepest earnings decline in 20 years: Morgan Stanley
Assets with portfolio managers up at Rs 11.2L cr in July-end
India to receive normal rains, not surplus, as La Nina chances fade
Zydus Cadila recalls over 2lakh bottles of anti-depressant drug in US
'Realty law to cut litigation, ensure timely delivery'
Power tariffs to rise, as freight rate hiked
TCS settles Orange County lawsuit for $26 million
Walmart reviews cotton certification records of Welspun
Chinese firms’ bid to buy $1.5b Pakistan utility stake
Samsung, Tencent to become Asia’s most valuable firm

 STOCK IN NEWS 

1. TCS said it had settled an ongoing lawsuit with Orange County in California, USA. For doing so, it has agreed to pay $26 million (Rs 175 crore).
2. Hero MotoCorp and Honda have started offering exclusive discounts and offers to government employees and pensioners to expand sales.
3. Tata Steel starts ferroshots exports to Thailand
4. IKEA to continue doing business with Welspun India
5. RCom expands enterprise product portfolio with Cloud X WAN
6. Lupin arm gets USFDA nod to market generic Zyvox tablets
7. SBI to raise up to Rs 11,000 crore via debt securities
8. Tata Power announced that its generation capacity increased by close to 9 per cent in the first quarter of the current fiscal against the previous corresponding period.
9. Tata Global brews strategy for struggling China biz, plans to acquire dairy products