}

Friday, 30 September 2016

30 September 2016 - Views & News

MARKET VIEW

Indian markets are likely to open on a negative note based on the global cues. 8500 levels should hold as a good support and if does then one might see reversal in nifty on short term.

Nifty Spot Levels

Support 8558 - 8518
Resistance 8640 - 8690
GLOBAL MARKET UPDATE

 • Wall Street dropped on Thursday, weighed down by Apple as well as selling in Wells Fargo, Citigroup and other major banks as investors worried about the health of Deutsche Bank.
• Growing concerns over the stability of Germany's biggest bank have pushed its shares to record lows and its US-listed stock on Thursday tumbled 6.7 percent.
• The Dow Jones industrial average slid 1.07 percent to 18,143.45 points at the close, its sharpest decline since Sept 13.

TOP NEWS

Alkem Laboratories gets US FDA observations on Daman plant, negative read-thru
Alkem Laboratories has received 13 observations from the US Food and Drug Administration (US FDA) after the regulator inspected its manufacturing facility at Daman.The United States Food and Drug Administration (USFDA) had conducted an inspection at the company’s manufacturing facility located at Daman from September 20 to September 29, 2016.The company received the inspection report which contains 13 observations, it added.The FDA Form 483 is issued to drug makers at the conclusion of an inspection “when an investigator(s) has observed any conditions that in their judgement may constitute violations of the Food Drug and Cosmetic Act and related Act. The plant accounts for 30% of US revenues and 50% of pending ANDAs, post the observation there may be delay in products approvals, if issue does not get resolved.

Accenture Q4FY16 earnings: Strong results, sentimentally positive for Indian IT incumbents
In Q4FY2016, Accenture reported better-than-expected CC revenue growth of 9% YoY at $8.49 billion (ahead of top end of its own guidance by ~ $40 million), driven by 13%YoY growth in consulting business and 6%YoY growth in outsourcing business. On reported currency basis, the revenue was up 8% YoY. New bookings for the quarter were $9.0 billion (up 7% YoY on CC basis), with consulting bookings of $4.8 billion (up 19% YoY on CC basis) and outsourcing bookings of $4.2 billion (up 4% YoY on CC basis). On vertical front, products, financial services and healthcare segment grew by 18%YoY, 11%YoY and 9% YoY respectively on CC basis. Digital revenues accounted for 40% of total revenue. During FY2016, revenues were up 10.5% on CC basis to 32.9 billion. Outlook: For Q1FY2017 and FY2017, Accenture expects revenue to increase by 5% to 8% on CC basis (expect flat cross currencies impact).

Sintex: Approves demerger of custom moulding, prefab biz, positive read-thru
Sintex Industries  board has approved demerger of custom moulding business and prefab business from its two arms Sintex BAPL and Sintex Infra Projects, respectively. Both the companies are wholly-owned subsidiaries of Sintex Plastic Technologies. As per the scheme, Sintex Industries shareholders would get shares of Sintex Plastic Technology. "The scheme also involves issuance of equity shares of Sintex Plastic Technology to the equity shareholders of Sintex Industries such that shareholders of Sintex Industries will effectively get one equity share of Sintex Plastic Technology upon demerger against one equity share held in Sintex Industries and listing of these equity shares of Sintex Plastic Technology.
View: The demerger of textile and plastics unit is been in the news for last few months, Plastics division being a free cash flow positive with strong ROCE, the value unlocking is significant for the investors, now the focus will be shifted to selling of textile unit post the demerger for further value unlocking

Zee Entertainment (ZEEL) forays into international radio broadcasting, acquires UAE-based FM station – Long term positive for the stock
ZEEL announced its foray into radio broadcasting space with the acquisition of UAE-based radio station ‘Hum 106.2’. ZEEL already operates satellite television channels like Zee Aflam and Zee Alwan in the UAE market. Hum 106.2 is a UAE-based Hindi FM radio channel with a current market share of 26%. This move comes immediately after ZEEL forayed into film production and distribution in the UAE and middle-east markets. Note that ZEEL sold its sports network TEN Sports to Sony Pictures Network (SPN) in an all-cash deal worth $385 million on 31st August.

Uber eyes major India expansion, plans to buy 200,000 cabs over next two years translating into a business opportunity of Rs 13,000 cr for car industry; positive for Maruti and Tata Motors

Lovable Lingerie promoters looking to sell 15-20% stake at 20% premium to private equity investors – Positive (though not confirmed officially)

Indraprastha Gas, Mahanagar Gas and Gujarat Gas-Domestic natural gas price is likely to be cut by 20% in October – positive for IGL/MGL/GGL but negative for ONGC/OIL
  
Fund Raising

Tata Steel approved issue of NCDs worth Rs1000cr

Dwarikesh Sugar looking at QIB of 25 lakh shares to ease stress on balance sheet – Positive (if sails thru)

OTHER NEWS

IDFC Bank, DCB and Torrent Power added to derivative (F&O) list

Uber eyes major India expansion, plans to buy 200,000 cabs over next two years translating into a business opportunity of Rs 13,000 cr for car industry; positive for Maruti and Tata Motors
Uber Technologies is charting a major expansion in India and is planning to buy as many as 200,000 passenger vehicles over the next two years and lease them out to drivers who want to join its cab-hailing platform. Maruti Suzuki and Tata Motors are likely to gain the most as Uber already has pacts with the two for driver skilling programmes, vehicle purchase and finance solutions. Uber expansion plan could translate into a Rs 13,000-crore opportunity for automakers. 

Bajaj Auto workers are planning to go on a hunger strike for one day to protest against delay in reaching wage revision agreement. The production is unlikely to be impacted as the strike would be carried on Sunday. Neutral for Bajaj Auto

Tata Motors (JLR) showcases smart new Discovery vehicle at Paris Motor show; to go on sale in 2017; positive
Tata Motors (JLR) showcased the new SUV “Discovery” at the Paris Motor show. With streamlined new styling that loses much of its predecessor’s boxiness, Discovery 5 packages all-terrain capability with a new lightweight aluminium monocoque body that weighs up to 480kg less than the previous steel framed model for improvements in driving dynamics and fuel economy. Discovery is due to go on sale in South Africa from mid-2017.

Indraprastha Gas, Mahanagar Gas and Gujarat Gas-Domestic natural gas price is likely to be cut by 20% in October – positive for IGL/MGL/GGL but negative for ONGC/OIL
The domestic natural gas price, which is set by the Centre after every six months, is expected to fall nearly 20% in October from the current $3.7 per million British thermal units (MMBtu). While this is likely to impact negatively for upstream companies like ONGC and OIL, the downstream gas distribution companies like Indraprastha Gas (IGL), Mahanagar Gas (MGL) and Gujarat Gas (GGL)  would be benefitted from this event as the input cost for gas distribution companies will go down. Gas distribution companies like IGL and MGL normally benchmark CNG price with Petrol and Diesel and sell it a discount to make it attractive. In the current environment, domestic petrol and diesel prices are inching up with firm to stable crude oil prices (likely to remain with OPEC production cut decision) and IGL/MGL/GGL can have lower input cost. So they can have room for volume expansion or margin expansion; therefore positive for IGL, GGL & MGL.       

HCL Tech and IBM enter 15-year partnership
During Q1FY2017 results press release, the company announced a long–term strategic IP partnership with a global technology major. In today’s press release, HCL Tech has shared further details of this IP Partnership. HCL Tech disclosed that it has entered into a 15-year partnership with IBM for Automation and DevOps solutions. HCL Tech will build features and functions on top of existing IBM platforms and products such as Tivoli Workload Scheduler, Rational Testing, and Rational Modeling & Construction and software for on-premises, hybrid and public cloud and software as a service (SaaS) platforms. As per the management, this partnership will generate revenue of ~$30-40 million in FY2017.

Container Corporation of India: The members of Kalyana Rama’s (who is to take over as Chairman and Managing Director from October 1) immediate family, including his wife and brothers have or have had interests in several companies including some in the logistics space, in which Concor operates as per media reports. Sentimentally negative for Concor.

Kotak Mahindra Bank: ING sells 2.5% stake in Kotak Mahindra Bank for Rs3653 crore

NHPC signs Wind power purchase pact for 50 MW with Rajasthan Government; positive for NHPC

Seamec: The Company has entered into an agreement with HAL Offshore Ltd (HAL) for deployment of vessel SEAMEC II along with provision of services of ROV, the contract commenced w.e.f September 28, 2016. As intimated, the total contract value for the period of 3 years will be USD 33,441,300 approx. The development is positive for Seamec.

MORE NEWS

Surgical operation sanctioned soon after Uri terror attack
GST Council to meet tomorrow to discuss rules, exemptions
Can Airtel adjust Rs 3000cr against licence fees, HC asks Government
COAI DG rules out overhaul of voting rules, apology to RJio
Government invites applications for Reserve Bank of India deputy governor
Tata Steel says making progress on extra land for Indian plant
US jobless claims rise less than expected
Rs 20,000-cr plan to ease pressure on Mumbai suburban train system
Surgical strikes: India is said to have kept America in the loop
Government mulls new licensing policy for tobacco items
Flipkart seeks to be numero uno in India's ecomm war
Tata Steel sees crude steel output up by 1 MT this fiscal year
By 2018, Kolkata Metro Railway network to increase by 14 km: General Manager
Auto firms seek GST relief for e-vehicles
Kalyani Steels bears the brunt of iron ore cost escalation
DLF eyes multiple partners for stake sale in rental arm
Mercedes-Benz launches locally made GLC SUV at ₹47.9 lakh
Energy PSUs seek savings via jointprocurement of goods and services
Pierre Cardin pens now on paper with Flair
Daihatsu, Toyota months away from decision to launch small car for India
Output at TNPL’s packaging board plant stabilises
UFO Moviez’s theatre arm to start operations next month
Credit Suisse underweight on India
Non-retail investors lap up Hindustan Copper share sale
‘Fed rate-hike likely in December, but need clarity on trajectory for 2017’
MCFL investors reject transaction with Zuari Agro
Globus to make a comeback with refurbished products
Greenko set to snap up SunEdison India assets with TerraFarm nod for the deal
Mercedes-Benz launches locally made GLC SUV at ₹47.9 lakh13 hr. 52 min. ago
Apollo Hospitals, Italy’s KOS form jt venture for medical rehabilitation
Largest spectrum auction to kick off on 1 October amid telecom battle
Large appliances the next growth driver for online retail sales
Avenue Capital may buy FIRE Capital stake
Religare Finvest plans to raise Rs650 crore through rights issue
Varun Beverages eyes up to Rs1,400 crore from IPO in October
IndiGo adds new A320neos to fleet in market share push
Vijay Mallya confident of judicial relief in pending cases
Amazon India signs up abof as seller on marketplace
OmiActive Health Technologies eyes stake in fragrance maker Indfrag

STOCK IN NEWS

 1. Tata Steel plans to add 6 mt in capacity through brownfield expansion
2. RIL may invest in mature start-ups to deploy Rs 5,000-cr fund
3. Vedanta's Lanjigarh unit gets showcause notice for selling hazardous waste
4. September car sales may surge 14-15% on festive demand
5. Mercedes-Benz rolls out Made-in-India GLC SUV at Rs 47.90 lakh
6. Welspun to make steel billets, TMT rebars in Odisha
7. British Steel back in profit after spin-off from Tata Steel
8. Lupin gets USFDA nod for generic drug treating Alzheimer's
9. Yes Bank plans to raise Rs 2,500 crore via long-term bonds
10. Drug firms facing challenging times due to price control: Cipla
11. 12 SME IPOs to hit markets tomorrow to mop up Rs 70 crore
12. LIC MF inks mutual fund distribution pact with Karnataka Bank
13. Indian content conglomerate Zee Entertainment Enterprises Limited (ZEEL) on Thursday announced its foray into the radio industry with the acquisition of UAEs Hum 106.2 FM radio station.
14. L&T Construction wins Rs 2,046 crore worth of orders
15. Aban Offshore strengthens balance sheet, promoters infuse $25 mn in co


Thursday, 29 September 2016

29 September 2016 - Views & News

MARKET VIEW

 Markets expected to open positive post OPEC decision on Oil production cut. Today being expiry in NSE derivatives segment, market may show volatility. 8690 on lower side and 8800 on higher side will be key levels to be watched for the day.

Nifty Spot Levels

Support 8690 – 8642 – 8570
Resistance 8800 – 8848 - 8893

GLOBAL MARKET UPDATE

• Wall Street ended higher on Wednesday after an OPEC agreement to limit crude output fueled a rally in oil and more than offset nervousness about a tight race for the US presidency.
• The energy index had its best day since January, climbing 4.34 percent after OPEC sources said the group reached a deal to cut its oil production for the first time since 2008. Oil prices rallied as much as 6 percent.
• The Dow Jones industrial average rose 0.61 percent to end at 18,339.24 points

TOP NEWS

Media Alert: Strides Shasun's chennai facility was inspected by USFDA in August 2016 (which lasted for 3-4 days) and few observations were reported which were routine & minor in nature – Neutral for Strides Shasun as it will not impact fundamentals or numbers of the company.

Cipla freezes increments of top management to cut costs – Positive for Cipla; it will help improve operating margins of business.
Cipla has decided to trim its ballooning employee cost by freezing increments of 300-400 of its top managers as part of the company’s operational revamp. Cipla’s employee cost has trebled in the past four years, mostly because of several senior management hiring. For the first quarter ending FY17, Cipla’s employee cost rose by 11% to Rs 687 crore on a YoY basis. Cipla also reduced its top management team to 6 from 20. Company has also changed salary structure from fixed pay to performance based variable pay, which will be dependent on percentage of targets achieved.
Cabinet gave its nod to a consortium of IOC, Oil India and BPCL buying stakes in two Russian oilfields for a total of USD 3.14 billion.

OPEC agreed to cut oil production for the first time in eight years - crude oil price should be firm; positive for ONGC/OIL and L&T.    
OPEC agreed to cut oil production for the first time in eight years, a surprising move. They agreed to limit production to a range of 32.5 to 33 million barrels a day. We believe the crude oil prices should remain firm here onwards. This will be positive for oil exploration companies like ONGC/OIL.Also positive for L&T as order inflow prospects from middle east will improve again.

JP Associates: The company at its annual AGM approved converting loans, debentures or other borrowings of the company into equity shares in the company. The move will help pave the way for lenders to step in and help in financial restructuring of the company. The development is positive read thru for the stock.

Liberty bid for two Tata Steel UK units worth nearly 100mn pounds; Liberty was a bidder for Tata Steel UK's major assets earlier; positive for Tata Steel

OTHER NEWS

Eros International ties up with UAE’s Phars Film for co-production & distribution of Malayalam movies
Eros International announced its association with UAE’s largest film distribution and exhibition network (Hollywood & Bollywood), Phars Film. The partnership will entail the two companies jointly co-producing Malayalam films along with exploration of theatrical rights between the two entities.

Bank of India to cut base rate by 5 bps to 9.65% on Friday

ICICI Bank: ICICI Prudential Life insurance to list on the exchange today

Max India has received shareholders' approval for merger of Max Life Insurance Company with Max Financial Services and also for the demerger of insurance business for transfer to HDFC Standard Life Insurance Company.

Tata Global Beverages - Tata Starbucks Revenue Up 39% In 2015-16 At Rs 235 Crore; some of the mature cafes are profitable – positive read through for Tata Global Beverages

Delta Corp may buy rummy website ace2three.com for $80-100 million (Rs530-660crore) – positive read through for the stock
Delta Corp is in exploratory talks to buy out a rummy website ace2three.com for approximately $80-100 mn. Delta Corp on its part is keen to structure the buyout via conversion instruments, whereas ace2three.com might insist on a cash component. The deal talks between both sides are still at an exploratory stage, but sources say both companies would like to announce the proposed transaction by mid October. Last fiscal, ace2three.com EBITDA stood at around Rs 100 crore.

Shree Cement: The company will be increasing its capacity from the current 27 million tones to 40 million tones in the next 4-5 years and keep the growth pace as per a media interview by Benu Gopal Bangur, chairman of Shree Cement. The development is positive read thru for Shree Cement.

Cabinet clears stake acquisition in Rosneft assets by BPCL, IOC & OIL worth $3.14bn
The Cabinet today gave its nod to a consortium of IOC, Oil India and BPCL buying stakes in two Russian oilfields for a total of USD 3.14 billion. Indian Oil Corp, Oil India and a unit of Bharat Petroleum Corporation (BPCL) will buy 29.9 per cent stake in Taas-Yuryakh oilfield in East Siberia for USD 1.12 billion and another 23.9 per cent in Vankor oilfield for USD 2.02 billion.

Pidilite Industries ties up Up with WD-40 company for multi-purpose spray in India

MORE NEWS

COAI's 'back door' remark contempt of court: Jio
Alternatives to bank credit de-link GDP: RBI Dy Gov
Sebi allows options trading on commodity exchanges 
Securitisation volumes set to rise this year: Crisil
Cabinet decides to ratify Paris agreement
NSE extends concessional transaction fee in equity derivatives
Wal-Mart in talks to invest $1 billion in Flipkart: Report
Anheuser-Busch to pay US SEC $6 mn to settle India bribery charges
Sebi tightens warehousing norms for commexes
17 sick PSUs set to be closed down
M&M to buy European 2-wheeler subsidiary
ICICI Pru Life to debut in stock market on Sept 29
Jim Yong Kim re-appointed as World Bank President for 2nd five-year term
Cipla to focus more on US; next-gen steps up
RCX to approach SEBI seeking easier norms for regional comexes
Cabinet approves ratification of climate change deal 
‘Banks may have to increase provisioning for bad loans’ 
Sebi nudges mutual fund industry to advertise direct plans
Federal Reserve may change stress tests, capital buffers for US banks: Janet Yellen
Liberty bids nearly £100 million for two Tata Steel UK units: report
Govt to sell 7% stake in Hindustan Copper today
Reliance Jio preferred as secondary SIM, finds mobile user survey           
Sensex snaps 3-day losing streak, ends 69 points up
Srei Infrastructure Finance raises Rs 350 crore via NCDs
India remains a promising market for IPOs: EY
Anand Mahindra warns of 'demographic disaster' sans jobs
IMF chief sees lower US growth, calls trade barriers 'malpractice'
Tax drive offers no absolution, to yield little cash for govt
Govt nod for Rs 2,256 cr project for GST integration
Cabinet clears IOC-OIL-BPCL's Russian stake buy
RBS to pay $1.1b to resolve its US mortgage claims
Reliance Cap hints at listing of more subsidiaries
ONGC board divided on shah panel suggestions

STOCK IN NEWS

1. Walmart in talks with Flipkart for $1-billion investment
2. Balaji Telefilms to consolidate content production business
3. Tech Mahindra rejigs telecom strategy
4. Govt to divest 7% in Hindustan Copper today
5. Liberty House revives Tatas' Scotland's steel factory
6. Britannia eyes wheat import after duty cut
7. JP Associates receives shareholders nod to convert debt into equity
8. DoCoMo files response to Tata's objection to arbitration award
9. Stake sale in DLF arm to be a close contest between GIC & Blackstone
10. Airtel cuts international roaming data charges by 99%

Wednesday, 28 September 2016

28 September 2016 - Views & News

MARKET VIEW

Markets are likely to open flat to negative on the back of weak Asian markets. The Nifty continues to make lower top, lower bottom - indicating downtrend in the short term. An immediate resistance for the Nifty is at 8560, whereas the immediate support lies at 8690      
                  
Nifty Spot Levels

Support 8642 – 8595 – 8570
Resistance 8760 – 8820 - 8848

GLOBAL MARKET UPDATE

• Consumer and technology stocks, including Amazon, led gains on Wall Street on Tuesday, while a perceived win by Democrat Hillary Clinton in Monday's first presidential debate gave broader support to equities.
• Following the first of three presidential debates on Monday, Republican candidate Donald Trump vowed to hit Clinton harder after she put him on the defensive.
• Oil prices plunged 3 percent as hopes for a deal to cut output faded at major producers meeting in Algeria.
• The Dow Jones industrial average rose 0.74 percent to end at 18,228.3 points.

TOP NEWS

Lupin, Torrent Pharma, Cadila, Mylan, Sun considering bids for Bayer’s $1 billion dermatology business  - Long term Positive for company who successfully wins the bid as dermatology business is high margin and will aid  US growth of that company.

Motherson Sumi - RBI raises foreign Investment limit in Motherson Sumi from 24 percent to 30 percent  - sentimentally positive for the stock

Aurobindo gets approval from the USFDA for zoledronic acid injectable; used to treat some bone diseases – Positive for Aurobindo

Cipla aims to reach $1bn India sales through tie-ups and new launches  - Long term positive for Cipla; management guides for 13-15% sales growth for over long term period for domestic business (which had sales of Rs 5100 crores in FY16).
Cipla is planning to reach a billion dollar sales mark in India, backed by new drug launches from its own research labs and a slew of partnerships with multinational and Indian drug firms. Cipla’s current market share is 4.9% compared to Sun Pharma’s 8.7% and Abbott’s 6.23%. Cipla has stepped up launch plans in areas like respiratory, dermatology, cardiovascular and urology, which will help speed up its India growth. 
IL&FS Transportation has received in-principle approval for registration of “IL&FS Transportation Investment Trust” as Infrastructure Investment Trust from SEBI. The Company will act as the Sponsor of Trust once it is registered. The development is positive for the stock.

Ashoka Buildcon: SBI, Maquarie may sell 39% stake in Ashoka Concessions – Positive read thru for Ashoka Buildcon

Ahluwalia Contracts: construction work to be stopped at International convention centre and police headquarter in Patna – Sentimentally negative


  OTHER NEWS
 Moody’s upgrades Tata Motors’ rating on continued strong of JLR; positive
Moody’s Investors Service has upgraded Tata Motors Ltd’s (TML) corporate family rating to Ba1 from Ba2. It has also upgraded the company’s senior unsecured instrument ratings to Ba1 from Ba2, on the company’s continued strong performance led by its UK subsidiary, Jaguar Land Rover Automotive Plc. The development is positive for Tata Motors.

Tata Motors enters Bolivia commercial vehicle market 
Tata Motors forayed into the Bolivian commercial vehicle (CV) market with the launch of three products in the South American country. Tata Motors has signed a distribution agreement with local partner Bolivian Auto Motors. Tata Motors has launched three commercial vehicles in the Bolivian market - Tata SuperAce Petrol, Tata Xenon Petrol and Tata LPT 613 truck. 
In a restructuring exercise, M &M buys out European two wheeler subsidiary company for Euro 26.3 mn (Rs 197 Cr); Neutral
Mahindra & Mahindra has announced to acquire the European two-wheeler subsidiary company of Mahindra Two Wheelers Ltd (Mahindra two wheelers is also a subsidiary company of M&M) for a consideration of euro 26.3 million (about Rs 197 crore). M&M will acquire 14.9 million equity shares representing  100 % of share capital of Mahindra Two Wheelers Europe Holdings (MTWL-Europe), which in turn holds stake in Peugot Motorcycles SA. The acquisition will facilitate improved focus on the two wheeler business of M&M.

Ashoka Buildcon: SBI, Maquarie may sell 39% stake in Ashoka Concessions – Positive read thru for Ashoka Buildcon
Ashoka Buildcon may see value unlocking in its subsidiary, Ashoka Concessions as SBI and Macquaire have plans to put their 39% stake in the company on the block as per media reports. SBI and Macquaire had picked up the stake in the company, in which parent Ashoka Buildcon holds 61% stake, in a deal valued at roughly Rs 2,500 crore about 3 year back. As per media reports they have already kick-started the process to sell stake and have approached potential suitors. Some sovereign wealth and pension funds overseas, keen to invest in India are reportedly looking to take over the stake.

ARSS Infrastructure projects JV bags order of Rs135 crore – Positive for the stock
ARSS Infrastructure projects has bagged order of Rs.135.45 Crores for Soil investigation, design of bridges, execution of earth work. minor bridges, major bridges, RUBs, extension of FOB, Staff Quarters and other service buildings, supply or ballast and other miscellaneous works in Lajkura-Raigarh section in connection with the construction of 4lh line between Jharsuguda - Bilaspur in favour of its Joint Venture named "ARSS-SJPS (JV)" by South Fast Central Railway, Bilaspur.

Ahluwalia Contracts: construction work to be stopped at International convention centre and police headquarter in Patna – Sentimentally negative for Ahluwalia Contracts
Ahluwalia Contracts (India) have received letter from Building Construction Department (B.C.D.) Patna, for stop of construction of International Convention Centre (ICC) and Police Headquarter Bhawan, Patna as per order of Hon'ble National Green Tribunal (NGT), Eastern Zone Bench, Kolkata. The Hon'ble NGT has directed that Patna Master Plan was not yet approved and the approval of the master plan is mandatory requirement under MOEF Notification in respect of constructions with built-up area of 20000 sq. mtrs. or more. The said order shall be applicable to all construction activities in the city of Patna and its adjacent areas where the city is proposed to be expanded and the company is expecting that the matter will be resolved soon by the State Govt.

Usha Martin: The Central Bureau of Investigation has carried out searches at three locations in connection with a case of alleged cheating against mining firm Usha Martin with regards to lease for an iron ore to it in Jharkhand in 2005 as per media reports. The development is negative for the stock.

ICRA expects two wheeler industry to grow 10-12% in FY2017 led by improved rural sentiments due to a better monsoon and government employees pay hikes. The two wheeler industry has reported a robust 17% growth in April to August 2016 and we have built in 15% growth for the industry in our estimates.

NIIT, acquired the business of Bangalore-based start-up Perceptron Learning Solutions Pvt Ltd. This acquisition aims to bring together complementary technology platforms and capabilities of NIIT and Perceptron, enabling NIIT to further accelerate its Digital Transformation initiatives – StackRoute, digiNxt, and Training.com.

Coal India buy back from 3rd of October to 18th of October; to buy back 1.7% shares at Rs 335 per share – positive  
Coal India’s buyback offer will open on October 3 and remain open till October 18. CIL is looking to buy back 10.90 crore shares (1.72% of total outstanding shares) at Rs 335 (CMP-Rs332) a share totalling Rs 3,650 crore. In this process, 15% shares to be bought back has been reserved for retail shareholders. This buyback will be open to all existing shareholders as on record date of September 9, on a proportionate basis. The buyback funds will be met out of fixed deposits lying with the banks and investments in mutual funds made by the company.

Balaji Telefilms board approves amalgamation of Bolt Media and demerger of the film production undertaking of Balaji Motion Pictures
The Board of Directors of Balaji Telefilms (BTL) approved the composite scheme of arrangement and amalgamation among BTL, Balaji Motion Pictures (BMPL), Bolt Media (Bolt) and their respective shareholders and creditors, for the demerger of the business and the business interests of BMPL in the film production undertaking into BTL and the amalgamation of Bolt with BTL. Post demerger, BMPL will focus on the business of film distribution.

Mphasis declares dividend of Rs20 per share for FY16 (company has Rs145 per share as cash in books)
The company has informed BSE that the Board of Directors of the Company at its meeting held on September 27, 2016, approved the recommendation of a dividend of Rs.20 per Equity Share of Rs. 10/- each for the financial year ended March 31, 2016. The dividend, if declared at the ensuing Annual General Meeting of the Company, will be paid within 30 days of the Annual General Meeting.

Lanco Infratech going thru a major restructure of its power assets to divest stake to strategic investor  
Lanco Infratech is close to completing a major restructure of its power assets. The process is likely to be completed by November-December this year. The restructured entity will bring together the diversified infrastructure company’s several power assets under one umbrella, so that Lanco can then divest a stake to a strategic investor, with which it is at advanced stage of parleys. The restructure and divestment, which the consortium of lenders is closely monitoring, will help Lanco to bring down the debt of about Rs 7,000 crore at its holding company. The rest of the debt will be at the special purpose vehicle (SPV) and subsidiaries levels.

Mindtree releases next generation of ATLAS managed services Platform
Mindtree announced the availability of the next generation of ATLAS, its output-based managed services framework. Adding to the existing rich functionality, this new generation allows users to have greater transparency and a holistic view into the interworking of their application infrastructure, including performance metrics, optimization and analytics

MORE NEWS

Reliance to double capacity of thermal plants
QIPs all set to make a Rs 12,000-crore comeback
Niti Aayog plans to turn nation into 'blue economy'
Coal India to e-auction 20 million tonnes of coal for all
Sebi chief calls for common BRICS bond market
Ambani, ONGC face 18% cut in natural gas price
Reliance Jio call drops due to its under-preparedness: Airtel 
Spectrum fees leave no money in shareholders' pockets
India jumps 16 spots on Competitiveness Index
Global trade growth to be just 1.7% in 2016: WTO
Sebi, finmin chalk roadmap for commodity market
Coal India's share buyback to commence on October 3
Maha Cabinet clears two Metro corridors worth Rs 25,525 cr
Reliance Life, General Insurance listing in pipeline
TRAI calls meet as incumbents allege norm violation by RJio
MCX hikes transaction charges, waives off membership fee
HUDCO raises Rs. 1,300 cr via private placement of bonds 
SEBI to consult stakeholders on algo rules: Chairman
NSEL-FTIL merger: Next hearing on Nov 24
Cochin Port attracts new business through coastal shipping 
Moody's upgrades Tata Motors' rating on continued strong performance
Reliance Com sees debt falling three-quarters in a year
Sebi nudges mutual fund industry to advertise direct plans
High stakes for India’s $84 billion airwave auction after Vodafone’s cash infusion           
Sensex slips for 3rd day in a row, ends 71 pts down at 28,223.70
GS cuts Q4 crude oil price forecast by $7 on supply glut
744 NGOs under scanner for FCRA violations
Reliance Defence aims to export naval, military equipment
Delta plans regional-jet purchase for up to $2.3 billion: Report
1.6 cr calls still failing everyday between Airtel and us: Rel Jio
‘Anmol effect’ has brought good luck to R-Cap shares
Microsoft using AI to empower people, transform world
MFs hold back cash as equity market sees correction
RPower to double capacity; plans 400mw solar unit
ELSS, mid&small-cap funds outperform indices
3 associate banks okay SBI amalgamation scheme

STOCK IN NEWS

• Lanco Infratech to sell 1,200-mw Anpara power project after restructure nod
• Lupin, Torrent zero in on Bayer's biz
• Coal India's share buyback to commence on October 3
• Indonesia's Go-Jek acquires Bengaluru startup Pianta for talent
• Trai calls telcos' meet to discuss allegations against Jio
• ONGC board vertically split over compensation
• M&M to buy European 2-wheeler subsidiary
• Steel firms gear up for another hike in prices
• Tata Motors Finance to transfer business to Tata Motors subsidiary
• Bayer sets up technology lab at Vapi for euro 2 million
• Accomplished virtual merger of Reliance Communications, Jio: Anil Ambani
• Multiplex screens to cross 3000 by 2019: ICRA
• NIIT Ltd acquires Bengaluru-based ed-tech startup Perceptron
• Will try to trim RCom debt by 75% in 12 mths: Anil Ambani
• Endurance technologies Ltd- issue opens on Wednesday October 5 closed on Friday October 7.price band 467- 472. Minimum bid 30 shares . Minimum application amt rs 14160.

Tuesday, 27 September 2016

27 September 2016 - Views & News

MARKET VIEW

Markets are likely to open flat. Nifty has broken down below the crucial support of 8750 and has also closed below it. Nifty may find support in the zone of 8690 – 8700. If it breaks down below the support zone, then it is likely to drift lower toward 8642 – 8570.

Nifty Spot Levels

Support 8696 – 8642 – 8570
Resistance 8750 – 8800 - 8838

GLOBAL MARKET UPDATE

 Wall Street fell on Monday as Deutsche Bank weighed on financials and investors hunkered down for the first debate between US presidential candidates Hillary Clinton and Donald Trump.
• The Dow Jones industrial average dropped 0.91 percent to end at 18,094.83 points and the S&P 500 lost 0.86 percent to 2,146.1.
• Uncertainty gripped Asian markets on Tuesday as investors braced for a potentially pivotal US presidential debate by shunning stocks while favouring safe haven bonds and the yen.

TOP NEWS

ALERT: L&T Finance Holdings: As part of restructuring of its business, L&T Fin Holdings is looking at selling its portfolio of private equity investments that would free up capital of close to Rs1000 crore and boost its core lending business – Positive

KEC International could buy stake into Jyoti Structures post fallout of its talk with Middle East based Amin Group – Positive for Jyoti Structure
Jyoti Structure has been looking for strategic and/or financial investor post default on its loans worth Rs2,000 crore. It was in talks with Amin Group that seems to have not worked out; thereby leaving scope for KEC International to strengthen its position in transmission tower segment by buying into Jyoti Structures. The move could trigger open offer in Jyoti Structures at higher than market price. Sentiments on KEC International counter would depend upon the valuations of acquisition (though it is strategically quite positive for KEC International).

ONGC divestment on the cards - hangover on the stock in near term.
The government is re-evaluating the sale of a 5% stake in ONGC now. As per media report, the sale could take place in Q3FY2017 as this issue has the approval of the Cabinet. At current prices, the stake sale could fetch the government in excess of R11,000 crore but this would be a hangover on the stock in near term.
  
Suven Life Sciences gets 2 product patents for CNS molecules – positive read through for the stock
Suven Life Sciences has been granted two product patents, one each in India and Japan, for the molecules to be developed for the treatment of neuro-degenerative diseases. With these new patents, Suven has 19 granted patents from India and 19 from Japan. Products out of these inventions may be out-licensed at various phases of clinical development like in phase-I or phase-II.
  
FUND RAISING

Mahindra & Mahindra will raise Rs 475 crore through issuance of non-convertible debentures (NCD) on private placement basis.


OTHER NEWS

Vardhman Textiles to use stake-sale cash to reward investors through Buyback, robust expansion plan of Rs1,400rore – positive read through for the stock (debt:equity ratio has to be keenly monitored)
Vardhman Textiles is in focus to improve its growth prospects and achieve better returns in long run after its recent announcement of a proposal to buy back 9.63 per cent of share capital amounting to about Rs720 crore. The promoters will fully participate in the buyback as they don’t want their shareholding to fall below 60 per cent. The company has a capex plan of Rs1,200-1,400 crore, in addition to the Rs1,000 crore already underway. The company recently sold 40% of one of its stake in Vardhaman Yarn & Threads (VYTL) (a JV) to A&E global that had brought in Rs430crore to the company. The net debt-equity in the company as on March 31 was about 0.35. After this buyback the net debt-equity to be 0.6-0.7X by the end of FY17.

Finolex Cables Ltd would launch new electric water heaters from 1st October 2016; we believe it will go very well in the existing distribution channel and could add meaningful revenue for the company; positive

State Bank of India: State Bank of Travancore, State Bank of Mysore and State Bank of Bikaner approve merger with SBI – Neutral

Hero MotoCorp launches next generation Achiever 150 motorcycle to boost sales in the premium segment; positive read thru
Hero MotoCorp launched next generation Achiever 150 motorcycle priced at Rs 62,800 for the Disc variant and Rs 61,800 for the Drum variant (all ex-showroom, Delhi). Acheiver’s engine produces a maximum power output of 13.6 PS (10kW) @8000 rpm and maximum torque of 12.8'm @5000rpm. Hero Motocorp being the dominant market leader in both 100CC and 125CC segments in the domestic market, is now looking at expanding presence in the premium segments as well and the new Achiever 150 is a move in that direction.

Bank of India (BoI) sells 18% stake in insurance JV to partner Dai-ichi Life post which BoI’s shareholding in the JV stands at 30% - Neutral as deal had been finalized few months back while the transaction was completed yesterday.

Indoco Remedies had USFDA inspection at the Company's Goa Plant II from August 31, 2016 to September 04, 2016. The injectable ANDA filings triggered this inspection. At the end of the inspection, six 483s were issued. All the observations(483s) are correctable and the Company expects to complete the corrective and preventive actions within a period of 30 days. None of the 483s are related to Data Integrity issue – Sentimentally negative for Indoco.

STOCK IN NEWS

2. Zee Group likely to acquire TV9
3. Flipkart pushes logistics arm in festive season
4. Bandhan Bank now has fourth largest debit card base in pvt sector
5. Taj doesn't have automatic right of renewal: NDMC
6. Indian Oil, US trade agency to jointly explore cleaner fuels
7. Vodafone expands 3G network service in MP, Chhattisgarh
8. BOI sells 18% stake in insurance JV to partner Dai-ichi Life
9. Pfizer concludes Rs 110 crore deal with Piramal Enterprises
10. NTPC to raise $500-700 mln in new Masala bonds
11. Hero launches new Achiever 150 priced up to Rs 62,800
12. Mahindra & Mahindra to mobilise Rs 475 crore via NCDs
13. Indiabulls Housing Finance to raise up to Rs 7,000 crore via NCDs

Monday, 26 September 2016

26 September 2016 - Views & News

MARKET VIEW

 Indian markets are likely to open weak note following global market, tracking a sharp drop in crude oil prices on Friday after reports suggested that differences between Iran and Saudi Arabia may hurt a decision on output freeze when the Organisation of Petroleum Exporting Countries (OPEC) meets later this week. The support for Nifty is at 8750.

Nifty Spot Levels

Support 8800 – 8785 – 8750
Resistance 8857 – 8888 - 8939

GLOBAL MARKET UPDATE

 • Wall Street retreated on Friday as lower oil prices weighed on energy shares and Facebook and Apple declined, but major indexes still posted gains for the week.
• The Dow Jones industrial average ended down 131.01 points, or 0.71 percent, at 18,261.45.
TOP NEWS

Alert: FMCG – Government cuts import duty on wheat (by 15%) and palm oil (by 5%) – positive for biscuit manufacturers (such as Britannia and ITC) and positive for soap makers such as (HUL, Godrej Consumer Products and others)
·         Import duty on crude palm oil has been reduced to 7.5% from 12.5% earlier, while that of refined palm oil has been reduced to 15% from 20% earlier (Constitutes about 20-30% of overall raw material cost of soap manufacturing companies)
·         Import duty on wheat has been reduced to 10% from 25% earlier, while that on potato has been reduced to 20% from 30% earlier.
View: In backdrop of upward trend in the prices of some of the key inputs (including Palm oil), we believe it’s a right step taken by the government, which will be beneficial for entire FMCG sector. 

Maruti Suzuki to launch Ignis SUV in Q4FY17 and plans to roll out 15 models by 2020 in a bid to outpace the industry; Positive
Maruti Suzuki is planning to launch the a new model Ignis in Q4FY17 and has lined up 15 new models to be launched by 2020. Further the media report mentions that the demand for recent launches – Baleno and Brezza is strong and both the cars have a waiting period of 33 weeks and 27 weeks respectively.  

Supreme court directs RBI, Enforcement directorate and SEBI to probe IFCI’s stake buy in MCX-SX and Satyam – Negative for IFCI and MCX

Dilip Buildcon wins orders worth Rs963 crore for road projects – Positive

Arvind to enter footwear retail segment – Sentimentally negative for Relaxo Footwear (enter of large players to further intensify competition)

Fund raising

L&T to gets shareholder nod to raise Rs6000cr

Rural Electrification Corporation (REC) has received shareholder's nod to raise Rs50,000 crore by issuing non-convertible debentures (NCDs)

 GAIL   gets shareholder nod for private placement of securities

OTHER NEWS

Maruti Suzuki introduces ‘MS Dhoni inspired’ Alto special edition to boost sales
Maruti Suzuki India launched ‘MS Dhoni inspired’ special edition of its small car Alto. The special editions of Alto800 and AltoK10 cars are part of the carmaker’s association with the upcoming movie ‘M S Dhoni — The Untold Story’ which is based on the life of limited over cricket skipper M S Dhoni. The special edition cars will be available for sale at Maruti Suzuki dealerships from the first week of October 2016.The special edition Alto has features like Dhoni inspired sporty seat covers with number “7”, MS Dhoni signature decal and body graphics, high end music system and reverse parking sensors.

Fertilizers sales till August 2016 drop on a YoY basis due to liquidation of channel inventory.
Fertilizer sales, including pesticides, insecticides and seeds for this Kharif sowing season were down on a YoY basis on liquidation of channel inventory, despite positives like a 4% increase in acreages across all crops and a normal monsoon. Sales data till August 2016 shows that  urea sales were down 8.79 % YoY  while those of DAP/MAP (diammonium and mono ammonium phosphate) were down 23.47 % and complexes’ sales dipped 13.48%.
Cairn to spend USD 150mn (Rs1000cr) on 10 exploratory wells in AP
Cairn India will be taking up exploratory and appraisal drilling of ten wells in Palar block at the coast in Nellore district Andhra Pradesh with an investment outlay of USD 150 million. An Expert Appraisal Committee (EAC) under the Ministry of Environment, Forests and Climate Change examined and gave its nod to the proposal under Coastal Regulatory Zone (CRZ) perspective for drilling to Cairn India. The project was granted environmental clearance in 2011. 
Tata Power's plan to sell Indonesian arms hits valuation hurdle; sentimentally negative for Tata Power

PESB selects Sanjiv Singh as Indian Oil Corporation's CMD

Vardhman Textiles approved buyback up to Rs720cr at max price of Rs1175 per share (current market price of the company is Rs1038)

Welspun India secures patent for “interactive textile article and augmented reality system” –sentimentally positive for the stock

RCF to set up 1.3 mtpa urea plant in Iran – positive read through for the stock

Monte Carlo - ICRA upgrades long term rating from ICRA A+ to ICRA AA- and reaffirms short term rating of ICRA A1

MORE NEWS
RBI Guv Urjit Patel downplays inflation risk, harps on growth 
COAI voting norms skewed in favour of Airtel, Voda & Idea: Jio
Never received any money from NSEL's profit: FTIL
India's foreign exchange reserves at $369 billion
FinMin may talk to EC before finalising Budget date
Vigilance clearance awaited for new MPC members
GDP growth to top 8 pc on rains, reforms: Panagariya
Govt draws up blueprint to deal with sick PSUs
NITI for 10-yr corporation tax holiday for proposed CEZs
Farmers demand 25% hike in UP sugarcane price
ICICI Bank eyes 5 million transactions via voice-recognition
BSE may launch IPO by fourth quarter of this financial year
ONGC Board approves pact to take stake in GSPC gas block
Exim Bank to raise up to $1.5 bn via bonds this fiscal
PE investment falls for 3rd month; August deal tally at $1bn
63 Moons refutes MCA allegations on shareholder objection
Cotton assn voices concern over lower crop estimate in 16-17
Deutsche Boerse to set IT infra for BSE International Exchange
Uber, Ola services for government officers at special rate
Vedanta Sesa Goa eyes synergistic integration of biz 
Congress CMs to press for 18% GST cap
SC gives one more week to Subrata Roy to surrender
Sebi tightens norms for private equity deals in listed firms
Reliance Jio, Idea ramp up claims over interconnection points
Gross sales at domestic e-commerce firms in October could hit $1.8 billion       
Sebi to beef up cyber security framework for markets
'Substantial rise in CSR spending compared to previous year'
Snapchat debuts recording 'Spectacles,' changes company name
BPCL may look at increasing Kochi refinery capacity to 22 MT
'Domestic paper industry needs Rs 90k crore investment by 2030'
India to tap BRICS to meet pulses shortfall
Life insurers want exemption from new tax regime
MSP hike may induce farmers to expand cultivation area
Domestic demand, consumption may spur private capex
 Amtek under I-T lens for alleged price manipulation
FPIs get direct access to corp bond market

STOCK IN NEWS 
1. L&T Tech realigns focus to reach $1-bn revenue target
2. Tata Steel set for trade union talks in UK
3. RCF ropes in FALAT to set up 1.3 MT urea plant in Iran
4. Cairn to spend $150 million on 10 exploratory wells in Andhra Pradesh
5. Kalyan Jewellers on expansion mode; eyes Rs 13,000 crore business
6. L&T Shipbuilding eyes Rs 9,000 cr orders in 3 years, mostly from Navy
7. Intex eyes Rs 100 crore from handsets exports this financial year
8. Jaguar Land Rover, the iconic British luxury brands owned by Tata Motors, will focus on sourcing parts locally to reduce costs and boost competitiveness in India.
9. Maruti launches Alto special edition dedicated to M S Dhoni
10. Tata Power's plan to sell Indonesian arms hits valuation hurdle
11. Marriott, after the buyout of Starwood, has surpassed the Taj group to become India’s largest hotel chain with nearly 18,000 rooms.
12. Bharti Airtel announced on Friday the launch of a special 4G prepaid data pack that offers “free data&" for 90 days.

Friday, 23 September 2016

23 September 2016 - Views & News

MARKET VIEW

Indian markets are likely to open on a positive to flattish note based on the global cues. Bias remains positive and any dip should be utilized for creating longs.

Nifty Spot Levels 

Support 8838 – 8785
Resistance 8888 - 8939

GLOBAL MARKET UPDATE

US stocks climbed on Thursday, with big tech names leading broad gains, building on strength from a day earlier that was fuelled by the Federal Reserve's decision to stand pat on interest rates.
The three indexes recorded their third straight session of gains.
Fed Chair Janet Yellen said on Wednesday that US growth was looking stronger and rate increases would be needed to keep the economy from overheating and fuelling high inflation. But the central bank maintained the low-interest rate environment that has helped underpin the bull market for stocks.

TOP NEWS

Sun Pharmaceuticals among bidders for Bayer’s dermatology brands – Long term positive for Sun if the deal is closed; products will aid US growth plans. 
As per the media reports, Sun Pharma is amongst the bidders for dermatology portfolio of Bayer. The discussions for Bayer's dermatology assets is at an early stage and the initial offers are expected by the end of this month. Among the brands in Bayer's dermatology stable are Advantan and Desonate for use in eczema, Bepanthen to treat skin irritation, and Skinoren for acne.  If Sun Pharma advances into the next stages of the process and clinches Bayer's portfolio, the products will help accelerate its growth plans in the US as Sun has strong presence in dermatology segment in the US. The other areas of interest for Sun Pharma in the US are ophthalmic drugs, oncology and controlled substances.
Bharat Financial Inclusion Ltd: QIP issue of Rs 750 cr, at Rs 740-770 price band – positive read through
Micro lender Bharat Financial Inclusion Ltd has launched a share sale to institutions to raise up to Rs750 crore ($112.7 million). Bharat Financial Inclusion, formerly named SKS Microfinance, is selling the shares in a price range of Rs740 to Rs770 per share.

India '16-17 kharif output seen at record high due to better rains, positive for UPL, PI Industries, Insecticides, Dhanuka Agritech and other agri and fertilizer companies (also positives for Two-wheelers space and FMCG pack)
As per industry reports,  India is likely to harvest record food grain, pulses and oilseeds crops in the 2016-17 kharif season, as monsoon rains have been well distributed after two years of drought. Further, the monsoon deficit in India's cumulative monsoon rains so far narrowed to 4%, with the country receiving 813.1 mm weighted average rainfall, according to India Meteorological Department data.

BPCL –The company postpones first gas output from Mozambique by two years. On the positive side, it plans to list Bina refinery JV in FY18 which could unlock value.


Fund raising

NHPC gets shareholder nod to issue NCDs worth Rs 4,500 crore


OTHER NEWS

Indian Hotels against Taj Mansingh (Delhi) auction order
Indian Hotels Company Ltd (IHCL) filed its arguments before a division bench of the Delhi high court, against a single-judge order declining requests of the company to renew its agreement with New Delhi Municipal Council (NDMC) for operation of Taj Mansingh hotel. The company’s argument is that the single judge had failed to recognise the agreement between IHCL and NDMC was a joint venture to collaborate on building a five-star hotel in the nation’s capital way back in 1976. The arrangement had involved significant costs to the company, as well as the investment of the Taj brand name, whose continuing goodwill eventually turned the property into a landmark.

Mahindra and Mahindra to launch utility vehicles with petrol engines from next year; positive
M&M is planning to have petrol variants in its product lineup by 2018. In order to cater to the demand of petrol variants, the company is planning to introduce petrol engine in its bigger vehicles XUV500 and Scorpio. So the petrol engines powering the future vehicles will be either of the three: 1.2, 1.5 or 2.0 L. The petrol variants would enable it to regain market share in the utility vehicle space.

L&T bags Rs 668-crore contract for high speed patrol vessels from Vietnam; positive for L&T
L&T has signed bagged contract worth $ 99.7 million (about Rs 668 crores) from Vietnam Border Guard for design and construction of high speed patrol vessels in India as well as for transfer of design and technology along with supply of equipment and material kits for construction of follow-on vessels at a Vietnam shipyard.

Banking Sector: Govt. appoints members for Monetary policy panel – neutral read through
Government appointed three academics Chetan Ghate, Pami Dua and Ravindra H. Dholakia as government nominees on the Monetary Policy Committee of the Reserve Bank of India.

Majesco and Glemham Underwriting team up to create a dynamic new cloud based bureau for the UK General Insurance market
Majesco announced that the company has entered into an agreement with Glemham, a UK based managing general agent (MGA), to create a new cloud based bureau processing business using Majesco CloudInsurer to reduce the cost of transacting General Insurance in the UK market. Majesco CloudInsurer platform will be used to initially provide commercial lines insurance to both the Broker and the small medium enterprise (SME) markets.

BPCL: Plans to take Bina Refinery public next fiscal, positive
Bharat Petroleum Corporation (BPCL) plans to take Bina Refinery, its joint venture with Oman Oil Company, public through an initial public offering some time next fiscal. Bina Refinery in Madhya Pradesh is called Bharat Oman Refineries (BORL) and is a joint venture company of Bharat Petroleum and Oman Oil Company (OOC). BORL owns and operates the 6-million tonne capacity Bina Refinery, which is expanding its capacity to 7.8 mt at an investment of Rs 3,000 crore. In another news, company has postponed first gas output from Mozambique by two years.

Balmer Lawrie's logistics hub in Vizag to be operational early FY19, company has Rs 2.9-bln multi-modal logistics hub near Vizag port will be operational by the first quarter of 2018-19 (Apr-Mar),positive

Reliance Defence: Emerges lowest bidder for Indian Coast Guard order
Reliance Defence and Engineering has emerged as the lowest bidder for an order worth Rs920  from Indian Coast Guard to build 14 fast patrol vessels.

Speciality Restaurant opened new Sigree restaurant at Nagpur; with this the total number of restaurants and confectionaries currently stand at 106 (including 25 franchise restaurants) and 18 respectively - positive read through for the stock

MORE NEWS
India Inc's external borrowing jumps 4-fold to $3.17 billion
Current account deficit likely to be at 0.4% in FY'17'
'Govt mulls generating power from tidal waves'
Modi unhappy with Moody's rating of reform plan 
SC to hear plea to destroy 550 tonnes of Maggi
India ranked 143 among 188 nations in health
Govt working to eliminate coal import: Piyush Goyal
Sebi may allow FPIs to directly trade in capital markets
Government plans to create patent sharing regime
NDA rule fails to reverse slide in filing of investment proposals
BHEL commissions 15,059 Mw capacity in FY16
L&T bags $100 million order from Vietnam Border Guard
India poised to become biotech hub: Israel’s Yigal Erlich
Overall value of top 50 brands has dipped 2% this year: report 
FinMin to raise Rs.820 cr from fifth tranche of gold bonds 
Aurobindo gets tentative USFDA nod for HIV drug
SEBI renews Metropolitan Stock Exchange licence till 2017
India seeks loan from US for nuclear reactors, snags remain
Wall St rally continues after Fed defers rate hike
Vodafone responds to Reliance Jio with $7 billion push
Edelweiss Group to acquire Ambit Alpha Fund
IOC eyes entire GSPC stake in Mundra LNG terminal           
RBI shifts issue date of SGB to September 30 amid solid response
PE investment in retail realty jumps 13-fold to Rs3350cr in H1
Nasdaq hits record high after Fed leaves rates unchanged
USTR says WTO finds $22 bln in illegal Airbus subsidies
RSS body opposes government's stake sale in L&T, ITC
UK central bank warns of financial risks after Brexit
Mukesh Ambani India’s richest for 9th year
Adani solar plant is world's largest
Wipro to acquire Zhonghsan Ma Er Daily Products
Hiring activity sees 10% rise in Aug: Report

STOCK IN NEWS 

1 Adani slashes Oz project size to $4 bn
2 BSNL wants 5 MHz in 700-MHz band for 4G coverage
3Swedish furniture retailer IKEA has held talks with the Union government, seeking separate zones for retail stores in cities, says Patrik Antoni, deputy country head.
4Maruti, Hyundai, Nissan exports hit a low gear
5 Airtel to invest Rs 14,667 cr in India, South Asia
6 BPCL plans to list Bina refinery JV in FY18
7 GSM telcos add 2 mn subscribers in Aug
8 Bharat Financial Inclusion launches up to $113 million share sale
9 BHEL commissions 15,059 Mw capacity in FY16
10 harat Petroleum looks for more oil, gas assets already in production
11.edanta inks pact for redevelopment of Mormugao port
12.L&T bags $99.7 mn order from Vietnam Border Guard for high speed patrol vessels