Friday, 28 October 2016

28 October 2016 - Views & News


Indian markets are likely to open on a negative note based on the global cues. 8550 level will act as a strong support for the day.

Nifty Spot Levels

Support 8595 – 8550
Resistance 8656 - 8700

Market Update

Sgx Nifty -21 pts ‎Dow -29.65 pts ,Nsdq -34.24 , S&P -6.39 pts‎, Bovespa +423 pts  , Ftse +28 pts , Dax +7 pts  , Cac -1 pts , Nikkei  +91 pts  now, Crude @ $49.70 brl (-0.02), Brent @ $50.47 brl (+0.49) , Gold @ $1270.40 (+0.90), Silver @ $17.63 (-0.01), Euro @ $1.0898, JPY @ $105.2300, INR @ $66.8675


• Strong growth data out of Britain prompted the biggest daily sell-off in government debt for months and pushed yields on the world's benchmark bonds higher on Thursday, as expectations eased for a Bank of England interest rate cut.
• The bond sell-off gained momentum in the United States after upbeat jobless claims data pointed to another robust nonfarm payrolls number next week. 
• The Dow Jones industrial average fell 29.65 points, or 0.16 percent, to 18,169.68.

Today's Corporate Action 28th  Ex Date

GOLDLINE Stock  Split From Rs.10/- to Rs.1/-MINDTREE Interim Dividend - Rs. - 3.0000
Today's Key Result 28th Oct

Bajaj Auto, Bajaj Holdings, Bharat Fin, Carborandum Univ, Century Tex, ColPal, Dish TV, Eicher Motor, GIC Hsg, Grasim, HCL-Infy, IDFC, Inox Wind, JM Fin. Jub Inds, Kansai Nerolac, Marico, Nestle Ind, NTPC,SPARC, TTML, Uniphos, UPL, VEDL


GMR Infrastructure: GMR wins arbitration against Government of Maldives; gets compensation of USD270 million – Positive for the stock

“GMR Male" International Airport Limited (GMIAL), a subsidiary of GMR Infrastructure Limited, announced that it has been awarded compensation of approximately US$ 270 million by the 3 member international arbitral tribunal. The compensation covers the debt, equity invested in the project along with a return of 17% and also termination payments and legal costs. The compensation is net of taxes that GMIAL may be required to pay in the Maldives. The development is positive for GMR Infrastructure.


 Pricol reported strong set of numbers in Q2FY2017. Topline grew 36% yoy to Rs 333 cr driven  by new product launches and increased share of supplies to customers. Operating margins almost doubled from 6% in Q2 FY2016 to 11.8% in Q2FY2017 driven by cost control and productivity improvement measures. Net profit for the quarter grew to Rs 19.6 cr as against Rs 2.8 cr in the corresponding quarter last year

Road development sector: Highways ministry to ask for 57% raise in budgetary allocation – Positive read thru for the sector
The Ministry of road transport and highways will ask for budgetary allocation of Rs91,000 crore for 2017-18, up 57% from the current year’s outlay. The road ministry would also seek permission to allow NHAI to borrow up to Rs59,000 crore from the markets for 2017-18 which is the same in the current fiscal. The development is positive read thru for road development sector including companies like IRB Infrastructure, IL&FS Transportation, Ashoka Buildcon, Sadbhav Engineering, Gayatri Projects, KNR Constructions among others.

Government decides to factor in indexed imported coal prices into new UMPPs; positive for the sector
New ultra mega power projects (UMPPs) based on imported coal may be insulated from uncertainties in fuel costs, with the power ministry deciding to factor in indexed imported coal prices into tariff for such plants. The ministry has agreed to use an index of prices of imported coal from Indonesia, South Africa and other coal exporting countries for calculation of electricity tariff from such plants. The ministry has agreed to provide for the escalation clause in bid rules. This will safeguard companies against unexpected changes in fuel costs that have adversely impacted the existing UMPPs based on imported coal.

Banking Sector: consortium of 19 public sector banks planning to convert their Rs 10,000 crore loans to Air India into equity – positive read through
A consortium of 19 public sector banks are planning to convert their Rs 10,000 crore loans to Air India into equity resulting in ~40% of Air India’s equity to be held by the consortium. The proposal may take up to six months to finalize. The move will help de-stress banks’ loans and will not only help the state-owned airline to rework its outstanding funds with the banks but also help the banks as stakeholders who can participate at the Board level in Air India’s decision making.

Tata Power to buy stranded power assets in India. It is planning to expand capacity by acquiring numerous underutilized plants instead of investing in expensive new facilities.

Indian Hotels (news came during market hours) - The Delhi High Court on Thursday gave the go-ahead to the New Delhi Municipal Council to proceed with the auction of the Tata Group-run Taj Mahal Hotel on Mansingh Road, dismissing aplea of the group arm Indian Hotels Company Limited (IHCL) against a September 5 verdict – negative for the stock
CESC- RPG group may reorganize power business; sentimentally positive for CESC
RPG group is evaluating the possibility of re-organising its power business facilitation consolidation of generation and distribution units. They have six companies namely Haldia Energy, Dhariwal Infrastructure, Crescent Power, Noida Power, Surya Vidyut and CESC engaged into power business. CESC also has both generation and distribution rights in West Bengal, Uttar Pradesh, and distribution franchisee in Rajasthan.  We believe consolidating the power business may be sentimentally positive for CESC.

Tatas approach sovereign funds to buy Mistry's stake
Set for a long legal battle, Mistry hires top lawyers to take on Tata
GMR wins $270 mn in Maldives arbitration case
Cabinet gives in-principle nod for strategic sale of PSUs
'Tata Steel's UK divestment, JV plan on track'
PNB Housing IPO sees 30 times oversubscription
India looks to cut tariff concessions on Chinese goods
MMTC ties up with banks to sell Indian Gold Coin
US charges 61 in India-based call center fraud racket
Maruti clocks record Rs 2,398-crore quarterly profit
India must rapidly urbanise over next 20 years: Arun Jaitley
Cairn India to invest $100 mn in Rajasthan gas fields
TVS Motor to launch BMW-based platform two-wheeler
Govt to shut HMT tractor unit, pay staff pending dues
Sun Pharma to acquire Ocular Technologies 
PSBs weigh proposal to convert Rs. 10,000 cr loans to AI into equity
Service tax dept to auction Mallya’s aircraft next month
Sugar Control Order extended by 6 months
MRF profit tumbles 14% on weak sales
Over 1,300 fresh FPIs register with SEBI in April-Aug
Rural revival raises its head in demand for automobiles
RBI spells out rules for start-ups to raise ECBs
Tata plea to stall auction of Taj Mahal Hotel in New Delhi rejected
United Spirits Q2 profit up 15.8% to Rs82.54 crore
Qualcomm to buy NXP Semiconductors in $47 billion deal
Hero MotoCorp invests Rs205 crore for up to 30% stake in Ather Energy
Sensex ends 255 points down, Nifty settles below 8,620;
Tech Mahindra Q2 net profit drops 17.5% to Rs 643 cr
JSW Steel posts multi-fold jump in Q2 profit at Rs 726 cr
Tata ousted Cyrus Mistry on trust deficit with biggest shareholder
Growth rebound in US masks demand picture that’s not as bright
Tata needs to be lauded for making Nano: Maruti chief
HUL net jumps 11.54% to Rs 1,095.6 crore
Tata group cos lose over Rs 26k cr in m-cap in 3 days
Tata Motors passenger vehicle sales up 10% in Q2
Srei launches platform for renting, selling equipments
Tata Steel responds to BSE, NSE on 18-b dollar ‘write-down’


1. Hero MotoCorp invests Rs 180 crore in smart scooter-maker Ather
2. Crossed 1 mn unit sales during festive period: Hero MotoCorp 
3. Mahindra acquires BSA Company and signs licencing agreement with Jawa
4. BSNL to reduce its workforce by 7% in 2017-18
5. GMR wins int'l arbitration against Maldives, gets $270 mn payout
6. Ericsson bags up to Rs 3,350 crore network deal from Airtel
7. LIC to infuse capital in Central Bank of India 
8. CARE upgrades Suzlon ratings to Investment Grade BBB

Thursday, 27 October 2016

27 October 2016 - Views & News


 Markets are likely to open weak. If the Nifty breaks and sustains below 8595, then a move toward 8507 (swing low) is likely. On the upside, 8658 – 8700 will act as a strong resistance. The Index continues to make lower top, lower bottom - indicating downtrend in the short term.

Nifty Spot Levels

Support 8595 – 8555 – 8507
Resistance 8656 – 8700 - 8737

 Market Update

Sgx Nifty -3 pts ‎Dow +30.06 pts ,Nsdq -33.13 , S&P -3.73 pts‎, Bovespa -40 pts  , Ftse -59 pts , Dax -47 pts  , Cac -6 pts , Nikkei  -11 pts  now, Crude @ $49.24 brl (-0.81), Brent @ $49.98 brl (-0.67) , Gold @ $1266.60 (+0.00), Silver @ $17.62 (-0.01), Euro @ $1.0909, JPY @ $104.5900, INR @ $66.8325


• Apple's results weighed on US stock prices on Wednesday after the technology giant posted its first annual revenue decline since 2001, while oil and gold prices slipped.
• Oil prices bounced off session lows for a time after the U.S. government reported a surprise drawdown in crude inventories, but oil ended lower on growing doubts that OPEC would cut production enough to drain a global oversupply.
• The Dow Jones industrial average rose 30.06 points, or 0.17 percent, to 18,199.33

Today's Corporate Action 27th  Ex Date

ASMTEC Interim Dividend - Rs. - 2.5000
BALFC Interim Dividend - Rs. - 0.5000
ECLERX Buy Back of Shares
HCLTECH Interim Dividend - Rs. - 6.0000
SUNILHITEC Stock  Split From Rs.10/- to Rs.1/-

 Key Results Today:

 ABB, Bajaj Finance, Bajaj Finserve, Dalmia Sugar, Dishman Pharma, Emami, Escorts, Essel Propack, FSL, Force Motors, Glaxo Smithkline, Glenmark, HCC, IFBInds, Infoedge, Inox leisure, Jubilant Life, Kewal Kiran, Kaya, Maruti, MRF, PVR, Tata Elxsi, TechM, Torrent Power, TVS Motor, United Spirits, VRL, Wonderla


ALERT: Tata Group: Cyrus Mistry hints at huge potential impairments of close to $18 billion for Tata group – Sentimentally negative for Tata Steel, Tata Motors, Tata Power and other debt laden units in telecomm services business
Erstwhile Tata group Chairman, Mr Cyrus Mistry in its letter to the board post his exit, has indicated at potential USD 10 bn impairment for Steel busniness and overall $18 bn potential impairments for the group, Negative read thru for Tata Steel and sentimentally negative for other Tata group stocks.

Sun Pharma announces US launch of Authorized Generics for Benicar , Benicar HCT , Azor and Tribenzor. All four product put together had recorded sales of US$ 2.5 bn for twelve months ending August 2016. In another development, Sun Pharma to acquire Ocular Technologies, which is developing a product named Seciera. This deal will enhance Specialty Ophthalmic Pipeline of Sun. Seciera is currently in a Phase-3 confirmatory clinical trial for the treatment of Dry Eye Disease, an inflammatory ocular disease – Positive for Sun Pharma

Dr Reddy's Laboratories has entered into a collaboration with Gland Pharma to market and distribute a diverse portfolio of eight injectable ANDAs in the US market –Positive for Dr Reddy; read thru
The portfolio is a mix of filed ANDAs and pending approval by the USFDA and applications that will be filed imminently, and comprises of generic injectables administered in hospitals and clinics in America. Dr Reddy's is developing its injectable business in the US and recently launched Paricalcitol injection.

Fertilisers: The government is planning to implement the  direct benefit transfer (DBT) scheme in the fertilizer sector to provide Rs 75,000 crore annual subsidy to farmers. This is post successful implementation of the pilot program in 16 districts. Further the media reports the government plans to compile all data in the fertilizer sector by next Kharif season and prepare plans for implementing the DBT in fertilizer sector, especially urea subsidy. Positive for Fertilizer sector - players like Chambal Fertilizers, Coromandel International, GNFC, Zuari among others.


Hero Motocorp has reported a strong set of numbers for Q2FY17 with the top line growth of 14.5% YoY to Rs 7,796 crore. OPM’s expanded 150 BPS YoY to 17.6% driven by raw material savings and operating leverage while the PAT is up 28% YoY to RS 1,004 crore. The numbers came in ahead of estimates.

Thomas Cook India (TCI) total revenues grew by 57%yoy to Rs2092.2crore driven by 125%yoy growth to Rs959crore in travel and related services segment, while Human resource and vacation ownership segment revenues grew by above 25% each during the quarter. TCI’s consolidated OPM has improved by 130BPS to 3.3% (but lower 220BPS sequentially) on account of higher contribution of low margin businesses to overall revenues during the quarter. The operating profit grew by 160.1%yoy to Rs68.4crore and the reported PAT stood at Rs20.0crore (as against reported loss of Rs6.8crore in Q2FY2016).


Sun Pharma to acquire Ocular Technologies, which is developing a product named Seciera. This deal will enhance Specialty Ophthalmic Pipeline of Sun. Seciera is currently in a Phase-3 confirmatory clinical trial for the treatment of Dry Eye Disease, an inflammatory ocular disease
Sun will acquire Ocular Technologies, Sarl (OTS), a portfolio company of Auven Therapeutics (Auven), an international private equity company focused on accelerated development of breakthrough therapeutic drugs. OTS owns exclusive, worldwide rights to Seciera™ (cyclosporine A, 0.09% ophthalmic solution). Sun Pharma will pay Auven US$ 40 million upfront, plus contingent development milestones and sales milestones as well as tiered royalty on sales of Seciera™ as consideration for this acquisition.  The transaction is subject to approval of the US Federal Trade Commission and other closing conditions, and is expected to be completed by end of 2016.

Hero Motocorp to invest Rs 205 crore for 26-30% stake in electric vehicle company Ather Energy Pvt Ltd
Hero Motocorp’s board has approved an investment of up to Rs 205 crore, in one or more tranches, for approximately 26-30% stake Bangalore based Ather Energy Private Limited. Ather is technology start-up engaged in the business of designing and manufacturing smart Electric Vehicles (EV) and associated charging infrastructure. Hero MotoCorp intends to enhance its participation in the EV space by pursuing its internal EV program in addition to partnering with Ather

Gulf Oil Lubricants, Bajaj Auto tie-up for lubricants; positive read thru
Gulf Oil Lubricants India Limited (GOLIL) has entered into a strategic Original Equipment Manufacturer tie-up with Bajaj Auto Limited to manufacture and supply lubricants. Under this tie-up, Gulf Oil will manufacture Bajaj Genuine Oil and distribute these lubricants in Bajaj Auto’s dealer network as well as tap into the bazaar market through Gulf’s dealer network and in rural areas. These lubricants are available in two variants, 10W-30 (for bikes up to 100 cc) and 20W-50 (for bikes above 100 cc).


Bourses seek clarification from Tatas on Mistry letter 
Iran gives ultimatum to OVL on gas field development
Tatas staring at $18 bn in writedowns: Cyrus Mistry 
India's goods losing Chinese market: Report
Cabinet may consider advancing Budget to February 1 today
Resolve core issues, not just financials: Industry
Airtel readying 4G bundled offers to take on RJio
I-T dept uncovers tax evasion of Rs 38,000 cr
Hero drives to a record profit of Rs 1,004 cr
Tata Steel UK's speciality steel business sale put on hold
Cabinet to take up divestment proposals today
Over Rs 37,000 cr LIC assets at stake as titans clash in Tata
Govt agencies procure 34,546 tonnes of kharif pulses till October 25
LIC buys over 50% of NBCC shares, invests Rs 1,200 cr
ITC profit jumps 10% in Q2
My removal is unparalleled in corporate history: Mistry
Oil price declines weigh on European markets
Dabur consolidated profitup 5% in Q2 on flat revenues
India, Iran move closer to conclude gas field deal
Navneet acquires Britannica India’s curriculum division
Signs of stabilization emerge at Dr Reddy’s Laboratories
PNB Housing Finance IPO subscribed 57.7% on Day 2
Regulator prescribes relaxed norms for price-capped drugs
Tata Sons dividend payout steady for last decade
RBI urges public to check R500, Rs1000 currency notes carefully
Syndicate Bank Q2 net profit falls 75.2% on bad loans
Sensex ends 255 points down, Nifty settles below 8,620;
India, New Zealand agree to amend tax treaty, boost trade
RBI probably cannot bring down inflation to 4% sustainably
GST Council sets 14% revenue growth as uniform, secular growth rate for all States: Arun Jaitley
Government mulls doing away with 'wireless operating licence'
Mahindra aims to double electric car sales in FY17
Airtel starts overseas roaming scheme with free incoming calls
Sebi orders attachment of bank, demat a/c of Arise Bhoomi
India ranks 13th in protection of minority investors
India is a very important market for Watson: IBM


1. Jio entry queers pitch for Airtel data growth
2. Riding on record volumes and favourable raw material prices, Hero MotoCorp on Wednesday reported its best ever quarterly profit of Rs 1,004 crore in the July-September  period, a 28 per cent jump over last year.
3. Tata Steel UK's speciality steel business sale put on hold
4. Ratan Tata's comeback seen as a positive by UK workers
5. ONGC Videsh Farzad B gas discovery: India-Iran gas deal delayed again
6. Tata Steel, JSW to drive coking coal import to a record 46 million tonnes
7. Vodafone fined £4.6 mn for failing UK customers
8. After posting an operating profit of Rs 105 crore, Air India expected to soar higher

Wednesday, 26 October 2016

26 October 2016 - Views & News


Markets are likely to open on negative note back on weak global clues, Nifty is stuck in a narrow range of 8650 – 8750. It has multiple resistances in the zone 8700 – 8746. As there are no signs of a trend reversal, the bias remains negative for the short term.

Nifty Spot Levels

Support 8652 – 8595 – 8555
Resistance 8746 – 8806 - 8848

 Market Update:

Sgx Nifty -33 pts ‎Dow -53.76 pts ,Nsdq -26.43 , S&P -8.17 pts‎, Bovespa -193 pts  , Ftse +31 pts , Dax -3 pts  , Cac -11 pts , Nikkei  -56 pts  now, Crude @ $49.25 brl (-0.75), Brent @ $50.79 brl (-0.67) , Gold @ $1275.30 (+1.70), Silver @ $17.77 (-0.01), Euro @ $1.0886, JPY @ $104.1500, INR @ $66.8250


• US stocks slipped from two-week highs on Tuesday as results and forecasts from companies in sectors including housing and consumer products failed to live up to expectations.
• Poor results of Whirlpool and Sherwin William’s were an indication to some analysts that the housing sector may be cooling.
The Dow Jones industrial average fell 53.76 points, or 0.3 percent, to 18,169.27.
• Futures were also pressured after the bell by a late decline in oil prices after data showed a bigger-than-expected build in US crude inventories.

Today's Corporate Action 26th  Ex Date

BHAGIL Stock  Split From Rs.10/- to Rs.5/-
DHFL Interim Dividend - Rs. - 1.0000

Companies announcing their results today (Oct 26, 2016) and estimated time of announcement (based of past announcements)

Ajanta Pharma 12:43 to 15:00
Amarjothi Spin 11:21 to 12:30
Andhra Petro 14:32 to 15:46
Aruna Hotels 11:23 to 20:02
Arvind Infra 13:24 to 14:07
Ashirwad Steel 11:54 to 18:02
Asian Granito 12:56 to 17:49
AYM Syntex         14:43 to 19:24
Bervin Invest     10:53 to 15:09
Bharat Immuno 12:09 to 14:04
BLB        18.40 to 22.11
Bliss GVS 08.52 to 19.26
Cadila Health 11.24 to 18.23
Canara Bank 13.26 to 16.52
Coromandel 13:06 to  14:29
Cummin india 11:48 to 17:12
Dabur india 13:16 to 14:45
Dalmia bharat 08:11 to 20:16
Deepak nitrite 14:20 to 19:29
Dr agarwals eye  13:02 to 16:35
Emami paper 15:07 to 16:26
Excel Crop Care 13:56 to 18:11
Exide Ind 16:58 to 17:50
Forbes Gokak 15:30 to 19:18
Graviss Hosp 10:21 to 12:39
Hawkins Cooker 12.23 to 16.30
HDFC 13.52 to 17.15
Hero Motocorp 13.19 to 18.09
HICS Cements
Hinduja Venture 14.18 to 19.49
HUL 14.10 to 17.52
IIFL Holdings 13:51 to 17:50
Indian Hume 15:45 to 17:47
Indo Tech Trans 09:39 to 17:58
Indoco Remedies 11:36 to 13:12
Intl Paper APPM 11:28 to 18:20
Invest and Prec 11:28 to 18:20
ITC 15:11 to 19:42
JK Lakshmi Cem 16:23 to 17:27
JSW Energy 13:40 to 15:48
Jubilant Food 15:34 to 19:36
Just Dial 07:44 to 08:06
Kanani Ind 11:10  to 15:18
Kirloskar Bros 14:52 to 18:49
Lahoti Over 17:42 to 20:14
Lakshmi Machine 13:48 to 18:25
Laser Diamonds 14:48 to 19:10
Mah Scooters 12:28 to 14:15
Manugraph Ind 13:29 to 16:45
Mirch Tech 17:33 to 18:37
Modella Woollen 15:28 to 15:51
Motilal Oswal 15:28 to 20:00
Munjal Showa 12:00 to 14:54
Neelkanth Techn 15.07 to 18.29
OCL India 08.46 to 16.08
Oriental Hotels 13.48 to 18.23
PNB Gilts 08:39 to 16:18
Progressive Ext 13:56 to 17:24
R Systems Intl 08:13 to 13:02
Ramgopal Polyte 13:33 to 17:50
Raunaq EPC Int 08:33 to 15:39
Raymond 17:03 to 19:18
Religare Enterp 13:52 to 16:53
Sadhana Nitro 09:11 to 19:49
Sagar Cement 08:43 to 17:42
Shaba Chemicals 12:05 to 16:57
Shanthi Gears 13:54 to 19:13
Shilchar Techno 15:10 to 19:05
Shriram Asset 14:57 to 17:23
SKM Egg Product 14:44 to 16:19
Smartlink Net 08:43 to 16:47
Somany Ceramics 13:31 to 18:36
State Bk Travan 08:04 to 18:13
Super Sales 11:32 to 15:45
Swastik SafeDep 14:12 to 19:56
Syndicate Bank 14:05 to 16:30
Thomas Cook 08:31 to 14:51
Torrent Pharma 17:17 to 19:54
TRC Finance 14:56 to 17:36
Triveni Glass 14:16 to 15:43
Vatsa Corp 10:38 to 17:02
West Leisure 16:08 to 16:36


Alert: Bharti Airtel to sell significant stake in Bharti Infratel, positive for Bharti Airtel and if proposed stake sell more than 26% will trigger open offer for Bharti Infratel (positive)
Bharti Airtel will monetize significant stake in its tower ​unit Bharti Infratel, the company told stock exchanges post the Q2 earnings , without giving a timeline on when a transaction will be completed.
The company did not divulge how much stake it would put on the block for buyers. Bharti Airtel holds nearly 72% in unit Infratel.​The final outcome of this exercise will be placed before the Board for approval, before any final decision is taken.

PI Industries Q2FY2017 result First Cut: Strong performance across parameters, earnings grew by 78% YoY; Nos beat estimates on the operating front

Aurobindo Pharma, sets US FDA Approval For Ethinyl Estradiol Tablets, positive read-thru


Delta Corp registered strong performance in Q2FY2017 with revenues growing by 44%yoy to Rs134.3crore and the operating profit growing by 82%yoy to Rs56.7crore (OPM stood at 42.2% in Q2FY2017 as against 33.4% in Q2FY2016). This along with lower interest cost led resulted in exceptional growth in PAT, which stood atRs32.2crore in Q2FY2017 as against Rs4.13crore in Q2FY2016.

PI Industries has posted a strong set of numbers for Q2FY2017 across parameters, top line up by 22% YoY while earnings grew by 78% YoY; (details in Investment Calls)

Asian Paints Q2FY17 consolidated results: Strong operating performance. Its has reported a strong operating performance for Q2FY2017. The consolidated revenues were up 10.2% YoY to Rs 4232.5 crore on the back of a low double digit volume growth, while there were no price hikes being taken by the company during the quarter.


Welspun Corp: Q2FY17 result : Weak numbers,
For Q2FY17, consolidated revenues were down 43% yoy to Rs1206.8 crore, while OPM declined by 600bps yoy to 5.8%. Net income turned negative at Rs33.6 crore against a profit of Rs88.2 crore in FY16. Delay in large projects led to weak numbers for the quarter. Further, management expect decision on some high profile projects in the next few quarters, which could provide business visibility. However, management indicated at challenging business environment, due slowdown in oil and gas sector


TCS: N. Chandrasekaran join Tata Sons Board
Tata Sons appointed N. Chandrasekaran, CEO and Managing Director of TCS and Ralf Speth, CEO of Jaguar Land Rover as additional directors on the Tata Sons Board. This takes the Board count to 11 members.

L&T Infotech to buy Pune-based analytics startup for about Rs 7 crore
L&T Infotech would buy Pune-based analytics startup Augment IQ to gain access to its big data platform that is currently used by credit bureaus, large banks as well as regulatory agencies. The company announced that the acquisition was made at an enterprise value of Rs 7 crore on a ‘nil cash nil debt’ basis. The startup had revenue of Rs 2.4 crore in FY16.

M&M restructures two wheeler business; to focus on premium niche segments
After struggling for eight long years in the two-wheeler business despite investing close to Rs 1,000 crore, Mahindra & Mahindra is finally re-aligning itself to focus on the premium niche segment. M&M has stated it will no longer invest in the domestic motorcycle mass segment and instead focus on the premium segment (M&M recently introduced Mojo motorcycle in the 300 cc sports category). Further with recent acquisition of 60% stake in Classic Legends, M&M is trying to position itself as a lifestyle two-wheeler company, with brands such as BSA and Jawa. M&M will revive BSA brand (a UK based premium motorcycle brand) with focus on US and Europe markets. Further, Jawa brand bikes will be manufactured at Mahindra Two Wheelers' Pitampur plant in Madhya Pradesh and will be initially marketed in Indonesia and Vietnam. With focus on premium niche segment, M&M investment in the two wheeler business would come down and the company can look at a faster turnaround of the business.


Govt set to ask RIL, Shell, ONGC to pay $1 bn
Cash availability to slow trickle down of RBI's rate cuts
Indian economy can reach USD 6-8 trillion mark in 15 years: Arvind Panagariya
Ralph Speth, N Chandrasekaran join Tata Sons
Recommendations on free data architecture soon: TRAI
Maharashtra, Karnataka cane farmers to demand Rs 3200/tonne as first installment
Govt allows 100% FDI in ‘other financial services’
Power gencos face penalty as coal demand hits a low
Consolidation, clearing telecom mess top agenda
FinMin looking at 1-2% cut in corporation tax in FY18 Budget
Singapore's CapitaLand sets up $1.5 billion private equity fund for China
Insolvency and Bankruptcy Law to be operational by Dec
HDFC Bank net profit at Rs 3,455 cr, up 20% in Q2
Brokers to raise concerns on penalty, compliance costs with sebi
No caveat filed in any court, clarifies Cyrus Mistry's Office
Apex court tells Mallya to disclose his foreign assets in a month
Determined to implement GST from April 1: Eco Affairs Secy
L&T Infotech to acquire analytics start-up AugmentIQ
IMD declares cyclone 'Kyant' in Bay of Bengal
Prudential Financial raises stake in DHFL Pramerica to 49%
Axis Bank's Q2 profit plunges 83% to Rs319 cr on bad loans
PNB Housing Finance’s IPO draws 20% bids on Day 1
BigBasket seeks govt’s approval for Rs100 crore FDI
Reliance Jio free offer impact on rivals likely by Q3: analysts
Airtel Q2 profit declines 4.9% as data tariffs cut amid competition
IDBI Bank Q2 profit halves to Rs56 cr as NPAs nearly double
Sensex ends 88 points down, Nifty settles below 8,700
Government has strategic control;no threat to tax data: GST Network Chairman
IMF urges African states to cut deficits as growth grinds lower
Idea Cellular slips over 3% on posting 88% decline in consolidated Q2 net profit
Salaried tax payers to get SMS alerts on TDS deductions
'Mistry's ouster may be good for Tata Steel's UK ops'
FIIs remain overweight on Indian markets: UBS
Focus on mkt leadership, investor returns: Tata to CEOs
MFs see Rs 16k cr inflow in Sep; Rs 2.34L cr in H1
CBDT to issue certificates to 10.15 lakh taxpayers
TPREL inks pact with SECI for 100mw AP solar project


• State Bank of India (SBI) on Tuesday said it has raised Rs 2,500 crore from bonds to fund business expansion.
• Mahindra revamps its struggling 2-wheeler biz
• Power gencos face penalty as coal demand hits a low
• Arvind divests 10% in subsidiary to private equity firm for Rs 740 crore
• RIL signs $573 million loan facility for six ethane carriers
• Airtel launches 4G services on 10 MHz of 1800 MHz band spectrum in MP, Chhattisgarh
• L&T Infotech announces the acquisition of Pune-based start-up AugmentIQ

Tuesday, 25 October 2016

25 October 2016 - Views & News


Markets are likely to open flat to positive. Nifty has multiple resistances in the zone of 8700 – 8746. As of now, there is no technical evidence of a trend reversal and hence the bias remains negative for the short term. In the near term, 8652 – 8595 levels will act as support whereas 8746 – 8800 levels will act as a stiff resistance.

Nifty Spot Levels

Support 8652 – 8595 – 8555
Resistance 8746 – 8806 - 8848


• The S&P 500 hit a two-week high on Monday on the back of strong earnings, while a flurry of acquisitions indicated corporate America continues to see untapped value in the market.
• The Dow Jones industrial average rose 77.32 points, or 0.43 percent, to 18,223.03, the S&P 500 gained 10.17 points, or 0.47 percent, to 2,151.33 and the Nasdaq Composite added 52.43 points, or 1 percent, to 5,309.83.
• Asian shares edged higher on Tuesday while the dollar stood firm as upbeat US earnings boosted Wall Street and factory surveys in the United States and Europe boasted their best readings so far this year.


Alembic Pharma, Arvind, Bharat Bijlee, Crompton Greaves Consumer, Deep Industries, Delta Corp, Elantas Beck, Federal Bank, Filatex, Gandhi Special Tubes, Geometric, Granules, Gujarat Sidhee, Hexaware Tech, ICICI Prudential ,IDBI Bank, IDFC Bank, IFB Agro, Indiabulls Ventures, Jyothy Labs, Kokuyo Camlin, KSB Pumps, L&T Finance, MCX, Meghmani Organics, M&M Financial, MPS, Ortel Communication, PI Industries, Royal Orchid Hotel, Shakti Pumps, Shemaroo, Shriram Transport Finance, SBM, Symphony, Tata Investment Corporation, Tinplate Company of India, Visaka Industries, Welspun Corp, Zydus Wellness 

Today's Corporate Action 25th  Ex Date

MITL Stock  Split From Rs.10/- to Rs.1/-
VFL Stock  Split From Rs.10/- to Rs.1/-
VKJINFRA Stock  Split From Rs.10/- to Rs.1/-


Alert: In a sudden move, the Tata Group announces unceremonious exit of Cyrus Mistry from Chairmanship of Tata sons – Negative for Tata group companies especially Tata Steel which was on verge taking measures to reduce pain from UK operations; also creates uncertainty related to appointment of new chairman and his vision for the group along with possible boardroom tussle with Shapoorji group in future.

Alert: Supreme court dismisses pharma companies plea against NPPA’s 2014 notification to regulate prices of 108 diabetic and cardiac drugs – Negative for Cipla, Dr Reddy, Sanofi, Pfizer etc  as SC has also has asked NPPA to go ahead and collect the pending recoveries (penalty amount) from the pharma companies.

Alert: Idea Cellular reported weak results with 58.5% dip in bet profits sequentially with margin decline of 1.9% to 30.5% in Q2. The competitive intensity is hurting revenue growth and margins of incumbent operators; except Bharti also to react negatively in anticipation of higher than expected weakness as reflected in Idea results.

Glenmark gets USFDA approval for Nystatin and Triamcinolone Acetonide Cream used to treat fungal skin infections and to reduce the inflammation and itching that occurs with the infection.  – Positive for Glenmark

Textile sector - Government plans to conduct road-shows to promote the country's textiles in non-traditional markets like Russia, South America and select countries in West Asia (especially in the countries which are relatively free from turmoil like Saudi Arabia, Kuwait, Qatar and the United Arab Emirates); textile exports remained flat in2015-16 at $40 billion – positive read through for textile companies (including Trident, Arvind and other export oriented textile companies) 


Navin Flourine has reported a strong set of numbers for Q2FY17. The net revenues are up 21% YoY to Rs 183 Cr on the back of an improved demand scenario. The OPM’s for the quarter expanded 130 BPS YoY driven by benefits of operating leverage. Consequently the EBITDA was up 28% YoY to Rs 41 Cr. The company reported an exceptional gain of Rs 27.33 Cr on account of profit on sale of part stake in group companies (Mafatlal Industries and NOCIL).  Adjusting for this the PAT was up 21% YoY. Further, the company has declared an interim dividend of Rs 11 per share (110%) and a special dividend of Rs 7.5 per share (75%) for FY2016-17. The record date for the payment of dividend is fixed at 7th November 2016. 

Rallis India has reported a strong set of numbers for Q2FY17. The consolidated net sales grew strongly by 22% YoY to Rs 548.8 Cr, while the consolidated OPMs remained flat as raw material prices hardened. However the benefits of operating leverage partly negated the impact of the rising input cost. Consequently the EBITDA was up 18% YoY to Rs 104 cr. A lower interest cost and depreciation expense resulted in the consolidated adjusted PAT rising 32% YoY to Rs 65 cr


GSFC reported a weak set of numbers for Q2FY17. Total income fell 8.6% YoY to Rs 1,657.95 crore for the quarter. The net profit declined 12% YoY at Rs 125.01 crore for the quarter ended September as against Rs 142.14 crore as of Q2FY15.

Idea Q2FY2017 results: Weak quarter
§  Revenues were down 2.0% qoq and up by 7.2% yoy (lowest ever growth reported by the firm). Voice RPM declined by 3.5% qoq to 33.1 paisa. However, data revenues grew by 2.8% qoq.  
§  EBITDA declined owing to lower revenues and higher SG&A expenses. EBITDA declined 7.6% QoQ to Rs2,840.3 crore and margin contracted by 187 Bps to 30.5% in Q2FY2017 on higher operating expenses.
Net profit declined by 58.5% qoq to Rs 91.4 crore


NBVL to sell its stake in a project that is developing power plant in Lao; the deal is profitable and no more funding requirement in future – positive read thru
Nava Bharat Ventures has entered into a “Sale and Purchase Agreement” with Chaleun Sekong Group Sole Co. to sell its stake (70% equity stake) in NPCL which has been developing the 150 MW Hydel Power Project in Lao PDR, for a consideration of US$ 10.15 million (Rs 68 crore). Important to note that the transaction was profitable and NBVL is not required to invest any more.

Adani Petronet (Dahej) Port Pvt (APPPL), a joint venture of Adani Enterprise and Petronet LNG, has received green clearance for the third phase expansion of its Dahej port in Bharuch district of Gujarat that will entail an investment of about Rs 464.32 crore. The third phase expansion will entail raising cargo-handling capacity to 23 mtpa from 11.7 mtpa. positive read thru for Adani Enterprise and Petronet LNG. 

ONGC is considering issuing bonus shares rather than cash dividends as a method of rewarding shareholders, as per media reports. This will be decided during the up coming board meet on 27th of October 2016. Positive read thru. 

Jyothy Laboratories - CARE upgrades long term rating from CARE AA- to CARE AA – positive read through for the stock

Sun Pharma to have a Board Meeting on 10 Nov 2016 to consider proposal for merger of 4 wholly owned subsidiaries with itself – Neutral for Sun Pharma
Bosch India rolls out new products for the non auto sector- positive read thru
Bosch India unveiled a range of connected and smart solutions for diverse industrial sectors to enhance productivity and operational efficiency. The company has  rolled out power tools for the construction, metal and wood working industry and connected solutions for the agriculture sector. 


Ratan Tata writes to PM Narendra Modi
Shapoorji and Pallonji to contest Mistry's ouster
NITI supports multiple rates, cess under GST
Ratan Tata seen as adverse to exiting UK biz
RBI calls stakeholders for meet on security breach
PSUs to take over stressed assets: Arun Jaitley
SC to hear if bank defaulters can be made public
Cyrus Mistry removed as Tata group chief, Ratan Tata returns
CCI okays RPG Life's acquisition of Sun Pharma brands
Now, RBI takes charge of monitoring card data breach
Sebi's proposed algo trading rules could cast shadow over bourse IPOs
Reliance Capital posts Rs 253 cr profit in Jul-Sep
Multiple-rate GST will be disastrous: Chidambaram
ONGC to discuss bonus issue on Thursday
Adani Enterprises standalone net down 63% in Q2
MCX to set up disaster recovery centre in Gift City
Idea Q2 profit slumps 88% to ₹92 cr on rising expenses
Micro-insurance agents can sell crop insurance products: IRDAI 
PNB Housing Fin IPO opens on Tuesday
Investments in agriculture, food sectors hit five-year low: study
Sebi finds some more brokers gained unfair access to NSE systems
GSK seeks US approval for potential $1 billion shingles vaccine
JSW Cement capacity expansion by 2018; partners with Australian firm
Microsoft to increase UK prices of enterprise products, citing falling pound
Sensex ends 102 points up, Nifty settles above 8,700
Adani Power net loss narrows to Rs 114 crore in July-September quarter
Embraer reaches $205.5 mn graft settlement with US, Brazil
Cyrus Mistry to move Bombay High Court against his removal
FIs can buy up to 30% stake in Aditya Birla Nuvo
57 borrowers owe banks whopping Rs 85,000 crore
Sebi issues disclosure norms for listed insurance cos
Rupee takes another tumble, falls 3 paise
FIs mull options to shift operations to home country


1. Future Consumer Enterprise name changed to Future Consumer
2. Jyothy Labs - CARE upgrades long term rating from CARE AA- to CARE AA
3. Sun Pharma BM on 10 Nov to consider proposal for merger of 4 subsidiaries with itself
4. Nava Bharat Ventures To sell stake in 2 subsidiaries worth $10.15mn 
5. KEC International BM on 27 Oct to consider NCDs up to Rs275cr 
6. Syndicate Bank issued NCDs worth Rs1000cr
7. Capital First BM on 27 Oct to consider issue of NCDs
8. Bharti Defence attempts to get co. regidter as sick unit fell flat: FE 
9. Emami Group  to invest 8500 cxr in cement arm: BS 
10. CCI gives nod to Fortis, SUN Pharma deal 
11. HCL Tech Appoints C Vijayakumar As CEO 
12. RBI Allows FII Limit In Aditya Birla Nuvo To Be Raised From 24% To 30%

Monday, 24 October 2016

24 October 2016 - Views & News


 Indian markets are likely to open on flat to positive note. The market is in range of 8800 and 8500. Nifty could be in sync with global markets. The support for Nifty is at 8595 level.

Nifty Spot Levels

Support 8642 – 8595 – 8555
Resistance 8746 – 8806 - 8848


• The S&P 500 and the Dow were little changed and the Nasdaq advanced on Friday as a record day for Microsoft and earnings from McDonald's helped offset a fall in energy and healthcare shares.
• A stronger dollar, which touched its highest level since early February, also pulled on sentiment as it could dent the earnings of large multinationals.
• The Dow Jones industrial average fell 16.64 points, or 0.09 percent, to 18,145.71.


Axis Bank   , Idea Cellular   , Bharti Infratel   , Adani Enterprises   , Adani Power   , Adani Transmission   , Indiabulls Real Estate   , Reliance Capital   , Tata Metaliks, Thyrocare Technologies, Adi Finechem, Aditya Birla Money, Ador Welding, Adore Multiproducts, Ajmera Realty, Atishay, Balaji Amines, Bharat Bhushan, Capital Trust, Coromandel Engineering, GeeCee Ventures, Greenply Industries, GSFC, Indag Rubber, Indian Metals, Johnson Control, Kirloskar Ferro, KPR Mill, Lloyds Metals, Mahindra CIE, Muthoot Capital, Navin Fluorine, Parrys Sugar, Rallis India, Rane Madras, Ruchira Papers, Saurashtra Cement, Shree Precoated Steels, Span Diagnostic, Supreme Petrochem, Swaraj Engines, Wendt


Alert: Supreme court supports National Pharmaceutical Pricing Authority (NPPA) on drugs price capping – Negative for Cipla & Dr Reddy.
Supreme Court has supported government’s decision of clamping ceiling prices on drugs even without first fixing the rules. It’s a bitter pill for many domestic pharma companies as they will now have to pay the fine for overcharging of drugs (who were challenging NPPA under the above mentioned ground). More than Rs 3,500 crore claimed by NPPA from the industry for overpricing has been stuck in various courts for nearly two decades, with the companies challenging the demand. Cipla alone is facing claims of Rs 1,768.51 crore, according to its latest annual report.

Alert: Mindtree Ltd: Disappointing quarter, cautious outlook, stock to react negatively in trade

Larsen & Toubro plans to raise $500 mln through a qualified institutional placement (QIB). The issue is expected to be launched in a few weeks after getting the board and shareholder approvals - Additional supply could put pressure on stock price

Tata Motors lines up slew of models to take on rivals; eyes third position in the domestic passenger vehicle space by 2019-20; positive read thru..(details in other news)

The Telecom Regulatory Authority of India (TRAI) recommended a combined fine of Rs 3,050 crore on service providers Idea Cellular and Bharti Airtel, along with the Indian subsidiary of Vodafone, for denying sufficient interconnect points to Reliance Jio, sentimentally negative for Bharti Airtel and Idea

KDDL along with Titan has entered into a strategic partnership with Raymond Weil for exclusively retailing Raymond Weil watches in India – positive read through for KDDL

ICICI Bank, Axis Bank: ICICI Bank, Axis Bank, StanChart get back $2.5 billion of Essar loans – positive read through
The Essar Group, after signing a mega $12.9-billion asset sale in its oil business, has paid back the three banks i.e. ICICI Bank, Axis Bank and StanChart an  $2.5 billion (estimated) as part of the first payment for their debt exposure to the conglomerate. The two banks together had an exposure of $1.5 billion and will get back nearly half of their money or about $770 million in cash while further $750 million of debt will get transferred to Rosneft-led consortium and Essar's ports and other businesses, as per the terms agreed upon by them.


LG Balakrishnan & Bros reported strong set of numbers for Q2FY2017. Topline grew 10% yoy to Rs 310 cr aided by demand improvement from key two wheeler segment. Operating margins improved 200 bps yoy to 14.7% mainly driven by lower raw material costs. Net Profit grew strongly 22% yoy to Rs 21.1 cr.


ACC Q3CY2016 result highlights (standalone): Lower volume and muted realization dents earnings
·         The net sales for the quarter decline by 9.7% YoY to Rs2,519 crore. Decline in revenue was on account of decline in both volumes (down by 9.6% YoY) and realization (down by 0.1% YoY).
  • During the quarter there was OPM decline of 39 basis point YoY to 10.9%. Hence, Ebidta/tone declined by 3.6% YoY to Rs539. Operating profit declined by 12.8% on yoy basis to Rs273.4cr.
  • Reported earnings for the quarter stood at Rs84.1 crore as against Rs117.0 crore, a decline of 28.1% YoY on account of 31% YoY increase in interest cost. The stock is not under our active coverage and we do not have any rating on the stock.
 Mindtree Ltd: Disappointing quarter, cautious outlook, stock to react negatively in trade
Revenues for the quarter was down by 3% qoq (-1.5% qoq on CC term), on account of project delay and pricing pressure. OPM declined by 220 bps qoq to 12.5%, net income for the quarter was down by 23% qoq to Rs94.8 crore. Management has given  cautious outlook for Q3FY17 and expect some revival by Q4FY17.

Fund Raising

L&T plans to raise $500 million (Rs 3350crore) via QIP


KDDL along with Titan has entered into a strategic partnership with Raymond Weil for exclusively retailing Raymond Weil watches in India – positive read through for KDDL
KDDL Ltd's subsidiary, Ethos Ltd., along with Titan has entered into a strategic partnership with Raymond Weil for exclusively retailing Raymond Weil watches in India. Raymond Weil will exit from all other retailers in India and will now be exclusively available only at Ethos and Helios stores - the retail arm of Titan Co. Ltd. Raymond Weil belongs to the limited circle of independent family companies creating elegant and refined watches for men and women.

Tata Motors lines up slew of models to take on rivals; eyes third position in the domestic passenger vehicle space by 2019-20; positive read thru
Tata Motors is lining up a slew of new products, including a compact SUV, premium hatchback and an executive sedan and is targeting to become the third biggest passenger vehicle maker in India by 2019-20. Tata Motors which is currently at the 5th position in volume terms is looking to fill in gaps in its product portfolio as its current models cover only 60% of the passenger vehicles segment. The company is absent in segments such as the premium hatchback, executive sedan and compact SUV segments. With the launch of Hexa SUV in January 2017, the company is aiming to cement its position in SUV space. To enhance appeal to the consumers, Tata Motors has also re-crafted its design philosophy (called the Impact design) and focused on the design aspects which are international in nature. 

Procter & Gamble plans Walmart-like pact with Future Group to increase sales in India– Long term positive for P&G India; sentimentally negative for HUL as P&G is one of the strongest competition in Detergent and Shampoo segment
Procter & Gamble (P&G is exploring a long-term partnership with Future Group that could involve joint sales forecasting and planning, exclusive product releases, embedding officials at each others’ headquarters and even supply-chain initiatives. It could be a similar partnership that P&G has with Walmart in the US where they share data on consumer behaviour, plan product launches and even lean on each other for supply-chain initiatives. P&G’s three entities in India sell products ranging from detergents and shampoo to razors and sanitary napkins.

 Tata Motors (Jaguar) launches its SUV F Pace in India starting Rs 68.40 lakh; positive
Jaguar has launched its first ever performance SUV in India, the all-New F-PACE, priced at Rs 68.40 Lakh (ex-Delhi). With dynamic design language and practicality at its core, the All-New Jaguar F-PACE is already setting benchmarks globally. JLR has been selling 5,000-6,000 units on monthly basis globally. Visually inspired by F-TYPE, the all-new Jaguar F-PACE is a performance SUV that has the DNA of a sports car.

RIL set sign $600 million pact with Samsung Heavy Industries for six ethane carriers and also forays into LPG retailing; positive read thru
Reliance Industriesis set to buy six very large ethane carriers (VLEC) from South Korea’s Samsung Heavy Industries Co Ltd for $600 million, which will carry liquefied ethane, from the US to RIL’s refinery in Jamnagar off the coast of Gujarat. By importing ethane RIL could save Rs2000 crore annually. RIL has already invested in storage and capacity agreements for liquefaction and export of ethane with a North American terminal, which will improve the long-term competitiveness of the cracker portfolio through dedicated feedstock, enhanced margins, higher capacity and end-to-end integration. In othe news, RIL has forayed into cooking gas retailing, launching a 4-kg LPG cylinder on pilot basis in 4 district. We beleive both news is positive read thru for the company.

Mahindra launches e2o Plus electric hatchback; price starts Rs 5.46 lakh in Delhi
Mahindra Electric launched its new electric CitySmart car, the ‘e2oPlus’ at a starting price of Rs. 5.46 lakh. The price is for the P4 variant ex-showroom Delhi, post state subsidy and FAME incentive. The car will cost a lot more in other cities that don't enjoy any such incentives. On a full charge, the Mahindra e2oPlus can travel for upto 140 km and can achieve a top speed of 85 kmph. As per the company, charging the e2oPlus is as simple as charging a mobile phone. The model is available in 4 trim levels (P2, P4, P6, P8) and four colours namely Coral Blue, Sparkling Wine, Arctic Silver, Solid White.

Punj Lloyd: IDFC fund buys 3 solar assets of Punj Lloyd Infra – Positive for the stock
The India Infrastructure fund of IDFC Alternatives is buying three solar projects in Punjab and Rajasthan from Punj Lloyd Infrastructure as per media reports. IDFC paid about Rs100 crore for three solar projects with a total capacity of 45MW. The development is positive for Punj Lloyd.

Apollo Tyres setting up 475 mn euro greenfield plant in Hungary; to begin operations in early  2017

Apollo Tyres is setting up Europe's largest greenfield plant in Hungary with an investment of 475 million euros to produce nearly 62 lakh tyres for passenger cars and heavy commercial vehicles per annum. The facility will start production early 2017 and will produce tyres to cater to the entire European market. The Hungarian facility will be a state-of-the-art plant and once completed it will have a capacity to produce 5.5 million (55 lakh) passenger car and light truck (PCLT) tyres and 6,75,000 heavy commercial vehicle (HCV) tyres per annum.

Infosys will help Telstra to set up the India captive centre
As per media sources, Telstra (outsourcing technology work to Infosys for nearly a decade) is planning to set up a captive offshore centre in India. Infosys will help Telstra set up the captive centre with around 200 people to begin with as Infosys is among the largest technology vendors for Telstra.

ICICI Home Finance: Baring dropped out of the race to acquire ICICI Home Finance – Sentimentally negative
As per media reports, Baring Private Equity Asia, which partnered rival India Value Fund Advisors (IVFA) in a plan to buy ICICI Home Finance, has walked out of the deal in its final stages. That’s prompted IVFA, which is still keen on buying the home finance arm of ICICI Bank, to reach out to its limited partners or investors and American private equity giant TPG. It’s unclear whether TPG, which got edged out from the race for ICICI Home Finance earlier this year, will enter the fray again or partner with IVFA. IVFA and Baring were to pay Rs 2,300 crore for stakes of 65% and 35%, respectively

Maharashtra Electricity Regulatory Commission (MERC) has asked the two leading distribution companies, Tata Power and Reliance Infrastructure (R-Infra), to explore alternatives such as medium-term and long-term power purchase, through competitive bids as Mumbai's peak power demand is expected to increase to 4,108 MW in 2019-20, from 3,760 MW currently


 Singh brothers in talks to sell Religare Finvest for Rs 6,000 cr
RIL set to sign $600 million ethane ship deal today
IDFC Alternatives buys 3 Punj Lloyd solar projects
Trai floats paper on interconnect rules
Oil price down cycle 'nearing end': Khalid al-Falih
'Telcos liable for bill payment issues on mobile apps'
Working to make India an arbitration hub: PM Modi
India cautions against using regional trade pacts to change WTO pacts
Govt, banks meet today on stressed assets
Tata, R-Infra asked to explore PPA options
WTO meet: India calls for level playing field in agri-trade
FIPB to take up 19 investment proposals this week
Coking coal price surge to pull down steel companies
GST can be paid online using debit, credit cards: Revenue Secretary
MERC directs Tata, Reliance to explore power purchase options
Interconnect exchange back on TRAI’s radar
AT&T-Time Warner may signal start of new media industry consolidation 
Patanjali entering textile manufacturing sector: Ramdev
PE investments decline 53% to $2.5 bn in Sept quarter: Report
Hind National Glass to go to BIFR as a ‘potential sick firm’
Schneider Electric eyeing acquisitions in India 
Iraq will maintain oil output while Opec partners discuss cuts
Finance ministry expects report on debit card data breach in 10 days
Internet-connected gadgets blamed for Friday malware attack
Aviation watchdog DGCA to soon get powers to slap penalties
Finance ministry declines to share black money assessment reports
Banks eye 'resolution' of Rs 1.5 lakh cr worth stressed assets
COAI dismayed over fine on telcos, takes hands off approach
HCL Tech bets on acquisitions to drive growth
SEBI refers complaint against Sahara Q Shop to Maharashtra
Anti-black money operations to be intensified
AT&T-Time Warner Could Disrupt $8 Trillion Debt Market: Gadfly
GST law to boost domestic demand, drive job creation: PM
Banks planning to move out of UK before EU exit
Govt to further ease visa regime to boost tourism, biz
Sebi plans greater push to secure marketplace from cyber risks
Govt decides to fast-track irrigation projects in Indus basin
Sebi relaxes restrictions on 41 entities