}

Wednesday, 30 November 2016

30 November 2016 - Views & News

MARKET INSIGHT

Markets are likely to open on flattish note. The pullback in the Nifty can extend towards 8257 – 8337 (50% & 61.8% retracement level of the previous fall) if the index manages to close above 8200. On the downside 8100 – 8055 will act as support in the near term.

Nifty Spot Levels

Support 8100 – 8066 – 7974
Resistance 8200 – 8257 - 8337

Market Update

Sgx Nifty -1 pts ‎Dow +23.70 pts ,Nsdq +11.11 pts , S&P +2.94 pts , Bovespa -1870 pts , Ftse -27 pts , Dax +37 pts  , Cac +41 pts , Nikkei  +35 pts now , Crude @ $45.37 brl (+0.14 ), Brent @ $46.38 brl (-1.86) , Gold @ $1191.20 (+0.40), Silver @ $16.71 (-0.03), Euro @ $1.0648, JPY @ $112.5100, INR @ $68.6550

GLOBAL MARKET UPDATE:

• US stocks edged higher on Tuesday as an upbeat outlook from UnitedHealth lifted health insurers, though a sharp drop in oil prices weighed on energy shares and limited the advance.
• US stocks had their worst performance in nearly a month on Monday after hitting record highs last week. Also helping to boost sentiment on Tuesday was data that showed the US economy grew more quickly than initially thought in the third quarter for its best performance in two years.
• Oil prices dropped about 4 percent on signs that leading oil exporters were struggling to agree on a deal to cut production ahead of an OPEC meeting on Wednesday.
The Dow Jones industrial average rose 23.7 points, or 0.12 percent, to 19,121.6.

Today's Key Result 30th Nov

Balkrishna Inds,Castex Tech,Gspl,Gvk Power,Man Infra,Net 4 Ind,Punj Llyod,Ratnamani Metal

TOP NEWS

Torrent and Lupin gets USFDA approval for gNuvigil; company shall start promoting the product in US shortly – Positive for Torrent and Lupin; Mylan, Natco are other players who have received approval from the same product (Mylan has already launched it).

Idea Cellular: Axiata looks to sell its 20% stake in Idea Cellular ………(details in other


MACRO WRAP

Government would announce the GDP data for Q2FY17 today (30th Nov 2016)and as per the consensus estimates GDP is likely to expand by 7.5% versus 7.1% in the previous quarter

FUND RAISING

Eros International Media to consider funds raise
The Board of Directors of Eros International will meet on December 02, 2016, to consider and approve the proposal to raise funds through issue and offer of secured / unsecured, redeemable, non convertible Debentures on public / private placement basis, in one or more tranches.

PTC India Financial Services to allot 8.02 crore equity shares to PTC India Limited at a price of Rs38.50 per share (CMP = Rs 38.2)

STRONG RESULT

Triveni Engineering & Industries reported strong Q2FY2017 due to higher realizations
·         Triveni reported three fold  jump in net profit to Rs 68 crore in Q2FY2017 due to higher sugar prices YoY and improved performance of distillery business
·         EBITDA at Rs 122.9 crore vs. Rs 58.1 crore YoY with EBITDAM expanding 500bps to 18.2% in Q2FY2017
·         Total income up 49.7 percent at Rs 675.5 crore versus Rs 451.3 crore (YoY)

OTHER NEWS

Idea Cellular: Axiata looks to sell its 20% stake in Idea Cellular ………(details in other news)
As per media report, Axiata is looking to sell its 20% stake in Idea Cellular as the Malaysian company believes the Indian telecom provider’s valuation will remain subdued for at least the next three years given the likelihood of a pricing onslaught stemming from the entry of Reliance Jio Infocomm.

The Ramco Cements: COMPAT stays penalty order of Rs258.63 crore by CCI – Positive read thru for the stock
The Competition Appellate Tribunal (COMPAT) has stayed the order of Competition Commission of India (CCI) regarding imposing of penalty of Rs258.63 crore with the conditions that 1) the company within one month from 21st Nov 2016 to deposit 10% of the penalty in the registry of the tribunal in the form of fixed deposit for a period of six months duration and 2) the company to pay the balance amount of penalty with interest at 12% per annum from the date of CCI’s order in case the company’s appeal is dismissed.

Hindustan Construction Company: The Board of Directors’ meeting will be held on 2nd Dec 2016 to consider the offer and issue of Equity Shares representing 24.44% of the expanded capital and also Optionally Convertible Debentures (OCDs) on Preferential Basis to be allotted collectively to the individual Lenders, pursuant to implementation of the RBI S4A Scheme as agreed by the Lenders in their Joint Lenders Forum.

Airtel, Brookfield in talks for Bharti Infratel stake sale
As per media report, Brookfield Asset Management has submitted the highest bid for a 51% stake in Bharti Infratel and started talks with the company’s promoters Bharti Airtel. Brookfield’s bid beat consortium which comprises U.S.-based KKR, Blackstone and Canada Pension Plan Investment Board. Bharti Infratel had a market value of about $10 billion and a 51% share will be valued at about $5 billion.

Idea Cellular: Axiata looks to sell its 20% stake in Idea Cellular
As per media report, Axiata is looking to sell its 20% stake in Idea Cellular as the Malaysian company believes the Indian telecom provider’s valuation will remain subdued for at least the next three years given the likelihood of a pricing onslaught stemming from the entry of Reliance Jio Infocomm.

Sarda Energy operations restored at iron ore mine which were suspended on march 7 due to naxal attack – positive read thru

GoI orders private LPG producers to sell LPG only to OMCs (IOCL, BPCL and HPCL)
As per the media reports, GoI has ordered private LPG producers (like Reliance Industries) to supply their entire LPG production to OMCs (IOCL, BPCL and HPCL). The private retailers of LPG would have to source their requirements through imports. We do not see any material impact from this move.

Bajaj Auto to launch “V12”; a 125 cc motorcycle based on the V platform; positive read thru
Bajaj Auto will extend the “V” motorcycle range in India and is planning to launch the new 125cc variant of the V15, christened as the “V12”. V12 will be priced at around Rs 56,000. The motorcycle is expected to be launched officially sometime in early December, 2016.The new V12, similar to the V15, will feature metal from the Indian Navy's first aircraft carrier, INS Vikrant, that served the nation for decades. V12 will enable the company to gain market share in the mid motorcycle (125 cc) segment where it has relatively lower presence.   
 Suzuki Motor Corp gears up for the early 2017 commissioning of the Gujarat Plant’s first phase for supply to Maruti Suzuki.
In order to reduce the waiting periods for the two models – Vitara Brezza and the Baleno, Suzuki Motor Corp (Maruti Suzuki’s parent company) is gearing up for an early 2017 launch of the first phase of the new Gujarat Plant with an initial capacity of 250,000 cars a year. The company expects the capacity to be exhausted in 2 years time frame and hnce has firmed up its plan for a 2nd phase with a capacity of 250,000. With this the total investments in the Gujara plant stands at Rs 5800 cr.  

Government is evaluating to  cut subsidy on Phosphate and Potash (P&K) fertilizers if MRP quoted by the manufacturers  is found unreasonable
Government is probing the cost data of fertilizer companies and plans to restrict or stop subsidy to those firms which have fixed maximum retail price (MRP) of the soil nutrients unreasonably high. if in case any company is found mis using the subsidy mechanism, the government may exclude any grade/grades of fertilisers of a particular company or the fertiliser company itself from the NBS scheme. Further the Government has removed the minimum production criteria for SSP (single Super Phosphate), which is a low cost indigenous substitute for  DAP (Di-ammonium phosphate). This makes the SSP manufactureres eligible for subsidy under the NBS scheme. 

MORE NEWS

Fitch lowers GDP growth forecast to 6.9% from 7.4%
Note ban may hugely benefit home loan seekers 
State-run banks' bad loans over Rs 6 lakh crore
Malaysia's Axiata may hang up on Idea Cellular stake
Dec 30 may remain the last day for old note deposits
Govt to hold auction to identify buyers for 3 SAIL units
'Rs 4,00,000 crore debt risks being written off'
Consumers, exports power US 3rd quarter economic growth
Finmin invites suggestions for Budget 2017-18
200 'high-risk' drug firms come under Indian regulator lens
28% citizens yet to deposit old currency in bank: Survey
Tata Power calls EGM to remove Cyrus Mistry
China agrees to import basmati rice from 14 major Indian mills
Gross NPAs of PSBs jump nearly Rs 80,000 cr in Jul-Sep  
Lok Sabha passes IT Act amendment to tax unexplained deposits
Consumer durable retailers go slow on fresh inventory
Sell domestic LPG only to PSU oil firms: Govt to producers
Lower lending rate key to Make in India campaign: Jindal 
RBI expected to cut rates ‘aggressively’: SBI study 
Pfizer to withdraw Corex syrup, extend line to new products
RBI pressed into service to ease Rs500 note shortage
RBI rate cut likely in December monetary policy review
Flipkart valuation slashed by Morgan Stanley for 4th time in 9 months
Reliance Jio’s entry, spectrum sale boost tower industry’s growth: Indus Towers
Swiss watchmaker Breitling said to be considering a sale
Rs8.44 trillion deposited in banks as demonetisation reaches halfway mark
'Indian equity market poised for double digit returns in 2017'
BSE Sensex back on track to finish at 26,316.34, NSE Nifty settles at 8,114.30
Poorly planned urbanisation pattern may impose USD1.8 tr cost by 2050: Study
Govt approves 6 new SEZs for IT, biotech
CSB set to sell stake to Fairfax at right price
South Asia looks closely at demonetisation drive
Inflation is expected to moderate further: Dun & Bradstreet
Govt keen on proper discussion on GST Bills in Parliament
Sebi puts in place disclosure norm for InvITs
UK government denies handwritten note on Brexit is policy

STOCK IN NEWS

• Morgan Stanley trims Flipkart value by 38% to $5.58 billion
• Off-highway business keeps Balkrishna in fast lane
• Tata Steel may lose a high margin business with sale of speciality business
• Tata Power calls EGM to remove Cyrus Mistry
• MCL lines up Rs 20,000 crore investments for power, coal, infra development
• 35 million online recharges done over last few days, says Paytm
• Lupin to launch sleep disorder drug in US
• RIL's Only Vimal DEO2 technology bags US patent
• Jet Airways sharpens international focus with new gateways in Europe, Singapore
• Natco gets USFDA nod for anti-sleep tablets
• Fitch lowers GDP forecast to 6.9% post cash crunch 

Tuesday, 29 November 2016

29 November 2016 - Views & News

MARKET INSIGHT

Markets are likely to open weak. The short to medium-term trend remains bearish, as Nifty continues to form lower top, lower bottom. 8257 – 8337 retracement levels should be seen as a selling opportunity. On the downside, 8066 – 7974 will act as support in the near term.

Nifty Spot Levels

Support 8066 – 7974 - 7916
Resistance 8177 – 8257 - 8337

GLOBAL MARKET UPDATE:

US stocks declined on Monday for their worst performance in nearly a month, weighed down by a pullback in the financial and consumer discretionary sectors as some investors booked profits on the heels of a record-setting week.
The Dow Jones industrial average fell 54.24 points, or 0.28 percent, to 19,097.9, the S&P 500 lost 11.63 points, or 0.53 percent, to 2,201.72 and the Nasdaq Composite dropped 30.11 points, or 0.56 percent, to 5,368.81.
Asia markets were mixed on Tuesday, taking cues from the US where a post-election rally appeared to stumble.

Results Today: 

Kanoria Chemicals, National Fertilisers, TNPL, Tata Power

TOP NEWS

Tata Steel, Liberty House sign LoI for UK specialty steel biz:  Long awaited finally deal close, sentimentally positive
Tata Steel   has signed a letter of intent (LoI) with Liberty House to sell its UK speciality steel business, the company said in a statement on Monday. The deal, which also covers several South-Yorkshire based assets, is being pegged at an enterprise value of £100 million. The announcement is in line with Tata Steel’s overall restructuring strategy of its UK portfolio. The letter gives Liberty House the right to enter into exclusive negotiations for the potential sale of steel assets.

Sun Pharma launches its first branded ophthalmic product BromSite in USA; BromSite launch is a significant milestone for Sun Pharma in USA; BromSite is the first NSAID approved by the USFDA for prevention of ocular pain & treatment of inflammation following cataract surgery; product will be marketed by Sun Ophthalmics and a dedicated marketing & sales team is set up for optimal customer service – Positive for Sun Pharma.

Aurobindo gets USFDA approval for Nevirapine tablets; used to treat HIV infection – Positive for Aurobindo

Pfizer to discontinue manufacturing of current corex cough syrup formulation (which is 245 crore brand) – Short term negative for Pfizer; company however will launch additional products as line extensions under Corex brand name from Dec 2016……………….(details in other news)

Idea Cellular plans to sell 100% in tower arm for $1 bn, potentially positive
As per media sources, Idea Cellular plans to sell 100% stake in its tower arm. The company is looking to sell 11,000 telecom towers for close to $1 billion. Idea Cellular has reached out to America Tower Corp, Bharti Infratel and Brookfield for tower sale.

PVR promoters’ profit-sharing deal with PEs under Sebi lens, may face penalty

Banco Products, A meeting of the board of directors is scheduled on 8th December 2016 to consider Buy back of equity shares.

 OTHER NEWS

State Bank of India: S&P retains credit ratings, stable outlook – Sentimentally positive
Expecting SBI to perform better than its peers, global rating agency S&P has retained its long-term rating (BBB-) as well as short-term ratings (A-3) on the bank with a stable outlook. The affirmed rating on SBI indicates its strong market leadership, supported by a strong domestic franchise and high customer confidence. 

Pfizer to discontinue manufacturing of current corex cough syrup formulation (which is 245 crore brand) – Short term negative for Pfizer; company however will launch additional products as line extensions under Corex brand name from Dec 2016.
Pfizer has undertaken a comprehensive review of its respiratory offerings in order to better cover a broader range of indications through an expanded product portfolio. As a result of this review, the Company will launch additional products while it may also discontinue the manufacture of certain SKUs where needed. The Company will be launching a series of products as line extensions under the Corex brand name, starting with the first launch in December, 2016 and subsequent launches over the next year. The Company has also decided to discontinue the manufacturing of the current Corex Cough Syrup formulation (Codeine Phosphate 10mg + Chlorpheniramine Maleate 4mg). It may be noted that Corex Cough Syrup recorded a sale of Rs.244.48 Crores for the financial year ended March 31, 2016.

Shilpa Medicare to have a board meeting on Dec 1, 2016 to consider issue of Equity shares or convertible securities on preferential basis, to fund future capex. Details and pricing shall be announced on Dec1.2016.

Government implements strict overloading norms for CVs; resulting into shift towards heavy vehicles; positive for heavy truck makers such as Ashok Leyland and Tata Motors  
Government is strictly implementing the rules on rated load — the load a machine is designed to carry — and those failing to conform face heavy penalties. In a notification dated December 31, 2015, the government directed toll plaza operators to tow away overloaded vehicles and hold them in a parking spot until proof is furnished on payment of penalty at 10 times the normal fee. The vehicle operators will also have to remove the excess load, as well as pay heavy towing and parking fees. As a result, the transportation industry is shifting fast towards 37-tonne and 49-tonne haulers from 25-tonne trucks. Sales of 25-tonne trucks have nearly halved in the first seven months of this fiscal year (April 2016 to October 2016), while those of heavy duty tippers and tractor-trailers increased 32% and 6%, respectively. The move is positive for CV players having higher mix of heavy vehicles such as Ashok Leyland and Tata Motors.  

Truck and bus radial tyre imports surge 30% in H1FY2017; negative read thru for tyre companies (Apollo Tyres, MRF, JK Tyres)  
Truck and bus radial tyres (TBR) import surged nearly 30% in the H1FY2017. The tyre imports largely from China continue to gain market share from the domestic tyre players viz MRF, Apollo Tyres and JK Tyres particularly in the replacement market. Currently, more than 40% of the replacement demand in TBR is being met by imports. China dominates as the source country for import of TBR in India with a share of 94 per cent in 2016-17. Given the rising imports, ATMA (the tyre manufacturers body) has asked the government to impose anti-dumping duty on imports from China.

Bajaj Auto plans slew of new product launches to gain markets share
Bajaj Auto will launch the new 400cc motorcycle in mid-December priced between Rs 1-2 lakhs and will compete with Royal Enfield. In addition to the domestic markets the company plans to target other markets including Thailand, Malaysia, Indonesia and the Philippines in ASEAN as well as Mexico, Colombia and Argentina in South America. Along with the new 400 cc bike, the company has lined up other launches including new bike from the ‘V’ platform and a  new family of Pulsars for 2017, which will help the company augments its market share in the motorcycle space.

Peter England aims Rs 1,600 crore sales by FY 2020-21 – positive read thru for Aditya Birla Fashion & Retail
Aditya Birla Fashion and Retail's clothing brand Peter England aims a turnover of Rs 1,600 crore in the next four years on the back of expansion in sales network and growth in online sales. Besides, Peter England plans to foray into South Asian markets such as Indonesia, Malaysia and Singapore. As part of expansion plans, the brand has plans to add 250 exclusive outlets in the next three years, taking the total number of such outlets to around 1,000. In the next 3-5 years, the brand will continue to grow as the organised sector is very small in India and there is large scope for the branded garment.

Suzlon Energy wins 50.4MW wind power project in Andhra Pradesh. The project consists of 24 units of S95 90m tubular tower with rated capacity of 2.1 MW and is schedule for completion in March 2017; Positive  

Idea Cellular plans to sell 100% in tower arm for $1 bn, potentially  positive
As per media sources, Idea Cellular plans to sell 100% stake in its tower arm. The company is looking to sell 11,000 telecom towers for close to $1 billion. Idea Cellular has reached out to America Tower Corp, Bharti Infratel and Brookfield for tower sale. Telco companies are likely to sell-off tower assets and use the proceeds to pump up telecom operations, repay debt or fund expansion and network rollout.

PVR promoters’ profit-sharing deal with PEs under Sebi lens, may face penalty
The Securities and Exchange Board of India (Sebi) has asked PVR Ltd to explain a profit-sharing deal struck by its promoters with private equity investors that was not disclosed to its shareholders. The show cause notice pointed to violation of two norms: one related to a code of conduct for all board members and senior management, and the second, disclosure of events and information which are material. The consequence of such a move could mean that PVR may face a monetary penalty and would need to disclose the terms of the PE agreement to all stakeholders and take their nod.

Infosys looks to take payments bank solution global
Infosys has built a smaller version of its core banking solution Finacle that focuses on automation and analytics, which it is offering to small banks and payments banks in India, and plans to take the service to its global customers in the US and Europe.

The India Cements: COMPAT grants stay on CCI’s penalty of Rs187 crore (related to cartelization) – Positive read thru for the stock
The Competition Appellate Tribunal (COMPAT) granted stay against the order of Competition Commission of India (CCI) imposing a penalty of Rs187.48 crore on condition that the company shall deposit 10% of the penalty in the Registry of the Tribunal in the form of fixed deposit of six months duration within one month from the date of its order. The development is positive read thru for India Cements.

Reliance Jio crosses 50 million subscribers 
As per the media reports, Reliance JIO has added 50m subscribers as on 26th November-2016, which translates into 6lakh subscribers per day. We highlight here that currently RJIO is providing free voice and data services and thus retention of customers willing to pay for its 4G services would be a crucial for the profitability of RJIO.   
  
MORE NEWS

Get rural atms running on priority, orders RBI
Mistry meets top MFs, insurance company executives
Lawmaker suggests alliance of India, US, Russia,Japan
50% tax on unaccounted deposits; 85% if caught
Morgan Stanley lowers India’s growth forecast
Oil falls over doubts over planned crude output cut
I-T dept won't ask for bank deposits' source: Adhia
CRR hurdle for lending rate cut
Essel Group's growing appetite for acquisitions
RBI relaxes cash withdrawal rule
Economy grew 7.1% in first half: Sitharaman
India imports 17.2 lakh tonnes of wheat this year
Renew lapsed policy faster through self-inspection
Infosys looks to take payments bank solution global
Appellate Tribunal stays CCI order against India Cements
Oil India Q2 profit dips 18%; declares 1:3 bonus 
RBI hikes cash reserve ratio; maintains sanctity of its policy rate
Venture debt comes of age in India, at long last
Govt removes excise duty on POS machine manufacturing
Suzlon bags 50.4-MW project in AP
Dollar, US bond yields drop as oil tumbles on doubts over output cut
Tata Sons asks Nusli Wadia to withdraw legal notice
Govt unveils National Software Policy, eyes 3.5 million jobs by 2025
Supreme Court tells Sahara chief Subrata Roy to deposit Rs600 crore by 6 February
Tata Steel, Liberty set to begin talks for UK assets sale
Ajay Kanwal, Standard Chartered’s Asean CEO, resigns over disclosure lapse
EPFO to seed Aadhaar in 81 million PF accounts by 31 Dec
BSE Sensex back on track to finish at 26,316.34, NSE Nifty settles at 8,114.30
Edelweiss AMC buys fund biz of JP Morgan Asset
RJio files complaint with CCI against Airtel, Vodafone and Idea
Dollar retreats from peaks, euro boosted by Fillon win
Maruti Suzuki stops Ritz's production
Switch to e-payment at the earliest, Centre tells ULBs
Early Budget to help kick-start projects from Apr 1: Nirmala
Tata Sons' shareholders discord may hit group cos: S&P
Odisha land reserved for Posco might go to JSW
Demonetisation: PM Modi to hold meeting with senior ministers
Farm, commerce ministries want to dump rubber board

STOCK IN NEWS

1. JSW Steel joins bid to buy Italy's Ilva plant: Source
2. Flipkart's losses double to Rs 2,306 crore in FY16
3. Reliance Jio files complaint with CCI against telcos
4. HUL said that its near-term performance was under pressure due to the government’s decision to demonetise high-value currency notes. It, however, did not give any figures.
5. S&P rules out rating upgrade for SBI in 18-24 months
6. Fearing tighter US visa regime, Indian IT firms rush to hire, acquire
7. Tatas asks Nusli Wadia to withdraw legal notice
8. Tatas, Liberty House in talks for UK speciality steel unit sale
9. Reliance Jio crosses 50 million subscriber mark in 83 days
10. Infosys looks to take payments bank solution global
11. Appellate Tribunal stays CCI order against India Cements
12. Adani Group to ramp up Dhamra Port capacity to 300 million tonnes
13. IT industry to clock $350 bn revenue before 2025: Nasscom
14. Tata Elxsi plans to drive growth through acquisitions 

Monday, 28 November 2016

28 November 2016 - Views & News

MARKET INSIGHT

Indian markets are likely to open on weak note based on global market. The fear of rate hike by US Fed will keep market volatile. The Reserve Bank of India (RBI)’s announcement on additional cash reserve ratio (CRR) too may influence the market sentiment. The support for Nifty is at 8050. 

Nifty Spot Levels

Support 8055 – 8026 – 7976
Resistance 8128 – 8151 - 8210


Result today


Abbot India, Cox & Kings, HFCL, Hind Comps, MGL, Oil, Sadbhav, Timken, Triveni Eng, Valech Eng

GLOBAL MARKET UPDATE:

• Wall Street's three main indexes closed at record highs on Friday, helped by gains in consumer staples and technology stocks as investors hunted for bargains in a post-election rally.
• The three major indexes closed higher for the third week in a row, extending their rally since the US election. The S&P 500 marked its seventh record close since November 8.
• The Dow Jones Industrial Average rose 68.96 points, or 0.36 percent, to 19,152.14.

TOP NEWS

ALERT: RBI announces measures to suck excess liquidity from banking system due to demonitization by hiking CRR (cash reserve ratio; money kept by banks with RBI as percentage of its net deposits) by 100% for net deposits banks got in period from Sep 16 to Nov 11, 2016 – IMPACT: Will suck out Rs3.1 trillion out from banking system so the initial reaction likely to be negative for banks (CRR deposits with RBI do not earn any interest) & NBFCs (wholesale rates could go up); however important step to avoid structural issues and risk of banks. Left with little choice, banks were investing more in govt securities despite plummeting bond yields which raises risk of huge losses on treasury book in case of any event driven spike up in yields at later stage)

ALERT: As per the media reports, Cipla is in talks to sell its animal healthcare unit. Cipla’s move to sell its veterinary business comes in the backdrop of its overall plan to rationalize its markets and portfolio and exit non-core, low-profit businesses – Long term positive for Cipla.

Strides Shasun Pharma enters into an agreement with Moberg pharma, Sweden to acquire ‘ Pediacare’ brand for total consideration of $5 mn plus inventory value at closing. Pediacare is an established paediatric cough, cold and allergy brand with sales of ~ $6 million – Long term positive for Strides Shasun.

Aurobindo: Arrow Generiques, French subsidiary of Aurobindo Pharma, to acquire select assets in France from Teva; amount undisclosed – long term positive for Aurobindo as it will increase its branded product portfolio offering for French market.
Arrow Generiques will acquire the right, title and interest in products Calcium and Calcium Vitamin D3, including the use of the OROCAL trademark. The transaction is subject to the approval of the European Commission. Following receipt of clearances from European authorities, Arrow Generiques will integrate these products with its existing commercial operations in France, and focus on maximizing their potential. Arrow Generiques is a pharmaceutical company with focus on selling generics on the retail and hospital markets in France since 2002.

Honda Motorcycles and Scooters India (HMSI), the country's second largest two wheeler company (having 26% market share) has indicated it will take production cuts in wake of the falling demand post demonetisation. The company has not commented on the quantum of production cut. Other 2W players (Heromotocorp, Bajaj Auto and TVS) have not indicated any such move. 2W demand is most likely to be impacted as about 60-65% of vehicles are purchased on cash. Negative read thru for two wheeler companies but 2W stocks have already corrected by about 10% post the demonetization move.

ARSS Infra, bags order worth Rs51.4 crore in favour of JV by North Central Railway

Dilip Buildcon,  gets letter of award for  2 projects, NH-18 in AP & NH-66 in Maharashtra 
OTHER NEWS 

Manpasand Beverages to set up 4 new plants in next 18 months – positive from long term perspective (company concentrates more on small packs in the range of Rs. 5-10 thus impact would be lower in comparison to other beverage companies)
Manpasand Beverages aims to double its manufacturing capacity and will be setting up four new plants in the country in the next 18 months, out of which one factory will be situated in South where the company has a minimum presence. Currently, the production capacity of Manpasand Beverages is around 1.7 lakh cases per day and the company is planning to double the same in a period of 12 to 18 months. Manpasand Beverages currently operates five manufacturing plants -- two in Vadodara and one each in Varanasi, Ambala and Dehradun.

Maruti Suzuki has launched limited edition version of Wagon R priced between Rs 4.4 lakh and Rs 5.37 lakh (ex-showroom Delhi).The variant (Wagon R Felicity) comes with various features including reverse parking sensors with display and voice guidance, body graphics and rear spoiler. Positive

Ashok Leyland completes acquisition of Nissan’s stake in the three loss making LCV joint ventures
Ashok Leyland has completed the acquisition of Nissan Motor Co.'s stake in three LCV joint-ventures viz Ashok Leyland Nissan-Vehicles Ltd, Nissan-Ashok Leyland Powertrain Ltd and Nissan-Ashok Leyland Technologies Ltd. With all necessary statutory approvals in place the acquisition was completed for a consolidated consideration of Rs 3 paid by Ashok Leyland for all the shares of the three JVs. Ashok Leyland will continue to build, under a licensing agreement, the Dost, Mitr, and Partner LCVs, which are based on Nissan's design, engineering and technology. Servicing and parts availability for customers will be ensured by a technical support arrangement. In addition, the two companies have agreed to continue a deal to procure made-in-India parts for Nissan.

Bharti Airtel, completes the acquisition of the 4.2% stake of Econet Wireless Ltd., in Airtel Nigeria through its wholly-owned subsidiary, Bharti Airtel International (Netherlands) BV. The company has now increased its stake in Airtel Nigeria to 83.2%.

Tata Chemicals gets CCI approval for the sale of Urea and customized fertilizer business to Yara
The Competition Commission of India has approved the acquisition of Tata Chemicals Urea and customized fertilizers business by Yara Fertilizers.   As per the deal announced in August 2016, Tata Chemicals will sell its urea plant in Babrala, Uttar Pradesh, which has an annual capacity of about 1.2 million tonnes for an estimated Rs 2,670 crore.  

L&T Hydrocarbon Engineering to execute deep water project for ONGC; the project was scheduled to commence production by mid-2017 and achieve full capacity of two billion cubic metres of gas per year by end 2017. Positive for L&T

 MORE NEWS

TGBL, Tata Steel pass resolutions to stop Mistry
Watsa close to buying stake in Catholic Syrian Bank
RBI lets banks to park old currency at district chests
Rural economy hit hard as informal lending reduces
Airtel Payments Bank opens 10,000+ A/Cs in 2 days
I-T dept asks IDS declarants to pay tax by Nov 30
RIL seeks access to India's longest LPG pipeline by IOC
E-commerce firms to deduct TCS under GST
India Inc more vulnerable to slowdown than in 2008
Bond yields to rise on incremental CRR
RBI committed to easing pain of honest citizens: Urjit Patel
Cash crisis: Traders' body seek PM Modi's, RBI intervention
Tata Sons reaches out to more shareholders as EGMs approach
SBI records of loans to Adani firms cannot be disclosed: CIC
CPPIB strikes largest deal in logistics space
Notifications will be issued for GST rates: Revenue secretary
Airtel acquires Econet’s stake in Nigerian arm
Economists’ criticism of demonetisation not fact—based: Debroy
Wind sector gasps, seeks breather through extension of sops 
Oil regulator opposes govt’s move to give GAIL the run of Eastern gas grid 
NTPC-BHEL power gear unit finally up, but downsized
Demonetisation move to scorch dabba trading’
Commerce ministry favours ‘restriction free' gold imports
NSE to auction investment limits for Rs22,171 crore govt bonds
Demonetisation to have gains in long run: Chandrababu Naidu
Service tax department to auction Vijay Mallya plane on 28-29 November
Sebi approves Reliance Infra’s InvIT application
RBI takes surprise action to soak up liquidity
Defer Place of Effective Management, remove tax barrier for startups: Nasscom to finance ministry
Jobs will be safe in MSME sector, govt assures workers
95 per cent black money intact in non-currency form: CPI(M) leader Brinda Karat
Going cashless: Rising currency-GDP ratio key impediment
Switch to e-payment at the earliest, Centre tells ULBs
New GST model provides for anti-profiteering measures
Demonetisation among 3 most important economic reforms: Tata
PM's idea of cashless economy unrealistic: Omar
Note ban: ICICI Bank presses into service mobile branches

STOCK IN NEWS

1. Tata Elxsi plans to drive growth through acquisitions
2. Tata Global directors move another resolution to oust Mistry
3. Mobile companies seek 10-yr tax holiday, bat for components makers
4. Airtel Payments Bank opens 10,000+ savings accounts in 2 days
5. RIL seeks access to India's longest LPG pipeline
6. SBI records of loans to Adani firms cannot be disclosed: CIC
7. Mistry, Wadia likely to address shareholders at Tata Steel EGM
8. Demonetisation pulls down jewellery stocks by a fourth
9. IT industry to clock $350 bn revenue before 2025: Nasscom
10. Housing prices unlikely to come down due to note ban: CREDAI
11. Airtel acquires Econet's stake in Nigerian arm
12. SAIL-BSP eyes small mines to meet raw material demand
13. Adani's Carmichael mine in Australia jumps another legal hurdle
14. Tata Motors, Kingfisher owe over Rs 1000 cr each in indirect taxes
15. Tata JLR to create thousands of jobs in UK
16. L&T Hydrocarbon planning stock market listing in 3 years

Friday, 25 November 2016

25 November 2016 - Views & News

MARKET INSIGHT

Nifty is likely to open on a positive note based on the global cues. Resistance for the day holds at 8025 levels and rupee dollar moment will remain in focus for the day.

Nifty Spot Levels

Support 7938 – 7890
Resistance 8025 - 8060

Market Update

Sgx Nifty +50 pts ‎US Mkt Clsd, Bovespa -590 pts , Ftse +11 pts , Dax +26 pts  , Cac +13 pts , Nikkei  +100 pts now , Crude @ $47.99 brl (+0.03 ), Brent @ $49.00 brl (+0.05) , Gold @ $1185.50 (-3.80), Silver @ $16.42 (-0.06), Euro @ $1.0559, JPY @ $113.2700, INR @ $68.7475

GLOBAL MARKET UPDATE:

• Asian stocks steadied on Friday as the Thanksgiving break in the United States pegged the dollar's relentless surge that had sucked capital out of most emerging markets
• A Trump administration is also expected to boost fiscal spending, inflation and interest rates in the United States, triggering a dramatic surge in US Treasury yields and the dollar, and in turn sending capital out of emerging market economies.
• Wall Street was closed on Thursday for the Thanksgiving holiday and trading will end early on Friday.

Today's Key Result 25th Nov

Balaji Tele,Bata,Beml,Borosil Glass,Hathway Cab,Indo Count Inds, Shilpamedi,Spicejet,Tide Water, Uflex,WaterBase

TOP NEWS

Steel Sector: Government put safeguard duty on certain steel imports, positive for Steel companies

TVS Motors to launch the first motorcycle from the TVS BMW alliance – (Akula 310) by February / March 2017 Positive …….(details in other news)

Jagran Prakashan’s subsidiary Music Broadcast Ltd (MBL) to raise up to Rs 400 crore via IPO, positive read-thru
Jagran Prakashan announced that its subsidiary Music Broadcast Ltd (MBL) will raise up to Rs 400 crore through initial public offer (IPO). MBL operates the popular Radio City FM stations in 21 cities in India

FUND RAISING

Ultratech: The company is proposing to issue Unsecured Redeemable Non-Convertible Debentures amounting to Rs250 crores on private placement basis. The tenure of the issue will be 5 years with a coupon rate of 6.93% per annum

Prism Cement: The Board of Directors of the company will be meeting on November 30, 2016 to consider raising of funds through issue of Secured, Non-convertible Debentures on private placement basis.

State bank of India: SBI has got board approval to issue 21.07 crore equity shares at Rs 269.59 per share (CMP Rs 261.7), on preferential basis to Gol (aggregating to Rs.5681 crores) subject to regulatory approvals, Positive read thru 

OTHER NEWS

LT Foods inks JV with Japanese snacks maker Kameda Seika - positive read through for the stock
LT Foods has inked a 51:49 joint venture with leading Japanese snacking firm Kameda Seika, to sell rice-based snacks in India. LT Foods will infuse a consolidated investment of $10 million in the joint venture in the first phase. The snacks will be available in stores by March-April ’17, and will steer clear of entry-level price points of Rs 5 and 10. Since LT Foods core competence is rice and Kameda is the global leader in rice-based snacks, the opportunity to scale up the business is huge.

TVS Motors to launch the first motorcycle from the TVS BMW alliance – (Akula 310) by February / March 2017 Positive
TVS Motors will launch its first product (under TVS badge named Akula) from the TVS-BMW alliance by February /March 2017. The bike is expected to be priced under Rs 2 lakh, ex-showroom, which will enable it to compete with the KTM RC 390.The TVS Akula 310 is a fully faired version of the street naked BMW G 310 R, which was also showcased at the Auto Expo and is due to be launched in India soon. Although the Akula 310 and the BMW G 310 R are motorcycles of different genres, they share some critical components including the engine, chassis and swing-arm among others. The product is likely to enable TVSM gain foothold into the high margin premium motorcycle segment. Positive

Steel Sector: Government put safeguard duty on certain steel imports, positive for Steel companies
Government has slapped safeguard duty on import of certain steel products to protect domestic manufacturers from cheap in-bound shipments. The safeguard duty has been imposed on import of hot rolled flat sheets and plates (excluding hot rolled flat products in coil form) of alloy or non-alloy steel.The effective duty rate would be calculated after deducting the value of the goods and the anti-dumping duty payable when the import price is below USD 504 per tone. The duty arrived at would be 10 per cent in the first year and will gradually reduce to 6 per cent by 2019. A 10 per cent ad valorem minus anti-dumping duty payable will be imposed on imports up to November 22, 2017. This will be lowered to 8 per cent between November 23, 2017 and November 22, 2018.Earlier this month, government had imposed anti-dumping duty on imports of steel wire rods from China for six months.

As per media interview, GAIL’s management has stated that it will increase its pipeline network by a third in the next four years as it embarks on connecting more cities Rs 20,000 crore on this, with cleaner fuel and will spend. Positive for Ratnamani Metals

Government extends exemption of toll on   National Highways till December 2nd 2016, Neutral read-thru for IRB Infra and ITNL (will be compensated by Government)

Bajaj Auto planning to relaunch Chetak scooter in India; would enable Bajaj to tap the fast growing scooter segment
As per media reports, Bajaj Chetak, one of the best-selling and popular scooters from the Bajaj's product lineup since 1972, is set to make a comeback in the country. After seeing the rising demand of scooters in the country in the recent past, Bajaj is reportedly planning to relaunch the Chetak in order to grab a pie of this growing segment. Speculated to be launched sometime in 2017, the Chetak is expected to an all-new design and modern features to lure the customers. It is expected that the Bajaj Chetak will be powered by a four-stroke, air-cooled 125cc or 150cc engine that will produce more power figures that the previous model and will be paired to an automatic gearbox.

Maruti Suzuki is planning to launch 9 new products by the end of March 2018. The products would include new models as well as updates refreshes of the existing models. Positive read thru

As per the media reports, GoI has extended date for acceptance of old Rs500 notes by PSU fuel retailers till 15-December-2016 (from 24-November-2016 earlier) for transportation fuels. The old Rs1,000 notes would not be accepted by PSU fuel retailers any more. - positive for Oil Marketing Companies.

IMD (Indian Met Department) in its seasonal outlook for South Asia, has mentioned that most parts of India are likely to witness a mild winter this year with higher-than-normal average temperatures for November – January period. The temperatures are expected to be higher by 0.5-1 degree Celsius across the country and is likely to impact the wheat yields.

TCS partners with ASML to simplify business processes
TCS announced that the company will implement a unified global process blueprint for ASML, aiming to simplify business processes, improve operational efficiency and elevate stakeholder experience. TCS has been ASML’s trusted partner, providing a range of services including IT Application Portfolio Management, Cyber Security Operations and support for Product Lifecycle Management platforms. 

Talwalkars Better Value Fitness, has decided to demerge gym business, thereby transferring gym business of TBVFL to TLL, in the interest of maximising overall shareholder value.

Vardhman Textiles,  board of the company has approved buyback proposal for up to Rs 720 crore (total market cap 6813 crore and free float of Rs 2590 crore).

Adani Enterprises,  Australia Court decision supports start of work at Queensland coal mine, positive read-thru

Sterlite Technologies,  CRISIL upgrades rating to 'CRISIL AA-/Stable' from 'CRISIL A'

As per the media reports, GoI has extended date for acceptance of old Rs500 notes by PSU fuel retailers till 15-December-2016 (from 24-November-2016 earlier) for transportation fuels. The old Rs1,000 notes would not be accepted by PSU fuel retailers any more. - positive for Oil Marketing Companies.

STOCK IN NEWS

1. IndiGo ties up with Travelport, aims for larger global presence
2. India has imposed anti-dumping duties on hot rolled flat sheets and plates of alloy or non-alloy steel to curb cheaper imports into the country
3. Make in India: Jaitapur project to see up to 70% local input, says French nuclear firm
4. Mistry's claim on planned sale of TCS to IBM at some unspecified point in time not correct: Kohli
5. SC to hear detailed affidavit on Vijay Mallya's assets
6. HDFC Bank's Aditya Puri only Indian on Fortune's top businessmen list
7. Airtel Payments Bank goes live with pilot project in Rajasthan
8. Splendor regains numero uno slot, overtakes Activa
9. Tata Motors calls EGM to remove Mistry, Wadia

Thursday, 24 November 2016

24 November 2016 - Views & News

MARKET INSIGHT

Markets are expected open weak amid continuous selling pressure from FIIs at higher levels. Today being expiry market may remain volatile during the day. In downside market will watch 7911 as crucial support for Nifty and 8175 – 8257 as resistance zone.
Nifty Spot Levels
Support 7974 – 7916 – 7890
Resistance 8060 – 8128 - 8210

 Market Update

Sgx Nifty -14 pts ‎Dow +59.31 pts ,Nsdq -5.67 pts , S&P +1.78 pts‎, Bovespa +31 pts , Ftse -2 pts , Dax -51 pts  , Cac -19 pts , Nikkei  +164 pts now , Crude @ $48.04 brl (+0.08 ), Brent @ $48.95 brl (-0.17) , Gold @ $1186.40 (-2.90), Silver @ $16.39 (-0.09), Euro @ $1.0543, JPY @ $112.6500, INR @ $68.5650

GLOBAL MARKET UPDATE:

• The Dow and the S&P 500 eked out record high closes on Wednesday ahead of the Thanksgiving holiday, helped by gains in industrial stocks, though losses in technology shares limited the advance and weighed on the Nasdaq.
• Industrial stocks also were given a boost by a report that showed a strong jump in orders for durable goods in October due to demand for machinery and other equipment.
• Expectations among investors remained high that the Fed will raise rates in December.
• The Dow Jones industrial average rose 59.31 points, or 0.31 percent, to end at 19,083.18.

Today's Corporate Action 24th Nov  Ex Date

ASTRAL Interim Dividend - Rs. - 0.2000
AUROPHARMA Interim Dividend - Rs. - 1.2500
KUSHAL Interim Dividend - Rs. - 0.6000
NAVNETEDUL Buy Back of Shares
PGHH Dividend - Rs. - 36.0000
PRECWIRE Interim Dividend - Rs. - 1.2500
SANDUMA Interim Dividend - Rs. - 2.0000VIDHIDYE Interim Dividend - Rs. - 0.2000

Today's Key Result 24th Nov

Abfrl,Advance Micro,Escorts fin,Jindal poly,Manpasand Brew,Opto Circiut,Suven Life

TOP NEWS

Zee Entertainment (ZEEL) acquires the general entertainment TV channels (BIG Magic and BIG Ganga) – strengthen ZEEL presence in comedy genre and regional markets (Bihar, Jharkhand and Purvanchal) long term positive
ZEEL has acquired the general entertainment broadcasting business of Reliance Big Broadcasting, Big Magic & Azalia. The TV Broadcasting business of Reliance Group Entities currently comprises two operational general entertainment channels (BIG Magic and BIG Ganga) and 4 other TV licences. BIG Magic is a Comedy channel catering to Hindi Speaking Markets. BIG Ganga is a leading Bhojpuri entertainment channel catering to audiences in Bihar, Jharkhand and Purvanchal.
Deal structure: As a part of the deal, ZEEL will absorb all the debts of acquired entities i.e. RBBL, Azalia and Big Magic to the tune of Rs294.5 crore and issue preference share (6% coupan rate) to the tune of Rs3.9 crore redeemable in three years.  The transaction is expected to close by H2 CY2017.
View: The acquisition will strengthen ZEEL GEC portfolio in comedy genre and also expand its regional portfolio. Also, given the total accumulated loss and CenVAT credit of Rs650crore and Rs60 crore respectively, will  lower the tax incidence. Will get more clarity from the management post our interaction. We maintain our buy rating on the stock.  

Oil India has announced to consider issue of bonus shares on 28-November-2016 – Positive

SBI cuts bulk deposit rate by 120 bps to 190 bps from immediate effect – Positive signals reduction in borrowing cost and better transmission of lower interest rates; sentimentally positive for all banks

Sun in Focus: Sun Pharma’s subsidiary Taro has announced $250 mn (~ Rs 1675 crores) share repurchase  through open market purchases– Positive for Sun; This authorization follows the successful completion of the previous $250 million share repurchase program in August 2016.

Cadila recalls 20,000 bottles of anti-depressant in US – Sentimentally negative for Cadila

 FUND RAISING
 UltraTech Cement proposes To Issue NCDs Worth Rs400 Crore


Media Alert: As per media reports, Sun Pharma’s Mohali plant gets 483 observation form reporting 7 observations. Mohali plant was inspected by the USFDA between 7-16th November 2016. 4 observations are related to laboratory practices; 2 are related to Quality systems and 1 is related to production system of plant. Mohali plant has been under import alert since September 2013, so there will be no impact on fundamentals of the company - Sentimentally negative for sun pharma, however Halol plant inspection and its outcome will be the key monitorable to watch out for. We await for clarity from management on Mohali plant inspection………(9:30 am)

 Media reports: Indian Oil plans to expand Nagapattinam refinery to 15mmt in phases from 1mmt currently at planned capex of USD5.5billion (Rs37,400 crore)………...(8:55 am)
As per media reports, IOCL plans to expand capacity of Nagapattinam refinery (owned by Chennai Petroleum Corporation Limited, which is subsidiary of IOCL) in Chennai to 300000bpd (15mmt) in phases from current capacity of 20,000bpd (1mmt). The first phase would aim at increasing capacity to 120,000bpd (6mmt) and then to 180,000bpd (9mmt) and then to 300,000bpd (15mmt) in the second phase. The company has planned capex of USD5.5billion (Rs37,400 crore) but there is no detail about the timeline of the planned capex.

OTHER NEWS

Zee Media foray into the Radio business, with acquisition of 49% stake in 92.7 BIG FM, long term positive  
Zee Media (ZMCL) approved acquisition of 49% stake in 92.7 BIG FM, the radio broadcasting business of Reliance Broadcast Network Limited (RBNL). RBNL runs the largest network of FM radio channels in India – 45 operational licenses (issued under Phase II and migrated to Phase III) and 14 new licenses (issued under Phase III). The FM channels reaches to 45 cities, 1200 towns and over 200 million people. The transaction is expected to close in the first half of CY2017. ZMCL and Reliance Land Private Limited (“RLPL”) will have a call and put option respectively for balance 51% after expiry of lock-in period from April 1st 2018 to April 1st 2020 (expected). The total deal consideration for the acquisition is Rs1592 crore including the call  option for another  51% stake in VEPL and AMSPL.

Infosys invests in Stellaris Venture Partners
Infosys announced that it has signed a definitive agreement to a Limited Partner investment of INR 31.6 crores from its Innovation Fund in Stellaris Venture Partners. This investment is towards the first close of Stellaris’ fund. Stellaris has built a robust network of successful entrepreneurs and advisors to source, evaluate and mentor the best Indian startups. The investment is expected to complete by December 15, 2016.

Rallis India to acquire additional 26.37% stake in its subsidiary Zero Waste Agro Organics making it a wholly owned subsidiary:
Rallis India has announced to buy an additional 26.37% stake in its arm Zero Waste Agro-Organics for Rs 19.49 crore. Post acquisition, Rallis India's stake will increase to 100% in the subsidiary company. Zero waste Agro Organic manufactures organic compost which is used as input by Rallis.

The Cotton Advisory Board expects the Cotton Production in India for the year 2016-17 to be at 351 lakh bales, higher than the Governments first estimates of 321.2 lakh bales and up 4% from 338 lakh bales produced in 2015-16.

Hero MotoCorp stated that footfalls across its showrooms are improving and have returned to 85% of normal levels with the government taking a slew of measures to improve cash flow in the market post demonetization. In the initial days, the footfalls had fallen drastically to about 25-30% of the normal footfalls and now are seem to be improving.

Mahindra readies break even plan for Peugeot scooters; positive read thru
After restructuring its domestic two-wheeler business, Mahindra & Mahindra has readied a turnaround plan that will help break even the operations of Peugeot Scooters, a company it acquired in 2014, over the next three years. Much like Mahindra Two Wheelers, Peugeot Scooters too will shift its focus to bigger 300cc scooters from 50cc ones, which was its core earlier. The company feels its new strategy to focus more on low-volume, high margin premium products will give it an edge in new markets that it plans to drive into soon. Mahindra & Mahindra owns 51% stake in Peugeot Motorcycle (a.k.a Peugeot Scooters), while the rest is held by PSA Group of France. With new products planned, Peugeot is aiming to achieve at least a double-digit growth every year. 

Partibha Ind Wins Contract Worth `92.2 Cr From Tamil Nadu Water Supply Board – positive read through for the stock

Transformers & Rectifiers bags Rs96cr order from Adani Group for solar power project – positive read thru

NBCC signed MoUs with Rosinformexport of Russia for smart city projects and Dept for International Development of India and ITI - Positive
NBCC has entered into MoU with Rosinformexport LLC of Russia having expertise in ICT/ digital products. NBCC and Rosinformexport shall collaborate to jointly participate in the Smart City projects in India. Also NBCC signed MoU with DFID, India to collaborate to strengthen, develop and promote smart cities, integrated smart railway stations. Further NBCC signed MoU with ITI to jointly carry out DPR for developing ITI land parcel of 30 acres in Electronic city, Bangalore.    

 MORE NEWS

SBI slashes bulk deposit rates by up to 1.9%
Corus buyout based on long-term strategy: Tata Steel
Sebi tightens promoter-investor profit sharing rules
30 banks join app-based national fund transfer system
Indian Oil plans expansion of refinery co-owned by Iran
All property records of Delhi just a click away
RIL takes 1st step to software biz with GE tie-up
Survey on Modi app: 93% support demonetisation
Currency in circulation dips 20% in week ended Nov 18
GST Council meet postponed by a week
Jan Dhan account deposits swell, mobilise Rs 21,000 cr
Central banker missing in action as India escalates war on cash
Report holds Hitachi responsible for debit card data theft
Euro zone manufacturing PMI 53.7 vs 53.3 forecast
SEBI’s start-up boost: allows 200 investors in a scheme
Sun Pharma to buy Russian firm Biosintez
There was no proposal to sell TCS to IBM: FC Kohli
Govt mulls allowing private cars to share rides
Cipla divests stake in US firm Chase Pharma to Allergan
Goldman forecasts deceleration in GDP growth to 6.8% in FY17
Airtel launches India’s first payments bank
RBI governor Urjit Patel keeps a low profile amid note ban
Reliance Capital to sell stakes in radio and TV businesses to Zee Group
Wockhardt gets USFDA warning for violation of norms at UK facility
Reliance Jio fails to hit subscriber base of Airtel, Idea, Vodafone: analysts
BSE Sensex advances 90 points to end at 26,051.81, NSE Nifty finishes at 8,033.30
Morgan Stanley says US Fed rate hike to have negligible impact on Dalal Street
Corporates' credit profiles to improve on sustained economic growth: Moody's
Cabinet gives its nod to buy Dornier surveillance
Digital automation will divide job market: Prabhu
Idea to expand 4G services to 20 circles this fiscal
New UK visa rules for non-EU nationals come in force today
Govt asks NABARD to disburse Rs 21K crore to farmers
Marginal rise in professional tax collection in 2015-16
Re set for record low as funds flee

STOCK IN NEWS

1. Airtel Payments Bank goes live with pilot project in Rajasthan
2. Splendor regains numero uno slot, overtakes Activa
3. Tata Motors calls EGM to remove Mistry, Wadia
4. Sun Pharma's sharpens emerging market focus with $60 mn acquisition in Russia
5. Zee acquires 2 TV channels of Reliance Group; 49% in FM channels business
6. Rs 1 lakh crore shaved off Tata group cos' m-cap since Mistry's ouster
7. Azim Premji-backed FSS plans to raise $250 million
8. Infosys invests Rs 31.6 crore in early stage VC firm Stellaris
9. Tata Steel to commission Gopalpur plant on Nov 30
10. TVS Motor launches app to provide service facility
11. Cipla sells 16.7% stake in Chase Pharma to Allergancut