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Wednesday, 28 December 2016

28 December 2016 - Views & News

MARKET INSIGHT

 Indian markets are likely to open on flattish note. The Nifty has seen a sharp pull-back yesterday. It has currently retraced 38.2% of the recent fall. The pull-back can extend up to 8084-8130 (50% and 61.8% retracement levels, respectively), if it manages to sustain above 8050.     
      
Nifty Spot Levels

Support 7992 – 7940 – 7893
Resistance 8040 – 8130 - 8155

 Market Update:

Sgx Nifty +14 pts ‎Dow +11.23 pts ,Nsdq +24.75 pts , S&P +5.09 pts , Bovespa +76 pts , Ftse Clsd , Dax +22 pts  , Cac +8 pts , Nikkei  -26 pts now , Crude @ $53.85 brl (-0.05 ), Brent @ $56.09 brl (+0.93) , Gold @ $1139.90 (+1.10), Silver @ $16.00 (+0.01), Euro @ $1.0458, JPY @ $117.4900, INR @ $68.0575


GLOBAL MARKET & INTERNATIONAL DATA UPDATE 

 • US stocks rose slightly on Tuesday, supported by upbeat consumer and housing data, with gains in technology shares lifting the Nasdaq Composite to a record close.
• Tuesday data showed American consumers' confidence shot to its highest in more than 15 years in December as they saw more strength ahead in business conditions, stock prices and the job market, while house prices continued their steady recovery in October.
• The Dow Jones Industrial Average rose 11.23 points, or 0.06 percent, to 19,945.04.

TOP NEWS

Cadila: As per media reports, Cadila’s  discovery arm (Zydus Discovery DMCC) has received warning letter from the USFDA over promotional video misbranding Saroglitazar (Lipaglyn – used to treat diabetes  and cholesterol) – Negative for Cadila; we await management clarification on the issue.

Listing of PSU subsidiaries in FY18 divestment plan, Both ONGC and Coal India have profitable subsidiaries, stock to remain in focus
As per media reports, Strategic sales and listing of subsidiaries of state-run enterprises will be the focus areas of the government’s disinvestment plan for the next fiscal, shifting away from the sale of shares in listed companies. There is also an indication that the government may not push ahead with disinvestment in the current situation as revenue collection seems comfortable with black money disclosures schemes likely to provide some cushion. 

SBI: Demonetization set to delay SBI-associate bank merger , beyond March 2017 deadline, sentimentally negative …………….(8:52 am)
As per media news, demonetization set to delay SBI-Associate bank merger further, merger may start Fy18 Vs Feb-Mar 2017 earlier


 FUND RASING

JSW Energy board approves raising up to Rs 750 crore.

JK Tyre & Industries Ltd is considering raising upto Rs 1,000 cr by issue of convertible/non-convertible securities


OTHER NEWS

Vardhman Textiles to Buyback 62.6 lakh shares at Rs. 1,150/share – sentimentally positive for the stock
Vardhman Textiles offers to Buyback 62.6 lakh equity shares at Rs. 1,150/share from 4th Jan 2017-17th Jan 2017. The Buyback price is at a premium of 7% from today’s close of Rs. 1,078, which is positive for Vardhman Textiles.  

TCS: VersaCold Logistics Services Selects TCS TAP™ for Procure to Pay Transformation
Tata Consultancy Services announced that VersaCold Logistics Services, Canada’s largest end-to-end supply chain solutions company for temperature-sensitive products, has selected TAP™, TCS’ procure to pay cloud solution, to manage their operating costs with greater efficiency. The solution includes Catalogs, Requisitions, Purchase Orders, and Invoices, plus Supplier Management and Self-Service.As part of its ongoing transformation as a leading global and Canadian provider of temperature sensitive solutions, VersaCold is investing in providing greater value to its customers, while also focusing on operating efficiency. 

Tata Motors receives order for 5,000 buses under the Governement’s BRTS rollout scheme; positive

Tata Motors has bagged an order for supplying 5,000 buses under the Bus Rapid Transit System (BRTS) scheme. Increased focus by central and state governments on improving the road network and transportation under the BRTS has provided a boost to bus purchases, helping the segment buck the broader demand trend.

Akzo Nobel India opens specialty coatings facility in Noida with an investment of Rs3crore (largely funded through internal accruals); the new site will manufacture 600 kilo litre of coatings annually, thus catering to the localisation drive undertaken by many large companies – positive read through for the stock

Dhanuka Agritech - Buyback committee meeting on Jan 03, 2017
Dhanuka Agritech has informed BSE that a Meeting of Buyback Committee of Board of Directors of the Company will be held on January 03, 2017, inter-alia, to approve the final terms and conditions of Buyback of equity shares of the Company, subject to Shareholders’ approval.

Electrosteel Steels, according to media reports, Piramal Enterprises and the Renaissance Group are considering to jointly purchase a 51 per cent stake in Electrosteel Steels, postive read-thru
Jagran Prakashan, scheme of arrangement of Suvi Info-Management (Indore) with the company has been approved by Allahabad high court and Bombay high court

Sunil Hitech,  awarded road EPC project worth Rs434 crore in Arunachal Pradesh, management has stated that it will bid for projects worth Rs 6,000 crore in remaining fiscal year. Road segment orderbook now at Rs 1,352 crore. Postive read-thru

 MORE NEWS

Govt plans ordinance to shed liability of old notes
Economists suggest lower taxes, uniform import duty
Unorganised sector to be worst-hit by note ban: Report
Adhere to monthly/quarterly expenditure plans: FinMin
Reliance Jio seeks time till Dec 29 to respond to Trai
Tata Sons' notice to Mistry for confidentiality breach 
Last date extended for conversion of PIO cards
Number of companies with 'default' debt rating doubles
Venture capital investments down 29% in 2016
Income tax notices to car dealers; seeks details of customers post Nov 8
Despite price hikes, uncertainty remains high around ITC
Paradip Port to have 51% stake in Rs 5,849 cr rail corridor
Oil prices edge further above $55 ahead of supply cut deal
JSW Energy board approves raising up to Rs 750 crore
Experts discuss about job creation, farm woes at NITI Aayog
83 IPOs hit Indian market, raised $3.8 bn in 2016: EY
Coca-Cola India unveils low-calorie beverage Aquarius
India likely to host key RCEP meeting in July 
Glenmark gets USFDA nod for leukemia treatment drug
MCX zinc moves towards key support zone
Reliance Jio is ready to pounce on rivals Airtel, Vodafone, Idea Cellular
Pfizer, Micromax related acquisitions approved by CCI
Drug firms eye over-the-counter market in bid to buttress growth
AU Financiers gets final licence from RBI to start small finance bank
Nandan Nilekani invests $5 million more in 10i Commerce
Sonalika Tractors in talks to set up a plant in China
Demonetisation has hit business: Tata Steel
Early budget to make funds available at start of fiscal: PM Narendra Modi
Direct benefit transfers saved 36,000 crore in 2 years, says official
Microsoft can reach $1 trillion market value, faster than Apple, Google and Amazon, says Analyst
Smooth drive for farm machinery under GST
M-wallet retail spends may see 4-fold jump in near term: Study
Hopeful about GST regime roll out from April: Anant Kumar
Centre may dust off ONGC stake sale plan
CPSE ETF II on anvil; initial corpus Rs 6,000 cr

STOCK IN NEWS

• Govt plans ordinance to shed liability of old notes
• Economists suggest lower taxes, uniform import duty
• Early budget to make funds available at start of fiscal: PM Narendra Modi
• Unorganised sector to be worst-hit by note ban: Report
• Reliance Jio seeks time till Dec 29 to respond to Trai
• Tata Sons' notice to Mistry for confidentiality breach 
• Number of companies with 'default' debt rating doubles
• Despite price hikes, uncertainty remains high around ITC
• Paradip Port to have 51% stake in Rs 5,849 cr rail corridor
• Oil prices edge further above $55 ahead of supply cut deal
• JSW Energy board approves raising up to Rs 750 crore
• Pfizer, Micromax related acquisitions approved by CCI
• Demonetisation has hit business: Tata Steel

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