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Tuesday, 24 January 2017

24 January 2017 - Views & News

MARKET INSIGHT

Markets are likely to open negative. The Nifty opened in the negative territory but took support at the gap area and reversed, which was quite positive for the day. Fresh long positions should be created only above 8461 for the targets of 8520 to 8580. On the way down, an immediate support exists at 8327.

Nifty Spot Levels

Support 8327 – 8293 – 8277
Resistance 8418 – 8445 - 8461

GLOBAL MARKET & INTERNATIONAL DATA UPDATE

• US stocks edged lower on Monday as early moves by President Donald Trump highlighting a protectionist stance on trade gave investors cause to rethink the post-election rally.
• In his latest executive order, Trump signed to formally withdraw the United States from the 12-nation Trans-Pacific partnership trade deal. 
• Trump has also vowed to renegotiate the North American Free Trade Agreement (NAFTA) with leaders of Canada and Mexico.
• The Dow Jones Industrial Average fell 27.4 points, or 0.14 percent, to 19,799.85.

Market Update:

Sgx Nifty +16 pts ‎Dow -27.40 pts ,Nsdq -2.39 pts , S&P -6.11 pts , Bovespa +1230 pts , Ftse -47 pts  , Dax -84 pts  , Cac -29 pts , Nikkei  -55 pts now , Crude @ $52.87 brl (+0.12 ), Brent @ $55.23 brl (-0.26) , Gold @ $1217.40 (+1.80), Silver @ $17.13 (+0.04), Euro @ $1.0761, JPY @ $112.7700, INR @ $68.2150

Today's Corporate Action 24th Jan  Ex Date

GOACARBON Interim Dividend - Rs. - 1.5000‎

Today's Key Result 24th Jan

 HDFC Bank, HCL Tech, ZEE Ent, Wockhardt, Biocon, Ajanta Pharma, Aptech, Bharat Bijlee, Bharat Finance, ICICI Pru, IDBI Bank, Inox Leisure, Kajaria Ceramic, Karnataka Bank, L&T Finance, M&M Finance, Nilkamal, PNB Housing Fin, TVS Motor,

TOP NEWS:

ALERT: With steel imports declining and domestic consumption picking up since the imposition of minimum import price in February last year, the Ministry of Steel has no plans to continue with the measure – Negative for steel companies like SAIL, JSW Steel and other mid-sized players

ALERT: Government to offer 10% equity of MOIL at 4.5-5% discount to market price – Negative; more supply at lower prices to hurt sentiments

Adani Transmission eyeing acquisition in power transmission segment; positive
Adani Transmission in advanced discussions to buy out South East UP Power Transmission Company Ltd, which is a holding company of Spanish infrastructure group Isolux Corsan Concesiones. The enterprise value estimates to be around $800-1000mn (Rs5500-6800crore) and is in the final stages and certain government approval are pending.

IDBI BANK: CBI arrests former IDBI Bank CMD – Negative read through 
In a stern action the CBI arrested on Monday eight people, including former IDBI Bank chairman Yogesh Aggarwal and the now-defunct airline's ex-CFO A Raghunathan, in a seven-year-old case related to Rs 900-crore loan default. The CBI also arrested IDBI Bank's ex-deputy managing director O V Bundellu and two other officials, SKV Srinivasan and R S Sridhar. KFA executives Shailesh Borkar, AC Shah and Amit Nadkarni were among the eight arrested.

United Spirits: Another open offer likely as SEBI probes possible takeover code violations by Diageo during acquisition of controlling stake in United Spirits – Positive

OTHER NEWS

Manpasand Beverages planning to double the capacity (3.7-4.0 lakh cases per day) in the next 12-18 month; capex would be done through money raised from recent QIP issue – long term positive for the stock
Manpasand Beverages Ltd is planning to increase its production capacity to more than double in the next 12-18 months. The company will set up four new manufacturing plants having total production capacity of 2 lakh cases per day as against the current 1.7 lakh cases per day. The new plants with 50,000 cases per day production capacity each will be set up at four different regions across India. The company's recent fund raising exercise of Rs 500 crore through QIP would be utilised for the expansion. The land has been acquired and construction at the three sites has already started at 3 locations, each of which will be located at Sri City in Andhra Pradesh, Varanasi in UP and Vadodara in Gujarat. 
View: The management is sensing huge opportunity in the domestic fruit juice market and cater the growing market through capacity enhancement. This is positive read through for the stock

Great Eastern Shipping: Greatship India, a wholly owned subsidiary of the Great Eastern Shipping company has contracted to sell its 1999 built Platform Supply Vessel “Greatship Disha”. The vessel is expected to be delivered to the buyers in Q4FY2017.

As per the media reports, Odisha Government has issued a show-cause notice to the Indian Oil Corporation Limited (IOCL) asking it for a reason to not withdrawn the provision of deferment of sales tax on the Paradip Refinery's finished products.

The Singapore Exchange (SGX) is developing a spot pricing index for the Indian and Middle East liquefied natural gas (LNG) markets in collaboration with inter-dealer broker Tullett Prebon. The firms expect to launch the index in the second quarter of this year. The aim of the index is to provide transparent pricing mechanism for the regions.

As per the media reports, Oil companies including ONGC have received notices from the tax department to pay service tax (around $1b in total) on cost petroleum and royalty paid to the government. ONGC is believed to have received a service tax demand of Rs2,000 crore. Oil companies are in talks with petroleum ministry and the same had assured that such service taxes will not be applied.

Ashok Leyland Tamil Nadu plant closed down operations early yesterday in the wake of protests on account of Jallikattu festivals. While the production impact is minimal, Ashok Leyland is unlikely to suffer any sales loss as it has sufficient inventory with dealers.

Punjab National Bank: Metlife identifies potential buyers for its stake in PNB JV, potential buyers are kotak insurance, Tata AIA and ICICI pru life
 MORE NEWS

USFDA notice to Hetero over conditions at Telangana unit
Complete e-KYC of mobile subscribers: Trai asks DoT
Banks tell Supreme Court action on Aircel will hit them too
Reliance Jio wave, demonetisation to make it a turbulent Q3 for Airtel, Idea, other telcos
Ratan Tata thinks himself as the chairman who never retired: Cyrus Mistry
Govt extends Economic Affairs Secretary Shaktikanta Das' tenure by 3 months
FRBM review panel seeks more fiscal space for government to increase spend on development
Winter chill to intensify in next few days: IMD
Suspicious bank deposits first in Income Tax’s probe queue
India Inc raises $2.8 bn in foreign borrowings in December
Vodafone to invest Rs 3,000 crore in Bengal over three years
Tata Sons realty arm buys Durg bypass road project
Bhilai Steel Plant inaugurates Rs 1200-crore Universal Rail Mill
Private Equity firms eye womenswear brand 'Soch'
India's first wind tender over subscribed despite offtake uncertainties: Bridge to India
Cyrus Mistry files fresh affidavit in Company Law Tribunal
Lupin gets USFDA nod for generic anti-depressant tablets
Okinawa to invest ₹270 crore to expand e-vehicle business
Suzlon bags 50.4 MW order from power utility in Gujarat
UltraTech to set up ₹2,600-cr plant in Madhya Pradesh
SAIL begins production of world’s longest single rail
Government to offload 10% stake in MOIL today
A double whammy for FPIs from April
Manpasand plans four new plants
Okinawa launches Ridge e-scooter at ₹43,702
FRBM panel offers little spending space to govt
Solar subsidies likely to end, sops for manufacturing on anvil
Diageo may have to make another open offer in USL
Ruia stake in Essar Steel to fall to 40%
FinMin pushes ministries to raise cash via bonds
Minimum import price of steel to go
Patanjali may source agriculture produce from Telangana: Kavitha
Amazon ropes in YouTubers Kanan, Biswa, Azeem, Sapan for comedy specials
Air India puts 57 over-weight crew members on ground duty
Election Commission clears 1 Feb budget date, bars state-specific announcements
Budget 2017: N.K. Singh committee favours new fiscal rules
Donald Trump pulls out of Trans-Pacific deal in bid to revamp US trade focus
RBI to set up corporation for insolvency resolution in the financial sector
Cyrus Mistry files fresh affidavit at NCLT, denies leaking sensitive documents
Vijay Mallya case: CBI arrests former IDBI Bank chairman Yogesh Aggarwal, 7 others
Sebi seeks forensic audit of MCX's trading software
OPG Power to raise Rs1,000 crore via Indian IPO
IBM touts Donald Trump-pleasing hiring plans while firing thousands
USL for franchise-based fixed fee model in popular liquor brands
Uber to bring UberEATS, its food delivery app, to India

 STOCK IN NEWS 

1. PNB Metlife identifies potential buyers for its stake in PNB JV, buyers are kotak insurance, Tata AIA and ICICI pru life 
2. Asian Paints to rxpand paint mfg capacity at Ankaleshwar Unit 
3. Advance Syntex listing of bonus shares Cholamandalam Investment - Brickwork Ratings assigns rating of BWR AA+ 
4. Mercator - QIP committee approved allotment of 2.5cr shares 
5. Asian Paints proposal to expand paint manufacturing capacity from 1.3lk KL to 3lk KL and synthetic resins & emulsions from 32k MT to 85k MT 
6. IFCI approved divestment of entire 45.5% stake in Hardicon 
7. BoB strike on 7 Feb 2017 by AIBEA, AIBOA, BEFI 
8. Central Bank of India approved premature buyback of NCDs worth Rs500cr 
9. GE Shipping subsidiary to sell Greatship Disha 
10. Manpasand Beverages to double production capacity in next 12-18 months 
11. Adani Power allotted 2.79cr shares to promoters on conversion of warrants 
12. USL eyes franchise model for its brands 
13. Oil firms face hit from Service Tax demand 
14. USL - Diageo may have to make another open offer in USL 
15. Essar Steel - Ruia stake in Essar Steel to fall to 40% 
16. Diamond Power: Allots 19.97 Cr Equity Shares At `41.28/Sh On Debt Conversion

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