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Wednesday, 22 February 2017

22 February 2017 - Views & News

MARKET INSIGHT

Indian markets are likely to open on positive note following global market. Nifty level of 8930 coincides with a crucial falling trendline from the previous swing high. Once 8930 is breached on a closing basis, the Nifty will be set to test the all-time high level of 9119. On the flip side, 8860 and 8800 will act as crucial supports.

Nifty Spot Levels

Support 8860 – 8800 – 8712
Resistance 8930 – 8975 - 9000

GLOBAL MARKET

• US stocks rose to fresh record highs on Tuesday, boosted by strong earnings reports from Wal-Mart and Home Depot and continued optimism about the economic agenda of President Donald Trump.
• Home Depot shares gained 1.4 percent after the home improvement retailer reported higher-than-expected quarterly profit and sales, boosted by a strong US housing market.
• The Dow Jones Industrial Average rose 118.95 points, or 0.58 percent, to 20,743.

Market Update:

Sgx Nifty +6 pts ‎Dow +118.95 pts ,Nsdq +27.37 pts , S&P +14.22 pts , Bovespa +519 pts , Ftse -25 pts , Dax +139 pts  , Cac +23 pts , Nikkei  -2 pts now , Crude @ $54.34 brl (+0.09), Brent @ $56.69 brl (+0.07) , Gold @ 1235.75 (-1.00), Silver @ $17.95 (+0.00), Euro @ $1.0542, JPY @ $113.6700, INR @ $66.975 🔹US GENERIC GOVT. 10-YEAR YIELD : 2.4379%

Today's Corporate Action 22nd Feb  Ex Date

CENTUM Interim Dividend - Rs. - 2.0000
CONCOR Interim Dividend - Rs. - 9.6000
CONTROLP Interim Dividend - Rs. - 2.5000
DCMSHRIRAM Interim Dividend - Rs. - 2.8000
ELDEHSG Interim Dividend - Rs. - 12.5000
GREAVESCOT Interim Dividend - Rs. - 4.0000
HGS Interim Dividend - Rs. - 2.5000
HITECHGEAR Interim Dividend - Rs. - 1.2500
ICIL Interim Dividend - Rs. - 0.4000
JAGRAN Buy Back of Shares
MEP Interim Dividend - Rs. - 0.1000
MOIL Interim Dividend - Rs. - 5.0000
NCLIND Interim Dividend - Rs. - 1.0000
NICCOPAR Interim Dividend - Rs. - 0.1500
NRBBEARING Interim Dividend - Rs. - 1.4000
PODARPIG Interim Dividend - Rs. - 2.5000
SJVN Interim Dividend - Rs. - 2.2500
SUDARSCHEM Interim Dividend - Rs. - 2.5000
SUPRAJIT Interim Dividend - Rs. - 0.5000
VETO Interim Dividend - Rs. - 1.0000
VIDHIDYE Interim Dividend - Rs. - 0.2000
VIPIND Interim Dividend - Rs. - 0.8000

TOP NEWS

Dr Reddys Laboratories: Dr Reddys Laboratories completes audit of the API manufacturing plant at Miryalaguda, by the US FDA, on February 21, 2017. The Company have been issued a Form 483 with three observations, which the Company is addressing. Two more facility await USFDA inspection and outcome of it will be the key monitorable, till then stock to remain in focus.

Axis bank: As per media reports, Kotak Bank has approached the Government of India for its stake in Axis bank. Through the Specified Undertaking of the Unit Trust of India (SUUTI), the government has a 12.02% stake in Axis Bank while LIC of India holds 14.49% stake in Axis. The respective managements, however, have not confirmed the news and Finance Ministry officials have denied it – Sentimentally Positive read through for Axis Bank (if at all the strategic stake sale would be done at premium valuations)

Government plans to roll out direct transfer of fertiliser subsidy from June 30; Positive for Fertilizers companies like Chambal Fertilizers and Urea makers (Details in other news)

Bharat Electronics: Government to sell 5% stake in BEL at floor price of Rs1,498/share (4-5% discount) to garner Rs1,600 crore – Removes key hangover on the stock

ONGC to buy government stake in HPCL and/or BPCL according to media reports in line with govt thinking of creating a mammoth oil company – Positive for ONGC (we continue to like IOC among refining companies)

OTHER NEWS

Power Grid wins 765kV transmission project in eastern region under tariff based competitive bidding on build, own, operate and maintain basis; positive for Power grid

Government plans to roll out direct transfer of fertiliser subsidy from June 30; Positive for Fertilizers companies like Chambal Fertilizers and Urea makers
The government has planned to roll out direct benefit transfer for fertiliser subsidy from June 30, 2017  in all districts across the country. As per the plan the fertiliser subsidy will be given to the producer after capturing the Aadhaar number through a point of sale machine of the farmer when he purchases a bag of fertiliser. The difference between the actual value and the subsidised price of fertiliser will then be transferred to the producer’s bank account. The move is likely to be positive for fertilizers companies like Chambal fertilizers and others urea companies as it could push the consumption of fertilizers

Maruti Suzuki to launch new 2017 Ciaz in April 2017, to sell through Nexa dealerships; positive
Maruti Suzuki will launch the new Ciaz in April 2017 with variant rebranding and change in equipment levels. In addition, the sedan will be sold through the Nexa Dealerships only, which will make the Ciaz the fourth model to be sold from the company's premium retain stores. On exterior front, new Ciaz will receive a revised front grille with new bumpers and the headlamps will get LED DRL's and a new set of alloy wheels. It is expected that the sedan's top end variant might get sunroof as well. Inside the cabin, the sedan will get features such as touch screen infotainment system compatible with Apple CarPlay and Android Auto. The ABS (Anti-lock Braking System) and dual airbags will be standard across all the variants in the upcoming Ciaz.

Tata Motors, Volkswagen mull partnership for vehicle architecture and technology sharing for emerging markets; positive if talks are successful
Tata Motors and Volkswagen Group are said to be at an advanced stage of finalising a partnership as per media sources. Sharing vehicle architecture and technology is at the heart of the discussion. The companies are looking at sharing modular platforms for India and emerging markets, including the advanced modular platform (AMP) being developed by Tata Motors. Volkswagen may offer technical knowhow on producing multiple models based on modular architecture. The two companies are also exploring whether Volkswagen’s MQB A0 platform can be used by Tata Motors. The contours of the partnership, on whether it will be a joint venture or a technology tie-up, are still being worked out.

BEL: India sanctions 42 additional coastal radars for security - Positive
India decided to augment its coastal surveillance capabilities as it sanctioned the second phase of 42 coastal radar chain, including 4 mobile ones. The 38 additional radar stations and four mobile radar stations were sanctioned by the Defence Acquisition Council. It will cost Rs 800 crore, BEL is undertaking the task.

 MORE NEWS

ONGC likely to pick up govt’s stake in HPCL or BPCL
Govt may roll back 10% LTCG tax proposed in budget
No amnesty for deposits linked to laundering: CBDT
Singapore SC bars Salve to appear in Ranbaxy case
PE, VC investments down 6.3% in January: EY report
RBI for December deadline to recast top 50 bad loans
Jio to go pay from April 1, but keeps goodies rolling
Chandra to focus on shareholder value
Credit fund assets zoom 60% in last 10 months
IDBI Bank to sell stake in non-core businesses
Dr Reddy's unit fails to clear US FDA audit
Viral suggests 2 AMCs to tackle bad debt
Chandra gets cracking on Day One at Tata Sons
With Rs. 303 plan, RJio primed for data war
Microsoft to start using Aadhaar for Skype service
‘Over 50% Indian women labour on without being paid’
BEL’s 5% offer-for-sale issue opens today
SBI pitches for separate telecom spectrum for financial services
Flipkart in talks with Microsoft, others for up to $1.5 billion fundraising
JC Penney to reduce outsourcing to India
ONGC takes profit hit from royalty payments
Tata fund in talks to buy 23% stake in Dodla Dairy
ITC to hike cigarette prices by up to 13%
Govt doubles maternity leave for women workers in industries
RBI deputy governor Viral V Acharya: Using RBI funds to recapitalise banks not a good idea
Market took demonetisation positively; rising dollar dampened sentiment, says FinMin
Bengal decides to enter into joint venture with GAIL
Bank strike: One million bankers to strike work on February 28
Sinochem sounds out ONGC for Brazilian stake buy
No cap on visa for Indian students: British envoy
Even e-NAM is no MSP guarantee for farmers
 Axis stock spikes 5% on Kotak merger reports
EPFO makes withdrawals easy, chucks employer attestation

STOCK IN NEWS

1 The paid offering from Reliance Jio, announced by Reliance Industries Chairman Mukesh Ambani on Tuesday, will exert more pressure on rivals Bharti Airtel, Vodafone and Idea Cellular.
2. Dr Reddy's unit fails to clear US FDA audit
3. Tata Steel's Kalinganagar unit crosses two mn tonnes in hot metal output
4. Piramal eyes 3rd spot in domestic OTC market by 2019
5. Prakash Industries to demerge PVC business into separate entity
6. Air India to raise $250 million by putting two Dreamliners on sale
7. Tatas will lead, not follow: What Chandrasekaran said at Bombay House today
8. BEL’s 5% offer-for-sale issue opens today
9. IDBI Bank to sell stake in non-core businesses
10. ONGC likely to pick up govt’s stake in HPCL or BPCL

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