}

Friday, 28 April 2017

28 April 2017 - Views & News

MARKET INSIGHT

Nifty is likely to open on a flattish note based on the global cues. Bias remains positive for the day as long as nifty holding 9274 levels.

Nifty Spot Levels

Support 9274 – 9180
Resistance 9367 - 9430

GLOBAL MARKET

• The Nasdaq Composite ended at a record high on Thursday, boosted by results-related gains in Comcast, PayPal and Intuit, while the S&P 500 and the Dow were little changed.
• US businesses would mostly benefit if President Donald Trump's plan to cut corporate tax rates and slash taxes on cash parked overseas becomes law. But the economic benefits and the timing of a possible bill remain in question.
• The Dow Jones Industrial Average rose 6.24 points, or 0.03 percent, to 20,981.33. 

Today's Key Result 28th Apr

Ambuja Cem, Birla Money, Ceat, Chola Fin, Coromandel, DIC India, Federal Bank, IDFC, Kesoram Ind, KirlFer, Kitex, Navin Fluor, Raymond, RPG Life, Shirpur-G, Supreme Ind, Uniphos, UPL, Uttam Stl, VSSL
[28/04, 09:01] Sharekhan - Hosur: Global Markets:

TOP NEWS

ALERT: Aurobindo: As per media reports, Aurobindo’s Unit IV (injectable & opthal facility) completed USFDA inspection is likely to receive Form 483 with 4-5 observations – Negative for Aurobindo; We await confirmation from management and clarification on nature of observations.

Hindustan Construction Co (HCC): Brookfield is in talks with HCC to acquire two of its operating road assets for Rs1300-1500 crore as per media reports. Positive read thru for HCC.

GMR Infrastructure: GMR group is close to selling a part of its controlling stake in the Hyderabad airport to Abu Dhabi’s sovereign wealth fund as per media reports. The group is likely to offload 20-25% of its stake in the airport at an EV of ~Rs4,500 crore. Positive read thru for the stock.

Multiplex Sector: Baahubali 2’ clocks highest ever advance booking, positive for PVR, INOX leisure and also UFO Moviez …(details in Other news)


 OTHER NEWS

Prism Cement: The Company has received Letter of Intent from Madhya Pradesh Government for allotment of cement grade limestone Mining Lease for 50 years in Villages Chulhi and Majhiyar, District Satna, Madhya Pradesh, with about 23.6 million tons of reserves. Positive for Prism Cement

ITC - The Bombay High Court ordered Union finance ministry and others to be made parties to a plea against LIC's investments (holds 1/3rd equity) in the company (earns about significant portion revenues from Cigarette business) – sentimentally negative for ITC

HCL Infosystems, announced  Slump sale of an undertaking (Digischool Business undertaking consisting of business of sale of software licenses to K-12 schools) of HCL Learning Limited, a wholly owned subsidiary, on a going concern basis to M/s. Everest Edusys and Solutions Private Limited.

Multiplex Sector: Baahubali 2’ clocks highest ever advance booking, positive for PVR, INOX leisure and also UFO Moviez
As per media reports, BookMyShow sold over 1 million tickets for immensely anticipated epic fantasy Baahubali 2: The Conclusion within 24 hours of bookings for the movie opening in north India.The sales are the highest ever on BookMyShow, beating the record held by Dangal, which had surpassed by 45% on Wednesday. While single-screen cinemas had opened their booking windows as early as 22 April, multiplexes went live by 24 April and together they accounted for ticket sales of more than 1 million in all the four languages the war epic is releasing in — Hindi, Tamil, Telugu and Malayalam. PVR Director’s Cut in Delhi, for example, is selling tickets at Rs2,400 compared to the R1,200-1,400 for a regular film and Rs1,800-2,000 for a big release. PVR-ICON in Mumbai, on the other hand, has gone for Rs1,500 as opposed to the Rs700-800 range viewers are used to.

Indraprastha Gas Ltd (IGL) at its board meeting held on April 27 has approved increase in foreign institutional investors (FIIs) / foreign portfolio investors (FPIs) shareholding limits in the company from 24 % of paid up equity share capital to 30 % of the paid up share capital of the company, subject to approval of shareholders and other regulatory approval as may be required, positive read-thru

Sun TV,  Launches Surya Comedy, 1st  24-hour Malayalam comedy channel, stock to be in focus

Auto industry files review petition with Supreme Court over ban on sale of BS III vehicles' order; any favourable judgement for auto industry is unlikely in our view
The Society of Indian Automobile Manufacturers (SIAM)  has approached the Supreme Court to plead for a review of its judgement issued over the BS III vehicles. SIAM has filed a review petition with the apex court to point out "certain facts" that were not covered in the judgment. The move comes after the apex court banned the sale and registration of non-BS IV compliant vehicles from April 1, 2017.  According to the industry association, the Supreme Court has "erroneously construed" an office memorandum from the Ministry of Road Transport and Highways (dated March 3, 2017) to be an office memorandum dated March 3, 2015 which led to the misunderstanding that the government had sent a clear message to the manufacturers to stop production of BS III vehicles before April 1, 2017. However we believe auto industry is unlikely to get any favourable judgement on this. Morever, 2W players have already taken corrective action by selling the BS3 vehicles at huge discounts.  

India will invest Rs 50,000 crore to revive four mothballed fertilizer plants and extend a gas-pipeline grid to its eastern India. With the revival of the fertilizer projects in Gorakhpur (Uttar Pradesh), Barauni (Bihar), Sindri (Jharkhand) and Talcher (Odisha), an additional annual production capacity of 75 lakh tonne would be created, making India self-reliant. The annual domestic demand is around Rs 320 lakh tone and currently India is a net importer. The investment will be made by 2021.

Kotak Mahindra Bank will buy out Old Mutual Plc’s 26 % stake in their joint venture Kotak Mahindra Old Mutual Life Insurance Ltd. (Kotak Life) for Rs 1,262.7 crore. Post the deal completion Kotak Mahindra Group will hold 100% equity shareholding of Kotak Life and the deal values Kotak Life at Rs 4,972 crore.

STOCK IN NEWS 

1. Infosys launches integrated AI platform to boost digital tech services
2. Digital transaction in ITC's rural hypermarket up 13%
3. ITC, Sebi made party in PIL against investing in tobacco companies
4. US demand drives India's gems and jewellery exports in 2016-17
5. Margin contraction likely at steel firms in Jan-March quarter
6. Sundram Fasteners, has set an ambitious target to invest Rs 200 core annually till it reaches a turnover of $1 billion from around $470 million today.
7. Review petition filed with Supreme Court over BS III vehicles' order
8. Indian real estate sector to witness $7 billion investment in 2017: CBRE
9. ONGC discovers more than 20 oil, gas sites in FY17
10. Maruti earmarks Rs 4,500 cr capex for FY18
11. Tata Motors to supply 3,192 Safari Storme SUVs to Indian army

Thursday, 27 April 2017

27 April 2017 - Views & News

MARKET INSIGHT

 The Nifty is likely to open flat on Wednesday in opening trade tracking muted handover from Wall Street.  If the momentum continues, it is on track to hit 9350-9380 ahead of April month’s expiry on Thursday.

Nifty Spot Levels

Support 9274 – 9180 - 9088
Resistance 9367 – 9430 - 9500

GLOBAL MARKET

 • US stocks ticked lower on Wednesday following two sessions of strong gains as strong corporate earnings were offset by uncertainty over the feasibility of a proposed business tax cut.
• The proposal from the Trump administration slashes tax rates for businesses and on overseas corporate profits returned to the country. 
• It offered no specifics on how it would be paid for without increasing the deficit.
• The Dow Jones Industrial Average fell 21.03 points, or 0.1 percent, to 20,975.09.

MARKET UPDATE

‎Dow -21.03 pts ,Nsdq -0.27 pts , S&P -1.16 pts , Bovespa -286 pts , Ftse +13 pts , Dax +5 pts , Cac +10 pts , Nikkei -39 pts now , Crude @ $49.32 brl (-0.30), Brent @ $52.08 brl (+0.01) , Gold @ 1268.87 (+4.67), Silver @ $17.499 (+0.06), Euro @ $1.0908, JPY @ $111.1900, INR @ $64.055

Today's Corporate Action 27th Apr  Ex Date

ELANTAS Dividend - Rs. - 4.5000
MOLDTEK Interim Dividend - Rs. - 0.3000

Today's Key Result 27th Apr

Kotak Bank(977 Cr +40% Yoy ) M&M(651 cr +12% Yoy) Maruti(1758 cr + 55% Yoy) Biocon,Gtl Infra,Hatsun Agro,Indiabulls Real Est,Indiabulls Vent,Mahindra Cie, Mosl,Rel Capital,Sqs Ind,Sygene Int,Tata Elxsi,Tvs Motor,Ujjivan Fin,Uttam Sug Source-Cogencis
TOP NEWS

Jubilant Lifescience: National Green tribunal (NGT) orders closure of 13 industries (Jubilant Lifescience is one of them) situated in Gajraula, Uttar Pradesh, after inspections found them violating pollution norms. – Negative for Jubilant Lifescience…(detail in other news)

Lupin: As per media report, Lupin’s Goa plant has been issued Form 483 , with three observations. Observations cited states: 1)No written procedures for production & process Controls; 2) Failure to review any unexplained discrepancy & failure of a batch; and 3) Control procedures not established that monitor output of manufacturing processes – Negative for Lupin; Goa is one of the key plant for Lupin (~20% contribution to total sales); Management confirmation and clarification awaited.

Cadila receives USFDA approval for Cholestyramine for Oral Suspension (will be manufactured at Baddi formulation facility), a cholesterol lowering agent – Positive for Cadila.

Tata Motors aims to sell 250,000 passenger vehicles in domestic market in FY2018 (45% growth) backed by new launches; aims to make domestic operations profitable by FY2019; positive read thru …..(details in other news)

Government imposes anti dumping duty on TDI (toluene diisocyanate) Chemical; GNFC looks to hike domestic market share in the TDI space; Positive for GNFC…..(details in other news)

L&T- Ministry of Defence to seek fresh bids from L&T & Reliance for Rs20,000 crore warship project; sentimentally positive for L&T

 OTHER NEWS

Tata Motors aims to sell 250,000 passenger vehicles in domestic market in FY2018 (45% growth) backed by new launches; aims to make domestic operations profitable by FY2019; positive read thru
Tata Motors aims to sell 250,000 units of cars and utility vehicles in FY2018 backed by new launches (Tiago hatchback, Hexa cross-over and Tigor sedan). FY2018 sales target implies a 45% growth over FY2017 and would be the highest sales in last four years. Tata Motors is also aiming the domestic operations to swing back to profitability by 2018-19. Under the current CEO, Tata Motors is executing a strategy to reduce vehicle platforms from the current six to two and has also signed an agreement with Volkswagen AG for a manufacturing tie-up to help the firm utilise its capacity better. Positive

Government imposes anti dumping duty on TDI (toluene diisocyanate) Chemical; GNFC looks to hike domestic market share in the TDI space; Positive for GNFC
The Government has proposed an anti-dumping duty of USD 140-400/tonne to be levied on imports of TDI (toluene diisocyanate) from China, Korea and Japan. TDI is a key ingredient used in the manufacture of plastics and synthetic fibers. GNFC is the country’s only producer of TDI and has a market share of 50% in the domestic market. After the imposition of anti-dumping duty the company expects to increase its market share as cheap imports would be restricted.

Jubilant Lifescience: National Green tribunal (NGT) orders closure of 13 industries (Jubilant Lifescience is one of them) situated in Gajraula, Uttar Pradesh, after inspections found them violating pollution norms. – Negative for Jubilant Lifescience
The industrial units to be closed are Jubilant Lifesciences Ltd (distillery unit), Jubilant Industries ltd (Polymer unit), Jubilant Lifesciences ltd (chemical unit -1), Jubilant Lifesciences ltd (chemical unit -2), Jubilant Agri & Consumer Products, Jain Distillery Pvt Ltd, Teva API India Ltd, Insilco Ltd, Umang Dairies Limited, Dairy India Private Limited, Coral Newsprints Limited, Kamakshi Paper Mill and Mohit Petrochemicals Private Limited.

Somany Ceramics: The expansion of Sanitaryware Plant of Somany Sanitary Ware Private Limited (a Subsidiary Company) is successfully completed and commercial production has commenced from April 26th, 2017. As a result of this expansion, the capacity of plant has increased from 3.03 lacs pieces per annum to upto 11.50 lacs pieces per annum. Positive read thru for the stock.

Jaiprakash Associates: The principal & interest due in respect of 11.75% Non Convertible Debentures and interest due in respect of 12.00% Non Convertible Debentures remain unpaid for more than three months as on April 26, 2017 as per company’s announcement. Negative read thru for the stock.

Reliance Industries LImited (RIL) has entered into a license agreement with Resysta (a German company), which gives RIL exclusive rights to produce and market RelWood (a natural fiber polymer composite) in India. The compound will be the raw material for production of sheets and profiles used in wide range of wood and plywood applications.

Infosys launches Infosys Nia (the next generation integrated AI Platform)
Infosys announced the launch of Infosys Nia, the next-generation Artificial Intelligence Platform building on the success of the Company's first-generation AI platform, Mana, and AssistEdge. Together, both these products have amassed 50+ clients and 150+ engagements across all industry sectors, within a year of operations. Infosys Nia can predict variability in manufacturing and material cost, while also reducing product development cycle times.

Petron Engineering receives Work Order from M/, for Building Structure Works at Goregaon (West) for a total Value of Rs 110cr , positive read-thru

Inox Leisure commenced operations at Multiplex Cinema, Pune - 4 screens and 662 seats 

Zee Entertainment enters Latin America
Zee Entertainment Enterprises announced its expansion into Latin America with the launch of its Spanish language Bollywood movie channel, Zee Mundo, in Mexico and Ecuador.Zee Mundo will be available in Mexico on Sky, a leading Pay-TV satellite provider, and on TV Cable in Ecuador.

STOCK IN NEWS 

1. Singh brothers question Daiichi allegations of misrepresentation in HC
2. NTPC's Rs 2,000-cr Masala Bonds oversubscribed
3. Setback to India as international panel rejects stay on Cairn arbitration
4. Abbott's stent withdrawal plea rejected
5. APSEZ inks pact with France's CMA CGM to operate Mundra Port
6. Housing sales up 13% in Jan-Mar at 51,700 units: PropTiger
7. Kalyan Jewellers acquires online jewellery firm Candere
8. IOC gets green nod to revamp Bongaigaon refinery at Rs 4,185 crore
9. PVR expands IMAX screen footprint
10. Tata Motors sees GST good for CV growth in H2FY18

Wednesday, 26 April 2017

26 April 2017 - Views & News

MARKET INSIGHT

The Nifty50 is likely to open higher on Wednesday in opening trade tracking positive handover from Wall Street. If the momentum continues, it is on track to hit 9350-9380 ahead of April month’s expiry on Thursday.

Nifty Spot Levels

Support 9225 – 9180 - 9088
Resistance 9340 – 9430 - 9500

GLOBAL MARKET

 • The Nasdaq Composite hit a record high on Tuesday, while the Dow and S&P 500 brushed against recent peaks as strong earnings underscored the health of corporate America.
• The S&P 500 touched its day's high after the Wall Street Journal reported US President Donald Trump's tax proposal, expected on Wednesday, would include a slash to 15 percent from 39.6 percent on many owner-operated companies.
• The Dow Jones Industrial Average rose 232.23 points, or 1.12 percent, to 20,996.12.

MARKET UPDATE

‎Dow +232.23 pts ,Nsdq +41.67 pts , S&P +14.46 pts , Bovespa +759 , Ftse +10 pts , Dax +12 pts , Cac +9 pts , Nikkei +137 pts now , Crude @ $49.29 brl (-0.27), Brent @ $52.42 brl (+0.00) , Gold @ 1265.07 (-2.13), Silver @ $17.668 (+0.009), Euro @ $1.0930, JPY @ $111.0500, INR @ $64.390

Today's Key Result 26th Apr

Axis Bank, GIC Hsg Fin, Foseco India, KPIT Tech, KSB Pumps, Laksh Vilas, LKP Fin, LKP Sec, STR Tech, Supreme Petro, Tata Sponge

TOP NEWS

IRB Infrastructure: InvIT to open on May 3 to May 5 with a price band of Rs100-102/unit raising Rs5035 crore – Positive for IRB infrastructure
IRB will be raising Rs5035 crore through an IPO of its infrastructure investment trust IRB InvIT Fund. The issue will open on May 3 and close on May 5. The price band is Rs100 to Rs102 per unit. IRB will be using about Rs3350 crore for repaying the external debt of the underlying SPVs and the balance of about Rs1700 crore would be utilized to pay back the sponsors. The InvIT will offer 12% yield to mutual funds and 10% to HNIs post taxes. The InvIT is likely to deleverage balance sheet of IRB and in turn provide a sustainable growth model to transfer operational projects in InvIT going ahead. The development is positive for IRB infrastructure. We have a Buy rating on the stock.

India’s LNG imports grew sharply by 18% YoY (-2.6% MoM) to 1.57mmt in March-2017. For FY17, the LNG imports grew strongly by 15.5% YoY to 18.6mmt – positive for Petronet LNG

Dr Reddy's: USFDA issues form 483 with 2 observations for Srikakulam plant – Sentimentally negative for Dr Reddy.

Aurobindo Pharma  and Alkem gets approval for gBenicar (olmesartan medoxomil),used to treat hypertension – Positive for Aurobindo & Alkem (there will be ~8-10 generic players in the market and hence it will be very competitive).

Kewal Kiran Clothing Q4FY2017 – strong performance with revenue growing by 3% and OPM seeing stellar improvement of 466 BPS in the backdrop weak consumer environment and rise in cotton prices; higher other income led to 2x growth in PAT to Rs. 43 crore

Oil India Limited’s (OIL) crude oil production grew strongly by 9.06% YoY and that of ONGC by 3.32% YoY in March-2017 as per media reports. ONGC gas production increased by 20.06% in March-2017 as per media reports. We await official data release from oil ministry  – positive for ONGC and OIL

 OTHER NEWS

Eicher Motors JV (VE Commercial Vehicle) eyes 10% growth in FY18, to invest Rs 500 crore for BS-VI technology; positive read thru

With an eye on grabbing 10% segment share in the heavy duty truck market, VE Commercial Vehicle, the JV company of Eicher Motors and Volvo launched a new range of Pro 5000 series trucksThe Pro 5000 Series trucks gets an all new cabin and the new 3 litre Diesel engine with EGR technology allowing the company to price its products more competitively as against more expensive BS IV Diesel engine trucks with SCR technology. VECV expects H1FY18 growth to be sluggish due to  pre-buying and impending GST regulation, but expects H2FY18  sales to be strong due to big thrust on infrastructure spends and growing economy. VECV is aiming to outgrow the market and is targeting 10% growth for FY18. Also it would  invest Rs 500 crore for BS VI trucks for future,

Divi’s Lab: Warning letter issued to Divi’s lab  is published today. Though the news has already hit the stock, the warning letter brings out the details of significant deviations from current good manufacturing practice (CGMP) for active pharmaceutical ingredients (API). USFDA has also indicated in the letter that until the company corrects all deviations completely and USFDA reviews it, all new approvals will be withheld  - Negative for Divi’s; data integrity issues will take time to resolve; company has already hired third party consultants; pressure on business and operating margins in the near term.

Va Tech Wabag has liquidated Va Tech Wabag S.L.U its wholly owned subsidiary in Spain.

TCS fixes record date (May 8) for buyback of shares
TCS has fixed May 08, 2017 as record date for the purpose of determining the entitlement and the names of the Equity Shareholders who shall be eligible to participate in the buyback offer of the Company.

 Airtel partners with ZTE for Nigerian 4G rollout

   MORE NEWS

ITAT rulings raise hopes of HSBC 'account holders'
VCs, PEs fear taxing times for directors under GST
Wipro posts 20% rise in Q4 net at Rs 2,303.5 cr
Nasdaq hits 6,000, Dow surges as earnings impress
India's wind power capacity crosses 32 GW: IWTMA
Shapoor Mistry resigns from Indian Hotels board
'Ericsson to start 5G lab trials in India this year'
Trai to invite stakeholder comments on spectrum auction in 15 days
Reliance to take more write offs on US shale gas assets
Bankruptcy is not a stigma, says PEA Sanjeev Sanyal
Only eight of Nifty50 stocks are at all-time high level
Government gets proactive on divestment
Sebi to discuss measures to check black money in deeper markets
NSE to exclude Cairn India from SLB segment from Apr 26
Former SEBI Chairman GN Bajpai is now Chairman of Usha Martin
Consultation paper on spectrum auction in 15 days: TRAI
Alembic Pharma gets USFDA nod for anti-hypertension drugs
MF investments in bank stocks hit all-time high of over Rs. 1.26 lakh cr
Waiving agricultural loans could cost 2% of GDP: CEA 
Coal scam: CBI files corruption case against former chief Ranjit Sinha
RBI governor Urjit Patel says demonetisation effects ‘transitory’
LIC Housing Finance Q4 profit rises 18% to Rs529 crore
Rupee closes at fresh 20-month high against US dollar
Tata Power to sell non-core assets, improve efficiencies to offset Mundra impact
NITI Aayog’s 3-year agenda suggests key reforms to bolster economy
In Q1, more than 50% employees to be locals in the US: Wipro
Compliance rating for industry under GST on the cards
Glenmark Pharma initiates clinical investigation for proposed biosimilar GBR 310
Wipro offers bonus shares, to consider share buyback
Govt giving top priority to addressing bad loans issue: Jaitley
India plans oil-for-drugs barter deal with Venezuela
Public sector banks merger could help banking system: RBI Gov
Centre turns down Maharashtra’s plea on pulses buy
Gold demand might have doubled in March quarter

STOCK IN NEWS 

1. Stent Row: MNC firms hit back over govt clampdown on withdrawal
2. CCI rules in favour of Biocon in case against Roche over breast cancer drug
3. India steel booms as JSW aims to double capacity
4. Realty brokerages consolidate ahead of new law
5. Reliance to take more write offs on US shale gas assets
6. Trai to invite stakeholder comments on spectrum auction in 15 days
7. E-commerce firms voice concerns over GST clause
8. The government seems to be taking a proactive approach towards divestment this financial year.
9. S Chand and Company raises Rs 219 cr from anchor investors
10. Wipro growth forecast hit by healthcare, weak retail spending in US market
11. Coca-Cola's profit plunges 20% on bottling refranchising costs

1. Stent Row: MNC firms hit back over govt clampdown on withdrawal
2. CCI rules in favour of Biocon in case against Roche over breast cancer drug
3. India steel booms as JSW aims to double capacity
4. Realty brokerages consolidate ahead of new law
5. Reliance to take more write offs on US shale gas assets
6. Trai to invite stakeholder comments on spectrum auction in 15 days
7. E-commerce firms voice concerns over GST clause
8. The government seems to be taking a proactive approach towards divestment this financial year.
9. S Chand and Company raises Rs 219 cr from anchor investors
10. Wipro growth forecast hit by healthcare, weak retail spending in US market
11. Coca-Cola's profit plunges 20% on bottling refranchising costs

Tuesday, 25 April 2017

25 April 2017 - Views & News

MARKET INSIGHT

 Markets are likely to open positive. 9300-9340 will be the initial target area to watch on the upside. From a medium-term perspective, 9500-9550 will be the target area to watch out for. On the flip side, 9100-9040 continues to act as a crucial support zone for the Nifty.

Nifty Spot Levels

Support 9150 – 9088 – 9020
Resistance 9274 – 9310 - 9385

GLOBAL MARKET

• US stocks rallied on Monday, tracking a relief rally that swept through Asian and European markets, after centrist candidate and market favourite Emmanuel Macron won the first round of the French presidential election. 
• Pro-EU Macron is expected to beat right-wing rival Marine Le Pen in a deciding vote on May 7 according to polls, which were mostly right about the first-round results.
• The Dow Jones Industrial Average rose 216.13 points, or 1.05 percent, to 20,763.89.

MARKET UPDATE

‎Dow +216.13 pts ,Nsdq +73.30 pts , S&P +25.49 pts , Bovespa +628 , Ftse +150 pts , Dax +406 pts , Cac +255 pts , Nikkei +73 pts now , Crude @ $49.29 brl (+0.06), Brent @ $52.16 brl (+0.04) , Gold @ 1278.67 (+1.17), Silver @ $18.005 (+0.073), Euro @ $1.0865, JPY @ $109.6400, INR @ $64.430

Today's Corporate Action 25th Apr  Ex Date

SANOFI
Final Dividend - Rs. - 50.0000

Today's Key Result 25th Apr

Wipro (Cons 2092 cr -6% Yoy Time-After Mkt) Canfin Homes,ICICI Prud,Idfc Bank,Int Paper,Kewal Kiran,Lic Housing,M&M Fin,Swaraj Eng,Welspun India,Zee Learn

TOP NEWS

Sun Pharma: Taro gets USFDA approval for felbamate oral tablets; an anticonvulsant used in the treatment of epilepsy – Positive for Sun Pharma.

Lupin gets USFDA nod for Estradiol Norethindrone Acetate, an oral contraceptive – Positive for Lupin.

Strides Shasun: USFDA inspection at the API Facility of the Company at Cuddalore completed with Zero 483 observations – Positive for Strides Shasun

Arvind launches its ready-to-wear brand (athletic leisure wear) in Gujarat,Karnataka and plans to scale up in other states in the coming months – positive read thru for Arvind as this is in line with its strategy to concentrate on branded apparel space rather than fabric business…(detail inother news)

Passenger vehicle players expect strong demand from cab aggregators; expect the contribution to double in the next three years; positive read thru for Maruiti Suzuki, M&M and Tata Motors …(detail in other news)

Rubber board to focus on increasing rubber productivity; aims to fully meet the rubber demand domestically as against current rate of 70%; production boost will keep rubber prices soft; positive for tyre makers such as Apollo Tyres, JK Tyres, Ceat and MRF ….(detail in other news)

Maruti Suzuki to launch the new 3rd generation Dzire on 16th May 2017.  Positive …(details in other news)
 OTHER NEWS

Emami plans to push ‘HE’ as a power brand; expects it to break even over the next 2-3 years – positive read through for the stock
Emami is planning to develop its men’s grooming brand ‘HE’ as its sixth power brand. Emami is in “investment” mode (with regard to the HE brand). The company will continue to come up with “unique” and innovative offerings under the brand. The idea is that HE stands out in an otherwise me-too market. The company sees lot of potential in the men’s grooming category and expects the brand to break even in another 2-3 years after attaining certain scale in the domestic market. The five other brands marketed globally are Navratna, Fair and Handsome, Boro Plus, Zandu and Kesh King. Some, such as Fair and Handsome and Boro Plus, have wider product offerings for the overseas market. They feature geography-specific differentiations, while keeping the brand similar to the one that is marketed in India.

Arvind launches its ready-to-wear brand (athletic leisure wear) in Gujarat,Karnataka and plans to scale up in other states in the coming months – positive read thru for Arvind as this is in line with its strategy to concentrate on branded apparel space rather than fabric business
Arvind Limited announced the launch of its ready-to-wear brand which will be available across its 50 stores in Gujarat and Karnataka to begin with. The ready-to-wear brand called Arvind, which will have clothes under three categories of "work, leisure and ceremonial," will be available at the company's "The Arvind Store" across Gujarat and Karnataka before expanding to its 170 stores across 100 cities. The brand consists of products which offers athletic leisure as a trend along with a technologically enabled bi-stretch super light outwears in both formal and ceremonial categories. The company is looking at a turnover of Rs 100 crore in the next 3-5 years in a $10 billion organised retail brand market which is growing at a rate of 15-16 per cent year on year

Unitech: The Supreme Court would attach Unitech’s property if the company fails to deposit the interest amount due to 39 homebuyers of its Vistas project in Gurugram by 9 May as per media reports. Negative read thru for the stock.

Maruti Suzuki to launch the new 3rd generation Dzire on 16th May 2017.  Positive
Maruti Suzuki will launch the new 3rd generation Dzire on 16th May 2017.The new vehicle will undergo a generation change as and will have a host of new features like projector headlamps, DRL as well as safety features like ABS, EBD, dual front airbags as standard. The new version of the compact sedan is based on the Baleno's platform which makes it 85 kg lighter for the petrol versions and 105 kg lighter for the diesel trims compared to the outgoing version. The launch of the upgraded version will boost the sales help gain market share in the segment. Positive

Maruti Suzuki SUV “Vitara Brezza” overtakes M&M Bolero to become the top selling SUV; waiting period points at sustained demand; positive read thru for Maruti Suzuki
Maruti Suzuki compact utility vehicle “Vitara Brezza” has manged to evolve as the best selling product in the utility vehicle segment in FY17 . Brezza sold 1,08,640 units as against Bolero volumes of  69,328 units. Further, a waiting period of about 4-5 months for Brezza points at sustained volumes going ahead. Positive read thru  

Biocon to consider bonus issue in its board meeting on 27th April 2017 (Thursday).

Rubber board to focus on increasing rubber productivity; aims to fully meet the rubber demand domestically as against current rate of 70%; production boost will keep rubber prices soft; positive for tyre makers such as Apollo Tyres, JK Tyres, Ceat and MRF
Rubber Board is bringing more rubber untapped areas into production by grouping farmers under ‘Tappers Bank’, which works more like a self-help group. The Board has launched this on a pilot basis, and 60 rubber-producing societies were identified for it. The Board is seeking to achieve the current rubber demand of around 10 lakh tonnes by producing domestically as against the current production run rate of 7 lakh tonnes. Increased rubber production will keep the domestic prices under check and is positive for tyre players. 

Passenger vehicles: Small cars taxation under GST would be marginally higher (28% tax) as against current rate of 27-27.5%. Luxury cars (above 2000 cc) would be taxed at marginally lower rate of 43% as against current levy of 44.5%. However, mid size cars upto 1500 cc are taxed at 38.5% and would continued to be taxed at same level under the GST. Neutral read thru as any increase/decrease is marginal and is likely to be passed onto the end consumer.

Passenger vehicle players expect strong demand from cab aggregators; expect the contribution to double in the next three years; positive read thru for Maruiti Suzuki, M&M and Tata Motors
The demand from cab aggregators mainly Uber and Ola accounts for 8-10% of retail passenger vehicle sales and is expected to double in by FY 2020 as per media sources. Carmakers are gearing their organisations towards capitalising on this growth opportunity, a clutch of them creating separate verticals with dedicated teams. Models such as Maruti’s WagonR, Ritz, Dzire, Tata’s Zest and Bolt, Mahindra’s Xylo and Verito have made the most of this growth. While the idea of shared mobility gives volumes growth, it also helps sell base variants or slow moving models that don’t enjoy much traction with individual buyers. Positive read thru.

Heritage Foods to enter into Joint Venture with an European dairy firm
Heritage Foods Limited (HFL) announced that it is in the process of entering into a Joint Venture (JV) with an European dairy firm for manufacturing and marketing yogurt in India. Being the leading player in curd segment, the company is going to launch varied products in Yogurt market, by tying up with its international partner. In continuation to this, the company is going to launch new products very soon in beverages segment. This will further strengthen the current large portfolio of value added products. The negotiations are in the final stage with an European company and will be finalised in a month. The company aims to achieve $ 1 billion in the next five years from now.
  
PNC Infratech: Achieves financial closure in its hybrid annuity project – positive read thru for the stock
PNC Infratech has received the letter dated April 21, 2017 from National Highways Authority of India regarding the achievement of Financial Closure on April 03, 2017 for the project 'four laning / two laning with paved shoulders from 0.00 km to 83.453 km of Dausa-Lalsot-Kauthun section of NH-11 A (Extension) in the state of Rajasthan under NHDP IV, on Hybrid Annuity Model'.

Reliance Industries Limited (RIL) and BP Plc are likely to buy Niko Resources 10% stake RIL’s gas discovery in block NEC-25 as per media reports. The block is expected to have reserves to the tune of 1.032 trillion cubic feet.

Wipro and Demisto Team To Deliver Security as Managed Service
Demisto announced a partnership with Wipro to deliver integrated and automated incident response as a managed service. Wipro's Cyber Threat Management Platform combined with Demisto's solution will provide customers with security orchestration, incident management and interactive investigation capabilities.

TCS launches solution to help retailers integrate payments
TCS has launched 'Merchant Pay' to help retailers seamlessly integrate payments across multiple channels like Aadhaar, credit and debit card as well as phone-based payments through a single interface. Merchant Pay' will allow consumers to transact by using fingerprint and confirming identity at stores that are enabled with this platform.

Infosys in process of adding two new members to board
As per media report, Infosys is in the process of expanding its board of directors by inducting two more members. The company's founders are in the process of submitting their list of candidates to the company's lawyers. Infosys currently has a 10 member board; the company can have up to 15 members on its board after recently amending its Articles of Association.

   MORE NEWS

RIL beats Street again, profit grows 11.54% YoY 
Philips posts seven fold jump in profits in Q1
Jet adds 22 new flights across domestic network
Unitech given stern warning by Supreme Court
'TCS, Infy accounted for only 8.8% of total H-1B visas'
Lankan trade union against IOC's Trincomalee refinery
Govt eyeing neighbours to boost pharma exports
Rel Jio net loss widens to Rs 22.5 cr in Oct-March period
Tata Power may sell cross-holdings over Mundra tariff order
Small funds to complain on IPO allotment to Sebi
Wall Street surges, Nasdaq hits record on French vote result
RIL's oil & gas revenue drops 30.9% at Rs 5,191 cr
Logistics firms see better fleet utilisation under GST
SBI, Credai team up to provide fillip to realty sector 
OIL crude production up 9.06%; ONGC up 3.32% 
Rcom, Aircel get shareholders' approval for merger
Dilip Buildcon bags taxi track construction project at Goa airport 
UltraTech net profit down 11% at Rs. 726 cr
First State Investments hikes stake in Cyient to 9.45%  
NHAI hits the road to woo investors for Rs5,000 crore masala bond sale
ONGC plans $11 billion investment to boost gas production by 30%
FIPB refers Gland Pharma FDI proposal to CCEA for approval
Rupee closes stronger against US dollar
TCS hired 11,500 in overseas markets in fiscal 2016-17
FIPB refers Rs 4,315-cr Gland Pharma proposal to CCEA, clears 6 FDI proposals
Government to auction mines for coal-to-gas, CTL projects in FY18
Armed forces stores suspend sale of Patanjali's amla juice
Insurance companies should give terms & conditions with policy: NDCRC
Rs 1,600-crore booster likely to Incredible India 2.0 campaign
Paswan rules out raising duty on wheat import
Govt extends SIPP scheme for 3 years till March 2020

STOCK IN NEWS 

1. Nasscom says Indian IT firms get 20% of H-1B visas, pay higher wages
2. Reliance Jio net loss widens to Rs 22.5 cr in October-March period
3. Nexus still holding out on merger of Flipkart-Snapdeal
4. Rising commodity prices put pressure on carmakers' margins
5. Tata Power may sell cross-holdings after Mundra tariff order
6. India Inc overseas borrowing rises 11.6% to $1.69 billion in March
7. Reliance lifts Jio investment above Rs 1.9 lakh cr after record year
8. DCB Bank launches share sale to institutions
9. Jet Airways adds 22 new flights across domestic network
10. HCL to acquire US-based firm UFS for Rs 199 cr
11. Maruti seeks to revive compact sedan segment with new Dzire
12. Deposit interest or property may by attached: SC to Unitech
13. TCS, Infosys accounted for only 8.8% of total H-1B visas: Nasscom
14. Heritage Foods open to further acquisition
15. Reliance Communications-Aircel merger gets shareholders' approval.

Monday, 24 April 2017

24 April 2017 - Views & News

MARKET INSIGHT

 Markets are likely to open flat to positive. Structurally, Nifty is forming a base near the support zone of 9100- 9040, which can continue for a couple of sessions before it starts the next leg on the upside. On the weekly chart, the Nifty is maintaining the higher top, higher bottom formation, which means that the larger trend is still in favor of the bulls.

Nifty Spot Levels

Support 9075 – 9020 – 8980
Resistance 9200 – 9274 - 9310

GLOBAL MARKET

 • US stocks dipped on Friday as investors were cautious ahead of the first round of the closely contested French presidential election, but the S&P 500 managed to notch its first weekly gain in three.
• US President Donald Trump said he would have a major tax reform announcement on Wednesday. 
• The Dow Jones Industrial Average fell 30.95 points, or 0.15 percent, to 20,547.76

Market Update:

‎Dow -30.95 pts ,Nsdq -6.25 pts , S&P -7.15 pts , Bovespa Clsd , Ftse -4 pts , Dax +21 pts , Cac -18 pts , Nikkei +243 pts now , Crude @ $49.73 brl (+0.11), Brent @ $52.58 brl (+0.14) , Gold @ 1274.50 (-14.60), Silver @ $17.890 (-0.047), Euro @ $1.0858, JPY @ $109.9500, INR @ $64.649

Today's Corporate Action 24th Apr  Ex Date

AVANCE - Consolidation of Shares

Today's Key Result 24th Apr

Reliance Ultratech Cemco Hexaware,India bulls Finance,Jswhl,Persistence,Rallis,Sanwaria,Wendt 

TOP NEWS

ALERT: L&T Finance plans to sell MF arm  for consideration of close to Rs2000 crore – Positive; would unlock capital for its core lending business. We expect the company to exit other non core equity investments also which is re-rating trigger for the stock. 

IRB Infra files offer document for its Infra Investment Trust (InvIT) to raise Rs4300 crore – Positive, the stock has already moved up by close to 8-10% on anticipation of the move

Sun Pharma: As per media reports, Sun Pharma’s Dadra facility (second important facility after Halol) had received 11 observations, no data integrity issues in the form but some observations look serious in nature – sentimentally negative for Sun; clarification from management awaited.

Divi’s Lab: USFDA has issued warning letter for Divi’s labs Vizag unit II, to which, company will respond with a detailed plan – Neutral for Divis; Unit II has already got an Import alert with certain product exempted.

Dr Reddy launches progesterone capsules in US; annual market size of drug is $153 mn (Rs 995 crores) – Positive for Dr Reddy

Alkem Labs gets USFDA approval for Cefuroxime Axetil oral tablet, used to treat a wide variety of bacterial infections – Positive for Alkem

Ashok Leyland outlines a Capex of Rs 600 crore for Fy2018 to set up new assembly units in Kenya, Ivory Coast; expects domestic CV industry to grow by 10-15% in FY2018; Positive read thru…..(detail in other news). Also Ashok Leyland sees multifold rise in defence business on expanded offerings; to commence export of Neptune engines to US market; positive read thru….(detail in other news)

OMCs (IOCL, BPCL and HPCL): The government has levied 6% excise duty on biodiesel (vs 0% previously) and thus the price of biodiesel is likely to increase by Rs9/litre as per media reports. The OMCs are mandated to blend biodiesel with regular diesel at 20% (vs 5% blending currently) and thus increase in price of biodiesel would be negative for OMCs as price of biodiesel may become higher than regular diesel price of Rs62.55/litre in Mumbai. We believe that government would exempt OMCs from bearing excise duty on biodiesel or compensate OMCs for any kind of loss on diesel given the auto fuel has been de-regulated. 

RIL commences commercial CBM gas production in Sohagpur – marginally positive for RIL as initial production as per media reports is estimated to be only 0.4mmscmd (only 4.4% of RIL’s KG D-6 gas production)
Reliance Industries Limited (RIL) has commenced CBM (coal bed Methane) gas production from its SP (west)-CBM-2011/1 block in Madhya Pradesh from 24-March-2017. The production from Sohagpur (SP) CBM fields would be ramp-up gradually over next 15-18 months. RIL owns two adjacent CBM blocks - SP (west) and SP (East) with a total area of 995sq.km in Madhya Pradesh. We have earlier (13-April-2017) highlighted the commencement of CBM production by RIL and media reports expects initial CBM gas production of around 0.4mmscmd (only 4.4% of RIL’s current gas production from KG D-6 fields) – marginally positive for RIL.      

 OTHER NEWS

FMCG - Defence's CSD suspends sale of Patanjali's Amla Juice - The canteen stores department (CSD), the retailing platform for India's defence forces, has suspended the sale of Patanjali Ayurved's amla juice after receiving an adverse state-laboratory test report on the product that had helped establish the company's credentials in the consumer business. Patanjali Amla juice was the first product to be launched in the market and was one of the key revenue driver for Patanjali – positive for Dabur and Emami’s Ayurvedic Health products segment

Oil and Natural Gas Corporation (ONGC) aims to increase its gas production by 30% to 30bcm (from 23bcm currently) in next 3-4 years at a total investment of $11billion as per media reports. ONGC expects its Daman offshore fields to be fully ramped in 2018 while Krishna Godavari basin blocks, Ratna and R-Series fields are expected to commence production by 2019. The company targets to start production from its CBM blocks in Jharkhand in 2020. We highlight here that this news in media from quite some time – Long term positive for ONGC. 

FMCG - Milk prices are likely to remain stable this summer on the back of adequate supplies; expectation of normal monsoon provides visibility of stable prices ahead – positive read through for milk/milk products procuring companies such as GSK Consumers, Britannia Industries and Nestle India
Top domestic dairy brands Amul and Mother Dairy expect milk and milk product prices to remain stable this summer on the back of adequate supplies. Over the next couple of weeks, milk procurement is seen increasing in south India, aided by an expected normal rainfall this year. Also most of the large players have taken price hike and hence price hikes in near term is unlikely. This is positive for milk/milk products procuring companies such as GSK Consumers, Britannia Industries and Nestle India

Future Retail - Future Group has decided to demerge its home business under Future Retail and list it as a separate company under Praxis Home Retail (PHRPL). Under the scheme of arrangement, PHRPL will issue one share (of Rs 5 each) to FRL shareholders for every 20 shares (of Rs 2 each) of the latter. Future group has also plans to list PHRPL on the stock exchanges – positive read throughfor Future Retail as it will focus on core business of fashion and food.

Ashok Leyland outlines a Capex of Rs 600 crore for Fy2018 to set up new assembly units in Kenya, Ivory Coast; expects domestic CV industry to grow by 10-15% in FY2018; Positive read thru
Ashok Leyland has lined up a capex of Rs. 600 crore for Fy2018, towards enhancement in cabin and engine capacity, setting up new assembly units in Kenya and Ivory Coast, and for developing future technologies like modular vehicles and BS—VI emission norms. The incremental capacities will help the Ashok Leyland to cater to the incremental demand from the African countries. Also the capacity at the existing Ras-Al-KHaimah plant will be enhanced to beyond 400 units a month, primarily to meet the increasing demand from the  GCC countries. On the domestic front the company expects the industry to grow by 10-15% for FY2018 on the back of better GDP growth expected and expectation of a good demand from the infrastructure and mining activities.

Tata Motors-owned Jaguar Land Rover (JLR) has slashed prices of two models in India by up to Rs 4.08 lakh in a bid to compete with Audi, Mercedes and BMW. The company has cut the price of the diesel-powered Land Rover Discovery Sport by Rs 4.08 lakh to Rs 43.8 lakh from the earlier price of Rs 47.88 lakh (ex-showroom Delhi) and has also reduced the price of the Range Rover Evoque diesel by Rs 3.25 lakh to Rs 45.85 lakh from Rs 49.10 lakh earlier. The move would help the company make its products competitive.

Eicher Motors 2 wheeler division (Royal Enfield) has forayed in to the Brazilian markets and has launched its 3 models – Bullet 500, Classic 500 and Continental GT. The company has set up a distribution  subsidiary, Which will sell bikes to dealers, as well as conduct all front-end development and support activities such as marketing and after-sales in the country. The entry in the new markets would boost the topline of the company. Positive  

Maruti Suzuki has launched the 2017 DZire Tour at a starting price of Rs 5.24 lakh, ex-showroom Delhi. The company will sell the new DZire Tour only for the fleet market. Earlier, the Maruti Suzuki DZire Tour was sold in a diesel version, however, the new car will now also be offered with a 1.2-litre K-Series petrol engine that produces 84 hp of power and 114 Nm of torque.

Ashok Leyland sees multifold rise in defence business on expanded offerings; to commence export of Neptune engines to US market; positive read thru
Ashok Leyand has made significant progress in defence business and sees opportunities to grow the revenues from about Rs 500 crore currently to Rs 5,000 crore over a period of time. It has expanded the addressable market with its expanding product offerings. As per the company it was competing less than 2% of the defence budget and with new products it is available to compete in 25% of the defence budget for mobility solutions whether on wheels or tracks. Ashok Leyland has also  won 12 out of the last 13 tenders and aims to acheive at least three-fold increase in defence revenues in the next three years. Further, Ashok Leyland has signed a deal with a US-based automotive manufacturer for engine supply. The engines to be exported are branded Neptune, ranging between 160 and 380 HP, and can be fitted and both trucks and buses. 

Agrochemical Sector: Prices of agrochemicals like pesticides and herbicides in the Indian market are expected  to go up by at least 20% with rising global crude prices and shut down of many raw material factories in China. An increasingly stringent environmental norms in China is causing several factories to shut down creating a shortage of technicals in the Indian market, thereby resulting in increase in prices….positive for Agro- chemical companies like Insecticides India as it has its own technical plant, PI Industries, Dhanuka Agritech among others.

ITC is learnt to be evaluating options for making a bid for Taj Mansingh hotel following the Supreme Court's decision to allow the NDMC to e-auction the iconic property – positive read thru for ITC’s hotel business

Retail - Ikea to double local sourcing by 2020,open store in Navi Mumbai – positive for Indian retail space as it will help the industry to expand and increase competitive intensity
Ikea is sharpening India focus as it plans to double sourcing from the Indian market to 600 million euro by 2020 (up from its existing base of €318 million) and will start work on its second store in the country in Navi Mumbai next month with an investment of about Rs 700 crore. With a built-up space of about 4.3 lakh sq ft, the Navi Mumbai store will have over 9,500 home furnishing products as well as an in-store restaurant and is expected to be operational by the middle of 2018. Ikea's first store will come up in Hyderabad later this year, and it is in the process of identifying sites in Delhi- NCR, Bengaluru, Tamil Nadu and Gujarat. Ikea has a target of opening 25 stores in India by 2025 at an investment of Rs 10,500 crore. Ikea has about 50 suppliers from India in product segments such as textiles, mattresses, and kitchen accessories. It is now exploring the prospects of bamboo plantations in the North East, and adding new categories from among the existing suppliers. The company also plans to set up its first distribution centre in Pune.

Zee Entertainment to enter Poland, launch Zee One - positive read thru
ZEEL announced its foray into Poland as part of the strategy to strengthen its position in Central Europe. The channel will soon launch a customised version of Zee One, its Bollywood film and entertainment channel, for the Polish audience.

Petroleum Ministry is considering a plan for home delivery of petrol and diesel to consumers if they make pre booking – neutral for OMCs.

The government has disapproved the decision of few petroleum dealers' associations to keep fuel outlets shut on Sundays from 14-May-2017 – sentimentally positive for OMCs.

IRB Infrastructure: The company plans to launch Rs4,300 InvIT in the first week of May as per media reports. Positive read thru for the stock.

Dilip Buildcon: Airport Authority of India has declared Dilip Buildcon as Lowest -1 (L-1) bidder for Rs125 crore construction of Parallel Taxi Track and associated civil & electrical works at Dabolim Airport, Goa. Positive read thru for the stock.

Great Eastern Shipping:  The Company has signed a contract to buy a Medium Range Product Tanker of about 51,000 dwt. The 2008 built vessel is expected to join the Company's fleet in Q1 FY18. Positive read thru for the stock.

Brigade Enterprises: Brigade Group Announces the Twin Launches of Brigade Seven Gardens & Senior Friendly Homes at Brigade Meadows in South Bengaluru. Positive read thru for the stock.

IT Sector:  US accuses TCS, Infosys of violating H-1B Visa Norms - neutral read thru
The US has accused TCS and Infosys of unfairly cornering the lion's share of H-1B visas by putting extra tickets in the lottery system, which the Trump administration wants to replace with a more merit-based immigration policy. At a White House briefing last week, an official said a small number of giant outsourcing firms flood the system with applications which naturally ups their chances of success in the lottery draw.

  MORE NEWS

FPI net inflow at Rs 18,890 crore in April so far
US accuses Infosys and TCS of cheating in H-1B visa lottery
IMF drops its last year's anti-protectionism pledge
Sebi lines up reforms for deeper markets
India's steel output likely to rise 6% to 89 million tonnes 
FM Jaitley flags H-1B concerns with US Treasury Secy
L&T Fin plans to sell MF arm, seeks Rs 2Kcr valuation
Mazagon Dock, Goa Shipyard likely to merge
IMF members set aside trade split as French vote rattles nerves
India Post Payments Bank to start selling MF, insurance products by Mar '18
IT dept to challenge ITAT relief to Cairn Energy in HC
NSE to delist Deccan Chronicle, Koutons Retail, 17 others
Mega defence deals in the pipeline during PM’s visit to Israel 
Financial institutions feeling fintech heat, says PwC study
NCDEX to launch rapeseed mustard oil cake futures on April 24
USFDA issues 11 observations for Sun Pharma’s Dadra facility
USFDA issues warning letter to Divis Labs’ Vizag unit  
Sovereign gold bonds priced at Rs 2,901 per gm, issue opens on Monday
Remittances to India dropped by nearly 9% in 2016: World Bank
Niti Aayog suggests 300 action points to accelerate the Indian Economy
Finance ministry in talks with PSBs to get a fix on growth plans, funding
Oil prices fall over supply fears, stocks slip before French election
Economy to grow over 3-fold to $7.25 trillion by 2030: Niti Aayog
PMO ask departments to provide enabling framework to attract FDI
TCS hired 11,500 people in offshore markets in FY17
GST to boost growth by 4.2%, make products cheaper: US Fed paper

STOCK IN NEWS 

 1. FreeCharge, MobiKwik in merger talks
2. Govt's generic push will dent Rs 90,000-cr branded pharma market
3. Arun Jaitley flags H-1B concerns with US Treasury Secretary
4. Tata Motors completes 1st commercial pilot of electric bus in Shimla
5. TCS, Infosys, Cognizant violated H-1B visa norms: US
6. Lodha Developers to invest Rs 4300 cr in construction to boost deliveries
7. Ikea to double local sourcing by 2020, open store in Navi Mumbai
8. Ashok Leyland expects to increase defence business to Rs 5,000 cr
9. Divi's Labs' Vizag unit gets warning letter from USFDA
10. Sun Pharma's Dadra facility receives 11 USFDA observations after inspection
11. RIL starts commercial production from its Madhya Pradesh CBM field
12. HDFC Bank board approves Rs 50,000-cr fund-raising