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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

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