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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

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