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Monday, May 23, 2016

Market may edge higher


Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 22.50 points at the opening bell.

In overseas market, Asia markets were mixed today, 23 May 2016, with the Japanese benchmark index falling, as markets adjust to a slew of recent comments from the US Federal Reserve about a possible interest rate hike in June. Japan's Nikkei 225 was down 1.18%. A two-day meeting of G7 finance ministers and central bank governors was scheduled on 20 and 21 May 2016 in Japan. The United States issued a fresh warning to Japan against intervening in currency markets on Saturday, 21 May 2016, as the two countries' differences over foreign exchange overshadowed a Group of 7 finance leaders' gathering in the Asian nation. Japan and the United States are at logger-heads over currency policy with Washington saying Tokyo has no justification to intervene in the market to stem yen gains, given the currency's moves remain orderly. The G7 meeting is the meeting of the finance ministers from the group of seven nations viz. United States, Japan, Germany, France, United Kingdom, Italy and Canada.

US stocks finished the trading week in positive zone as the equity markets reclaimed some of the recent losses that commenced on the heels of the release of the minutes from the Fed's April monetary policy meeting. In US, Philadelphia Fed President Patrick Harker will speak to the Philadelphia Council for Business Economics followed by the press meet in Philadelphia on Monday, 23 May 2016. St. Louis Federal Reserve Bank President James Bullard will address a speech on the economy and monetary policy in Beijing followed by the press meet on Monday, 23 May 2016.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 743.86 crore on Friday, 20 May 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 597.49 crore on Friday, 20 May 2016, as per provisional data.

Among corporate news, BPCL and Tata Power Company will announce Q4 results on Monday, 23 May 2016.

Britannia Industries' consolidated net profit rose 13.73% to Rs 190.23 crore on 6.87% rise in total income to Rs 2235.68 crore in Q4 March 2016 over Q4 March 2015. The announcement was made after market hours on Friday, 20 May 2016. The revenue growth was impacted due to phasing out of excise duty incentives available to the company.

Shares of Multi Commodity Exchange of India (MCX) may edge higher after the Reserve Bank of India (RBI) removed the restrictions placed on purchase of the company's shares by foreign institutional investors (FIIs) with immediate effect. The RBI after trading hours on Friday, 20 May 2016, said that the aggregate shareholding of FIIs in MCX has gone below the prescribed threshold caution limit stipulated as per the current FDI policy.

Concerns about future foreign equity inflows triggered by tougher norms from the Securities and Exchange Board of India (Sebi) on offshore derivative instruments (ODIs) or participatory notes (P-notes) pulled Indian stocks lower on Friday, 20 May 2016. The barometer index, the S&P BSE Sensex, fell 97.82 points or 0.39% to settle at 25,301.90. The Nifty 50 index fell 33.70 points or 0.43% to settle at 7,749.70. The two key benchmark indices trimmed losses after extending intraday slide in late trade. Except the BSE FMCG index, all the other sectoral indices on BSE registered losses. With third straight day of decline, the Sensex and the Nifty, both, hit two-week closing low.

Friday, February 12, 2016

Poll - Please participate


Stocks to Watch


Mahindra & Mahindra Ltd: M&M, one of the leading automobile companies, will announce its financial results on February 12 for the third quarter ended December 31, 2015. IIFL expects net profit to dip to Rs. 787.2 crore at a rate of 6.8% yoy and 4.9% qoq.

Wipro: The IT Company has signed a definitive agreement to acquire HealthPlan Services from Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry.

Tata Motors: The company’s revenue stood at Rs. 72,256.40 crore, up 2.91% yoy and 17.84% qoq.

Reliance Industries, ONGC: RIL has agreed to participate in the AP Shah panel probing the allegation of theft of gas from the public sector company ONGC’s Krishna Godavari fields, reports a financial newspaper.

Blue Star: Blue Star Ltd. plans to build a greenfield plant in Jammu first and later take up another plant in Sri City in Andhra Pradesh, ED & President B. Thiagarajan said on Thursday.

State Bank of India: State Bank of India,  India's largest PSU lender, reported standalone net profit of Rs. 1,115.34 crore for the quarter ended December 31, 2015, registering decline of 61.67% yoy and 71.24% qoq.

Coal India: The company posted 10.7% growth in its coal supplies during the quarter ending December 2015 of the fiscal 2015-16.  The company’s consolidated revenue stood at Rs. 19,599.42 crore, up by 7.04% yoy and 12.06% qoq.

Hero MotoCorp: The Company posted a net profit after tax of Rs. 7,958.10 million for the quarter ended December 31, 2015 as compared to Rs. 5,829.80 million for the quarter ended December 31, 2014.

Wockhardt: Wockhardt Ltd posted a net profit after taxes, minority interest and share of profit of associates of Rs. 609.70 mn for the quarter ended December 31, 2015 as compared to Rs. 3472.50 mn for the quarter ended December 31, 2014.

ONGC: Oil & Natural Gas Corpn Ltd, multinational oil and gas company, reported standalone net profit of Rs.1,285.62 crore for the quarter ended December 31, 2015, registering decline of 64% yoy.

BGR Energy Systems: The company’s standalone revenue stood at Rs. 616.31 crore, down 37.66% yoy and 25.95% qoq.

BHEL: The company’s standalone revenue stood at Rs. 5,325.37 crore, down 14.08% yoy and 10.32% qoq.

J Kumar Infra: J Kumar Infrastructure Ltd has announced that it has bagged orders worth Rs 133.8 crore From MMRDA.

Tata Steel: Tata Steel will commence commercial steel production from Kalinganagar plant, the company's only greenfield steel mill outside Jamshedpur, from the next fiscal.

NALCO: The company’s standalone revenue stood at Rs. 1,635.26 crore, down 14.2% yoy and 9.91% qoq.

Aurobindo Pharma: The pharma company has received final approval from USFDA to manufacture and market Levofloxacin in 5% Dextrose injection.

TBZ: Tribhovandas Bhimji Zaveri has collaborated with Amazon to sell its diamond jewellery range and gold coins.

Rupa & Company: Rupa & Company Ltd, Kolkata based publishing company, reported standalone net profit of Rs.14.08 crore for the quarter ended December 31, 2015, registering growth of 78.21% yoy.

Liberty Shoes: The company’s standalone revenue stood at Rs. 123.31 crore, down by 14.73% yoy but up by 19.3% qoq.

Chennai Petroleum Corporation: The company’s standalone revenue stood at Rs. 5,088.24 crore, down 46.08% yoy and 14.95% qoq.

Ashok Leyland: The company’s standalone revenue stood at Rs. 4,085.34 crore, up 21.55% yoy but down 17.3% qoq.

Jubilant Foodworks: Jubilant Foodworks, franchisee of leading company Domino's Pizza and Dunkin Donuts, reported standalone net profit of Rs.31.74 crore for the quarter ended December 31, 2015, registering decline of 9.35% yoy.

Indraprastha Gas: The company’s standalone revenue stood at Rs. 929.22 crore, down 1.61% yoy and 4.12% qoq.

Coffee Day Enterprises: The company’s consolidated revenue stood at Rs. 679.60 crore, up 14.78% yoy and 2.07% qoq.

Indian Bank: Indian Bank, state-owned financial services company, reported standalone net profit of Rs. 42.30 crore for the quarter ended December 31, 2015, registering decline of 84.75% yoy and 88.54% qoq.

BEML: The company’s standalone revenue stood at Rs. 763.52 crore, up by 32.35% yoy and 22.91% qoq.

Bank Of India: Bank of India, nationalised bank with a presence in all the major trade centers of the world, reported standalone net loss of Rs. 1,505.58 crore for the quarter ended December 31, 2015, against net profit of Rs. 173.38 crore in the corresponding quarter of the previous year.

Man Industries India: The company will announce its financial results on February 12 for the fourth quarter ended December 31, 2015. IIFL expects net revenue to increase to Rs. 369 crore at a rate of 82.7% yoy and 15% qoq.

Bloodbath at D-street: Sensex crashes 800 pts, Nifty plunges below 7,000



Triggered by the global sell-off, the Indian equities witnessed hefty selling across all the sectoral indices on Thursday, with the benchmark Sensex crashed below 23,000-level while the NSE Nifty breached 7,000 mark. The foreign investors continued to wipe out cash fund from emerging markets like India over the prospects of the world economy amidst an ongoing slump in crude oil prices and worries over China.

The BSE SENSEX closed at 22951.83, down by 807.07 points, or by 3.4 per cent, and the NSE Nifty ended 239.35 points or 3.32 per cent lower at 6976.35.

The traders hit the “Sell” button after Fed Chair Janet Yellen on Wednesday signaled uncertainty over China’s growth prospects and an ongoing commodity rout, fears that have pushed global equities to the cusp of a bear market. While Yellen reiterated that the Fed remains on track to gradually raise interest rates, she conceded that the world’s top central bank may have to alter its interest rates forecasts amidst a continued financial market rout, meaning that the Fed may delay further rate hikes.

On the corporate front, shares of SBI ended 3 per cent lower after the country’s largest public sector lender reported a sharp decline of 67.09 per cent in its consolidated net profit at Rs 1,259.49 crore for the third quarter ended December 31, 2015, due to rise in provisions and bad loans.

The BSE MIDCAP closed at 9690.9, down by 327.22 points or by 3.27 per cent, while the BSE SMLCAP ended at 9801.26, down by 476.45 points, or by 4.64 per cent.

The top losers of the BSE Sensex pack were Adani Ports & Special Economic Zone Ltd. (Rs. 188.50,-6.94%), Bharat Heavy Electricals Ltd. (Rs. 120.35,-6.01%), Tata Motors Ltd. (Rs. 275.65,-5.55%), Oil And Natural Gas Corporation Ltd. (Rs. 202.80,-5.23%), Mahindra & Mahindra Ltd. (Rs. 1126.00,-4.93%), among others.

Meanwhile, Cipla Ltd. (Rs. 541.00,+0.40%), Dr. Reddy's Laboratories Ltd. (Rs. 2887.00,+0.01%), were among top gainers on BSE.

On the sectoral front, all the thirteen sectoral indices ended bleeding in red, with realty and power stocks emerged as top losers, falling 5.94 per cent and 4.81 per cent, respectively.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2965, shares advanced were 400 while 2455 shares declined and 110 were unchanged.

On the global front, Hang Seng ended nearly 4 per cent lower in reopening after a three-day holiday, signaling a deepening contagion that has struck global equities. While markets in mainland China remained closed for the Lunar New Year Holidays and that in Japan were also shut for a national holiday.

Shilpa Medicare gets compliance letter from USFDA for 2 units



Drug maker Shilpa Medicare Ltd on Thursday said it has received compliance letter from USFDA for its two API manufacturing sites located at Karnataka. “The company has received compliance letter from USFDA for both API manufacturing sites located at Raichur, Karnataka, India (Unit-1: Deosugur Industrial Area, Deosugur, Raichur, Karnataka, India and Unit-2: Raichur Industrial Growth Centre, Chicksugur, Raichur, Karnataka, India),” Shilpa Medicare Ltd said in a filing to the Bombay Stock Exchange on February 11, 2016. Meanwhile, shares of the company were trading at Rs 423.35 apiece, up 1.58 per cent, from previous close on BSE at 11:54 hours.

CIL Q3 net jumps 14 pct to Rs 3,718.25 cr on strong volume growth



Coal India, a state-controlled coal mining company, on Thursday reported higher-than-expected growth of 13.96 per cent in its consolidated net profit at Rs 3,718.25 crore for the third quarter ended December 31, 2015, helped by strong volume growth. “The state-owned company had posted consolidated net profit of Rs 3,262.49 crore for the quarter ended December 31, 2014,” Coal India said in a filing to Bombay Stock Exchange. The consolidated total Income of company increased 5.05 per cent to Rs 20,953.35 crore in Q3FY16 from Rs 19,944.86 crore in Q3FY15. According to CNBC-TV18 poll, the company was seen posting net profit at Rs 3,515 crore, while net sale was seen at Rs 19,438 crore. On the standalone basis, the company has posted net profit of Rs 672.55 crore against total revenue of Rs 882.33 crore for the quarter ended December 31, 2015. Operating profit (earnings before interest, tax, depreciation and amortisation) surged 8.77 per cent year-on-year to Rs 5,542.91 crore versus Rs 5,095.75 crore in the year ago period. However, other income fell 17 per cent to Rs 1,354 crore as compared to Rs 1,634.4 crore in same quarter last fiscal. Ahead of announcement, shares of company ended Thursday’s trading at Rs 305.05 apiece, down 2.87 per cent, on BSE.

Thursday, February 11, 2016

52 Week Lows Today


Aarti Drugs Limited
Aban Offshore Limited
ABG Shipyard Limited
Aditya Birla Nuvo Limited
Adani Ports and Special Economic Zone
Adhunik Metaliks Limited
Adlabs Entertainment Limited
Accel Frontline Limited
AGC Networks Limited
Ashapura Intimates Fashion Limited
Allahabad Bank
Alkem Laboratories Limited
Alok Industries Limited
Andhra Bank
Ansal Housing and Construction Limited
Aries Agro Limited
Aro Granite Industries Limited
Ashiana Housing Limited
Astral Poly Technik Limited
Aurionpro Solutions Limited
Automotive Axles Limited
Bajaj Electricals Limited
Balmer Lawrie & Company Limited
Bank of Baroda
Bank of India
BASF India Limited
Bombay Burmah Trading Corporation Limited
BF Investment Limited
BF Utilities Limited
Bharat Gears Limited
Bharat Heavy Electricals Limited
Bhushan Steel
Binani Industries Limited
Birla Corporation Limited
Birla Cotsyn (India) Limited
Bombay Dyeing & Mfg Company Limited
C & C Constructions Limited
Career Point Limited
Credit Analysis And Research Limited
Castex Technologies Limited
Castrol India Limited
Celebrity Fashions Limited
Central Bank of India
Centum Electronics Limited
Century Textiles & Industries Limited
Cera Sanitaryware Limited
CESC Limited
Cipla Limited
Coffee Day Enterprises Limited
Colgate Palmolive (India) Limited
Container Corporation of India Limited
Corporation Bank
Cox & Kings Limited
Cyber Media (India) Limited
Cyient Limited
D B Realty Limited
DCM Limited
Delta Corp Limited
Den Networks Limited
Dena Bank
Dhanlaxmi Bank Limited
Dewan Housing Finance Corporation Limited
Diamond Power Infra Ltd
DLF Limited
Dolphin Offshore Enterprises (India) Limited
Dynamatic Technologies Limited
Easun Reyrolle Limited
Edelweiss Financial Services Limited
Eimco Elecon (India) Limited
Elder Pharmaceuticals Limited
Engineers India Limited
Eros International Media Limited
Esab India Limited
Everest Industries
Excel Industries Limited
The Federal Bank Limited
Financial Technologies (India) Limited
Gammon Infrastructure Projects Limited
Gateway Distriparks Limited
Geojit BNP Paribas Financial Services
The Great Eastern Shipping Company Limited
Gujarat Mineral Development Corporation Limited
GMR Infrastructure Limited
Godawari Power And Ispat limited
Gujarat State Fertilizers & Chemicals Limited
GOL Offshore Limited
Housing Development Finance Corporation
HEG Limited
Hester Biosciences Limited
Hexa Tradex Limited
Hinduja Global Solutions Limited
HIL Limited
Hindalco Industries Limited
Hindustan Copper Limited
Hindustan Dorr-Oliver Limited
Hindustan Motors Limited
Hindusthan National Glass & Industries Limited
Hindustan Oil Exploration Company Limited
HT Media Limited
Indiabulls Ventures Limited
ICICI Bank Limited
IDBI Bank Limited
IFB Industries Limited
IFGL Refractories Limited
Industrial Investment Trust Limited
IL&FS Engineering and Construction Company Limited
IL&FS Transportation Networks Limited
Indian Metals & Ferro Alloys Limited
India Glycols Limited
Indian Bank

InterGlobe Aviation
India Nippon Electricals Limited
Indraprastha Medical Corporation Limited
Ingersoll Rand (India) Limited
Inox Wind Limited
Insecticides (India) Limited
ISMT Limited
IL&FS Investment Managers Limited
Jaihind Projects Limited
Jay Bharat Maruti Limited
Jayaswal Neco Industries Limited
JBF Industries Limited
JBM Auto Limited
JCT Electronics Limited
Jindal Saw Limited
Jindal Steel & Power Limited
JK Cement Limited
J.Kumar Infraprojects Limited
JM Financial Limited
Jaiprakash Associates Limited
Jaypee Infratech Limited
Jindal Stainless Limited
Jubilant Foodworks Limited
Just Dial Limited
Kalpataru Power Transmission Limited
Kamat Hotels (I) Limited
Kaushalya Infrastructure Development Corporation Limited
Kaya Limited
Kemrock Industries and Exports Limited Kirloskar Brothers Limited
Kirloskar Oil Engines Limited
Kolte - Patil Developers Limited
Kridhan Infra Limited
The Karnataka Bank Limited
L&T Finance Holdings Limited
Lakshmi Machine Works Limited
LG Balakrishnan & Bros Limited
Liberty Shoes Limited
Lincoln Pharmaceuticals Limited
nLinde India Limited
Lux Industries Limited
Mahindra & Mahindra Financial Services
Manaksia Limited
Mangalam Cement Limited
Marksans Pharma Limited
Mastek Limited
Max India Limited
Maxwell Industries Limited
MBL Infrastructures Limited
United Spirits Limited
Multi Commodity Exchange of India Limited
MEP Infrastructure Developers Limited
Merck Limited
Microsec Financial Services Limited
MMTC Limited
MOIL Limited
Monnet Ispat and Energy Limited
Monsanto India Limited
Monte Carlo Fashions Limited
Morarjee Textiles Limited
Motherson Sumi Systems Limited The Motor & General Finance Limited
Murli Industries Limited
State Bank of Mysore
Nahar Capital and Financial Services Limited
Nahar Industrial Enterprises Limited
Nath Bio-Genes (India) Limited
Nestle India Limited
Network18 Media & Investments Limited
Narayana Hrudayalaya
Noida Toll Bridge Company Limited
Oriental Carbon & Chemicals Limited
Oil India Limited Oil Country Tubular Limited
OCL Iron and Steel Limited Oil & Natural Gas Corporation LimitedOpto Circuits (India) Limited
Orbit Exports Limited
Orchid Pharma Limited
Oriental Bank of Commerce
The Orissa Minerals Development Company Limited
Page Industries Limited
Palred Technologies Limited
Panacea Biotec Limited
Huhtamaki PPL Limited
Paras Petrofils Limited
Patel Engineering Limited Pennar Industries Limited
Peninsula Land Limited
PTC India Financial Services Limited
Phillips Carbon Black Limited
The Phoenix Mills Limited
Pitti Laminations Limited
Punjab National Bank
Pochiraju Industries Limited
Poly Medicure Limited
Power Mech Projects Limited
Prabhat Dairy Limited
Pratibha Industries Limited
Precot Meridian Limited

Prism Cement Limited
Punjab & Sind Bank
Puravankara Projects Limited Rane Engine Valve Limited
Ratnamani Metals & Tubes Limited
Rashtriya Chemicals and Fertilizers Limited
Rural Electrification Corporation Limited
Rico Auto Industries Limited
Ramkrishna Forgings Limited
Radha Madhav Corporation Limited
Rane (Madras) Limited
Rolta India Limited
R. S. Software (India) Limited
SKF India Limited
SML Isuzu Limited
Snowman Logistics Limited
Sona Koyo Steering Systems Limited
Savita Oil Technologies Limited
The South Indian Bank Limited
Speciality Restaurants Limited
SPML Infra Limited
The State Trading Corporation of India Limited
Styrolution ABS (India) Limited
Sundaram Finance Limited
Sundram Fasteners Limited
Sunteck Realty Limited
Supreme Infrastructure India Limited
Surana Industries Limited
Suven Life Sciences Limited
Suzlon Energy Limited

Syndicate Bank
Talwalkars Better Value Fitness Limited
Tata Chemicals Limited were some of the notable stocks to record new 52-week low.

Hoping to stay afloat! Indices to open weak


Action is at bottom a swinging and flailing of the arms to regain one's balance and keep afloat. - Eric Hoffer
 
The market is trying hard to maintain some balance. Though it manages few spikes intra-day and pares some losses, the indices are finding it hard to even close in the green. US Fed Chair Janet Yellen said what the market wished to hear. In her testimony said the Fed expects that with gradual adjustments in the monetary policy stance, economic activity will expand at a moderate pace in the coming years and that labour market indicators will continue to strengthen. Yellen says going by the strength in the US labour market, Fed was primed for 'gradual rate hike path' to achieve its two per cent inflation target.
 
The outlook is a weak start again. The Nifty has breached previous low of 7240 and has also closed below the same. We expect that index will shift to new zone on the downside and unless some bottom fishing happens aggressively, Nifty could slide towards 6889 in the near term.
 
Heavy-weight results are on tap including SBI, Tata Motors, ONGC, Coal India, Bharat Heavy Electricals Ltd, Hero Motocorp, Essar Shipping, Ashok Leyland, Bank Of India, BEML, 3I Infotech, Amtek Auto, A2Z Infra Engineering and Coffee Day Enterprises.
 
Asian markets are playing catch up on the downside as they opened after a break. Hong Kong is down over 3%, South Korea’s Kospi has dropped over 2%.
 
US markets closed in the red. The Dow Jones Industrial Average lost 99.64 points, or 0.6%, to end at 15,914.74 - its fourth straight day of declines. This marks the blue-chip index’s longest period of declines since Aug. 18 to Aug. 25. Weakness in Walt Disney Co., which hit a 52-week low, and IBM cut about 50 points from the Dow industrials. The S&P 500 index finished unchanged at 1,851.86.
 
Materials and Energy sectors led the losses, following a drop in oil prices. Only two of the S&P 500’s 10 sectors closed in the green: Healthcare was up 0.9% and Technology gained 0.4%. The S&P 500 is down 9.4% year to date. The Nasdaq Composite index advanced by 14.83 points, or 0.4%, to settle at 4,283.59.
 
Finland-based Nordea Fund acquired over 17 lakh equity shares of Reliance Infrastructure for Rs. 75.16 crore through an open market transaction. 
 
Bharti Airtel is in talks to merge its wholly-owned Sri Lanka unit into Dialog Axiata in a likely share-swap deal, two people familiar with the matter said.
 
Mylan NV said that it has agreed to buy Swedish pharmaceutical company Meda AB for US$7.2 billion in cash and stock.
 
Mukesh Bansal, who was handling the commerce and advertising operations at Flipkart, quit on Wednesday after a two-year stint.
 
Bansal would, however, be an advisor to the company, Flipkart said in a statement.
 
Some e-commerce companies will shut down in the next few months, Future Group’s Kishore Biyani was quoted as saying on Wednesday.
 
State Bank of India: SBI, the largest lender in the country, will announce its financial results on February 11 for the third quarter ended December 31, 2015. IIFL forecasts the bank's standalone net profit for Q3 FY16 to soar to Rs. 3,347.2 crore, growing at a rate of 15% yoy; however, it is likely to dip 13.7% qoq.       

Tata Motors: Tata Motors will announce its Q3 numbers today. IIFL forecasts the company’s net profit for Q3 FY16 to decline to Rs. 3,341.9 crore, at a rate of 6.7% yoy and 877.6% qoq.

Ambuja Cements: Ambuja Cements, major cement producing company in India, reported standalone net profit of Rs.109.96 crore for the quarter ended December 31, 2015, registering decline of 66.54% yoy.

Cipla: Cipla , global pharmaceutical manufacturers, reported consolidated net profit of Rs.343.20 crore for the quarter ended December 31, 2015, registering growth of 4.68% yoy, but decline of 20.42% qoq.

Petronet LNG: Petronet LNG reported standalone net profit of Rs.178.39 crore for the quarter ended December 31, 2015, registering growth of 9.85% yoy, but decline of 28.31% qoq.

Mercator: Shipping and logistics company Mercator said it has sold its Singapore bulk cargo business to three investors for a token amount of three Singapore dollars.

Shipping Corporation: Shipping Corporation of India Ltd posted a net profit of Rs. 596.60 mn for the quarter ended December 31, 2015 as compared to Rs. 313.50 mn for the quarter ended December 31, 2014.

Coal India: Coal India, the largest coal miner in India, will announce its Q3 results today. IIFL forecasts the company’s net revenue for Q3 FY16 to rise to Rs. 19,003 crore, growing at a rate of 7% yoy and 8.6% qoq.

MOIL: The company will invest Rs.620 mn for setting up a 10.5MW solar power project for captive use for mines in Madhya Pradesh and Maharashtra.

ACC: ACC Ltd posted a net profit after taxes, minority interest and share of profit of associates of Rs. 1023.90 million for the quarter ended December 31, 2015 as compared to Rs. 3262.20 mn for the quarter ended December 31, 2014.

Ruchi Soya Industries: The company’s standalone revenue stood at Rs. 8,185.29 crore, up by 41.68% yoy and 44.82% qoq.

DFM Foods: DFM Foods Ltd, maker of packaged snacks, reported standalone net profit of Rs. 6.59 crore for the quarter ended December 31, 2015, registering growth of 111.22% yoy.

Tata Global Beverages: The company’s consolidated revenue stood at Rs. 2,081.47 crore, down by 2.78% yoy but up by 2.31% qoq.

Sequent Scientific: Sequent Scientific  will announce its Q3 numbers today. IIFL forecasts the company’s net revenue for Q3 FY16 to soar to Rs. 177 crore, growing at a rate of 58% yoy and 11.3% qoq.

Shipping Corporation of India: The company’s standalone revenue stood at Rs. 987.04 crore, registering decline of 6.21% yoy and 9.03% qoq.
 
Kalpataru Power: Kalpataru Power Transmission, power plant major, reported standalone net profit of Rs.38.11 crore for the quarter ended December 31, 2015, registering decline of 7.03% yoy and 7.09% qoq.

AXISCADES Engineering Technologies: The company’s consolidated revenue stood at Rs. 97.65 crore, up 16.92% yoy and 2.01% qoq.

Asahi India Glass: Asahi India Glass Ltd, leading integrated glass company, reported standalone net profit of Rs. 25.53 crore for the quarter ended December 31, 2015, registering growth of 124.54% yoy and 13.97% qoq.

Engineers India: The company’s standalone revenue stood at Rs. 368.37 crore, down by 7.52% yoy and 18.24% qoq.
 
Glaxosmithkline Pharma: Glaxosmithkline Pharma reported standalone net profit of Rs.79.90 crore for the quarter ended December 31, 2015, registering growth of 76.38% yoy, but decline of 16.81% qoq.

Lakshmi Vilas Bank: Lakshmi Vilas Bank, one of India’s fast growing banks, announced reduction in the base rate from the earlier rate of 10.70% p.a. to 10.55% p.a.

Results: SBI, Tata Motors, ONGC, Coal India, Bharat Heavy Electricals Ltd,Hero Motocorp,Essar Shipping, Ashok Leyland, Bank Of India, BEML, 3I Infotech,Amtek Auto, A2Z Infra Engineering, Coffee Day Enterprises, Compucom Software, Diamond Infosystems, Dynacons Technologies, Ajmera Realty & Infra, Bafna Pharmaceuticals, Bgr Energy Systems, Bliss Gvs Pharma, Chennai Petroleum Corporation, Educomp Solutions, Hindustan Motors, Hinduja Ventures, Icra, Indraprastha Gas, I G Petrochemicals, IL&FS Transportation Networks, Indian Bank, Intellivate Capital Ventures, Jammu & Kashmir Bank, JMT Auto, Jaiprakash Power Ventures, Jaypee Infratech, Jubilant Foodworks, Liberty Shoes, Emami Infrastructure, Excel Industries, Gammon Infrastructure Projects, Hathway Bhawani Cabletel & Datacom, Natco Pharma, National Aluminium Co, NCC, Network, Novartis India, Oriental Bank Of Commerce, Page Industries, Pennar Industries, Prism Cement, Rajesh Exports, BGR Energy, Rupa & Company,Voltas and Wheels India.
 
Global Data: Chinese New Year CNY, National Foundation Day JPY, Eurogroup meeting EUR, Consumer Inflation Expectation (Feb) AUD, RICS Housing Price Balance (Jan) GBP, M2 Money Supply (YoY) (Jan) CNY, New Loans (Jan) CNY, Consumer Price Index (YoY) (Jan) CHF, Consumer Price Index (MoM) (Jan) CHF, 30-y Bond Auction GBP, Unemployment Rate (MoM) (Nov) EUR, Continuing Jobless Claims (Jan 29) USD, Initial Jobless Claims (Feb 5) USD, New Housing Price Index (YoY) (Dec) CAD, New Housing Price Index (MoM) (Dec) CAD, Fed's Yellen testifies  USD, EIA Natural Gas Storage change (Feb 5) USD, 30-Year Bond Auction USD, Food Price Index (MoM) (Jan) NZD, RBA's Governor Glenn Stevens Speech  AUD, Foreign investment in Japan stocks (Feb 5) JPY, Foreign bond investment (Feb 5) JPY
 
Trends in FII flows: The FIIs were net sellers of Rs.7.51 bn in the cash segment on Wednesday. The domestic institutional investors (DIIs) were net buyers of Rs.1.96 bn as per the provisional figures released by the NSE.
 
Other news of the day:
 
ITC unveiled three projects, two integrated consumer goods manufacturing unit at Howrah and an IT Park at Rajarhat near Kolkata, involving an investment of Rs30bn. (ET)
 
Tata Motors (including JLR) reported a 16% increase in global wholesales at 93,355 units in January. JLR sales were up 25% YoY while passenger vehicle sales were up 14% YoY. (BL)
 
NHPC is in talks with private firms such as Jindal Power, Lanco Infratech and Nagarjuna Construction to take over 4,600 MW of hydro power projects in Sikkim and Arunachal Pradesh. (ET)
 
Kalyan Jewellers announced its foray in the e-commerce segment and will offer gold and diamond jewellery on Flipkart. The products will be available from February 12, the company said in a statement. (BS)
 
MOIL will invest Rs620mn for setting up a 10.5MW solar power project for captive use for mines in Madhya Pradesh and Maharashtra. (BL)
 
Vodafone launched 4G in Mumbai on 1,800 MHz. (BS)
 
Britannia Industries is gearing up for a full-fledged play in the estimated Rs850bn Indian dairy market as part of its overall strategy to be a total food company. The company will seek board approval within a couple of months for its expansion in the dairy segment, which could entail a minimum investment of Rs3bn in the initial phase. (BS)
 
The Centre’s tax revenue had touched Rs10.66tn by January 31 or 73.5% of the full-year target. (BL)
 
IRDA chairman T S Vijayan said the caps and commissions and remunerations being given to insurance brokers will remain. However, the upper limit can be determined after taking the feedback from various stake holders. (BS)
 
India and Australia agreed on enhancing cooperation in clean coal technology, renewable power and LNG in a bid to meet the burgeoning demand for cheap and environment-friendly energy in one of the fastest growing emerging economies.  (ET)

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India can use Australian expertise in rooftop solar: Goyal



The union minister of state for new and renewable energy, Piyush Goyal, has emphasized the need for technology transfer for efficient expansion of renewable power in India. Speaking at a round table on renewable energy challenges for grid integration at the University of New South Wales (UNSW), Sydney, Australia, Goyal said India can use Australian expertise in rooftop solar as almost a third of Australian homes in some states are using rooftop solar. Additionally, Australian expertise in scheduling and forecasting solar generation to enable grid integration would be welcomed by Indian companies. Goyal also advocated for utilizing Australian technologies for efficient renewable power and grid integration in India and technology transfer through strong educational and research collaboration between Australian (e.g. UNSW) and Indian organizations (like National Institute of Solar Energy (NISE). He stressed the need for Australian technology to be affordable. It is crucial for the prices of renewable energy to be comparable to coal based thermal power to be viable in India. He said that India is interested in benefitting farmers through usage of solar technologies to optimize gas usage for fertilizer production and recycling processes for rice husk technologies. The Minister also highlighted that in view of land availability challenges in India; renewable technologies which reduces land requirement would be welcome. He further said that cost challenges can be met through ‘Make in India’. This will help in achieving the ideal combination of Indian manpower and Australian innovation.

'Worsening asset quality to affect PSBs' credit profiles'



Worsening asset quality will affect the credit profiles of public sector lenders, which may require higher capital infusion from the government, rating agency Crisil said.

"Intensifying asset quality problems at PSBs have the potential to impair their credit risk profiles and necessitate significantly higher capitalisation of PSBs either through government infusion or relaxation of regulatory capital norms," it said in a report.

Public sector banks (PSBs) account for as much as 85 per cent of the banking sector's weak assets, reported PTI.

Increasing stress is also visible in the quantum of strategic debt restructuring and 5/25 structuring being carried out by banks.

Most of the PSBs that have declared their third quarter results reported either dip in profits or net losses, including Punjab National Bank, Dena Bank, Indian Overseas Bank and Central Bank of India, among others, reported PTI.

Over the past 18 months, Crisil has either downgraded or revised its outlook to 'Negative' for nine out of the 25 PSBs that it rates on the back of expectations of worsening asset quality.

In May last year, the rating agency had estimated weak assets in banks to rise to a high of around Rs 5.3 lakh crore or 6.3 per cent of total advances by March 2016.

"However, the deterioration in asset quality in the first nine months of the current fiscal has been faster than expected for various reasons, such as the severe downturn in global commodity prices, inability of the leveraged players to sell assets, and the proactive identification of stressed assets as part of RBI's asset quality review," the report said.

The provisioning requirement of PSBs will increase further and render their pre-provisioning profits inadequate, leading to a significant deterioration in earnings profiles, it said.

The government will have to step in and provide more capital than what was committed under the 'Indradhanush' plan.

"We will be looking out for government announcements for such measures, including in the upcoming Union Budget," it added.

"If that doesn't happen, our threshold of 'high safety category' for PSBs could get lowered," Crisil said.

Under the PSB revamp plan Indradhanush, the government has earmarked Rs 70,000 crore capital infusion in PSU banks over a period of four years.

Of this, Rs 25,000 crore will be infused in FY16 and FY17 each and Rs 10,000 crore in both FY18 and FY19.

Govt urges banks to enhance credit disbursal for sanitation


The Indian Government has said that it has asked banks and micro-finance institutions to enhance their credit disbursal for sanitation to achieve the goal of Swachh Bharat Mission of making India free from open defecation by 2019. Commenting on the issue, Rural Development and Drinking Water and Sanitation Minister Birender Singh told the media, “The Finance Ministry has included water and sanitation as new fields for priority sector lending by commercial banks but this "monumental policy change must translate from intent to action". “There is incentive of Rs 12,000 for construction of a toilet for BPL families but to achieve universal coverage, there is need for easy financing by banks and other financial institutions,” he added. The Minister further added that that since the launch of the mission on October 2, 2014, more than 14.7 million toilets had been constructed in rural areas. The Minister further urged the banks and micro-finance institutions to extend credit for sanitation and water sectors.

Govt to achieve tax revenue target for current fiscal: Adhia



The Indian Government has said that it will achieve the tax revenue target for the current year with larger-than- budgeted indirect tax collections making up for a possible shortfall in direct taxes. As per reports, after two successive years of revising downward the tax revenue target, fiscal 2015-16 which ends on March 31 is likely to see tax revenue target of Rs 14.49 lakh crore being met. Commenting on the issue, Revenue Secretary Hasmukh Adhia told the media, “We are likely to exceed the collection in Indirect Tax by about Rs 40,000 crore in the current year. On the whole, we are optimistic of close to 100 per cent achievement of overall tax revenue target of the year." “The tax collections between April-January show an increase of 33 per cent in Indirect Tax and 10.9 per cent in Direct Tax. Both put together, we have achieved 73.5 per cent of BE target," he added. Last fiscal, the Government had targeted Rs 13.64 lakh crore in tax revenues but at the end of the year it was revised downwards to Rs 12.51 lakh crore.

Bandhan Bank targets growth of 30 pct by 2017-end



Kolkata headquartered Bandhan Bank, which began commercial operations last year has said that it is targeting growth on the deposit as well as credit front by at least 30 per cent by 2017-end. Commenting on the issue, Bandhan Bank Managing Director and CEO C.S. Ghosh told the media, “Our deposits now stand at Rs.7,500 crore of which more than one-third is from retail customers. On the credit front, by March this year, it will reach around Rs 14,000 crore. As a bank, we expect to grow at anything between 30 per cent to 40 per cent in the next financial year in both credit and deposits." “The bank in the current year will continue to reach out more to people targeting 'unbanked sectors' and rural areas. Our total customer base is now around 1.55 crore of which 82 lakh are depositors. We will continue to focus on reaching out to more people with special stress on unbanked sectors and rural customers," he added. The bank also expects to expand its number of branches to 632 by March end this year.

DIPP proposes 100% FDI in marketplace e-tail: Report


E-commerce companies, many of them unicorns (valued at $1 billion or more), could get full foreign direct investment (FDI) if a proposal of Department of Industrial Policy and Promotion (DIPP) passes muster, said a Business Standard report. Press Trust of India reported on Tuesday that the government was considering permitting 100 per cent FDI in the marketplace format of e-commerce to attract more foreign investments. This follows a recent meeting of top officials in DIPP, and the department of economic affairs and corporate affairs. A DIPP official told Business Standard that the proposal to allow FDI in e-commerce marketplace had been in the works for quite some time. It is believed that while DIPP is bullish on permitting no-holds-barred FDI in the sector, finance ministry is yet to give a green light to the proposal. If it does get a go-ahead, online marketplace FDI rules would be a part of the detailed guidelines to be issued soon. At present, while no foreign investment is permitted in e-commerce, there are no rules for those operating in the online marketplace format. Major online players, including Flipkart, Snapdeal, Amazon.in, Shopclues and Paytm, which are funded by marquee international investors, operate as marketplace firms, thereby skirting the FDI hurdle. E-commerce is growing at a fast clip in India. In 2015, the market had risen from USD 5 billion to USD 8 billion. A Goldman Sachs report has projected that e-commerce in India could breach the $100-billion mark by 2020.