TOP CORPORATE NEWS-28 Feb 2015

Budget announces bank to fund small entrepreneurs

India will set up a bank to facilitate funding for the small entrepreneurs that make up the backbone of the country's economy, Finance Minister Arun Jaitley said in his budget speech on Saturday.

The MUDRA Bank will refinance microfinance institutions under a Prime Ministerial scheme, he said, allocating Rs200 billion ($3.24 billion) to the plan.

India to cut corporate tax to 25% over 4 years

India will reduce tax on businesses to 25% over 4 years from a current 30%, with a view to boosting spending and job creation, Finance Minister Arun Jaitley said on Saturday, when presenting the government's full-year budget.

FM: India to meet fiscal deficit target this year

India will meet a 'challenging' fiscal deficit target of 4.1% of its gross domestic product ( GDP) in the year to March 31, Finance Minister Arun Jaitley said on Saturday, when presenting the government's full-year budget.

India to spend $40 billion on defence in 2015-16

India plans to spend Rs2.46 trillion ($40 billion) on the defence sector in 2015-16, Finance Minister Arun Jaitley said on Saturday, when presenting the government's full-year budget.          

Budget announces bank to fund small entrepreneurs

India will set up a bank to facilitate funding for the small entrepreneurs that make up the backbone of the country's economy, Finance Minister Arun Jaitley said in his budget speech on Saturday.

The MUDRA Bank will refinance microfinance institutions under a Prime Ministerial scheme, he said, allocating Rs200 billion ($3.24 billion) to the plan.

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INDIAN EQUITY MARKET OUTLOOK-28 Feb 2015

INDIAN BENCHMARKS are likely to open on a positive note ahead of long awaited Union Budget which will be presented by Finance Minister Arun Jaitley.

                             

Events for the day:

Union Budget 2015

Headlines for the day:

Alstom makes country's first 800kV converter transformer.

Amitabh Bachchan raises stake in Fineotex Chemicals to 5.58 pc.

Coffee's hot as IPO could value Cafe Coffee Day at $1 billion.

Trend in FII flows: The FIIs were net buyers of Rs 1957.10 cr in the cash segment on Friday while the DIIs were net sellers of Rs. -491.93  cr, as per the provisional figures released by the NSE.

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INDIAN EQUITY MARKET WRAP UP-27 Feb 2015

INDIAN BENCHMARKS rise nearly 2 pct ahead of federal budget

INDIAN EQUITY BENCHMARKS  rose nearly 2 percent their best single-day advance in six weeks, as blue chips rallied on hopes the government would deliver a budget that increases public investment but sticks broadly to its fiscal deficit targets. The S&P BSE Sensex and CNX Nifty ended 1.65%-1.85% higher each.

                               

Railway Budget 2015-16: On the right track for a long journey

S&P raises India’s GDP growth forecast to 7.9%

January gold imports jump 55% to 57.2 tons (YoY)

Economic Survey - Growth to top 8% in 2015-16

The crucial resistance for Nifty is now seen at 8905 and above this 8955. Support for the immediate term is now placed at 8810 and next support will be 8765.

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TOP CORPORATE NEWS-27 Feb 2015

India can boost investments, hit borrowing targets

India can increase public investments and still hit its borrowing targets, a finance ministry report said on Friday, in an indication that Finance Minister Arun Jaitley will stick to debt targets in his maiden full-year budget on Saturday. The government should meet its medium-term target of lowering the fiscal deficit to 3% of gross domestic product ( GDP), the economic report said.

                                                                                                  Glenmark to set up new injectable plant in US

Glenmark Pharma is gearing up set up a new injectable facility in US. The new manufacturing facility will be added to the plant at Monroe in North Carolina, the construction of which was started in August 2014. The total investment is expected at Rs160 crore ($26 million).

DLF promoters ask to pay penalty of Rs85 crore by SEBI

DLF promoters asked to pay penalty of Rs85 crore by SEBI for violation of disclosure guidelines for not disclosing certain material information and facts in its IPO document  – negative for DLF (though the company would contest the decision in tribunal).

State Bank of India gets shareholders nod for raising Rs15,000 cr

State Bank of India (SBI) has received shareholders' approval for raising Rs15,000 crore through a public offer, including a rights issue, to fund business and meet global capital adequacy norms.

The capital raising could happen either in March 2015 or Q1FY16 (as per media reports) and is subject to condition that  governments holding in bank does not fall below 52%.

C Mahendra announces launch of "Eight in One" jewellery concept

C Mahendra Exports announced the launch of a revolutionary 'Eight in One' detachable jewellery concept to the market. The Group will be launching new product range via its retail stores and online presence that form part of Ciemme Jewels, which is a subsidiary of C Mahendra Exports. The launch of the niche jewellery products allows the Group to reinforce its presence as an innovator and pioneer in high-end and exotic diamond jewellery.

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DAILY COMMODITY MARKET STRATEGY-27 Feb 2015

BULLION

Gold April future is trading soft at $ 1,209.30.Silver May future has declined 0.2 per cent at $ 16.595.Platinum April future is up 0.3 at $ 1,177.80.

ENERGY

Crude Oil April future has gained 1.2 per cent at $ 48.76.Brent Oil April future has added 0.4 per cent at $ 60.73.Natural Gas April future is trading on a soft note at $ 2.698.

The MCX March Crude Oil futures after facing strong resistance around the 20-50-DMA are now showing some sign of correction.

Yesterday, the energy contracts tested a high at Rs 3,135, but however erased gains and ended with a significant loss of 2 per cent (62) at Rs 3,055 as the NYMEX Crude Oil prices tumbled.

The MCX Natural Gas March futures extended losses for the straight day and tumbled below 20-DMA (Rs 172) to hit a low of Rs 168, before selling with a huge loss of nearly 5 per cent at Rs 169 owing to significant drop in NYMEX Natural Gas prices on bearish storage data.

BASE METAL

Copper May future has shed 0.5 per cent at $ 2.677.

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Sensex, Nifty open strong on Mar series; eyes on Eco survey

The market has opened March series on a positive note. The Nifty is up 45.65 points at 8729.50. The Sensex is up 202.12 points or 0.7 percent at 28948.77. About 375 shares have advanced, 120 shares declined, and 110 shares are unchanged.

Tata Power, L&T, Tata Motors, Sesa Sterlite and SBI are top gainers whle NTPC, ITC and TCS are among the losers in the Sensex.

The Indian rupee opened lower by 11 paise at 61.86 per dollar on Friday against previous day's closing value of 61.75 a dollar.

The dollar rises to a one-month high against a basket of currencies as US inflation and business orders supported bets the Federal Reserve will raise interest rates in the middle of the year.

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INDIAN EQUITY MARKET OUTLOOK-27 Feb 2015

INDIAN BENCHMARKS are likely to open on a positive note as the global cues look supportive with SGX Nifty trading 34 points higher.

                             

Events for the day:

Bloomberg Feb. India Economic Survey

Fiscal Deficit INR Crore

Headlines for the day:

BEL-Rolta consortium bags defence contract worth Rs50,000 cr

Bharti Airtel raises Rs1,925 cr from stake sale in tower unit

Power Grid seeks $500 million loan from World Bank

Trend in FII flows: The FIIs were net buyers of Rs 2312.15  cr in the cash segment on Thursday while the DIIs were net buyers of Rs. 340.79  cr, as per the provisional figures released by the NSE.

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PERFORMANCE OF THE DAY-26 Feb 2015

STOCK FUTURES:

FUTURES INTRADAY

CENTURY TEXTILE  FUTURES BUY CALL 2  TGT

SIEMENS  FUTURES BUY  CALL 2  TGT

HDFC  FUTURES BUY CALL 2  TGT

BATA INDIA  FUTURES SELL CALL 1 TGT

NIFTY FUTURES:

NIFTY FUTURES SELL CALL 2 TGT

OPTION:

HDFC 1340  BUY CALL  3 TGT

STOCK CASH:

STOCK CASH INTRADAY:

TATAELXSI  BUY  CALL 2 TGT

SUNPHARMA  FOOD SELL CALL 2 TGT  

SINTEX BUY CALL 1 TGT

COX & KINGS  SELL CALL 1 TGT

GEOMETRIC LTD   SELL CALL 1 TGT

LUPIN LTD BUY CALL COST EXIT

TATAELXSI  BUY  CALL SL TRIGERRED

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INDIAN EQUITY MARKET WRAP UP-26 Feb 2015

INDIAN BENCHMARKS fall nearly 1 pct on profit-taking, derivatives expiry

INDIAN EQUITY BENCHMARKS  fell 1%  led by profit-taking in software stocks such as Infosys Ltd, while caution also prevailed on expiry of derivative contracts and federal budget on Saturday. The S&P BSE Sensex and CNX Nifty ended 0.90%-0.95% higher each

                               

Initial reaction to Rail Budget: Big on vision but lacks specifics

Freight rates hiked for coal, cement, iron & steel

Suresh Prabhu Presents Rail Budget 2015

The crucial resistance for Nifty is now seen at 8775 and above this 8850. Support for the immediate term is now placed at 8665 and next support will be 8625.

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TOP CORPORATE NEWS-26 Feb 2015

RBI permits overdrafts to be treated as priority sector advances

RBI decided that overdrafts extended by banks upto Rs 5,000 in Pradhan Mantri Jan-Dhan Yojana (PMJDY) accounts will be eligible for classification under priority sector advances (‘others’ category) as also weaker sections, provided the borrowers household annual income does not exceed Rs60,000 for rural areas and Rs1,20,000 for non-rural areas.

Glenmark gets USFDA nod to sell generic blood pressure drug

Glenmark Pharmaceuticals today announced receipt of approval from the US health regulator to sell its generic version of AbbVie Inc's blood pressure drug Tarka in the American markeThe approval for trandol april and verapamil hydrochloride extended release tablets has been granted to Glenmark Generics Inc, a subsidiary of Glenmark Generics Ltd.

Cabinet approves implementation of 15,000 MW for solar projects

The Cabinet approved for implementation of the scheme for setting up of 15,000 MW of grid-connected solar photo voltaic power projects under the National Solar Mission, which will be executed by NTPC.As these capacities would be grid-connected, it could add to the demand for green transmission corridor; hence positive for T&D EPC players like Kalpataru power & KEC International.

                                                                                                  Dr Reddy’s labs: US seeks information on drug pricing mechanism

Dr Reddy’s labs: US legal authorities seek information on drug pricing mechanism (sentimentally negative).Attorney Generals of Texas and California have separately sought information on pricing of some drugs sold by Dr Reddy's Laboratories in the US, according to the latest filing for the drug maker with SEC.

Impact of Budget on Railway Stocks

The impact of Budget on Railway Stocks announced today (February 26, 2015) are as follows: Rail Stocks Gainers: Hind Rectifiers up 6.87%, Kernex up 4.94%, Bartronics up 3.61% Titagarh Wagons up 2.90%, BEML up 2%, IVRCL Infra up 1.70%.Rail Stocks Losers: Stone India down 1.83%, GDL down 0.78%, Kallindee down 0.64%.

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DAILY COMMODITY MARKET STRATEGY-26 Feb 2015

BULLION

Gold April future has advanced 0.6 per cent at $ 1,208.80.Silver March future has jumped nearly a per cent at $ 16.610.Platinum April has added 0.8 per cent at $ 1,220.35.

ENERGY

Crude Oil March future has declined near a per cent at $ 51.51.Brent Oil April future has slipped over a per cent at $ 58.59.Natural Gas March future has gained 0.3 per cent at $ 2.635.

The MCX Crude Oil March futures are facing resistance around the 20-DMA for the past two trading session. Yesterday, the energy futures tested a high at Rs 3,135 and a low of Rs 3,030, before closing with a mere loss of 0.2 per cent at Rs 3,117 despite strong NYMEX Crude Oil prices.

BASE METAL

Copper March future has surged 0.3 per cent at $ 2.880.

MCX Copper February expiry contract which is due to expire this week ended in green for the session ending wednesday.The metal has surpassed the psychological resistance of Rs 360 per kg a day before.

Copper ended the day at Rs 363.45 per kg on 25 Feb 2015 against 362.40 per kg on 24 Feb 2015.

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