TOP CORPORATE NEWS-31 July 2015

Sun Pharma to seek USFDA approval for 2-3 innovative products

Sun Pharma, like most Indian companies, have been selling generic drugs (copies of innovative products of MNC pharma companies going off patent) in US. However, Sun Pharma is hinted that it is close to fling approvals for three New Chemical Entities (NCE) or innovative products developed by its subsidiary SPARC and are in final stages of clinical trials. This confirms progress made by SPARC and its benefits to Sun Pharma as its parent and manufacturing and marketing arm of the group.

Crompton gains on winning contract in Portugal

Shares of Crompton Greaves rose 2% to Rs186.40 on NSE as the company has won a contract to supply ZIV single phase smart metres to Energias de Portugal (EDP), one of the major European operators in the energy sector. Crompton Greaves deployment of over 3 million ZIV units worldwide. The company offers ZIV meters, data concentrator units (DCUs), distribution automation solutions (DAS) and Substation Automation Systems (SAS).

Government plans to infuse Rs 70,000 crore capital in 4 Years

Government will infuse Rs70,000 crore into PSU Banks (Rs25000 crore each in FY16, FY17 and 1000 crore each in FY18, FY19) with 40% of the allocations going to top 6 banks (SBI, BOB, PNB, BOI, Canara Bank, IDBI Bank). The government also expects banks to raise another Rs1.1 lakh crore from market. Given some clarity emerging on capital infusion front it is sentimentally positive for PSU banks.

Kotak Mahindra falls as Q1 asset quality worsens

Kotak Mahindra Bank's Q1FY16 consolidated PAT declined 26% to Rs516.6 crore though it was the first quarter of the bank, which included ING Vysya earnings post merger effective from April 2015. Sharp spike in provisions and lower other income dented profitability of Bank. Given weak results and rise in NPAs there could be some correction in near term and it can be accumulated on dips for medium to long term perspective (we do not have rating on the stock).

LIC cuts stake in Maruti Suzuki by 2.03%

Life Insurance Corporation ( LIC) has cut stake in Maruti Suzuki by 2.03%. LIC now holds 6.217% stake in Maruti.

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DAILY COMMODITY MARKET STRATEGY-31 July 2015

BULLION

Gold December and Platinum October futures have declined 0.4 percent each at $ 1,084.90 and $ 985.35, respectively.Silver September contract is down 0.2 percent at $ 14.660.

Gold August is towards Rs 24970 and Rs 25,050. Supports in Gold towards Rs 24,750 are active. Gold price tested a high of Rs 25,019 per 10 grams on 30 July 2015 and a low of Rs 24,717 per 10 grams. Open Interest for June contract was at 5812 as on 30 July 2015 against 5812 on 29July 2015.

ENERGY

Crude Oil September delivery has shed nearly a percent at $ 48.15.Brent Oil September future is quoted at $ 53.03 - down 0.5 percent.Natural Gas September expiry is marginally up at $ 2.779.

Crude Oil also showed decline in open interest.  It is expected that prices moving above Rs 3,180 will bring more gains.On Thursday, Crude Oil tested a high of Rs 3,174 and a low of Rs 3,122 per barrel.

BASE METAL

Copper September delivery is almost unchanged at $ 2.378.MCX Copper June expiry contract is not finding a strong footing due to a trend of sell on rise. The traders have beem applying this strategy.

On 30 July 2015 Copper moved away from Rs 340 and ended the day at Rs 338.95 on against 341.65 per kg on 29 July 2015.

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INDIAN EQUITY MARKET OUTLOOK-31 July 2015

INDIAN BENCHMARKS  are likely to open on a positive note as the global cues look supportive with SGX Nifty trading 16.50 points higher.                                                

                                   

Headlines for the day:

LIC cuts stake in Maruti Suzuki by 2.03%

V-Mart posts 23.5% YoY growth in net earnings

Thomas Cook India acquires Sri Lanka-based Luxe Asia

                                                    

Trend in FII flows: The FIIs were net  sellers of Rs  -170.68 Cr in the cash segment on Thursday while the DIIs were net buyers of Rs   499.65 Cr, as per the provisional figures released by the NSE.

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TOP CORPORATE NEWS-30 July 2015

Cipla gains as partner Sandoz gets USFDA nod

Shares of Mumbai based pharmaceutical company Cipla rose 3% on the BSE after its partner Sandoz received a USFDA nod to launch a generic version of Pulmicort respules (budesonide).

The stock opened at Rs685.10 and touched a high of Rs707.90 on the NSE.  Budesonide is a glucocorticoid steroid for the treatment of asthma, non-infectious rhinitis (including hay fever and other allergies), and for treatment and prevention of nasal polyposis. Additionally, it is used for Crohn's disease (inflammatory bowel disease).

IndusInd Bank marks fresh high on acquisition of RBS

Shares of IndusInd Bank gained over 1% at Rs968, extending their 2% gain in the past two trading sessions on the BSE, after the private sector lender announced that it has completed the acquisition of the diamond and jewellery financing business and related deposit portfolio of Royal Bank of Scotland ( RBS). The stock has touched a record high of Rs 971 on the BSE in intra-day trades today. It has rallied 9% from Rs894 on July 10, after the company posted a 25% rise in net profit at Rs525 crore for the quarter ended June 30, compared to Rs 421 crore in the year-ago quarter, on the back of strong growth in net interest income.

                                                                                   

ILFS Transport wins Rs1,886 cr contract from NHAI

IL&FS Transportation Networks won a Rs1,885.74 crore road project in Maharashtra from National Highways Authority of India ( NHAI).

Cabinet approves amendments to GST Bill

The Union Cabinet approved the amendments to the GST Constitutional Amendment Bill, and also approved setting up of the Rs20,000 crore National Investment & Infrastructure Fund which was announced in the Budget this year – Passage of GST positive for stocks like Century Plyboards, Supreme Industries, Relaxo Footwear, KKCL from our coverage universe.

Maruti Suzuki DZire attains 10 lakh cumulative sales mark this month

Maruti Suzuki India announced that Maruti Suzuki DZire attained the 10 lakh cumulative sales mark this month. Launched in 2008, Maruti Suzuki DZire has been a category leader and has helped Maruti Suzuki strengthen its presence in the entry sedan segment. With this milestone, Swift DZire now enters `the elite million club' comprising models such as Alto, Swift and Wagon R.

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DAILY COMMODITY MARKET STRATEGY-30 July 2015

BULLION

Gold December and Silver September futures are flat in early trade at $ 1,092.70 and $ 14,740, respectively.Platinum October delivery has added 0.3 percent at $ 989.95.

Resistance for Gold is towards Rs 25,000 and Rs 25,100. Supports in Gold towards Rs 24,800 are active.Gold price tested a high of Rs 25,045 per 10 grams on 29 July 2015 and a low of Rs 24,883 per 10 grams. 

ENERGY

Crude Oil and Brent Oil September series have gained 0.3-0.4 per cent each at $ 48.95 and $ 53.73, respectively.Natural Gas September future has advanced over 0.5 percent at $ 2.876.

Crude Oil also showed decline in open interest an indicator that short positions were squared off.It is expected that prices moving above Rs 3,180 will bring more gains. On Wednesday, Crude Oil tested a high of Rs 3,177 and a low of Rs 3,045 per barrel.

BASE METAL

Copper September expiry is marginally down at $ 2.406.On Thursday trading gains are expected to get resisted at Rs 343 and 346 per kg. Meanwhile support for Copper is at Rs 338 and Rs 335 per kg.

The low for Copper on Tuesday was at Rs 339.70 per kg, and a high of Rs 345.95 per kg was noted.

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INDIAN EQUITY MARKET OUTLOOK-30 July 2015

INDIAN BENCHMARKS are likely to open on a positive note as the global cues look supportive with SGX Nifty trading 40 points higher.

Headlines for the day:

Allahabad Bank Q1 net profit up 30%; asset quality improves

Yes Bank Q1 net profit In-Line

Dabur Q1 earnings in line with estimates

Vedanta Q1 beats estimate; consolidated net profit at Rs866 cr

Trend in FII flows: The FIIs were net sellers of Rs – 186.24 Cr in the cash segment on Wednesday while the DIIs were net buyers of Rs 642.69 Cr, as per the provisional figures released by the NSE.

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TOP CORPORATE NEWS-29 July 2015

Banks take over management control of Electrosteel

Bankers to the loss-making Electrosteel Steels have agreed to use the strategic debt restructuring (SDR) mechanism to convert their debt into equity and takeover the company.

Banks have exposure of about Rs10,000 crore to the steel producer and banks like SBI, PNB, Canara Bank, Uco Bank, OBC etc have exposure to the company. The Banks are trying to find buyer for the company which may take time but should help in resolution of NPAs over medium term.

Adani Enterprises to raise up to Rs6,000 cr via securities

Adani Enterprises, the flagship company of the Adani Group, said that it is planning to raise up to Rs6,000 crore through issuance of securities to sustain rapid business growth. The Gautam Adani-led company also aims to raise its borrowing limit to up to Rs12,000 crore to keep pace with the expanding business operations.

Rajasthan clears Rs1.56 lakh crore investments in solar energy

Rajasthan cleared Rs1.56 lakh crore worth investments in solar energy sector in the state, aimed at generating 26,000 MW of solar energy.

Reliance Industries to consider sale of US shale gas stake

Reliance Industries may be considering exiting its investments in US shale gas as part of a strategic review of its assets, says a report. RIL has invested more than $8 billion in its unconventional gas joint ventures through the end of March, according to its annual earnings report. Selling the shale assets would allow Reliance to put its capital to more productive uses, given the gas market may not improve for some years, the report stated.

Tata Power may acquire stressed assets of other power companies

Tata Power may look at acquiring stressed assets of other power companies in the country as it plans to expand its capacity.

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DAILY COMMODITY MARKET STRATEGY-29 July 2015

BULLION

Gold December future is almost unchanged in early deals at $ 1,097.Silver September future has added 0.2 percent at $ 14.670.Platinum October future has gained 0.5 percent at $ 989.15.

Gold August towards Rs 24,700 are active. Gold price tested a high of Rs 24,869 per 10 grams on 28 July 2015 and a low of Rs 24,701 per 10 grams.

ENERGY

Crude Oil September future has declined 0.3 percent at $ 47.86.Brent Oil September future is flat at $ 53.14.Natural Gas September future is now quoted at $ 2.833 - up 0.2 percent.

Crude Oil price in India has shed 0.4 percent at Rs 3,071. The MCX counter has seen trades of around 4,697 lots and the open interest has jumped by 1,206-odd lots to 19,607 lots.

BASE METAL

Copper September future has advanced 0.3 percent at $ 2.418.MCX Copper June expiry contract gained marginal ground for session ending 28 July 2015. Copper moved just a shy above Rs 340.

The prices trading above Rs 340 can cause some more long positions to be built. On 28 July 2015, Copper ended the day at Rs 341.40 on against 336.15 per kg on 27 July 2015.

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INDIAN EQUITY MARKET OUTLOOK-29 July 2015

INDIAN BENCHMARKS  are likely to open on a positive note as the global cues look supportive with SGX Nifty trading 15 points higher.                                                

                                     

Headlines for the day:

PNB Q1FY16 asset quality stable, earnings dip 49% YoY

Thermax Q1 net profit up 49%; beats estimates

Maruti Q1 earnings margin continue to expand; profit in-line with estimates

BOI Q1 earnings reports disappointing performance

Results on July 29, 2015

Nestle India, Castrol India, Vedanta, UPL, MphasiS, Dabur India, JSW Steel, Essar Oil, Allahabad Bank, NHPC, Godrej Consumer, IIFL Holdings, Yes Bank.

                                                       

Trend in FII flows: The FIIs were net  sellers of Rs  - 1375.66 Cr in the cash segment on Tuesday while the DIIs were net buyers of Rs   665.05 Cr, as per the provisional figures released by the NSE.

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TOP CORPORATE NEWS-28 July 2015

Tata Motors working on a new platform for SCVs

Tata Motors is working on a new platform for small commercial vehicles (SCVs) which will replace the Ace platform. The ACE platform is 10 years old and hence the company is developing a new product to address the change in customer requirements.

Siemens bags order worth Rs67 crore from L&T

Siemens has bagged an order worth Rs67 crore for supply of high voltage gas insulated switchgear from Larsen & Toubro – Positive for Siemens.

Ambuja Cement lower realization, muted demand dent Q2 earnings

The net sales declined by 7.9% on YoY basis to Rs2493 crore. The decline in the revenue is on account of decrease in the realization by 9% YoY to Rs4239 per tone. However, volume for the quarter rose by 1.6% to 5.88 million tonnes. In addition to the lower realization, the cost pressure has also continue to remain higher which resulted in to contraction in the operating profit margin. Consequently the operating profit has declined by 36.2% YoY to Rs366 crore.

Glenmark Pharma's Finacea generic infringes Bayer patent

The federal court said Glenmark's proposed gel would be absorbed into the skin in a similar way to Finacea, violating Bayer's patent. Germany's Bayer had sued Glenmark in 2013 after Glenmark filed an application to market a copycat version of the USD 95 million drug in the United States.

                                                         

Aurobindo receives final approvals for Esmolol Hydrochloride Injection

Aurobindo Pharma has received final approvals from the US Food & Drug Administration ( USFDA) to manufacture and market Esmolol Hydrochloride Injection, 100mg/10mL.

Aurobindo now has 13 ANDAs (represented by 10 product classes) approved out of Unit IV formulation facility in Hyderabad, India for manufacturing general injectable products. Positive for the company.

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DAILY COMMODITY MARKET STRATEGY-28 July 2015

BULLION

Gold December and Silver September futures have declined 0.2 percent each at $ 1,094.10.Platinum October future is also trading with a loss of 0.2 percent at $ 981.00.

The session for Monday was critical in terms of trading swings. The prices ended the day at Rs 24,899 per 10 grams on 27 July 2015 against Rs 24,731 per 10 grams on 24 July 2015.Resistance for Gold is towards Rs 24,950 and Rs 25,000. Supports in Gold towards Rs 24,800 are active.

Gold price tested a high of Rs 25,018 per 10 grams on 24 July 2015 and a low of Rs 24,756 per 10 grams.

ENERGY

Crude Oil September future has dropped over 0.5 percent at $ 47.13.Brent Oil September future has added 0.4 percent at $ 53.09.Natural Gas September future has shed 0.3 percent at $ 2.784.

BASE METAL

Copper September future has jumped almost a percent at $ 2.367.The prices trading below Rs 340 can cause the pain in prices to aggravate as this marks free fall from psychological barrier.

On 27 July 2015, Copper ended the day at Rs 336.15 on against 340.25 per kg on 24 July 2015. The progress of declines again got vigor in new session. Potential of Copper reaching close to Rs 325 looks strong at this juncture as even Rs 345 is not broken.

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INDIAN EQUITY MARKET OUTLOOK-28 July 2015

INDIAN BENCHMARKS  are likely to open on a positive note as the global cues look supportive with SGX Nifty trading 26 points higher.                                                

                                     

Headlines for the day:

Info Edge reports weak Q1 earnings; Net Profit down 28%

Coromandel Intl consolidated net profit at Rs14.47 crore

MRF reports 94% growth in PAT to Rs447 crore

Results on July 28, 2015

GSFC, HDFC, Tata Communications, PI Industries, Pidilite Industries, Thermax, IDBI Bank, Union Bank of India, Maruti Suzuki, Syndicate Bank, Bank of India, Shriram City Union Finace, PNB, Dish TV.

Trend in FII flows: The FIIs were net  sellers of Rs  -859.94 Cr in the cash segment on Monday while the DIIs were net buyers of Rs   238.66 Cr, as per the provisional figures released by the NSE.

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INDIAN EQUITY MARKET WRAP UP-27 July 2015

INDIAN BENCHMARKS  are likely to open on a negative note as the global cues look unsupportive with SGX Nifty trading 51 points lower.                                                

                                     

Headlines for the day:

Sun TV: Delhi HC allows Red FM to take part in Radio Phase III auctions

Government to offload 5% stake in PFC today at Rs254/share

Hero MotoCorp planning to buyout Erik Buell Racing

Results on July 27, 2015

Century Textiles, Coromandel Intl, Ambuja Cement, MRF, Torrent Pharma., Tech Mahindra, Info Edge, KEC Intl., Just Dial

                                                   

Trend in FII flows: The FIIs were net  buyers of Rs  6.62 Cr in the cash segment on Friday while the DIIs were net sellers of Rs   196.38 Cr, as per the provisional figures released by the NSE.

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DAILY COMMODITY MARKET STRATEGY-27 July 2015

BULLION

Gold December future has jumped over a percent in early morning deals at $ 1,097.70.Silver September future has spurted almost a percent at $ 14.610.Platinum October future is slightly down at $ 986.95.

ENERGY

Crude Oil September future has declined 0.3 percent at $ 47.98.Brent Oil September future is down 0.2 percent at $ 54.54.Natural Gas August future has also dropped a percent at $ 2.748.

BASE METAL

Copper September future is marginally down at $ 2.383.

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INDIAN EQUITY MARKET OUTLOOK-27 July 2015

INDIAN BENCHMARKS  are likely to open on a negative note as the global cues look unsupportive with SGX Nifty trading 51 points lower.                                                

                                     

Headlines for the day:

Sun TV: Delhi HC allows Red FM to take part in Radio Phase III auctions

Government to offload 5% stake in PFC today at Rs254/share

Hero MotoCorp planning to buyout Erik Buell Racing

Results on July 27, 2015

Century Textiles, Coromandel Intl, Ambuja Cement, MRF, Torrent Pharma., Tech Mahindra, Info Edge, KEC Intl., Just Dial

                                                           

Trend in FII flows: The FIIs were net  buyers of Rs  6.62 Cr in the cash segment on Friday while the DIIs were net sellers of Rs   196.38 Cr, as per the provisional figures released by the NSE.

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DAILY COMMODITY MARKET STRATEGY-24 July 2015

BULLION

Gold August future has tumbled a per cent in early morning deals to $ 1,082.90.Silver September contract has dropped over 0.5 per cent at $ 14.610.Platinum October future is now quoted at $ 974.15 - down 0.2 percent.

ENERGY

Crude Oil September delivery has spurted over 0.5 per cent at $ 48.79.Brent Oil September expiry is marginally up at $ 55.54.Natural Gas August future is slightly down at $ 2.810.

BASE METAL

Copper September contract is down 0.2 per cent at $ 2.371.

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INDIAN EQUITY MARKET OUTLOOK-24 July 2015

INDIAN BENCHMARKS  are likely to open on a flat to negative note as the global cues look mixed with SGX Nifty trading 10 points lower.                                                

                                     

Headlines for the day:

Star Ferro and Cement Q1FY2016 earnings grow by 70.7% YoY

Bharti Infratel Q1FY16 earnings In line performance; appoints Citi for ADR listing

Ceat Ltd Q1FY16 results: Fall in raw material cost drives profitability

                                                     

Trend in FII flows: The FIIs were net  buyers of Rs  185.42 Cr in the cash segment on Thursday while the DIIs were net sellers of Rs   -276.69 Cr, as per the provisional figures released by the NSE.

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TOP CORPORATE NEWS-23 July 2015

Tata Motors targets to triple commercial vehicle exports by 2020

Tata Motors has laid out a target of tripling its commercial vehicle (CV) exports to 1.5 lakh units by 2020. The company plans to focus of exports to de-risk the business dependent of the cyclical domestic CV industry. The company will be targeting Southeast Asia, middle East and Africa as key export geographies.

KEC International sells telecom assets for Rs 82.3 crore

KEC International has sold its telecom assets to ATC Telecom Tower Corporation for Rs 82.3 crore. The assets consist of 381 telecom sites and are located in the states of Chhattisgarh, Meghalaya and Mizoram – Positive read through.

                                                                                   

Govt gets Rs1 lakh crore spending cushion for FY16

The government is looking at a spending cushion of about Rs1 lakh crore for FY16 as global crude oil prices may remain low, besides an expected increase in indirect-tax buoyancy. Finance Ministry sources also suggest that there will be be no spending cuts, and the government might in fact have the rare headroom to spend more than budgeted, without worrying about fiscal arithmetic. The higher spending is likely to boost economic growth and may go into sectors like infrastructure, railways, renewable energy etc.

Delhi Transport Minister to float tender for 1,380 CNG buses

Delhi Transport Minister to float tender for 1,380 CNG buses – Positive for Ashok Leyland (domestic business quite small for Tata Motors thus impact relatively much small).

Eicher Motors CEO relocates to UK to focus on international business

Eicher Motors MD & CEO Siddhartha Lal will be moving to UK for a year to strengthen the company’s international business. Eicher’s motorcycle division i.e Royal Enfield had acquired UK-based Harris Performance in June to scale up its R&D and is in the process of setting up a development centre in UK. The company is developing engines for the international market.

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