Ashok Leyland total sales up 25% in August

The total sales by Ashok Leyland registered a growth of 25% on YoY basis. It sold 13,634 units in August 2017 as compared to 10,897 units during the corresponding period last year.

In the Medium and Heavy Commercial Vehicles segment, it posted a growth of 29%, selling 10,567 units as against 8,201 units in August 2016. It sold 3,067 units of Large Commercial Vehicles in August 2017 as compared to 2,696 units sold in August 2016, registering a growth of 14%.

The stock of Ashok Leyland soared over 5% during Friday’s trade on the BSE. It witnessed a spurt in volume by more than 1.02 times. The stock hit an intraday high and low of Rs 113 and Rs 107.40, respectively.

Ashok Leyland was trading at Rs 112.50 per share, up by Rs 4.95 or 4.62% as at 1117 hours on Friday, on the BSE. It attracted a traded volume of 92,29,073 shares and traded value of Rs 10,223.97 lakh on the NSE..

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LIC increases stake in NTPC to 14.25%

Life Insurance Corporation of India (LIC) now commands 14.24% stake in NTPC, a day after the government raised about Rs 9,100 crore by selling 7% stake via an offer-for-sales (OFS).

LIC has increased its stake from 11.15% to 14.24%. Based on the floor price of Rs 168, LIC’s investment stands at around Rs 4,275 crore, which is nearly half of the total amount raised by the government. LIC acquired 25.44 crore shares or 3.08% of the total paid up capital of the company.

The OFS received bids for 54.8 crore shares, against 82.4 crore shares on offer including the green shoe option. Government’s shareholding in NTPC is expected to have come down to 63.1% from 69.74% post the OFS..

The government expects to raise Rs 72,500 crore in FY18 through a mix of minority stake sale, strategic divestments and through the listing of state-owned companies. NHPC, HCL, NBCC, MOIL, and BEL were among the companies in which the government sold stakes.

NTPC is engaged in the generation and sale of electricity. The principal business activity of the company is the electric power generation by coal-based thermal power plant. The company has an installed capacity of 47,178 megawatts (MW), including joint ventures (JVs) with over 18 coal-based, seven gas-based stations and one hydro -based station..

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Stocks to watch out for on Friday

Here are the stocks to watch on Friday’s trade.

Alembic Pharmaceuticals: Alembic Pharmaceuticals announced that the company has received EU GMP certificate for the audit conducted at its Formulation Facility at Panelav from August 8 to August 10, reported a leading business daily.

Strides Shasun: Strides Shasun announced that Arrow Pharmaceuticals, Australia, a subsidiary of Strides Pharma Global, Singapore has acquired the Australian operations of Amneal Pharmaceuticals.Under the terms of the agreement, Arrow Pharmaceutical will acquire 100% of the issued capital of Amneal Pharmaceutical, Australia.

ABB India: ABB India will provide solar inverters to 750 railway stations in north India in a bid to reduce dependence on traditional sources of energy. Indian Railways, which runs one of the largest railway networks in the world, carries more than 8 billion passengers annually.

Aditya Birla Capital: Aditya Birla Capital, will be listed on the BSE and the NSE on Friday. The listing is the culmination of a composite scheme of arrangement under which Aditya Birla Nuvo was merged with Grasim Industries and the financial services business was subsequently demerged into Aditya Birla Capital.

IHCL: Tata Group's hospitality arm, Indian Hotels Company (IHCL) plans to open seven hotels in the next two years as part of its expansion plans going forward. Altogether, the new properties to be opened by the company will add 581 rooms to its inventory, reported a leading business daily.

IRB Infrastructure Developers: IRB Infrastructure Developers board has approved sale of IRB Pathankot Amritsar Toll Road to IRB InvIT Fund for Rs 1,569 crore..

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Number of fake notes increases 20.4% in FY17: RBI

 Over 7,62,072 pieces of fake Indian currency notes (FICNs) were detected in the banking system in FY17, a 20.4% increase over the previous year, said the Reserve Bank of India's annual report released on Wednesday.

During 2015-16, 6.32 lakh pieces of fake currency notes had been detected, said the central bank report. It also said that barring Rs 100, the detection of counterfeit notes increased across denominations, notably, Rs 500 and Rs 1,000 during the last fiscal.

In the report, the RBI said that coincident with the announcement of the withdrawal of Rs 500 and Rs 1,000 notes on November 8, 2016, it launched a nation-wide exercise to estimate the density of FICNs detected during the counting and verification of notes.

 "The result showed the rate of FICN detected per million pieces of notes processed at the CC (currency chest) level at 7.1 pieces for Rs 500 denomination and 19.1 pieces for Rs 1,000 denomination, which were higher than the rate of detection at the Reserve Bank," it added.

Disclaimer: The contents herein is specifically prepared by ‘Dalal Street Investment Journal’, and is for your information & personal consumption only. India Infoline Limited or Dalal Street Investment Journal do not guarantee the accuracy, correctness, completeness or reliability of information contained herein and shall not be held responsible..

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Deadline to link Aadhaar and PAN ends today

The last day for linking your unique identification number, Aadhaar with PAN card is August 31, 2017.

According to a government notification, if you have filed income tax returns this year and not liked Aadhaar with PAN, then your income tax return will not be processed.

In case of linking through the website, you need to go to the Income Tax Department's e-filing website and click on the 'link Aadhaar' option available on the page. After providing all the necessary details required to link both the identities, such as PAN, Aadhaar number and name, the person will need to enter the captcha, leading to the completion of the process. In case of visual impairment, the person may even opt for OTP instead of captcha, for the final verification. Individuals not registered with the Income Tax Department's e-filing website will be required to register with the website before proceeding.        

Individuals may even link both the identities through SMS service, provided by the Income Tax Department. According to the announced procedure, you may just send a message to get the PAN and Aadhaar linked. For which, you are required to send a message to 567678 or 56161, and the format for the message is as follows: UIDPAN<SPACE><12 digit Aadhaar ><Space><10 digit PAN>

The government from July 1 had made it obligatory for taxpayers to link their 12-digit unique identification number Aadhaar with PAN (permanent account number)..

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Opening Bell – Markets open flat

At 09:15 AM, Nifty opened at 9,888 level, up 4 points while Sensex opened at 31,649 level, up by 3 points.

Wipro was top Nifty gainer trading at Rs 295.05 per share, up by 1.32% while NTPC was top Nifty loser trading at Rs 164.35 per share, down by 2.14%. There were 882 advances, 457 declines and 484 unchanged stocks on NSE reflecting positive undertone floating in the market.

On the broader markets, BSE Mid-cap index was trading at 15,501 level, down 0.03% while BSE Small-cap index was trading at 15,904 level, up by 0.23%.

Nifty finds strong support around 9,800 while 9,940 will act as resistance on the upside.

The rupee opened at 64.03 per USD.

The US stock market indices ended higher on Wednesday, following the release of some upbeat US economic data, including a report showing a jump in private sector employment. The Dow Jones Industrial Average ended at 21,892 with gains of 27 points. The S&P 500 index jumped 11 points to close at 2,458. The tech-heavy Nasdaq Composite Index climbed 66 points to settle at 6,368. The Nasdaq Composite Index outperformed other benchmarks, courtesy sharp rise in biotechnology shares.

Asian indices were trading mixed in early trade on Thursday. Japan’s Nikkei 225 has surged 138 points, while Hong Kong's Hang Seng has shed 132 points and China’s Shanghai Composite has slipped 4 points..

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Stocks to watch out for on Thursday

Here are the top stocks to watch out for on Thursday.
 

ONGC: Oil and Natural Gas Corp (ONGC) will soon seek shareholders' approval to raise a debt of Rs 25,000 crore to fund the planned acquisition of Hindustan Petroleum  Corp (HPCL). The board of ONGC has approved raising the debt and would now take the proposal to shareholders.

Tata Motors, Maruti Suzuki: India’s top auto players expect a slump in demand after the cabinet on Wednesday approved an ordinance that will allow the cess on larger passenger cars and sports utility vehicles (SUVs) to be raised to as much as 25% from 15% under the GST regime.
The move, which needs to be approved by the GST Council, will lead to prices increasing after having fallen when the new tax was rolled out on July, 2017.

Schaeffler India: The board of directors of Schaeffler India Limited (formerly FAG Bearings India), INA Bearings India Private and LuK India, at their respective meetings, have approved the draft scheme of amalgamation for the merger of INA India and LuKIndia into Schaeffler India, reported a leading business daily.

Adani Group stocks: Australia’s trade minister on Wednesday said that Adani Group's USD16.5 billion Carmichael coal project is moving ahead but slower than what his government would have liked.

ABB India: ABB India has surpassed the 5 GW milestone for the supply of solar inverters in India, reported a leading business daily.

Fortis Healthcare: Fortis Healthcare has sold its entire stake in Fortis Medicare.

Majestic Auto: The board of Majestic Auto approved sale of assets worth up to Rs 300 crore..

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Bank Nifty off day’s high; support placed at 24,200

Bank Nifty index has marginally slipped from its day’s high to trade at 24,286 level, up by 157 points or 0.65%. Yes Bank has secured the top position on the index to trade at Rs 1,749.7 per share, up by 1.64%. Heavyweight, HDFC Bank is the second top gainer on the index trading at Rs 1,766.3 per share, up by 1.15%.

Only State Bank of India and Bank of Baroda are losing on the Bank Nifty index. Derivative contracts of August series is going to expire on Thursday. Other PSU banks are attempting to pare the losses and move to higher level.

On the options front, Bank Nifty August 24,200 CE has maximum open positions followed by 24,100 witnessing strong selling pressure. On the put side, open positions addition is spread over the strikes of 24,000 to 24,400.

Maximum open interest was seen at the strike of 24,500 for call options and 24,000 for put options. Bank Nifty futures of September series was trading at a premium of 51 points. Going forward, 24,250 and 24,200 are important support levels for the index while on the upside, 24,500 is the important immediate resistance level..

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Jaiprakash Associates breaches upper circuit

The stock of Jaiprakash Associates was roaring on the bourses as it breached upper circuit during early morning trade on Wednesday. The stock beached upper circuit at Rs 23.35 per share.

Jaiprakash Associates may feature in the second list of defaulters prepared by the Reserve Bank of India to be referred to the National Company Law Tribunal by banks if the debt issue faced by the company is not resolved by mid-December, reported a leading business daily.

The stock of Jaiprakash Associates breached upper circuit at Rs 23.35 per share, up by Rs 2 or 9.41% on Wednesday, on the BSE as against its previous close of Rs 21.25. The stock attracted a traded volume of 8,24,71,044 shares and traded value of Rs 18,885.87 lakh on the NSE. The company had hit its 52-week high of Rs 30.45 on July 28, 2017, and 52-week low of Rs 6.70 on November 25, 2016, on the NSE..

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Minda Industries to acquire stake in MI Torica India

 The shares of Minda Industries soared by nearly 4% intraday during Wednesday’s trading session after the company reported that its board approved the acquisition of 60% stake in MI Torica.

The board of director provide the approval to acquire 60% stake of MT Torica India, comprising of 54,00,000 equity shares of the face value of Rs 10 each from the shareholders including related parties at Rs 16.29 per share, for a total consideration up to Rs 8.80 crore, the company informed in a filing to the bourses on Tuesday post market hours.

Post the acquisition, MI Torica will become a subsidiary of the company. MI Torica is a joint venture company, in which NK Minda Group is holding 60% equity, while 40% equity is held by Tokal Rika Create Corporation (TRCC), Japan.

Minda Industries offers a range of products across various verticals of auto components, such as switching systems, acoustic systems and alloy wheels, among others.

Meanwhile, the stock was trading higher by 3.43% at Rs 831 per share on BSE at 1030 hours. It opened at Rs 820  per share. The stock witnessed a spurt in volume by more than 1.19 times. It attracted a total traded volume of 67,744 shares and traded value of Rs 561.38 lakh on NSE at 1028 hours..

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F&O: Nifty may move to 9,685 if it stays below 9,740

Indian equity markets may witness a gap-up opening on Wednesday, following positive sentiments prevailing in the Asian markets.

Nifty50 index has wiped out almost the entire gains made in the previous three trading sessions on Tuesday.
 

 Going forward, Nifty50 has major support placed around the levels of 9,740-9,750, and if Nifty sustains below these levels, fresh selling pressure could drag the index up to the level of 9,685. On the way up, the level of 9,850-9,860 may act as a stiff resistance level.

Nifty August futures ended at a premium of 3 points on Tuesday. It had ended at a premium of 4 points in the previous trading session.

As the expiry of August derivative contracts is nearing, traders have started to rollover their positions. Nifty rollover for Tuesday’s trading session stood at 27% and Bank Nifty rollover was at 30%.

On Nifty50 options contracts front, August series maximum open interest was concentrated at 9,800 put and 9,900 call. In case of September series options contracts, maximum open interest stood at 9,500 put and 10,000 call. More open positions were added in the August series 9,800, 9,850, 9,900 call strikes. 9,800 and 9,900 August put strikes witnessed unwinding..

 

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Virinchi breaches upper circuit

IT player, Virinchi Ltd. was on a roll on the bourses during Tuesday’s trade as the stock breached upper circuit. The stock breached upper circuit at Rs 82.40 per share, up by Rs 7.45 or 9.94% on the BSE as against its previous close of Rs 74.95.

The stock has gained nearly 20% in the past four trading sessions. The company had hit its 52-week high of Rs 131.50 on April 10, 2017, and 52-week low of Rs 50.10 on August 29, 2016, on the BSE.

The company on Monday reported its consolidated unaudited financial results for the quarter ended June 30, 2017. The revenue from operation came in at Rs 83.85 crore for the quarter, higher by 51.12% as compared to previous year revenue for the same quarter. The net profits also jumped by nearly 73% on Y-o-Y basis

Virinchi Limited, formerly Virinchi Technologies Limited, is an information technology (IT) products and services company. The company is engaged in software development and research. The company's segments include Software Product, Software Services, IT Enabled, and Infrastructure and Real Estate Services. The company's products and solutions include QFund, Enterprise Enabler, FairShare, Vendor Relations Enabler, Virinchi Manufacturing, eTendering, eLogistics, iAcquisto, Catalog Manager, Online Auction, eSales, Active, TrakPORT, Case Trail and Language Processor..

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Opening Bell - Markets open lower

 At 09:15 AM, Nifty opened at 9,886 level, down by 26 points while Sensex opened at 26 level, down by 31,724 points.

IOC was top Nifty gainer trading at Rs 9,870 per share, up by 0.61% whereas NTPC was top Nifty loser trading at Rs 167.6 per share, down by 3.29%. There were 477 advances, 924 declines and 504 unchanged stocks on NSE reflecting strong positive sentiments floating in the market.

On the broader markets, BSE Mid-cap index was trading at 15,399 level, down by 0.05% while BSE Small-cap index was trading at 15,800 level, down by 0.11%.

Nifty50 index after registering up-move for fourth session in a row, now needs to cross major hurdle of 9,930-9,940 and if it does sustain above this resistance zone it may extended its up-move upto levels of 9,980-10,020. On the flip side, the region of 9,870-9,980 is an immediate support level and if this support is breached next support stands at 9,840.

Rupee opened at 63.95 per USD.

U.S. stocks spent the day oscillating in a narrow range and ended the session little changed on Monday, with the Dow industrial slipping in negative terrain and on the other hand, Nasdaq and the S&P 500 posting marginal gains as investor gauged the effect of Hurricane Harvey that has left parts of the Houston-area underwater. The Nasdaq Composite Index gained 17 points to finish at 6,383 and the S&P scaled up 1 point to finish at 2,444. While the Dow Jones Industrial Average slipped 5 points to close at 21,808.

Asian indices were under pressure in early trade on Tuesday after reports that North Korea fired a ballistic missile that flew over Japanese airspace. Japan’s Nikkei 225 has shed 143 points. Hong Kong’s Hang Seng has lost 122 points and China’s Shanghai Composite is trading flat..

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Asian shares plummet amid geopolitical uncertainty

Equities in Asia traded lower during Tuesday’s trade as investors turned to safe haven assets amid rising geopolitical tensions.

Japan's Nikkei 225 dropped 0.81% after a North Korean missile flew over the country early on Tuesday. Japanese Prime Minister Shinzo Abe said in a statement that the launch was reckless and unprecedented.

Across the Korean Strait, the Kospi tumbled 1.15% as investors processed the latest developments on the peninsula. The broader Nasdaq traded lower by 0.41%.

The Australian index, the S&P/ASX 200 declined 0.94%, with the financials and consumer discretionary sub-indexes leading losses.

The Hang Seng Index fell 0.77%. On the mainland, the Shanghai Composite shed 0.08% and the Shenzhen Composite was off by 0.03%.

Demand for traditional safe-haven assets rose following the latest provocation from North Korea, with demand for gold and the Japanese yen picking up in the aftermath of the missile launch.

Meanwhile, the Japanese currency strengthened to trade as high as 108.32 yen to the dollar, its strongest levels in about 4 months, compared to levels around the 108.8 handle seen overnight. The yen later gave up some of those gains to trade at 108.67 yen to the dollar at 9:32 am HK/SIN..

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Royal Enfield commences production at its new unit in Tamil Nadu

Royal Enfield, the global leader in mid-size motorcycles, has started commercial production from its new manufacturing facility at Vallam Vadagal near Chennai, Tamil Nadu, India, said Eicher Motors in a BSE filing.

Spread over 50 acres, the Vallam Vadagal plant will be Royal Enfield’s third manufacturing facility and will manufacture Royal Enfield motorcycles for India and international markets.

In FY2017-18, the combined production capacity from all the three plants is planned to be 8,25,000 units. In FY2016-17, Royal Enfield produced and sold 6,67,135 motorcycles, nearing its installed capacity.

Royal Enfield’s sales have grown at a compounded rate of over 55% over the past six years. The order book continues to be strong and there is a large unmet demand. In FY2017-18, the company plans to invest Rs 800 crore, largely towards capacity expansion at Vallam Vadagal, new products and platforms, and technical Centres in Leicester, UK and Chennai, India, added the company.

Eicher Motors ended at Rs 31,252 per share, up by Rs 445.25 or 1.45% on Monday, on the BSE..

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UP gets sanction for 41,173 more houses under PMAY

 Affordable housing in urban areas is gaining momentum in Uttar Pradesh with the State getting 41,173 more houses sanctioned under the PMAY (Pradhan Mantri Awas Yojana, Urban).

The Ministry of Housing and Urban Affairs has sanctioned 2,17,900 more houses for six states including Uttar Pradesh taking the total houses sanctioned so far to 26,13,568 with a total investment of 1,39,621 crore. Central assistance of 40,597 crore has been approved for construction of these houses.

In the latest sanctions, Andhra Pradesh has got 1,20,894 more affordable houses followed by Uttar Pradesh-41,173, Assam-16,700, Gujarat-15,222, Jharkhand-14,017 and  Maharashtra-9,894.

Andhra Pradesh is far ahead of others in sanctions under PMAY (Urban) accounting for 20.71% of all the houses sanctioned so far.

The top 10 states in respect of number of sanctioned houses under PMAY (Urban) are Andhra Pradesh, Tamil Nadu, Madhya Pradesh, Karnataka, Gujarat, West Bengal, Maharastra, Uttar Pradesh Jharkhand and Bihar. These 10 States account for 82% of the total 26,13,568 houses so far sanctioned under PMAY (Urban).

With the latest sanctions, of the 36 states and union territories, all except Delhi, Chandigarh, Goa and Lakshadweep have got houses sanctioned under PMAY (Urban)..

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European markets open lower on Monday

 European stock markets opened lower during the early hours of trade on Monday as traders are paying close attention to the moves in oil  and they set up for the next round of Brexit talks in Europe

FTSE 100 index was trading at 7,401 levels, down by 5.60 points, CAC 40 index was trading at 5,071 levels, lower by 32.74 points, while the German DAX was at 12,083 levels, down by 84.54 points. While the pan-European Stoxx 600 was lower by 0.05%

Third rounds of Brexit talks between the UK and the EU’s lead negotiator begin on Monday in Brussels amid signs negotiations have become deadlocked.

Chief EU negotiator Michel Barnier said that the third round of talks must be about "clarification" in terms of where the UK stands on certain issues, including financial settlements.

The UK however is expected to advise the EU to show imagination and flexibility in the upcoming talks, and focus on the two regions&apos; future ties instead of a settlement concerning the UK&apos;s exit bill and other divorce dilemmas, according to the leading international news agency.

Investors are paying close watch to the oil moves as sentiment remains on edge after Hurricane Harvey struck the U.S., in particular Texas, over the weekend, causing a number of refineries to temporarily shut down.

Asia Pacific stocks had a mixed start to the week with Hong Kong’s Hang Seng hitting a two-year high while Japan’s Topix edged up 0.1%. Markets in the UK are closed on Monday for a bank holiday..

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Live Stock Market Updates: Nifty comfortably above 9,900

Nifty and Sensex have extended opening gains. Up-move in Bank Nifty index has pushed the major indices to higher levels. Bank Nifty index touched its intraday high of 24,398 level, up by 124 points. Bank of Baroda is top gainer in the index trading at Rs 145.15 per share, up by 1.61%. Federal Bank and IDFC Bank were also trading in positive territory, higher by more than 1%.

Heavyweight bank stock, HDFC Bank has moved to green zone after opening with the marginal loss. The stock is trading at Rs 1765.2 per share, up by 0.15%.

At 11:00 AM, the S&P BSE Sensex is trading at 31,766 level up by 170 points, while NSE Nifty is trading at 9,912 level up 55 points. A total of 42 stocks registered a fresh 52-week high in trade today, while 25 stocks touched a new 52-week low on the NSE.

The BSE Mid-cap Index is trading up 0.91% at 15,390, whereas BSE Small-cap Index is trading up 0.82% at 15,774.

Some buying activity is seen in all the sectors on BSE reflecting positive undertone in the market.

Infosys, Eicher Motors, ACC, IOC and NTPC are among the gainers, whereas Dr Reddy’s, Power Grid, TCS, ITC and Bajaj Auto are losing sheen on NSE..

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Opening Bell – Nifty, Sensex open higher; Infy top Nifty gainer

Opening Bell – Nifty, Sensex open higher; Infy top Nifty gainer At 09:15 AM, Nifty opened at 9,907 level, up by 50 points while Sensex opened at 160 level, up by 31,756 points. Infosys is top Nifty gainer trading at Rs 947.9 per share, up by 3.92%.

There were 922 advances, 409 declines and 492 unchanged stocks on NSE reflecting positive sentiments floating in the market.

Nifty50 has resistance placed around the level of 9,900 and the next resistance is placed around the level of 9,930. On the way downside, the level of 9,830 is an immediate support level and the next support is seen around 9,770.

Rupee opened at 63.87 per USD.

The US stocks displayed lacklustre performance on Friday, with Dow and the S&P ending the session just above neutral line with positive bias, while the tech-heavy Nasdaq pulled back into the red terrain. The Dow Jones Industrial Average inched up 30 points to finish at 21,814. The S&P 500 gained 4 points to close at 2,443, while the Nasdaq Composite Index shed 6 points to finish at 6,266.

Majority of the Asian markets were trading in positive territory in early trade on Monday. Hong Kong’s Hang Seng has surged 186 points and China’s Shanghai Composite has gained 22 points, while Japan’s Nikkei 225 has slipped 28 points..

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F&O: 9,900 major resistance for Nifty

Indian equity markets closed flat on Thursday. Nifty50 index closed at 9,857.05 level, marginally up by 4 points, while Sensex had ended at 31,596 level, up by 28 points. Markets are likely to open in the positive territory taking cues from Asian peers.

Nifty50 has resistance placed around the level of 9,900 and the next resistance is placed around the level of 9,930. On the way downside, the level of 9,830 is an immediate support level and the next support is seen around 9,770.

On the options front in August series derivatives contracts, maximum put open interest was seen at strike level of 9,800 followed by 9,500 and 9,700 while maximum call open interest stood at 10,000, followed by 10,100 and 9,900.
 

 Fresh put writing was seen at all strike prices from 9,500 to 9,900, while call writing was witnessed at 9,850 and 10,000 levels. Put-call ratio (PCR) stood at 1.06, signalling bearish sentiments.

Nifty futures of August series ended at premium of 23 points. It had closed at a premium of 10 points in the previous trading session..

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Asian markets close mixed

Markets in Asia ended their week in gains on Friday. Japan’s Nikkei 225 closed at 19,452 levels higher by 98 points or 0.51%, touching an intraday high of 19,483 level.  Across the Korean Strait, the Kospi Composite index gained marginally 2 points or 0.11% at 2,378 level.

S&P/ASX 200 ended in the negative territory slipping 1.6 points or 0.03% at 5,743 levels. Hong Kong’s Hang Seng Index rose 1.20% or 329 points at 27,848 levels.

On the mainland, the Shanghai Composite jumped 1.83% or 60 points to close at 3,331 level. Shenzen Composite gained 106 points or 1% at 10,659 level.

Investors awaited Friday speeches from US Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi at an annual central bankers meeting in Jackson Hole. Despite the interest in the central bankers speeches, economists said major changes in monetary policy are unlikely.

In corporate news, Toshiba has been offered $1.9 trillion yen (USD 17.4 billion) for its memory chip unit. The offer was made by a consortium including Western Digital and Innovation Network Corp of Japan, among others..

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GIC to acquire 33.34% stake in DLF rental arm

Singapore sovereign wealth fund GIC has agreed to acquire a 33.34% stake in developer DLF's rental arm, DLF Cyber City Developers (DCCDL) for USD 1.39 billion (Rs 8,900 crore). In addition, DCCDL will also buyback Rs 3,000 crore of preference shares held by promoters in two instalments.

DLF will get Rs 11,900 crore from the real estate deal. The proceeds will go to the Singh family, the promoters of the group. The company will utilise funds to reduce the DLF's debt. DLF had consolidated net debt of Rs 25,898 crore as of end-June.

Post completion of the steps of the transaction, DLF will hold 66.66% equity shares (up from 60% on a fully-diluted basis earlier) and Reco Diamond, an affiliate of GIC Real Estate, Singapore, will hold 33.34% equity shares in DCCDL.

The transaction was approved at the DLF board meeting late on Friday. This is one of the largest private equity transactions in India in the real estate space.

The transaction will create one of the leading platform play for rental properties, with rent yielding assets of 26.9 million-square-foot (msf). The portfolio, currently, has an under development pipeline of approximately 2.5 msf with further development potential of approx 19 msf within the portfolio..

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PM Modi pitches for creating digital villages

Prime Minister Narendra Modi has pitched for creating digital village as a part of empowering farmers and development of rural sector, saying it was essential to realise the dream of 'New India', reported a leading business daily.

The PM suggested that at least 500 villages should be made 'cashless' per year as part of realising the dream of 'digital villages'.

The PM also emphasised the need for focusing on growth of livestock sector and said skill training should be provided to womenfolk, who play a crucial role in this area.      

Pointing the importance for empowering farmers in the villages, he said it was essential for the balanced development of the country.

"Without an empowered farmer, the dream of 'New India' will remain unfulfilled," he he said addressing the Golden Jubilee and Foundation Day celebrations of Pune-based Bharatiya Agro Industries Foundation via video conferencing.

Talking about the concept of digital villages, he said the government is connecting all Panchayats through optical fibre.

He called for revolution in the fishery, honeybee and water sectors to boost farm income while saying that the government's policy is focusing on reducing input cost.

Noting that the government is working towards doubling farmers' income by 2022, he said. "The focus of all agri-policies has been shifted from production-centric to income-centric." 

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Govt approves 10 FDI proposals worth Rs 5000 crore

The government has given its approval for 10 foreign direct investment proposals amounting to Rs 5000 crore for food product and single brand retail trading, including those of Amazon, Grofers and Urban Ladder.

The Department of Industrial Policy and Promotion (DIPP) also rejected four applications, while another six were either closed or withdrawn. DIPP uploaded the details on the foreign investment facilitation portal on Thursday.

Amazon got the go ahead to set up a subsidiary company in India with 100% FDI “to engage in the business of retail trading of food products manufactured or produced locally”. Its proposal is to invest Rs 3,500 crore.

Grofers’ proposal “to undertake retail trading, including through e-commerce, of food products manufactured or produced in India with 100% FDI” has also been approved.  The cleared proposals also include MTR Foods. Grofers is likely to bring in USD 25 million.
 

Disclaimer: The contents herein is specifically prepared by ‘Dalal Street Investment Journal’, and is for your information & personal consumption only. India Infoline Limited or Dalal Street Investment Journal do not guarantee the accuracy, correctness, completeness or reliability of information contained herein and shall not be held responsible..

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Lumax Auto signs pact for a JV to manufacture oxygen sensors

Lumax DK Jain Group announced that it has entered into a joint venture (JV) with Francisco Albero S.A.U., (FAE) Spain, to manufacture and supply oxygen sensors to the Indian automotive industry.

Lumax Auto Technologies will own 51% stake in the JV, while Lumax FAE Technologies Pvt. Ltd, with FAE owning the remaining 49% .

The JV company will make an initial investment of Rs 14 crore for an installed capacity of 2 million oxygen sensors, and the production is expected to commence from early 2019.

With this move, Lumax FAE Technologies Pvt. Ltd. will be a key supplier for technologically advanced, innovative and affordable oxygen sensors for the India market, with further scope for expanding the product line.

The new entity, Lumax FAE Technologies Pvt. Ltd., will invest both in development and localisation of manufacturing capability to become the pioneer supplier of this product in India.

The oxygen sensor monitors the gases emitted by the vehicle's engine, thereby maintaining the appropriate air-fuel mixture to facilitate efficient functioning of the engine in accordance with the emission regulatory norms. The product can significantly enhance the fuel efficiency of a vehicle and plays a critical role in aligning with the BS-VI emission norms..

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Reliance JioPhone to start booking from today

The largely awaited Reliance JioPhone pre-bookings will hit the markets on Thursday, August 24 at 5.30 pm. The phone can be booked at just Rs 500 on a first come-first-serve basis, the total security amount of Rs 1,000 can be paid at the time of delivery. The security deposit of Rs 1,500 will be completely refunded to the users if the users return the JioPhone after 36 months of use.

The JioPhone will have an alpha numeric keypad and can be operated on voice command. The phone will have 2.4 inch QVGA display, FM radio, torchlight, SD card slot, a four way navigation system and Qualcomm's Snapdragon 205 mobile platform. The phone will also be preloaded with Jio Apps such as JioMusic, JioCinema and JioTV.

The company has further announced plans to incorporate NFC technology in the JioPhone by the end of the year. The NFC technology or the Near Field Communication technology will enable the exchange of files, pictures and videos between any two phones. It will also enable the users to make payments, eliminating the requirement of debit card or credit card in person..

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Indian Hume Pipe secures order of Rs 100 crore

The shares of Indian Hume Pipe soared by over 3% intraday on Thursday as the company reported that it has secured a work order of Rs 100.46 crore from Municipal Corporation Bilaspur, Chhattisgarh.

The order was received for augmentation of water supply scheme part-II distribution system, Bilaspur (Chattisgarh) under AMRUT mission. The project is expected to be completed within 24 months.

Meanwhile, the stock was trading up by 3.07% at Rs 524 per share on BSE at 1146 hours. It opened at Rs 511 per share. It touched its intraday high and low at Rs 528.70 and Rs 511 per share, respectively.

The stock attracted a total traded volume of 16,809 shares and traded value of Rs 87.84 lakh on NSE at 1148 hours. Its 52-week high stood at Rs 570.45 as on July 31, 2017 and 52-week low at Rs 288.80 as on August 29, 2016. On YTD basis, the stock advanced by 34.62% till date.

The Indian Hume Pipe Company is engaged in the construction and maintenance of projects relating to water supply, irrigation, sanitation and sewerage systems, and pipe manufacturing..

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Phrama stocks gain; Cadila Healthcare top gainer

Nifty Pharma opened in positive tone along with the benchmark indices in Thursday’s trading session. Nifty Pharma was trading higher by 1.43% at 8,738 levels on NSE at 1005 hours.

Cadila Healthcare was the top gainer in the index, trading up by 4.94% at Rs 485 per share. Divi’s Laboratories was trading higher by 2.81% at Rs 656 per share. Sun Pharma also soared by 2.02% at Rs 478 per share.

Among others, Lupin was trading up by 1.56% at Rs 970 per share, Aurobindo Pharma was trading higher by 1.25% at Rs 707 per share and Cipla was trading up by 1.06% at Rs 565 per share. Piramal Enterprises was trading up by 0.80% at Rs 2,642 per share and Glenmark Pharmaceuticals was up by 0.85% at Rs 604 per share.

On the other hand, Dr Reddy's was the top loser in the index, trading down by 0.38% at Rs 2,023 per share. GlaxoSmithKline Pharmaceuticals was trading lower by 0.35% at Rs 2,382 per share.

Meanwhile, the benchmark indices Nifty was trading up by 9 points at 9,862 levels and Sensex was trading higher by 18 points at 31,586 levels..

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Opening Bell - Markets open higher; Infy top Nifty gainer

 At 09:15 AM, Nifty opened at 9,881 level, up by 29 points while Sensex opened at 31,673 level, up by 105 points.

Infosys was top Nifty gainer trading at Rs 907.05 per share, up by 1.6% while Dr Reddy’s was top Nifty loser trading at Rs 2,018 per share, down by 0.6%. There were 835 advances, 501 declines and 478 unchanged stocks on NSE reflecting strong positive undertone in the morning hour.

On the broader market, BSE Mid-cap index was trading at 15,152 level, up by 0.14% while BSE Small-cap index was trading at 15,612 level, up 0.24%.

Nifty50 has resistance placed around the level of 9,900 and the next resistance is placed around the level of 9,950. On the downside, 9,800 is a strong support area, and if this support is breached, the next support stands at 9,750 level.

The rupee opened at 64.03 per US Dollar on Thursday. It had closed at 64.11 a dollar on Wednesday

The US stocks ended with marginal losses on Wednesday as traders reacted to comments by President Donald Trump at a rally in Phoenix, Arizona. The Dow Jones Industrial Average fell 88 points to finish at 21,812. The tech-heavy Nasdaq Composite Index shed 19 points to close at 6,278. The S&P 500 slid 8 points to end at 2,444.

Asian markets are showing mixed trend in early trade on Thursday. Japan’s Nikkei 225 has shed 28 points. Hong Kong’s Hang Seng has gained 94 points and China’s Shanghai Composite has advanced 2 points..

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Tata Sons appoints Banmali Agrawala as President

Tata Sons on Wednesday announced the appointment of Mr Banmali Agrawala as President, Infrastructure, Defence and Aerospace. He will report to the Executive Chairman, Mr N. Chandrasekaran, in his new role.

“The Tata group has a significant footprint in the infrastructure, defence and aerospace sectors. Banmali’s global experience in these industries will be very beneficial as we build scale and aspire for the next phase of growth. As part of the Tata Sons leadership team, his knowledge in several areas, including leadership development, digital infrastructure, innovation and technology, will be very beneficial to the Tata group,” Mr Chandrasekaran said.

“I am delighted to be back as part of the Tata group and contribute towards the phenomenal opportunities that the Tata group has in the core infrastructure related sectors, in India as well as globally. I was privileged to be part of GE for close to six years and have learnt a lot at GE. I look forward to taking all my learnings and experience from GE onto my new role at Tata Sons,” Mr Agrawala said..
Mr Agrawala’s last assignment was the President & CEO of GE South Asia, a position he held from February 2013. Prior to GE, Mr Agrawala was the Executive Director on the Board of Tata Power.

Mr Agrawala will be taking up his new role effective October 1, 2017..

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Apex Frozen IPO oversubscribed by 1.46 times on Day 2

Apex Frozen Foods IPO got oversubscribed by 1.46 times on the second day of subscription as of 1700 hours, as per the data available with NSE. The total issue size stands at 62,10,000 shares. Total bids received by the IPO stood at 90,72,080 while the total bids received at cut-off price stood at 65,93,120.

The IPO of up to 87,00,000 equity shares of face value of Rs 10 each for cash at a premium offered through a book-building route at a price-band of Rs 171 – Rs 175 per equity share aggregating Rs 148.77 crore – Rs 152.25 crore.

The book running lead manager is Karvy Investor Services Limited. The IPO closes on August 24. The shares will be listed on NSE and BSE.

Apex Frozen Foods Limited proposes to utilise the net proceeds from the fresh Issue towards the setting up a new shrimp processing unit with a proposed capacity of 20,000 MTPA at East Godavari District, Andhra Pradesh and for general corporate purposes.

The company’s total revenues grew from Rs 2,554.8 million in fiscal 2013 to Rs 7,096.8 million in fiscal 2017 with a return on net worth of 25.22% in fiscal 2017. The company has a sizeable farming operation spread across 1,337.69 acres of land..

 

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Gold futures slip on Wednesday

Gold prices declined by Rs 27 to Rs 29,078 per 10 gram in futures trade on Wednesday as participants indulged in profit-booking at prevailing levels amid a weak trend overseas, reported a national news agency.

In futures trade at the Multi Commodity Exchange, gold for delivery in October shed Rs 27 or 0.09% to Rs 29,078 per 10 gram in a business turnover of 383 lots.

Similarly, metal for delivery in far-month December contracts eased by Rs 15 or 0.05% to Rs 29,212 per 10 gram in seven lots.

Market experts attributed the fall in gold futures to profit-booking by traders at existing levels and weakness in the precious metals in the global market as the US dollar firmed up against a basket of major currencies ahead of an annual meeting of central bankers this week.



Globally, gold was trading 0.53% lower at USD 1,284.40 an ounce in New York on Tuesday..

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Indo Count gains over 9% on back of management's clarification

The stock of textile player, Indo Count was buzzing on the bourses during Wednesday’s trade. The stock spiked up by over 9% following the clarification from the company’s management regarding rumours of losing customers.

The company has not lost any customers, we strongly deny the rejection of orders by any of our customers. These rumours are totally false and baseless, said Indo Count in a BSE filing on Tuesday post market hours.

As a part of our forex policy, we are adequately covered for FY18. We are vigilant towards the rupee movement and going forward for FY19, we have taken adequate steps to hedge accordingly, the company said.
 

ICRA has reaffirmed the credit rating of 'ICRA AA-' and 'ICRA A1+' for the company's banking facilities; with outlook revised to 'Positive' from 'Stable', it added.

Meanwhile, Indo Count was trading at Rs 109.10 per share, up by Rs 8.85 or 8.83% as at 1102 hours on Wednesday, on the BSE. The stock witnessed a spurt in volume by more than 2.26 times. It attracted a traded volume of 72,29,664 shares and traded value of Rs 7,737.19 lakh on the NSE..

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Balkrishna Industries gains nearly 3% after block deal

Balkrishna Industries advanced nearly 3% during early morning trade on Wednesday, on the BSE, after block deal. The stock witnessed 6.6 lakh shares trade in 3 blocks on the NSE and BSE at Rs 1490 per share.

Block deal is a trade, with a minimum quantity of 5 lakh shares or minimum value of Rs 5 crore, executed through a single transaction, on the special block deal window.

Balkrishna Industries was trading at Rs 1521 per share, up by Rs 41.85 or 2.83% as at 0958 hours on Wednesday, on the BSE. The stock has hit an intraday high and low of Rs 1521.85 and Rs 1456.20 respectively. It witnessed a spurt in volume by more than 49.18 times..

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Opening Bell - Nifty opens tad above 9,800

At 9:15 AM, the BSE Sensex opened higher by 116 points at 31,407, while the Nifty50 opened higher by 38 points at 9,803 mark.

Adani Ports is top Nifty gainer and trading at Rs 382.1 per share, up by 1.72% while Hindustan Unilever is top Nifty loser and trading at Rs 1,190.65 per share, down by 0.75%.

Bank Nifty is trading at 24,119 level, up by 145 points. Bank stocks have been pushing up the major indices in the market. On the broader markets, BSE Mid-cap index is trading at 14,973 level, up by 0.32% while BSE Small-cap index is trading at 15,433 level, up by 0.29%.

The rupee opened at 64.04 per US Dollar on Wednesday. It had closed at 64.09 per US Dollar in previous trading session..

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Reliance Industries likely to foray into power storage business

Reliance Industries is considering to foray into power storage business with BP Plc. to expand into the country’s growing renewable sector, reported a leading business daily.

The two companies are considering a plan to set up energy-storage projects near solar and wind energy installations and the decision for implementation will be taken in December.

The push into power storage entails with government’s efforts to boost the country’s reliance on renewable power and set it on track to sell only electric cars by 2030.

India’s solar-power capacity has surged fourfold since December 2014 to about 13 gigawatts. Wind installations reached almost 33 gigawatts from 22.5 gigawatts over the same period..

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Westlife Development zooms over 7%

The stock of Westlife Development shot up on bourses amid reports that the company may be a front-runner in getting the rights to operate more McDonald restaurants in the North and East.

Westlife Development through its unit Hardcastle Restaurants owns master franchisee rights of McDonald’s in West and South India.

McDonald has snapped its franchisee agreement with Connaught Plaza Restaurants. Connaught Plaza Restaurants (CPRL) owned 169 outlets in total, including 43 in and around Delhi that have already been shut down..

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V-Guard acquires 49.43% stake in GUTS Electro-Mech

V-Guard Industries has acquired 6,72,047 equity shares of Rs 10 each of GUTS Electro-Mech constituting 49.43% of the present paid-up capital. The company has acquired stake through Share Purchase Agreement dated August 21, 2017, said the company in a BSE filing on Monday post market hours.

V-Guard Industries was trading at Rs 178.45 per share, up by Rs 0.35 or 20% as at 0955 hours on Tuesday, on the BSE.

The stock attracted a traded volume of 1,38,040 shares and traded value of Rs 248.68 lakh on the NSE. The company had hit its 52-week high of Rs 220.85 on May 16, 2017, and 52-week low of Rs 108.64 on December 28, 2016..

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Opening Bell – Nifty, Sensex open in green

At 9:15 AM, the BSE Sensex opened higher by 174 points at 31,393, while the Nifty50 opened higher by 57 points at 9,815 mark.

Lupin is top Nifty gainer trading at Rs 946.80 per share, up by 2.53% whereas TCS is top Nifty loser trading at Rs 2521 per share, down by 0.31%. There are 1048 advances, 372 declines and 491 unchanged stocks on NSE reflecting strong positive sentiments floating in the market.

On the broader markets, BSE Mid-cap index was trading at 15,091 level, up by 0.70% while BSE Small-cap index was trading at 15,558 level, up by 0.58%.

The rupee opened at 64.05 per USD on Tuesday.

The US stock market indices closed mostly higher on Monday, with the Dow Industrial Average and S&P 500 eking out slight gains. The Dow Jones Industrial Average gained 29 points to 21,704 and the S&P 500 edged up 3 points to 2,428, while the tech-laden Nasdaq Composite Index edged down 3 points to 6,213. 

Majority of Asian markets were trading on positive territory at the open on Tuesday. Hong Kong's Hang Seng has risen 260 points, Japan’s Nikkei 225 has advanced 2 points, while China’s Shanghai Composite has lost 11 points..

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SOM Distilleries signs MoU with White Owl Brewery

SOM Distilleries and Breweries announced that the company has signed a MoU with White Owl Brewery Private Limited, India’s foremost craft beer company for the manufacture of all their specialty beers.

The company’s collaboration with White Owl reflects its technical capabilities in producing the finest craft beer in the country, the company said in a filing to the bourses.

Meanwhile, the stock closed down by 4.28% at Rs 133 per share on BSE. It opened at Rs 141.50 per share. It attracted a total traded volume of 36,195 shares and traded value of Rs 51.64 lakh on NSE.

The company has been brewing quality beers and its products have been the preferred choice of customers. The company reported that it has sold close to 5.4 million cases of beers in the FY17 showing the strength of its brands and the quality of the product it produce..

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Live Stock Market Updates: Infy drags Nifty & Sensex

Bank Nifty index has slipped in negative territory trading at 24,038 level, down by 36 points or 0.15%. Bank of Baroda and PNB are top losers in the index trading in negative territory by more than 2%. Federal Bank, IDFC Bank and Canara Bank are also trading in red by more than 1%.

There were 591 advances, 1,065 declines and 313 unchanged stocks on NSE reflecting mixed sentiments          floating in the market.

At 3 PM, the S&P BSE Sensex is trading at 31,391 down 133 points, while Nifty is trading at 9,806 down 30 points. A total of 29 stocks registered a fresh 52-week high in trade today, while 42 stocks touched a new 52-week low on the NSE.

The BSE Mid-cap Index is trading down 1.03% at 15,051, while BSE Small-cap Index is trading down 0.6% at 15,523.

Some buying activity is seen in Consumer Durables while Auto, Healthcare and IT are showing weakness on BSE.

Axis Bank, TCS, Tech Mahindra, Vedanta and Tata Steel are among the gainers, whereas Infosys, IOC, Bharti Infratel, Dr Reddy’s and Bank of Baroda are losing sheen on NSE.

The INDIA VIX is up 0.18% at 14.59..

 

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Govt imposes anti-dumping duty on tempered glass from China

The Finance Ministry has imposed a definitive anti-dumping duty on certain ‘textured toughened (tempered) glass’ imports from China.

‘Textured toughened (tempered) glass’ is used as a component in solar photovoltaic panels and solar thermal applications. This product is also known as solar glass, low iron solar glass or high transmission photovoltaic glass.

Based on the recommendations of the designated authority in its final findings, the revenue department has imposed anti-dumping duty ranging from USD 52.85 per tonne to USD 136.21 per tonne, depending on the producer and exporter from China.

Gujarat Borosil, a producer of tempered glass in the country, had filed the petition seeking anti-dumping probe on tempered glass imports from China.

The share price of Gujarat Borosil increased 0.67% at Rs 82.6 at 1250 hours. It has witnessed a turnover of Rs 11.05 lakh on BSE. Gujarat Borosil has adjusted 52-week high at Rs 120 (October 24, 2016) and adjusted 52-week low at Rs 66.55 (November 22, 2016)..

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Live Stock Market Updates: Nifty, Sensex at low point of the day

Major indices in the market are trading at their low point of the day. Bank Nifty index is trading at 24,159 level, up by 0.35%. Axis Bank and ICICI Bank are among top gainers in the index. Axis Bank is trading at Rs 498.55 per share, up by 1.66%. ICICI Bank is up by 1.13% at Rs 296.45 per share.

Yes Bank, Bank of Baroda, IndusInd Bank and Kotak Bank are also trading in positive territory.

There were 831 advances, 758 declines and 379 unchanged stocks on NSE reflecting mixed sentiments floating in the market.

At 12 PM, the S&P BSE Sensex is trading at 31,473 down 50 points, while Nifty is trading at 9,826 down 10 points. A total of 28 stocks registered a fresh 52-week high in trade today, while 30 stocks touched a new 52-week low on the NSE.

The BSE Mid-cap Index is trading down 0.18% at 15,181, while BSE Small-cap Index is trading down 0.07% at 15,607.

Some buying activity is seen in Capital Goods, Metal, Consumer Durables while Auto, Healthcare and IT are showing weakness on BSE.

Coal India, Axis Bank, ICICI Bank, Eicher Motors and Tech Mahindra are among the gainers, whereas Infosys, Cipla, Hindustan Unilever, Bharti Infratel and Tata Motors are losing sheen on NSE.

The INDIA VIX is down 1.3% at 14.38..

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