NSE WEEKLY NEWS UPDATE
✍ FIIs inflow reaches Rs 21,000cr so far in January
Overseas investors have pumped in a staggering over Rs 21,000 crore in Indian capital markets since the beginning of the month owing to easing inflation and rate cut by Reserve Bank of India (RBI). Foreign Institutional Investors (FIIs) have bought shares worth Rs 5,992 crore ($977 million) till January 23, while bought debt worth Rs 15,336 crore ($2.5 billion) taking the total investment to Rs 21,328 crore ($3.45 billion), latest data with Central Depository Services Ltd (CDSL) showed.
✍ Pipavav Defense stock crashes 12%
Pipavav Defense and Offshore Engineering stock plunged 12% at Rs. 60.The stock has hit a high of Rs. 65 and a low of Rs. 60.Total traded quantity on the counter stood at over 19.98 lk shares.Anil Ambani, Chairman, Reliance ADAG Group, says he will leave no stone unturned to make Pipavav Defence and Offshore Engineering India’s biggest defence manufacturer. Anil Ambani, met with employees of Pipavav Defence and Offshore Engineering workers besides meeting Nikhil Gandhi of the Pipavav Group.Pipavav Defence has one of the world’s largest Infrastructure facilities – spread over 841 acres of land on the West Coast of India (Gujarat), Gulf of Cambay, with 210 acres of fully developed water front land and 250 acres developed for shipbuilding.
✍ Sun Pharma-Ranbaxy merger receives HC nod
The Punjab & Haryana High Court has given approval to the merger of Sun Pharma and Ranbaxy. After the deal, Sun Pharma will become the world’s fifth-largest generic drug maker, says report.Ranbaxy Laboratories Ltd has announced that the High Court of Punjab & Haryana has orally pronounced the Order on March 09, 2015, approving the Scheme of Arrangement involving merger of Ranbaxy Laboratories Ltd. with Sun Pharmaceutical Industries Ltd. under Sections 391 to 394, Sections 78 and 100 of the Companies Act. 1956 and Section 52 of the Companies Act, 2013.Under the deal, Ranbaxy shareholders will get 0.8 Sun Pharma share for each Ranbaxy share held.
✍ Suzlon Energy plans to sell forging and foundry company
Suzlon Energy is reportedly planning to sell its forging and foundry company. The company invested Rs 1,000 crore in forging and foundry company. “We are in the process of divesting stake in our forging company, SE Forge. If and when we get good valuation, we will exit as forging and foundry are not our core business,” Suzlon Chairman Tulsi Tanti reported.The company is focused on profitably rationalising all aspects of our overall business and plans to sell, which comprise 3-4 manufacturing units, senior company executive reported.
✍ India’s growth will be stronger than the average global rate
Moody’s in a statement reportedly said India’s growth will be stronger than the average global rate.Moody’s also predicted a robust growth for India.India’s budget prioritises growth over deficit reduction which will increase the needs for new sources of long- term funding, Moody’s reported.”While the government has injected its own capital to support various reform initiatives, securitisation could play a significant role by providing funds to finance development projects,” Georgina Lee, assistant vice president at Moody’s quoted.
✍ BHEL commissions supercritical Thermal unit in Bihar; stock down 2%
Shares of Bharat Heavy Electricals Ltd were trading down 2% at Rs. 265 on BSE today.The stock opened at Rs. 269 as against the previous close of Rs. 270 on BSE. It has hit a high of Rs. 269 and a low of Rs. 263 on BSE today.Total traded quantity on the counter stood at over 1.32 lk shares on BSE.
✍ Bank shares tumble across the board
Banking shares are trading on a weak note this morning on account of profit-taking ahead of IIP data this Thursday. Also fears of the US Federal Reserve hiking interest rates sooner-than-later have dampened the sentiment in the market.The CNX Bank Nifty index has dropped 2 per cent at 19,348. Axis Bank is the top loser, down 3 per cent at Rs. 598. Bank of Baroda plunged over 2.5 per cent at Rs. 179.Canara Bank, ICICI Bank and Kotak Bank have slipped 2.4 per cent each at Rs. 414, Rs. 339 and Rs. 1,379, respectively.
Bank of India and Punjab National Bank have tumbled over 2 per cent each at Rs. 224 and Rs. 160, respectively.Federal Bank, Yes Bank, IndusInd Bank, HDFC Bank and SBI are the other significant losers.
✍ IOC, ONGC, OIL among 5 companies named by US administration for Iran ties ONGC,
IOC and OIL are among the five global companies named by the US administration for having energy ties with Iran, according to reports.A report stated that US government accountability office named Oil and Natural Gas Corp (ONGC), Indian Oil Corp (IOC) and Oil India Ltd (OIL) along with China’s CNPC and Sinopec.The three firms have been named for their stake in the Farsi offshore block in Iran, says the report.IOC’s 2013-14 annual report stated that the firm has a 40 per cent participating share in the Farsi Block Project. ONGC holds 40% in Farsi through its overseas investment arm, ONGC Videsh Ltd. An earlier report had stated that the Farsi block is estimated to have reserves of up to 21.68 trillion cu. ft (tcf), with recoverable reserves of around 12.8 tcf. Developing the gas field, together with the construction of a liquefied natural gas terminal to transport the gas, was estimated to require an investment of $8-9 billion (approximately Rs35,000-40,000 crore), in 2010.
✍ FPIs buy net shares worth Rs. 31,250 crore till Mar 5
The net foreign fund inflows into Indian capital markets stood at $11.08 billion (over Rs. 68,552 crore) till March 5 this year, according to the data compiled by the Central Depository Services Ltd (CDSL).The Foreign portfolio investors (FPIs) bought shares worth a net amount of Rs. 31,256 crore till March 5 this year, while in the debt segment, their net inflows stand at Rs. 37,296 crore, taking the total to Rs. 68,552 crore, the data indicated.Overseas investors reported a net inflow of Rs. 24,563 crore February, while the same stood at Rs. 33,688 crore in the month of January. According to market experts, inflow of funds is expected to continue in the coming months, as Finance Minister Arun Jaitley announced a number of measures to attract overseas investment in the country in his Union Budget.
✍ GMR Infrastructure stock down 2%
Shares of GMR Infrastructure was down 2% at Rs. 17.40, after the company said that its Rs. 1,400 crore rights issue will open on March 24. The stock has hit a high of Rs. 17.75 and a low of Rs. 17.35.Total traded quantity on the counter stood at over 10.92 lk shares.
The closing date for the rights issue is April 8, 2015.”The Management Committee of the Board of Directors of the Company has approved and adopted the Letter of Offer (LOF) and issue schedule, for the issue of equity shares having face value of Re 1 each by the company on a rights basis to its existing shareholders,” GMR Infrastructure informed BSE. The closing date for the rights issue is April 8, 2015.
✍ Satyam case verdict deferred till April 9 by CBI court
The judgement for the multi-crore accounting fraud in the erstwhile Satyam Computer Services Limited (SCSL) has been deferred to April 9th by a special CBI court today.
The decision on the case was expected today, as during the last hearing on December 23, 2014, Special Judge BVLN Chakravarthi, while citing voluminous documents of the case, had said he would pronounce the verdict on March 9, according to media reports.The Satyam case is country’s biggest accouting fraud involving the firm’s founder B. Ramalinga Raju, where he allegedly confessed to manipulating his company’s account books and inflating profits over many years. Besides Raju, his brother B Rama Raju, former chief financial officer Vadlamani Srinivas, former PwC auditors Subramani Gopalakrishnan and T Srinivas, Raju’s another brother B Suryanarayana Raju, former employees G Ramakrishna, D Venkatpathi Raju and Ch Srisailam and Satyam’s former internal chief auditor VS Prabhakar Gupta are also accused in the high profile case.
In February 2009, the CBI took charge of the investigation and alleged that the fraud caused Rs. 14,000 crore loss to the shareholders of Satyam. –
✍ SPARC stock zooms 14%
SPARC stock surged 14% at Rs. 539 after company announced USFDA approval of ELEPSIA XR.The stock has hit a high of Rs. 543 and a low of Rs. 475.Total traded quantity on the counter stood at over 8.38 lk shares Sun Pharma’s market cap zoomed by Rs. 26,162.98 crore to Rs. 2,14,845.98 crore, clocking the biggest gain among the Top- 10 Sensex firms. Sun Pharma’s promoter Dilip Shanghvi recently overtook Mukesh Ambani as India’s richest person, with shares of Sun Pharma and Sun Pharma Advanced Research Company, or Sparc (Sun Pharma’s research and development arm), closing at record highs.
✍ Man Infraconstruction gains 4% on order win
Shares of Man Infraconstruction Ltd were trading up 4.3% at Rs.47.30 on BSE today. The stock opened at Rs. 45.35 as against the previous close of Rs.45 on BSE. It has hit a high of Rs. 47.40 and a low of Rs. 45 on BSE today. The company has received a new order worth Rs.96.8 crore approximately for construction of civil works and approach road works for Residential development project ‘Godrej City- Phase I’ at Panvel from Godrej Group.Total traded quantity on the counter stood at over 4.11 lk shares on BSE.
✍ TCS stock down 2%
TCS stock has cooled by over 2% and is trading at Rs. 2654 as the company is expected to clock revenues similar to last year. The stock hit a high of Rs. 2657 and a low of Rs. 2611.Total traded quantity on the counter stood at over 0.29 lk shares.Speaking to analysts, Rajesh Gopinath, Chief Financial Officer, TCS, says he expects to see some degrowth in the energy sector, which will take a while to stabilize.Europe is expected to grow better than average, says TCS.Tata Consultancy Services has recently been recognized as the fastest growing IT Services brand globally over the last five years by Brand Finance, the world’s leading brand valuation firm. In the five year period 2010-2015, TCS emerged as the clear growth leader in the industry, increasing its brand value from US $2.3 billion to US $8.7 billion, while retaining the industry’s highest brand strength rating of ‘AA+’. It was also recognized as one of the top four global brands in IT Services for the fourth year in a row, cementing its position in the highest league of the industry.
✍ ConCor rallies 9% after RBI nod for hike in FII limit
Container Corporation (ConCor) surged 9% to Rs.1,623 following Reserve Bank of India (RBI) approval for higher FII investment limit in the company.According to a release issued by the RBI, the central bank last week notified that FII/NRI/FPI can invest up to 34 per cent of the paid up capital of Container Corporation of India. SIAM predicts 3-4% growth of 4-wheeler market in FY16 Society of Indian Automobile Manufacturers has predicted that 4-wheeler market will grow at 3-4% in FY16.The industry watchdog has also shared its outlook on the 2-wheelers market and said that it will continue to grow at 8-10% in FY16. It is also expected that growth in FY16 will be better than growth in FY15.However, SIAM had a word of caution that if interest rates improve, FY16 growth will be much better. Sales of passenger vehicles in the domestic market grew by just 3.67 per cent in the April-December period this fiscal at 18,94,932 units as against 18,27,866 units in year-ago period.The industry saw a mixed bag result for the sale of vehicles in February 2015. The big five of the auto industry – Mahindra & Mahindra, Maruti Suzuki, Hyundai Motor India, Honda Cars India and Tata Motors posted decent gains on YoY. For two wheelers, February was a tough month with only the scooter segment showing growth signs. Hero MotoCorpregistered a fall of 3.85 percent YoY in Feb 2015, while Honda Motorcycle witnessed a marginal drop of 2.25% in its motorcycle sales.
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