Tuesday, 25 July 2017

Steel Stocks at Highest in Years

Steel stocks are trading at the highest since 2011 and it’s mostly thanks to the industry’s biggest menace in recent years: China.

Demand in China, which produces half the world’s steel, has been surprisingly strong this year and the country closed some plants to ease a glut that had spread across the globe.


That’s led to a steep drop in exports, helping steel prices extend a recovery and pushing a Bloomberg gauge of global steel stocks up 45% in the past year.

Less supply coming out of China has helped prices in Europe and the US jump about 75% in the past 18 months.Bloomberg

Monetary easing not a silver bullet

Expectations that the Reserve Bank of India will cut its benchmark rate at its forthcoming policy meet in August are getting cemented everyday with incremental inflation data tipping the scales for a cut.

However, such a reduction is unlikely to make a material impact on growth, according to DBS Bank Ltd.
In a research note the bank said that what makes an impact is transmission.

Further transmission of policy rate reductions onto bank lending rates depends squarely on how bad loans are resolved.

Since this is a long-drawn process, immediate transmission should not be expected. Nevertheless, the abundant liquidity will maintain short-term rates low, said the note.

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Strong growth prospects for consumer durables

Quite predictably, a surge in middle-class households will imply higher consumption and discretionary spends.

A report by Edelweiss Research forecasts a rise in penetration levels for consumer durable goods like air conditioners (ACs), washing machines and refrigerators.

 From 27.3% of the middle-class market, the penetration of refrigerators is likely to be the highest among durables, by calendar year 2026 at 47.5%.

Reasons that may fuel growth are improving income, need for comfort among working class and easy financing schemes.

According to the report, this has led to truncated product replacement cycles and evolving lifestyles where consumer durables like ACs and refrigerators are perceived as utilities.

The projections, of course, hinge on the forecasts made by the National Council of Applied Economic Research, that India’s middle-class population will double between FY16 and FY26 to 547 million.

Friday, 21 July 2017

ONGC-HPCL deal: A Marriage of Convenience

The government is moving ahead with its proposal to create an integrated public sector ‘oil major’ but in the process, is also filling its own coffers. It is, however, denying minority shareholders that opportunity.

A merger of Hindustan Petroleum Corp. Ltd (HPCL) with Oil and Natural Gas Corp. Ltd (ONGC) would have been a neat structure, combining both businesses with the full benefits of integration available to claim. There would be no cash to be paid or debt to be raised. Instead, ONGC plans to acquire the government’s 51% stake in HPCL.

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Whether this will be followed by a merger is not known, but is not on the cards yet.

The Street is rather unimpressed, with HPCL’s shares falling by 4.3% while ONGC’s share rose by 1.8% on Thursday. ONGC’s shareholders would have preferred a merger.

HPCL’s shareholders would be disappointed that the acquisition is unlikely to be accompanied by an open offer. That would be unfair as they too should get a chance to exit at the same price as the government.

A BloombergQuint article dated 20 July cites a precedent of Indian Oil Corp. Ltd (IOC) acquiring public sector IBP Co. Ltd, and then making an open offer. There have been instances where promoters have made an inter-se transfer and also sought exemption from making an open offer.


Kotak Mahindra Bank’s loan Growth takes the Sting out of Profit Miss

A look at Kotak Mahindra Bank’s rising loan growth should be enough for investors to forgive the lender for missing Street estimates of net profit for the quarter ended June.
Kotak Mahindra Bank posted a net profit of Rs912.73 crore, a 23% growth from a year-ago period.

Six analysts polled by Bloomberg forecast a net profit of Rs963.40 crore. The miss caused the stock to close 1.44% down for the day. The private lender’s net interest income, or the core income a bank earns, grew at a sedate pace of 17% to Rs2,246 crore.

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But the growth in its loan book was 18%, higher for a second consecutive quarter. This comes on the back of a strong growth of 21% in the corporate loan book, unlike most peer banks running after retail business. Not that the lender’s retail loan book growth is to be scoffed at.

At 20%, Kotak Mahindra Bank’s retail loans that consist of home loans, loan against property, loans to small businesses and other unsecured credit card and personal lending, too matched the speed of corporate disbursals.

The management’s comments on the outlook for loan growth and asset quality for the financial year are reassuring as well.
With its loan book expansion inching back to early 2016-17 levels, coupled with an enviable asset quality, picking out sore spots would be like splitting hairs for investors.

Wednesday, 12 July 2017

Jet Airways in talks with airlines, PE Players to Raise Funds

Jet Airways is in discussions with a few foreign airlines and private equity players for raising funds by selling stake, investment banking sources said as per the PTI report. The leading full service airline, where Abu Dhabi-based Etihad Airways already has 24 per cent strategic stake, has been looking to raise funds for expanding operations. 

The airline has already appointed an investment banker to explore various options for raising fresh funds, including through possible stake sale, the sources said, requesting anonymity as discussions are at an exploratory stage.

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The sources also said that initial discussions are going on with a few foreign carriers apart from some private equity firms. Queries sent to a Jet Airways spokesperson remained unanswered. Earlier this month, the airline neither confirmed nor denied reports that it was in exploratory talks with US-based Delta Air Lines to sell stake. 

"We are committed to make appropriate disclosures in accordance with applicable regulations to avoid any speculative activities and state that there is no discussion or decision in the board which would require disclosure under Regulation 30 of Sebi (Listing Obligations and Listing Requirements) Regulations, 2015," Jet Airways had said in a filing to the stock exchanges on July 3. 

Last week, Etihad Airways had told PTI that it is committed to the strategic partnership with Jet Airways that continues to be strong and healthy. "We remain committed to our strategic partnership which has grown to become the largest carriers of international traffic to and from India with one in five passengers flying with Etihad Airways and Jet Airways.

Union Bank appoints Kewal Handa as Chairman

Union Bank of India said Kewal Handa, former Managing Director of pharma major Pfizer India, has been appointed as its Chairman for three years. Handa has been appointed non-executive chairman and part-time non-official director as per a notification of the finance ministry, the lender said in a BSE filing.

He was MD of Pfizer India from 2005-2012 and prior to that had served as Executive Director - Finance in the company. 

Handa has worked in domestic and global generic business and has experience in markets like the US, South East Asia, Africa, Bangladesh and Sri Lanka, the filing added.

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Tata Motors extends Ace family of small commercial vehicles

Automobile major Tata Motors on Tuesday extended its Ace vehicles with the introduction of the new XL range of small commercial cargo vehicles.

"Being the market leader in this segment, we understand our customer requirements very well and the new XL range emerges out of this in-depth knowledge and consumer insight," said R.T. Wasan, Head for Sales and Marketing, Commercial Vehicles, Tata Motors.

"With the introduction of BS-IV compliant XL range of SCV, we are offering a complete portfolio of last mile delivery solutions and addressing the emerging needs for a safer, economical, and more reliable business transport solutions."
According to the company, the vehicle is strategically designed to perform all tasks for the last mile cargo movement.

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Aadhaar plays key role in removing Corruption

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Union Minister for Electronics & IT and Law Justice, Ravi Shankar Prasad has said that Aadhaar has played an effective role in removing corruption and enabling citizen empowerment. Inaugurating a CSC SPV organized a workshop on “Aadhaar Services through organized Unique Initiative”, the Minister appreciated the efforts of the enterprising Village Level Entrepreneurs (VLEs) in delivering Aadhaar services among the poor and marginalized communities in India, through the Common Services Centres (CSCs).

Minister said, “I have great expectation from CSC VLEs. Our VLEs are change makers of India. CSCs have given employment to 10 lakh people in India. I am confident that in near future, one crore people will work in CSCs.” Recounting the strength of VLEs in mobilizing citizens under Government campaigns, the Minister said: “I am happy to note that the VLEs have trained 2 crore people in the Cashless India movement.” “Recently, Union Textile Minister Smt. Smriti Irani sought the support of VLEs in the expansion of handloom.

Rupee Strengthens Marginally Against US Dollar Ahead of key Data

The Indian rupee strengthened marginally against the US dollar ahead of the key consumer price inflation and industrial production data due after 5.30pm on Wednesday.

The rupee opened at 64.52 a dollar. At 9.15am, the rupee was trading at 64.51 a dollar, up 0.13% from its Tuesday’s close of 64.59.

The 10-year bond yield was at 6.473%, compared to its previous close of 6.485%. Bond yields and prices move in opposite directions.

According to a Bloomberg poll, the Consumer Price Index (CPI) for June will be at 1.67% from 2.18% a month ago while Index of Industrial Production (IIP) will be 1.7% in May versus 3.1% in April. Traders are cautious ahead of the testimony from Federal Reserve chair Janet Yellen and reports of Donald Trump Jr.’s contact with a Russian lawyer.

The catalyst was the release of emails by the president’s son that said the Russian government backed his father’s presidential campaign and was trying to damage Hillary Clinton, Bloomberg reported.

The benchmark Sensex index rose 0.23% or 72.67 points to 31,819.25. So far this year, it has risen 19.11%.

So far this year, the rupee has gained 5.18%, while foreign investors bought $8.26 billion and $14.64 billion in local equity and debt markets, respectively.

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Opening bell: Asian markets open mixed; Tata Steel, Tata Beverages, IDBI Bank in news

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US markets close flat; Asia mixed

Asian markets opened mixed. Markets in Japan and Australia weakened in the morning trade. But the broader index of Asia-Pacific shares outside Japan held up in green, reportsReuters. Overnight, the US markets closed flat after volatile trade.

Dry spell threatens Indian summer crops

Farmers are facing the risk of planting too much, too fast in the current monsoon season as an unexpected dry spell starts to wilt summer-sown crops, raising fears of lower yields, reports Reuters. According to the report, the ongoing dryness is affecting central, western and southern parts of India.

Tata Steel’s UK arm to sell two pipe mills to Liberty House Group

Tata Steel Ltd has said its UK subsidiary had signed a definitive agreement to sell two pipe mills in Hartlepool, England to Liberty House Group.


Tata Global Beverages to divest stake in group’s firms to parent

Tata Global Beverages Ltd has decided to sell its stake in various Tata group listed companies to its parent, Tata Sons, reportsBusiness Standard. According to the report, Tata Global Beverages owns close to Rs755 crore worth of stake in other group firms.

Maruti Suzuki unseats Mahindra as top utility vehicle maker in Q1

Mahindra and Mahindra Ltd’s core utility vehicle segment is under attack. The company has lost its pole position in the segment to Maruti Suzuki India Ltd, shows the latest data from Society of Indian Automobile Manufacturers, reports Mint.

IDBI Bank’s gross NPA divergence Rs6,816 crore for FY16

IDBI Bank Ltd has said that the divergence between its own gross bad loan estimates and those made by the Reserve Bank of India (RBI) was Rs6,816.60 crore at the end of 2015-16. Read more

Torrent Pharma’s Dahej unit gets US FDA observations

The US drug regulator has issued five observations related to two products from Torrent Pharmaceuticals Ltd’s Dahej plant that are awaiting approvals, reports Business Standard.

Fairfax, ICICI Bank to pare stake in ICICI Lombard IPO

The initial public offering (IPO) of ICICI Lombard General Insurance Co. Ltd will see its founders ICICI Bank Ltd and Prem Watsa’s Fairfax Financial Holdings Ltd collectively dilute a stake of at least 20%, reports Mint.

How Excess Capacities are Fuelling the Solar boom

Solar power tariffs, which have more than halved over the last two years, may continue to trend lower. An analysis by Morgan Stanley research estimates solar panel capacities to exceed installations by 45% in 2017, putting downward pressure on tariffs.



Solar panels are an important component, constituting as much as 40% of the utility scale project cost. In 2016, capacities exceeded installations by 28%. With the industry forecast to add 6,000 megawatts of new capacities and global installations estimate to soften, the demand-supply gap is estimated to widen this year, weighing on panel prices. “Following a 30% price decline in 2016, we expect a further 20% decline by the end of 2017,” Morgan Stanley said in a note.

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Solar installations in Japan, China, the UK and some other markets are estimated to slow this year. It has to be seen how long solar panel manufacturers will endure the downtrend in prices. According to JM Financial Institutional Securities Ltd, Chinese manufacturers, large suppliers of panels to India, may not be recovering fixed costs at current prices.

“While Chinese suppliers may not be recovering fixed costs at current prices, a shrinking solar market in China, Europe and anti import trends in US can lead to prolonged period of pain for Chinese module makers—a boon for Indian solar programme,” JM Financial said in a note.

Monday, 10 July 2017

NSE Will Start Cash & F&O Trade At 10:45 AM

The interim chief executive of the National Stock Exchange (NSE), J. Ravichandran, said in a TV interview the exchange was trying to quickly resolve a "technical glitch" that disrupted trading on Monday morning.

"At this point our focus is to re-start the market and then we will have to analyse the cause," Ravichandran told CNBC-TV 18.

Ravichandran did not say what had caused the trading disruption, which prevented traders from accessing quotations for individual stocks.

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Reliance Jio Customer data Allegedly Compromised

Reliance Jio Infocomm Ltd’s customer data was redacted on an independent website, magicapk.com. Jio, which crossed the 100 million mark in February, barely six months after it was launched, ended the financial year with 108.9 million subscribers as of 31 March.

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The report, published first in a late-night article on Sunday on Fonearena.com, alleged that “several sensitive details” were exposed, including customers’ first and last names, mobile numbers, email IDs, circles, SIM activation dates and even the Aadhaar numbers. The Aadhaar numbers, however, were redacted on magicapk.

“To my disbelief I found my own details in the database and also couple of my colleagues are affected too,” wrote Varun Krish, the author of the article. However, if you now click on Magicapk.com, it reads: “This Account has been suspended .” The Registrar of the site, according to the whois database, is Godaddy.com, LLC.

When contacted, a Reliance Jio spokesperson said, “We have come across the unverified and unsubstantiated claims of the website and are investigating it. Prima facie, the data appears to be unauthentic. We want to assure our subscribers that their data is safe and maintained with highest security. Data is only shared with authorities as per their requirement. We have informed law enforcement agencies about the claims of the website and will follow through to ensure strict action is taken.”

Fonearena.com, on its site, has responded with a: “We still stand by our story.”

The report assumes significance because the site exposed redacted Aadhaar card details. There are nearly 1.2 billion Aadhaar number holders in the country. Aadhaar aims to plug leakages in the delivery of state benefits, such as subsidized grains to the poor, and aid in generating a savings of about Rs70,000 crore a year for the government. But data breaches have rattled citizens, especially since India does not have a Privacy Act.

NSE’s Price Quotes not Updating, Say Traders

Price quotations for individual stocks listed on India’s National Stock Exchange (NSE) were not updating on Monday morning and investors could not place trades, in a problem that appeared to be widespread, four dealers said.

The dealers said they did not know why the quotations were not updating.

NSE officials were not immediately reachable for comment.

First Published: Mon, Jul 10 2017. 09 57 AM IST 

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एक ऐसा शेयर, जो 6 महीने में करेगा मालामाल



 
टॉप पिक के तौर पर त्रिवेणी इंजीनियरिंग का शेयर चुना है और इसमें 95 रुपये के लक्ष्य के साथ अगले 6 महीने के नजरिए से खरीदारी की सलाह दी है। त्रिवेणी इंजीनियरिंग यूपी में स्थित चीनी कंपनी है और ये भारत की तीसरी सबसे बड़ी चीनी उत्पादक है। कंपनी के 7 चीनी मिल है और अप्रैल 2107 के बाद कंपनी का चीनी प्रोडक्शन ग्रोथ करीब 41 फीसदी बढ़ा है। जबकि यूपी में प्रोडक्शन ग्रोथ 24-25 फीसदी रही थी। वित्त वर्ष 2018 के लिहाज से कंपनी की अनुमानित बुक वैल्यू 45 रुपये की होगी और पीई करीब 3.5 का होगा। कंपनी की इक्विटी करीब 25.80 करोड़ रुपये की है और मार्केटकैप 1950 करोड़ रुपये का है। कंपनी में प्रमोटर का हिस्सा करीब 68 फीसदी है।

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एस पी तुलस्यान का कहना है कि वित्त वर्ष 2017 में कंपनी ने 336 करोड़ रुपये का कैश प्रॉफिट किया था जो वित्त वर्ष 2016 में 51 करोड़ रुपये था यानी तकरीबन 6 गुना कैश प्रॉफिट में उछाल आया था। उसी हिसाब से मुनाफे में भी उतना ही उछाल आया था। अगर इनका कैश ईपीएस देखें तो 13 रुपये के आसपास था। वित्त वर्ष 2018 में कंपनी का कैश प्रॉफिट बढ़कर 360 करोड़ के आसपास जा सकता है। इन सभी मुद्दों को देखते हुए लगता है कि कंपनी का शेयर अपने वर्तमान भाव से 95 रुपये के लक्ष्य तक जा सकता है।

Market Live: Nifty hits Record high, Sensex eyes 31,600 points, IT Stocks Jump

The BSE Sensex opens at a record high on Monday as it hits 31,595.46 points on Monday. The broader NSE’s Nifty, too, set a new record by hitting 9,765.90 points in early hours. The Indian rupee trades stronger against the US dollar. The shares of TCS, Tata Motors, Bharti Airtel rise, whereas the shares of Adani Ports and HDFC fall.

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■ 9.30am: Tata Motors Ltd rose 2.7% to Rs448.45 after the company reported retail sales of 51,591 units for June, up 11% from the same month last year. During the April-June quarter, the company retailed 1,37,463 units, up 3.5% from the same period of last year.

■ 9.24am: BSE Sensex trades higher by 199 points, or 0.64%, to 31,560, while the Nifty 50 rises 22 points, or 0.22%, to 9,687.

■ 9.22am: Biocon Ltd fell 5% to Rs321.05 after the company said that while it has received GMP approval for its biologics drug substance facilities from French Regulator ANSM, its drug product unit will need to be re-inspected.

■ 9.20am: Care Ratings Ltd rose 10% to Rs1,725.05 after ET reported that Fitch looking to buy into the Mumbai-based ratings agency just about 10 days after rival Crisil bought Canara Bank’s 8.9% stake in CARE.

■ 9.15am: The rupee opened at 64.56 a dollar. At 9.15am, the rupee was trading at 64.53 a dollar, up 0.10% from its Friday’s close of 64.60.

■ 9.10am: The 10-year bond yield was at 6.543%, compared to its previous close of 6.532%. Bond yields and prices move in opposite directions.

■ 9.00am: Asian markets gained in morning trade. Stocks rose helped by US markets gains over the weekend. S&P 500 gained 0.64% to 2,425 on strong employment date.

Markets likely to Swing on Q1 Results; TCS, Infosys to be in Focus

The markets are expected to consolidate further as investors gear up for June quarter earnings that kick off this week.
Uncertainties and disruption due to the implementation of goods and services tax (GST) and rupee appreciation are likely to impact first quarter results of Indian companies.

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ICICI Securities Ltd said incremental uncertainty has come from the short-term impact of GST, state fiscal slippages due to farm loan waivers, bankruptcy proceedings against 12 large corporates and risks to short-term earnings. According to the brokerage firm, equity markets will consolidate in the short term given stellar performance this year and reiterated its Nifty target of 10,000 for March 2018.

The next few months may witness moderation in absolute returns and higher volatility, especially down the cap curve. It added that sentiment indicators are pointing to a tactical price or time correction in the market but it will depend on global equity market trends. “Correlations across stocks have plummeted to a low, suggesting a big macro trade is in the offing. While the market appears to believe in a growth turn, it is far from pricing in a multi-year growth cycle, implying significant upside potential in the next 3-5 years,” it said in a report on 5 July.

Companies that will announce Q1 earnings this week are IT majors TCS and Infosys and IndusInd Bank, South Indian Bank, Karnataka Bank and DCB Bank, among banks. Analysts expect export-based sectors like healthcare and technology to be underperformers in terms of net profit decline. Rupee, which has risen 5.16% from January this year, may spell trouble for export-related businesses.

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Last Week, The Nifty index opened at 9588 and closed at 9666 after making high of 9700. Top performing sectors for last week was FMCG-Food, Metals & Mining and Infra- Construction Engineering and Material and Realty.

Last Week Bank Nifty traded laggard in comparison to another sector, the index opened at 23240 and closed at 23449 after making high of 23540.

Small Cap Index gave a breakout of its 6 weeks high of 7508. The index closed at 7537 after making high of 7547.

Nifty Future to open gap up by 2.50 points at 9690.50 against Last day close of 9668 as per SGX Nifty.

Friday, 7 July 2017

7th JULY 2017- OPENING BELL >> Metals Minning And Infra Construction Sectors Zoomed After GST- Free Intraday Tips and more Call on 9644405056

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The Nifty Benchmark index yesterday opened at 9654 and made a low of 9640 and closed at 9675 after making a high of 9701. The Index gave a breakout of week one high of 9615. The Nifty Index is trading near its all-time high of 9709. FII & PRO remain net buyer in last 10 days of trading session in Options for 91943 contracts as shown below in the table.

Bank Nifty last day opened at 23400, made a low of 23370 and closed at 23467 after making a high of 23540.

The small cap index opened at 7492 and made low of 7486, the closed at 7498 after making high of 7540.

Nifty Future to open gap down by 24 points at 9644 against yesterday's close of 9668 as per SGX Nifty.

Thursday, 6 July 2017

Opening bell: Asian Markets open Mixed; Essar Steel, Axis Bank in News

US stocks end higher; Asian markets open mixed

US stocks closed mostly higher on Wednesday as tech snapped a three-day losing streak.

Asian markets traded sideways early on Thursday despite the mostly stronger close on Wall Street, as oil prices tumbled in US trade.

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Essar Steel’s legal challenge may prolong bad loans fight
Essar Steel Ltd’s move to challenge the Reserve Bank of India (RBI) directive to banks to initiate bankruptcy proceedings against the company could slow down the resolution process, legal experts say.

SC declines relief to Sahara’s Subrata Roy, refuses to extend deadline for payment of Rs552 cr

The Supreme Court refused to extend the 15 July deadline for payment of a second instalment of Rs552 crore by the Sahara Group to a Securities and Exchange Board of India (Sebi)-Sahara account.

Axis Bank launches loans for super bikes, to fund 95% of costs

As the higher engine displacement ‘super bikes’ catch fancy of the Indian consumer, Axis Bank introduced a special loan product, offering to fund up to 95% of the costs.

Mahindra Finance to raise Rs2,000 crore via non convertible debentures

Mahindra and Mahindra Financial Services Ltd (Mahindra Finance) plans to raise Rs 2,000 crore through issuance of debt securities to fund future lending and settle current liabilities.

Lupin shares rise nearly 4% on drug launch

Shares of Lupin rose by nearly 4% after the company announced the launch of generic version of a conjunctivitis drug in the US market.

Tata Motors cuts passenger vehicle prices by up to Rs2.17 lakh after GST rollout

Automaker Tata Motors announced a reduction in price of its passenger vehicles by up to Rs2.17 lakh, making available the goods and services tax (GST) benefit to its customers.