Tuesday, 28 November 2017

10-year Bond Yield Jumps to 15-month High, Rupee Weakens against US Dollar

India’s 10-year bond yield on Tuesday gained for the sixth consecutive session to hit a 15-month high as traders were concerned on fiscal slippages after government’s goods and services tax (GST) collection dropped nearly 10% from a month ago. The Indian rupee, meanwhile, was trading marginally lower against the US dollar tracking losses in the Asian currencies market.

GST collection in October fell to Rs83,346 crore from over Rs92,000 crore in September, as taxes on most commodities have come down. The total GST collection till 27 November is Rs83,346 crore for October and 50.1 lakh returns have been filed for the month, a finance ministry statement said.


At 9.15am, the 10-year bond yield was at 7.073%, a level last seen on 6 September 2016, compared to its previous close of 7.056%. Bond yields and prices move in opposite directions.

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In the last six sessions, bond yield increased nearly 17 basis points amid concerns of higher inflation due to continued rise in crude oil prices that boosted speculations the Reserve Bank of India (RBI) may not cut rates anytime soon.

On Monday, the Reserve Bank of India said that the government will repurchase up to Rs30,000 crore of debt on 29 November to prematurely redeem some stock by utilizing surplus cash balances.

Traders are cautious ahead of the gross domestic product (GDP) data for the third quarter due on 30 November. According to Bloomberg analysts’ estimates, gross value added (GVA) will be at 6.3% from 5.6% a quarter ago, while GDP will be at 6.5% from 5.7% last quarter.

The Indian rupee was trading at 64.56 a dollar, down 0.08% from its Monday’s close of 64.50. The rupee opened at 64.49 a dollar.

So far this year, the rupee has gained 5.31%, while foreign institutional investors have bought $8.36 billion and $22.62 billion in equity and debt, respectively.

Asian currencies were trading lower. China offshore spot was down 0.14%, Japanese yen 0.14%, South Korean won 0.12%, China renminbi 0.12%, Indonesian rupiah 0.11%, Malaysian ringgit 0.09% and Singapore dollar fell 0.07%.

The benchmark Sensex rose 0.16%, or 54.10 points, to 33,778.54. So far this year, it has gained 26.66%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 92.917, up 0.03%, from its previous close of 92.904.

Opening bell: Asian Markets open Mxed; GMR, RCom, NTPC, L&T in News

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Asian markets ease in morning trade

Asian markets were subdued in morning trade as concerns about another sharp sell-off in Chinese stocks weighed on investor sentiment. Overnight, US stocks closed slightly lower. S&P 500 at 2,601 points is down 0.04%.

GMR Airports IPO likely by June 2019

GMR Airports Ltd, a unit of GMR Infrastructure Ltd, is meeting investment bankers as it prepares to launch its initial share offering (IPO) planned by June, reports Mint. The company plans to use the funds to repay debt, private equity investors and projects.

China Development Bank files insolvency case against RCom

China Development Bank has become the first lender to file a case against debt-ridden Reliance Communications Ltd (RCom) under the Insolvency and Bankruptcy Code, reports Mint.

Reliance Jio is likely to chase the 4G airwaves in the 850 MHz band in seven key markets that RCom has got by merging Sistema Shyam Teleservices with itself, if the government backs the regulator’s call for easing spectrum caps, reports The Economic Times.

NTPC power plants face Bhel equipment woes
NTPC Ltd has been facing problems at several of its power projects due toissues related to equipment supplied by Bharat Heavy Electricals Ltd (Bhel), reports Mint.

L&T may sell some assets by March to fund acquisitions


Larsen and Toubro Ltd (L&T) plans to sell its electrical unit and spin out its road assets trust by March 2018, a sign that funding for plans to acquire more companies in information technology will soon be in place, reports Bloomberg.

ITC plans Rs10,000 crore investment in food processing business

ITC Ltd plans to invest around Rs10,000 crore in the coming years to strengthen its business in the food processing sector, reports Business Standard.

Textile exports may fall 10-12% in FY18

India’s textile exports are likely to decline by 10-12% for the current financial year due to the reduction in tax exemptions granted to exporters, appreciation in the Indian rupee against the dollar and shifting of import orders to competing countries, reports Business Standard.

Monday, 27 November 2017

Opening bell: Asian markets open higher; Bharti Defence, Dalmia Bharat in News

Asian stocks open in green

Asian markets nudged higher in morning trade, tracking positive business outlook, reports Reuters. Over the weekend, US stocks closed with gains. S&P 500 at 2,602 is up 0.2%.

Mahindra, Pallonji groups may bid for Bharati Defence

Mahindra Defence and Shapoorji Pallonji Group may independently bid for the troubled Bharati Defence and Infrastructure (formerly Bharati Shipyard) under the Insolvency and Bankruptcy Code law, reports The Economic Times.


Dalmia Bharat submits binding bid for Murli Industries


Dalmia Bharat group has submitted a binding offer to acquire Nagpur-based Murli Industries Ltd, which is currently facing bankruptcy proceedings in the National Company Law Tribunal, reports Mint.

Arvind to remain partner in Tommy Hilfiger and Calvin Klein merger

Philip Van Heusen Corporation plans to consolidate its two Indian joint ventures running Tommy Hilfiger and Calvin Klein operations, reports The Times of India. According to the report, the new entity will have Arvind as an equal partner.

Mahindra eyes US car market with South Korean subsidiary
Mahindra & Mahindra is eyeing the American car market with its South Korean subsidiary exploring possibilities in the sports utility vehicle segment, reports PTI.


Aurobindo Pharma is looking at inorganic growth opportunities

Aurobindo Pharma is looking at inorganic growth opportunities in Eastern Europe and other geographies for deeper market penetration and to secure newer technologies, reports PTI.

TCS sees Diligenta turnaround

TCS Ltd says it has seen a turnaround in fortunes of Diligenta, the UK business process subsidiary, with large wins in recent months and has begun offering its services to insurance companies in the US, reports Business Standard.

Thursday, 23 November 2017

Security and Intelligence Services soars 15% post Q2 Results

Security and Intelligence Services (India) soared 15% to Rs 1,029 on the BSE after the company reported more than four-fold jump in net profit at Rs 58.9 crore in September quarter (Q2FY18), on the back of higher other income. It had logged profit of Rs 2.13 crore in the same quarter a year ago.

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The company’s revenue from operations grew 35.7% at Rs 1,460 crore against Rs 1,076 crore in the corresponding quarter of previous fiscal. Other income increased by 12 times to Rs 24.5 crore from Rs 2.1 crore in previous year quarter.

EBITDA (earnings before interest, taxes, depreciation and amortization) margin improved to 5.07% in Q2FY18 from 4.5% in Q2FY17.


Neuland Laboratories Dips 8% on Disappointing Q2 Earning

Neuland Laboratories has dipped 8% to Rs 1,175 on the BSE in intra-day trade after the company reported 75% decline in its standalone net profit at Rs 2.59 crore in September quarter (Q2FY18), due to lower sales. The pharmaceutical company had profit of Rs 10.23 crore in the same quarter year ago.

Total operating income decreased by 17% to Rs 126 crore in Q2FY18, as compared to Rs 152 crore in the corresponding period of the previous year. EBITDA (earnings before interest, taxes, depreciation and amortization) margin fallen to 11.6% in Q2FY18 as against 16.6% in Q2FY17.

“The performance of this quarter was impacted due to lower than expected sales in Ciprofloxacin, Salmeterol and a product in the CMS segment. Also, the company continues to face capacity constraints in Unit- 1 that prevented it from delivering more orders this quarter,” said Sucheth Davuluri, Vice-Chairman and CEO, Neuland Laboratories.

The Board has given an in-principle approval to acquire a registered facility and we believe that this process when consummated will address capacity constraints as well as our growth aspirations, added Sucheth Davuluri.
At 10:23 AM; the stock was down 7% at Rs 1,188 on the BSE, against a marginal 0.02% rise in the S&P BSE Sensex. A combined 27,159 shares changed hands on the counter on the NSE and BSE.

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SAIL Raises its Game after Government Cracks Whip

State-run Steel Authority of India Ltd (SAIL) is heading for a turnaround this year as the government orders belt-tightening and asset disposals at the loss-making 63-year-old mill.

“This year we’re expecting some cash profit to come into SAIL,” Aruna Sharma, secretary at the steel ministry, said in an interview in New Delhi. The ministry has directed the company to better compete with private mills in the race to meet the nation’s growing demand, she said.

SAIL is forecast this fiscal year to report positive free cash flow for the first time since 2009, according to data compiled by Bloomberg. It’s not expected to see net income head back into the black until fiscal 2019. SAIL didn’t respond to phone calls seeking comments.

In addition to appointing Boston Consulting Group, the ministry has set up a panel to revive the fortunes of SAIL in line with steel minister Birender Singh’s directive for officials to play a more active role in turning around plants. These moves come as publicly traded JSW Steel Ltd reported seven straight quarters of profit and Tata Steel Ltd swung to second-quarter profit.

“We see an improvement but that improvement has to be accelerated,” Sharma said on Tuesday. “They have to go a long way.”

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Rising competition

External pressure is building on SAIL. State-run Indian Railways recently issued a global tender for purchasing rails outside its traditional supplier SAIL, opening the doors to private steel producers like Jindal Steel & Power Ltd to compete in the local market.

“Gone are the days when SAIL was a monopoly,” Sharma said. “They have to be capable of standing up to competition.”
SAIL has about $6 billion of debt and a workforce of about 82,964 people as of 31 March, more than the combined of 46,837 employees at Tata Steel and JSW Steel.

The company has identified employee costs as one of the key drags on profits and has been trying to trim numbers through voluntary retirement programs. It paid out about Rs220 crore ($33 million) as compensation under the program in the six months of this fiscal year started 1 April.

“Having more employees cannot be the excuse,” Sharma said, adding that the company wouldn’t seek to replace positions left empty by retiring employees.

SAIL, which traces its origins to Hindustan Steel Pvt. Ltd that was set up in 1954, has five integrated steel plants, three special steel plants, and one subsidiary in the country. The steel ministry will be calling for expression of interests before the end of December for disinvestment of the plants in Salem, Durgapur and Visveswaraya as part of the central government’s sale of state-run assets, Sharma said.

Analysts though remain wary about the company’s prospects, with 20 out of 24 of them having a Sell call on the stock. “Despite SAIL’s modernization plan and expected higher volumes, going forward, we believe that it needs to continue effective cost cutting measures to be able to be back in the black,” Kunal Motishaw, an analyst at Reliance Securities Ltd, said in a report last week. Bloomberg


Friday, 17 November 2017

Asian stocks open higher; GTL Infrastructure in News


Asia tracks US market gains

Asian markets gained in the morning trade, tracking the markets in the US. Overnight, stocks in the US closed higher on earnings. S&P 500 at 2,585 points is up 0.8%.

Cash holding by mutual funds in equity portfolio drops to lowest level since June.

Mutual funds’ cash holding as a percentage of their total equity portfolio fell to the lowest in four months in October, as fund managers pumped money into a spate of public offerings, reports Mint.

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Hong Kong’s SSG Cap buys 34% in Cox & Kings UK unit

SSG Capital bought a 34.4% stake in Cox & Kings’ overseas unit Holidaybreak at an enterprise value of $800 million (Rs5,225 crore), reports The Times of India.

Four companies bid for stake in GTL Infrastructure

Lenders to GTL Infrastructure have received bids from four companies for buying up to 58% stake in the telecom tower company, reports The Economic Times.

IRPs initiate fresh forensic audit of Essar Steel, Bhushan Steel accounts

Insolvency professionals of Essar Steel Ltd and Bhushan Steel Ltd have initiated fresh forensic audits of these companies’ accounts following the recent changes in rules introduced by the bankruptcy regulator, reports Mint.


Raymond focuses on Park Avenue, Premium to revive consumer goods business

Apparel and textile maker Raymond Ltd is focusing on its Park Avenue brand of male grooming products and home care brand Premium to revive its consumer packaged goods business, reports Mint.

Idea Cellular to take Rs300 crore hit due to reduction in IUC

The 57% cut in interconnect usage charges (IUC) can hit Idea Cellular’s operating income by around Rs300 crore over the next six months, reports The Economic Times.

CARE downgrades Aircel loans to ‘default’ grade

CARE Ratings downgraded Aircel’s long-term loans to “D”, default grade, from “BB+” on account of the delays in servicing debt obligations, reports Business Standard.

Ready-made garment exports drop 41% in October

After rising around 25% in September, exports of ready-made garments dropped nearly 41% in October, primarily due to ambiguities in the goods and services tax (GST), reports Business Standard.

Finance minister hints future fiscal deficit targets may be recalibrated

Finance minister Arun Jaitley has hinted that while there was no immediate threat of missing the fiscal deficit target for the fiscal year ending 31 March, future targets may be recalibrated, reports Mint.

Thursday, 16 November 2017

NCC Rises 4%, Macquarie Maintains outperform Rating with Target Rs 125

Shares of NCC rose nearly 4 percent intraday Thursday as global research firm Macquarie has maintained outperform rating with a target Rs 125 per share.

The house expect strong revenue growth in FY19, which will lead by strong execution.

In the quarter ended September 2017 the company’s net profit declined 60.8 percent at Rs 20 crore against Rs 51 crore in the same quarter last fiscal.


Revenue was down 33 percent at Rs 1,300 crore versus Rs 1,947.9 crore.

The operating profit (EBITDA) was down 27 percent at Rs 124 crore, while EBITDA margin was up 80 bps at 9.6 percent.

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Rupee opens Marginally lower Against US Dollar

The Indian rupee on Thursday weakened marginally against the US dollar in the opening trade.

The rupee opened at 65.26 a dollar. At 9.15am, the home currency was trading at 65.31 against the dollar, down 0.16% from its Wednesday’s close of 65.21.

The 10-year bond yield was at 7.010% compared to its previous close of 7.017%. Bond yields and prices move in opposite directions.

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The benchmark Sensex index rose 0.16%, or 54.02 points, to 32,814.46 points. So far this year, it has gained 24%.

So far this year, the rupee has gained 4.16%, while foreign institutional investors have bought $7.69 billion and $22.37 billion in equity and debt, respectively.

Asian currencies were trading mixed. China renminbi was down 0.18%, Malaysian ringgit 0.10%, Japanese yen and China offshore were down 0.08% each. However, South Korean won was up 0.63%, Taiwan dollar 0.11% and Philippines peso 0.05%.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 93.872, up 0.06% from its previous close of 93.813.


Market Live: Sensex opens 150 points Higher, Nifty Trades above 10,150

The BSE Sensex opened over 150 points higher on Thursday against the previous session’s closing. The broader NSE’s Nifty, too, rose in the morning hours. The Indian rupee opened marginally lower against the US dollar. The shares of Reliance Industries Ltd, Tata Motors and Larsen & Toubro rose, whereas the shares of Coal India and Adani Ports fell.

■ 9.26am: BSE Sensex opened higher by 132.36 points, or 0.40%, to 32,892.80, while the Nifty 50 rose 36.20 points, or 0.36%, to 10,154.25.

■ 9.23am: Anil Dhirubhai Ambani group companies falls further after Reliance Communications said it is not making any payment to lenders for time being. Reliance Communications fell 4%, Reliance Naval and Engineering 4.2%, Reliance Capital fell 1%, Reliance Power 1%, Reliance Infrastructure fell 0.5%.

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■ 9.20am: Religare Enterprises Ltd hits 10% upper circuit for second sessions. The company on Tuesday said that its board has named S. Lakshminarayanan as its new executive chairman.

■ 9.17am: Videocon Industries Ltd hits 5% upper circuit for third sessions. The stock gained nearly 16% in the last three sessions and so far this year it fell 85%.

■ 9.15am: The rupee opened at 65.26 a dollar. At 9.15am, the home currency was trading at 65.31 against the dollar, down 0.16% from its Wednesday’s close of 65.21.

■ 9.13am: The 10-year bond yield was at 7.010% compared to its previous close of 7.017%. Bond yields and prices move in opposite directions.

■ 9.10am: Asian currencies were trading mixed. China renminbi was down 0.18%, Malaysian ringgit 0.10%, Japanese yen and China offshore were down 0.08% each. However, South Korean won was up 0.63%, Taiwan dollar 0.11% and Philippines peso 0.05%. The dollar index, which measures the US currency’s strength against major currencies, was trading at 93.872, up 0.06% from its previous close of 93.813.

Wednesday, 15 November 2017

Market Live: Sensex opens below 33K, Nifty Mildly lower

Equity benchmarks opened mildly lower on Wednesday, tracking subdued global cues following correction in metals and crude oil prices.

The 30-share BSE Sensex was down 41.86 points at 32,900.01 and the 50-share NSE Nifty fell 16.70 points to 10,169.90.

Sun Pharma, Lupin, Vedanta, Hindalco, NALCO, Bajaj Finance, Bharti Infratel and GAIL were early losers while HPCL, BPCL, TCS, Ambuja Cements and Dr Reddy's Labs were early gainers.

Rain Industries, HEG, Graphite India, Goa Carbon and Phillips Carbon plunged 5 percent.

After earnings, Waterbase, MOIL, Panacea Biotec and Cox & Kings gained 4-6 percent while Corporation Bank, Indiabulls Real, CEAT and JK Tyre lost 1-5 percent.
Fortis Healthcare and Religare Enterprises rallied 3-5 percent post deal.

Jet Airways was up 1 percent as stock is out of NSE F&O ban and ahead of analysts' meet.

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The cautious sentiment from the last session continued through Asia's today's trading day, with energy-related plays in the region falling on weakening oil prices.

China's Shanghai Composite, Hong Kong's Hang Seng, Japan's Nikkei, Australia's ASX 200 and South Korea's Kospi were down 0.3-0.8 percent.

The US markets also closed lower, with the Dow Jones, S&P 500 and Nasdaq Composite falling 0.1-0.3 percent. Concerns about a potential global economic slowdown and US tax reform dampened investor sentiment.

SBI Begins Process to sell Rs1,580 crore of Bad loans

State Bank of India (SBI) has initiated the process of selling Rs1,580 crore of bad loans to financial institutions, including asset reconstruction companies (ARCs).

The bank has put on block 11 non-performing assets (NPA) for sale through a bidding process, according to a tender on the bank’s website.

“Right now, interested parties are conducting due diligence. Once that is completed, the bidding process will take place later this month,” a person in the know said on condition of anonymity. Last month, the country’s largest lender put Rs3,554 crore of bad loans up for sale. In that auction, it received bids only for a portion of the total; SBI is awaiting final approvals to go ahead with the sale, said a second person, who also requested anonymity.

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In the first half of fiscal 2018, the bank managed to sell Rs763 crore of bad loans to ARCs.

“ARC sale has not been significant in these (first) two quarters. I think now, with the insolvency and bankruptcy code in the picture, the whole strategy, particularly around corporate cases, more and more probably get referred to the NCLT (National Company Law Tribunal),” SBI chairman Rajnish Kumar said in an earnings call on 10 November. “But any large or mid-sized corporate, we believe we will be able to handle it better than ARC.”

Kumar said SBI sells assets only when it is able to get an intended price.

According to experts, most banks are seeking all-cash deals or those with higher cash component in case of a sale to ARCs. This is because from the beginning of this fiscal, if a bank invests in more than 50% of security receipts created against the sale of its own stressed assets, it has to set aside more money as provision. From 2018-19, this threshold of 50% will be reduced to 10%.

Sun Pharma’s Q2 profit falls 59.7% on weak US sales

Sun Pharmaceutical Industries Ltd, India’s largest drug maker, reported a 59.7% decline in fiscal-second quarter profit because of weak US sales.

Net profit declined to Rs1,001.79 crore in the three months ended 30 September from Rs2,487.89 crore a year ago. Sales fell 15% to Rs6,590.06 crore.

Bloomberg poll of 22 analysts had estimated Sun Pharma’s September profit at Rs800.40 crore and sales at Rs6,803.90 crore.

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“A challenging US generic pricing environment coupled with continued investments in building our global specialty business has impacted our Q2 performance,” Dilip Shanghvi, managing director of the company, said in a statement.

Sun Pharma invested Rs511 crore, or 7.7% of its sales, in research and development (R&D) in the September quarter.
This includes investments on account of funding the clinical development of its global specialty pipeline, the company said.

In a conference call with analysts, Shanghvi said a delay in the approval of certain important products in the US due to regulatory issues at the company’s manufacturing unit in Halol, Gujarat, has also affected US business.

The US Food and Drug Administration (FDA) had issued a warning letter to the Halol unit in December 2015 for violation of good manufacturing practices. Since then, new product approvals have been held back by the regulator. “There are no new updates on Halol. We are awaiting re-inspection from the US FDA. Site transfers for some products from the facility ongoing,” Shanghvi said.

The company’s sales in the US, which contributed 30% to the total revenue, fell 44% to $309 million in the quarter due to pricing pressure in existing products and lower contribution from generic of cancer drug Gleevec.

In the same period last year, Sun Pharma had benefited from marketing exclusivity for Gleevec generic.

Tuesday, 14 November 2017

Market Live: Sensex tests 33,000 in opening, Nifty trades flat; Bharti Infra dips

Equity benchmarks opened flat on Tuesday after sharp correction seen in previous session. Investors focussed on corporate earnings.

The 30-share BSE Sensex was down 14.55 points at 33,019.01 and the 50-share NSE Nifty fell 3 points to 10,222.
Coal India, Vedanta, BPCL, L&T and Bharti Infrtel were early losers.

Sun Pharma, HCL Technologies, Bharti Airtel, M&M, Lupin, Yes Bank, Kotak Mahindra Bank and Eicher Motors were early gainers.

PTC India Financial, Dhanlaxmi Bank, United Bank, Jindal Poly and TNPL fell 1-8 percent after weak earnings. Repco Home, Satin Creditcare, KEI Industries and NMDC were under pressure.

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Havells India rises 1% on MoU with with Hyundai Electric

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Share price of Havells India gained 1 percent in the early trade on Tuesday on signing pact with Hyundai Electric & Energy Systems.

Hyundai Electric & Energy Systems and Havells India announced the signing of memorandum of understanding (MoU) to mutually explore and supply low and medium voltage protection and switching devices, as per company release.

Under the agreement, Hyundai Electric will supply low and medium voltage protection and switching devices to Havells as brand labeling.

Hyundai Electric will also grant manufacturing license and technology transfer for low-capacity Magnetic Contactors (MC) and Molded Case Circuit Breakers (MCCBs) to Havells.\
Havells will supply equipment such as Miniature Circuit Breakers (MCBs) & Magnetic Contactors (MC) to Hyundai Electric. Both companies will cooperate for localization and customization of products.

Rajiv Goel, Executive Director, Havells India said, “The MoU will be a win-win proposition for both Havells and Hyundai Electric. It also establishes Havells and India as a quality manufacturing base for global procurement.”


Sanghvi Movers, AksharChem down 7-9% on Dismal Q2 Numbers

Shares of Sanghvi Movers and AksharChem (India) fell 7-9 percent intraday Monday on the back of dismal September quarter (Q2FY18) numbers.

Sanghvi Movers has reported Q2 net loss at Rs 22.3 crore against profit of Rs 12.5 crore, in a year ago period.
Revenue declined 64.3 percent at Rs 39.7 crore versus Rs 111.1 crore.

Earnings before interest, tax, depreciation and amortization (EBITDA) was down 83.3 percent at Rs 10.8 crore and EBITDA margin fell 3120 bps at 27.3 percent.

Akshar Chem has reported 60.8 percent fall in its Q2 net profit at Rs 13.5 crore against Rs 34.4 crore. Revenue was down 21.6 percent at Rs 65.6 crore.

EBITDA was down 64.6 percent at Rs 11.2 crore and EBITDA margin was down 2070 bps at 17 percent.

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Uber`s South Asia Policy chief Shweta Rajpal Kohli Quits in latest Senior Departure

Uber's chief of policy for India and South Asia has quit, two sources familiar with the matter said on Monday, in the latest high-level departure at the online taxi company.

Shweta Rajpal Kohli, a former Indian journalist who joined Uber last year, would join cloud-based software maker Salesforce.com Inc next month, the sources told Reuters.

Uber said it did not have an immediate comment. Kohli did not respond to an email seeking comment.

Kohli was mostly tasked with building Uber's relations with regulators and government officials in India, a market where the firm has faced several regulatory and reputational hurdles.

One source said Kohli "was leading government engagements in the influential circles, so her exit is a step back for Uber."
The sources asked not to be identified as the details were not public yet.

Uber was briefly banned in New Delhi after one of its drivers raped a woman passenger in 2014.

Uber hired a law firm this year to investigate how the firm managed to obtain the medical records of the rape victim, an incident that led to criticism of the culture at the U.S. firm, sources told Reuters in June. Uber declined to comment.

Kohli is the latest senior executive to leave Uber. The firm's European policy chief quit in October, shortly after the departure of Uber's top boss in Britain.

Uber has suffered a tumultuous few months which has seen former CEO and co-founder Travis Kalanick forced out after a series of boardroom controversies and other regulatory battles in multiple U.S. states and around the world.

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Monday, 13 November 2017

HDFC Mutual Fund buys 3.4 lakh Shares of Just Dial

On November 10, 2017 HDFC Mutual Fund bought 340,000 shares of Just Dial at Rs 520.08 per share on the NSE. Also, the house bought 340,000 shares of the company at Rs 522.79 per share on the NSE.

Samsung Asia Leaders Securities Master Investment Trust Equity bought 355,000 shares of Just Dial at Rs 513.21 per share on the NSE.

Just Dial closed at Rs 500.30, up Rs 41.30, or 9.00 percent.
The share touched its 52-week high Rs 619.45 and 52-week low Rs 318.20 on 17 March, 2017 and 27 December, 2016, respectively.

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Mahindra and Mahindra up 2% on Bonus Issue, Strong Q2 Numbers

Share price of Mahindra and Mahindra (M&M) gained 2.3 percent intraday Friday on the back of bonus announcement and strong September quarter numbers.

The company at its meeting held on November 10 has declared bonus share in the proportion of 1:1.

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It has fixed December 23, 2017 as the record date for the purpose of determining members who would be entitled to bonus ordinary equity shares.

The company (including Mahindra Vehicle Manufacturers) has reported 22 percent jump in its Q2 net profit at Rs 1,411 crore against Rs 1,156.7 crore in a year ago period.

Revenue of the company rose 19.4 percent at Rs 12,018 crore versus Rs 10,065 crore.

Earnings before interest, tax, depreciation and amortization (EBITDA) was up 35.1 percent at Rs 1,923.4 crore and EBITDA margin was up 210 bps at t 16 percent.

L&T`s Arm Bags order From ONGC

L&T has said that L&T Hydrocarbon Engineering Limited (LTHE), a wholly - owned subsidiary of the company, has bagged an offshore contract for the Balance Work for Pipeline Replacement Project - 4 from Oil & Natural Gas Corporation (ONGC) valued at approximately Rs 1,267 crores (194 Million USD) . The Contract, won against international competitive bidding, encompasses total ‘EPCIC’ – Engineering, Procurement, Construction, Installation and Commissioning for the project.

The project, part of ONGC’s strategy to replace some of its well fluid, gas lift and water injection pipelines along with brownfield modification works on existing platforms in its Mumbai High , Neelam , Heera and Bassein & Satellite Fields which are situated in the Western Offshore field in the Arabian Sea on the continental shelf of Western India.

Larsen & Toubro is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with over USD 17 billion in revenue. Meanwhile, shares of the company were trading at Rs 1222.95 apiece, down 3.25 per cent from the previous close at 10:05 hrs on BSE.

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TCS Recognized as Leader in IDC MarketScape Report

Tata Consultancy Services (TCS), a leading global IT services, consulting and business solutions organization, has said that it has been recognized as a Leader in Cloud ERP Implementation in the recently published IDC MarketScape, "Worldwide Cloud ERP Implementation Services 2017 Vendor Assessment."

"Cloud ERP adoption is an important part of our customers' digital transformation journeys, driven largely by business imperatives," said Krishnan Ramanujam, President, Business & Technology Services, TCS. "This recognition as a Leader is a validation of our business-centric transformational approach, and of our market success," he added.

In the Cloud ERP solutions space, TCS offers a full, consulting-led suite of services spanning business transformation, cloud strategy and roadmap definition, cloud ERP implementation, upgrades, program governance, and change management. Meanwhile, shares of the company closed at Rs 2703.30 apiece, down 1.12 per cent from the previous close on BSE.

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Idea Cellular Slips 6% on Poor Q2 Numbers; Sells Tower biz to ATC Telecom

Shares of Idea Cellular declined 6 percent intraday Monday on the back of poor Q2 numbers and sale of tower business to ATC Telecom.

The company board in its meeting held on November 13 has approved sale of entire shareholding in Idea Cellular Infrastructure Services, a wholly owned subsidiary, to ATC Telecom Infrastructure for Rs 4,000 crore.

The sale process to be completed by first half of 2018.

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The company in the quarter ended September 2017 (Q2FY18) has reported loss of Rs 1106.8 crore against profit Rs 91.5 crore in the same quarter last fiscal.

The company had reported loss of Rs 814.9 crore in the quarter ended June 2017.

The company's revenue was down 8.6 percent at Rs 7,465 crore against Rs 8,166.5 crore. EBITDA was down 19.9 percent at Rs 1,501.6 crore and EBITDA margin was down 290 bps at 20.1 percent, QoQ.

The average revenue per user was at Rs 132 against Rs 141.
Vodafone & Co is also going to sell its tower business in India to ATC. Vodafone will get Rs 3,850 crore post completion of deal.

सेंसेक्स और निफ्टी में गिरावट, मेटल शेयर टूटे

शुरुआती कारोबार में घरेलू बाजारों में गिरावट के साथ कारोबार देखने को मिल रहा है। सेंसेक्स और निफ्टी में 0.25 फीसदी तक की कमजोरी दिख रही है। निफ्टी 10300 के नीचे आ गया है। सेंसेक्स 33300 के नीचे कारोबार कर रहा है। मिडकैप और स्मॉलकैप शेयरों में भी सुस्ती का माहौल है।

मेटल, फार्मा, रियल्टी, कैपिटल गुड्स और ऑयल एंड गैस शेयरों में बिकवाली देखने को मिल रही है। हालांकि बैंकिंग और आईटी शेयरों में खरीदारी दिख रही है। बैंक निफ्टी 0.1 फीसदी बढ़कर 25,516 के स्तर पर नजर आ रहा है।

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फिलहाल बीएसई का 30 शेयरों वाला प्रमुख इंडेक्स सेंसेक्स 73 अंक यानि 0.25 फीसदी की गिरावट के साथ 33,241 के स्तर पर कारोबार कर रहा है। एनएसई का 50 शेयरों वाला प्रमुख इंडेक्स निफ्टी 37 अंक यानि 0.3 फीसदी की कमजोरी के साथ 10,285 के स्तर पर कारोबार कर रहा है।

बाजार में कारोबार के इस दौरान दिग्गज शेयरों में एलएंडटी, कोल इंडिया, इंडियाबुल्स हाउसिंग, बीपीसीएल, ओएनजीसी, बीएचईएल और एचडीएफसी 4.1-1.3 फीसदी तक गिरे हैं। हालांकि दिग्गज शेयरों में महिंद्रा एंड महिंद्रा, एचयूएल, टीसीएस, टेक महिंद्रा, एनटीपीसी, एक्सिस बैंक और एसबीआई 1.7-1 फीसदी तक बढ़े हैं।

मिडकैप शेयरों में रिलायंस कैपिटल, पेट्रोनेट एलएनजी, एचपीसीएल और ओबेरॉय रियल्टी 2.5-2.25 फीसदी तक कमजोर हुए हैं। हालांकि मिडकैप शेयरों में हैवेल्स, नाल्को, पेज इंडस्ट्रीज, अमारा राजा और सीजी कंज्यूमर 2.2-0.9 फीसदी तक उछले हैं।

द्वारिकेश शुगर, सोना कोयो, बिड़ला कॉर्प और जीनस पावर 12-5.3 फीसदी तक टूटे हैं। हालांकि स्मॉलकैप शेयरों में सोरिल इंफ्रा, जयप्रकाश एसोसिएट्स, रॉयल ऑर्किड, केडीडीएल और वाटरबेस 14.4-8 फीसदी तक मजबूत हुए हैं।