4.90% की बढ़त के साथ सूचीबद्ध हुआ इंडोस्टार कैपिटल फाइनेंस (Indostar Capital Finance)

गैर-बैंकिंग वित्तीय कंपनी इंडोस्टार कैपिटल फाइनेंस (Indostar Capital Finance) के शेयर ने आईपीओ (IPO) इश्यू भाव के मुकाबले बीएसई पर 4.90% की बढ़त के साथ शुरुआत की है।

कंपनी का शेयर 572 रुपये के ऊपरी इश्यू भाव के मुकाबले 600 रुपये पर सूचीबद्ध हुआ है।

गौरतलब है कि 09 से 11 मई तक खुले आईपीओ के जरिये कंपनी ने 1,800-2,000 करोड़ रुपये जुटाने का लक्ष्य रखा था। कंपनी के आईपीओ (IPO) इश्यू को 6.74 गुना आवेदन प्राप्त हुए थे। इश्यू से पहले कंपनी ने एंकर निवेशकों से 553 करोड़ रुपये प्राप्त किये थे। आईपीओ इश्यू में 700 करोड़ रुपये के नये शेयर जारी किये गये, जिसमें 10 रुपये प्रति वाले इक्विटी शेयरों के लिए 570-572 रुपये का प्राइस बैंड तय था।

आईपीओ के माध्यम से प्राप्त पूँजी का इस्तेमाल इंडोस्टार कैपिटल फाइनेंस भविष्य की पूँजीगत जरूरतों को पूरा करने के लिए करेगी। इसके इश्यू में जेएम फाइनेंशियल, कोटक महिंद्रा कैपिटल, मॉर्गन स्टेनली इंडिया, मोतीलाल ओसवाल इन्वेस्टमेंट एडवाइजर्स और नोमुरा फाइनेंशियल एडवाइजरी इश्यू की प्रबंधक रहीं। (शेयर मंथन, 21 मई 2018)

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टाटा स्टील (Tata Steel) ने बढ़ायी सुबरनरेखा पोर्ट (Subranrekha Port) में हिस्सेदारी

टाटा स्टील (Tata Steel) ने सुबरनरेखा पोर्ट (Subranrekha Port) में अतिरिक्त हिस्सेदारी खरीदी है।

टाटा स्टील ने 2008 में शुरू हुई सुबरनरेखा पोर्ट में अतिरिक्त 4.19% हिस्सेदारी खरीद कर अपनी शेयरधारिता 7.06% तक बढ़ा ली। सुबरनरेखा बंदरगाह तैयार करने के लिए सुबरनरेखा पोर्ट को ओडिशा सरकार और क्रिएटिव पोर्ट डेवपलमेंट (Creative Port Development) ने मिल कर शुरू किया था।

दूसरी तरफ बीएसई में टाटा स्टील का शेयर 601.70 रुपये के पिछले बंद स्तर के मुकाबले 609.00 रुपये पर खुला है। सुबह पौने 10 बजे यह 1.80 रुपये या 0.30% की हल्की मजबूती के साथ 603.50 रुपये पर चल रहा है।

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Greenply Industr Q3 net Profit Jumps 50.25% at Rs 36.06 cr

The company reported standalone net profit of Rs 36.06 crore for the quarter ended December 31, 2017 as compared to Rs 24.00 crore in the same period last year, registering a year-on-year growth of 50.25 per cent. Net revenue of the company rose moderately by 11.29 per cent at Rs 399.29 crore in October-December quarter of this fiscal as against Rs 358.78 crore in the corresponding period last year. During October-December quarter, operating expenses increased by 8.18 per cent to Rs 336.64 crore from Rs 311.18 crore in year ago period.

Other Income dipped by 63.54 per cent at Rs 1.01 crore versus (Dec'16 Rs 2.77 crore). Operating Profit surged by 29.28 per cent to Rs 62.65 crore as against Rs 48.46 crore in the year ago period, while Operating Profit Margin (OPM) expanded year-on-year to 16.14 per cent in December quarter. Interest declined by 22.42 per cent y-o-y to Rs 2.56 crore, while Taxation increased by 23.73 per cent at Rs 14.60 crore (Dec'16 Rs 11.80 crore).

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Opening bell: Asian Markets open Higher; Bharti Airtel, Ultratech Earnings in Focus

US stocks end higher; Asian shares surge in early trade

Stocks traded higher on Wednesday, following the release of stronger-than-expected quarterly results from some of the biggest US companies.

Stock indices in Asia on Thursday bounced back from declines in the last session, tracking substantial overnight gains on Wall Street. Investors also awaited a raft of China data, as well as interest rate decisions from South Korea’s and Indonesia’s central banks due later in the day.

Newgen Software IPO gets 70% subscription on Day 2

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The initial public offering (IPO) of IT firm Newgen Software Technologies was subscribed 70% on the second day of the share sale on Wednesday.

Amber Enterprises IPO fully subscribed on Day 1

The Rs600-crore initial share public offering (IPO) of Amber Enterprises was fully subscribed on the first day of its bidding.

Puravankara to invest Rs600 crore on low-cost housing project

Realty firm Puravankara Ltd said it will invest Rs600 crore to construct an affordable housing project in Bengaluru.

Amalgamation scheme: Tata Power shareholders’ meet on 19 February

Tata Power said it will convene shareholders’ meeting on 19 February to seek approval for the proposed amalgamation of four group entities with the company.

HUL Q3 profit rises 28% to Rs1,326 crore

Hindustan Unilever Ltd posted a 28% rise in its third-quarter profit, underpinned by higher sales from its personal care business.

Earnings corner

Adani Power, Bharti Airtel, Hindustan Zinc, Mastek, Yes Bank and UltraTech Cement are among the companies that will be announcing their December quarter earnings on Thursday.

Markets Live: Sensex trades lower, Nifty below 10,300, Dr Reddy’s shares rise 5%

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The BSE Sensex and the NSE Nifty were trading lower on Tuesday ahead of key inflation data. The government will announce Consumer Price Index (CPI) and Index of Industrial Production (IIP) data later in the day.

Market update

BSE Sensex trades lower by 81.14 points, or 0.24%, at 33,374.65, while the Nifty 50 falls 31.70 points, or 0.31%, to 10,290.55.

Dr Reddy’s shares rise 5% after USFDA issues EIR

Dr Reddy’s Laboratories Ltd rose 5% to Rs2,287.85 after the company said the US Food and Drug Administration (FDA) issued an Establishment Inspection Report (EIR), stating closure of audit for the company’s formulations manufacturing plant 3 at Bachupally in Hyderabad.

10-year bond yield hits near 17-month high

The 10-year bond yield was at 7.226%, a level last seen on 27 July 2016, compared to its previous close of 7.175%. Bond yields and prices move in opposite directions. It gained for the fourth session to hit nearly 17-month high.

Rupee opens lower against US dollar

The rupee was trading at 64.44 a dollar, down 0.11% from its Monday’s close of 64.37. The rupee opened at 64.46 a dollar on Tuesday.

Sensex, Nifty open in the red

BSE Sensex trades lower by 76.56 points, or 0.23%, at 33,379.23, while the Nifty 50 falls 29.10 points, or 0.28%, to 10,293.

Opening bell: Asian Markets Mixed; LIC, Bank of Baroda, McLeod Russel in News

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Asian markets little changed in opening trade

Asian markets opened mixed. Stock markets outside Japan were little changed in the morning trade. Overnight, the US markets closed with gains. S&P 500 at 2,647 points is up 0.8%.

GDP growth rebounds to 6.3% in September quarter

India’s GDP growth quickened to 6.3% in the September quarter, up from a three-year low of 5.7% in the June quarter.

Union budget 2018 to focus on infra, rural sector

The big focus of next year’s Union budget will be spending on infrastructure and the rural sector, finance minister Arun Jaitley said, reports Mint.

LIC pares stake in Bank of Baroda

Life Insurance Corporation of India (LIC) has offloaded over 2% stake in Bank of Baroda in an open market sale in the last two months.

Nomura buys 9% in McLeod Russel for Rs205 crore

A trust controlled by the Williamson Magor Group sold 9.1% stake in McLeod Russel India to investment arms of Nomura for about Rs205 crore, reports The Times of India. According to the report, the move was aimed at reducing the debt burden of the company.

Airtel, Vodafone looking to buy RCom’s airwaves

Bharti Airtel and Vodafone India are keen to acquire some spectrum from Reliance Communications to add to their airwave holdings in key markets, reports The Economic Times.

Dr Reddy’s gets nod to restart exports to EU from Vizag plant

Dr Reddy’s Laboratories has said a German regulatory authority has allowed the company’s Visakhapatnam-plant to restart production for the European Union market, reports PTI. However, the regulator will re-inspect the facility, the report adds.

HDFC, Standard Life to dilute stake in AMC unit through IPO

The board of HDFC Asset Management Co. Ltd (HDFC AMC) has approved its proposed initial public offering (IPO). Both the shareholders of the AMC—HDFC Ltd and Standard Life Investments Ltd—will sell parts of their stakes to the public in the share sale.

Moody’s expects India’s air traffic growth to moderate in two years

Lastly, India’s blistering pace of air traffic growth will moderate to a healthy 8-10% in the next two years, credit rating agency Moody’s Investors Service said, reports Mint. The figure 8-10% applies to combined domestic and international traffic growth.

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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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.

A 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.

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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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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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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Union Bank of India posts Q2 net loss of Rs 15,301 cr

State-run Union Bank of India on Friday reported standalone net loss during the quarter stood at Rs 1530.72 crore compared to net profit of Rs 176.67 crore in the previous year quarter. Interest income of the bank rose by 0.17 per cent at Rs 8222.39 crore for the quarter ended September 30, 2017 as against Rs 8208.14 crore in the corresponding period last year. NII, the difference between interest earned on loans and interest paid on deposits, increased by 1.90 per cent at Rs 2,320.73 crore versus Rs 2,277.44 crore in the year ago period. Non-interest income rose 6.84 per cent year-on-year to Rs 1,217.34 crore. 

During the July-September quarter, total income rose by 0.99 per cent to Rs 9,439.73 crore from Rs 9,347.58 crore in the year ago period. Operating profit surged 6.55 per cent to Rs 1,938.97 crore from Rs. 1,819.70 crore. Meanwhile, operating expenses dropped by 0.36 per cent to Rs 7,500.76 crore from Rs 7,527.88 crore in the same period last year. 

Provisions and Contingencies surged by 119.38 per cent at Rs 3,554.67 crore from Rs 1,620.29 crore a year ago. On the asset side, gross non- performing assets (NPAs) rose to 12.35 per cent of the gross advances as at the end of September 30, 2017 from a level of 10.73 per cent year earlier. Its net NPAs or bad loans too increased to 6.70 per cent of net advances on September 30, 2017 from 6.39 per cent a year ago.

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IRB Infra`s Arm Commences toll Collection at Chittorgarh-Gulabpura Section

IRB Infrastructure Developers’ wholly-owned subsidiary - CG Tollway, incorporated for implementation of project of six lanning of 124.87 km of NH-79 between Chittorgarh and Gulabpura in the state of Rajasthan has received the appointed date from the Competent Authority. Accordingly, the SPV has started toll collection and construction on the project from November 4, 2017.

The project is on DBFOT pattern and the concession period of the project is 20 years including construction period of 910 days. The estimated cost of the project is Rs 2,090 crore. The company started toll collection on the project from appointed date i.e. November 4, 2017 being Six Lanning Project. The company has offered premium of Rs 228.60 crore to NHAI.

The premium payment will commence after three years from the appointed date in terms of the concession agreement. IRB Infrastructure Developers undertakes development of various infrastructure projects in the road sector through several special purpose vehicles. Meanwhile, shares of the company were trading at Rs 247.35 apiece, up 1.62 per cent from the previous close

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Indian Oil Corp Creating Artificial scarcity of LPG cylinders: Manipur Minister

Manipur's Consumer Affairs and Public Distribution Minister Karam Shyam on Thursday accused Indian Oil Corporation of creating an artificial scarcity of LPG cylinders in the state.

"The government has initiated steps to monitor the functionings of the IOC in this regard," he said, noting that while the monthly allotment of LPG cylinders to Manipur is 5,000 metric tonnes, the IOC has been bringing just 2,000 metric tonnes.

The northeastern state has 3,60,413 consumers and 88 distributors. Consumers have been complaining that they get hardly two cylinders in a year, and Shyam admitted that consumers are forced to buy cylinders on the blackmarket at Rs 1,800 each or more.

Officials said that those who cannot afford this exorbitant prices are using firewood and charcoal.

Stressing that the consumer subsidy is also lost, Shyam said: "This is unacceptable and the government shall not remain silent."

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Bank of Baroda cuts Base Rate by 0.15% to 9.15% from Oct 1

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Bank of Baroda said it has cut the base rate by 0.35 per cent to 9.15 per cent with effect from October 1, reported PTI. The bank has revised base rate and BPLR, Bank of Baroda said in a regulatory filing. 

The base rate, minimum rate below which a bank cannot lend, has been revised downward from existing 9.50 per cent per annum to 9.15 per cent per annum from October 1, 2017, the bank said.

The benchmark prime lending rate (BPLR), the method which charges interest on credit worthiness of customers, has also been cut to 13.45 per cent per annum from next month. The BPLR is 13.80 per cent per annum currently.

Tata Motors Shares fall 6% to hit Nearly 16-Month low on weak Earnings

Shares of Tata Motors Ltd on Thursday fell as much as 6.1% to hit nearly 16-month low as many brokerages reduced their target price for the stock after the company reported weaker earnings in both Jaguar Land Rover (JLR) and Indian operations.

The stock hit a low of Rs391.25 a share, a level last seen on 24 May 2016. At 10am, the scrip was trading at Rs393.65 on the BSE, down 5.5% from its previous close.

So far this year, it has fallen 16.8%. Tata Motors DVR fell 6.4% to Rs226.90, while India’s benchmark Sensex Index fell 0.42% to 31,665.44 points.

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JLR reported £442 million earnings before interest, tax, depreciation and amortization (Ebitda) in the June quarter, down 34% year-on-year and below brokerage firm Kotak Institutional Equities estimates of 27% due to higher realised forex losses which was at £545 million against the analyst estimates of £314 million.

Ebitda margin declined 460 basis points to 7.9% against the analyst estimates of 13.5%.

On the domestic front, a sharp drop of 34% in medium and heavy commercial vehicle sales led to a loss of Rs466.85 crore for the stand-alone entity against a profit of Rs34 crore a year ago.

“The quarter reflects mounting pressure on JLR’s profitability with limited currency related benefits, elevated discount levels and increasing investments in technologies/products. We believe the pressure points on JLR could continue. This more than offsets the benefits from new product launches in our view,” said IDFC Securities in a note to its investors.

Jaiprakash Associates Shares Soar 217% in 2017, Still Down 92.47% from life Highs

Beleaguered Jaypee Group company stocks are on fire this year. Share prices of Jaiprakash Associates Ltd jumped 217.22%, while shares of group companies Jaypee Infratech Ltd rose 165% and Jaiprakash Power Ventures Ltd gained 72% so far in 2017.

In this period, benchmark indices Sensex and Nifty are up 19.4% and 21%, respectively.

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However, even after steep rise in share prices of these companies, they are far from their respective record highs. For instance, Jaiprakash Associates is still down 92.47% from its record high at Rs340 it touched in 2008.

Similarly, Jaypee Infratech and Jaiprakash Power Ventures are down 80.35% and 95.30% from life highs at Rs100 and Rs144 they hit in 2010 and 2008, respectively.

In 2016, Jaiprakash Associates slipped 32.18%, Jaiprakash Power Ventures fell 43.43% and Jaypee Infratech Ltd lost 42.14% as debts piled on the companies. Lenders have been insisting to sell some of the group’s best assets, and transfer ownership to cut debt.

Now as the group is addressing its debt issue via restructuring and other measures, investors are lapping up shares, analysts said.

“JP Associates is seeing buying interest this year due to massive debt restructuring the company has undertaken but it is yet to be even near its peak,” said an analyst who did not wish to be named.

Dr. Reddy`s Lab signs agreement with CHD Bioscience

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Dr. Reddy’s Laboratories Ltd. has said that it has signed a global licensing agreement with CHD Bioscience Inc., a privately-held biopharmaceutical company for the clinical development and commercialization of Dr. Reddy’s Phase III clinical trial candidate, DFA-02. It is intended to be used for the prevention of surgical site infections, following non-emergency, elective colorectal surgery.

Phase II studies for DFA-02 have been successfully completed, and the product will be transitioning to pivotal Phase III registration studies. “Under the terms of the agreement, Dr. Reddy’s would receive equity in CHD valued at $30 million upon an IPO of CHD or a minimum of $30 million in cash within 18 months of execution of the agreement. Dr. Reddy’s will also receive additional milestone payments of $40 million upon USFDA approval.