TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES ) NIFTY FIFTY : - Indian market showed huge buying on Friday, with a follow up rally in Midcaps and Small caps. The Indian benchmark Index Nifty on last Friday made fresh all-time highs. It settled at record closing highs as well. The Index closed at 9595 and made a high of 9605. On Monday trading session the Nifty opened in cautious note down by 35 points or 0.36 per cent at 9604 level. The market were trading in strong note last week on the back of 3rd Anniversary of “Modinomics” Thus from Monday market Focused on NonPerforming Assets resolution Implementation of Goods and Services Tax and Macro Economic data. Nifty opened in cautious note on Tuesday trading session Down by 14 points at 9590 made a high of 9635 and closed with some gains at 9624 level. Amid the Global Concern , India’s Markit Manufacturing PMI data came below market Expectation after the Terrible Quarter4FY17GDP at 6.1 per cent Growth. Which derailed the Country fastest Growing Economy tag in the World to China which reported a Q4GDP 6.9 per cent. The Indian Manufacturing PMI for May flashed as 51.6 Against estimate of 52.7 that is at 3 month low. Thus a Tepid GDP & PMI data drag the Market on Thursday trading session, The Nifty index opened at 9606 down by 15 points and made a high of 9634 after making a low of 9590 and closed at 9616. it may Again Indicate some stress in the Market going on after the DeMo led initial disruption. Although a combination of lower CPI and Lower Growth may also force the Reserve Bank of India to Change it’s Stance from neutral to Accomodative again and thus market may be Also Expecting Dovish stance from Monetary Policy Committee in it’s Forth Coming Policy on 7th June. We do expect even if RBI does not cut rate in June, It may Certainly act in August meeting. If the Economic Activity will not rebound. Last day, Indian Benchmark Index traded in a very narrow range of 44 points by making a high of 9635 and a low of 9581 and closed at 9625. Fertilisers, Paper and Cements are the sectors which has given a good rally after GST announcement. Time and Price Action Suggest that Nifty to Sustain over 9680 level for Any further Up move toward 9740-9786-9800, On the Flip Side Sustaining below 9600 level may drag the Index toward 9540-9460 in near Term.
BANK NIFTY : - The Banking Shares Index Bank Nifty also gave a huge rally in last Friday trading session where Index opened at 23151 and made a new high of 23408 after making a low of 23092 it has closed at 23362. The Index opened on Some flat note and traded volatile on First trading session of week, The Rally in banking Stocks especially in Public Sector banks move the Index toward Up side,Although index failed to Sustain it crucial 23400 levels. The S&P Global Rating said that , Indian banks' stressed assets are likely to increase to 15 per cent of total loans by March 2018 even as their regulatory capital requirements will continue to rise till 2019. Indian banks' credit profiles are unlikely to improve over the next 12 months, S&P said in a report titled 'No Quick Cure for India's Banking Blues' The banking sector's total stressed assets will increase to 13-15 per cent of the total by the end of March 2018, with PSU banks accounting for most of that loans. Last day, Bank Nifty also made a record high of 23469 on the last trading session. PNB up by 3.07%, ICICI Bank by 1.74% and Federal Bank up by 1% were among the major movers in the Index. Now Bank Nifty need to Sustain over 23350 for further rally toward 23464-23520, On the other side Sustaining below 23300 may drag the Index toward 23240-23160-23046 in near Term.
Monday, 05 June 2017
TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES ) NIFTY DAILY
WEEKLY
MONTHLY
R2
R1
PP
S1
S2
9760
9692
9658
9624
9556
R2
R1
PP
S1
S2
9960
9726
9609
9492
9258
R2
R1
PP
S1
S2
9876
9712
9630
9548
9384
R2
R1
PP
S1
S2
23530
23469
23389
23248
22966
R2
R1
PP
S1
S2
24420
23672
23298
22924
22176
R2
R1
PP
S1
S2
24439
23785
23358
23131
22677
BANK NIFTY DAILY
WEEKLY
MONTHLY
MOVING AVERAGE
21 DAYS
50 DAYS
100 DAYS
200 DAYS
NIFTY
9467
9302
9074
8796
BANK NIFTY
22852
22210
21350
20284
PARABOLIC SAR
DAILY
WEEKLY
MONTHLY
NIFTY
9409
9412
8770
BANK NIFTY
22699
22570
19595
PATTERN FORMATION ( NIFTY )
Detail of Chart - On the Above given daily chart of Nifty has Applied Bollinger Band and Parabolic Sar On the Technical Chart it has touched the Upper band of Bollinger Band which is a cross signal for bullish market. Although it can be short term rally for Nifty but we could witness the rally till 9760 level. As of Now the Crucial level as per Technical analysis is 96009582 is Down side and 9692-9742 is Up side.
PATTERN FORMATION ( BANK NIFTY )
Detail of Chart - On the Above given daily chart of Bank Nifty has Applied Bollinger Band and Parabolic Sar On the Technical Chart it has also touched the Upper band of Bollinger Band which is a giving the signal for bull trend for upcoming week. Although it can be give Short-Tterm rally for Index but we could witness the rally for Index in next week for the target of 23425-23542 level. As of Now the Crucial level as per Technical analysis is 23393-23435 is Up side and 23300-23285 is Down side
NSE EQUITY DAILY LEVELS COMPANY NAME
R2
R1
PP
S1
S2
ACC ADANI PORTS
EQ EQ
1683 364
1670 360
1298 355
1646 351
1635 346
AMBUJACEM ASIAN PAINT AXISBANK BAJAJ-AUTO BANKBARODA BPCL BHEL BHARTIARTL BOSCH LTD BHARTI INFRATEL CIPLA COALINDIA CAIRN INDIA LTD DRREDDY GAIL GRASIM HCLTECH HDFC HDFCBANK HEROMOTOCO HINDALCO HINDUNILVR ICICIBANK ITC INDUSIND BANK INFY IDEA CELLULAR KOTAKBANK LT M&M MRF MARUTI SUZUKI ONGC NTPC RCOM RELCAPITAL RELIANCE RELINFRA RPOWER SBIN SSLT( VEDL) SUNPHARMA TATA MOTORSDVR TCS TATAMOTORS TATAPOWER TATASTEEL UNIONBANK YES BANK LIMITED ZEEL
EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ
244 1179 517 2869 183 749 144 385 24529 387 541 272 2601 419 1171 869 1627 1655 3910 203 1139 326 321 1536 981 82 976 1818 1441 69553 7231 176 164 22 563 1350 496 43 292 239 523 297 2604 488 83 511 163 1510 532 364
243 1170 514 2842 182 741 142 377 24171 381 532 270 2579 413 1164 862 1611 1645 3856 201 1118 324 319 1520 975 81 970 1805 1432 68821 7192 175 163 21 558 1341 490 42 290 235 520 293 2578 483 82 504 162 1490 528 360
242 1165 511 2807 179 732 140 373 23917 376 525 267 2552 406 1154 863 1597 1637 3803 197 1082 319 317 1502 970 80 967 1791 1426 68260 7149 174 161 21 554 1329 484 41 288 230 514 290 2565 481 81 496 159 1468 525 355
241 1156 508 2780 178 724 138 365 23559 370 516 265 2530 400 1147 856 1581 1627 3749 195 1061 317 315 1486 964 79 961 1778 1417 67528 7110 173 160 20 549 1320 478 40 286 226 511 286 2539 476 80 489 158 1448 521 351
240 1151 505 2745 175 715 136 361 23305 365 509 262 2503 393 1137 851 1567 1619 3696 191 1025 312 313 1468 959 78 958 1764 1411 66967 7067 172 158 20 545 1308 472 39 284 221 505 283 2526 474 79 481 155 1426 518 346
TOP 15 ACHIEVERS SR.NO
SCRIPT NAME
//
PREV CLOSE
CMP
% CHANGE
SR.NO
1
1
AURO PHARMA
532
593
+ 11.54 %
2
CIPLA LIMITED
488
529
+ 8.37 %
3
HERO MOTOCORP
3618
3850
+ 6.40 %
4
DR. REDDY’S LABS
2414
2556
+ 5.90 %
5
M&M LIMITED
1340
1419
+ 5.87 %
6
LUPIN LIMITED
1112
1165
+ 4.75 %
7
NTPC
156
163
+ 4.49 %
8
INDIABULLS
1086
1132
+ 4.28 %
9
HINDUNILVR
1040
1084
+ 4.17 %
10
HDFC
1547
1609
+ 3.95 %
11
ITC LIMITED
309
318
+ 3.25 %
12
ADANI PORTS
348
358
+ 2.93 %
13
ASIAN PAINTS LTD.
1132
1163
+ 2.72 %
14
INDUSIND BANK
1477
1516
+ 2.59 %
15
WIPRO LIMITED
539
552
+ 2.41 %
+
+
+
+
+
+
+
TOP 15 LOOSERS SCRIPT NAME
PREV CLOSE
CMP
% CHANGE
SUN PHARMA
567
514
- 9.38 %
2
TECH MAHINDRA
429
399
- 6.80 %
3
VEDANTA
242
228
- 5.67 %
4
TATA STEEL
511
492
- 3.84 %
5
BHARAT PETRO
749
724
- 3.31 %
6
INFOSYS LIMITED
995
968
- 2.72 %
7
IOC
426
415
- 2.59 %
8
ICICI BANK
321
318
- 1.04 %
9
ONGC
175
174
- 1.00 %
10
RELIANCE
1337
1326
- 0.84 %
11
YESBANK LTD
1493
1482
- 0.78 %
12
AXISBANK LTD
511
507
- 0.78 %
13
HINDALCO INDUS
198
197
- 0.68 %
14
TATAMOT LTD.
481
478
- 0.53 %
15
SBIN
288
287
- 0.50 %
-
-
-
-
-
-
-
OPEN INTEREST INDEX F&O AND CASH SEGMENT ACTIVITY
NSE - WEEKLY NEWS LETTERS ✍ TOP NEWS OF THE WEEK Fiscal deficit at 3.5 per cent in FY17, spending gathers pace - The Narendra Modi government's decision to unveil the budget early seems to have paid off with spending having picked pace in the first month of the financial year itself. The government spent 11.3% of the budgeted expenditure in April, with capital expenditure topping the overall spending. Fiscal deficit in fiscal 2017 was 3.5% of GDP, in line with the budget projection, reflecting the government's commitment to the process of fiscal consolidation. In fiscal 2016, the deficit was 3.9% of GDP. Higher than estimated capital spending has provided a boost to the quality of expenditure relative to the revised estimates. The healthy uptick in service tax collections relative to the revised estimates suggests improved compliance, which is a favourable trend," said Aditi Nayar, principal economist at ICRA. The government in April spent 9.3% of the planned capex of Rs 3.09 lakh crore, in what could give a big boost to overall growth. Capex spending in April a year earlier was 8.5% of the budget estimate. Revenue expenditure was 11.6% of the budget estimate in April FY18. The government had advanced the budget to February 1 — the practice was to present it on the last day of February — to eliminate the several-month-long expenditure lag to give the economy a boost. States may gain Rs 350-450 bn in revenue post GST: StanChart - States can look at a higher revenue of Rs 350-450 billion after GST implementation in mid-2017, says a Standard Chartered report. According to Standard Chartered Bank's report titled India - States' Finances: The other half of the story post GST implementation states can look at a total gain of Rs 350-450 billion, roughly around 0.2-0.3 per cent of GDP. The study that assessed underlying dynamics of various states' finances over a decade said if they can keep their fiscal deficits within the budgeted target, and the Central government adheres to its target of 3.2 per cent of GDP, the combined 2017-18 deficit could be 6 per cent. The findings estimate that the 18 states tracked in the study aim to keep their 2017-18 fiscal deficit unchanged from 2016-17 at 2.7 per cent of GDP. It is estimated that the risk of slippage is limited to 0.1 per cent of GDP as additional interest payments on UDAY bond issuance have been partially budgeted, most states are still assessing Pay Commission recommendations, and additional expenditure burden of farm-loan waivers for most states (apart from Uttar Pradesh) is likely to be small, the report said. India to grow at 7.2% in 2017-18: World Bank - Giving thumbs up to the demonetisation of high value currency notes last year and the upcoming roll out of the goods and services tax, the World Bank has said the two reforms will increase the formalisation of the Indian economy. In its latest India Development Update released on Monday, the World Bank said India’s economy will
grow 7.2% in fiscal year 2017-18. “In the long-term, demonetisation has the potential to accelerate the formalization of the economy… the implementation of the GST is a key complementary reform that will support formalization, as firms have a strong incentive to register with GST to obtain input tax credits,” the World Bank said in the biannual report themed ‘Unlocking Women’s Potential’. GST, the report said, would lead to higher tax collection, greater digital financial inclusion and make India’s fundamentals stronger and yet not increase the burden on the poor. Given the efficiency and revenue gains that the reform will eventually achieve, the overall impact of the GST on equity and poverty is likely to be positive, it said. India’s economy was slowing down in early FY17, until the favourable monsoon started lifting the economy, but the recovery was temporarily disrupted by demonetisation . GDP growth slowed to 7% year-onyear in the third quarter of 2016-2017 from 7.3% in the first quarter. “As a result, a modest slowdown is expected in the GDP growth in 2016-2017 to 6.8%,” the bank said. Several factors responsible for decline in GDP growth: Arun Jaitley - Several factors including the global situation were responsible for decline in GDP growth to 6.1 per cent in the fourth quarter of 2016-17, Finance Minister Arun Jaitley said today, dismissing suggestions that it was on account of demonetisation. The minister further said some slowdown was visible even prior to demonetisation of Rs 500/1000 currency notes announced by the government on November 8 last year. "Seven-eight per cent growth is fairly reasonable level of growth and very good by global standard and reasonable by Indian standard," Jaitley said while addressing media on completion of three years of the Modi government. According to GDP data released yesterday, growth rate slipped to 6.1 per cent in the January-March quarter and 7.1 per cent, the lowest in the three years, during 2016-17. Referring to the challenges, he said the major ones include resolving the issue of bad loans in the banking sector and encouraging private sector investment. On privatisation of ailing national carrier Air India, Jaitley said Niti Aayog has already given its recommendations to the Civil Aviation Ministry to explore various options. "It is for the Civil Aviation Ministry to explore various options," he added. GST, NPA resolution to improve India's credit profile, says Moody's Investors Service India's key reforms including the impending Goods and Services Tax and sticky loan resolution is going to boost the country's credit profile, Moody's Investors Service said Thursday. Moody's said that the wide-ranging reforms, also including the improving fiscal framework following the Fiscal Responsibility and Budget Management Act recommendations will broaden the tax base and anchor fiscal consolidation. Under such outcomes, the government's debt burden, a key constraint on India's credit profile, would ease gradually," the global firm said. Moody's report focuses on the potential credit impact of three key pending reforms: the GST, the fiscal framework following FRBM and NPA resolution measures. Recent government measures to address NPAs and the promulgation of the Insolvency and Bankruptcy Code 2016 are credit positive for the sovereign,
as they provide a clearer framework for NPA resolution," Moody's said. Eight core sector growth slips to 2.5 per cent in April - A sharp fall in the output of coal, natural gas and crude oil pulled down growth in the group of eight core sectors to a three-month low in April. The core sector expanded 2.5 per cent in the first month of the new fiscal year, compared with 5.3% in March and 8.7% a year earlier. The eight infrastructure sectors of coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity constitute 40.27% of the total industrial production. The base year to calculate the growth in the core industries has been revised to 2011-12 from 2004-05, starting April this year, in line with the new base year for the Index of Industrial Production. As per data released by the commerce and industry ministry on Wednesday, coal output slipped 3.8% and cement production fell 3.7%. Crude oil output dropped 0.6%. “The base effect has also been in play with some numbers being low on account of higher numbers last year. Negative growth in cement is a worry as it does reflect limited movement in the infra space,” said CARE Ratings chief economist Madan Sabnavis.
✍ TOP ECONOMY NEWS
Manufacturing activity in India grew at a slower pace in May, a private survey showed on Thursday. The Nikkei India Manufacturing Purchasing Managers’ Index fell to a three month low of 51.6 from 52.5 in April. An upturn in new business supported output growth but rates of increase eased in both cases. “The upturn in the Indian manufacturing sector took a step back in May, with softer demand causing slower expansions in output and the amount of new work received by firms. Moreover, there was a renewed decline in new export orders," Said Pollyanna De Lima, economist at IHS Markit and author of the report.
India's per capita income grew by 9.7 per cent to Rs. 1,03,219 in 2016-17 from Rs. 94,130 a year ago. In 2015-16, the rate of growth of the country's per capita net income stood at 7.4 per cent. The per capita income at current prices during 2016-17 is estimated to have attained a level of Rs. 1,03,219 as compared to the estimates for the year 2015-16 of Rs 94,130 showing a rise of 9.7 per cent," an official release said.
Consumer price inflation is likely to rise above RBI's medium-term target of 4 per cent in 201718 due to factors like rise in rural wages and transient impact of goods and services tax, said a report. The uptick in underlying price pressure could push the RBI to hike rates this fiscal, said the report by UBS. The global brokerage has estimated average consumer price index inflation, excluding the house rent allowance, is expected to be at 4.2 per cent and 4.5 per cent for 2017-18 and 2018-19, respectively.
The negative impact of demonetisation exercise may have been neutralised on account of the positive impact of UP elections and the economy may post a better-than-expected 7.5 per cent growth in FY'17, says a report by global ratings firm subsidiary Moody's Investor service. "The negative impact of last year's demonetisation on the economy has been limited in size and duration," said a report by Moody's Investor Service.
Funds worth Rs. 980 crore have been released as against Rs. 2,630 crore claims made to NHAI in the last six months since introduction of the arbitration scheme, India Ratings and Research Said. "In the last six months since introduction of the arbitration scheme INR 9.8 billion funds have been released compared to INR 26.3 billion claims made to National Highways Authority of India," Ind-Ra said in a statement.
The inability of road developers and project companies to receive bank guarantees have slowed down the release of arbitration claims for infrastructure developers. According to rating company, India Ratings in the last six months since introduction of the arbitration scheme Rs. 980 crore funds have been released compared to Rs. 2,630 crore on claims made to National Highways Authority of India.
India's manufacturing sector needs to grow at 12-14 per cent for the country's overall growth rate to touch 8 per cent, NITI Aayog member V K Saraswat said. the former DRDO chief said the country's current share of Gross domestic product expenditure for research in the defence sector was inadequate. "If we have to touch the overall GDP growth of eight per cent, we need to have manufacturing growth at almost 12-14 per cent compound annual growth rate ," he said.
Revenue secretary Hasmukh Adhia and Karnataka agriculture minister Krishna Byre Gowda shared the stage on Tuesday, projecting a joint Centre-state effort in support of the goods & services tax. Adhia is on a cross-country tour to explain the nuances of GST and has already visited the North East and Gujarat to iron out issues ahead of the launch on July 1.
Reform measures undertaken by India will broaden its tax base and help the government cut down on debt, but high stressed assets in the banking sector pose contingent liability risks, said Moody’s. Effective implementation of key fiscal and banking sector reforms will address India’s core credit challenges, and even though GST will have a muted short-term impact, but its benefits will accrue over a medium term, it said.
Despite a gloomy global economic scenario, we have restored the credibility of the Indian economy”, said Union Finance Minister Arun Jaitley while speaking on the three years of Modi
government. Modi government inherited a "weak" economy and through active reform measures the government has successfully changed the face of the economy, ✍ TOP CORPORATE NEWS Escorts Limited on Thursday informed that agri machinery segment sold 6886 tractors in May 2017, up by 29% as against 5331 tractors in May 2016. The domestic sales for the month of May 2017 increased by 29% to 6770, as against 5252 tractors in May 2016. Exports sales in May 2017 surged by 47% to 116, as against 79 tractors in May 2016. Mahindra & Mahindra Limited farm equipment sector, a part of the US$ 17.8 billion Mahindra Group, informed its tractor sales numbers for May 2017. Domestic sales in May 2017 were at 24,575 units, as against 22,148 units during May 2016. Total tractor sales during May 2017 were at 25,599 units, as against 23,018 units for the same period last year. Exports for the month stood at 1,024 units. Jubilant Life Sciences Limited was trading on a bullish mood surged nearly 3% on the 2nd half of Thursday’s trade. The company has received an oral order from National Green tribunal on May 31, 2017 allowing to restart of the manufacturing operations of the company distillery unit at Gajraula Subject to certain stipulations. Pursuant to the order, the company has restarted operations of the distillery unit with effect from June 01, 2017. ITC Limited on Thursday was up by 1.3% at Rs. 316 per share at 14:30 hours IST. It is contributing significantly to the FMCG index gains. It hit a high of Rs 316.90 and a low of Rs 311.20 so far during the day. Its peers include Godfrey Phillips India, VST Industries and Golden Tobacco. On the NSE, the traded volume of shares is 59,01,895 and the traded value is Rs 18,606.31 lakh. The free float market capitalisation is Rs 2,65,128.78 crore. Maruti Suzuki India Limited on Thursday has announced its auto sales data for the month of May 2017. The company total sales soared 11.3% to 1.37 lakh units in May 2017 as against 1.23 lakh units in May 2016. The total domestic sale of the company rose by 15.5% to 1,30,676 in May 2017 and sales of utility vehicles segment spiked by 66.3% in the same month. Analysts believe that the rising popularity of cars like Vitara Brezza, S-Cross, Gypsie and Ertiga has changed the sales number of the company in the last few months. JK Paper ﾧ Limited, on Wednesday’s after-market hours, announced that the board of directors will consider allotment of equity share of the company on June 8,2017. The allotment of the equity share is consequent to conversion notices received from one of the Foreign Currency Convertible Bonds holder, seeking conversion of its FCCBs and FCCBs (Series 2) of Euro 2.4
million each into equity share of the company. Cadila healthcare Limited has received final approval from the USFDA to market Felbamate Tablets USP in strengths of 400 mg and 600 mg. Felbamate is an oral drug used to treat seizures in people with epilepsy. It will be produced at the group’s formulation manufacturing facility in Ahmedabad. Vedanta Limited, on Wednesday, announced that a Board-appointed panel via an issuance of non-convertible debentures has approved raising up to Rs. 350 crore. The company in its exchange filing added that the NCDs are to be redeemed after two years from the date of allotment through cash flows of the company. Ujaas Energy Limited has received a letter of intent from Moil Ltd for the design, engineering, procurement, supply, construction, erection testing and commissioning of 5.5 MW solar PV plants with a tracking system on turnkey basis at mines in Madhya Pradesh. The board of directors of the company on the previous day has recommended a final dividend of Rs 0.05 per equity share for the financial year ended Mar 31, 2017. NLC India Limited on Tuesday informed that it plans to increase the borrowing powers of board of directors of the company upto Rs. 35,000 crore and creation of security on the assets of the company up to that value. The board of directors has also given approval for the proposal to seek approval of shareholders through postal ballot, as per Exchange filing. Mahindra and Mahindra Limited , a flagship company of the Mahindra Group is the top Nifty gainer in opening sessions on Wednesday. The stock was trading at Rs 1420 per share clocking gains of Rs 60 per share or 4.4% on the NSE at 0935 hours. The tractor and utility maker posted a 26.3% growth in profit at Rs 873.72 crore for the fourth quarter ended March 2017. The company’s bottom line was boosted by other income. Steel Authority of India Limited Q4FY17 standalone results for the quarter came in mixed versus consensus estimates. Revenue for the quarter came in 16% lower than the estimated figure of Rs. 14245 crore. However, net loss for the quarter came in at Rs. 771 crore against estimated net loss of Rs. 737 crore. Steel Authority of India Ltd’s standalone revenue for the quarter came in at Rs. 11970.36 crore, registering 11.8% yoy increase. This was majorly driven by 25.5% and 23.3% y-o-y increase in revenue from Rourkela plant and Bokaro plant respectively. Hindalco Industries Q4FY17 standalone results for the quarter registered a beat on street estimates. Revenue for the quarter came in 3.8 % higher than the estimated figure of Rs. 10620
crore. EBITDA for the quarter came in 1.8 % lower than the estimated figure of Rs. 1372 crore. And lastly, net profit for the quarter came in 9.1 % higher than the estimated figure of Rs. 460 crore. Natco Pharma Limited Q4FY17 consolidated results for the quarter registered a beat on consensus estimates. Revenue for the quarter came in 13 % higher than the estimated figure of Rs. 511 crore. EBITDA for the quarter came in 16.5 % higher than the estimated figure of Rs. 207 crore. And lastly, net profit for the quarter came in 38.5 % higher than the estimated figure of Rs. 127.6 crore. Natco Pharma’s consolidated revenue for the quarter came in at Rs. 578 crore, registering 46.7% y-o-y increase. Piramal Enterprises Limited group company, Piramal Finance has invested Rs. 565 crore in two auto component sector entities. Piramal Enterprises has pumped in Rs. 275 crore in RSB Group and Rs. 290 crore in Indoshell Mould Limited. The investments were made through the Corporate Finance Group , erstwhile Structured Finance Group of Piramal Finance Limited. Coal India Limited, a state-owned mining company, slipped to its 3-year low after the company posted a 38.24% drop in its consolidated net profit at Rs. 2,716.09 crore for the fourth quarter of 2017. The stock tanked to Rs. 259.5 per share, down as much as 2.9% touching its biggest intraday loss since March 2014. Larsen & Toubro Limited on Tuesday informed that the construction arm of the company, i.e. L&T Construction has won orders worth Rs. 5146 crore across various business segments, according to a Exchange filing. The power transmission & distribution business has won major orders worth Rs. 2780 crore in the domestic and international markets. The water & effluent treatment business has bagged orders worth Rs. 1292 crore. Jubilant Foodworks Limited is buzzing on the bourses after reporting poor quarterly results. The stock is the top open interest gainer as of 1128 hours on Tuesday. It is also one of the top five most active stocks by value in the Tuesday’s trade. The stock is trading weak on Tuesday. It has touched intraday low of Rs. 817.2 per share, down by 13.1% on NSE. The stock attracted the traded volume of 34,28,657 shares and traded value of Rs. 295.22 Crore. Bharat Heavy Electricals Limited slumped over 10.5% on the NSE at 1050 hours as the company posted a 57% drop in its net profit for the fourth quarter ended on March 2017.The stock hit a lower circuit of Rs. 138 per share. The PSU posted a profit of Rs. 216 crore for the quarter, compared with Rs. 506 crore posted for the corresponding period last year.
✍ TOP BANKING AND FINANCIAL NEWS OF THE WEEK India’s Bankruptcy Code, billed as the panacea for banks saddled with bad loans, could well backfire if the lender fails to correctly utilise the law. The National Company Law Appellate Tribunal, New Delhi, has rebuked the country’s biggest private lender, ICICI Bank Limited, for moving a default application against Starlog Enterprises at the National Company Law Tribunal, Mumbai Bench, with misleading claims. The Appellate has imposed a Rs. 50,000 fine on the lender for the incorrect claim. Weighed down by sticky loans and net losses, the state-run Bank of India has decided to go for one-time settlements of loans with errant borrowers as one of the key recovery strategies. The lender, with a pile of Non-Performing Assets running to Rs. 52045 crores, is ready to take the OTS route for all borrower segments. The government will sooner or later have to make the difficult choice between putting more money into public sector banks or making some ‘strategic’ decisions for these lenders besieged by rising bad loans and paucity of capital, Uday Kotak founder and vice chairman of Kotak Mahindra Bank said in the bank’s annual report. Banks are now armed with more information than ever before on cardholders. They can now tell which cardholder is likely to default, and in which defaulter's case it is worthwhile to pursue and recover funds. YES Bank Limited bet on the Unified Payments Interface platform, launched in August last year, has helped it steadily make a significant space for itself in the digital payments ecosystem. The bank is now on the cusp of breaking even on investments made for its UPI operations. Beleaguered bankers on Tuesday demanded that the Reserve Bank of India ease conditions on loans that would qualify for restructuring under the so-called S4A scheme and permit them to spread the losses arising out of such a deal over many quarters, said two people familiar with the matter.
Indian banks' stressed assets are likely to increase to 15 per cent of total loans by March 2018 even as their regulatory capital requirements will continue to rise till 2019, S&P Global ratings said. Indian banks' credit profiles are unlikely to improve over the next 12 months, said S&P Global Ratings in a report titled 'No Quick Cure for India's Banking Blues' The banking sector's total stressed assets will increase to 13-15 per cent of the total by the end of March 2018, with PSU banks accounting for most of that loans.
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