TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES ) NIFTY FIFTY : - 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 Day, The Indian Benchmark Index Nifty made record high of 9782 and closed at 9771. Infra Power, Banks, FMCG Food, Metals and Mining, Auto and IT were among the top sectors. The Indian Benchmark Index Nifty made a record high of 9830 and closed at 9786. Infra Power, FMCG Food, Metals and Mining, Automobiles were among the top sectors. The Nifty opened in a Positive note on Monday trading session up by 54 points or 0.55 per cent at 9719 level. The ongoing GST implementation and its effect on the economy and earnings on the corporate India may be in focus in addition of further action from P-Notes F&O holders after SEBI restriction circular; for the last two days, we have seen some short covering from them in order to comply with the SEBI instructions. The big question is will they also unwind their long positions amid strict regulations by the SEBI and another probable subdued earnings quarter. The Indian Benchmark Index Nifty on Wednesday 12th July made a high of 9825 and closed at 9816, after making a low of 9788. The index closed up by 30 points from its previous day close of 9786. Energy-Oil & Gas, Metals and Mining, Realty, Banks-Private and PSU, Infra-Power were among the top sectors on Wednesday trading session. Indian market got some boost from lower CPI estimate released for June is 1.5 % against prior figure of 2.18%; IIP for May is slated come around 1.7% against April figure of 3.1%. Thus dual combination of lower growth in Gross Domestic Product growth and lower headline CPI may be ideal for RBI to cut in Aug’17. on Thursday 13th July made all time high of 9897 and closed at 9892, after making a low of 9853. The index closed up by 76 points from its previous day close of 9816. Indian market is breaking record after record, it’s coming on the back of forced P-Notes FNO short covering and not on the back of fundamental buying or reasons and is also not being supported by earnings; ( TTM )PE may be now around 25, which is quite stretched and in the bubble zone also as par previous trends. Technically Nifty may move towards new high , The Significance Resistance levels for Nifty is 9924-9972 is up side break above this level may move the index toward 1001510154 and the Significance Support levels for Nifty is 9837-9793 levels.
BANK NIFTY : -Last week, Bank Nifty traded laggard in comparison to other sector, the index opened at 23583 and closed at 23894 after making high of 23964 Bank Nifty also made an all time high of 23965 day and closed at 23675.PNB up by 6.28%, Bank of India by 5.67%, Canara Bank by 4.49%, Bank of Baroda by 3.77% were among the movers in the Index. Bank Nifty opened at 23745 on Tuesday trading session and closed at 23585 after making a low of 23553. All the stocks in the banking index were in red last day, except HDFC Bank and Yes Bank. The Reserve Bank of India being an inflation hawk may take the “wait & watch” approach to see more evidences of lower inflation and to change its policy stance again from neutral to accommodative. Also, core CPI of India may be quite sticky around 4.5-5% and coupled with that apprehension of GST disruptions, de-stocking & inflation and global chorus of QT may force RBI/ Monetary Policy Committee to be on the neutral side just to keep the policy parity with USD at present ideal level for the central Bank. RBI may not disrupt the attractive Indian bond market by being ultra dovish on the back drop of a stressed corporate sector and fragile Banks Like - PSBS & some private Banks and limited transmission capabilities of the Banks due to various structural issue. Indusind Bank report card may be termed as mixed as despite decent top & bottom line figure, Bank’s asset quality may losing shine. The Bank Nifty made it’s high of 23955 and traded in a Strong Positive note on last trading session. As of Now Bank Nifty need to Sustain the Strong Support of 23980 level for Further up move towards 2410524222 level. While Sustaining below 23980 level may drag the index toward 23755-23638 levels
Monday, 17 July 2017
TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES ) NIFTY DAILY
WEEKLY
MONTHLY
R2
R1
PP
S1
S2
10073
9949
9887
9825
9701
R2
R1
PP
S1
S2
10511
10031
9791
9551
9071
R2
R1
PP
S1
S2
10830
10100
9735
9370
8640
R2
R1
PP
S1
S2
24502
24102
23902
23702
23302
R2
R1
PP
S1
S2
25136
24192
23720
23248
22304
R2
R1
PP
S1
S2
26014
24384
23569
22754
21124
BANK NIFTY DAILY
WEEKLY
MONTHLY
MOVING AVERAGE
21 DAYS
50 DAYS
100 DAYS
NIFTY
9648
9574
9338
8874
BANK NIFTY
23525
23257
22294
21092
PARABOLIC SAR
DAILY
WEEKLY
MONTHLY
NIFTY
9364
8423
7092
BANK NIFTY
23084
22473
22275
200 DAYS
PATTERN FORMATION ( NIFTY )
Detail of Chart - After taking support from 50 day moving average the previous week. Nifty direction was mostly up during last week while volume was low. The market steadily drifted towards previous high of 9709 with low volume and ADX index losing momentum. The daily ADX is indicating loss of momentum and also daily mid Bollinger line has turned horizontal. Also the width of daily Bollinger band has contracted. Hence there is a possibility that market may remain range-bound and consolidate in the range going forward, unless there is a breakout or break-down on either sides. There are good amount of put build-up seen at 9600, 9500 and 9400 strikes. Hence the down-side looks limited with 34 day and 50 day moving averages remaining at approx. 9591 and approx. 9524 respectively. If on the upside there is a decisive breakout above 9714, i.e. upper Bollinger line, market may scale new highs. The 9700 and the 9800 calls have approx. 4 million open interest.
PATTERN FORMATION ( BANK NIFTY )
Detail of Chart -On the Above given daily chart of Bank Nifty has Applied the Bollinger Band and Parabolic SAR both the indicators are indicating that the Bank Nifty to trade in positive territory in upcoming week. The daily ADX is indicating loss of momentum and also daily mid Bollinger line has turned horizontal. Also the width of daily Bollinger band has contracted. Hence there is a possibility that market may remain range-bound and consolidate in the range going forward, unless there is a breakout or break-down on either sides. There are good amount of put build-up seen at 23980,24120 and 24200 strikes. Hence the down-side looks limited with Down side line & middle line moving averages remaining at approx. 23982 and approx. 24240 respectively.
NSE EQUITY DAILY LEVELS COMPANY NAME
R2
R1
PP
S1
S2
ACC ADANI PORTS
EQ EQ
1805 379
1771 377
1734 375
1700 373
1663 371
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
266 1138 520 2848 168 469 389 411 24599 424 557 256 2742 375 1311 869 1658 1695 3821 208 1155 303 342 1591 1025 1146 992 1198 1388 70524 7629 162 168 25 691 1547 525 45 296 582 279 2446 468 84 569 160 1613 519 379 266
264 1132 517 2830 166 466 384 408 2443 421 551 254 2719 374 1298 863 1654 1690 3788 206 1147 301 341 1586 1005 1137 982 1189 1382 70197 7601 161 164 25 681 1537 521 45 293 575 277 2416 464 84 566 158 1591 516 377 264
262 1122 512 2799 164 461 377 405 24293 414 546 252 2703 373 1280 854 1646 1681 3763 204 1136 298 337 1577 985 1125 972 1174 1375 69674 7561 160 162 24 670 1526 517 44 290 572 274 2396 460 83 561 154 1573 512 375 262
260 1116 509 2781 162 458 372 402 24137 411 540 250 2680 372 1267 848 1642 1676 3730 202 1128 296 336 1572 965 1116 962 1165 1369 69347 7533 159 160 24 660 1516 513 44 287 565 272 2366 458 83 558 152 1551 509 373 260
258 1106 504 2750 160 453 365 399 23987 404 535 248 2664 370 1249 839 1634 1667 3705 200 1117 293 332 1563 945 1104 952 1150 1362 68824 7493 158 158 23 649 1505 509 43 284 552 269 2346 454 82 553 148 1533 505 371 258
TOP 15 ACHIEVERS SR.NO
SCRIPT NAME
//
PREV CLOSE
CMP
% CHANGE
1
ACC LIMITED
1609
1755
+ 9.06 %
2
GAIL LIMITED
358
390
+ 8.75 %
3
AURO PHARMA
694
746
+ 7.10 %
4
HINDALCO INDUS
194
205
+ 5.67 %
5
BHARTI AIRTEL
385
407
+ 5.47 %
6
INDIABULLS HOUS
1065
1122
+ 5.39 %
7
NTPC
159
167
+ 5.19 %
8
SUN PHARMA
549
572
+ 4.29 %
9
SBIN
280
291
+ 4.11 %
10
INFOSYS
935
972
+ 3.92 %
11
YES BANK LIMITED
1505
1564
+ 3.91 %
12
HINDUNILVR
1097
1139
+ 3.79 %
13
BAJAJAUTO LTD
2708
2809
+ 3.75 %
14
AMBUJA CEMENT
253
261
+ 3.33 %
15
BHARTI INFRATEL
404
417
+ 3.33 %
SR.NO
+
+
+
+
+
+
+
TOP 15 LOOSERS SCRIPT NAME
PREV CLOSE
CMP
% CHANGE
1
L&T
1704
1171
- 31.28 %
2
BHARAT PETRO
663
460
- 30.60 %
3
ORCHID PHARMA
29
27
- 5.91 %
4
VIP INDUSTRIES
192
182
- 5.47 %
5
MINDTREE LTD.
539
514
- 4.49 %
6
UJAAS ENERGY
27.90
26.00
- 4.48 %
7
INDIABULLS REAL
204
197
- 3.71 %
8
SHEMAROO ENT.
383
369
- 3.58 %
9
B F UTILITIES
402
387
- 3.50 %
10
MPHASIS LTD.
597
576
- 3.49 %
11
VRL LOGISTIC
333
322
- 3.27 %
12
IOC
382
373
- 2.39 %
13
ONGC
159
158
- 0.78 %
14
COAL INDIA LTD.
251
250
- 0.26 %
15
DR. REDDY’S LAB
2705
2703
- 0.09 %
3 5 4 3 3 2 0
OPEN INTEREST INDEX F&O AND CASH SEGMENT ACTIVITY
NSE - WEEKLY NEWS LETTERS � TOP NEWS OF THE WEEK
Share of exports to top destinations rose to 51.6 per cent in FY17: PHDCCI - Share of India's total exports to top 10 destinations worldwide has increased to 51.6 per cent in 2016-17, compared to 49 per cent in 2013-14, industry body PHDCCI today said. India's main export destinations include the US, Japan, Hong Kong, UAE, China, Singapore, UK and Germany. The country's merchandise exports to the US grew from $39.14 billion in 2013-14 to $42.33 billion in 2016-17, PHDCCI President Gopal Jiwarajka said in a statement. Nearly 53 per cent of exports to America are in the form of consumer goods, followed by intermediates, capital goods and raw materials. Similarly, India's exports to Hong Kong grew 11.2 per cent to $14.2 billion in 2016-17. "Going ahead, we are hopeful that our exports will touch $325 billion mark in the current financial year," Jiwarajka added.
Rupee strengthening to hurt exporters by up to 3 per cent in Q1: Crisi l - Largest ratings agency CrisilBSE -0.62 % today warned the 4 per cent appreciation in the rupee will impact the June quarter sales of exporters by up to 3 percentage points and profits by up to 1.50 per cent. "The sharp appreciation in the rupee against the dollar in recent months is likely to have dented the first-quarter (current fiscal) profitability of exporters that source locally and have limited pricing power," it said. The rupee is steadily appreciating against the dollar for the past few months and moved from 65.03 on April 3 to 64.58 on June 30 against the dollar. Leather, textiles, meat, seafood and basmati rice are the most vulnerable with an impact of up to 3 percentage points of net sales, while the same for pharmaceuticals and agrochemicals will be much lower at 1.50 per cent. Gems and jewellery, and the information technology sectors will have minimal impact of the rupee strengthening as they have import outgoes and extensive hedging, respectively. On the bottomline front, the agency said the net profits will be impacted between 0.50-1.50 per cent only because of the foreign currency loans taken by most exporters, it said, adding 50-90 per cent of borrowings are foreign currency denominated.
Government to sell securities worth Rs 18,000 crore on July 14 - The Reserve Bank said the government will sell four dated securities for Rs 18,000 crore on July 14 through auction. The auction will be conducted using the multiple price method. Up to 5 per cent of the amount will be allotted for eligible individuals and institutions as per the scheme for non-competitive bidding facility in the auction of Government Securities, RBI said. The result of the auctions will be announced on the same day, the central bank said in a statement. Payment by successful bidders will be on July 17. Both competitive and non-competitive bids for the auction have to be
submitted in electronic format on the Reserve Bank of India Core Banking Solution system. The stocks will qualify for the ready forward facility, RBI said. The government has plans to borrow Rs 3.72 lakh crore from markets in the first half of the current fiscal, which is about 64 per cent of the borrowing target for full year.
Monsoon rains have covered most of India, rainfall within expectations: Met - The seasonal monsoon rains have covered most of India and the amount of precipitation so far is within expectations, the head of the country's weather office said, raising hopes for higher farm output after increased sowing of rice and soybean crops. Cumulative monsoon rains have been 2 percent below average since the beginning of the rainy season in June until July 9, India Meteorological Department said. However, recent rains have been heavier, as in the week to July 5, the seasonal showers were 21 percent above average, the IMD said. The distribution of rainfall has been good and it has followed the classical pattern, as we had predicted," K.J. Ramesh, Director General of Meteorology at the IMD, told Reuters in an interview on Monday. The monsoon delivers about 70 percent of India's annual rainfall, critical for the farm sector that accounts for about 15 percent of India's $2 trillion economy and employs more than half of the country's 1.3 billion people. India's farmers depend on the monsoon since half their of the country's 1.3 billion people. India's farmers depend on the monsoon since half their lands lack irrigation. In June, the IMD raised its monsoon forecast by 2 percentage points to 98 percent of the long-term average.
India to be base to economic pole of global growth: Study - India will be the base to the economic pole of global growth over the coming decade, remaining ahead of China, according to a Harvard University research. The study also warns of a continued slowdown in global growth over the coming decade. India and Uganda top the list of the fastest growing economies to 2025, at 7.7 per cent annually. The economic pole of global growth has moved over the past few years from China to neighbouring India, where it is likely to stay over the coming decade," new growth projections presented by researchers at Center for International Development at Harvard University said. Growth in emerging markets is predicted to continue to outpace that of advanced economies, though not uniformly. The projections are optimistic about new growth hubs in East Africa and new segments of Southeast Asia, led by Indonesia and Vietnam. Researchers attribute India's rapid growth prospects to the fact that it is particularly well positioned to continue diversifying into new areas, given the capabilities accumulated to date. "India has made inroads in diversifying its export base to include more complex sectors, such as chemicals, vehicles, and certain electronics," it said.
GST to boost GDP; positive for rating: Moody's - Implementation of the GST will be positive for India's rating as it will lead to higher GDP growth and increased tax revenues,
Moody's Investors Service said today. "Over the medium term, we expect that the GST will contribute to productivity gains and higher GDP growth by improving the ease of doing business, unifying the national market and enhancing India's attractiveness as a foreign investment destination," Moody's VP (Sovereign Risk Group) William Foster said. The GST will also support higher government revenue generation through improved tax compliance and administration. "Both will be positive for India's credit profile, which is constrained by a relatively low revenue base," Foster said. Moody's has a 'Baa3' rating on India with a positive outlook. The biggest tax reform in independent India was rolled out at the stroke of the mid-night -- the intervening night of June 30-July 1 -- by President Pranab Mukherjee and Prime Minister Narendra Modi.
India likely to clock GDP growth of 6.9 per cent this fiscal: BMI Research - Indian economy is expected to recover in the coming quarters and the country is expected to clock a real GDP growth of 6.9 per cent in this financial year, says a report. According to a report by BMI Research, India's growth is expected to pick up following the negative ramifications from the demonetisation drive in November 2016, but weak public banks will likely cap the recovery. Real GDP growth slowed substantially to 6.1 per cent year-on-year in the fourth quarter of 2016-17. "We expect the economy to continue to recover over the coming quarters. We are forecasting real GDP growth to come in at 6.9 per cent in 2017-18," the report said. The Fitch Group company, noted that the negative effects from the demonetisation measure is already wearing off, and the Indian economy will likely benefit from positive demographic trends, greater external stability (due to improved terms of trade from low oil prices), and continued reforms that should help to improve the country's admittedly poor business environment. The report, however, noted that the public banking sector is still weak and plagued with mounting non-performing assets, and it is likely to weigh on India's growth potential. "Despite the Reserve Bank of India's efforts to clean up these bad loans, these will likely take some time to be worked through the system, and therefore, credit allocation to the productive sectors of the economy is likely to be negatively affected," the report said.
✍ TOP ECONOMY NEWS
India’s foreign exchange reserves rose $4billion to reach a record high of $386.5 billion for the week ended June 30, said the Reserve Bank of India on Friday. This comes on the back of a continuing rise in forex reserves as the RBI is reported to be mopping up dollar reserves, utilising the suitable market conditions. “Inflows had been very strong throughout the month of June which might be reflecting in the strong gain in foreign exchange reserves.
Industry is expected to contribute $280 billion to Indias GDP in eight to nine years due to a
positive fallout of the Goods and Services Tax as structural changes in the ease of doing business will propel growth, a study said on Wednesday. The study was done by ASSOCHAM-Ashvin Parekh Advisory Services. The Mumbai-headquartered body is a global management consulting firm with footprint in India and the UK.
Consumption growth in rural India was in double digits for the first time in two years and outpaced the rate of expansion in cities, underpinned by higher farm income after last year's good monsoon rains and minimal supply disruption in the run-up to the roll-out of the single producer levy. There's a question-mark, however, on sustaining the growth momentum this quarter, as India's villages rely heavily on wholesalers for stocking cookies, oils or toothpastes. Many of these suppliers to tiny retail outlets in far-flung villages are yet to register with the GST (Goods and Services Tax) network. There has been a marked pickup in rural demand over the past few months as sentiments have been upbeat on the back of good monsoons last year and expectations of normal rains this year.
In order to satisfy rising demand in the world’s fastest-growing oil market, India wants USD 300 billion in investments over the period of next 10 years, reported a news agency. To boost the production of natural gas and crude oil, and to refine, transport and distribute the fuel to Indian households, the country needs heavy investments. The country's per capita energy consumption is one-fourth of the world.
India’s retail inflation in June touched 1.54%, a record low in five years, mainly due to continual drop in food prices, strengthening hopes of a rate cut in less than a month’s time. Consumer Price Index which measure the retail inflation remained low in May touching 2.18% and 5.77% in June 2016. Low inflation levels can point out weak demand and poor economic activity. Consumer food price inflation was (-) 2.12% in June as compared with 0.69% in May.
Industrial output growth in May slipped to 1.7% in May as compared to 8% in the year ago period. Factory output is measured by the index of industrial production and is the closest approximation for measuring economic activity in the country. The government had replaced the base year from 2004-05 to 2011-12 in May. In order to map economic activities more precisely and project realistic data, the change in baseline for the IIP was much required, believe market observers. In the month under review, the manufacturing sector dropped 1.2% as against 2.6% in April, whereas the consumer durables in May fell at 4.5% as against 6% growth in April. Mining production also witnessed a slide of 0.9% during May as against 4.2% in April.
Investors have been turning towards the realty stocks and they have been gaining for the past few months. The growing interest in realty stocks is attributed to the expectation that these companies
would benefit from the government’s affordable housing scheme. Volumes of housing projects, which are priced below Rs 50 lakh, have witnessed a huge increase of about 52% between January and June 2017 compared to the same period in the previous year. These housing projects contributed almost about 71% of the total project launches in 2017.
Industrial output growth in May slipped to 1.7% in May as compared to 8% in the year ago period. Factory output is measured by the index of industrial production and is the closest approximation for measuring economic activity in the country. The government had replaced the base year from 2004-05 to 2011-12 in May. In order to map economic activities more precisely and project realistic data, the change in baseline for the IIP was much required, believe market observers. In the month under review, the manufacturing sector dropped 1.2% as against 2.6% in April, whereas the consumer durables in May fell at 4.5% as against 6% growth in April.
The June quarter earnings season is unlikely to be exciting with earnings of several companies facing hardships due to inventory constraints, whereas others are posed to get a positive boost from the rate cuts brought in by Goods and Services Tax. Particularly, sectors namely FMCG, automobiles and pharmaceuticals were affected as they de-stocked and offloaded inventory by doling out huge discounts to wholesalers and retailers. As per market observers, the growth will be limited to consumption-based sectors namely automobiles and auto ancillaries, retail, FMCG and aviation.
Foreign investors during the period between January-June 2017 have pumped in USD 23 billion into the Indian capital markets. The inflow was due to several factors, including expectations of an accelerated pace of reforms. Whereas in the first half of 2016, FPIs had pumped in around USD 1.2 billion or Rs 7,600 crore. FPIs in H12017 poured in Rs 53,354 crore in equities, while pumped Rs 94,199 crore in the debt market during the time period, totalling to a net inflow of Rs 147,553 crore (USD 22.66 billion), repository data showed.
Aimed at boosting the inflow of foreign funds into the Indian capital markets, the Regulator, Securities and Exchange Board of India has raised the foreign portfolio investors investment limit in central government securities to Rs 1,87,700 crore. Previously, the limit for FPIs was about Rs 1.85 lakh crore. "Limit for FPIs in Central Government securities shall be enhanced to Rs 1,87,700 crore," SEBI said in a circular. The revised limits came into effect on Tuesday.
Business conditions in India’s service sector continued to improve in June as a solid and accelerated upturn in new work resulted in a faster increase in activity. Moreover, job creation was maintained at May’s 47-month record pace. Meanwhile, inflationary pressures gathered speed, with both input costs and output charges rising at quicker rates. Up from 52.2 in May to an
8-month high of 53.1 in June, the seasonally adjusted Nikkei India Services PMI Business Activity Index signalled a solid and accelerated upturn in output across the sector. Additionally, the headline measure averaged 51.8 for the first quarter of the 2017 financial year, the highest quarterly figure since Q2 2016.
Net direct tax collection grew by 14.8 per cent to Rs 1.42 lakh crore at the end of first quarter on account of surge in advance tax payments. During April-June, the revenue department also issued refunds to the tune of Rs 55,520 crore. This was, however, 5.2 per cent lower than the refunds issued during the corresponding period last fiscal.
✍ TOP CORPORATE NEWS -
Infosys Limited reported consolidated results for the quarter registered a beat on street estimates. Revenue for the quarter came in 5.2 % higher than the estimated figure of Rs. 17014 crores. Also, net profit for the quarter came in 1.7 % higher than the estimated figure of Rs. 3426 crores. Infosys Limited consolidated revenue for the quarter came in at Rs. 17892 crores largely in line with the previous quarter’s revenue of Rs. 17866 crore.
Reliance Capital Limited, the holding company of Reliance Nippon Life Asset Management Limited , has today received Rs. 378 crore from Nippon Life Insurance, a Fortune 500 company and one of the largest life insurers in the world, upon completion of the transaction for increasing NLI’s equity stake in RNAM to 49%.
JK Paper Limited received revises credit rating from CRISIL, the company said in a regulatory filing to the bourses. The statement said that CRISIL has assigned its ratings to nonconvertible debentures of Rs 335 crore at CRISIL A/Stable.
Tata Consultancy Services consolidated results for the quarter registered a miss versus street estimates on net profit. Net profit for the quarter came in 4% lower than the estimated figure of Rs. 6195 crores. However, revenue for the quarter came in line with estimated figure of Rs. 29580 crores Tata Consultancy Services consolidated revenue for the quarter remained flat at Rs. 29584 crores compared to Rs. 29642 crore in previous quarter.The digital services segment grew 7.6% Q-o-Q contributing 19% to the total revenue of Q1FY18.
Ramco System, a provider of Aviation and Maintenance software on Cloud and Mobile, announced on Thursday that the company won an order from China Southern Airlines General Aviation Ltd. for integrating its organisation-wide maintenance and engineering operations.
CSAGA will implement Ramco Aviation Maintenance & Engineering Suite 5.8, enabling its staff across China to automate and manage fleet data in real time.
ICICI Group, ICICI Securities Primary Dealership on July 13, 2017 bought one lakh shares of ecommerce firm, Infibeam Incorporation for over Rs 11 crore through open market transactions. These shares were sold by Next Orbit Ventures Fund.According to the data available on the BSE, ICICI Group has purchased 1 lakh shares, or 0.18% stake in the e-commerce company. The shares were acquired at an average price of Rs 1,107.5, valuing the transaction at Rs 11.07 crore.
Reliance Capital Limited, the holding company of Reliance Nippon Life Asset Management Limited, has today received Rs. 378 crore from Nippon Life Insurance, a Fortune 500 company and one of the largest life insurers in the world, upon completion of the transaction for increasing NLI’s equity stake in RNAM to 49%. Reliance Capital will book capital gains on this final transaction in Q3 ending September 30, 2017.
Bajaj Corp standalone revenue for the quarter came in at Rs. 197 crore, registering 3.4% yoy decline. Bajaj Almond Drops Hair Oil is market leader with 61% market share of LHO market. Bajaj Almond Drops Hair Oil contributed 93.4% to the Q1FY18 sales followed by NOMARKS which generated 3.1% of sales. EBITDA for the quarter fell by 14.7% yoy to Rs. 60.6 crore with a corresponding margin contraction of 404 bps. EBITDA margin for the quarter stood at 30.8%. This margin contraction was led by 22% and 11.4% yoy jump in employee benefit expenses and cost of material consumed respectively.
Zydus Cadila, in a Exchange filing on Wednesday, said that the company has received the final approval from the USFDA to market Memantine Hydrochloride tablets USP, 5 mg and 10 mg. The drug is used for the treatment of moderate to severe dementia and will be produced at the group’s facility in Moraiya, Ahmedabad. Mumbai-headquartered, Piramal Enterprises has plans to introduce more products going forward and it is looking to expand the presence of its pharma vertical in strong global markets such as the US, Europe and Japan. Europe and North America contribute over 70% of the company's revenue from pharmaceuticals business. Piramal's pharma vertical is segmented into the India consumer products business that sells OTC products and the global pharma business that sells pharma products and services globally.
IndusInd Bank Q1FY18 standalone NII for the recently concluded quarter came in at Rs 1774 crore, a jump of 30.8%yoy vs Q1FY17. This was largely due to growth in interest earned (up 22% yoy) significantly outpacing interest expenses Gross NPA for the period recorded a 47% yoy
jump to Rs 1271.6 crore. Thereby, Gross NPA as a percentage of Gross Advances stood at 1.09%. However, Net NPA’s for the quarter declined to 0.44% for Q1FY18. Provisions and contingencies made during the quarter increased by 34.1% yoy to Rs 309 crore.
Bajaj Electricals has exercised its right to acquire 28% stake in Starlite Lightning under a previously signed agreement with the promoters of the company. Bajaj Electricals has advanced a sum of Rs. 380 lakh to Starlite Lightning as a short-term loan inter-alia on a collateral security by way of pledge by the promoters of Starlite Lightning of 28% equity shares of Rs 10 each held in Starlite Lightning under the Agreement of pledge of shares dated 23 Feb 2007, with a right to the company to purchase the same at a pre- determined consideration of Rs 3.50 lakh.
Fortis Healthcare has received approvals from the shareholders and Reserve Bank of India (RBI) for enhancement of the ceiling limit on total holdings of FII/SEBI approved sub-accounts of FIIs, FPIs, QFIs, Non-Resident Indians and Person of Indian Origin under the Portfolio Investment Scheme upto 74% of the paid-up equity capital of the company. Previously, the FII/FPI investment limit under portfolio scheme was 24%.
Divis Lab on Monday informed that the US Food & Drug Administration will lift the import alert 99-32 imposed on the company’s Unit-II at Visakhapatnam. On March 2017, USFDA has issued import alert for violation of good manufacturing practices, but exempted 10 products, including drugs to treat epilepsy, cancer and HIV. The import alert means products manufactured in the unit will not be allowed to be marketed in the US.
✍ TOP BANKING AND FINANCIAL NEWS OF THE WEEK Private sector Yes Bank limited has received another round of $ 150 million funding from US government and Wells Fargo to fund SME lending. This is the third round of funding as part of arrangement between the Overseas Private Investment Corporation US government development finance institution.
HDFC Limited is looking for an "alternative" route to take forward the process of merging its life insurance subsidiary HDFC Life with Max Group's insurance business unit.
The two
companies' proposal to merge their insurance units has been rejected by sector regulator Irdai as it involved merger of an insurance company with a non-insurance firm.
The Reserve Bank of India flagged the rapid proliferation of frauds in the banking space over the last five years marking out a 19% increase in the number of fraudulent incidents and 72%
increase in the value of the amount lost in the attacks. Around 86% of the frauds reported in 2016-17 was in the space of various credit accounts, said RBI.
The health of India’s banking system deteriorated further in the second half of last fiscal year due to rising bad loans and eroding profitability, but the Reserve Bank of India signalled it is determined to continue the path of prudent regulations and go by the rule book to improve the standards. If the stress builds up in the economy, bad loans will jump further and nearly half a dozen banks will slip below the minimum regulatory capital requirement, but they would be able to withstand a spike in deposit withdrawals as they have high-quality liquid assets.
Leading rating agency, Fitch Ratings is expecting the Indian Banks to issue fresh loss-absorbing capital and debt instruments worth USD 23 billion by the end of 2018. Fitch Ratings is also expecting all the other banks in the Asia-Pacific region to issue such instruments summing up to USD 200 billion. The agency’s report ‘Regulatory Trends in APAC - July 2017’ said that the introduction of new and evolutionary regulations will result in an increased pressure on banks, but will eventually make the financial systems stronger.
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