TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES ) Today nifty future and bank nifty future future open at 7879/ 17308 and made high of 7933/ 17382 and low of 7832/ 17173 overall todays trend of nifty and bank nifty is bullish trnd. Nifty future and bank nifty future close at 7895/ 17295 we can make long postion in nifty future and bank nifty future. It conitnue in bullish trend above the level of 7887 in nifty and 17283 in bank nifty. According to technical analysis if nifty futures and bank nifty future moves up trend in tomorrow treading session then 7965 will be small resistance for nifty futures and 17443 for bank nifty futures. If it break this level then then nifty futures can go to 8140 level and bank nifty futures can touch 17805 level in next few days. It will be hard resistance for nifty futures and bank nifty futures. Meanwhile in down trend there is small support on 7813 for nifty futures and 17129 for bank nifty futures after breaking this level with volume nifty will take support on 7735 level and bank nifty futures can touch level of 16760.
TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES ) NIFTY DAILY
R2 8190
R1 7988
PP 7887
S1 7786
S2 7583
WEEKLY
R2 8808
R1 8202
PP 7889
S1 7596
S2 6990
MONTHLY
R2 9355
R1 8359
PP 7861
S1 7363
S2 6367
DAILY
R2 17910
R1 17492
PP 17283
S1 17074
S2 16656
WEEKLY
R2 19959
R1 18181
PP 17292
S1 16403
S2 14625
MONTHLY
R2 22519
R1 18821
PP 16972
S1 15123
S2 11425
BANK NIFTY
MOVING AVERAGE
21 DAYS
50 DAYS
100 DAYS
200 DAYS
NIFTY
7847
8183
8241
8405
BANK NIFTY
16817
17807
17990
18447
PARABOLIC SAR
DAILY
WEEKLY
MONTHLY
NIFTY BANK NIFTY
7746 16538
8483 18707
8888 20614
NSE EQUITY DAILY LEVELS COMPANY NAME
R3
R2
R1
PP
S1
S2
S3
ACC
EQ
1439
1393
1368
1346
1322
1300
1253
ALBK AMBUJACEM ASIAN PAINT AXISBANK BAJAJ-AUTO BANKBARODA BANKINDIA BHEL BHARTIARTL CIPLA COALINDIA DLF DRREDDY GAIL GRASIM HCLTECH HDFC HDFCBANK HEROMOTOCO HINDALCO HINDUNILVR ICICIBANK ITC INDUSIND BANK INFY JINDALSTEL KOTAKBANK LT M&M MRF MARUTI ONGC ORIENTBANK RCOM RELCAPITAL RELIANCE RELINFRA RPOWER
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
82 215 859 536 2384 197 142 213 347 668 345 133 4092 332 3542 1009 1238 1110 2485 78 808 282 337 990 1220 65 692 1542 1290 42652 4793 250 137 67 389 866 363 44 246 103 918 326 72 229 189
79 211 830 524 2327 192 139 205 340 656 333 130 4030 313 3491 978 1205 1075 2438 76 795 276 328 954 1177 62 672 1497 1255 41980 4673 240 134 66 368 853 349 43 243 99 905 315 68 223 184
78 209 818 519 2303 189 137 202 336 650 326 128 3998 303 3464 967 1193 1063 2409 75 789 272 325 941 1159 61 664 1480 1241 41746 4624 233 132 65 361 844 343 42 241 97 897 309 67 219 182
77 206 801 512 2270 187 135 197 334 644 321 126 3967 293 3440 947 1172 1041 2390 74 782 269 319 918 1134 59 653 1470 1219 41309 4554 229 131 64 350 839 335 41 239 95 893 305 64 216 179
75 201 789 507 2246 184 133 194 330 639 314 125 3936 283 3413 936 1160 1028 2361 73 776 265 316 905 1116 58 644 1452 1206 41075 4505 223 129 63 343 831 329 40 237 93 885 298 63 212 177
74 202 773 500 2213 182 131 190 327 633 308 123 3905 273 3389 916 1139 1006 2343 72 770 262 310 883 1091 57 633 1442 1184 40638 4435 219 127 62 332 826 321 39 236 90 880 294 61 210 175
72 199 744 488 2156 177 128 182 321 621 296 120 3842 254 3338 885 1106 971 2296 71 757 256 302 847 1049 56 613 1415 1148 39967 4316 208 124 61 314 813 307 38 232 86 867 284 58 204 170
SBIN SSLT( VEDL) SUNPHARMA TATAMOTORS TATAPOWER TATASTEEL UNIONBANK
TOP 15 ACHIEVERS PREV CLOSE
CMP
IDBI BANK LTD JP ASSOCIATES LTD
56.65 9.20
73.90 11.60
ARTI INDUS LTD SOUTH INDIAN BANK
415.15 20.05
492.35 23.50
WALCHANDNAGAR TORRENT POWER LTD
128.00 156.60
149.10 181.60
RAJESH EXPORTS LTD 426.75 NCC 56.85
488.45 64.90
+14.16
8
CADILA HEALTHCARE MINDTREE LTD
1794.45 1374.80
+13.62 2038.80 1560.30 +13.49
9
KAJARIA CERAMICS PIFZER LTD
702.75 2292.15
+12.35 789.55 2573.25 +12.26
12
UCO BANK DCB BANK
41.70 127.70
46.70 141.90
+11.99
13
+11.12
14
IDFC LTD
128.05
140.70
+9.88
15
SR.NO
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
//
SCRIPT NAME
% CHANGE
SR.NO
+30.45
1
+26.09
2
+18.60
3
+17.21
4
+16.48
5
+15.81
6
+14.46
7
10 11
TOP 15 LOOSERS SCRIPT NAME
PREV CLOSE
GUJARAT GAS AMTEK AUTO LTD
646 52.40
533.55 45.20
-17.41 -13.75
KAYA LTD PC JEWELLERS
1207.95 387.90
1049.70 345.85
-13.10 -10.84
EMAMI LTD ADANI PORTS
1218.65 332.80
1095.75 -10.08 301.85 -9.30
SE INVESTMENTS TATA MOTORS LTD
275.05 334.10
249.60 303.40
-9.25 -9.19
DEWAN HOUSING NMDC LTD
221.25 102.15
204.60 94.75
-7.53 -7.24
BAJAJ FINANCE LTD JSW STEEL CORPORATION BANNK BAJAJ FINSERV LTD TORRENT PHARAM
CMP
% CHANGE
5246.95 947.45
4868.10 -7.22 880.30 -7.09
47.50 1874.35
44.15 -7.05 1744.90 -6.91
1502.40
1400.70
-6.77
NEXT WEEK STARS (AS PER TECHNICAL ANALYSIS PRIDICTION ) 1.
DISHTV FUTURE : DISHTV FUTURE OPEN AT 114.45 CLOSE AT 114.05 MADE HIGH OF 115.95 AND LOW OF 113.80 WE CAN MADE LONG POSTION IN DISHTV FUTURE ABOVE THT LEVEL OF 116 TGT 122 SL 113.
2.
IDFC FUTURE : IDFC FUTURE OPEN AT 136.95 CLOSE AT 140.70 AND MADE HIGH OF 141.90 LOW OF 136.60. TODYAS TREND OF IDFC IS IN BULLISH TREND. WE CAN MADE LONG POSTION IN IDFC ABOVE THE LEVEL OF 142.50 TGT 150 SL 137.
3.
LUPIN FUTURE : LUPIN OPEN AT 1948.80 AND CLOSE AT 1988.55 MADE HIGH OF 2000.20 AND LOW OF 1948.80 ON DAILY CHART OF LUIPN STRONG RESISTENCE BREAK AT THE LEVEL OF 1950 WE CAN MADE LONG POSTION IN LUPIN ABOVE THE LEVEL OF TODYS HIGH OF 2000 TGT WILL WE 2080 SL 1940.
4.
INDUSIND BANK FUTURE : INDUSIND FUTURE OPEN AT 910.50 CLOSE AT 925.95 MADE HIGH OF 936 AND LOW OF 895.50.TODAYS MOVMENT OF INDUSIND BAND IS IN BULLISH TREND WE CAN MADE LONG POSTION IN IT ABOVE THE LEVEL OF 936 TGT WILL WE 980 SL 900.
5.
VAKRANGEE ( CASH ) : VAKRANGEE NSE CASH GAINED 15% THIS WEEK AND MADE HIGH OF 129.50. IF IT BREAKS THIS LEVEL THEN MORE UPSIDE MOMENTUM CAN BE SEEN. LONG POSITIONS CAN BE MADE ABOVE THE LEVEL OF 129.50 WITH TARGET OF 135 AND SL OF 125.
6.
DCB BANK ( CASH ) : DCB BANK NSE CASH GAINED 9.5% THIS WEEK , IF IT CONTINUES TO TRADE ABOVE 142.50 THEN THE LEVELS OF 150 POSSIBLE .LONG POSITION CAN BE MADE WITH TARGET OF 150 AND SL OF 135.
7.
SUNTV ( CASH ) : IN SUNTV LONG POSITION CAN BE MADE ABOVE 381.50 LEVEL WITH TARGET OF 399 AND SL OF 365.
NSE - WEEKLY NEWS LETTERS
TOP NEWS OF THE WEEK ✍ SEBI probing price manipulation in Castex Tech : Report - Capital market regulator SEBI has reportedly started a probe into auto parts maker Castex Technologies, after investors alleged it manipulated its stock price to trigger the conversion of bonds into equity. Castex’s stock price more than quadrupled in the quarter ending June, triggering the mandatory conversion of US$130mn of bonds into company’s equity. Its shares subsequently plunged, sparking concerns about a possible manipulation of share prices. The stock soared from April to June but lost 90% of their value from a peak of INR 363.10 on 13th July. Last week, Castex denied in a stock exchange filing that it had engaged in "unfair practices". London-based law firm Quinn Emanuel Urquhart & Sullivan is representing the Castex bondholders. ✍ Tata Steel raises Rs. 41bn via sale of non-core assets - Tata Steel has raised more than INR 4,100 crore through the sale of non-core assets so far in FY16 as part of efforts to cut its debt burden. Last week, it sold 1.33 per cent stake in Tata Motors to institutional investors for INR 1,250.69 crore. It also sold a similar stake in Tata Motors to Tata Sons for INR 1,249.99 crore as part of portfolio restructuring. This is over and above the INR 1,000 crore that it raised in the April-June quarter through equity liquidation and INR 637.46 crore in August by selling stake in Titan. In all, Tata Steel has raised around INR 4,138.01 crore since April. During an investor call in August, Tata Steel’s Group Executive Director (Finance and Corporate) Koushik Chatterjee said that the company in the last 5-6 years had raised ~INR 15,000 crore through the monetisation of strategic, non-core and listed assets. ✍ Shree Renuka Sugars climbs 0.8%; promoters to sell share - Shares of Renuka Sugars Ltd ended higher by 0.8% to Rs. 7.52 on reports that three promoters of the company have together pledged 14.45% of their shares in the company as a security for loan taken by a subsidiary firm. The stock opened at Rs.7 as against the previous close of Rs. 7.46 on BSE. It has hit a high of Rs.7 and a low of Rs.7.39 on BSE today. Total traded quantity on the counter stood at 2 lk shares on BSE ✍ Reliance Inds slips 1.2% after block deal - Shares of Reliance Industries were trading lower 1.2% at Rs. 867 on NSE today. Around 2 lakh shares were traded in a single block at Rs.
874.50 on the BSE. The stock hit a high of Rs. 884.45 and low Rs. 865.85 and the quantity that was traded was 2.97 lk. ✍ Torrent Power's plants may get gas subsidy; up 2% - Shares of Torrent Power were higher by 3% to Rs. 168 after reports said that its gas-based power plants will get government subsidy on use of re-gasified liquefied natural gas ( RLNG) for six months from October to March. The stock opened at Rs.166 as against the previous close of Rs. 164 on BSE. It has hit a high of Rs.170 and a low of Rs. 166 on BSE today. Total traded quantity on the counter stood at over 0.34 lk shares on BSE. ✍ Shree Renuka Sugars climbs 0.8%; promoters to sell share - Shares of Renuka Sugars Ltd ended higher by 0.8% to Rs. 7.52 on reports that three promoters of the company have together pledged 14.45% of their shares in the company as a security for loan taken by a subsidiary firm. The stock opened at Rs.7 as against the previous close of Rs. 7.46 on BSE. It has hit a high of Rs.7 and a low of Rs.7.39 on BSE today. Total traded quantity on the counter stood at 2 lk shares on BSE. ✍ Dena Bank launches MUDRA Card - Dena Bank, India’s trusted bank, launched MUDRA Card in a function organized at Head Office on 19thSeptember. The programme was presided over by Ashwani Kumar, Chairman & Managing Director, Dena Bank; Trishna Guha, Executive Director; and R K Takkar, Executive Director. Ashwani Kumar, CMD has handed over MUDRA Cards to 09 Pradhan Mantri MUDRA Yojana (PMMY) beneficiaries. While interacting with the media, Ashwani Kumar, CMD has emphasized the need of popularizing MUDRA Loans which has been launched by Honorable Prime Minister on 08th April 2015 with the purpose of “Funding the Unfunded”. Ashwani Kumar informed that, Bank has already sensitized the field functionaries for extending finance under Shishu, Kishore & Tarun segments of MUDRA Loans. Dena Bank has been assigned target of Rs 605 crores by GoI for financing under Pradhan Mantri MUDRA Yojana (PMMY). Dena Bank has already started financing under the scheme and up to 18.09.2015 Bank has extended MUDRA loans to 9,128 borrowers amounting to Rs 166.54 crores. Banks has planned to arrange Special Credit Camps all over India during 25.09.2015 to 02.10.2015 for extending MUDRA loans, with special emphasis on hishu Category.
✍ L&T Finance sells 5.3% to Bain Capital - L&T Finance Holdings sold 5.27 per cent promoter stake to leading private equity firm Bain Capital through an issue of preferential shares and warrants for about Rs. 708 crore, says report Report says that the company's board is planning to raise capital (Rs 707.87 crore) by way of preferential issue of eligible securities and warrants to Bain Capital Investments VI and Bain Capital Asia Growth Investments The company would issue an aggregate of 9,56,57,961 equity shares and warrants at Rs 74 per share/warrant, says report. ✍ State Bank of Mysore cuts Base Rate by 10 bps to 9.90% - State Bank of Mysore has informed BSE that the Bank has revised downward the Base Rate of the Bank from 10% to 9.90% to be effective from September 21, 2015. The Bench-Mark Prime Lending continues to be at the same level of 15%. On Saturday, YES BANK has reportedly reduced rates on some term deposits by 25 bps while Vijaya Bank is said to have reduced rates on some bulk deposits by 25 bps. ✍ Rajesh Exports plans to market designer jewellery in European and American markets - Rajesh Exports has developed a special range of designer jewellery suitable to the local European and American markets. The company said that with the acquisition of Valcambi, the company has one of the strongest global brands to support its distribution process to the high end stores of Europe and North America. REL will be dispatching the range of specially produced designer jewellery to Valcambi and Valcambi through its extensive marketing network and by utilising the strog brand value commanded by its products will be in a position to distribute the designer jewellery produced by REL to the high end European and North American markets. Rajesh Exports had acquired Valcambi in July 2015.The stock of the company closed up 3.3% at Rs. 419.The stock hit a high of Rs. 422 and low of Rs. 394 on BSE today. The total traded quantity was 1.99 lakh shares and two-week average quantity is 2.50 lakh. ✍ ShopClues targets Rs. 1,500 cr in sales this Diwal - ShopClues.com expects to sell merchandise worth INR 1,500 crore between October and November, which will be nearly ten times over the sales clocked during last year's Diwali season. The online retail marketplace, run by Gurgaon-based Clues Network Pvt. Ltd., is also targeting an annualized GMV of US$1.2 billion by the end of March 2016. ShopClues.com currently has a run rate of US$550mn. ShopClues.com, which recently touched a seller base of 250,000, was founded by
Sandeep Aggarwal, Radhika Aggarwal and Sanjay Sethi in 2011. Shop Clues.com currently gets about one-fourth of its business from home and kitchen products. ShopClues.com currently gets more than 60 million monthly visitors on its web site and has more than 30 million listed products. ✍ Amtek Auto in talks with banks to restructure debt; up 1% - Amtek Auto Ltd is currently trading at Rs. 46, up by 1% from its previous closing of Rs. 45.85 on the BSE. The company has Clarified that it is in advanced discussions with various Banks and Financial Institutions for re-alignment of its debt obligations. The scrip opened at Rs. 44.65 and has touched a high and low of Rs. 47.6 and Rs. 44.25 respectively. So far 4197110 shares were traded on the counter. The current market cap of the company is Rs. 1030.5 crore. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 242.95 on 22-Sep-2014 and a 52 week low of Rs. 25.2 on 04-Sep-2015. Last one week high and low of the scrip stood at Rs. 55.45 and Rs. 41.5 respectively. The promoters holding in the company stood at 48.98 % while Institutions and Non-Institutions held 35.3 % and 15.72 % respectively. The stock is currently trading above its 200 DMA. ✍ Dai-ichi plans to boost investment in Indian insurance biz - Dai-ichi, Japan's largest life insurer, is planning to grow its investment in India. The company, which is present in India through a JV with Bank of India and Union Bank of India, also said that it was keen to increase its shareholding in the JV."I think right now it is the period of adjusting the life insurance industry in the country," Dai-ichi Life Insurance Company's global president Koichiro Watanabe has been quoted as saying. Dai-ichi wants to be among the top five life insurers in the world by 2020. The company is currently in the last stage of discussion for further investment plan in India. “The life insurance sector in India is full of growth potential. It is due to the strong structure, demographic condition and socio-economic condition prevailing in the country. So, I am of the firm belief that the industry here will grow like anything in future," Watanbe said. ✍ CarTrade plans to acquire CarWale - Online automobile classifieds firm CarTrade is in talks to acquire rival CarWale Group for about $120 million, or approximately Rs 790 crore, according to reports Report says that the formal announcement is expected to come in a few weeks CarTrade promoter Vinay Sanghi declined to confirm the development. If the deal is struck, this would be the second big consolidation in the automobile classified space, says report.
� Tata Group plans to create potential future leaders - The Tata group has launched initiative to create pipeline of future leaders who will be mentored by multiple chief executives, according to reports Report says that this move is aimed at preparing potential leaders to tackle rapidly evolving business climate The group plans to more than double market value to $350 bn in a decade as part of chairman Cyrus Mistry's Vision 2025, says report "Handholding for one year is not enough. When you are grooming future leaders you need to be involved for longer periods," NS Rajan, group chief human resources officer at Tata Sons was quoted as saying.
Top Economy news Cotton textile exports dipped seven per cent in August to $863 million against $932 million in the same period last year. Exports in the last five months of this financial year were down two per cent at $4.24 billion against $4.34 billion in the same period last year. The DoT has exempted use of wireless frequencies from licensing requirement for short-range microphones. The Wireless Planning and Coordination Wing -- the custodian of spectrum -- in its latest notification exempted very low power equipment for wireless microphones, that can be used in the frequency band of 36 to 38 MHz, from licensing. Four hikes in excise duty on petrol and diesel between November 2014 and January 2015 have generated an additional revenue of Rs300bn in the first five months of the current fiscal. Besides, the hike in clean energy cess from Rs100 to Rs200 per tonne of coal, Government has nominated Anna Roy, Joint Secretary in Finance Ministry, on the board of Bank of India and India Infrastructure Finance Company Ltd . The food ministry on Friday set the minimum indicative export quota for manufacturers to export 4mn tonnes during the next sugar season starting next month. Millers in Uttar Pradesh have to export 1mn tonnes while manufacturers in Maharashtra will need to export 1.3mn tonnes. After over a year, domestic natural gas production increased by 3.66% to 2.836 billion cubic meters in August this year. In the same month last year, the production was 2.736 billion cubic meters.
National Bank for Agriculture and Rural Development has sanctioned RIDF assistance of Rs11.3bn for Odisha. The sanctioned amount included Rs10.4bn for two important mega projects for drinking water and lift irrigation in the state. Andhra Pradesh is set to house India's first National Investment and Manufacturing Zone after the state assured the Centre of availability of 10 sq km of land in one place in Prakasham district. A 29.5% on-year fall in engineering exports to $4.49 billion in August has hit as much as 73% of the engineering segments according to an analysis by EEPC India. Steel, iron, non-ferrous metals, industrial machinery, auto components and bi-cycle parts are among the most affected segments. India's engineering exports to 21 countries fell in August, while just four - Singapore, Germany, Malaysia and the Netherlands - posted an increase. The yearly SBI Composite Index reading for September 2015 has come in at a four month high at 53.9, suggesting continued pick-up in economic momentum going forward. Last month, the index was at 53.4. The upturn has been majorly driven by manufacturing, while mining and electricity are still acting as a drag on economic activity, SBI said in its ‘Ecowrap’ report. Telangana inked an agreement to purchase 1,000 MW of electricity from neighbouring Chhattisgarh. The two states in November last year had signed a memorandum of understanding on the issue. As a follow-up to the MoU, the PPA was signed which will remain in force for 12 years. The Centre raised the production target for the 2015-16 rabi crop season to 132.78 million tonnes from 130.75 mt last year. The roughly 1.6% increase in output is on the basis of inputs from all the states and greater soil moisture on account of the September showers. Indian carriers registered an 18.66% increase in the total number of passengers carried during the month of August this year, as compared to the same month last year, and flew about 6.8 million passengers during the month. The increase in number of passengers carried by airlines in August follows a high-growth month of July, when airlines registered a 29.31% increase in passengers flown.
Top Corporate News Wind turbine manufacturer Suzlon has bagged contracts from SMEs and public sector undertakings to supply 50 turbines of 2.1 MW each in various parts of the country. Suzlon will supply its multi-megawatt S95-90m, S97- 90m, S97-120m turbines and will leverage on its turnkey wind solutions expertise to oversee the project operations from start to end. Bharti Airtel has signed an agreement to use Liquid Telecom's fibre network to connect its mobile base stations across Africa, which will let its subscribers in the region to access better speeds on its 3G and 4G networks. The company, however, did not share the financial details of the deal. Pune based Sterlite Technologies is set to acquire Elitecore Technologies, a provider of operations and business support services for an overall enterprise value of around Rs1.8bn in an all-cash deal. Orient Green Power Co Ltd has raised Rs2.5bn from existing promoter Shriram Venture Ltd and its subsidiaries and financial investors, including EW Special Opportunities Fund II and Ecap Equities, through preferential allotment. Industrial group Larsen & Toubro is looking to sell some assets including roads and infrastructure projects and dilute its stake in non-core subsidiaries to revive performance. The company will also appoint individual unit chief executives and individual boards to encourage independence and boost returns among its more than 70 businesses. Ending months of uncertainty, Pfizer is set to sell its vintage plant in Thane to little-known Vidhi Research and Development for Rs1.8bn. The Thane facility is one of Pfizer’s oldest and was commissioned in the 1960s. Rural Electrification Corporation signed an MoU with Andhra Pradesh power utilities to extend a fresh loan of Rs90bn. The Central public sector enterprise, set up with a main objective of financing rural electrification projects in the country, had already extended loans to the tune of Rs280bn for various projects in Andhra Pradesh. Britannia Industries pensioners have won a decade-long battle, after a Bengaluru court directed the biscuits major to pay pensions to its former employees who retired after March 2003 and also the triennial rise for them stopped in April 2004. Britannia had converted the defined benefit pension scheme to defined contribution type with retrospective effect, to deny the pensioners dues since 2003, going against the existing fund rules. SKS Microfinance announced a 1.25% cut in the interest rate to 20.75% with effect from October 1 for all future disbursals. This is the third interest rate cut and an overall reduction of 3.8% since October 2014. Aditya Birla Group flagship firm UltraTech Cement said it has commissioned its grinding unit with a capacity of 1.6 million tonnes per annum in Jhajjar, Haryana. With commissioning of the firm's 13th unit, UltraTech's total cement capacity has reached 63.1 MTPA. Rating agency Crisil has downgraded its outlook on Bharat Heavy Electricals Ltd's
long-term bank facilities to 'negative' from 'stable', saying that the company's project execution and profitability will remain vulnerable to structural issues plaguing the power sector. It, however, reaffirmed "AAA' rating for the long term facility and "A1+' for short term loans. Bharti Airtel is moving all its prepaid mobile customers nationally to the more affordable 'per second bill plan' starting Monday. A majority of Airtel's pre-paid mobile customers are already on the 'per second billing plan', which ensures that customers pay only for the time they use the Airtel network. L&T Halol Shamlaji Tollway, a 100% special purpose vehicle promoted by L&T Infrastructure Development Project, has defaulted on Rs10bn payment to lenders which was due in August due to cash shortage due to low toll collections. This is the second SPV promoted by L&T Infrastructure Development Projects that has defaulted in recent weeks. L&T Chennai Tada Tollway with Rs4.75bn loan defaulted due to difference on land acquisition with National Highway Authority of India. Automobile parts maker Amtek Auto said it is in advanced discussions with various banks and financial institutions for realignment of its debt obligations. However, the company did not share further details. IT major Infosys has won a Rs14bn contract from GST Network to build the IT system so that the goods and services tax regime is rolled out on schedule. The company is supposed to lay the IT-backbone to implement the GST regime. Once the backbone is ready, Infosys will operate it for five years. Leading NBFC L&T Finance Holdings sold 5.27% promoter stake to leading private equity firm Bain Capital through an issue of preferential shares and warrants for about Rs7bn. Wind turbine maker Suzlon Group said that its cumulative installations in Maharashtra have surpassed 2,000 MW with over 1,900 windmills during the first half of the year. Suzlon's projects in Maharashtra are spread across eight districts in over 40 sites. Engineering major Larsen & Toubro has bagged orders worth Rs18bn across various verticals so far in this month, including an order worth Rs7.4bn from a leading real estate company to construct a commercial complex in Gurgaon. SRS Ltd will invest up to Rs9bn in the next two years to expand retail network of its various consumer centric businesses such as hospitality, cinema, jewellery and real estate. It is also foraying into the pharmacy business with the launch of 30 'SRS Pharmacy' stores this year. Aditya Birla Minerals Ltd will sell its closed Birla Mt Gordon copper mine in Queensland, Australia to Lighthouse Minerals Holdings Pty Ltd for around $10.75 million. BMG, located in northwest Queensland, was set up to produce copper concentrate at around 1.4 million tonnes per annum. The operation has been put under care and maintenance since April 2013. California-based BioMarin Pharmaceutical has entered into a settlement agreement with Dr Reddy's Laboratories to resolve patent litigation in the US regarding Kuvan, the former's 100mg oral tablets. Ahmedabad-based leading denim fabric maker, Nandan Denim Limited is set to raise Rs500mn by issuing 2.5 million fully convertible warrants to UK-based foreign institutional investor, Polus Global Fund. As per an official statement by the company, the warrants will be converted into equity shares at Rs 200 per share within 18 months time.
Sun Pharmaceuticals has sold the central nervous system product business of erstwhile Ranbaxy to Strides Arcolab for Rs1.65bn. Under the deal, Solus and Solus Care divisions will be transferred to Strides Arcolab, which will also absorb about 200 employees working in these divisions. The two divisions had an annual sale of about Rs0.92bn. FMCG giant, ITC Ltd announced doubling its investment in Punjab from Rs7bn to Rs14bn. Infrastructure finance firm, IDFC Ltd, said it had got regulatory approval to utilise Rs25bn non-distributable reserves for provisions against bad loans as part of exercise to clean its book before venturing into universal banking. IDFC said with these additional provisions, its net worth will reduce by approximately Rs16bn. ONGC Videsh Ltd, India's flagship overseas oil investment firm, is chasing foreign governments to get its $712 million of dues cleared. While Venezuela owes over $421mn in unpaid dividend on oil from San Cristobal project, Sudan is to pay OVL $192 mn for oil it bought from its Greater Nile Oil Project and another $99mn in unpaid pipeline rent lease. Torrent Power said its gas-based power plants will get government subsidy on use of re-gasified liquefied natural gas for six months from October 1, 2015 to March 31, 2016. Tata Steel has raised more than Rs41bn through the sale of non-core assets so far this fiscal as part of efforts to strengthen its balance sheet and generate cash. The firm said that it sold 1.33% stake in Tata Motors to institutional investors for Rs12.5bn. The Jammu and Kashmir government has banned sale of Ambuja Cements in the state after a probe found underweight bags and irrational product prices. Hotel Leela has sold its marquee property, The Leela Goa to Malaysian company MetTube Sdn. Bhd. for Rs7.25bn. The Leela will continue to manage the property under its brand.
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