Watch the interview of Kunal Saraogi of Equityrush with Reema Tendulkar & Sonia Shenoy on CNBC-TV18, in which he shared his readings and outlook on market and specific stocks.
Watch the interview of Kunal Saraogi of Equityrush with Reema Tendulkar & Sonia Shenoy on CNBC-TV18, in which he shared his readings and outlook on market and specific stocks.
BCS Iyengar, director, VST Tillers Tractors says tractor sales have balanced the losses and the company is now at par with its last year sales figures.
The lack of availability of subsidies in states like Odisha, Andhra Pradesh and Tamil Nadu have hit the power tiller sales for VST Tillers Tractors .
In an interview to CNBC-TV18, BCS Iyengar, director, VST Tillers Tractors says the company may not meet its FY15 growth as despite demand sales haven't been happening due to lack of subsidies.
However, tractor sales have balanced the losses and the company is now at par with its last year sales figures.
Trasncript to follow soon.
VST Tillers stock price
On October 27, 2014, at 14:32 hrs VST Tillers Tractors was quoting at Rs 1440.00, up Rs 7.00, or 0.49 percent. The 52-week high of the share was Rs 1998.00 and the 52-week low was Rs 480.00.
The company's trailing 12-month (TTM) EPS was at Rs 97.39 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 14.79. The latest book value of the company is Rs 361.31 per share. At current value, the price-to-book value of the company is 3.99.
Rahul Shah of Motilal Oswal feels that YES Bank may touch Rs 660.
Rahul Shah of Motilal Oswal told CNBC-TV18, "Private space bank has been in the action for quite some time and we believe that Bank Nifty is still continued to be on a positive note. We believe that YES Bank should do well from here so I recommend YES Bank with a stoploss of Rs 620 and a target of Rs 660."
At 14:02 hrs Yes Bank was quoting at Rs 635.45, up Rs 14.40, or 2.32 percent. It has touched a 52-week high of Rs 639.70.
Angel Broking is bullish on Axis Bank and has recommended buy rating on the stock with a target of Rs 501 in its October 20, 2014 research report.
"Axis Bank reported a good set of numbers for 2QFY2015 with an earnings growth of 18.2% yoy at Rs1610.7cr, mainly on account of healthy growth in net interest income."
"During 2QFY2015, the bank reported an advance growth of 20.3% yoy, while deposits grew by 11.1% yoy. The growth in the loan book has outpaced the industry loan growth, primarily due to strong traction witnessed in the Retail loan book, which grew by 27% yoy, and accounted for 38% of the advances as compared to 35% in 2QFY2014. The SME book grew at a steady pace of 15% yoy. Within retail, (88% of the domestic retail lending book is secured) 53% of advances were accounted by Home loans, 15% by Retail agricultural loans, 9% by Auto loans, and 9% by Personal Loans and Credit Cards. Focus on retail franchise continued to benefit the bank with CASA deposits registering a growth of 15.4% yoy, within which savings deposits grew by 20.1% yoy and current deposits growing by 8.2% yoy. The CASA ratio improved by 167bp yoy to 44.5%, which improved the NIM by 18bp yoy to 3.97%.Domestic and International NIM improved by 10bp qoq each to 4.3% and 1.7% respectively in 2QFY2015. Going forward, the Management has indicated at the NIM moderating slightly due to a 10bp cut in the base rate with 85-90% of loans being linked to the base rate. During the quarter, the bank witnessed slippages of Rs911cr (annualized slippage rate of 1.5%) as against Rs626cr in 1QFY2015 (annualized slippage rate of 1.09%). Overall, slippages and fresh restructuring taken together amounted to Rs1,481cr which is lower as compared to Rs1,649cr reported during 2QFY2014. The bank has maintained its guidance of Rs6,500cr of addition to stressed assets in FY2015."
"Healthy pace of branch expansion, leading to a robust distribution network, continues to be the driving force for the bank's retail business. Going forward, the bank will continue to focus on retail loans and will change its retail loans mix to a higher return business. With improvement in the economic environment, it is well positioned to grow by at least a few percentage points higher than the average industry growth rate. The Management has given a guidance of stressed assets at Rs6,500cr for FY2015 and with the stressed assets coming at Rs2,587cr in 1HFY2015, we believe that slippages and incremental restructuring for FY2015 will be lower than what has been guided by the bank. We maintain our Buy rating on the stock with a target price of Rs501," says Angel Broking research report.
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"7,800 is now our line in the sand. So far as the Nifty is above 7,800 which is the recent low I have rounded it off we will assume that the correction is over and the Nifty is going towards 8,200 testing the lifetime highs and maybe making newer ones," he said.
Sukhani advises to go long on all midcaps, bluechips and good quality stocks.
Below is the transcript of Sudarshan Sukhani's interview with CNBC-TV18's Latha Venkatesh, Anuj Singhal and Sonia Shenoy.
Latha: What is the overall chart of the Nifty or the Sensex telling you at this juncture, how much could the dip be and what does the high look like at this point in time for 2014?
A: The chart for the Nifty tell us we are in a long term bull market. We have built a base that lasted for four to five years, we have broken out of that base. If the base building takes five years then hopefully the bull market will also give us five years of rallies. So that is the underlying theme over which we are working and through which we are trading. That is a long term theme.
To say if the correction is over, it is a short term call. No one knows that. The markets can correct but we know the levels, which is much more important. 7,800 is now our line in the sand. So far as the Nifty is above 7,800 which is the recent low I have rounded it off we will assume that the correction is over and the Nifty is going towards 8,200 testing the lifetime highs and maybe making newer ones.
Maybe we will go to 8,400 and then come back to 7,800 all these are conjectures, we don't know. Why worry about it, at this point we know we should be on the long side. So far as the Nifty, for the intermediate trader is above 7,800. For the short term trader we keep on talking about what the levels are, where your stop loss should be. At this point we should be long anyway.
Sonia: Tell us what one should be buying in the next one hour in this Mahurat session?
A: Go for midcaps today and just buy and you rightly asked, we shouldn't be shorting this market, not today, because we are in a short term uptrend. I will quickly rattle up the names that are worth looking at.
One is Adani Port ; Latha asked about it yesterday and today is the day when you want to buy it. NTPC , which is giving us a dream pattern, a bullish head and shoulder; yesterday it corrected which means you could actually buy it on a dip. Bharat Forge which is in a huddle after a sharp correction is giving us a sense that the correction is over and a big break out is imminent, that is three. Finally we have Godrej Industries which is a high risk buy. We are trying to see if a low has been made and catch that bottom if possible. All midcaps, all blue chips, all good quality stocks, go long.
It was a strange situation during the campaigning phase of the Haryana's assembly elections. BJP alliance partner in Punjab Shiromani Akali Dal (SAD) led by Parkash Singh Badal and his son Sukhbir Badal went all out to support the Indian National Lok Dal. The Badals insisted they had longstanding ties with the Chautalas and had informed the BJP leadership of their support to the INLD - despite how important winning Haryana was to the BJP.
"SAD and INLD together are contesting for 90 seats. The next government will be that of Om Prakash Chautala. Haryana progressed during Chautala's rule," said Sukhbir Singh Badal, President, Shiromani Akali Dal
The tension between the two parties soon rose to the surface. Former BJP MP Navjot Sidhu hit out at the political positioning of the SAD in Haryana.
"These people (SAD) are the same people who hug and kiss BJP in Punjab and wrestle with it in Haryana. How can our alliance partner in Punjab support a convicted person for the post of the Chief Minister? They are stabbing us in the back," Navjot Sidhu, Leader, BJP, said.
Other BJP leaders in Punjab have also begun to say the party should distance itself from the SAD and contest the 2017 assembly elections in Punjab on its own - powered by the Modi wave. The Punjab BJP unit though maintains that the party will decide on its alliance with the sad at the appropriate time.
According to Kamal Sharma, President - Punjab Unit, BJP, "BJP has become stronger under Modi. Our alliance with the SAD is strong. We will cross the bridge when we come to it."
The Akali Dal has denied any rift - saying ties with the BJP are as solid as ever.
Bikram Majithia, Minister, Punjab, said: "BJP relation with SAD is a deep relationship. When it came to Modi becoming Prime Minister we were the first to support him….if you ask us a hundred times also...this relationship will stay together."
BJP has been the minor partner in the SAD-BJP alliance in Punjab. With 12 seats in the 117 member assembly, hitting the 59 mark to form the government on its own in 2017 might be a challenge. However, the results of the Haryana elections where the BJP went from 4 seats to 47 to form a majority government - may propehsize a favourable outcome for the party in Punjab.
Published on Sat, Oct 25,2014 | 17:40, Updated at Sat, Oct 25 at 17:42Source : CNBC-TV18 | Watch Video : 
This week, The Firm reports from on location the 68th Congress Of The International Fiscal Association. 1000 tax professions in Mumbai debating Tax Morality, Double Non-Taxation, Base Erosion, Profit Shifting, Digital Economy Taxation & Treaty Abuse. As the global economy is awash with tax challenges, The Firm focussed on revenue reform – what are countries doing to stake claim to their 'Fair Share Of Taxes'. The many trillion dollar question is the impact on how MNC's do business across the world. In this special episode of The Firm, on location the 68th Congress Of The International Fiscal Association, Menaka Doshi speaks to four of the world's best tax experts - Porus Kaka, Senior Advocate & President - International Fiscal Association; Philip Baker -QC, Gray's Inn; Michael Lennard, Chief - International Tax Cooperation, United Nations & Pramila Shrivastav, Former Chief Commissioner - Income Tax.
Prime Minister Narendra Modi on Saturday inaugurated the Sir HN Reliance Foundation Hospital and Research Centre in South Mumbai.
The hospital, in its 90th year, has been completely rebuilt by Reliance Foundation, into a modern 19-storey tower with two heritage wings. The foundation is headed by Nita Ambani.
The rebuilt hospital has collaborations with John Hopkins, MD Anderson Cancer Centre, Massachusetts General Hospital and the University of Southern California. It has all modern facilities.
The hospital will reserve a fifth of its capacity for the underprivileged and provide 10 percent beds for free to the needy and another 10 percent at subsidised rates.
Welcoming the Prime Minister and Maharashtra Governor Vidyasagar Rao at the inauguration Nita Ambani said: "We re-dedicate Sir HN Reliance Foundation Hospital to the people of Mumbai", adding that the hospital will treat "each patient as equals".
Mrs Ambani thanked PM Modi for the initiatives taken by him saying "each of PM's initiatives have a connect to healthcare".
Around 50 doctors of India origin across the world have joined the hospital, she said, adding: "Good health is a fundamental right. It is non-negotiable. Everyone deserves to live life to the fullest. Only a healthy nation can be prosperous."
Addressing the inaugural ceremony, PM Modi said that the need of the hour is preventive healthcare in order to scale down the outbreak of diseases and boost the quality of health in the country.
The PM lauded the efforts of Reliance Foundation in giving a new lease of life to Mumbai's first general hospital built in the year 1925. The PM said that in a way it is a new beginning for the hospital.
Modi stressed on Make in India initiative to develop medical equipment locally, which will help in cutting costs. He even favoured the need to integrate tele-medicine to enable expert opinion even for people living far away is extremely important.
The PM mentioned that another important aspect of good healthcare is the provision of clean drinking water. He went on to exemplify his point by lauding the efforts the Madhya Pradesh government for starting a programme encouraging children to wash their hands.
"The journey from health insurance to health assurance is long and has to be achieved," Modi said, adding that all political parties should have health as their one point agenda.
He also stressed on holistic health and said that he has been pushing for an International Yoga Day.
Kokilaben Dhirubhai Ambani presented a memento to PM at the inaugural function.
Mukesh Ambani, Chairman and Managing Director, Reliance Industries , appreciated the presence of Prime Minister Modi and Governor of Maharashtra at the event. He also lauded PM's US visit.
Present at the inauguration were Amitabh Bachchan, Gulzar, Shah Rukh Khan, Aamir Khan, Hrithik Roshan, Paresh Rawal, Rishi Kapoor, Neetu Kapoor, Sonakshi Sinha, Saif Ali Khan, Kareena Kapoor, Aishwarya Rai, Bharat Ratna Sachin Tendulkar, Sunil Gavaskar, Praful Patel, Kajol, Rani Mukherjee, Sonali Bendre, union minister Nitin Gadkari and Maharashtra BJP leaders Devendra Fadnavis, Vinod Tawde and other celebrities.
(With inputs from agencies)
Disclosure: Network 18, which publishes moneycontrol.com, is now part of the Reliance Group.
US stock futures tumbled while safe-haven assets such as the yen and US bonds gained on Friday after media reported that a doctor who returned to New York City from West Africa has tested positive for Ebola.
S&P mini futures fell as much as 0.7 percent to 1,931.75, slipping from two-week highs hit the previous day on budding optimism on corporate earnings and the global economy.
Asian shares also lost some ground with MSCI's broadest index of Asia-Pacific shares outside Japan slipping 0.1 percent.
Japan's Nikkei share average also gave up some of earlier gains, though it was still up 1.0 percent on the day.
"Just when markets got some relief on the world economy, we had this news. Obviously people who have just made bullish bets (on the economy) will close their positions as no one can tell exactly what is going to happen," said the head of currency trading at a Western bank's Tokyo branch.
The first diagnosed case of Ebola in the world's financial hub of New York sent investors rushing to traditional safe-haven assets.
As US bond prices gained, the 10-year U.S. yield fell back to 2.250 percent from Thursday's two-week high of 2.300 percent.
In the currency market, the yen gained 0.3 percent to 108.00 yen to the dollar while the risk-sensitive Australian dollar became the victim of rising caution among investors, falling 0.3 percent to USD 0.8732.
Risk asset prices had risen on Thursday after upbeat US corporate earnings, solid US economic data, and an unexpected uptick in euro zone business sentiment helped ease concerns that the global economy was losing momentum.
Results from Caterpillar Inc and 3M Co reassured investors that companies with large overseas revenue streams could deliver solid profits, despite concerns about global economic growth.
The markets ignored positive earnings earlier this month, when the world's share prices hit multi-month lows, overwhelmed by fears that sluggishness in Europe and Asia could deal a severe blow to the US economy as well.
But a steady flow of solid earnings helped to ease many such concerns for now.
With 177 of the S&P 500 companies having posted third-quarter results, 69.5 percent have beaten expectations, better than the 67 percent beat rate over the past four quarters, and higher than the 20-year average of 63 percent, Thomson Reuters data showed.
"The markets had fallen on sentiment rather than on facts. And the sentiment is coming back," said Soichiro Monji, chief strategist at Daiwa SB Investments.
New claims for US unemployment benefits also held below 300,000 for a sixth straight week last week.
In the euro zone a survey showed businesses performed much better than anyone expected this month, even though it also pointed to strong deflationary pressure in the region.
The euro drew some support from the surprise strength in the euro zone data, but was still near a two-week low of USD 1.2614 hit on Thursday. It last stood at USD 1.2657.
Data on Thursday showed that new claims for US unemployment benefits held below 300,000 for a sixth straight week last week, suggesting the labour market was shrugging off jitters over a slowing global economy.
Gold dipped for a third session on Friday and was headed for a weekly loss as a firmer US dollar and robust economic data dented the metal's appeal as a hedge.
Fundamentals
* Spot gold eased 0.1 percent to USD 1,230.48 an ounce by 0020 GMT, after slipping over 1 percent in the previous two sessions.
* The metal is headed for a weekly loss of 0.6 percent - its first drop in three weeks - as the dollar gained after two weekly declines in a row.
* Palladium was the best performer among precious metals for the week, with a near 4 percent jump.
* The dollar rallied on Thursday as investors plowed cash back into riskier asset classes, underpinned by promising US data and stronger-than-expected manufacturing reports in Europe and China.
* A strong greenback makes gold more expensive for holders of other currencies.
* Data on Thursday showed that new claims for US unemployment benefits held below 300,000 for a sixth straight week last week, suggesting the labour market was shrugging off jitters over a slowing global economy.
* Euro zone businesses performed much better than forecasters expected this month and China's vast factory sector grew a shade faster, but US manufacturing activity sputtered to its slowest since July, underscoring the uneven nature of the post-crisis global economy.
* The data, however, still managed to calm investor nerves after fears of a global slowdown prompted a sharp sell-off in global equities and the dollar, dimming gold's appeal as a safe-haven.
* In news from the miners, Peruvian precious metals miner Hochschild posted a decline in third-quarter production, hit by lower grades at its Pallancata mine and a two-week strike at its Arcata asset, but said it was still on track to reach its annual target.
* African Barrick Gold Plc tightened its costs target for the full year as it increased output while also cutting jobs to beat the sharp drop in gold prices.
Japan's Nikkei 225 Average climbed 120.32 points or 0.79 percent to 15,259.28 whereas Singapore's Straits Times fell 11.74 points or 0.36 percent to 3,224.76.
Asian equities were mixed on the last trading day of the week as concerns over Ebola and China offset gains on Wall Street.
A doctor in New York tested positive for the Ebola virus, the New York Times reported early on Friday, after returning from West Africa last week. Speaking at a press conference, New York Mayor de Blasio said officials believe "very few" people had contact with the doctor since his return. Markets reacted quickly to the news, with the Japanese yen strengthening 0.3 percent against the greenback and Dow futures dropping over 70 points before paring losses.
Meanwhile, attention in Asia was on China where official data showed new home prices falling 1.3 percent on year in September, the first annual drop in nearly two years. The report heightened concerns over the country's property market, which many experts say poses the single biggest risk to the economy.
US stocks surged on Thursday, with all three major indices climbing over 1 percent each, following strong third-quarter results from Caterpillar, 3M and General Motors. Meanwhile, data on Thursday showing the flash composite purchasing managers index (PMI) for the euro zone rising to 52.2 in October, from 52 in September, helped to ease some of the global growth concerns that recently plagued markets.
China's Shanghai Composite was up 6.47 points or 0.28 percent at 2,308.88 while Hong Kong's Hang Seng declined 33.10 points or 0.14 percent to 23,300.08.
Japan's Nikkei 225 Average climbed 120.32 points or 0.79 percent to 15,259.28 whereas Singapore's Straits Times fell 11.74 points or 0.36 percent to 3,224.76.
South Korea's Seoul Composite declined 10 points or 0.52 percent to 1,921.65 and Taiwan Weighted lost 85.38 points or 0.98 percent to 8,645.69.
Brent reversed sharp overnight gains and fell towards USD 86 a barrel on Friday as investors' risk appetite took a hit from news that a doctor in New York City tested positive for Ebola.
The first confirmed case in America's largest city has renewed fears about the spread of the virus, prompting a tumble in US stock futures, while Asian shares also lost ground.
"Such news is not good for risk assets, with investors looking for a flight to safety. This could curb travel and that's how it could feed through to the oil markets," said Ben Le Brun, market analyst at OptionsXpress in Sydney.
"We could also be seeing some profit-taking after very strong overnight gains."
The front-month contract of international oil benchmark Brent was down 61 cents at USD 86.22 a barrel by 0233 GMT. Brent settled USD 2.12, or 2.5 percent, higher on Thursday, its largest percentage gain in a day since June 12.
US crude for December delivery fell 70 cents to USD 81.39 a barrel, after closing USD 1.57 higher, its largest daily gain since September 16.
Saudi supplies lower
Oil markets had risen sharply on news that crude supplies to the market from Saudi Arabia, the world's top oil exporter, fell to 9.36 million barrels per day (bpd) in September, down 328,000 bpd from August, according to an industry source.
This comes after OPEC's (Organization of Petroleum Exporting Countries) September world oil report that Saudi pumped 9.7 million bpd, up from 9.6 million bpd in August. The difference could be due to how much oil was put into storage. Broadly stronger than expected economic data from the Eurozone also provided some support.
"Certainly this was the good news that the market was looking for after news on weakening demand. And I think with the majority of the market in a short position, any positive news will give a major reaction to the upside. It's all over to the OPEC meeting now," Le Brun of OptionsXpress said.
The 12-member OPEC will meet on Nov. 27 to review its output target of 30 million bpd for the first half of 2015. So far, only a minority of members have called for an output cut, including Libya.
According to ASSOCHAM, online sales are expected to touch Rs 10,000 crore mark growing by around 350 percent over last year. What are brick and mortal stores doing and how are they handling this challenge? Storyboard's Pavni Mittal discusses this with Infinity Retail's Ajit Joshi and Madhumita Dutta of Raymond.
For most retailers across categories like electronics, apparel and jewellery, festive season accounts for around 10-25 percent of their annual sales. With consumer sentiment, which had been low for the last few years improving, this festive season is expected to see better demand than last but the big news is that this is also expected to be India's first big online Diwali. According to Associated Chambers of Commerce and Industry of India (ASSOCHAM), online sales are expected to touch Rs 10,000 crore mark growing by around 350 percent over last year. What are brick and mortal stores doing and how are they handling this challenge? Storyboard's Pavni Mittal discusses this with Infinity Retail's Ajit Joshi and Madhumita Dutta of Raymond .
For more watch the accompanying videos.
Raymond stock price
On October 22, 2014, Raymond closed at Rs 511.95, up Rs 31.05, or 6.46 percent. The 52-week high of the share was Rs 514.40 and the 52-week low was Rs 255.00.
The company's trailing 12-month (TTM) EPS was at Rs 16.19 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 31.62. The latest book value of the company is Rs 179.34 per share. At current value, the price-to-book value of the company is 2.85.
WHO has branded New Delhi, the capital of India, as the world's most polluted city and the air pollution worsens around this time of the year every single year. Young Turks' first venture comes as a breath of fresh air quite literally. Barun Aggarwal's BreatheEasy combines technology with nature to improve the indoor air quality we breathe.
The World Health Organization (WHO) has branded New Delhi, the capital of India, as the world's most polluted city and the air pollution worsens around this time of the year every single year. Young Turks' first venture comes as a breath of fresh air quite literally. Barun Aggarwal's BreatheEasy combines technology with nature to improve the indoor air quality we breathe.
For more watch the accompanying video.
Akash Agarwal co-founded New Leaf Dynamic Technologies with his father. It developed a prototype called GreenCHILL refrigerator system that uses farm waste as a source of energy targeting farmers in rural & remote areas. This solution can refrigerate 500-1000 litres a milk in one go.
23-year-old Akash Agarwal conceptualised his start-up while still in his final year of college in the United States and co-founded New Leaf Dynamic Technologies with his father Anurag Agarwal. It developed a prototype called GreenCHILL refrigerator system that uses farm waste as a source of energy targeting farmers in rural and remote areas this solution can refrigerate 500-1000 litres a milk in one go.
For more watch the accompanying video.
Poonam Bir Kasturi, Founder of Daily Dump, claims that a home typically in Indian city produces organic waste of half to 1.5 kilograms a day which works out to about 30 kilograms of waste a month and if composted, this waste can generate about 12 kilograms of compost every two months. She decided to bet big on it.
Poonam Bir Kasturi, Founder of Daily Dump, claims that a home typically in Indian city produces organic waste of half to 1.5 kilograms a day which works out to about 30 kilograms of waste a month and if composted, this waste can generate about 12 kilograms of compost every two months. She decided to bet big on it.
For more watch the accompanying video.
Income from operations grew by 11.5 percent to Rs 6,533 crore in the quarter ended September 2014 from Rs 5,859 crore in same quarter last year.
Housing finance company HDFC met street expectations with the second quarter net profit rising 7.2 percent year-on-year to Rs 1,357 crore compared to Rs 1,266 crore in the year-ago period, supported by other income but impacted by rise in provisions and deferred tax liability.
Net interest income surged 19 percent (beating street estimates) on yearly basis to Rs 1,955 crore in the quarter gone by.
Profit was expected at Rs 1,368 crore and net interest income at Rs 1,836 crore for the quarter, according to the average of estimates of analysts polled by CNBC-TV18.
Income from operations grew by 11.5 percent to Rs 6,533 crore in the quarter ended September 2014 from Rs 5,859 crore in same quarter last year.
Provisions and contingencies jumped 133 percent year-on-year to Rs 35 crore but sequentially it remained unchanged while other income of the housing finance company rose significantly to Rs 35.2 crore from Rs 8 crore during the same period.
HDFC has reported a deferred tax liability on special reserve at Rs 83.27 crore for the quarter compared to Rs 74.4 crore in corresponding quarter of last fiscal.
Housing Development Finance Corporation said its loan book stood at Rs 2.12 lakh crore as on September 2014, up 15 percent compared to Rs 1.85 lakh crore in the year-ago period.
At 14:11 hours IST, the stock was quoting at Rs 1,023.45, up Rs 2.10, or 0.21 percent on the BSE.
Watch the interview of Kunal Bothra of LKP with Latha Venkatesh and Reema Tendulkar on CNBC-TV18, in which he shared his readings and outlook on market and specific stocks.
Watch the interview of Kunal Bothra of LKP with Latha Venkatesh and Reema Tendulkar on CNBC-TV18, in which he shared his readings and outlook on market and specific stocks.
Watch the interview of JK Jain of Karvy Stock Broking with Ekta Batra & Sonia Shenoy on CNBC-TV18, in which he shared his readings and outlook on market and specific stocks.
Watch the interview of JK Jain of Karvy Stock Broking with Ekta Batra & Sonia Shenoy on CNBC-TV18, in which he shared his readings and outlook on market and specific stocks.
Kunal Bothra - Head Analyst, Technical at LKP Securities is of the view that Cipla may test Rs 640.
At 14:19 hrs Cipla was quoting at Rs 619.35, up Rs 13.25, or 2.19 percent. It has touched an intraday high of Rs 622 and an intraday low of Rs 603.35.
Chandan Taparia of Anand Rathi Financial Services is of the view that Tata Steel may test Rs 480-485.
"We are observing such Put writing at Rs 440 strike which also indicating that now the stock may turn and change its negative trend and heads towards Rs 480 level. So looking at that scenario we are expecting Tata Steel to again move up and keep the stoploss of Rs 445 and
trade for the target of Rs 480-485," he said.
Chandan Taparia of Anand Rathi Financial Services is of the view that one can sell Exide Industries with a target of Rs 148.
At 13:56 hrs Exide Industries was quoting at Rs 152.55, down Rs 6.25, or 3.94 percent. It has touched an intraday high of Rs 158 and an intraday low of Rs 152.15.
Manas Jaiswal of manasjaiswal.com recommends going long in Rural Electrification Corporation as the stock can test Rs 308.
"Looking at the pattern, it can breach that level also and one can go long at current levels. The stock can test Rs 308 which is 15 percent retracement level of entire fall from Rs 383-233 with the stoploss of Rs 280," he added.
Manas Jaiswal of manasjaiswal.com recommends going long in Oriental Bank of Commerce with a target of Rs 280.
At 14:20 hrs Oriental Bank of Commerce was quoting at Rs 264.30, up Rs 8.30, or 3.24 percent. It has touched an intraday high of Rs 268.80 and an intraday low of Rs 255.60.
In an interview to CNBC-TV18, oil minister Dharmendra Pradhan said the government has considered all aspects before linking diesel prices to market.
In an interview to CNBC-TV18, Pradhan said the government is committed to protect the interest of common man and putting economy on track. However, he said that there is no uniform model to reduce the subsidy burden for all categories at the same time like kerosene, LPG.
On new gas price , he said the fertilizer, power and expenditure secretaries were party to the decision and issues like purchasing capacity of consumers and investor friendliness were kept in mind before determining the prices.
Pradhan said the government has been trying to cut subsidy burden by linking to Aadhar and bank accounts. According to him, digitalising the fuel delivery mechanism will save some money, up to Rs 10,000 crore (from direct benefit plan by FY16), and expects a full implementation of DBT by next year.
According to oil minister, the department is in talks with finance ministry and clarity on subsidy sharing is expected soon. He said the government will spend funds on E&P and focus on creating international assets. Even a NELP-X related announcement can be expected once all issues are resolved, Pradhan said.
Stating that fertilizer subsidy will continue, Pradhan said power cost will rise by Rs 0.50 due to higher gas price. "It is not my job to look at power subsidy," he added.
Pradhan said the government is looking into augmenting output of ONGC and Coal India adding that they will focus on ONGC divestment in FY15.
New Delhi on Saturday lifted diesel price controls and raised the cost of natural gas, giving market forces greater sway as it seeks to attract energy investment, boost competition and cut subsidy costs.
The government is meeting bankers on Monday to discuss a planned share sale in state-run ONGC as it deems the time is right to sell stakes in oil firms following freeing up of diesel pricing, a senior finance ministry official said.
New Delhi on Saturday lifted diesel price controls and raised the cost of natural gas, giving market forces greater sway as it seeks to attract energy investment, boost competition and cut subsidy costs.
The official, who declined to named, also told reporters the government is looking to push a bill that intends to raise foreign investment limit in the insurance sector in the next session of parliament.
ONGC stock price
On October 20, 2014, at 14:25 hrs Oil and Natural Gas Corporation was quoting at Rs 421.50, up Rs 24.25, or 6.10 percent. The 52-week high of the share was Rs 472.00 and the 52-week low was Rs 263.30.
The company's trailing 12-month (TTM) EPS was at Rs 26.72 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 15.77. The latest book value of the company is Rs 159.81 per share. At current value, the price-to-book value of the company is 2.64.
Shriram City Union Finance Ltd has now informed BSE that the Board will be considering declaration of interim dividend to the shareholders for the year 2014-15 at the board meeting to be held on October 30, 2014 .
With reference to the earlier announcement dated October 17, 2014, regarding Board Meeting to be held on October 30, 2014, inter alia to consider and take on record the unaudited Financial Results of the Company for the quarter ended September 30,2014 (Q2), Shriram City Union Finance Ltd has now informed BSE that in the said Board Meeting, the Board will be considering declaration of interim dividend to the shareholders for the year 2014-15.Source : BSE
Read all announcements in Shriram City
You might have not realized but the lines have already blurred. As consumers, we have changed and beyond amends. We drink instant coffee, book tickets online, plan holidays on this thing called 'Cloud', connect with friends,and even make enemies, through the internet.
The precise speed at which the world out there is expanding its digital footprint,is mind-boggling. Big businesses are now growing bigger and wise consumers are getting wiser. And what is causing this major technological change is that tiny little app that rests on most device screens.
Gartner predicts that by 2015 most mobile apps will sync, collect and analyze deep data about users and their social graph and that by 2017; wearable devices will be driving 50% of total app interactions.
Many businesses fail to realize that data from mobile apps, whether deployed on the premises or in the cloud, is not currently managed as part of an organizations information infrastructure. In fact, data collected from mobile apps is often siloed. However, the fact remains that an enterprise must harness the power of mobile apps to stay competitive and relevant.
Sample these:
-- Forrester hints that nearly 50% of Indian CMOs are in search of new suppliers with specialized technologies and processes to build new digital engagement systems such as mobile apps or social media applications.
-- Another recent scenario-check by Vanson Bourne tells how 60% of organizations either have an enterprise-wide mobility strategy or are planning to implement one in the next year. Also, most organizations are prioritizing mobile apps versus internal BYOD programs (63% vs. 37%). Yes, customer demand is fueling the growth in enterprise mobility, but over 75% have seen or expect to see significant benefit from their mobility initiatives.
-- A survey by market research firm IDC shows that businesses developing customer relationship management (CRM) apps for smart phones and tablets are on the right track and 31% of business respondents have in fact identified CRM as the most-wanted mobile app.
All above instances show that the world is moving to a new digital decade and cloud century. You would only be left behind if you do not catch up with your consumers and employees and arm them with the applications of 'this' world. Besides, the truth is that more and more of your workforce is already getting habituated to the app cloud. It only makes sense that you provide them with something more enterprise-appropriate.
Forrester's Frank Gillett has also noted, "Microsoft has already said that it plans to bring together the app-stores and developer tools for Windows and Windows Phone and is likely to go further and unify Windows across devices. It must show that it will be much easier to upgrade and update Windows, that the new OS will be easier to learn and use for traditional PC users than Windows 8, and that theyve preserved mobile capabilities." This means that big PC-era firms like Microsoft have already re-invented themselves to the new enterprise-app era.
You can always look for the so-called 'small-market' economy solutions, but why would you do that if companies like Microsoft can offer you scalable, affordable and flexible ones?
So, which are these enterprise apps that have the businesses excited? Collaboration and social networking ones (email, calendaring and messaging) come first. While there are plethora of social messaging apps of the likes of Facebook and Twitter on the consumer side, enterprises look for something safer and more importantly a place where the IP of the firm is not compromised by sharing. Little wonder, a private social network like Yammer is much more popular in the enterprise space as it allows collaboration with all the administrative controls. The likes of CRM or customer resource management that come in second, let you manage client interaction in a seamless and intelligent manner. Then there are apps for human capital management (HCM), sales force automation, asset management, ERP, supply chain management and so on.
While apps have no doubt changed the face of businesses, some challenges do remain. For instance, Gartner warns that security can be a major issue and that this is where current major application testing efforts should be applied. Also, the app space is rapidly evolving and hence requires a frequent update, unlike traditional applications, necessitating a sound and comprehensive strategy.
Nonetheless, the writing on the wall is clear for Indian enterprises: Get out and embrace this new world of mobile apps. They are not just what your employees and consumers want but also something that will help you extract better, smarter and faster work without burning a hole in your pocket. The road to the future leads to the clouds, with apps being the building blocks.
Consolidated net sales declined marginally to Rs 183.9 crore from Rs 185.5 crore during the same period due to lower sales in real estate business (that dipped to Rs 156.5 crore from Rs 162.4 crore Y-o-Y).
Mumbai-based Oberoi Realty 's second quarter consolidated net profit grew by 10 percent year-on-year to Rs 70.5 crore led by lower operating cost despite lower other income and higher interest and tax cost. Profit in the year-ago period was Rs 64.1 crore.
Consolidated net sales declined marginally to Rs 183.9 crore from Rs 185.5 crore during the same period due to lower sales in real estate business (that dipped to Rs 156.5 crore from Rs 162.4 crore Y-o-Y). Hospitality business revenue increased to Rs 29 crore from Rs 26.6 crore year-on-year.
Operating cost in second quarter of current financial year stood at Rs 51.31 crore, dropped 39 percent compared to Rs 84.46 crore in corresponding quarter of last fiscal.
Other income declined sharply to Rs 3.85 crore from Rs 12.71 crore while interest cost increased to Rs 1.64 crore from Rs 9 lakh and tax expenses rose to Rs 33.6 crore from Rs 27.8 crore during the same period.
Long term borrowings of the real estate firm stood at Rs 712.50 crore at the end of September quarter of 2014, increased significantly compared to Rs 75 crore at the of March 2014.
Net sales grew by 3.3 percent to Rs 274.9 crore in the quarter ended September 2014 from Rs 266.2 crore in same quarter last year driven by exports.
Pharmaceutical firm Unichem Laboratories ' second quarter net profit plunged 38.4 percent to Rs 22.3 crore compared to Rs 36.2 crore in the year-ago period.
However, net sales grew by 3.3 percent to Rs 274.9 crore in the quarter ended September 2014 from Rs 266.2 crore in same quarter last year driven by exports.
Total income from its domestic operations declined 4.5 percent year-on-year to Rs 172.8 crore but exports jumped 18.9 percent to Rs 105.4 crore during the same period.
The healthcare company saw a foreign exchange gain of Rs 1.4 crore in second quarter of current financial year 2014-15 as against Rs 4.08 crore in corresponding quarter of last fiscal.
State-run IFCI has come out with its public issue of secured, redeemable, non-convertible debentures of face value of Rs 1000 each for an amount aggregating up to Rs 2000 crore.
State-run NBFC IFCI has come out with its public issue of secured, redeemable, non-convertible debentures of face value of Rs 1000 each for an amount aggregating up to Rs 2000 crore.
The issue is going to open for subscription on October 20 which has scheduled to close on November 21, 2014.
Proceeds from the issue will be utilised towards lending minimum 75 percent of the amount raised and allotted in the issue; and for general corporate purpose: upto 25% of the amount raised and allotted in the issue.
Axis Trustee Services Limited is the book running lead manager and Karvy Computershare Private Limited is a registrar to the issue.
The government on Saturday has fixed new gas price at USD 5.61 per million british thermal unit (MMBTU), increased from USD 4.2 per mmbtu earlier, reports CNBC-TV18. However, it has reduced diesel price in Delhi by Rs 3.37 per litre following sharp fall in crude oil prices in international markets.
This new gas price hike will be effective from November 1, 2014 while the diesel price cut will be effective from today midnight.
Domestic gas pricing has approved by the Cabinet today, said Finance Minister Arun Jaitley (after a cabinet meeting), adding the new gas price hike will be effective prospectively and will be revised on a half-yearly basis.
The Cabinet modified the Rangarajan formula approved by previous UPA government to bring down the increase in rates from USD 8.4 to USD 5.61, Jaitley said.
He further said, henceforth, diesel price will be linked to the market. On the DBT, he said, the government will link direct benefit transfer with Jan-Dhan Yojana and has decided to relaunch DBT scheme.
"We have decided to reduce prices and in Delhi, prices are likely to go down by Rs 3.37 a litre from midnight tonight," said B Ashok, chairman of Indian Oil Corporation , the country's biggest fuel retailer.
Kirit Parikh, former Planning Commission member, said he is delighted with the government's decision to deregulate diesel. "This move is a step in the right direction. Deregulating diesel will have positive effect on fiscal situation," he added.
Lalit Kumar Gupta, managing director and chief executive officer of Essar Oil , too welcomed the government's decision to deregulate diesel.
"Deregulation will up competition & benefit end-consumer and for upstream companies, this leaves more money to invest in exploration and production, Gupta added.
Former Oil secretary SC Tripathi said deregulation should improve competition and bring more players into market.
"This is the proper moment to deregulate diesel and excluding Japanese price from the formula is the right move," he added.
According to him, if crude rises, subsidies must go to players on per litre basis.
Meanwhile, the natural gas prices have not been increased since past three years as the oil ministry faced stiff resistance from power and fertiliser ministry.
Energy expert Narendra Taneja said today's gas price hike will boost production without making power or fertiliser too expensive.
However, RS Sharma, the former ONGC CMD, said he is disappointed with new gas price as the quantum of hike is not enough.
According to him, imported gas costs around USD 13-14 per mmbtu, so USD 7 is a better price than USD 5.61 per mmbtu.
Natural gas distribution company Indraprastha Gas is the first company that decided to hike CNG prices post gas price hike decision. It said CNG prices will be hiked by Rs 4.50 per unit and domestic gas prices will be up by Rs 2.66 per unit."
(With inputs from agencies)
Bajaj Hindusthan Ltd has informed BSE that pursuant to the approval of the Audit Committee at their Meeting held on October 18, 2014, Mr. Ved Prakash Agrawal has been appointed as the Chief Financial Officer (CFO) of the Company in place of Mr. Anand Kumar Kanodia.
Bajaj Hindusthan Ltd has informed BSE that pursuant to the approval of the Audit Committee at their Meeting held on October 18, 2014, Mr. Ved Prakash Agrawal has been appointed as the Chief Financial Officer (CFO) of the Company in place of Mr. Anand Kumar Kanodia.Source : BSE
Read all announcements in Bajaj Hind
Bajaj Hindusthan Ltd has informed BSE that the Board of Directors of the Company at its meeting held on October 18, 2014, have noted and approved resignation of Mr. Shishir Bajaj, as Chairman & Managing Director of the Company with effect from October 17, 2014.
Bajaj Hindusthan Ltd has informed BSE that the Board of Directors of the Company at its meeting held on October 18, 2014, have noted and approved :1. Resignation of Mr. Shishir Bajaj, as Chairman & Managing Director of the Company with effect from October 17, 2014.2. Resignation of Mr. D. S. Mehta, as Independent Director of the Company with effect from October 17, 2014.3. Election of Mr. Kushagra Bajaj, as Chairman of the Board with effect from October 18, 2014.4. Re-designation of Mr. Kushagra Bajaj, as Chairman & Managing Director with effect from October 18, 2014.Source : BSE
Read all announcements in Bajaj Hind
The public issue has a green shoe option under which the company can retain subscriptions up to Rs 2,000 crore.
State-run dedicated infra lender IFCI today said the government is in the process of buying preferential shares from existing shareholders to increase its stake in the paid-up capital to above 50 percent. "If you take equity and preference shares, the Government holding comes slightly below 50 percent. The Government is trying to increase its stake. And it is in the process of acquiring some of the preference shares so that its stake increases," IFCI Chief Executive and Managing Director Malay Mukherjee said.
Also Read: IFCI postpones 2.5% stake sale in NSE
Currently, the Governments stake in IFCI going by the paid-up capital, including both the equity capital and preference shares, is around 48 percent which will go above 50 perent with this exercise, he said. Mukherjee was speaking after launching a Rs 2,500- crore non-convertible debentures (NCD) issue of the infra lender. The public issue has a green shoe option under which the company can retain subscriptions up to Rs 2,000 crore.
Under the offering, IFCI will be issuing secured redeemable non-convertible debentures of face value of Rs 1,000 each. The NCDs have a tenure of up to 10 years and carry a coupon rate of up to 9.90 per cent per annum. The first tranche of the issue opens for subscription on October 20 and closes on November 21, it said.
IFCI stock price
On October 17, 2014, IFCI closed at Rs 33.15, up Rs 0.75, or 2.31 percent. The 52-week high of the share was Rs 44.90 and the 52-week low was Rs 21.80.
The company's trailing 12-month (TTM) EPS was at Rs 3.29 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 10.08. The latest book value of the company is Rs 40.42 per share. At current value, the price-to-book value of the company is 0.82.
Bank of India has submitted to BSE a copy of the proceedings of the Extra Ordinary General Meeting (EGM) of the Bank held on October 17, 2014.
To read the full report click here
Watch the interview of Amit Harchekar of A Plus Analytics with Ekta Batra & Sonia Shenoy on CNBC-TV18, in which he shared his reading and outlook on market and specific stocks.
Watch the interview of Amit Harchekar of A Plus Analytics with Ekta Batra & Sonia Shenoy on CNBC-TV18, in which he shared his reading and outlook on market and specific stocks.
Crompton Greaves on Thursday had announced the demerger of its consumer products business unit into a separate company
Crompton Greaves on Thursday had announced the demerger of its consumer products business unit into a separate company and also opened doors for foreign investors by raising the investment limit to 100 percent of the paid-up equity share capital.
According to sources, the group may sell up to 10 percent stake in the demerged consumer products entity to private equity players, with valuations standing at around Rs 8000 crore. So far, Bain has emerged as the only serious PE player in talks to acquire stake.
While Avantha spokesperson denied stake sale to Bain, the PE player did not comment to CNBC-TV18 query.
Crompton Greaves holds 25 percent plus 1 share in demerged consumer products business. The Avantha Group is likely to hold nearly 32 percent in the demerged company.
14:00
Moneycontrol Bureau 02:25pm Market CheckThe Sensex shot up 180.51 points or 0.69 percent to 26179.85 and the Nifty jumped 52.55 points or 0.68 percent to 7800.75.
About 1282 shares have advanced, 1390 shares declined, and 103 shares are unchanged.
02:20pm Top Gainers
Shares of HDFC Bank, Mahindra and Mahindra and BHEL topped the buying list in the Sensex, up 3-4 percent followed by ICICI Bank, HDFC, Larsen and Toubro, State Bank of India, Axis Bank, Bharti Airtel, Hero Motocorp, Tata Steel and Cipla with 2-2.7 percent gains.
Index heavyweights ITC and Reliance Industries climbed nearly a percent.
02:00pm Market Check
Equity benchmarks extended gains with the Sensex rising 166.02 points to 26165.36 and the Nifty climbing 48.90 points to 7797.10. The broader markets gained too; the CNX Midcap advanced 0.8 percent.
Banks stocks drove the major gains in benchmarks with BSE Bankex rising over 2 percent while technology stocks pulled the BSE IT index down by 3.5 percent.
Sunil Singhania of Reliance MF says he expects growth to return to the Indian markets. He is looking at a 20 percent earnings growth over the next five years and valuation wise, India is not as expensive as other emerging markets.
It's a twin blow for the tech sector. TCS tanked more than 7 percent after dollar revenue growth missed expectations. Management told cnbc-tv18 that softness in certain businesses may continue for two more quarters. HCL Technologies too took a hard knock on similar growth worries; dollar revenue for Q1 came in lower than estimate; the stock lost 9 percent.
The rupee recovered marginally to 61.53 after falling to 7-month low of 61.83 yesterday. Fresh selling of dollars by exporters and banks resulted in rupee recovery.
It is a mixed day for global markets. European markets gained more than 1 percent while Asian markets like Japan and Taiwan Weighted fell another 1-1.5 percent after yesterday's blow. A comment from hawkish Federal Reserve official James Bullard on Thursday that the Fed should continue bond buying lifted sentiment and surprised many observers.
Fund houses, battling bad market conditions and tax changes to debt mutual fund schemes, have recently revised exit load structure by increasing the limit of the investment tenure. These include HDFC Mutual Fund, Axis Mutual Fund, Birla Sun Life, UTI Mutual Fund and others who increased exit loads, effective October, for select schemes from 0.5 percent to two percent for a period ranging one to three years.
It may be recalled the government had increased the tenure for claiming long-term capital gains from one year to three years for debt mutual fund schemes in its maiden Budget.
Meanwhile, SEBI also mandated that the exit load be ploughed back into the scheme which increases NAV for investors, and by extension, theoretically proves that increased exit load is good for them.
Discussing the merit and demerit of just-imposed higher exit load, the twitterrati engaged in a virtual war with some saying the move will curb misselling and deter short term deserters, others described it as an exercise to pay higher fees to distributors.
Samir Arora of Helios Capital, who vociferously opposed imposition of higher exit load, disagreed with a Business Standard article that seems to have suggested the same, tweeted "Exit load is good for you-really? Because you are too dumb is the official excuse. Real reason-to pay higher fees two agents." When Manoj Nagpal responded by saying "Close-ends / higher exit loads akin to closing doors of movie hall, so that you benefit by watching the full movie," Arora retaliated once again with "Only reason why closed ended funds are being sold is because agents get 5 percent from AMC and they will only pay if investors are locked in."
Below is the full text of the twitter war on exit load:
Samir Arora (@Iamsamirarora): Exit load is good for u-really? Because u are too dumb is the official excuse Real reason-to pay higher fees 2 agents
Manoj Nagpal (@NagpalManoj): @Iamsamirarora Close-ends / higher exit loads akin to closing doors of movie hall, so that u benefit by watching the full movie :)
Samir Arora:@NagpalManoj Only reason why closed ended funds are being sold is bec agents get 5% from AMC & they will only pay if investors r locked in
Rajeev Thakkar (@RajeevThakkar): @NagpalManoj What should be expense ratio is one debate. What should be exit load is another. Unfortunately the two get clubbed. (1/2)
Rajeev Thakkar:@NagpalManoj Small / midcap bear transaction and impact costs. The speculators market time at exp of long termers in absence of load. (2/2)
Samir Arora: Fund Mgrs complain that NAV was hit due to impact cost of ST redeemers.No one says that NAV was helped as ST buyers bought & helped same NAV
Samir Arora:To attract LT investors, MF manager should state what they mean by long term and show with data that the fund indeed invests 4 the long term
Parag Parikh: @Iamsamirarora You are right.Please visit http://www.amc.ppfas.com to understand.We have the discipline and courage to walk the talk.
Samir Arora:@RajeevThakkar @NagpalManoj Exit load is there so that investors stay so that AMC earn higher fee & can payer higher amount to distributors
Parag Parikh (@paragparikh): @Iamsamirarora @invest_mutual @RajeevThakkar @NagpalManoj It is 2 encourage longterm investing.The load enhances NAV.Existing investors gain
Invest Mutual @invest_mutual: @NagpalManoj AMCs cld be transparent and give EXIT load amt & compare with 20ps added to TER @paragparikh @Iamsamirarora @RajeevThakkar
Manoj Nagpal: @invest_mutual Published in B/s. On avg 20bps charge is 5 times of exit load credited back to sch @paragparikh @Iamsamirarora @RajeevThakkar
Rajeev Thakkar: @Iamsamirarora @NagpalManoj @kayezad @invest_mutual Exit load does not lock. Compensates for impact and transaction cost.
Manoj Nagpal: @RajeevThakkar In that case u shud keep 6-12 mth exit load, Why 2/3 yrs exit load? Is that short? @Iamsamirarora @kayezad @invest_mutual
Manoj Nagpal: @RajeevThakkar Fundhouse is well within its right to "not-accept" money from a PAN which is trading in its fund. Has any fund rejected?
Invest Mutual: @NagpalManoj @RajeevThakkar Great idea Manoj if implemented. Now, there is effort to gather &retain AUM & increase profits thru higher ERs
Aashish (@AashishPS): @invest_mutual @NagpalManoj @PatnaikNishant @deepakshenoy pic.twitter.com/9TPWvzOStE
Nishant Patnaik (@PatnaikNishant): @AashishPS @invest_mutual @NagpalManoj @deepakshenoy Ths was d point i was trying to make.AMCs shud leave exit dcsion on investrs n advisrs
(Posted by Jhini Phira Sinha)
According to Mayuresh Joshi, Vice President - Institution at Angel Broking, Crompton Greaves may hit Rs 235 over the next twelve months.
"Clearly if you look at the expected numbers to come from Crompton Greaves, our take is that a 10 percent increase in topline to around Rs 3,550 crore, the bottomline should show substantial amount of improvement and that is based on the fact that a lot of the restructuring exercise that Crompton Greaves is probably doing more or less on its overseas operations, which accounts for more than 50 percent of its revenues, will start bearing fruits. If you take into account the Hungarian operations, the Canadian operations and the US operations, all of them should start bearing fruits over the next couple of years," he said.
"So in that sense itself, our take is that Crompton should trade at higher multiples going forward as well and again clearly the return ratio profile or the trajectory should greatly improve for the company hereon. So good numbers are expected for this quarter and again restructuring exercise will ensure that the margin growth and the earnings profile remains stuck in for Crompton Greaves. We have stuck to our target price of Rs 235 for Crompton over the next 12 months."
Disclosure: Analyst does not have any personal holdings in the stock but might have discussed the stock with his clients.
Prakash Industries Ltd has informed BSE that the Company has redeemed the outstanding US $ 17.1 Million FCCB on October 16, 2014 which are maturing for redemption on October 17, 2014.
Prakash Industries Ltd has informed BSE that the Company has redeemed the outstanding US $ 17.1 Million FCCB on October 16, 2014 which are maturing for redemption on October 17, 2014.In this regard, the Company has issued a Press Release titled "Prakash Industries Redeems USD$ 17.10 Million FCCB".Source : BSE
Read all announcements in Prakash Ind
To read the full report click here
Dolphin Medical Services Ltd has submitted to BSE a copy of minutes of the proceedings of Annual General Meeting held on September 30, 2014.
To read the full report click here
Kunal Bothra of LKP Securities is of the view that Tata Chemicals may test Rs 440.
"I believe the previous momentum, high which was close to Rs 440-445 on Tata Chemicals, that could be achieved in a very short span of time. With the markets stabilising above 7800, this could be one of the few stocks in the front line space which could give a very strong
uptrend. From the short-term perspective and positional perspective I have given a target of Rs 440 on Tata Chemicals with a stoploss at Rs 385," he added.
The former Finance Minister further said that if the government believed "that the decline in the rates of inflation will prove to be a secular decline, it should persuade the RBI to cut the policy rates."
Attributing the decline in inflation to fall in global commodity prices , former Finance Minister P Chidambaram today said the government should persuade RBI to cut interest rates if it believed the price situation would continue to improve. Dismissing the contention that the decline in inflation was on account of the steps taken by the NDA government, Chidambaram said he wanted to know, "what measures were taken by the government that contributed to decline in inflation rates."
The September WPI inflation fell to a five-year low of 2.38 percent on the back of declining food prices, prompting the government to assert that India is heading towards a "low and stable" price regime. The retail inflation (CPI) for the month too has fallen to 6.46 per cent, the lowest since government started releasing the new CPI series in January 2012. "...I too rejoice in decline in inflation, but we must ask ourselves what has caused this happy development. "The main reason is the decline in commodity prices worldwide, especially the price of crude. Another key reason is the government's willingness to stick to the fiscal deficit target of 4.1 percent for 2014-15, originally set in the interim budget (by the UPA) ," Chidambaram said.
The former Finance Minister further said that if the government believed "that the decline in the rates of inflation will prove to be a secular decline, it should persuade the RBI to cut the policy rates." Chidambaram said he regretted that the government has not moved forward on the Food Security Act, which might have saved the exchequer Rs 60,000 crore.
Similarly, he added the government was holding back funds towards food security programme MNREGA. "These unwelcome developments may have affected the demand." Referring to the government's initiative of unloading of stocks of wheat and rice in open market, nudging states to amend APMC Act, asking them to take action against hoarders and imposing MEP on exports, Chidambaram said these were continuation of the UPA government's measures.
"While we welcome them, we would like to know what new measures were taken by the government that contributed to the decline in inflation rates," he said. Finance Minister Arun Jaitley yesterday had attributed the declining inflation to the initiatives taken by the NDA government and had exuded confidence that the country was on the way to achieve a low and stable price regime. "It is heartening to note that we have been able to bring food inflation under control. Growth in vegetable and protein prices that have been contributing to the recent increase in inflation rates have shrunk, thanks to the steps taken by the government," Jaitley had said in a statement.
Barring stray incidents, polling in Haryana was by and large going on smoothly as about 35 percent of the 1.63 crore eligible voters exercised their franchise till 1 PM today.
Two persons were injured in firing during a clash between supporters of two groups in Sirsa, Sirsa Superintendent of Police, Mitesh Jain, said.
A supporter from each side was injured in the incident and the seriously injured person has been hospitalised, police said, adding investigations are on in the matter.
Amid tight security, polling commenced in all the 90 assembly seats at 7 AM and would continue till 6 PM to decide the fate of 1,351 candidates. Counting of votes will take
place on October 19.
Election officials said that the polling was slow during the first two hours, but gradually picked up pace and was brisk at places including Fatehabad, Hisar, Gurgaon, Jind,
Mewat, Palwal and Yamunanagar while it was moderate at other places including Panchkula, Karnal and Rewari districts.
In another incident, the window panes of a car belonging to a supporter of Haryana Lokhit Party's Gopal Kanda were broken following a minor clash between the supporters of HLP
and INLD workers in Sirsa, police said.
Kanda, a former Haryana Minister, is seeking re-election from Sirsa.
There were glitches in EVM machines at a couple of places in the state. In Narnaund, BJP candidate from the assembly segment and Chief Ministerial aspirant, Capt Abhimanyu alleged that attempts to capture booth were made in Baans village in the
constituency at the behest of rival INLD, which vehemently denied the charge.
Wires of web-casting camera were cut in Booth No 140 and an attempt was made to capture booth by the 'goondas', Abhimanyu told reporters in Narnaund.
This is a hyper sensitive booth, he said, "but the police administration is sitting like a mute spectator".
A spokesman of the INLD said that Abhimanyu was levelling false allegations "out of sheer frustration sensing his imminent defeat".
Over 1.63 crore voters including over 87 lakh women are eligible to cast their vote in the polls, in which stakes are high for the three main contenders including ruling Congress,
BJP and INLD.
Ahead of the polls, Prime Minister Narendra Modi led an aggressive poll campaign for the BJP, which is for the first time seeking to come to power in Haryana on its own.
The kin of the three famous 'Lals' (Bansi Lal, Bhajan Lal and Devi Lal) are also battling it out in the state.
The highest number of 116 women contestants are in fray this time.
In the first six months of 2014-15, funds were garnered through as many as 20 issuance (19 QIPs and 1 IPP) as compared to 13 (3 QIPs and 10 IPPs) in the April-September period of the preceding fiscal.
Fund raising via institutional investors seems to be gaining traction among Indian firms, with the total amount mopped-up through this route crossing Rs 20,000 crore-mark in the first half of the current fiscal. According to a report by Prime Database, companies have raised a total of Rs 20,589 crore through Qualified Institutional Placements (QIPs) and Institutional Placement Programme (IPP) routes during April-September period of the current fiscal (2014-15), higher than a meagre Rs 5,402 crore garnered in the year-ago period.
Of the total fund raised, a massive Rs 20,171 crore were raked in through QIPs and remaining Rs 418 crore via IPPs. In the first six months of 2014-15, funds were garnered
through as many as 20 issuance (19 QIPs and 1 IPP) as compared to 13 (3 QIPs and 10 IPPs) in the April-September period of the preceding fiscal. According to industry estimates, the total funds raised this year could be more than Rs 30,000 crore.
"It is interesting to note that all QIP issuances in the first half of 2014-15 took place after the election verdict was announced on May 16, thus clearly showcasing the revival of investor sentiment, backed by a strong secondary market. "There was a pent up demand for capital, which is now being released," Prime Database Managing Director Pranav
Haldea said. He further said, "The pipeline too is extremely robust, comprising issuers from the private sector as also several banks which have announced QIP plans to raise additional capital, all of which is likely to materialise in the near future."
The largest QIP was from Reliance Communications of Rs 4,808 crore while the largest and only IPP was of Muthoot Finance for Rs 418 crore made to comply with Sebi's guidelines on minimum public shareholding.
The Gujarat government has given its nod to German company Siemens to set up six more centres of excellence in the state's engineering colleges with an investment of Rs 714.90 crore.
The Gujarat government has given its nod to German company Siemens to set up six more centres of excellence in the state's engineering colleges with an investment of Rs 714.90 crore.
Siemens has already invested about Rs 500 crore for setting up five such centres of excellence in the state for which MoUs had been signed two years back, state Finance Minister Saurabh Patel told PTI today.
With the availability of more funds, the Germany-based company approached the Gujarat government in August for approval of its request to set up of six more such centres in the engineering colleges of the state within the company's current fiscal year ending on September 30, which has been granted, he said.
These centres of excellence will be set up at colleges in Morbi, Rajkot, Bhavnagar, Patan, Jamnagar and Mehsana, he said.
These six centres will be in addition to the state government's already approved five centres of excellence under PPP mode with the co-operation of Siemens Industry Software (India) Pvt Ltd, Patel said.
"The main focus of these centres is to train students of different engineering institutes in-line with the latest industry needs and emerging trends. These centres will be instrumental in providing skilled manpower to the industries and employment opportunities to the youth," he added.
Siemens stock price
On October 14, 2014, Siemens closed at Rs 812.05, down Rs 9.1, or 1.11 percent. The 52-week high of the share was Rs 1010.00 and the 52-week low was Rs 496.05.
The company's trailing 12-month (TTM) EPS was at Rs 8.86 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 91.65. The latest book value of the company is Rs 113.17 per share. At current value, the price-to-book value of the company is 7.18.
Sharekhan is bullish on Infosys and has recommended buy rating on the stock with a target of Rs 4500 in its October 13, 2014 research report.
"In Q2FY2015 the revenues of Infosys in the reported currency grew by 3.2% QoQ to $2,201 million (revenues up 3.9% in constant currency terms, volumes up by a decent 3% and realisation up by 0.6% QoQ). On the margin front, the EBIT margin improved by 100BPS to 26.1%, driven by higher utilisation and offshore shift. The net income rose by 7.3% QoQ to Rs3,096 crore."
"Dr. Vishal Sikka has given a strategic roadmap to take Infosys back to its old way of predictable and sustainable earnings performance in the coming quarters. Going forward, the emphasis will be on enhancing the service delivery and product innovation through higher usage of automation, innovation and operational efficiency, as well as on new technologies like big data analytics and design thinking among others. In the coming quarters, Dr. Sikka will share the detailed plans of his strategy and its financial implications."
"The transition process of a strategic roadmap is a long-drawn process. However, Infosys has already been in the transition mode for the last one and half years, ie since Narayana Murthy took over the leadership in June 2013. We believe under the leadership of Dr. Sikka the transition process will accelerate and get over by Q4FY2015. We expect to see a predictable and sustainable earnings performance in FY2016 and FY2017. We have introduced our earnings estimate for FY2017 in this note; we expect a 12% earnings CAGR over FY2015-17. At the current market price of Rs3,943 the stock trades at 16.0x and 14.2x FY2016E and FY2017E earnings respectively. Given the positive leadership change, more importantly, the possible deployment of cash of $5.54 billion (as at the end of Q2FY2015), which is a strong re-rating trigger, and the roll-over of the target multiple to the FY2017 estimates, we upgrade Infosys to Buy from Hold with a revised price target of Rs4,500, which is 16x the FY2017E earnings," says Sharekhan research report.
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Sharekhan is bullish on Reliance Industries and has recommended buy rating on the stock with a target of Rs 1190 in its October 13, 2014 research report.
"In Q2FY2015, the earnings of Reliance Industries Ltd (RIL) grew by 5% YoY to Rs5,742 crore despite 7% decline in revenues, due to a better margin in refining business. The earnings growth YoY was mainly driven by higher refining margin at $8.3/bbl compared with $7.7/bbl in Q2FY2014. However, sequentially earnings were flat (up 2%) as softer GRM QoQ offset gain from better margin in petchem business."
"RIL managed to earn GRM of $8.3/bbl in Q2FY2015, a premium of $3.5/bbl over the regional benchmark (Singapore complex GRM) due to wider crude differentials and sourcing advantage. However, due to lower crude prices and supply recovery from Libya, GRM of RIL turned softer sequentially. Though, the petchem business witnessed a better margin QoQ, but the earnings of exploration business remain depressed both due to weak production in KG-D6."
"RIL managed to sustain a healthy GRM and reported better earnings than streets estimate. Further, we believe the on-going expansion of its downstream business would be the next earnings driver in the next two to three years. Currently, the stock is available at 13x and 12x, FY2015E and FY2016E earnings respectively and the valuations are lower than its historical average. We retain our Buy recommendation on the stock with a price target of Rs1,190. We shall come out with a detailed note soon," says Sharekhan research report.
Disclosure: Network18, which publishes moneycontrol.com, is now part of the Reliance Group.
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Prabhudas Lilladher is bullish on IndusInd Bank and has recommended accumulate rating on the stock with a target of Rs 690 in its October 14, 2014 research report.
"Core PPOP (excl treasury) growth was at ~21% YoY in Q2FY15, which continues to slow largely on some spike in Opex as Bank gets aggressive on branch expansion and technology related spending. But slowing core PPOP was stemmed by beat in core fee income on robust growth in third party distribution fees (13% QoQ growth). Margins contracted by ~3bps QoQ to 3.63% as incremental credit was higher to foreign currency borrowers in corporate loan book which are relatively lower yielding. But NIMs downfall was contained by better cost of funds management with accretion in CASA and lower borrowings. Management's focus has been high on non‐auto retail portfolio especially the LAP segment, and gave optimistic guidance on CV loan book growth in H2FY15, where IIB saw good disbursement trends in September compared to last 12‐15 months. Asset quality was very stable during the quarter and remained largely unchanged sequentially. Incremental slippages were largely from consumer book. As a result of no large slippages, credit cost was on ~49bps (annualised) in Q2FY15. IIB's restructured portfolio of Rs3.1bn saw a slight increase during the quarter by Rs770mn."
"IIB has been efficiently harnessing benefits of technology through innovative products which has contributed to gain in market share on both liabilities and assets. IIB has become aggressive on expanding its branch network to 800 from 750 by Mar‐15 end and take it to 1000 by Mar‐16 end. This will help maintain high B/S growth, drive fee income and improve CASA, which will help ROAs to move towards 2% by FY17 despite high opex costs."
"IIB's Q2FY15 PAT performance of Rs4.30bn was sligtly above expectations led by strong fee income and lower credit cost on stable asset quality. Some opex spikes were seen as Bank has become aggressive on branch expansion and technology spending. IIB continues to perform well on CASA and Non-auto retail part and with optimistic outlook on CV loan growth in H2FY15 will help B/s growth and margin accretion, but P/BV at 2.7x after rollover to Sep-16 book is not cheap and we believe positives are priced in with limited upside of 8%. We maintain Accumulate rating with increased TP of Rs690 (mainly on rollover of BV)," says Prabhudas Lilladher research report.
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Vinay Khattar - Associate Director & Head of Research at Edelweiss Financial Services is of the view that KNR Construction is a good bet from the construction space.
"Government is talking of very aggressive ordering on the road construction site and a big chunk of that order book would happen on the engineering, procurement and construction (EPC) side. KNR Constructions is a very strong EPC player and our sense is that over next two to three years the company could easily grow by 20-25 percent top line. If I were to just take you a bit back in to history during the previous cycle when KNR was relatively smaller and a niche player, the company had shown 70 percent compound annual growth rate (CAGR) in the upcycle over the period of 4-5 years. So just a sheerly in terms of the top line the company is very attractively poised," he said.
"There is a bought value of almost a Rs 50-60 a share which provides us with further comfort. So KNR appears to be a good bet to play the road construction sector with a two to three years view."
Domestically, earnings of blue-chips such as Reliance Industries and Tata Consultancy Services key for shares.
Worries are growing India will be hit by tumbling global markets.
Investors fear the prospect of a global slowdown and the end of US monetary stimulus.
India has attracted a net USD 34 billion in foreign investment this year.
Domestically, earnings of blue-chips such as Reliance Industries and Tata Consultancy Services key for shares.
Nifty seen in 7,800 to 8,000 range.
Consumer inflation data on Monday key for bonds and rupee.
September CPI forecast to have risen 7.2 percent year-on-year vs 7.8 percent in August - Reuters poll.
India to also report wholesale inflation during the week.
Trade data is also possible, although no date has been set.
Benchmark 10-yr bond yield seen in a 8.40-8.55 percent range.
The rupee seen in a 60.80-61.30/dollar range.
KEY EVENTS TO WATCH
No date: Sept trade data (tentative)
Mon: Sept consumer price inflation (1730 India time/1200 GMT)
Reliance Industries, IndusInd Bank earnings
Tue: Sept. wholesale price inflation (1200/0630 GMT)
Bajaj Auto 's results.
Wed: Markets closed due to Maharashtra state elections
Thu: Tata Consultancy Services, Hero MotoCorp 's
earnings
Fri: Axis Bank , Zee Entertainment Enterprises '
earnings.
Slamming the political families of the state, Modi said they have done nothing but only filled their pockets. "Five families have run Haryana until now and it has only benefited these families. Look at the coalition...they fight in front of people like WWF.
Asking people to discard dynastic politics and "goondasahi", Prime Minister Narendra Modi today said there was no other option but to vote for a majority government of BJP if Haryana has to progress.
Slamming the political families of the state, Modi said they have done nothing but only filled their pockets. "Five families have run Haryana until now and it has only benefited these families. Look at the coalition...they fight in front of people like WWF.
"They have an agreement that one family will rule for five years while the other family will badmouth the ruling family. In the next elections, other family comes to the power and circle goes on. You have to save Haryana from these 'goondasahi' and dynastic politics," Modi said at the election rally.
He said the role of Sirsa is crucial in the elections and his government will come with a special model of progress if voted to power.
Also read: Adarsh Gram Yojana not guided by money, says PM Modi
"Sirsa is like an island cut off from rest of the state. It needs integrated development, it needs railways and road connectivity, Internet connectivity. If BJP comes to power it will come up with a special model for the progress of the region," Modi said, adding "development is key to progress".
Referring to one-rank one-pension issue, Modi said as promised his government has successfully implemented the one-rank one-pension scheme.
"There is no battle in which youth of Haryana have not sacrificed their life. There was this issue of one-rank one- pension. But when we came to power, we decided in this regard and made provisions for the same and fulfilled the promise," he said.
He stated that a positive trend was coming out from poll surveys.
"All poll surveys and analysis have said BJP will either be the number one party in Haryana or will get majority. It is for sure that the next government will be of the BJP but it is you who has to decide whether you want full majority BJP government," the PM said.
As Modi spoke, an enthusiastic crowd specially youth cheered him jubilantly. Many of them had worn Modi masks and Modi caps.
"The new government in the last few months has (taken) every possible measure to revive the confidence like ease of doing business and better regulations," Sitharaman told reporters here today.
The latest Index of Industrial Production data - which logged in 5-month low growth rate for August -- was not worrisome as some other sectors were showing signs of expansion, Minister of State for Commerce and Industry Nirmala Sitharaman said today.
"The new government in the last few months has (taken) every possible measure to revive the confidence like ease of doing business and better regulations," Sitharaman told reporters here today.
She said that had it not been the case, global rating agencies like Standard & Poor's would not have given a stable outlook on India.
"There are definite signs of improvement. The automobile and some core sectors are doing well," the minister said, adding that the IIP data would have no impact on the second quarter of GDP growth.
Industrial production growth as measured by IIP slowed down to 5-month low of 0.4 per cent in August mainly due to contraction in manufacturing output and lower offtake of consumer goods.
The process of e-auctioning of iron ore lying at jetties, MPT and mines in Goa is not picking up
pace due to the low prices in international market, a senior member of the Supreme Court-appointed monitoring committee said today.
The state government has e-auctioned only 4 million tonne of the total 15 MT ore lying at jetties, mining leases and the Mormugao Port Trust. The monitoring committee has, however, expressed satisfaction over the e-auctioning process.
"There are several factors that are responsible for the e-auctioning being done at slow pace. The state had rainy season since April till now. Also the prices of ore in the international market are low," UV Singh, member of the committee, said here. "We are quite satisfied with the process adopted by Goa government to e-auction the ore," said Singh, who would be submitting the committee's report to the apex court by October 21.
Slowdown in the Chinese economy is affecting ore exports, he said. Iron ore from Goa is largely exported to China.
The existing China market had been monopolised by ore producers from Brazil and Australia, he added. Very little of the ore produced in Goa is consumed in the country, so the exports are crucial, he said.
"I know that there is only one buyer in Karnataka that takes the ore (in Goa), but for that too, there are constraints of transporting. So the buyer is purchasing the ore from Karnataka itself," Singh said. The state, being the owner of the ore, had to get the best prices, he added.
It was up to the state government to decide the timeframe for exporting the entire 15 MT of ore, he said, adding that the committee would not set any deadline. "The state government is wise enough to take action," he said.
India's new soccer league with its cast of celebrity owners, experienced foreign managers and a sprinkling of high-profile players will kick off on Sunday, igniting hopes of waking the country from its football slumber.
Italian World Cup winners Alessandro Del Piero and Marco Materazzi, Spain's Joan Capdevila and Luis Garcia, and French stars David Trezeguet and Robert Pires have all signed up to play in the Indian Super League.
Cricket-obsessed India, with its population of 1.2 billion, is ranked 158th in the world, leading FIFA President Sepp Blatter to call it the 'sleeping giant' of world football.
The national league has failed to inspire youngsters to take up the sport, which remains popular only in certain areas of the country, while the appetite to watch televised games is restricted to the English Premier League or Spain's La Liga.
Modelled on cricket's popular Indian Premier League, the ISL, with its franchise-based model, slick promotion and branding, and the presence of stars from cricket and the country's film industry, is aiming to change all that.
"Indian football had somewhat stagnated," All India Football Federation (AIFF) Vice President Subrata Dutta told Reuters recently.
"Nothing great was happening and we were not progressing at the desirable rate. We have been hovering between 140 and 160 in rankings for many years now and we needed something big to push us forward.
"We at the AIFF felt that an explosion is needed in Indian football. We felt the ISL would give the necessary push to Indian football, it would make a difference."
GLAMOUR, ENTERTAINMENT
Bankrolled by India's Reliance Industries, Rupert Murdoch's Star India and sports management group IMG, the ISL has welcomed former cricket greats Sachin Tendulkar and Sourav Ganguly, as well as current captain Mahendra Singh Dhoni, among the team owners.
In addition to the veteran players, the competition will also see former international coaches Zico, Peter Reid and Ricki Herbert in a managerial capacity.
In its inaugural season, the ISL will feature eight city-based franchises taking part in the October 12-December 20 tournament. There will be lots of glamour and entertainment on display during Sunday's opening ceremony in Kolkata.
The match between Atletico de Kolkata, owned by a consortium including Spanish champions Atletico Madrid, and Mumbai City FC is expected to draw more than 100,000 people at Salt Lake Stadium, the world's second-largest by capacity at 120,000.
The tournament, to be played in a round-robin format, will then move around the country to the seven other cities.
The top four sides will qualify for the semi-finals, which will be played over two legs, with the winners advancing to a one-off final.
While the inaugural season will have a novelty factor and has all the ingredients to be a commercial success, critics believe it will be the quality and intensity of play that will be crucial in sustaining the appeal.
Promoters and teams have promised to make an investment towards developing standards in India and according to Spain's Capdevila, who will line up for North East United FC, that is exactly what the country needs to make a significant difference.
"The ISL is a good start," said the defender, who was part of Spain's Euro 2008 and 2010 World Cup winning sides.
"Two and half months is not enough time so it will be better if the period of the league is increased to like nine months in future," he told Reuters last month.
"It's a new baby but what India needs is grass-roots development to grow into a footballing power."
