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LKP Advisory
Nov 30, 2012
FII's contribution to the total turnover DII's contribution to the total turnover FIIs' contribution to the total Derivatives turnover Domestic Market View
New series to get a positive start; GDP data
The Indian markets surged for the second straight November series with gains of over 2%, while the major indices jumped to over one and half year high. Today, the start of the new series is likely to be on a positive note on strong global cues. Traders will be eyeing the Q2 GDP data on the domestic front, to be released later in the day, though it is being estimated that growth likely hovered near a three-year low in the last quarter, Finance Minister P. Chidambaram had said last week that growth was about 5.5 per cent in the three months to the end of September. Anything coming between 5.3- 5.5% may not impact much on the negative side, though the lower numbers than that may put a break to the momentum of the markets. The telecom sector will be under pressure after the Supreme Court directed the Central Bureau of Investigation (CBI) to proceed further, based on its Director’s decision to take action against telecom companies and individuals for alleged irregularities in allocation of additional spectrum from period 2001 to 2007. There will be some buzz in the sugar sector too, as the Food Ministry has decided to put on hold its proposal to hike retail price of sugar sold through The Asian markets have made a green start as Japan’s cabinet approved a second economic stimulus package, while on the same time nations’ industrial production unexpectedly increased since December. Domestic Market Overview
Markets surge to snap November series with decent gains
The tepid November series that remained range-bound throughout the month and was bound to get a flat expiry, unexpectedly showed a trend reversal in last two trading session to end with decent gains, both the benchmarks were up by over 2% for the series, while the mid and small cap indices too gained over two and one percent respectively. The gush of short covering was so high that the markets inched to their new high, with Nifty closing above 5,800 mark for the first time in 2012, its highest level while the BSE Sensex missed the 19,200 mark by a narrow margin. Total market turnover too reached to their lifetime The markets looked firm since beginning and gathered momentum as the trade proceeded, there was an enthusiasm as the impasse in the Parliament ended after the Speaker fixed the date for a debate and vote on the issue which will take place on December 4 and December 5. Not only this, traders took cues from the report of investment banker Goldman Sachs upgrading India to overweight from market-weight, saying that it expects the country's economic growth to be ‘relatively strong’ over the next year. It said that, Indian economy is likely to grow by 6.5% in 2013 driven by favourable external demand outlook and domestic structural reforms push. On the economy front there was not much, Prime Minister's Economic Advisor Council Chairman Dr C Rangarajan said that the though government has pegged that the current account deficit during this fiscal will be at 3.5 per cent of the GDP, but it was much higher than the expected levels and there was need to bring it down at 'moderate levels'. On the F&O front, the market-wide rollover were around 67%, better than three months average of 61.89%, while sectorally, Capital Goods, Metals, Power, Telecom and Realty witnessed maximum Global Market Overview
Asian markets end mostly higher on hopes from U.S. fiscal talks
Asian markets ended broadly higher on Thursday after touching three weeks high on improvement in global sentiment after a senior U.S. lawmaker said he was optimistic on reaching a budget deal before the end of the year to avoid a fiscal crisis. Japan's Nikkei went home with strong gains, as exporters were benefitted by the ongoing weakness in the yen, which boosted the outlook for export earnings. Meanwhile, Hong Kong market closed higher with blue-chip exporters amongst the most notable gainers. However, Chinese shares ended lower for the fourth-consecutive day. US markets gain on progress over budget negotiation
The US markets edged higher on Thursday, for a second day lifting the Dow industrials into positive terrain for the week, as investors bet on at least a short-term fix to avert the so-called fiscal cliff. The Obama administration and House Republicans were at loggerheads in fiscal cliff talks, as the White House reportedly called for $1.6 trillion in new tax revenue and an unlimited debt ceiling on the table. The markets however came off their highs after House Speaker John Boehner declared that no substantive progress had been made in talks to reach a budget deal. Earlier, Treasury Secretary Timothy Geithner and another senior White House aide visited Capitol Hill for talks with congressional leaders on averting automatic spending cuts and tax hikes set to begin in 2013. Treasury Secretary Tim Geithner presented a plan that included taxing dividends as income. The White House plan included a 45% estate tax on inheritances over $3.5 million. Meanwhile, the economic reports drew little response from investors, who lately have bypassed any data in favor of paying attention solely to developments related to the budget The Dow Jones Industrial Average gained 36.71 points, or 0.28 percent, to close at 13,021.80, the S&P 500 finished up by 6.02 points, or 0.43 percent at 1,415.95, while the Nasdaq ended higher by 20.25 points, or 0.68 percent to settle at 3,012.03. Corporate News
¾ Indoco Remedies has acquired a 60.04% stake in Indoco Industrial Designers & Engineers for a consideration of Rs. 22.52 Lacs. This
company is engaged in the business of providing turn key solutions to Pharmaceutical Companies for building their plants. ¾ Artson Engineering has bagged contract worth Rs 9.12 crore for a project entailing Piping Shop Fabrication Works to be executed in
¾ Persistent System, the global leader in software product and technology services and Voltage Security the world leader in data - centric
encryption and key management has innovative arrangement that greatly accelerates the process through which 1000 enterprise users of Voltage SecureData data Protection solution will receive product release and patches. Working with Persistance system’s expert engineering team, Voltage can now deliver solution upgrades within 18 hours, while many competitive options still take up a week. There’s also faster time to market for new features and security alerts, the ability to work across 13 operating systems and elimination of the ¾ Cinemax India’s promoters’ through wholly owned subsidiary, Cine Hospitality, have entered into a definitive sale agreement with PVR, for
the sale of their entire stake of 69.27%in Cinemax India. The sale has been completed for a total sale consideration of approximately Rs 395 crore at a price of Rs 203.65 per equity share. ¾ Tata Motors, country's leading automobile company has decided to halt production at its block at Jamshedpur plant for three days from
November 29, 2012, as a result of the weak demand of commercial vehicles. It has taken this decision as a precautionary as well as cost control measure in decreasing demand situation caused by the prevailing slow-down. ¾ L&T Finance Holdings, the financial services arm of the engineering conglomerate Larsen & Toubro, has sold its entire 4.67 per cent
stake in private sector lender Federal Bank for an amount aggregating to the worth of Rs 363 crore. The shares were sold at an average price of Rs 453.65. Meanwhile, HSBC Global Investment Funds has picked up 14.26 lakh shares of the bank for Rs 453.65 apiece, translating into a deal amounting to the worth of Rs 64.63 crore. ¾ Foreign brokerage CLSA will be selling off its entire 6.15% stake in Chennai-based Apollo Hospitals Enterprise, which works out to be
8.55 million shares, in a price range between Rs 824 and Rs 876.6 per share by way of block deal on November 30, 2012, as mentioned in few media reports. Based on the pricing, the share-sale could fetch anywhere between Rs 705 crore and Rs 750 crore to the foreign brokerage firm. Further, Citi is expected to act as the sole book running lead manager for the transactions. ¾ L&T Construction, the wholly owned subsidiary of L&T, has secured new orders valued over Rs 1,178 crore across various business
segments in November 2012. The buildings & Factories IC, has won new international orders in UAE worth Rs 595 crore for the construction of hospital building and other associated facilities. ¾ Panoramic Universal has reduced the stake in Seaview Homes Company from 70% to 49% and therefore the latter is no more a
subsidiary of the company. The company’s board of directors at its meeting held on November 08, 2012 has approved the proposal of dilute the equity stake of the company in Seaview Homes Company. ¾ Unichem Laboratories has received ANDA approval from the United States Food and Administration (USFDA) for Tizanidine Tablets.
Tizanidine tablets USP 2mg and 4mg are therapeutically equivalent to ZANAFlEX tablets 2mg and 4mg from Acorda Therapeutics. Tizanidine tablets belong to a group of medicines called skeletal muscle relaxants. Tizanidine tablets is used to help relieve, although not cure, muscle spasms caused by medical conditions such as multiple sclerosis or injuries to the brain or spine. ¾ Onco Therapies, a wholly owned subsidiary of Stride Arcolab has received ANDA approval for Ifosfamide Injection 50 mg/ mL packaged
in 1 gram / 20 mL and 3 grams / 60 mL Single – dose vials. Emami is planning to start commercial operations in Bangladesh for which trial production has already begun. The
company has received the license from the Bangladesh government for setting up a factory there. The company has decided to invest a sum of Rs 20 crore in the Bangladesh plant. At present, international business contributed 13% of the overall turnover of Emami's revenue. ¾ National Thermal Power Corporation’s (NTPC) joint venture (JV) Company, NTPC Tamil Nadu Energy Company has commenced its
commercial operations for Unit 1 of 500 MW of Vallur Thermal Power Project, as on November 29, 2012. With this the total commercial capacity of Vallur Thermal Power Project has become 500 MW and that of NTPC Group, 38,174 MW. ¾ Sintex Industries, pursuant to the resolution passed by the Security Issue and Allotment Committee on November 28, 2012, has allotted
$140 million 7.5% step down Foreign Currency Convertible Bonds (FCCB) due 2017, convertible into fully paid up equity shares of the ¾ Largest real estate company, DLF, is pretty close of selling its international hotel chain, Aman Resorts, to a US-based investment company
in a deal which is expected to be valued to the worth for $325 million (Rs 1,800 crore), as mentioned in a media report. DLF is to offload its stake in the chain, retaining the Aman property in Delhi only. ¾ McNally Bharat Engineering Company's 100% step down subsidiary in Germany, MBE Coal & Minerals Technology GmbH, has
received an order from Vale Group, Brazil, for 3 sets of pneumatic Flotation cells at a total price of Euro 2.2 Million (Rs 15.95 crore). ¾ Avantha Group Company, Crompton Greaves is setting up a green-field plant in Jigani Industrial Area, Bangalore. It aims to commission
this plant by the year-end and help bolster the country’s smart grid initiative. The plant will be making intelligent electronic devices (IEDs) which are critical in control and monitoring of power systems. It will also assemble control and relay panels using these IEDs. ¾ Suryalakhsmi Cotton Mills has decided to invest Rs 150 crore, in order to increase its spinning capacity by 50,000 spindles from 65,000
spindles. It will fund this investment by raising Rs 80-100 crore through the Central Government-sponsored Technology Upgradation Fund Scheme (TUFS) and the rest will be tied up through internal accruals. The additional spinning capacity will be coming up at Ramtek, in Maharashtra and will be completed in two phases by 2014-end. ¾ Mahanagar Telephone Nigam (MTNL) has decided to give up wireless broadband airwaves and selling surplus land, in order to improve
its financial situation as it plans to make profits by March 2013. It has requested the government not to withdraw its Navratna status as it ¾ Tata Consultancy Services (TCS), India's largest IT services company has bagged a multi-year contract from UK government’s Home
Office Department worth $232 million. As per the contract company has to manage the technology requirements of its newly-formed ¾ Elgi Equipments, a leading manufacturer of air compressors, has acquired 100% stake in Patton’s Inc, a company based in Charlotte,
USA. The acquisition, advised by MAPE Advisory Group, has been made through Elgi’s newly incorporated wholly owned US subsidiary, ¾ KNR construction has bagged an EPC order worth Rs 790.50 crore from KNR Walayar Tollways for Four Laning of Walayar -
Vadakkancherry Section in State of Kerala (Km 182/ 250 to Km 240/000 of NH-47) - Package NS-2/BOT/ KL-2 under NHDP Phases -II to be completed within 910 days from the Appointed Date. ¾ PMEAC’s chairman stresses on need to scale down CAD to 2.5%; pegs 3.5% for this fiscal
Emphasizing the need to scale down the current account deficit (CAD) to 2.5 per cent over a period of time from over 4.5 per cent at present, Prime Minister’s Economic Adviser Council Chairman C Rangarajan has pegged the CAD for the current fiscal at 3.5 per cent of the GDP. Given that the country was moving on a 'difficult phase' on its economic growth, Rangarajan said one of the tools required to bring the economy back on growth track was by reining in CAD. However, besides stressing the need for moderating the CAD, the former Reserve Bank Governor also pointed that need of addressing some major macro-economic concerns like 'taming the inflation' and addressing 'fiscal deficit'. Highlighting three years of high inflation, he said the same should now be brought down to comfortable levels. ¾ Board of Direct Taxes gives nod for the RGESS scheme
The Rajiv Gandhi Equity Savings Scheme (RGESS), introduced by the government in current budget, has been notified the Central Board of Direct Taxes (CBDT). This scheme seeks to encourage small investors to channelise their savings into domestic capital markets. RGESS has been framed consequent to the introduction of Section 80CCG in the Finance Act 2012. Under this scheme, only a one-time deduction will be available to a “new retail investor” i.e. one who has not invested in any equity, derivatives prior to the notification. The deduction will be available to a new retail investor who complies with the conditions of the scheme. According to the scheme, investor’s gross total income should be less than Rs 10 lakh for the financial year, in which investments are made. Also, investor can avail maximum deduction upto Rs 50,000 in a financial year. The eligible securities can be held for three years with fixed lock-in of first year and a flexible lock-in period of two years. In the 'flexible lock-in' period, investors will be permitted to trade, ¾ Government only to put explored coal mines for auction
Only those coal mines, which have been explored, would be put up for auction, as per the government. However, of the 54 coal mines identified to be allocated through auction route, only 12 have been explored. Though, the government has not given any time frame for conducting auction of these blocks but Coal Minister Sriprakash Jaiswal had earlier said that auction of coal blocks would not be possible this year because of the long process involved in it. In related development, the Coal Ministry has sought the expertise of Finance Ministry with regard to the bidding documents for selection of mine developer and operator for certain Coal India mines. Earlier, CAG had estimated that undue benefits to the tune of Rs 1.86 lakh crore might have accrued to private firms on account of allocation of 57 mines to them without auction, though this loss figure has been questioned by the government. ¾ OECD projects Indian GDP growth to fall to 4.5% in 2012
The Organization for Economic Cooperation and Development (OECD) has projected Indian GDP growth to 4.5% in 2012. As per OECD, Indian GDP growth could fall to 4.5% citing that economy has experienced a broad-based slowdown and growth is expected to remain weak for some time. The current account deficit has narrowed as imports have softened on account of cooling domestic demand and a On the price front, inflation has temporarily been pushed up by hikes in regulated petroleum prices but is expected to decline as spare capacity mounts. This will create room for easing monetary policy, which has been hindered by persistently high inflation and a widening fiscal deficit. Recent moves to liberalize foreign direct investment in some sectors, including retail and aviation, have boosted business sentiment somewhat and will promote higher investment and productivity over the medium term. The fiscal position has weakened as tax revenues have been hit by the slowdown and spending has overshot. ¾ EGoM on telecom to meet in backdrop of tepid response to 2G auction
The Empowered Group of Ministers (EGoM) on telecom, headed by Finance Minister P Chidambaram, will be meeting today after the lukewarm response to recently concluded 2G spectrum auction as the government garnered only Rs 9,407 crore out of Rs 28,000 crore which was minimum value of the airwaves put for auction and the reason was said to be the high reserve price fixed by government. Government had fixed around 8 times high reserve price for GSM spectrum and 11 times high price for CDMA spectrum compared to the amount on which companies were allocated pan-India permits till 2008. While, the CDMA auction completely flopped with no bidders, the most striking part of the auction in GSM was that auction did not see any takers for spectrum in lucrative Delhi, Mumbai, Rajasthan and Source: Reuters, Ace Equity & LKP Research
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