CORPORATE NEWS 07-JAN-2019

Lupin gets USFDA nod for gLatuda

Pharma major Lupin, on Monday, announced that it has received approval for its generic Lurasidone Hydrochloride (Latuda) tablets from the United States Food and Drug Administration (USFDA). The approval is to market the generic version of Sunovion Pharmaceuticals Inc's Latuda tablets (20 mg, 40 mg, 60 mg, 80 mg, and 120 mg). Latuda tablets (20 mg, 40 mg, 60 mg, 80 mg, and 120 mg) had sales of approximately $3.22bn in the US in the twelve months to September 2018, as per IQVIA MAT data.

BHEL gains 2% on commissioning the super-critical thermal plant in record time

Shares of Bharat Heavy Electricals (BHEL) were trading 2% higher on Monday after the company commissioned an 800MW super-critical thermal plant in the record time of 46 months. "The 800 MW set has been commissioned at Kothagudem Thermal Power Station (KTPS) of Telangana State Power Generation Corporation (TSGENCO)," the company said in a press note to the exchanges on Saturday. The company has executed this project on Engineering, Procurement and Construction (EPC) basis, it added.

Bandhan Bank slips 3% after reports of Gruh Finance acquisition

Shares of Bandhan Bank were trading 3% down on Monday after media reports said that the bank is set to acquire Gruh Finance via a share swap arrangement with an aim to trim holdings of its promoter.

As per media reports, shareholders of Gruh Finance will receive three shares of Bandhan Bank for every five shares held in the home financier. The proposed transaction would help Bandhan to cut its promoter holding in the lender from the existing 82.28% to 60.27%. However, as per the Reserve Bank of Indias banking license rules, promoters need to bring down their stake to 40%.

Bharat Forge under pressure after CLSA downgrades the stock to sell

Shares of Bharat Forge are trading at a 52-week low on the NSE at Rs470, the lowest since February 2017. As per media reports, global brokerage house CLSA has downgraded Bharat Forge to "sell" from outperform, with a cut in the target price to Rs420 from Rs680. This implies a downside of 38%.

The brokerage believes cyclical pressures are lined up ahead, and it has cut FY20-21 EPS estimates by 16-24%.

The stock is also under pressure on the back of lower Class 8 trucks sales in the US, which is a major business segment of Bharat Forge.

TCS up ~1.10% on clarification regarding Bridgepoint acquisition

Shares of TCS were in the green on Monday morning. Shares prices climbed ~1.5% as the Tech major clarified on the acquisition of select assets of Bridgepoint Group LLC.  This acquisition augments TCS' financial services and insurance domain knowledge, particularly in the area of US retirement services, mentioned the company in an exchange filing on Sunday. TCS has not acquired any shareholding/control in BridgePoint. It has purchased select company assets such as intellectual property and movable assets. The transaction consideration is in cash. The transaction has been completed on November 27, 2018.

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CS OPENING BELL 19-DEC-2018

 
NIFTY SPOT UP 46 @10954
SENSEX SPOT UP 144 @ 36488
BANK NIFTY FUTURES UP 128 @27374 
HAPPY TRADING!
WWW.CAPITALSTARS.COM+919977499927

CS NIFTY FUTURES (DEC ) OVERVIEW

TREND BEARISH
RES2: 11070
RES 1:10980
SUP1:10700
SUP2:10550 


CS BANK NIFTY FUTURES (DEC ) OVERVIEW

TREND BULLISH 
RES 2: 27600
RES 1: 27350
SUP1: 26900
SUP2: 26600 

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MARKET WRAP UP 17-DEC-2018

Closing Bell: Nifty closes just below 10,900, Sensex up 300 points led by metal, energy stocks.

Benchmark indices ended on a strong note with Sensex closed up 300 points, while Nifty ended just below 10,900.

At the close, the Sensex was up 307.14 points at 36,270.07, while Nifty was up 82.90 points at 10,888.40. About 1400 shares have advanced, 1192 shares declined, and 150 shares are unchanged.  Power Grid Corp, Tata Motors, HDFC, Coal India and Vedanta are the top gainers on the Sensex, while Kotak Mahindra Bank, Infosys, Bharti Airtel, Hero Motocorp and L&T are among major losers. all the sectoral indices ended in green led by metal (up 2 per cent) and energy stocks (up 1.5 per cent) followed by the auto, bank, infra and pharma space. 

HEADLINES OF THE DAY


Coal India to consider interim dividend: A meeting of the Board of Directors of the company is scheduled on December 20 to consider and approve payment of Interim Dividend, if any, for the year 2018-19.
Lupin has received approval for its Clobazam Tablets, 10 mg and 20 mg from the United States Food and Drug Administration (FDA). BGR Energy Systems bags order: Company has secured an order from Tamilnadu Transmission Corporation of Rs 49.40 crore inclusive of GST and the contract completion period is 10 months.

The crucial resistance for Nifty spot is now seen at 10960 and above this 11200 Support for the immediate term is now placed at 10700 next support will be 10550.

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Nifty likely to open higher 07-DEC-2018

Indian Indices:                           Trends on SGX Nifty indicate that the index will open 51 points (0.48 per cent) higher in India. Nifty futures were trading around 10,675 on the Singaporean exchange.

Global Market:

·       Asian markets: Asian markets are higher today as Japanese and Hong Kong shares show gains. The Nikkei 225 is up 0.10% while the Hang Seng is up 0.16%. The Shanghai Composite is not trading.

·       US Markets: The Dow just slashed a 785-point plunge, marking its most stunning reversal since March.

·       European markets: European markets finished sharply lower today with shares in Germany leading the region. The DAX is down 3.48% while France's CAC 40 is off 3.32% and London's FTSE 100 is lower by 3.15%.

·       Major Headlines of the day:

·       The total market capitalisation of BSE listed fell by Rs 2.28 lakh crore.

·       Cabinet approves sale of govt stake in REC to PFC, agriculture export policy

·       Govt contribution to NPS to rise to 14%.

·       Exit polls reaction to be seen on Monday in market.

·         Trend in FII flows:-  The FIIs were Net Value of Rs  72.47 segment while the DIIs were Net Value of  -389.78 the provisional figures.

Securities in Ban For Trade Date 07-DECEMBER-2018

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CORPORATE NEWS 06-DEC-2018

Aurobindo to face lawsuit in US for Irbesartan contamination

As per news sources, a lawsuit has been filed in Federal Court of Florida against Aurobindo Pharma for the contamination of its Irbesartan APIs, used in the treatment of high blood pressure. The class action lawsuit also named US pharma company ScieGen Pharmaceuticals, distributor Westminster Pharmaceuticals and the US retail supply chain giant Walmart.

Earlier this year, human carcinogenic impurities were found in the APIs supplied by a Chinese company Zhejiang Huahai Pharmaceuticals. Zhejiang Huahai was manufacturing Sartan range of products which is used in the treatment of high blood pressure. Zhejiang Huahai then recalled the Sartan products in many countries. Zhejiang Huahai is currently facing several lawsuits in the USA.

Infosys inaugurates Hartford Technology and Innovation Hub

Infosys, a global leader in next-generation digital services and consulting, inaugurated its Technology and Innovation Hub in Hartford. Infosys also announced that it has hired more than 7,000 American workers in the last 18 months as part of its ongoing commitment to accelerate the pace of digital innovation for American enterprises. The Hartford Hub, located at 225 Asylum Street in the Goodwin Square Building, will help Infosys work more closely with its clients in the region and will serve as the global Hub for Infosys’ InsurTech and HealthTech efforts. The Hub will feature Living Labs for the Future of Insurance, the Future of Healthcare and the Future of Manufacturing amongst others.

Sagar Cements board approves investments in Satguru, Jajpur Cements

The board of Sagar Cements, at its meeting on Wednesday, has approved investments in two companies, namely Satguru Cements and Jajpur Cements. “The board has approved a proposal to invest a sum of Rs150cr in Satguru Cement Pvt Ltd (SCPL), Indore, to set-up a greenfield cement manufacturing plant of 1mn ton capacity along with waste heat recovery power plant at a total cost of Rs426cr. SCL will be holding 65% in the equity share capital of SCPL on completion of the above projects,” Sagar Cements said in a filing to the exchanges aftermarket hours on Wednesday.

Power Grid wins bid for UP transmission line project

Shares of Power Grid Corporation of India gained in the morning session today after it bagged a project to set up a transmission system for evacuating electricity from the 1,320MW Jawaharpur thermal power project and construct a substation in Uttar Pradesh. “Power Grid has been declared as the successful bidder under Tariff based competitive bidding to establish the transmission system for evacuation of power from 2 x 660MW Jawaharpur Thermal Power Project and construction of 400kV substation at Firozabad along with associated Transmission Lines' on build-own-operate-maintain (BOOM) basis,” the company said in a filing to the exchanges after-market hours on Wednesday.

Moody's changes GSK’s outlook to negative; affirms A2 rating

Moody's Investors Service has changed the outlook for GlaxoSmithKline plc (GSK) and its subsidiaries to negative from stable. The change in outlook follows the company's announcement on December 3, of its intention to acquire Tesaro for $5.1bn. At the same time, Moody's has affirmed GSK's A2/(P)A2 long-term and (P)Prime-1 ratings. "We have changed GSK's outlook to negative as the company will deleverage more slowly than expected following the acquisition of Tesaro. While the acquisition allows for a solid strengthening of GSK's oncology franchise, we expect credit metrics to remain weak for a prolonged period of time," said Knut Slatten from Moody's.

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Nifty likely to open lower 06-DEC-2018

Indian Indices:                           Trends on SGX Nifty indicate that the index will open 87.50 points or 0.81 per cent lower in India.

Global Market:

·       Asian markets: Asian markets are lower today as Japanese and Hong Kong shares fall. The Nikkei 225 is off 1.84% while the Hang Seng is down 2.78%. The Shanghai Composite is not trading.

·       US Markets: Market sell-off set to continue as Dow futures get hit.

·       European markets: European markets finished sharply lower today with shares in London leading the region. The FTSE 100 is down 1.44% while France's CAC 40 is off 1.36% and Germany's DAX is lower by 1.19%.

·       Major Headlines of the day:

·       OPEC, Russia move closer to cutting oil output.

·       OPEC meets on Thursday in Vienna, followed by talks with allies such as Russia on Friday. OPEC's de facto leader, Saudi Arabia, has indicated a need for steep output reductions from January, fearing a glut, but Russia has resisted a large cut.

·         Trend in FII flows:-  The FIIs were Net Value of Rs  -357.82 segment while the DIIs were Net Value of  -791.59 the provisional figures.

Securities in Ban For Trade Date 06-DECEMBER-2018

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CORPORATE NEWS 04-DEC-2018

Alembic Pharma subsidiary gets USFDA nod for Glycopyrrolate tablets

Alembic Pharmaceuticals Ltd (Alembic), in a release to the exchanges on Tuesday, announced that its wholly-owned subsidiary Orit Laboratories LLC has received approval from the USFDA for its ANDA Glycopyrrolate tablets USP, 1 mg and 2 mg.

According to IQVIA, Glycopyrrolate Tablets USP, 1 mg and 2 mg, had an estimated market size of $15mn to the twelve months ending December 2017.

Alembic has a cumulative total of 81 ANDA approvals (68 final approvals and 13 tentative approvals) from the USFDA.

Govt not to participate in LIC’s open offer

The government will not participate in Life Insurance Corporation’s (LIC) open offer to acquire a 51% controlling stake in IDBI Bank, the bank said in a press note the exchange on Tuesday.

"IDBI Bank is in a receipt of letter dated December 03, 2018, from the Government of India confirming that it will not participate in the open offer made by LIC," said the lender in a press note.

Domestic flat steel prices likely to face temporary pressures from cheaper imports

Expectations of lenient production curbs in China during the winter months, and rising steel output amidst a seasonal moderation in demand have led to a steep correction in Chinese steel prices in November 2018. According to a recent ICRA research report, the threat of cheaper flat steel imports to India in the near term has increased and, as a result, domestic flat steel producers may have to brace for a downward revision in prices, especially in Q4FY19.

NCC receives orders worth Rs220.2cr

NCC has received two orders worth Rs220.2cr in its various business segments, the company said in a press note to the exchanges on Monday after market hours.

Of the total, an order worth Rs174.2cr received by Electrical Division, while another order of Rs46cr pertains to Water Division. These orders are received from state government agencies and do not include any internal orders, the company said in a press note. NCC share price is currently at Rs88.55, up by Rs1.25 or 1.43% from its previous closing of Rs87.30 on the BSE.

GAIL to challenge CESTAT Delhi’s order

GAIL, the natural gas processing and distribution company, is all set to challenge Customs Excise and Service Tax Appellate Tribunal (CESTAT) Delhi bench’s order of demand notice worth Rs2,822cr at higher forum.

"The company is of the view that the order passed by the CESTAT Delhi is not sustainable considering the merit of the case and well-reasoned order passed by the commissioner, while adjudicating the Special Centre for Nanoscience (SCNS). The company is going to challenge the order at higher forum and is confident of favorable outcome in this matter,” said the company in a press note to the exchanges on Monday after market hours.

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