Today FII trades 09th Feb
-75285 net index contracts
Long liquidation and new shorts.
-6331 net stock fut cont
Long liquidation and new shorts.
-49468 net index calls
Long liquidation and new shorts.
+79612 net index puts.
New Long and new Shorts.
Net long index contract at +596359 net cont And they are short by -1109545 net contracts on stock.
I will also henceforth try to give breakup of Index trade between Nifty and Bank Nifty, I will have margin of error by 1 %.
Fii bought 70744 lots of Nifty and Sold 138671 contracts of Nifty, Net short for the day 67927 contracts.
FII today bought 10273 contracts of Bank Nifty, and Sold 17631 contracts of Bank Nifty, Net short for the day at 7358 contracts.
Huge liquidation and shorting in market, Also I guess there is absence of buyers.
FII were liquidating position in Index mainly Nifty, Also They were seen selling and liquidating calls and buying Puts.
Clients and props were buying Index, and Clients have heavily bought Calls, which were supplied by FII and Props. Also most of the puts selling by Clients was absorbed by Clients.
Incidentally Today DII did some short covering in Index.
With most short term levels broken, we need to see, how much more panic is in the anvil. Not sure yet, if the put buying by FII is directional or Insurance ?
Market Update:
Sgx Nifty -21 pts
Dow -95.08 pts , Nsdq -18.39 pts , S&P -8.73 pts , Bovespa +590 pts , Ftse -16 pts , Dax -182 pts, Cac -39 pts, Nikkei -86 pts , now, Crude @ $52.86/brl (+1.17) Brent @ $58.34 (+0.54), Gold @ $1239.40 (-2.10), Silver @ $17.02 (-0.05), Euro @ $1.134, JPY @ $118.483, INR @ $61.169
Indian Adr/Gdr
Infy: +1.20%, Wit:+0.97%
Ttm: -0.49%, Rd+1.19%
Hdb: -1.11%, Ibn: -1.09%
SBID:-0.77% RIGD:-1.82%
Today's Corporate Action
10th Feb Ex Date
ASHOKA Interim Dividend - Rs.0.70
KKCL 3rd Interim Dividend - Rs.5.00
LKPFIN Interim Dividend - Rs.10.00
SUNDARMFIN Interim Dividend - Rs.4.50
Today's Key Result
10th Feb
3i Info,A2Z Maint,Abb, Aditya Birla Nuvo,Asian Hot,Aurion Pro,Beml, Cadila Health, Capital First,Credit Rating, Dhampur Sug,Enil,Essar Oil,Essar Ship,Everest Kanto, Hexaware,Indocount Inds, Jain Irrigation,JP Assoc,Mm Forg,Motherson Sumi, Nalco,Radico Khaitan, Rasoya Prot,Spic,Srf,Zuari Agro
JPM on L&T : Cuts target to ₹1,555 from ₹1,585, maintains Neutral
JPM on L&T : Cuts FY15 EPS by 13%; FY16-17 EPS cut by 3%
JPM on L&T : Big picture not as bad as bottomline suggests
BofA-ML on L&T : Cuts target to ₹1,869 from ₹1,874, maintains Buy
BofA-ML on L&T : Expect L&T to deliver a 44% EPS CAGR over FY15-17
BofA-ML on L&T : Accumulate on any dips; Middle East remains the key risk
CLSA on J&K Bank : Cuts target to ₹130 from ₹180, maintains Outperform
CLSA on J&K Bank : Provisions and reversal of interest income drag profit
CLSA on J&K Bank : Cuts earnings forecasts by 20% on slower topline, high credit cos
BofA on Canara Bank : Cuts target to ₹350 from ₹380, maintains Underperform
BofA on Canara Bank : Results was a miss on higher tax and provisioning
CS on IOB : Pre-prov profitability weak, loan growth remained muted
CS on IOB : Asset quality continues to deteriorate
CS on Ipca Labs : Upgrades to Neutral from Underperform
CS on Ipca Labs : Raises target to ₹675 from ₹575
CS on Ipca Labs : Co expects clearance next week from the joint inspection
GS on Hindalco : Maintains Buy with a target of ₹200
GS on Hindalco : Novelis surprises on high volumes, product mix
Macquarie On L&T: Sharp Decline In Stock Price Post Q3 Result An Overreaction
Maquarie On L&T: Maintain Outperform, Co To Gain Fm Invst Cycle Turnaround
Maquarie On L&T: 200 bps Margin Decline In FY15 Entirely Due To Hydrocarbons
Maquarie On L&T: Hydrocarbon Losses Have Been Crystallised
Maquarie On L&T: Order Inflow Outlook Improving On Quantity & Quality Terms
Maquarie On L&T: Cut Target Price By 2% To Rs.1,777/Sh From Rs.1,815/Sh
Economic Times
Business Standard
Ø S&P cuts ratings of Middle Eastern oil producers
Ø Per capita income this year seen up 10% at Rs 7,378 a month
Ø Competition Commission orders probe against DLF
Ø RBI asks banks to report kisan vikas patra deals daily
Ø Ratan Tata to join Kalaari Capital in advisory role
Ø Greece default fears: PM Tsipras not to seek bailout extension
Ø L&T consolidated profit up 9%; lowers order guidance to 15-20%
Ø Adani, Rajasthan govt to set up India's largest solar park
Ø News of Swiss leaks rocks India Inc
Ø India's FY15 GDP may soar 7.4% under new formula
Ø Bank employees to go on strike from February 25-28
Ø NMDC's price cut fails to cheer steel makers
Business Line
Mint
Ø Coal imports soften as local supply improves
Ø Chambal Fertilisers shuts down urea plant in Kota
Ø Piramal Enterprises posts Q3 net profit at Rs.249 cr
Ø Swiss govt: HSBC list of bank accounts taken from stolen data
Ø DLF Q3 net dips 9.2% to Rs. 131.79 cr
Ø Cipla inks JV with Moroccan Co to enhance position in African market
Ø Govt to probe new Indian names in HSBC list: Arun Jaitley
Ø R-Com talks on $500-mn cable asset sale to Citic said to stall
Ø Foxconn’s Chennai factory to shut down on 10 February
Ø JP Power Ventures’ Q3 loss narrows to Rs90.21 crore
Ø State-owned banks will have to sacrifice growth for some time: Fitch
Ø Oil sector headed for a Rs16,000 crore loss in December quarter: Crisil
Financial Express
Financial Chronicle
Ø Sensex tanks 490 pts to 3-week low; rupee at nearly 4-wk low on Delhi polls forecasts
Ø JK Tyre Q3 profit up 55.53% at Rs 92 crore
Ø High Court reserves order on plea to ground 5 leased Spicejet planes
Ø Mobile-based trades grow nearly 3-fold at NSE
Ø Zydus Wellness Q3 net profit up 66% at Rs 44 crore
Ø India planning to host meet of India-Pacific Island nations
Ø BoI to raise Rs 642cr by selling shares to LIC, New India
Ø Aircel-Maxis deal: SC asks Marans to raise it before Special Court
Ø SLR cut credit positive for banks, says Moody's
Ø Siemens bags orders worth Rs 450 crore
Ø Corporation Bank Q3 net rises 16% to Rs 147 cr
Good morning....
Front Page News - Feb 10, 2015
Corporate Snippet
Ø LICHFL Asset Management Company, the private equity and venture capital arm of LIC Housing Finance, will invest half of its Rs 529-crore maiden realty fund in social infrastructure such as schools, hospitals and warehousing facilities, a top company executive said. The fund, christened Urban Development Fund, was raised in 2013-14 for a term of six years. It has 30 investors.( ET )
Ø Reliance Communications talks to sell undersea cable assets to China's Citic Telecom International Holdings Ltd. for more than $500 million have stalled.Citic Telecom is losing interest after Lin Zhenhui, the former chairman of China Mobile Ltd.'s Hong Kong wireless arm, took office as its new chief executive officer last month, one of the people said.( ET )
Ø Sudhir Valia, executive director of Sun Pharmaceutical Industries and promoter of Fortune Financial Services, is acquiring a 51% stake in one of the applicants for apayments bank, Pay Point India Network.( ET )
Ø With no rate cut in sight, PSUs like,Canara Bank, GAIL India, Power Finance Corporation and other government-owned companies are lining up their bond issuances in the range of Rs750-1,500 crore each.( ET )
Ø Srei Equipment Finance is planning to raise up to Rs 5,000 crore during the first six months of the next financial year through issue of private placement of secured and/or unsecured redeemable non-convertible debentures.( BS )
Ø Adani Enterprises Ltd signed a pact with the Rajasthan government to develop the country's largest solar park in the state with 10,000 MW capacity over the next 10 years at an estimated investment of about Rs 40,000 crore.The company will set up solar power project of 5,000 MW on its own in the next five years. The Adani Group will also develop solar manufacturing units and power evacuation systems.( BS )
Ø NTPC BHEL Power Projects Private Limited (NBPPL) signed a memorandum of understanding (MoU) with APGenco for supply of spare parts for coal and ash handling plants and other equipment required by the Andhra Pradesh power utility’s thermal power plants.( BS )
Ø Kesoram Industries, the flagship company of the BK Birla group, is planning to hive off its tyre manufacturing plant in Haridwar to reorganise the business.Hiving off the tyre plant to a subsidiary will help the monetisation exercise and increase the company's net worth.( BS )
Ø Bank of India (BoI) said it will raise up to Rs 641.99 crore by selling shares to Life Insurance Corp and New India Assurance Company to fund its business growth and meet global risk norms.The bank has decided to issue and allot up to 2.26 crore of Rs 10 each for cash at Rs 283.50 per share, including premium of Rs 273.50 per equity share.( BS )
Ø In a sign of further deferment of its $2.6-billion order for 10 Boeing 787-9Dreamliners, Jet Airways told investors in a post-earnings call on Monday that the full-service airline has nothing on its order book till around 2017-18.The airline’s current focus is on increasing aircraft utilisation, cost cutting through contract re-negotiations and process improvements, and making existing routes profitable.( BS )
Ø ICICI Bank,has initiated the process of repatriating capital from its Canadian arm for the second time in as many years. The bank is also planning to optimise the capital invested in its UK (United Kingdom) subsidiary.( BS )
Ø Competition Commission has ordered a fresh probe against DLF Ltd with regard to alleged abuse of its dominant market position, after it found the realty major prima facie in violation of fair trade norms in a new case.The case relates to development and sale of residential units in Gurgaon by the company's largest real estate player.( BS )
Ø Godrej will go for up to 10 launches next year.Godrej Consumer Products Limitedreturned to double-digit sales growth across its three product categories of personal wash, hair colour and household insecticides for the three months ended December.( BS )
Ø Cipla has inked a joint venture agreement with Morocco-based Societe Marocaine De Cooperation Pharmaceutique (Cooper Pharma) and The Pharmaceutical Institute (PHI) to enhance its position in the African country.( BS )
Ø Force Motors plans to set up a manufacturing facility at Chakan near Pune to produce a range of parts including engines, gearboxes and axles with annual capacity of 50,000 sets.( ET )
Ø Future Consumer Enterprises Ltd, the publicly held company of Future Group, has increased its stake in Integrated Food Park Pvt Ltd (IFPPL) to 73.89 % by acquiring an additional 28.86 % stake for an undisclosed amount.( BL )
Ø Mangalore Refinery and Petrochemicals Ltd (MRPL) has raised its stake in ONGC Mangalore Petrochemicals Limited (OMPL) - a JV between Oil and Natural Gas Corp (ONGC) & its subsidiary MRPL – from 3 % to 46 %.( BS )
Ø Chambal Fertilizers and Chemicals Ltd, a part of the KK Birla group, has shut down one of its urea plants at the Gadepan facility in Kota, Rajasthan.The company will carry out routine maintenance activities during the shutdown period of the plant - which is expected to resume operations during last week of March2015.( BS )
Ø Uninor, a fully-owned subsidiary of Norwegian communications company Telenor Group, will be investing Rs 500crore in capital expenditure in the current calendar, primarily to increase its footprint, according to chief executive officer Vivek Sood.( BS )
Ø
Ø AHMEDABAD,based GVFL Limited(formerly known as Gujarat Venture Finance Limited) launched Rs. 600 crore MSME Fund, namely Value Multiplier Fund, eyeing investments in start-ups and MSMEs in the early growth stage.International investors from Singapore and local domestic financial institutions including Banks have shown interest to invest in the fund. The size of the fund may be increased if required post Union Budget.( BL )
Ø Malaysia's IHH Healthcare Bhd and U.S. private equity firm TPG Capital Management are vying to buy a controlling stake in India's Global Hospitals in a deal that would value the privately owned chain at $350 million.( BS )
Ø Venus Remedies Ltd said it has received Indian product patent for its antibiotic research product Vancoplus.The Indian Patent Office (IPO) granted the licence which is valid till 2025, said Venus.( BS )
Economic Snippet
Ø The government estimated India’s economic growth this financial year at7.4%, against 6.9% in 2013-14, as the country changed its definition of gross domestic product (GDP), as well as the base year for calculating it.The estimated growth for 2014-15 is the same as China’s growth for 2014. Earlier, both the International Monetary Fund and the World Bank had said India’s growth would exceed China’s by 2016-17.( BS )
Ø The monsoon is expected to be close to normal this year, meteorologists said, boosting prospects of bumper harvests that will revive rural demand, accelerate agricultural growth and put a lid on food prices.The menacing El Nino phenomenon, which frequently disrupts the monsoon, has ebbed and is unlikely to recur in the months ahead.( ET )
Ø The Maharashtra government is seeking to reduce the power tariff for industrial users by lowering the burden they need to take on to help the state supply cheap electricity to farmers.The plan is to give solar water pumps to farmers and reduce their dependence on conventional energy.Maharashtra, which has one of the highest power tariffs for industrial consumers, hopes this will eventually help reduce the rates by close to 30%.( ET )
Ø Food Min to float cabinet note seeking extension of raw sugar subsidy for current sugar season.As per the proposal, a total quantity of 14 lakh metric tonnne (MT) of raw sugar export has been sought for the current season. A subsidy to the tune of RS 4,000 per MT will be given for facilitating this export, as per the proposal.( BS )
Ø The oil sector players are staring at Rs 16,000 crore in inventory loses in the third quarter despite a steep fall in under-recoveries following fall in crude prices during September-December, says a Crisil report.( ET )
Ø India's monthly per capita income, the measure of standard of living, is likely to be at Rs 7,378.17 (USD 118.68) this financial year, up over 10 % from last year, after a revision in the method of calculations.In the previous fiscal, the per capita income estimated to have grown by over 12 % to Rs 6,699 (USD 107.75) per month, government data showed.( ET )
Ø The Reserve Bank decision to reduce the statutory liquidity ratio (SLR) is credit positive for banks as it would help them manage liquidity and increase profitability, Moody's Investors Service said.( BS )
Ø Modi wants NITI Aayog to expedite infra projects.Modi directed various central ministries to work towards achieving electrification of 20,000 un-electrified villages in the country in a clearly defined time-frame.( BL )
Ø India’s state-owned banks continue to be largely dependent on the government for capital, while the large private banks are in a strong position to raise core equity capital directly through the markets, Fitch said in a report.( BL )
Ø India's IP( intellectual property )status unlikely to improve in US Special 301report.The 2015 Special 301 Report is likely to be released on April 30. It is an annual review of the state of IPR protection and enforcement of America's trading partners, which is issued by the Office of the US Trade Representative (USTR).( BS )
Ø A committee of the department of telecommunications (DoT) on 'net neutrality' is scheduled to meet on February 12 to deliberate on formulating an effective public policy for net neutrality. This would be the second meeting of the committee. It had its first meeting on January 22.( BS )
International Snippet
Ø Standard & Poor's cut the ratings and outlook of several oil producing countries in the Middle East, including Saudi Arabia and Bahrain, citing the recent sharp decline in oil prices.The ratings agency slashed its forecast for average Brent oil price to $55 per barrel for 2015, from its earlier forecast of $105.( ET )
Ø Moody's raised a red flag to Microsoft, warning that the company's highly coveted Triple-A rating could come under pressure if it uses the bulk of a planned new bond issue to finance share buybacks.( ET )
Ø Greek PM laid out plans to dismantle austerity plan; ruled out extension of 240bn euro bailout.( ET )
Ø EU foreign ministers postponed new sanctions against Russia for a week to boost the chances of success at a four-way Ukraine peace summit Wednesday, EU foreign affairs head Federica Mogherini said.( ET )
Ø Alibaba may enter Indian e-commerce soon, Jack Ma to visit this year.Alibaba's chairman, Jack Ma, is set to visit in August or September to raise the firm's presence in India e-commerce market.( BS )
Ø HSBC Holdings Plc managers and former staff risk an international arrest warrant as Belgium escalated a probe amid new leaks showing how a Swiss unit may have helped rich clients dodge taxes.( BS )
Ø A Chinese insurer has agreed to buy New York’s luxurious Baccarat Hotel for a whopping $ 230 million, setting a record for the most expensive hotel deal on a per—room basis at over $ two million.( BL )
Ø Alibaba places China smartphone biz bet with $590-mn Meizu deal.The deal, unlike US rival Amazon.com Inc's foray into smartphones with its own-brand Fire Phone, is designed to help Alibaba push its mobile operating system within China through Meizu's handsets.( BS )
Ø Ant Financial Services Group, an affiliate of Chinese e-commerce titan Alibaba, is in negotiations for funding that have reached a "critical stage" and value the company at $30 billion, news magazine Caixin reported on Monday.( BS )
-75285 net index contracts
Long liquidation and new shorts.
-6331 net stock fut cont
Long liquidation and new shorts.
-49468 net index calls
Long liquidation and new shorts.
+79612 net index puts.
New Long and new Shorts.
Net long index contract at +596359 net cont And they are short by -1109545 net contracts on stock.
I will also henceforth try to give breakup of Index trade between Nifty and Bank Nifty, I will have margin of error by 1 %.
Fii bought 70744 lots of Nifty and Sold 138671 contracts of Nifty, Net short for the day 67927 contracts.
FII today bought 10273 contracts of Bank Nifty, and Sold 17631 contracts of Bank Nifty, Net short for the day at 7358 contracts.
Huge liquidation and shorting in market, Also I guess there is absence of buyers.
FII were liquidating position in Index mainly Nifty, Also They were seen selling and liquidating calls and buying Puts.
Clients and props were buying Index, and Clients have heavily bought Calls, which were supplied by FII and Props. Also most of the puts selling by Clients was absorbed by Clients.
Incidentally Today DII did some short covering in Index.
With most short term levels broken, we need to see, how much more panic is in the anvil. Not sure yet, if the put buying by FII is directional or Insurance ?
Market Update:
Sgx Nifty -21 pts
Dow -95.08 pts , Nsdq -18.39 pts , S&P -8.73 pts , Bovespa +590 pts , Ftse -16 pts , Dax -182 pts, Cac -39 pts, Nikkei -86 pts , now, Crude @ $52.86/brl (+1.17) Brent @ $58.34 (+0.54), Gold @ $1239.40 (-2.10), Silver @ $17.02 (-0.05), Euro @ $1.134, JPY @ $118.483, INR @ $61.169
Indian Adr/Gdr
Infy: +1.20%, Wit:+0.97%
Ttm: -0.49%, Rd+1.19%
Hdb: -1.11%, Ibn: -1.09%
SBID:-0.77% RIGD:-1.82%
Today's Corporate Action
10th Feb Ex Date
ASHOKA Interim Dividend - Rs.0.70
KKCL 3rd Interim Dividend - Rs.5.00
LKPFIN Interim Dividend - Rs.10.00
SUNDARMFIN Interim Dividend - Rs.4.50
Today's Key Result
10th Feb
3i Info,A2Z Maint,Abb, Aditya Birla Nuvo,Asian Hot,Aurion Pro,Beml, Cadila Health, Capital First,Credit Rating, Dhampur Sug,Enil,Essar Oil,Essar Ship,Everest Kanto, Hexaware,Indocount Inds, Jain Irrigation,JP Assoc,Mm Forg,Motherson Sumi, Nalco,Radico Khaitan, Rasoya Prot,Spic,Srf,Zuari Agro
JPM on L&T : Cuts target to ₹1,555 from ₹1,585, maintains Neutral
JPM on L&T : Cuts FY15 EPS by 13%; FY16-17 EPS cut by 3%
JPM on L&T : Big picture not as bad as bottomline suggests
BofA-ML on L&T : Cuts target to ₹1,869 from ₹1,874, maintains Buy
BofA-ML on L&T : Expect L&T to deliver a 44% EPS CAGR over FY15-17
BofA-ML on L&T : Accumulate on any dips; Middle East remains the key risk
CLSA on J&K Bank : Cuts target to ₹130 from ₹180, maintains Outperform
CLSA on J&K Bank : Provisions and reversal of interest income drag profit
CLSA on J&K Bank : Cuts earnings forecasts by 20% on slower topline, high credit cos
BofA on Canara Bank : Cuts target to ₹350 from ₹380, maintains Underperform
BofA on Canara Bank : Results was a miss on higher tax and provisioning
CS on IOB : Pre-prov profitability weak, loan growth remained muted
CS on IOB : Asset quality continues to deteriorate
CS on Ipca Labs : Upgrades to Neutral from Underperform
CS on Ipca Labs : Raises target to ₹675 from ₹575
CS on Ipca Labs : Co expects clearance next week from the joint inspection
GS on Hindalco : Maintains Buy with a target of ₹200
GS on Hindalco : Novelis surprises on high volumes, product mix
Macquarie On L&T: Sharp Decline In Stock Price Post Q3 Result An Overreaction
Maquarie On L&T: Maintain Outperform, Co To Gain Fm Invst Cycle Turnaround
Maquarie On L&T: 200 bps Margin Decline In FY15 Entirely Due To Hydrocarbons
Maquarie On L&T: Hydrocarbon Losses Have Been Crystallised
Maquarie On L&T: Order Inflow Outlook Improving On Quantity & Quality Terms
Maquarie On L&T: Cut Target Price By 2% To Rs.1,777/Sh From Rs.1,815/Sh
Economic Times
Business Standard
Ø S&P cuts ratings of Middle Eastern oil producers
Ø Per capita income this year seen up 10% at Rs 7,378 a month
Ø Competition Commission orders probe against DLF
Ø RBI asks banks to report kisan vikas patra deals daily
Ø Ratan Tata to join Kalaari Capital in advisory role
Ø Greece default fears: PM Tsipras not to seek bailout extension
Ø L&T consolidated profit up 9%; lowers order guidance to 15-20%
Ø Adani, Rajasthan govt to set up India's largest solar park
Ø News of Swiss leaks rocks India Inc
Ø India's FY15 GDP may soar 7.4% under new formula
Ø Bank employees to go on strike from February 25-28
Ø NMDC's price cut fails to cheer steel makers
Business Line
Mint
Ø Coal imports soften as local supply improves
Ø Chambal Fertilisers shuts down urea plant in Kota
Ø Piramal Enterprises posts Q3 net profit at Rs.249 cr
Ø Swiss govt: HSBC list of bank accounts taken from stolen data
Ø DLF Q3 net dips 9.2% to Rs. 131.79 cr
Ø Cipla inks JV with Moroccan Co to enhance position in African market
Ø Govt to probe new Indian names in HSBC list: Arun Jaitley
Ø R-Com talks on $500-mn cable asset sale to Citic said to stall
Ø Foxconn’s Chennai factory to shut down on 10 February
Ø JP Power Ventures’ Q3 loss narrows to Rs90.21 crore
Ø State-owned banks will have to sacrifice growth for some time: Fitch
Ø Oil sector headed for a Rs16,000 crore loss in December quarter: Crisil
Financial Express
Financial Chronicle
Ø Sensex tanks 490 pts to 3-week low; rupee at nearly 4-wk low on Delhi polls forecasts
Ø JK Tyre Q3 profit up 55.53% at Rs 92 crore
Ø High Court reserves order on plea to ground 5 leased Spicejet planes
Ø Mobile-based trades grow nearly 3-fold at NSE
Ø Zydus Wellness Q3 net profit up 66% at Rs 44 crore
Ø India planning to host meet of India-Pacific Island nations
Ø BoI to raise Rs 642cr by selling shares to LIC, New India
Ø Aircel-Maxis deal: SC asks Marans to raise it before Special Court
Ø SLR cut credit positive for banks, says Moody's
Ø Siemens bags orders worth Rs 450 crore
Ø Corporation Bank Q3 net rises 16% to Rs 147 cr
Good morning....
Front Page News - Feb 10, 2015
Corporate Snippet
Ø LICHFL Asset Management Company, the private equity and venture capital arm of LIC Housing Finance, will invest half of its Rs 529-crore maiden realty fund in social infrastructure such as schools, hospitals and warehousing facilities, a top company executive said. The fund, christened Urban Development Fund, was raised in 2013-14 for a term of six years. It has 30 investors.( ET )
Ø Reliance Communications talks to sell undersea cable assets to China's Citic Telecom International Holdings Ltd. for more than $500 million have stalled.Citic Telecom is losing interest after Lin Zhenhui, the former chairman of China Mobile Ltd.'s Hong Kong wireless arm, took office as its new chief executive officer last month, one of the people said.( ET )
Ø Sudhir Valia, executive director of Sun Pharmaceutical Industries and promoter of Fortune Financial Services, is acquiring a 51% stake in one of the applicants for apayments bank, Pay Point India Network.( ET )
Ø With no rate cut in sight, PSUs like,Canara Bank, GAIL India, Power Finance Corporation and other government-owned companies are lining up their bond issuances in the range of Rs750-1,500 crore each.( ET )
Ø Srei Equipment Finance is planning to raise up to Rs 5,000 crore during the first six months of the next financial year through issue of private placement of secured and/or unsecured redeemable non-convertible debentures.( BS )
Ø Adani Enterprises Ltd signed a pact with the Rajasthan government to develop the country's largest solar park in the state with 10,000 MW capacity over the next 10 years at an estimated investment of about Rs 40,000 crore.The company will set up solar power project of 5,000 MW on its own in the next five years. The Adani Group will also develop solar manufacturing units and power evacuation systems.( BS )
Ø NTPC BHEL Power Projects Private Limited (NBPPL) signed a memorandum of understanding (MoU) with APGenco for supply of spare parts for coal and ash handling plants and other equipment required by the Andhra Pradesh power utility’s thermal power plants.( BS )
Ø Kesoram Industries, the flagship company of the BK Birla group, is planning to hive off its tyre manufacturing plant in Haridwar to reorganise the business.Hiving off the tyre plant to a subsidiary will help the monetisation exercise and increase the company's net worth.( BS )
Ø Bank of India (BoI) said it will raise up to Rs 641.99 crore by selling shares to Life Insurance Corp and New India Assurance Company to fund its business growth and meet global risk norms.The bank has decided to issue and allot up to 2.26 crore of Rs 10 each for cash at Rs 283.50 per share, including premium of Rs 273.50 per equity share.( BS )
Ø In a sign of further deferment of its $2.6-billion order for 10 Boeing 787-9Dreamliners, Jet Airways told investors in a post-earnings call on Monday that the full-service airline has nothing on its order book till around 2017-18.The airline’s current focus is on increasing aircraft utilisation, cost cutting through contract re-negotiations and process improvements, and making existing routes profitable.( BS )
Ø ICICI Bank,has initiated the process of repatriating capital from its Canadian arm for the second time in as many years. The bank is also planning to optimise the capital invested in its UK (United Kingdom) subsidiary.( BS )
Ø Competition Commission has ordered a fresh probe against DLF Ltd with regard to alleged abuse of its dominant market position, after it found the realty major prima facie in violation of fair trade norms in a new case.The case relates to development and sale of residential units in Gurgaon by the company's largest real estate player.( BS )
Ø Godrej will go for up to 10 launches next year.Godrej Consumer Products Limitedreturned to double-digit sales growth across its three product categories of personal wash, hair colour and household insecticides for the three months ended December.( BS )
Ø Cipla has inked a joint venture agreement with Morocco-based Societe Marocaine De Cooperation Pharmaceutique (Cooper Pharma) and The Pharmaceutical Institute (PHI) to enhance its position in the African country.( BS )
Ø Force Motors plans to set up a manufacturing facility at Chakan near Pune to produce a range of parts including engines, gearboxes and axles with annual capacity of 50,000 sets.( ET )
Ø Future Consumer Enterprises Ltd, the publicly held company of Future Group, has increased its stake in Integrated Food Park Pvt Ltd (IFPPL) to 73.89 % by acquiring an additional 28.86 % stake for an undisclosed amount.( BL )
Ø Mangalore Refinery and Petrochemicals Ltd (MRPL) has raised its stake in ONGC Mangalore Petrochemicals Limited (OMPL) - a JV between Oil and Natural Gas Corp (ONGC) & its subsidiary MRPL – from 3 % to 46 %.( BS )
Ø Chambal Fertilizers and Chemicals Ltd, a part of the KK Birla group, has shut down one of its urea plants at the Gadepan facility in Kota, Rajasthan.The company will carry out routine maintenance activities during the shutdown period of the plant - which is expected to resume operations during last week of March2015.( BS )
Ø Uninor, a fully-owned subsidiary of Norwegian communications company Telenor Group, will be investing Rs 500crore in capital expenditure in the current calendar, primarily to increase its footprint, according to chief executive officer Vivek Sood.( BS )
Ø
Ø AHMEDABAD,based GVFL Limited(formerly known as Gujarat Venture Finance Limited) launched Rs. 600 crore MSME Fund, namely Value Multiplier Fund, eyeing investments in start-ups and MSMEs in the early growth stage.International investors from Singapore and local domestic financial institutions including Banks have shown interest to invest in the fund. The size of the fund may be increased if required post Union Budget.( BL )
Ø Malaysia's IHH Healthcare Bhd and U.S. private equity firm TPG Capital Management are vying to buy a controlling stake in India's Global Hospitals in a deal that would value the privately owned chain at $350 million.( BS )
Ø Venus Remedies Ltd said it has received Indian product patent for its antibiotic research product Vancoplus.The Indian Patent Office (IPO) granted the licence which is valid till 2025, said Venus.( BS )
Economic Snippet
Ø The government estimated India’s economic growth this financial year at7.4%, against 6.9% in 2013-14, as the country changed its definition of gross domestic product (GDP), as well as the base year for calculating it.The estimated growth for 2014-15 is the same as China’s growth for 2014. Earlier, both the International Monetary Fund and the World Bank had said India’s growth would exceed China’s by 2016-17.( BS )
Ø The monsoon is expected to be close to normal this year, meteorologists said, boosting prospects of bumper harvests that will revive rural demand, accelerate agricultural growth and put a lid on food prices.The menacing El Nino phenomenon, which frequently disrupts the monsoon, has ebbed and is unlikely to recur in the months ahead.( ET )
Ø The Maharashtra government is seeking to reduce the power tariff for industrial users by lowering the burden they need to take on to help the state supply cheap electricity to farmers.The plan is to give solar water pumps to farmers and reduce their dependence on conventional energy.Maharashtra, which has one of the highest power tariffs for industrial consumers, hopes this will eventually help reduce the rates by close to 30%.( ET )
Ø Food Min to float cabinet note seeking extension of raw sugar subsidy for current sugar season.As per the proposal, a total quantity of 14 lakh metric tonnne (MT) of raw sugar export has been sought for the current season. A subsidy to the tune of RS 4,000 per MT will be given for facilitating this export, as per the proposal.( BS )
Ø The oil sector players are staring at Rs 16,000 crore in inventory loses in the third quarter despite a steep fall in under-recoveries following fall in crude prices during September-December, says a Crisil report.( ET )
Ø India's monthly per capita income, the measure of standard of living, is likely to be at Rs 7,378.17 (USD 118.68) this financial year, up over 10 % from last year, after a revision in the method of calculations.In the previous fiscal, the per capita income estimated to have grown by over 12 % to Rs 6,699 (USD 107.75) per month, government data showed.( ET )
Ø The Reserve Bank decision to reduce the statutory liquidity ratio (SLR) is credit positive for banks as it would help them manage liquidity and increase profitability, Moody's Investors Service said.( BS )
Ø Modi wants NITI Aayog to expedite infra projects.Modi directed various central ministries to work towards achieving electrification of 20,000 un-electrified villages in the country in a clearly defined time-frame.( BL )
Ø India’s state-owned banks continue to be largely dependent on the government for capital, while the large private banks are in a strong position to raise core equity capital directly through the markets, Fitch said in a report.( BL )
Ø India's IP( intellectual property )status unlikely to improve in US Special 301report.The 2015 Special 301 Report is likely to be released on April 30. It is an annual review of the state of IPR protection and enforcement of America's trading partners, which is issued by the Office of the US Trade Representative (USTR).( BS )
Ø A committee of the department of telecommunications (DoT) on 'net neutrality' is scheduled to meet on February 12 to deliberate on formulating an effective public policy for net neutrality. This would be the second meeting of the committee. It had its first meeting on January 22.( BS )
International Snippet
Ø Standard & Poor's cut the ratings and outlook of several oil producing countries in the Middle East, including Saudi Arabia and Bahrain, citing the recent sharp decline in oil prices.The ratings agency slashed its forecast for average Brent oil price to $55 per barrel for 2015, from its earlier forecast of $105.( ET )
Ø Moody's raised a red flag to Microsoft, warning that the company's highly coveted Triple-A rating could come under pressure if it uses the bulk of a planned new bond issue to finance share buybacks.( ET )
Ø Greek PM laid out plans to dismantle austerity plan; ruled out extension of 240bn euro bailout.( ET )
Ø EU foreign ministers postponed new sanctions against Russia for a week to boost the chances of success at a four-way Ukraine peace summit Wednesday, EU foreign affairs head Federica Mogherini said.( ET )
Ø Alibaba may enter Indian e-commerce soon, Jack Ma to visit this year.Alibaba's chairman, Jack Ma, is set to visit in August or September to raise the firm's presence in India e-commerce market.( BS )
Ø HSBC Holdings Plc managers and former staff risk an international arrest warrant as Belgium escalated a probe amid new leaks showing how a Swiss unit may have helped rich clients dodge taxes.( BS )
Ø A Chinese insurer has agreed to buy New York’s luxurious Baccarat Hotel for a whopping $ 230 million, setting a record for the most expensive hotel deal on a per—room basis at over $ two million.( BL )
Ø Alibaba places China smartphone biz bet with $590-mn Meizu deal.The deal, unlike US rival Amazon.com Inc's foray into smartphones with its own-brand Fire Phone, is designed to help Alibaba push its mobile operating system within China through Meizu's handsets.( BS )
Ø Ant Financial Services Group, an affiliate of Chinese e-commerce titan Alibaba, is in negotiations for funding that have reached a "critical stage" and value the company at $30 billion, news magazine Caixin reported on Monday.( BS )
