Equity Research Report Ways2Capital 2 November 2016


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NIFTY FIFTY : - NIFTY - The Equity benchmark Nifty opened in a Positive Note on Monday up by 16 points or 0.18 per cent at 8709. Benchmark Nifty closed on a Positive note on last week. The Nifty Index Retesting Long -Term trend line breakout around 8


TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )

NIFTY FIFTY : - NIFTY - The Equity benchmark Nifty opened in a Positive Note on Monday up by 16 points or 0.18 per cent at 8709. Benchmark Nifty closed on a Positive note on last week. The Nifty Index Retesting Long -Term trend line breakout around 8740 levels on Weekly basis, Still Nifty trading below the Channle line Level of 8737 major Resistance on Weekly Chart. The Number of Nifty Stocks come out with Their Results, The Market will discount for as the market open for the market Next week. Nifty 50 closed at 8615 in the October Series which was the same price at which the series started. The New series has some major events like FOMC meet in the First week of November and US Presidential elections on November 8. These events are expected to bring in volatility in all global markets including India. Close above the 8800 on Weekly basis will push the Nifty to highs of 9000 above with trend weakning one has to wait for the markets to give clear indication that bulls are still in the market. The Crucial levels of Nifty for Next week is 8660-8680 Up side and 8580-8520 is Down side.

BANK NIFTY : - The Bank Nifty opened in a Positive note on Monday Up by 53 points or 0.26 per cent at 19763. Some correction might be seen in Bank Nifty as it is Unable to cross 19800 Resistance Since last four trading sessions. Last week the Bank Nifty was the Performer of the week Recovering from the lows of 18900 to 19700 odd levels. Banking Stocks in Particular are big performers in recent week’s With ICICI Bank going up 18 per cent in last few trading Sessions. Despite lackluster Fundamentals, banking sector stocks have performed poorly from early September till mid October because of corrective downtrend in Bank Nifty. The down trend line persisted from September and price action traded in respect to the trend line perfectly. But the prices rebounded as we near the end of October. Market took support at 19000 and eventually broke the bearish trend line which was intact since September. Traders should keenly watch the price action in bank nifty; it may offer some high probabilitical trading setups. Price action broke the trend line at trading intersection of 19500. It is necessary to decide whether the breakout is valid or not. As we move towards the Diwali occasion, sometimes seasonality factors may play a major role and influence the price action. The Significance levels for Bank Nifty is 19721-20291 is Up side and 19333-19151 is down side.

NSE - WEEKLY NEWS LETTERS

TOP NEWS OF THE WEEK

World will toe GST invoice matching, says Deloitte's David Raistrick nvoice- to-invoice matching under the proposed goods and service tax in India will make it harder for the cash economy and other parts of the world will soon like to emulate this feature, says David Raistrick, Deloitte Global Leader for indirect tax. “India is the only country that is doing it . This is unique...People will have to comply or they will fall out of the GST chain,” He said invoice-to-invoice matching will make it harder for people to use cash and for people to be in business and not pay tax. “Only those who play in the cash economy will feel the pressure as they will lose credit,” he added.  Raistrick, who supports indirect tax practices in Deloitte member firms and has also worked at the UK tax authority HM Revenue and Customs, sees introduction of this game-changing feature being done at the opportune time as the country is going in for a new tax framework and believes other global tax administrations to follow suit. “It is the right time to do as it’s a new tax. It’s going to happen everywhere. It should generate more revenues for the government and improve compliance," he said.

 

Better tax payer services key to direct tax reforms: Arun Jaitley  - The Union Finance Minister Arun Jaitley said that better facilities and services to the taxpayers are central to Direct Tax Reforms. He said that the tax payers have a right to know the deductions made from their salary/income on a regular basis. He said that more and more tax payer services have to be provided in order to make the people tax complaint. He stressed on the Government’s commitment towards continuously upgrading tax payer services. The Finance Minister Jaitley was speaking after launching the SMS Alert Service for direct taxes for about 2.5 crore private and Government salaried employees at a function in the national capital here today. The new step is an effort by the Income Tax Department to directly communicate deposit of tax deducted, through SMS alerts to salaried taxpayers, at the end of every quarter. In case of a mismatch, they can contact their deductor for necessary correction. Simultaneously, SMS alerts will also be sent to deductors who have either failed to deposit taxes deducted or to e-file their TDS returns by the due date. This initiative will initially benefit approximately 2.5 crore salaried cases. The CBDT will soon extend this facility to another 4.4 crore non-salaried taxpayers. The frequency of SMS alerts will be increased, once the process for filing TDS returns is streamlined to receive such information on a real-time basis. All taxpayers who wish to receive such SMS alerts are advised to update their mobile numbers in their e-filing account.The CBDT constantly endeavours to provide better taxpayer services and reduce taxpayer grievances. New schemes and e-initiatives to redress and reduce complaints of mismatches in tax deducted at source are key to this effort.

 

Rediscovering India-Brazil Investment and Trade ties to start a new phase - “Brazil’s trade with India has immense scope for expansion which currently accounts for 1.21% of India’s total trade. The total trade between India and Brazil is at US$ 6.69 billion in 2015-16. The market opportunities exist in the areas of food and drinks coffee, tea, fruits, cocoa, and confectionary products, home and building , machinery and equipment , mineral products and chemicals. Brazil has recently launched a new infrastructure Program, ‘Crescer’ meaning ‘grow’ which will focus on concession, privatization and public-private partnerships, Brazil and India should rather look for complementarities and synergies between their respective markets and mind-sets in order to increase and upgrade their business potential. For more business to take place there should be more people to people exchanges. I am a strong believer of people-to-people relations to cement long-term and sustainable partnerships”, said Rosimar da Silva Suzano, Consul General, Consulate General of Brazil in Mumbai at the International Business Round Table organized by World Trade Centre Mumbai, All India Association of Industries, .Under the ‘Make in India’ initiative, India is undergoing a series of reforms that are in the process of enhancing the competitiveness of the country.

 

Indian companies not adhering to environment guidelines could be snubbed by global investors  - In April 2016, pension funds managed by Norges Bank sold off its equity investments in seven Indian companies worth roughly Rs 700 crore. The selloff in Coal India CESC, Reliance Power, Gujarat Mineral Development Corporation, NTPC, Tata Power and Reliance Infrastructure was part of the global strategy of Norges, the Norwegian financial services behemoth, to get rid of portfolio constituents that dealt with coal. Due to its high carbon intensity and consequent damage on the environment, coal is anathema to institutions like Norges that believe in sustainable investments. The seven companies did not adhere to the so-called environment, social and governance code of the $ 530 billion fund. Forty five other global companies that mined or used coal to fire up their production facilities met the same fate. Thomas Sevang, the official spokesman of Norges, says the bank addresses ESG issues at meetings with company representatives, adding that it has expectation documents on children's rights, water management, climate change and human rights. "We expect companies to address these issues in their strategy and reporting."

 

TOP ECONOMY NEWS

Regulator DGCA and aviation security agency BCAS are all set to get powers to impose fines on violators, with the government preparing to amend the legislation in this regard.

 

FIPB will this week take up 19 foreign investment proposals.

 

Sebi has eased curbs on 40 entities against whom it had taken action in two different cases of alleged misuse of stock market platform for tax evasion and suspected money-laundering.

 

Banks in India will either replace or ask users to change the security codes of as many as 3.2 million debit cards in what's emerging as one of the biggest ever breaches of financial data in India.

 

Reserve Bank of India has eased norms for foreign investment in start-ups. The banking regulator said that any Foreign Venture Capital Investors which is registered under the Securities and Exchange Board of India Regulations can invest in equity or equity linked instrument or debt instrument issued by an Indian 'start-up' irrespective of the sector in which the start-up is engaged. They will not require any approval from RBI.

 

Union Labour Minister said that the Employees Provident Fund Organisation has invested over Rs. 90 billion in Exchange Traded Funds till September 30 this year with a Return on Investment of 9.43%.

 

Simplifying external commercial borrowing norms, RBI delegated powers to banks to approve requests from borrowers for extension of matured but unpaid ECB.

 

The Centre is "determined" to implement the Goods and Services Tax from April 1 next year.  

India and the European Free Trade Association, a bloc of four European countries — Switzerland, Iceland, Norway and Liechtenstein — will resume the long-stalled negotiations for a proposed free trade agreement this week in Geneva to iron out differences.

 

The government expects the entire Insolvency and Bankruptcy Law to become operational by end-December.

 

As many as 210 merger and acquisition deals, worth a total value of USD 11.3 billion, involving Indian companies were signed during the September quarter.

 

Airports Authority of India has paid a final dividend of Rs. 4.82 billion to the government for 2015-16 financial year.

 

After pinning its hopes on a significant improvement in the World Bank’s ease of doing business index, India has managed to move up by only a single rank in the latest Doing Business Report 2017 by the bank.

 

Around 7.8 million new assessees started filing income tax returns between assessment years 2012-13 and 2014-15, pushing up the total number of filers to 39.13 million.

 

The Income Tax Department has unearthed cases of tax evasion worth about Rs. 380 billion involving around 1,000 entities, and has issued notices to 147 individuals.

 

A consortium of 19 public sector banks could look at conversion of their loans worth about Rs. 100 billion to Air India into equity. If the proposal goes through, then, as much of 40% of Air India equity could be held by the consortium of public sector banks.

 

The Cabinet gave in-principle approval to strategic sale and disinvestment in the public sector units as recommended by the NITI Aayog.

 

The finance ministry is examining the possibility of cutting the corporation tax rate by 1 - 2 percentage points, even as the revenue department is set to kickstart Budget consultations with industry and consultants from the first week of November. The ministry’s thinking is part of bringing down the corporation tax rate to 25% by the end of 2018-19, from 30% at present.

 

The government has allowed 100% foreign direct investment in ‘other financial services’ carried out by non-banking finance companies, continuing with the liberalisation of the overseas investments regime.

 

Just a week before the next Goods and Service Tax Council meeting on November 3 and 4, the view of states being compensated through a cess rather than a hike in the proposed GST rate has gained strength, with the Centre telling them that an increase in the tax rate has to yield around Rs. 1.72 trillion. On the other hand, a cess which will yield Rs. 500 billion a year would be enough to compensate states.

 

Union minister said the Phase-III auction of radio channels, which started in July last year, is likely to bring in an estimated USD 390 million revenue to the government.

 

Markets regulator Sebi has begun looking into the high profile Tata-Mistry case for any possible breach of corporate governance norms and listing regulations at various listed companies of the over USD 100 billion conglomerate.

 

TOP CORPORATE NEWS -

 Larsen and Toubro Limited plans to raise as much as USD 500 million or Rs. 33.50 billion by selling shares to institutional investors, joining the league of a group of large companies taking advantage of a liquidity-driven market rally to fund their capital requirements.

 

Procter & Gamble , is exploring a long-term partnership with Future Group akin to the one it has with Walmart in the US, that could involve joint sales forecasting and planning, exclusive product releases, embedding officials at each others’ headquarters and even supply-chain initiatives.

 

Wanbury Limited, manufacturers of metformin hydrochloride — a diabetic drug — was caught by the Maharashtra Food and Drug Administration for illegally exporting this drug to Mexico, Brazil, Bangladesh and Pakistan.

 

Reliance Industries Limited is set to buy six very large ethane carriers from South Korea’s Samsung Heavy Industries Co Limited for USD 600 million.

 

IDFC Limited Alternatives is buying three solar projects in Punjab and Rajasthan from Punj Lloyd Infrastructure as part of the parent's plans to establish a presence in the renewable energy space through acquisitions — as much as 1,000 mw in a year or so.

 

Inox Wind Limited has bagged a repeat order from ReNew Power Ventures for a 50 MW wind power project in Gujarat.

 

Emami Group is aiming at capacity of 15-20 MT in the next three to five years, from the existing 2.4 MT, investing Rs. 85 billion to do so.

 

Corporation Bank, Oriental Bank of Commerce and United Bank of India may be sensing victory against Airbus as debt recovery tribunal has directed the French aircraft maker to deposit with it Rs192.5bn it had received from these Indian lenders, but they are unlikely to get the refund in a hurry, going by the past experience of the functioning of DRTs.

 

Parth Jindal led company has initiated talks for a potential buyout of Shiva Cement in which ACC Limited holds a 12.65% stake.

 

Foreign investors have been allowed to raise their stake in Aditya Birla Nuvo Limited to up to 30%.

 CCI said it had approved RPG Life Sciences acquiring seven brands of Sun Pharmaceutical Industries. Earlier this year, Sun Pharma had signed a deal in this regard with RPG, for Rs. 0.41 billion.

 

Glenmark Pharmaceuticals Limited has received final approval from the US health regulator for anti—fungal ointment nystatin and triamcinolone acetonide.

 

Tata Power Company Limited will invest in renewable plants in India as it plans to increase its clean energy footprint to 30-40% by 2025.

 

Kirloskar Oil Engines Limited has launched a new range of high horsepower gensets to address the growing market for data centres, malls and other commercial establishments.

 

Tata Power Renewable Energy Limited , a wholly owned subsidiary of Tata Power Company Limited, has inked a Power Purchase Agreement for a 100 MW solar project at Anantapuram solar park in Andhra Pradesh with the Solar Corporation of India.

 

Bosch Limited unveiled a range of connected and smart solutions for diverse industrial sectors to enhance productivity and operational efficiency.

 

The Centre has won an international arbitration involving potential claim of more than USD 1 billion, initiated six years ago by Reliance Industries Limited and the Indian arm of BG following a gas price and royalty dispute in the Panna Mukta and Tapti fields off the Mumbai coast.

 

Arvind Limited has divested 10% stake in its brand business subsidiary Arvind Lifestyle Brands to Multiples, the private equity firm founded by Renuka Ramnath.

 

Bharti Airtel Limited has launched 4G services in Madhya Pradesh and Chhattisgarh on 10 MHz of 1800 MHz band spectrum.

 

Cairn India Limited plans to invest USD 100 million with focus on Rajasthan gas fields.

 

Hero MotoCorp Limited has invested Rs. 2.05 billion to pick up 26-30% stake in domestic electric vehicle maker Ather Energy.

 

NMDC Limited and Mishra Dhatu Nigam have signed a memorandum of understanding to develop tungsten mines and processing technology for the metal, a key ingredient in making heavy-alloy ammunition systems for the armed forces.

 

Sun Pharmaceutical Industries has launched generic versions of Daiichi Sankyo medicines, used in the treatment of high blood pressure, in the US market.

 

The board of Oil and Natural Gas Corporation gave its nod for issuance of one bonus share of Rs. 5 each for every two shares held in the company.

 

MMTC has joined hands with HDFC Bank,, ICICI Bank and Andhra Bank to retail gold coins with a new buyback option.

 

Sagar Cements Limited has decided to raise Rs. 3 billion by way of issuance of securities, including the issue of equity shares on a preferential basis to promoter and promoter group and to others.

 

Nava Bharat Ventures Limited has recently concluded sale of 100% shares in one of its overseas subsidiary Nava Bharat Lao Energy Pte Limited, and thereby its 70% shareholding in Namphak Power Company Limited.

 

The British subsidiary of ICICI Bank --  ICICI Bank  UK Plc -- announced the launch of online money transfer services to facilitate transaction from any bank accounts in Sweden, Norway and Denmark to any recipent account based in India.

 

The government is yet again looking to monetise its stake in Hindustan Zinc Limited and may suggest a share buyback offer to the company controlled by Vedanta's Sterlite Industries besides seeking a special dividend. The government owns 29.59% stake in the firm that is worth over Rs. 300 billion at current market prices.

 

Reliance Industries Limited has raised a term loan of USD 573 million to partially finance the construction of its six very large ethane ships.

 

Idea Cellular Limited managing director Himanshu Kapania said has not violated any quality of service norms on the issue of providing points of interconnection to Reliance Jio Infocomm, and would shortly approach the department of telecommunications on the matter.

 

The Suzlon group has entered into a joint venture with Ostro Energy for the development and construction of a 50-MW solar project in Telangana.

 

The Navneet Education Limited signs an agreement to acquire Britannica’s Indian curriculum business for Rs. 0.88 billion. This move will help expand Navneet’s range of curricular offerings in the Indian school market.

 

ONGC Limited by deploying a record number of rigs, including one from China, has embarked on an aggressive road-map to explore more natural gas in the northeastern state of Tripura, bordering Bangladesh.

 

LIC picked up more than half of the NBCC Limited  shares sold by the government in the Rs. 22.18 billion disinvestment.

 

Dr. Reddy's Laboratories Limited has entered into a strategic collaboration with Gland Pharma to market and distribute a diverse portfolio of eight injectable Abbreviated New Drug Applications , or alternatively called as generic drug approvals.

 

Sun Pharmaceuticals Industries Limited  will acquire Ocular Technologies, Sarl of Auven Therapeutics, an international private equity company focused on therapeutic drugs.

 

Gulf Oil Lubricants India Limited has entered into a tie-up with Bajaj Auto Limited to manufacture and supply lubricants.

 

TOP BANKING AND FINANCIAL NEWS OF THE WEEK

London-based professional services firm Ernst & Young said on Monday that there is a large untapped rural population in India waiting to be covered under the financial net, which is only possible through mobile-based services.  With over 90% of the villages in India without a commercial bank branch, and over 350 million rural mobile subscribers, there is a large untapped population to be covered under the financial net, the company said in its finding.

 

What keeps the chief executive of the world’s most valuable lender JPMorgan Chase Jamie Dimon awake at nights is not a blow up in trading books, regulatory nightmares or shrinking bond markets, but cyber crimes that are becoming as routine an affair as daily trading. The US bank spends nearly $ 600 million a year on cyber security. Pose the same question to Indian banks, the top ones, including State Bank of India, ICICI Bank, HDFC Bank and Axis Bank, and Axis Bank, are not even willing to engage in conversations over the topic. Canara Bank is the only bank which replied saying that they have budgeted Rs. 520 crore for IT security for the current financial year.

 

Indian private sector lenders HDFC Bank Limited and Kotak Mahindra Bank Limited reported second-quarter net profit rose on higher interest and fee income, while their bad-loan ratios were lower than the previous quarter. HDFC Bank, the nation's second-biggest private sector lender, said on Tuesday net profit for July-September climbed 20 percent from a year ago to 34.55 billion rupees , just beating analysts' estimate of 34.15 billion rupees. India's banking sector has been burdened with about $ 138 billion of stressed loans, but the bulk of the bad assets are with nearly two dozen state-run banks. HDFC's gross bad loans were 1.02 percent of total loans outstanding as of Sept. 30, down from 1.04 percent at the end of June. The bank, an investor favourite due to its strong retail banking business and relatively small exposure to project finance, has the lowest bad-loan ratio among the bigger lenders.

 

A  month after the biggest financial data leak from Indian banks, regulator Reserve Bank of India is looking to take matters in its own hands and scrutinise security of banks, two people with direct knowledge of the matter said. The RBI is looking to rope in outside help that would try and exploit holes in the information technology systems of the bank to fortify them against similar breaches of security in the future. “It won’t be investigations per say, but I would say it will be like an audit,” a person in the know told. “RBI would check cybersecurity of the banks from the inside as well as outside,” he said.

 

The Supreme Court asked the Reserve Bank of India why the names of borrowers that owe more than Rs. 500 crore to the country;s banks shouldn't be made public. "The borrower may complain, but why should the RBI have a complaint?" chief justice TS Thakur said after the central bank's counsel resisted the suggestion on the ground that all may not be "wilful defaulters." "Why should they be considered wilful defaulters? This is public money. The public must know. The amounts involved are phenomenal. The public must know the magnitude of the problem," said Thakur, who was sitting alongside justices L Nageshwar Rao and DY Chandrachud. Thakur estimated debt to the public banking system that had not been restructured at Rs 3-4 lakh crore. He pegged restructured loans at Rs 10 lakh crore.   

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