Nifty trades above 7,850 mark ahead of F&O expiry

Some buying activity is seen in banking, consumer durable, capital goods, FMCG, teck, metal and oil & gas and metal sectors, while pharma sector is showing weakness on BSE.

At 1:11 PM, the S&P BSE Sensex is trading at 25,927 up 151 points, while NSE Nifty is trading at 7,874 up 42 points.

The BSE Mid-cap Index is trading up 0.34% at 10,943, whereas BSE Small-cap Index is trading up 0.51% at 11,516.

Some buying activity is seen in banking, consumer durable, capital goods, FMCG, teck, metal and oil & gas and metal sectors, while pharma sector is showing weakness on BSE.

Sun Pharma, Tata Motors, Infosys, Coal India, Hindalco, ICICI Bank, RIL, Tata Steel and Wipro are among the gainers, whereas Dr. Reddy's, Maruti Suzuki, GAIL, Lupin, TCS,  Hero MotoCorp and HDFC Bank are losing sheen on BSE.

The India VIX (Volatility) index down 0.47% to 16.1675. A total of 45 stocks registered a fresh 52-week high in trades today, while 11 stocks touched a new 52-week low on the NSE. Out of 1,755 stocks traded on the NSE, 451 declined and 1,011 advanced today.

The Indian rupee opened lower by 4 paise at 66.37/$ in early trade on Thursday. The US dollar rose to fresh eight month high against a basket of currencies on Wednesday, ahead of a string of data due later in the day. Index was trading higher by 0.30 percent against a basket of six currencies in late evening yesterday.

Dr. Reddy's Lab has plunged 6.6% to Rs. 3,163.15 on BSE. The US Food & Drug Administration (USFDA) has warned Dr. Reddy’s Laboratories over serious data integrity violations, according to media reports. In a letter to the Indian company, USFDA has reportedly stated that there are significant deviations from current good manufacturing practices (CGMP) for the manufacture of active pharmaceutical ingredients (APIs) for finished pharmaceuticals.

Shares of Hero MotoCorp was trading flat 0.3% to Rs. 2,655 on BSE. Bain Capital expects to reap a bumper harvest of ~Rs. 760 crore from its stake sale in Hero Moto Corp, reports a business daily.The private equity firm is all set to exit Hero MotoCorp by selling its remaining shares in the two-wheeler major through a stock market transaction. 
Around 16.9 lakh shares were traded in a single block at Rs. 2,612.9.

Nalco has zoomed 3.6% to Rs. 38.80 on BSE. The company has received US$ 8.05 million towards an out of court settlement from an US Firm in connection with a case pending in the US Court.

Natco Pharma has jumped 14% to Rs. 584.55 on BSE. The company has fixed Record Date as November 28, 2015 for the purpose of sub-division of 1 Equity Share of Face Value of Rs. 10/- each into 5 Equity shares of Rs. 2/- each.

Lumax Automotive Systems hits 20% upper limit at Rs. 55.20 on BSE.  The company has filed the reference application with the Board for Industrial and Financial Reconstruction (BIFR) under the provisions of the Sick Industrial Companies (Special Provisions) Act.
“The audited annual accounts of the company for the year ended March 31, 2015, adopted on September 28, 2015 show that the entire net worth of the company has eroded and hence as required under the provisions of SICA a reference under section 15(1) shall be made by the company within 60 days from the date of adoption of audited accounts at the AGM, to BIFR for determination of the measures which shall be adopted with respect to the company,” Lumax said in a statement.

Lumax Industries has soares 12% to Rs. 521.30 on high volume.

Just Dial has jumped 3.5% to Rs. 962 on BSE. On Tuesday, the company has announced that shareholders approved buy back of 10.6 lakh shares at Rs. 1,550/Share.
NBCC has jumped 2% to Rs. 1,016 on BSE.  The company has bagged Rs. 5,828 crore redevelopment project in the national project from AIIMS, involving construction of 3,000 flats.
Jet Airways (India) has surged 2.8% to Rs. 486.30 on BSE. 

ABG Shipyard has rallied 7.5% to Rs. 79.40 after Government will give Indirect Tax breaks for local shipbuilding, as per media reports.

DLF has rallied 7.6% on BSE. The company's promoters have bought 2.3 million shares of the company through open market transactions for nearly Rs. 25 crore, raising their stake to 74.99%.

Globus Spirits 16.5% has rallied Rs. 90.80 on BSE. According to reports, the company plans to increase capacity by 70%, and will commission new plants in the first half of FY17.

ICICI Bank to launch online electricity bill collection service for APEPDCL customers

The service, christened ICICI Bank-Eazy Pay, will enable anyone including non-customers of ICICI Bank, to conveniently pay electricity bills online on the website of APEPDCL.

ICICI Bank has signed a Memorandum of Understanding (MoU) with Andhra Pradesh Eastern Power Distribution Company Ltd (APEPDCL) to launch online electricity bill collection for the customers of APEPDCL. The service, christened ICICI Bank-Eazy Pay, will enable anyone including non-customers of ICICI Bank, to conveniently pay electricity bills online on the website of APEPDCL. They will be able to do so by using multiple payment channels of debit or credit card, net banking and RTGS or NEFT transfer of any bank.

ICICI Bank is the first bank to sign a MoU with APEPDCL for online bill collection.

R Mutyala Raju, IAS, Chairman and Managing Director, APEPDCL said, “The MoU with ICICI Bank would benefit 52 lakhs consumers of APEPDCL’s jurisdiction of Srikakulam, Vizianagaram, Visakhapatnam and East & West Godavari districts.  The consumers can pay the electricity bills through on line payment options by using ICICI Bank-EazyPay.”

Avijit Saha, General Manager, ICICI Bank said, “We are delighted to associate with APEPDCL to extend our digital banking solutions to all customers of APEPDCL in the five districts of the state. The new service will enable them all to pay their electricity bills online at the click of a button. This initiative is in line with ICICI Bank's philosophy of 'khayaal aapka' wherein we keep our customers’ convenience first.”

ICICI Bank has 4054 branches and 12964 ATMs in the country (as on September 30, 2015). It has over 120 branches and more than 316 ATMs in Andhra Pradesh.

The Bank services its large customer base through a multi-channel delivery network of 4054 branches, the largest among private sector banks, 12,964 ATMs (at September 30, 2015), call center, internet banking (www.icicibank.com), mobile banking, banking on Facebook & Twitter as well as its digital bank on mobile, Pockets.

DLF rises 7.6% after promoters buy shares

The company's promoters have bought 2.3 million shares of the company through open market transactions for nearly Rs. 25 crore, raising their stake to 74.99%.

DLF rallied 7.6% on BSE. The company's promoters have bought 2.3 million shares of the company through open market transactions for nearly Rs. 25 crore, raising their stake to 74.99%.

The scrip opened at Rs. 108.8 and has touched a high and low of Rs. 116.45 and Rs. 108.5 respectively. So far 18,799,642 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 19078.78 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 179 on 04-Feb-2015 and a 52 week low of Rs. 93 on 24-Aug-2015. Last one week high and low of the scrip stood at Rs. 111.95 and Rs. 101.9 respectively.

The promoters holding in the company stood at 74.86 % while Institutions and Non-Institutions held 19.84 % and 5.3 % respectively.

The stock is currently trading above its 200 DMA.

IDBI Bank USD 350 million 5 years Green Bond Issue

The transaction received an overwhelming response and the issue was oversubscribed by 3 times.

IDBI Bank launched a USD 350 million 5 year Reg S Green Bond issue on November 23, 2015. The transaction received an overwhelming response and the issue was oversubscribed by 3 times. The issue was made under the USD 5 billion MTN Programme listed on the Singapore Stock Exchange.

The transaction was launched at 10:00 a.m. Hong Kong time with an initial price guidance of 5-year Treasury + 270 bps. During the course of the day, the book rapidly built up and the final price guidance was issued in the 5-year Treasury + 255 area. With the issue finally being oversubscribed by 3 times, the issue was priced at 5-year Treasury + 255 bps (i.e. a spread tightening of 15 bps from initial price guidance).The final coupon was 4.25% (fixed).

The transaction attracted interest from a diversified range of investors including Asset Managers (50%), Banks (28%),Private Banks (17%), and  corporate and Others (5%). Around 82% of the allocation was made to Asian Investors, 18% to European investors.

ANZ Bank, BNP Paribas, Citibank, HSBC, JP Morgan Chase and Standard Chartered Bank acted as Joint Book Runners and Lead Managers to the transaction.

Kishor Piraji Kharat, Managing Director & Chief Executive Officer, IDBI Bank while commenting on this landmark transaction, said that IDBI Bank has become the first state-owned commercial bank to raise USD 350 million by selling green bonds, where proceeds are used for refinancing of clean energy projects in India assisted by IDBI Bank which include wind energy, solar energy, biomass, water recycling systems, energy distribution and management system etc. The proceeds will also be used for financing of new projects in above mentioned areas including sustainable transport. MD & CEO further added that IDBI Bank is keen to work in growing green debt capital market and support Government of India’s initiatives in  greening of the Indian economy.

Riding on the policy announcements of the Government and the conducive environment in the international markets, IDBI Bank was quick to respond and tap the market the moment   a window of opportunity was seen. This has resulted in a massive oversubscription resulting in tightly priced deal.

IDBI Bank’s USD Green Bond issue is the First from any of the public sector banks.    Export-Import Bank of India had a similar issue in March. IDBI Bank could achieve investor diversification by mobilizing funds from various green investors.

The bank has already deployed $300 mn towards clean energy projects and expects to deploy an additional $2bn in the next 12- 15 months. The end use of the proceeds of the green bonds would be certified by third party to ensure clear transparency and provide comfort to investors. Further, IDBI Bank has also decided to become member of Climate Bonds Initiative, United Kingdom. Climate Bonds is an international organization in the World focusing on mobilizing huge funds for climate change solutions. The Climate Bond Board and several other international bodies have appreciated this initiative of IDBI Bank towards environmental protection

ABG Shipyard rallies 7.5% on sops to shipbuilding industry

Shipping companies stocks have rallied after the government announced give indirect tax breaks for local shipbuilding industry.

ABG Shipyard has rallied 7.5% to Rs. 79.40 after Government will give Indirect Tax breaks for local shipbuilding to the company, as per media reports.

The plan covers exemption from customs and central excise duties on all raw material and parts for use in the manufacture of ships/vessels/tugs and pusher crafts etc.

The scrip opened at Rs. 74.6 and has touched a high and low of Rs. 80.5 and Rs. 74 respectively. So far 861,128 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 397.13 crore.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 260 on 10-Mar-2015 and a 52 week low of Rs. 72.5 on 24-Nov-2015. Last one week high and low of the scrip stood at Rs. 86.4 and Rs. 72.5 respectively.

The promoters holding in the company stood at 43.43 % while Institutions and Non-Institutions held 11.29 % and 45.29 % respectively.

The stock is currently trading above its 200 DMA.

ITC chairman YC Deveshwar rejigs organisational structure

The two new faces on ITC board will be Puri, and Rajiv Tandon, CFO, whose appointment will take effect on January 22.

ITC has rejigged its organisational structure on Wednesday. In a letter to top management officials, YC Deveshwar has said that B Sumant will take over as president-FMCG from Sanjiv Puri from April 1, 2016.

With effect from 6th December, all those reporting to Dhobale will vest from Puri.

Puri, and Rajiv Tandon, CFO, whose appointment will take effect on January 22.

Puri will join from December 6, 2015, and eventually become executive director and Rajiv Tandon, CFO, whose appointment will take effect on January 22, when Grant steps down. 

B Sumant will take responsibility from Puri from 1st April, 2016, while 

Hemant Malik will take up responsibility of Sumant from April 1, who was chief operating officer of tobacco division.

ITC Ltd ended at Rs. 336, down by Rs. 1.4 or 0.41% from its previous closing of Rs. 337.4 on the BSE.

The scrip opened at Rs. 338.7 and touched a high and low of Rs. 339.4 and Rs. 332.4 respectively. A total of 8888067(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 269890.29 crore.

The BSE group 'A' stock of face value Rs. 1 touched a 52 week high of Rs. 409.7 on 28-Feb-2015 and a 52 week low of Rs. 294.5 on 15-Jun-2015. Last one week high and low of the scrip stood at Rs. 353 and Rs. 332.4 respectively.

The promoters holding in the company stood at 0 % while Institutions and Non-Institutions held 55.81 % and 43.94 % respectively.

The stock traded below its 50 DMA.

L&T Construction bags orders worth Rs. 1,038 crore

L&T Saudi Arabia LLC has bagged an order valued at SAR 405.75 Million (USD 108.2 Million) for the construction of five 132 kV Substations at Hail area from the National Grid, Saudi Arabia, a subsidiary of Saudi Electricity Company.

The Power Transmission & Distribution Business of L&T Construction has won orders worth Rs.1038 crores in the international and domestic markets in November 2015.

Larsen & Toubro Saudi Arabia LLC, a fully owned subsidiary of L&T, has bagged an order valued at SAR 405.75 Million (USD 108.2 Million) for the construction of five 132 kV Substations at Hail area from the National Grid, Saudi Arabia, a subsidiary of Saudi Electricity Company.

The scope involves detailed designing, engineering, testing and commissioning of the 132 kV gas insulated switchgear, 132113.8 kV, 50/67 MVA power transformers, 132/33 kV, 80/100 MVA power transformers, 13.8 kV switchgears, 33 kV switchgear, control & protection system, substation automation systeni, HVAC, Novec firefighting system with associated auxiliary systems and civil works.

These projects are in the central province of Saudi Arabia and are scheduled to be completed in 24 months.

In the domestic market, the business has bagged an order from the Odisha Power Transmission Corporation Limited (OPTCL). Forming a part of the power system improvement project in the state capital, the order is for engineering, supply, erection and commissioning of several KMs of underground EHV & HV cable networks, compact substations and other distribution elements in the city of Bhubaneswar, Odisha.

The Power Transmission & Distribution business is a leading EPC player in the field of T&D business. Its offerings include integrated solutions and end-to-end services ranging from design, manufacturing, supply, installation and commissioning of transmission lines, underground cable networks (both power and control), substations, distribution networks, electrical and instrumentati on works for power, process and infrastructure projects, in both domestic and international markets. On the renewable energy side, the business provides turnkey EPC services for projects on photovoltaic plants.

Dr. Reddy's Lab plunges 6.6% on USFA warning letter

The US Food & Drug Administration has warned Dr. Reddy’s Laboratories over serious data integrity violations, according to media reports.

Dr. Reddy's Lab has plunged 6.6% to Rs. 3,163.15 on BSE. The US Food & Drug Administration (USFDA) has warned Dr. Reddy’s Laboratories over serious data integrity violations, according to media reports. In a letter to the Indian company, USFDA has reportedly stated that there are significant deviations from current good manufacturing practices (CGMP) for the manufacture of active pharmaceutical ingredients (APIs) for finished pharmaceuticals.

The scrip opened at Rs. 3049.75 and has touched a high and low of Rs. 3200 and Rs. 3049.75 respectively. So far 847830(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 57805.62 crore.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 4382.95 on 20-Oct-2015 and a 52 week low of Rs. 3010 on 09-Feb-2015. Last one week high and low of the scrip stood at Rs. 3437 and Rs. 3140 respectively.

The promoters holding in the company stood at 25.51 % while Institutions and Non-Institutions held 41.91 % and 14.35 % respectively.

The stock is currently trading above its 100 DMA.

Bain Capital to raise Rs. 760 cr on exit from Hero MotoCorp

The private equity firm is all set to exit Hero MotoCorp by selling its remaining shares in the two-wheeler major through a stock market transaction.

Bain Capital expects to reap a bumper harvest of ~INR 760 crore from its stake sale in Hero Moto Corp, reports a business daily.

The private equity firm is all set to exit Hero MotoCorp by selling its remaining shares in the two-wheeler major through a stock market transaction.

Morgan Stanley has been appointed to manage the deal which is likely to be concluded on Friday. 

Bain has around 1.5 per cent stake, or 29 lakh shares, in Hero MotoCorp, reports the financial newspaper.

The indicative price band is expected to be between Rs. 2,570 and Rs. 2,600. 

Hero MotoCorps’ share price closed at Rs. 2,645 on the BSE on Tuesday. 

In March 2011, Bain Capital had invested US$550 million (Rs. 2,500 crore) for an 8.6 per cent stake in Hero Investment Pvt Ltd.

The money was used by the Hero Group to buy out Honda’s 26 per cent stake in Hero Honda Motors Ltd. (since renamed Hero MotoCorp). 

Since then Bain has sold Hero MotoCorp shares in the market twice for Rs. 4,000 crore.

Hero MotoCorp Ltd ended at Rs. 2645.8, up by Rs. 8.55 or 0.32% from its previous closing of Rs. 2637.25 on the BSE.

The scrip opened at Rs. 2659 and touched a high and low of Rs. 2667.7 and Rs. 2631 respectively. A total of 414005(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 52836.63 crore.

The BSE group 'A' stock of face value Rs. 2 touched a 52 week high of Rs. 3271.8 on 01-Dec-2014 and a 52 week low of Rs. 2252 on 08-May-2015. Last one week high and low of the scrip stood at Rs. 2683.8 and Rs. 2556.7 respectively.

The promoters holding in the company stood at 34.64 % while Institutions and Non-Institutions held 52 % and 13.36 % respectively.

The stock traded below its 200 DMA.

Govt to auction 12 copper mines by next year: Mines Secretary

Speaking at the India Copper Forum in Mumbai, Kumar said that the Centre has identified 5 copper mines in Gujarat, 3 in Rajasthan and 4 in Maharashtra for auctioning.

The Government plans to auction 12 copper mines in the next one year in order to ensure ore supply of 10-15 million tonnes (mt), Mines Secretary Balvender Kumar said on Wednesday.

Currently, only Hindustan Copper has a captive copper mine, while other companies import copper concentrate and convert them to copper cathode and rods.

Speaking at the India Copper Forum in Mumbai, Kumar said that the Centre has identified 5 copper mines in Gujarat, 3 in Rajasthan and 4 in Maharashtra for auctioning.

Of these, prospecting licence has been issued for two blocks in Maharashtra and one in Rajasthan, with 11 million tonnes of copper ore to be auctioned by February, Kumar said. 

This would result in supply of 10-15 million tonnes of copper ore in India, he said, adding that another 15 coal blocks have been explored and will be auctioned within a year.

Kumar also said that the Centre is keen to attract private investment in exploration, and will finalise the new National Exploration policy by January.

The Centre is also considering an amendment to the new Mines & Mineral Development Act to allow transfer of captive mines in case there is an asset sale.