IndiGo jumps 2.7%; launches 24 new flights

The aviation company has launched 24 new flights on its domestic network which include first daily non-stop flight between Delhi and Thiruvananthapuram.

IndiGo jumped 2.7% to Rs.1,268 on BSE. The aviation company has launched 24 new flights on its domestic network which include first daily non-stop flight between Delhi and Thiruvananthapuram.

The scrip opened at Rs. 1235 and has touched a high and low of Rs. 1268.75 and Rs. 1220 respectively. So far 481844(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 44486.02 crore.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 1395.5 on 01-Jan-2016 and a 52 week low of Rs. 848.1 on 10-Nov-2015. Last one week high and low of the scrip stood at Rs. 1395.5 and Rs. 1185.25 respectively.

The promoters holding in the company stood at 86.15 % while Institutions and Non-Institutions held 5.85 % and 8.01 % respectively.

The stock is currently trading below its 200 DMA.

Lupin surges after new drug launch in the US

Lupin announced that its US subsidiary Lupin Pharmaceutical Inc. has launched its Tri-Lo-Marzia Tablets (Norgestimate and Ethinyl Estradiol Tablets USP, 0.180 mg/0.025 mg, 0.215 mg/0.025 mg, and 0.250 mg/0.025 mg) having received approval from the United States Food and Drug Administration.

Shares of Lupin are currently trading 0.21% higher at Rs. 1,757.75 on BSE after the company launched oral contraceptive in the US. Heavy sell-off in Asian markets across all sectors due to Chinese stock markets suspending trading could not affect the company’s stocks.  

The scrip opened higher at Rs. 1,755.05 as against its previous close of Rs. 1,754.15. It hit a high and a low of Rs. 1,769.35 and Rs. 1,742.60 respectively. Total 24,000 shares changed hands on BSE.

Lupin announced that its US subsidiary Lupin Pharmaceutical Inc. has launched its Tri-Lo-Marzia Tablets (Norgestimate and Ethinyl Estradiol Tablets USP, 0.180 mg/0.025 mg, 0.215 mg/0.025 mg, and 0.250 mg/0.025 mg) having received approval from the United States Food and Drug Administration (FDA) to market a generic equivalent of Janssen Pharmaceuticals Inc. (Janssen) Ortho Tri-Cyclen Lo Tablets, (Norgestimate and Ethinyl Estradiol Tablets USP, 0.180 mg/0.025 mg, 0.215 mg/0.025 mg, and 0.250 mg/0.025 mg). 

Lupin's Tri-Lo-Marzia Tablets (Norgestimate and Ethinyl Estradiol Tablets USP, 0.180 mg/0.025 mg, 0.215 mg/0.025 mg, and 0.250 mg/0.025 mg) are the AB rated generic equivalent of Janssen Ortho Tri-Cyclen Lo Tablets, (Norgestimate and Ethinyl Estradiol Tablets USP, 0.180 mg/0.025 mg, 0.215 mg/0.025 mg, and 0.250 mg/0.025 mg). It is indicated for use by women to prevent pregnancy. 

According to IMS MAT September 2015, Ortho Tri-Cyclen Lo Tablets had US sales of US$ 488.4 million. The product represents Lupin’s 16th oral contraceptive launch in the US. The company has filed 37 oral contraceptive products with the FDA till date. 

Nifty cracks below 7,600 level

The BSE Mid-cap Index is trading down 1.18% at 11,008, whereas BSE Small-cap Index is trading down 1.46% at 11,677.

At 10:31 AM, the S&P BSE Sensex is trading at 24,994 down 413 points, while NSE Nifty is trading at 7,642 down 98 points.

The BSE Mid-cap Index is trading down 1.18% at 11,008, whereas BSE Small-cap Index is trading down 1.46% at 11,677.

All sector are showing weakness on BSE.

Lupin, SJVN, Vakrangee, HPCL and Kajaria Ceramics are among the gainers, whereas Tata Motors, Tata Steel, Adani Ports, Axis Bank and ICICI Bank are losing sheen on BSE.

The India VIX (Volatility) index is up 7.76% to 17.83. Out of 1,770 stocks traded on the NSE, 1,345 declined and 166 advanced today.

A total of 33 stocks registered a fresh 52-week high in trades today, while 15 stocks touched a new 52-week low on the NSE.

Indian Rupee opened at 66.88/$ weaker by 5 paise in early trade on Thursday as against the previous close of 66.83/$. Yesterday, Indian rupee lost ground against US dollar, impacted by weakness in global equities and strong demand for the greenback. On the global front, China’s stock market was suspended after shares crashed 7% leading to a lower circuit on the index.The Shanghai Composite Index plunged 6.75%. The Shenzhen Composite Index, tumbled over 8%. Meanwhile, People's Bank of China has set the Yuan’s reference rate at 6.5646, the lowest levels since April 2011. Offshore, the currency today is trading around 6.59 levels against the greenback. In order to stem the rout in the markets, Chinese central bank has injected further liquidity by initiating weekly reverse repos worth US$70bn.

Tata Motors slipped 3.7% to Rs.352.40 on BSE. The share price was also hit after China stocks slumped after the People's Bank of China (PBOC) set the yuan’s reference rate at 6.5646, the lowest levels since April 2011. While concerns continue about China, on Wednesday, JLR, part of Tata Motors, announced its December 2015 US sales, showing a rise of 47 percent in Land Rover's sales volume, clocking 8,441 units as compared to sales in the last year in the same corresponding month. Jaguar sales were down by 29% at 1,197 units being sold in Dec'15.

Kalpataru Power Transmission soared 2% to Rs.256 on BSE. The company has acquired 100% equity share capital of an SPV Company Alipurduar Transmission Ltd (ATL).

NBCC gained 1% to Rs.1,012 after the company has secured total business amounting to Rs. 8,523 crore (approximately) in December, 2015.



IndiGo jumped 2.7% to Rs.1,268 on BSE. The aviation company has launched 24 new flights on its domestic network which include first daily non-stop flight between Delhi and Thiruvananthapuram.

Shares of Sun Pharmaceuticals are currently trading 0.24% higher at Rs. 794.40 on BSE after its subsidiary received tentative approval for generic of Vimpat, according to media reports.

Deepak Nitrite slipped 1.2% to Rs.73.20 on BSE. According to BSE data, the company has raised Rs. 83.30 crore from institutional investors through private placement of shares. The company said the project funding committee of board of directors of the company has approved the allottment of 1,17,50,000 shares of Rs. 2 each at Rs. 70.90 per Equity Share.


Premier Explosives rallied for the second consecutive session on BSE. Currently, the stock is trading higher by 2.4% at Rs.507.60. On Wednesday, the company said in a notice to BSE that it is in pact with Israel Aerospace Industries Limited for exploring potential business opportunities.

Sun Pharma arm gets FDA nod for generic of Vimpat; stock up

The scrip opened at Rs. 786 and has touched a high and low of Rs. 798.85 and Rs. 779.5 respectively.

Shares of Sun Pharmaceuticals are currently trading 0.24% higher at Rs. 794.40 on BSE after its subsidiary received tentative approval for generic of Vimpat, according to media reports.

The scrip opened at Rs. 786 and has touched a high and low of Rs. 798.85 and Rs. 779.5 respectively. So far 778885(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 190728.28 crore.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 1200.7 on 07-Apr-2015 and a 52 week low of Rs. 706.4 on 24-Nov-2015. Last one week high and low of the scrip stood at Rs. 824.5 and Rs. 790 respectively.

The promoters holding in the company stood at 54.71 % while Institutions and Non-Institutions held 35.62 % and 9.68 % respectively.

The stock is currently trading below its 200 DMA.

The correction in the Global Sukuk Market is here to stay: S&P

Standard & Poor's Rating Services expects issuance to reach $50 billion-$55 billion in 2016, compared with $63.5 billion in 2015 and $116.4 billion in 2014.

Absent its biggest issuer, the global market for sukuk will remain at below-peak levels in 2016, Standard & Poor's  said in a report published on Jan. 6, "The Global Sukuk Market: The Correction Is  Here To Stay."

Standard & Poor's Rating Services expects issuance to reach $50 billion-$55  billion in 2016, compared with $63.5 billion in 2015 and $116.4 billion in  2014.

The correction started last year, mainly because the central bank of Malaysia (Bank Negara Malaysia; BNM)--the largest issuers of sukuk worldwide stopped  issuing. Excluding the BNM effect, sukuk issuance dropped by around 5% in 2015  from 2014.

"In our view, three main factors will shape the performance of the sukuk
market in 2016:  monetary policy developments in the U.S. and Europe, the drop  in oil prices, and the possible lifting of sanctions on Iran," said Standard &  Poor's global head of Islamic Finance, Mohamed Damak.

The first two factors are likely to drain liquidity from global and local  markets. We think that if oil prices remain weak, some governments of  oil-exporting countries in the Gulf Cooperation Council (GCC) and Malaysia may  have no other choice than to reduce investment spending, resulting in lower  financing needs and potentially lower issuances (conventional and Islamic).

In addition, we think that several issuing countries might decide to go the  conventional route, rather the Islamic route, because it is less complex.

However, the market could benefit from the European Central Bank's program of quantitative easing (QE) in a yield-hunting environment pushing some European investors to the sukuk market.

Also, if sanctions against Iran are lifted, and the country starts spending  more on infrastructure projects, we could see some new growth opportunities  there for the sukuk market.

Over the next few years, we believe the market will benefit from the greater  involvement of traditional stakeholders--such as the Islamic Development Bank  Group, the Islamic Financial Services Board (IFSB), the Accounting and  Auditing Organization for Islamic Financial Institutions (AAOIFI), and the  International Islamic Financial Market (IIFM)--as well as new ones like the  International Monetary Fund (IMF).

"These institutions are now working on several projects to strengthen the  foundations of the Islamic finance industry and prepare it for greater  innovation and accelerated growth," said Mr. Damak.

We have determined, based solely on the developments described herein, that no  rating actions are currently warranted. Only a rating committee may determine  a rating action and, as these developments were not viewed as material to the ratings, neither they nor this report were reviewed by a rating committee.

Tata Motors falls 3.7%; concerns of slowdown in China

On Wednesday, JLR, part of Tata Motors, announced its December 2015 US sales, showing a rise of 47 percent in Land Rover's sales volume, clocking 8,441 units as compared to sales in the last year in the same corresponding month.

Tata Motors slipped 3.7% to Rs.352.40 on BSE. The share price was also hit after China stocks slumped after the People's Bank of China (PBOC) set the yuan’s reference rate at 6.5646, the lowest levels since April 2011.

While concerns continue about China, on Wednesday, JLR, part of Tata Motors, announced its December 2015 US sales, showing a rise of 47 percent in Land Rover's sales volume, clocking 8,441 units as compared to sales in the last year in the same corresponding month. Jaguar sales were down by 29% at 1,197 units being sold in Dec'15.

The scrip opened at Rs. 356.5 and has touched a high and low of Rs. 359.85 and Rs. 350 respectively. So far 2347849(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 119479.17 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 605.57 on 03-Feb-2015 and a 52 week low of Rs. 279.15 on 29-Sep-2015. Last one week high and low of the scrip stood at Rs. 402.9 and Rs. 364.6 respectively.

The promoters holding in the company stood at 33.01 % while Institutions and Non-Institutions held 39.16 % and 8.38 % respectively.

The stock is currently trading above its 200 DMA.

Trading halted in China once again; Asian markets tumble

The Chinese stocks reacted negatively after the People's Bank of China (PBOC) set the yuan’s reference rate at 6.5646, the lowest levels since April 2011.

This perhaps is the worst start of the year for Chinese stock markets in last two decades with the authorities had to halt the trading twice in a week - after two major falls of over 7%. The Chinese stocks reacted negatively after the People's Bank of China (PBOC) set the yuan’s reference rate at 6.5646, the lowest levels since April 2011.

The Shanghai Composite Index(CSI 300) was last quoted at 3,115.89 points, down by 7.89% after the trades were suspended. The index opened lower at 3,309.66 points as against its previous close of 3,361.84 points.

Analysts are of the view that mounting concerns over tepid economic growth is prompting the Chinese authorities to lower yuan. In early trades, yuan was quoted 0.6% lower at 6.592 against the US dollar.

The bearish trend in Chinese stock markets proved contagious which affected other leading Asian stock indices, which fell between 1-2.5%. The weak sentiment in Chinese stock markets triggered heavy sell-off at other Asian stocks markets. Japan’s Nikkei 225 index is currently trading 1.53% down at 17,917.71 points, Singapore’s Straits Times at 2,748.48 points (-2.03%), Hong Kong’s Heng Seng at 20,479.39 points (-2.45%), Taiwan’s Taiex at 7,815.40 points (-2.24%), South Korea’s Kospi index at 1,905.51 points (-1.05%), Singapore Nifty (SGX Nifty) at 7,653 (-1.06%).

Meanwhile, India’s S&P BSE Sensex and Nifty 50 are currently trading 0.71% and 0.76% lower at 2,5224.70 points and 7,682.25 points respectively.

European markets closed lower yesterday. UK’s FTSE 100 closed 1.05% lower at 6,073.38 points, France’s CAC 40 index at 4,480.47 (-1.28%) and Germany’s DAX at 10,214.02 points (-0.94%).

Dow Jones Futures and S&P 500 Futures closed 1.34% and 1.10% at 16,750 points and 1,972.50 points respectively. 

ICICI Bank to spend Rs. 200 cr on CSR in FY16: Chanda Kochhar

In FY16, the private sector bank will spend almost Rs. 100 crore on skill development, she told reporters on the sidelines of an event in Mumbai

ICICI Bank will be spending Rs. 200 crore on social sector projects in the current fiscal year and meet the mandatory 2% CSR spend norms, CEO Chanda Kochhar said on Wednesday.

In FY16, the private sector bank will spend almost Rs. 100 crore on skill development, she told reporters on the sidelines of an event in Mumbai.

"Our spends group-wide are almost close to the 2% target," Kochhar said.

She was speaking after its 22nd skill development academy was inaugurated by Maharashtra Chief Minister Devendra Fadnavis.

ICICI Bank has already trained 60,000 underprivileged people in 13 specifically identified skill-sets, and is targeting to take the number to 1 lakh in the next 15 months, according to Kochhar. 

Over 30% of the people who have been skilled for free include rural women, she sai

ONGC-RIL dispute: RIL rejects Shah Panel

The company argued that the dispute should be resolved by arbitration.

Reliance Industries has challenged the jurisdiction of a panel examining Oil and Natural Gas Corp's (ONGC) allegations that it pumped out gas from the state-run firm's field, according to reports.

Report says that the company argued that the dispute should be resolved by arbitration. 

It has also challenged oil ministry's decision to intervene in dispute by setting up a committee, headed by Justice AP Shah, says report.

"RIL does not accept in this particular matter that the Government of India can appoint a 'committee', or the government can deal with any issues on the dispute," RIL informed the panel in a letter. 

Reliance's partner Niko Resources has atold the panel and the oil ministry that the government should not intervene in the dispute.

31 sugar mills in Maharashtra to lose crushing licence

These sugar mills owe farmers Rs. 328-crore fair and remunerative price (FRP) dues, senior officials of the Maharashtra Sugar Commissionerate have been quoted as saying.

As many as 31 sugar mills in Maharashtra are on the verge of losing their crushing licences for the current season after their failure to clear pending dues for the 2014-15 season, reports a financial newspaper. 

These sugar mills owe farmers Rs. 328-crore fair and remunerative price (FRP) dues, senior officials of the Maharashtra Sugar Commissionerate have been quoted as saying.

These sugar mills are likely to be given a final hearing before their crushing licences are cancelled, the officials told the newspaper.

In addition to the 31 sugar mills, around 14 other sugar mills have not started crushing this season. 

The authorities had issued notices to 51 sugar mills in December for their failure to clear up FRP dues of the last season, according to the business daily.

For the current season, sugar mills have paid INR 2,551 crore out of a total payout of INR 6,197 crore as per the 80:20 FRP formula decided by the Maharashtra chief minister at a meet held in Nagpur last month.

Lupin, RIL, Jet Airways, among 19 Stocks in focus today

Check out the companies which will be in focus during trade today based on recent and latest news developments.

RIL, ONGC: Reliance Industries has challenged the jurisdiction of a panel examining Oil and Natural Gas Corp's (ONGC) allegations that it pumped out gas from the state-run firm's field, according to reports.

Bajaj Auto Ltd: The company plans to enter 12 new export markets by end of March, according to reports.

Lupin Ltd: The pharma company announced that its US subsidiary Lupin Pharmaceutical Inc. has launched its Tri-Lo-Marzia Tablets having received approval from the USFDA to market a generic equivalent of Janssen Pharmaceuticals Inc.  Ortho Tri-Cyclen Lo Tablets.

Jet Airways: Jet Airways may move the Bombay High Court to seek approval for convening shareholders meet on the merger of subsidiary JetLite with the parent company, according to reports.

NBCC: National Buildings Construction Corporation Ltd has informed BSE that is secured total business amounting to Rs. 8523 crore (approximately) in December, 2015.

ICICI Bank: ICICI Bank will be spending INR 200 crore on social sector projects in the current fiscal year and meet the mandatory 2% CSR spend norms, CEO Chanda Kochhar said on Wednesday.

JSPL: Jindal Steel & Power Ltd’s step-down subsidiary in Australia, Wollongong Coal Ltd., will recommence operations at one of its mines in New South Wales soon, reports a business daily.

Kalpataru Power Transmission:  The company has acquired 100% equity share capital of an SPV Company Alopurduar Transmission Ltd (ATL).

McNally Bharat Engineering: McNally Bharat Engineering Company Ltd has announced that the Company has signed a Memorandum of Understanding with NIPPO India Pvt Ltd (NIPPO), a 100% subsidiary of NIPPO Corporation, Japan to jointly work on Road Construction Projects in India.

Bank of India: The bank has allotted 2 Crore equity Shares to Life Insurance Corporation of India on Preferential basis on January 05, 2016 at the price of Rs. 132.06 per share.

Deepak Nitrite: The company has raised Rs. 83.30 crore from institutional investors through private placement of shares.

Corporation Bank: The bank said it will buy 4% stake in LIC Nomura Mutual Fund Asset Management Company from existing shareholders for Rs. 5.67 crore. 

Glenmark Pharmaceuticals said that it has received tentative US regulator's tentative approval for its Dronedarone tablets 400 mg, the generic version of Multaq tablets of Sanofi-Aventis US LLC.

Larsen & Toubro: L&T said its construction arm has bagged contracts worth Rs 2,871 crore across businesses in both domestic and international markets.

Transwarranty Finance: The Reserve Bank of India has today notified that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) and Non Resident Indians (NRIs) can now invest up to 100 per cent and 24 per cent respectively of the paid up capital of Transwarranty Finance Limited under the Portfolio Investment Scheme (PIS).

Technofab Engineering Ltd: The company has informed BSE that a meeting of the Board of Directors of the Company will be held on January 20, 2016, inter alia, to consider and approve the proposal of fund raising by way of qualified institutional placement.

Cipla: Drug major Cipla has inked a pact with US-based BioQ Pharma for registration and commercialisation of the American company's Ropivacaine infusion system, used in treating post-operative pain, in India.

Vedanta: Metals and mining conglomerate Vedanta Ltd appointed Samir Cairae as CEO of the Metals division in India.

Results to watch out for: Bajaj Corp, G.M.Breweries

The results which are expected today are Bajaj Corp, G.M.Breweries and B2B Software.

The results which are expected today are Bajaj Corp, G.M.Breweries, B2B Software Technologies and Matru-Smriti Traders.