Sensex, Nifty to open on a flat note

Asian markets are flat with China's CIS300, South Korea's Kospi and Hong Kong's Hang Seng up quarter of a percent each. Japan's Nikkei is however lower. US stock indices closed mostly lower on Tuesday, although the Dow Jones Industrial Average managed to eke out modest gains, as investors awaited the outcome of a two-day FOMC meeting.

Indices seem to be running out of luck for now. After succumbing to some selling pressure in line with subdued sentiment in equity markets across the globe, investors will continue to maintain a cautious approach as the US Federal Reserve’s Federal Open Market Committee meeting ends today. With Parliament's budget session set to conclude today, market-participants would watch whether there is any roll-back of proposals made during Budget especially the 1% excise duty on jewellery. Meanwhile, the opposition seems ready to extend the session by a day or two to discuss bills like Aadhar.

The outlook is a flat start. Asian markets are flat with China's CIS300, South Korea's Kospi and Hong Kong's Hang Seng up quarter of a percent each. Japan's Nikkei is however lower. US stock indices closed mostly lower on Tuesday, although the Dow Jones Industrial Average managed to eke out modest gains, as investors awaited the outcome of a two-day FOMC meeting. Oil production from OPEC fell by 90,000 barrels per day (bpd) in February from a month earlier, to 32.34 million bpd, Platts said in its survey released late on Tuesday.

Cancer care network operator HealthCare Global Enterprises (HCG) is set to raise Rs 650 crore through an initial public offering (IPO).

Infibeam will open on Monday, March 21, 2016, a Public issue of equity shares of Face Value of Rs. 10 each for cash at a Price Band from Rs. 360 to Rs. 432 per Equity Share aggregating up to Rs. 4,500 million.

Bharat Wire Ropes Ltd is planning to raise Rs. 70 crore via IPO. The issue opens on March 18, 2016 and closes on March 22, 2016, with a price band of Rs.40/- to Rs.45/-per equity share of face value of Rs. 10 each.

Eastman Kodak Co. said on Tuesday it is in talks to sell its Prosper enterprise inkjet business and also plans to exit silver metal mesh development.

Oracle Corp. on Tuesday reported that its earnings fell by 14% in the third quarter, as currency fluctuations offset gains generated by its rapidly growing Web-based, on-demand computing business.

United Parcel Service Inc. (UPS) on Tuesday announced plans to build 12 additional compressed natural gas (CNG) fueling stations and add 380 CNG tractors to its fleet at an investment of US$100 million.

Sakshi Relan has sold total 176,905 shares of ADDIND, at a price of Rs. 8.08 to
PNR Capital Services LTD in a bulk deal valued at Rs. 0.14 crore.

Pradip Kumar Kheruka has purchased total 78,652 shares of HINDCOMPOS at a price of Rs. 972.25 from Borosil Glass Works Limited in a block deal valued at Rs. 7.64 crore.  

Dividend delight! Around 14 companies boards to meet today to discuss dividends

Check out the latest stock which get dividend today. Dalmia Bharat Sugar and Industries Ltd has informed BSE that the Board of Directors of the Company have, through circular resolution effective March 15, 2016, declared an Interim Dividend for the Financial Year 2015-16 of Re. 0.60/- per equity share of Rs. 2/- each (i.e., 30%).

Ram Ratna Wires Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 15, 2016 inter alia, have considered and approved the declaration of interim dividend at the rate of Re. 0.75/- per equity share (Face value Rs. 5/-) i.e. 15% for the financial year 2015-16 on the paid up equity share capital of the Company.

GeeCee Ventures Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 15, 2016 commenced at 11 a.m. has approved and declared payment of First Interim Dividend at the rate of Rs. 1.50/- (One Rupee Fifty Paisa) per Equity Share of Face Value Rs. 10/- each on 21726543 Equity Shares for the financial year 2015-2016.

Nelcast Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 15, 2016 have declared an Interim Dividend of Rs. 0.40 per equity share of Rs. 2/- each i.e. 20%. The interim dividend will be paid on or after March 28, 2016.

Dalmia Bharat Sugar and Industries Ltd has informed BSE that the Board of Directors of the Company have, through circular resolution effective March 15, 2016, declared an Interim Dividend for the Financial Year 2015-16 of Re. 0.60/- per equity share of Rs. 2/- each (i.e., 30%).

Geometric Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 15, 2016, have considered and declared interim dividend for the financial year 2015-16 at a rate of 150% (i.e. of Rs.3/- per equity share) on the face value of Rs. 2/- per equity share.

Maharashtra Scooters Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 15, 2016, has considered and declared an interim dividend at the rate of Rs. 30/- per equity share of Rs. 10 each i.e. 300%, for the financial year ending March 31, 2016.

OCL India Ltd has informed BSE that the Board of Directors of the Company has, through circular resolution effective March 15, 2016, declared an Interim Dividend for the Financial Year 2015-16 of Rs. 4/- per equity share of Rs. 2/- each (i.e., 200%).

Adani Ports and Special Economic Zone Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 15, 2016, to consider and declare interim dividend, if any for the financial year 2015-16.

Action Construction Equipment Ltd to issue 1,84,90,500 no. of Equity Shores of Rs. 2/- each and 3,02,19,380 no. 8%, Cumulative Non-Participating Redeemable Preference Shares of Rs. 10/- each to the shareholders of ACE TC Rentals Pvt. Ltd. (transferor Company) pursuant to sanction of scheme of amalgamation as approved by the Hon'ble High Court of Punjab and Haryana and becoming effective.

Amara Raja Batteries Ltd has informed BSE that the Company has fixed March 23, 2016 as the Record Date for the purpose of Payment of Interim Dividend, if declared.

Apollo Hospitals Enterprise Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 15, 2016, inter alia, to consider and approve declaration of interim dividend, if any, for the financial year 2015-2016.

Grand Foundry Ltd to allot the 15,00,000 equity shares to the promoters of the company of Rs. 4/- each subject to the various approvals required in accordance with the BIFR order dated September 07, 2015.
 
KNR Constructions Ltd has informed BSE that the Company has fixed March 23, 2016 as the Record Date for the purpose of Payment of Interim Dividend, if declared.

LG Balakrishnan & Bros Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 15, 2016, inter alia, to consider and declare second interim dividend for the financial year 2015-2016 and fixation of record date for the same, if declared.

Maharashtra Scooters Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 15, 2016, has considered and declared an interim dividend at the rate of Rs. 30/- per equity share of Rs. 10 each i.e. 300%, for the financial year ending March 31, 2016.

Monsanto India Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 15, 2016, inter alia, to consider the declaration of 2nd Interim Dividend on the Equity Shares of the Company for the financial year 2015-16.

Supreme Industries Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 15, 2016, to consider and declare 2nd Interim Dividend on the Equity Share Capital of the Company, as the Board may decide.

Supreme Petrochem Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 15, 2016, to consider and declare interim dividend, if any, on the equity shares of the Company.

Birla SL announces dividend and other top mutual fund news

Birla SL MF has announced March 18 as the record date for declaration of dividend on the face value of Rs. 10 per unit under regular plan - dividend option of Birla SL balanced 95 fund. 

Birla SL MF has announced March 18 as the record date for declaration of dividend on the face value of Rs. 10 per unit under regular plan - dividend option of Birla SL balanced 95 fund. 

UTI MF announces extension of maturity under UTI-Fixed term income fund - series XVIII-IX (733 days) & Series XVII - XVIII (796 days). The schemes shall mature on May 25, 2017. 

Quantum Mutual Fund, which has assets under management (AUMs) of Rs 700 crore, is aiming to increase the asset size to Rs 20,000 crore in the next three years. 

Gaining traction, the number of mutual fund investor accounts in the current fiscal has grown by over 53 lakh, with almost half of them coming from smaller towns.

ICICI Prudential Asset Management Company (AMC) has announced changes in SID and KIM of ICICI Prudential Mutual Fund.

ICICI Prudential Mutual Fund has declared dividend under ICICI Prudential Regular Savings Fund. The record date for declaration of dividend is March 18, 2016. 

USFDA Inspection! Lupin cracks 5%

USFDA gave 8-9 observations on the drug major’s Goa plant after inspection that ended on March 11, as per media reports. 

Lupin cracked 5% to Rs.1,776.25 on BSE. According to media reports, USFDA gave 8-9 observations on the drug major’s Goa plant after inspection that ended on March 11.

The scrip opened at Rs. 1800 and has touched a high and low of Rs. 1800 and Rs. 1736.5 respectively. So far 1904899(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 84186.87 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 2127 on 06-Oct-2015 and a 52 week low of Rs. 1589.4 on 14-May-2015. Last one week high and low of the scrip stood at Rs. 1874.3 and Rs. 1762 respectively.

The promoters holding in the company stood at 46.53 % while Institutions and Non-Institutions held 43.56 % and 9.92 % respectively.

The stock is currently trading below its 200 DMA. 

Crompton Greaves trades Ex-consumer business from today

The proposed demerger plan of the consumer products business will come into effect from today, says report. 

Shares of Crompton Greaves crashed 72% at Rs. 43. Report says that the proposed demerger plan of the consumer products business came into effect from today.

Last year, Crompton Greaves’ Board approved demerger of its consumer products business into a separate listed company, Crompton Greaves Consumer Electricals Ltd.

The scrip opened at Rs. 53.7 and has touched a high and low of Rs. 53.7 and Rs. 40.5 respectively. So far 

33213572(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 9714.57 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 203.5 on 05-Jan-2016 and a 52 week low of Rs. 113.65 on 12-Feb-2016. Last one week high and low of the scrip stood at Rs. 159.8 and Rs. 137.45 respectively.

The promoters holding in the company stood at 34.38 % while Institutions and Non-Institutions held 49.1 % and 16.38 % respectively.

The stock is currently trading above its 200 DMA.

Jindal Power divests it’s 4.12% holding in India Energy Exchange

As part of the monetization plan already advised, Jindal Power Limited, a subsidiary company of Jindal Steel & Power Limited (JSPL) has entered into a definitive agreement to divest 4.12% holding in India Energy Exchange at an undisclosed amount and is expected to realize the consideration within the current financial year. 

As part of the monetization plan already advised, Jindal Power Limited, a subsidiary company of Jindal Steel & Power Limited (JSPL) has entered into a definitive agreement to divest 4.12% holding in India Energy Exchange at an undisclosed amount and is expected to realize the consideration within the current financial year.

JSPL has had an excellent track record and distinction of being the biggest wealth creator as per Boston Consulting Group’s 2004-2009 study. JSPL financials have been adversely impacted due to the (i) cancellation of coal blocks and (ii) payment of additional levy on coal of more than Rs 3300 crores in FY 14-15 & 15-16 as a result of a Supreme Court order.

Steel sector globally has been impacted due to reduced demand from China and it’s over capacity. Steel industry in India has been impacted in terms low sales realization due to cheap imports affecting financial results of Indian steel companies over the last 4 quarters.

Governments focus on (i) increasing infrastructure mainly in Rails, Roads, Airports and other Rural & Infrastructure sectors; and also (ii) thrust on 'Make In India' campaign in Defence production etc. has already created demand, which is likely to go beyond 6-7% growth going forward. Government support by announcing Minimum Import Price (MIP) started giving results in ensuring steel industry to realise fair and sustainable prices. In the Power sector, through ‘UDAY Scheme’ Government focus in enabling Utilities to sign long term PPAs, which is likely to create additional demand for power. Improvement in grid connectivity and availability of enough coal from Coal India’s better production situation are gradually helping power industry to operate at higher PLFs.

 JSPL’s investment in enhancing (i) Steel capacities in Angul and (ii) Power capacity in Jindal Power (JPL) Tamnar have been completed /commissioned; and are in stable level of operation. With these additional capacities and better outlook for steel demand /fair sales price realisations, and better outlook for power demand / realization, JSPL will be in a better position to generate higher cash flows as compared to last 4 quarters. Our efforts in bringing cash into company through (i) divestment of assets and (ii) Strategic Collaborations through JVs, as previously advised will add to our cash flows, and also result in reduction in Bank Borrowings. We have used these difficult time as an opportunity, under the dynamic leadership of our management, to drastically cut costs to become extremely efficient and nimble footed.

JSPL has an excellent track record of meeting all its financial commitments and current reduction in credit rating, in its opinion, merely presents rating down grade on technical grounds. JSPL met all its financial commitments till November-December 2015. In discussion with banks, we have launched 5/25 scheme, and also exploring various options with all lenders to reschedule   payments considering likely short /medium term cash flow mis-matches. When these are completed, there will not be any overdue situation.

Considering (i) better cash flow outlook from better demand /realization for steel/Power, (ii) rescheduled financial commitments through 5/25 scheme and (iii) cash flow from Disinvestments / JV’s, JSPL will be in much stronger position to meet all its liabilities and emerge as financially strong and sustainable company in 2016-2017. We are confident that we will come out in greater strength to maintain leadership in cost and profitability performance, so as to create returns/value for all our stakeholders. We are confident of overcoming the challenges created due to unforeseen circumstances and coming out stronger; and remain committed to Building the Nation of our Dreams.

Heineken appoints JM Financial to help increase stake in UB

Report says that Mumbai-based JM, which helped Diageo buy out United Spirits in 2013, is advising Heineken. 

Dutch beer giant Heineken has appointed investment bank JM Financial to help increase its stake and control in United Breweries, according to reports.

Report says that Mumbai-based JM, which helped Diageo buy out United Spirits in 2013, is advising Heineken.

The Dutch brewer is the single-largest shareholder in United Breweries, maker of Kingfisher beer, with a 42.38% stake. 

United Breweries Ltd ended at Rs. 790.45, down by Rs. 4.3 or 0.54% from its previous closing of Rs. 794.75 on the BSE.

The scrip opened at Rs. 803 and touched a high and low of Rs. 805 and Rs. 784.3 respectively. A total of 171810(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 20899.5 crore.

The BSE group 'A' stock of face value Rs. 1 touched a 52 week high of Rs. 1225 on 17-Apr-2015 and a 52 week low of Rs. 756 on 16-Feb-2016. Last one week high and low of the scrip stood at Rs. 814.9 and Rs. 776 respectively.

The promoters holding in the company stood at 74.68 % while Institutions and Non-Institutions held 20.04 % and 5.29 % respectively.

The stock traded above its 200 DMA.

NTPC plant shutdown causes power shortage in East India

NTPC’s 2,100 MW Farakka plant in West Bengal comprises six units - three 200 MW units and three 500 MW units.

Eastern India faced a power shortage of around 1,500 MW on Monday after one of the largest power plants in the region, NTPC’s Farakka plant, had to be shut down due to lack of water, reports a business daily.

NTPC’s 2,100 MW Farakka plant in West Bengal comprises six units - three 200 MW units and three 500 MW units. 

Lack of water in the Farakka Fresh Water canal had forced NTPC to shut five units totaling 1,600 MW on Saturday, says the financial newspaper. However, as water levels dropped further, the sixth and final unit was also shut down late on Sunday, it adds.

While power supplies were adequate over the weekend, there was a shortage on Monday, officials at the Eastern Region Load Despatch Centre (ERLDC) have been quoted as saying.

ERLDC covers Jharkhand, Bihar, Odisha, West Bengal and Sikkim.

As at 7 pm on Monday, the electricity supplied was 15,981 MW. Typically, the electricity supplied at the peak hour in the region ranges between 17,500 and 18,000 MW.

“The situation is expected to continue till March 25 unless there is good-to-heavy rains. Due to the Indo-Bangladesh water sharing treaty, everyday 35,000 cubic feet per second of water is being released from Farakka to Bangladesh. This arrangement ends on March 25, after which there can be some relief,” an ERLDC official told the paper.

Bank of Japan keeps deposit rate unchanged at -0.1%

The Bank of Japan will conduct money market operations so that the monetary base will increase at an annual pace of about 80 trillion yen. 

At the Monetary Policy Meeting (MPM) held today, the Policy Board of the Bank of Japan decided upon the following.

The Bank decided,by an 8-1 majority vote, to  set the  following guideline for money market operations for the intermeeting period.The Bank of Japan will conduct money market operations so that the monetary base will increase at an annual pace of about 80 trillion yen.

The Bank will purchase Japanese government bonds (JGBs) so that their amount outstanding will increase at an annual pace of about 80 trillion yen. With a view to encouraging a decline in interest rates across the entire yield curve, the Bank will conduct purchases in a flexible manner in accordance with financial market conditions. The average remaining maturity of the Bank's JOB purchases will be about 7-12 years. The Bank will purchase exchange-traded funds (ETFs) so that their amount outstanding will increase at an annual pace  of about 3 trillion yen until the end of March 2016 and, from April, at an annual pace of about 3.3 trillion yen. It will also purchase Japan real estate investment trusts (J-REITs) so that their  amount outstanding will increase at an annual pace of about 90 billion yen.

As for CP and corporate bonds, the Bank will maintain their amounts outstanding at about 2.2 trillion yen and about 3.2 trillion yen, respectively.Of about 3.3 trillion yen, 300 billion yen will be used in line with the implementation of a new program for purchasing ETFs composed of stocks issued by firms that are proactively investing in physical and human capital, which was decided at the MPM held in December 2015. 

Rupee opens weaker by 11 paise at 67.22 against US dollar

On the domestic front, India's consumer inflation during February eased to 5.18%, when compared with the reading of 5.69% in January. 

The Indian rupee opened lower by 11 paise at 67.22/$ on Monday as against previous close of 67.11/$. On the domestic front, India's consumer inflation during February eased to 5.18%, when compared with the reading of 5.69% in January. The inflation rates for rural and urban areas for February are reported at 5.97% and 4.3%, as compared to 6.48% and 4.81% respectively during the prior month.

On the globalfront,China's industrial production and retail sales both slowed in the first two months of the year. Industrial output rose 5.4% on yoy basis, slightly below estimates. Retail sales rose 10.2% on yoy basis, also coming in slightly below estimates, while fixed‐asset investment spending came in at 10.2% on yoy basis.

The home currency closed at 67.11, down 7 paise from its previous close of 67.04 on Friday. The local unit had hit a high of 67.35 and a low of 67.43. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.02 and for Euro stood at 74.80. The RBI’s reference rate for the Yen stood at 58.90; reference rate for the Great Britain Pound (GBP) stood at 96.3389.