Results for the day: Alankit, Excel Castronics among others

The results which are expected today are Alankit, Excel Castronics, Genomic Valley Biotech,Jasch Industries, Mercury Metals.

The results which are expected today are Alankit, Excel Castronics, Genomic Valley Biotech,Jasch Industries, Mercury Metals, Siddha Ventures, Welcure Drugs & Pharmaceuticals and Yuvraaj Hygiene Products. 

Excel Castronics Ltd ended at Rs. 6.26, up by Rs. 0.02 or 0.32% from its previous closing of Rs. 6.24 on the BSE. The scrip opened at Rs. 6.24 and touched a high and low of Rs. 6.4 and Rs. 6.24 respectively. A total of 25924(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 25.48 crore.

Rupee weakens! trading at 66.84/$

On global macroeconomic front, US economy added 292,000 jobs during December, well ahead of estimates, while unemployment remained at 5%.

Indian Rupee opened lower at 66.90/$ higher by 27 paise in early trade on Monday as against the previous close of 66.63/$. At the current juncture, US dollar is witnessing moderate retracement against the basket of currencies as well.

On global macroeconomic front, US economy added 292,000 jobs during December, well ahead of estimates, while unemployment remained at 5%. October and November payroll numbers were also revised higher by a total of 50,000 jobs. In China, inflation numbers came in line with estimates. Market focus will be now accentuated on slew of Chinese macro numbers releasing on 18th and 19th of January.

On Friday, rupee has gained by 30 paise against dollar to settle at 66.63/$. The currency touched a high and low of 66.76 and 66.95 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.66 and for Euro stood at 72.52 on January 08, 2016. While, the RBI’s reference rate for the Yen stood at 56.32, the reference rate for the Great Britain Pound (GBP) stood at 97.4501.

Sensex, Nifty to open on a weak note

Chinese CPI has risen to 1.6% in December from 1.5% in the previous month. Shanghai Composite is down over a percent. The slow economic recovery and poor show reported by Corporate India, quarter-after-quarter, will continue to be a concern.

Market theories don’t seem to be working. Earlier, there was something called the January effect abroad which meant that stock prices would increase during January due to an increase in buying, which follows the drop in price that typically happens in December when investors, seeking to create tax losses to offset capital gains, prompt a sell-off. The fact of the matter is these theories remain only theories as markets have a mind of their own and for now they are desperately seeking support levels. For the month of Jan, foreign investors have sold Rs. 493 crore worth of equities.

The outlook is a weak start. Chinese CPI  has risen to 1.6%  in December from 1.5% in the previous month. Shanghai Composite is down over a percent. On Friday, US indices ended weaker. Most other Asian indices are in the red with Hong Kong's Hang Seng down 2.5%, South Korea's Kospi lower by over half a percent and Taiwan's TWSE down 1.3%.

The slow economic recovery and poor show reported by Corporate India, quarter-after-quarter, will continue to be a concern. The coming week has a number of larger companies announcing their results. These include Infy, TCS, Indusind Bank and HUL. While it may be difficult to predict the timing of broad earnings pick up, but a recovery has started in many companies outside the Nifty. It would be prudent for investors to identify these stocks and sectors rather than wait for a full-fledged recovery.
Auto stocks will be in focus as December sales numbers will be announced by Society of Indian Automobile Manufacturers.

Archit Organosys will consider issue of shares on pref basis, warrants convertible in to equity shares.

Enkei Wheels (India) will consider allotment of equity shares.

Mercury Metals and PVV infra board will meet to issue equity shares.

Vivimed Labs could see action as the board will today consider sub division of equity shares.

Shekhawati Poly Yarn will consider share allotment on conversion of warrants.

The paper division of ITC Ltd. is evaluating buyout of the Sirpur Paper Mills Ltd. in Telangana, according to reports.

India has taken up a massive energy efficiency mission under which it will switch over to LED bulbs by the end of 2018, which would result in a saving $ 6 billion per annum, says Union Minister for Power, Coal, New & Renewable Energy, Piyush Goyal.

The country’s forex reserves were lower by $1.68 bn in the week ended 01 January 2015 to US$ 350.3692 billion.

Passengers may have to pay higher fares following the finance ministry’s recent decision to cut gross budgetary support to railways ministry by Rs.12,000 crore, according to reports.

The Government of India re-appointed Dr. Urjit R. Patel as the Deputy Governor of the Reserve Bank of India, for a further period of three years with effect from taking charge of the post on or after January 11, 2016, or, until further orders, whichever is earlier.

The non-passage of GST bill will be a blow to the Indian democracy, economy and the overall development process, Union Minister of State for Finance Jayant Sinha has said.
Finance Minister Arun Jaitley is expected to hold pre-Budget consultations with finance sector representatives later in the day. 

ITC to invest Rs. 4500 crore in WB

The company reportedly said that it will establish 3.5 msf ITC Infotech & Related Infrastructure In West Bengal.

ITC Chairman YC Deveshwar reportedly said that it is planning to invest Rs.4,500 Cr in West Bengal.

The company reportedly said that it will establish 3.5 msf ITC Infotech & Related Infrastructure In West Bengal.

ITC Ltd is currently trading at Rs. 316.05, up by Rs. 6.45 or 2.08% from its previous closing of Rs. 309.6 on the BSE.

The scrip opened at Rs. 310 and has touched a high and low of Rs. 316.9 and Rs. 309.3 respectively. So far 4958152(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 248815.93 crore.

The BSE group 'A' stock of face value Rs. 1 has 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. 328.5 and Rs. 308.8 respectively.

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

The stock is currently trading above its 50 DMA.

Indian crude oil basket price slips below US$ 30 per bbl

Indian crude oil basket price was US$ 111.23 as on August 30, 2012 and from this level the prices have come down by nearly 74%.

The sluggish economic activities in China are strongly expected to affect the crude oil demand in emerging economies. The anticipation of declining Chinese demand for crude oil has sent the crude oil prices below 12 years low of nearly US$ 30 per bbl. The Indian crude oil basket price is a clear beneficiary and has slipped below US$ 30. For January 7, the Indian crude oil basket price was quoted at US$ 29.24 per bbl (Rs. 1,956.65).

According to Bloomberg data, the Indian crude oil basket price was US$ 111.23 as on August 30, 2012 and from this level the prices have come down by nearly 74%.

The Indian crude basket is used as an indicator of the price of crude imports in India, and is one of the elements watched by the Indian government when deciding on domestic price issues.

There are mainly three crude oil baskets: Indian crude oil basket, Nymex WTI basket and OPEC basket. Despite the Nymex Oil basket prices are cheaper than Indian crude basket prices the Indian refiners mainly prefer to purchase oil at Indian crude basket prices that are linked to the Brent crude oil.

As the price difference between WTI crude and Brent crude is a short-term phenomenon, Indian crude oil importers prefer Indian crude oil basket because in any case, loading, inland movement and a longer ocean voyage involved in buying American crude oil narrows down the price difference to a point where it is not worthwhile.

Volatility is the new norm in Global economy: Arun Jaitley

The Finance Minister said states are formulating policies to attract investments.

Finance Minister Arun Jaitley stated that States are  formulating policies to attract investments.

The weak rainfall has impacted rural demand, added Jaitley.

FM says that volatility is the new norm in Global economy.

Central Govt in partnership with states are trying to accelerate growth, Jaitley was quoted as saying.

IREDA tax-free bonds see huge appetite

IREDA offered tax free bonds to raise up to Rs.1,716 crore. This amount would be invested in renewable energy projects

India Renewable Energy Development Agency Ltd (IREDA) which issued Rs. 1,000 crore tax-free bonds has received bids for around 52.33 lakh bonds, or nearly 52% of the 1 crore paper up for sale within 40 minutes of its listing, says a report. The issue closes on January 22, 2016 with an option for early closure.
 
According to the BSE website, as of 12:10 pm, the issue received subscriptions worth Rs.1,16,29,070( 116.29% ). 
 
IREDA offered tax free bonds to raise up to Rs.1,716 crore. This amount would be invested in renewable energy projects.
 
Around 20% of the bond is entitled for qualified institutional buyers, domestic corporate houses and high net-worth individuals with interest at the coupon rate of 7.28%, 7.49% and 7.43% for a tenor of 10 years, 15 years and 20 years. These investors fall under Categories I, II and III, respectively. Retail individual come under Category IV who’ll be declared interest on coupon rate of 7.53%, 7.74% and 7.68%.

Tech Mahindra climbs 1.8%; announces global tie-up with MetricStream

Tech Mahindra has entered into a strategic alliance with MetricStream Inc to deliver governance risk and compliance management applications across the globe, the city-based information technology services provider said.

Tech Mahindra climbed 1.8% to Rs. 520.90 on Friday. The IT firm has entered into a strategic alliance with MetricStream Inc to deliver governance risk and compliance management applications across the globe, the city-based information technology services provider said.

The scrip opened at Rs. 515.55 and has touched a high and low of Rs. 521.2 and Rs. 513.3 respectively. So far 832661(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 49449.18 crore.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 749.5 on 02-Feb-2015 and a 52 week low of Rs. 458.7 on 06-Jul-2015. Last one week high and low of the scrip stood at Rs. 525.9 and Rs. 504.85 respectively.

The promoters holding in the company stood at 36.65 % while Institutions and Non-Institutions held 49.08 % and 14.27 % respectively.

The stock is currently trading above its 200 DMA.

Canara Bank to raise Rs. 900 crore

Canara Bank has informed BSE that as per the powers delegated by the Board of the Bank, the Bond Committee has decided to raise Rs 900 Crores.

Canara Bank has informed BSE that as per the powers delegated by the Board of the Bank, the Bond Committee has decided to raise Basel III Compliant Tier -II Bonds amounting to Rs. 900 Crore (as Series - II) by way of Private Placement. Accordingly, the Bank has successfully raised Rs. 900 Crore under BASEL-III Compliant Tier-II Bonds on January 07, 2016 with a coupon of 8.40 % PA.

The scrip opened at Rs. 220 and has touched a high and low of Rs. 222.1 and Rs. 220 respectively. So far 449813(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 11888.79 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 478.4 on 28-Jan-2015 and a 52 week low of Rs. 218 on 07-Jan-2016. Last one week high and low of the scrip stood at Rs. 239.5 and Rs. 218 respectively.

The promoters holding in the company stood at 66.3 % while Institutions and Non-Institutions held 27 % and 6.71 % respectively.

The stock is currently trading above its 200 DMA.

L&T down 2% despite order win

L&T Hydrocarbon Engineering (LTHE), a fully owned subsidiary of Larsen & Toubro, in consortium with McDermott has bagged an offshore contract from Oil & Natural Gas Corporation (ONGC) valued at Rs 24.50 bn.

L&T stock was down by 2% at Rs. 1186. L&T Hydrocarbon Engineering (LTHE), in consortium with McDermott has bagged an offshore contract from Oil & Natural Gas Corporation (ONGC) valued at Rs 24.50 bn.

The scrip opened at Rs. 1215 and has touched a high and low of Rs. 1217 and Rs. 1185.05 respectively. So far 979785(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 112332.43 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 1892.95 on 04-Mar-2015 and a 52 week low of Rs. 1200 on 07-Jan-2016. Last one week high and low of the scrip stood at Rs. 1291.25 and Rs. 1200 respectively.

The promoters holding in the company stood at 0 % while Institutions and Non-Institutions held 55.28 % and 42.36 % respectively.

The stock is currently trading above its 200 DMA.