Sensex, Nifty to open on a flat note

The Nifty is trading precariously close to the elementary support of 200-WMA. As seen earlier in 2011, 2012 and 2013, during corrective phases; Nifty usually tends to make panic lows near its 200-WMA.

Fridays have been good for the stock market in recent weeks and investors will hope this week it’s no different. Moody's Investors Service estimates a stable GDP growth at around 7.5% in 2016 and 2017 for India. OECD has pegged India's growth at 7.4% from 7.3% suggested earlier. IIFL’s Enterprising India conference which is celebrating its 7th year has over 100 companies in attendance and the mood is not yet upbeat as one may want to but optimism is never short among corporate and funds alike.

The outlook is flat to weak opening. The Nifty is trading precariously close to the elementary support of 200-WMA. As seen earlier in 2011, 2012 and 2013, during corrective phases; Nifty usually tends to make panic lows near its 200-WMA. We already have seen a pullback in last week’s trade from this moving average. Moreover, Index has provided a pullback from lower-end of the orbit placed 6889 and in the process it has crossed above the mid-point of the cycle, suggesting a rally towards 7225 in the near term. Sustenance above the same, could lead an extended pullback towards 7390. 

IPOs which were spoken about with great vigour just a month ago have turned depressing. Quick Heal Technologies will require a healing touch to its price as it listed at a discount and closed with losses.

The week-long Make in India event has secured investment commitments worth Rs 15.2 lakh crore.

Asian markets are depressed. US stock indices closed modestly lower on Thursday, as investors stepped back after a three-day rally. US stocks have advanced this week on the back of rising oil prices. Among Indian ADRs, Wipro and ICICI Bank rose while Vedanta dropped.  Dow which swung between slight gains and losses, lost 40.40 points, or 0.3%, to end at 16,413.43. The S&P 500 index shed 8.99 points, or 0.5%, to finish at 1,917.83 after spending the session in a 15-point range.  The S&P 500’s telecom and utilities sectors both rose more than 1% while other eight sectors finished lower. The Nasdaq Composite index declined by 46.53 points, or 1%, to settle at 4,487.54.

San Francisco Fed President John Williams said that the US economy is still looking pretty good despite volatile markets. Williams is not a voting member of the Federal Open Market Committee (FOMC) this year.

Separately, media reports indicated that Saudi Arabia was not prepared to cut oil production on the heels of the output-freeze proposal, citing Foreign Minister Adel Al Jubeir.

First-time claims for unemployment benefits fell to the lowest level and three months last week, while a gauge of manufacturing activity in the Philadelphia area contracted for a sixth straight month.

Indian Oil Corp is reportedly planning to acquire 40% stake in the country's largest refinery project which is slated to come up on the western coast in Maharashtra, while two other state refiners—Bharat Petroleum, Hindustan Petroleum—may own 20% each.

US fighter jet maker Lockheed Martin reportedly said it is ready to manufacture F-16 aircraft in India.

Passenger traffic continues to grow in double digits in 2016, according to DGCA data.

Textiles Minister Santosh Kumar Gangwar said that the long awaited National Textile Policy is nearing finalization and is likely to be issued before the end of April, 2016.

HDFC to raise Rs. 500 cr via secured redeemable NCDs

The issue will open on February 22 and will close on the same day. With a tenure of three years and one month, the NCDs will be issued at a coupon rate of 8.7% per annum.

Housing Development Finance corporation Ltd (HDFC) has announced that it will raise Rs. 500 crore via issuance of Secured Redeemable Non-Convertible Debentures (NCDs) via private placement.

The issue will open on February 22 and will close on the same day. With a tenure of three years and one month, the NCDs will be issued at a coupon rate of 8.7% per annum.

“The objective of the issue is to augment the long-term resources of the company. The proceeds of the present issue would be utilized for financing/refinancing the housing finance business requirements of the company,” HDFC said in a statement.

Budget 2016: Auto Inc. expect incentives for electric vehicles, law on scrapping

SIAM recently submitted its plea to the government to reduce excise duty to 20 per cent in place of 30 per cent(current duty) on large cars and SUVs.

With the upcoming budget, every industry is putting forth their expecations to the Finance Minister. Auto Industry can't be far behind. The industry, which has been reeling under pressure from the diesel ban is expecting incentives for electric vehicles, reduction in excise duty and proper policy for scrapping old vehicles in the upcoming Union Budget.

One of the industry's top CEOs has suggested government on giving incentives for Electric vehicles like free parking, no transport and value added taxes. The governement should also consider scrapping permit requirements for e-autorickshaws, he added. This will lead to increase in awareness as well as sales of electric vehicles, aided by such concessions.

SIAM, recently submitted its plea to the government to reduce excise duty to 20 per cent in place of 30 per cent(current duty) on large cars and SUVs. The auto industry regulatory body has also requested the Finance Minister Arun Jaitley to launch an incentive scheme for scrapping old vehicles. 

BHEL commissions 270 MW Thermal Unit in Punjab

The unit has been commissioned at the upcoming 540 MW (2x270 MW) Goindwal Sahib coal-fired Thermal Power Project of GVK Power & Infra Ltd.

Bharat Heavy Electricals Limited (BHEL) has achieved yet another landmark by successfully commissioning a 270 MW coal-based power project in Punjab. 

The unit has been commissioned at the upcoming 540 MW (2x270 MW) Goindwal Sahib coal-fired Thermal Power Project of GVK Power & Infra Ltd. (GVKPIL), located in the historic city of Goindwal Sahib in Tarn Taran district, near Amritsar in Punjab. The second unit of the same project is also expected to be commissioned shortly. For the same developer, earlier this fiscal, BHEL had commissioned 4 hydro sets of 82.5 MW each at Alaknanda Hydro Power Project in Uttarakhand. 

Thermal sets of 270 MW rating are an in-house improvisation of 210/250 MW sets supplied earlier by BHEL, which today form the backbone of the Indian power sector and have been performing much above the national average as well as international benchmarks. BHEL has so far contracted 35 sets of 270 MW rating, out of which 10 sets have now been commissioned. BHEL’s scope of work in the Goindwal Sahib project envisaged design, engineering, manufacture, supply, erection and commissioning of Steam Turbines, Generators, Boilers, associated Auxiliaries and Electricals, besides state-of-the-art Controls & Instrumentation (C&I). 

The Boiler and its auxiliaries have been manufactured by BHEL at its Tiruchirapalli and Ranipet works in Tamil Nadu, while the Steam Turbine and Generator were manufactured at the company’s Haridwar plant. The Pumps and Heat Exchangers were manufactured at its Hyderabad plant and the Electricals at the Bhopal plant, while the C&I system was supplied by BHEL's Electronics Division, Bangalore. Notably, all the operational sets of 210-270 MW class in the state of Punjab have been supplied, erected and commissioned by BHEL, i.e., 6 units of 210 MW at Ropar, 2 units of 210 MW and 2 units of 250 MW at Bhatinda, besides 270 MW Unit at Goindwal Sahib. 

In addition to thermal projects, BHEL has a significant presence in the state’s hydro sector also, with around 95% share in the hydro generating capacity of Punjab State Power Corporation Limited (PSPCL). Presently, BHEL is executing Electro-Mechanical works for hydro-electric power plants at Shahpurkandi (206 MW) and Mukerian (18 MW) in the state of Punjab.

Top Employers Institute: Cognizant named a Top Employer across Europe for 2016

The annual research undertaken by the Institute recognizes leading employers around the world that excel in offering outstanding employee conditions, develop and nurture talent through all levels of the organization, and strive to continuously optimize employment practices.

Cognizant has been named a Top Employer in Europe for 2016 by Top Employers Institute in five countries—Belgium, the Netherlands, Sweden, Switzerland and the UK. The annual research undertaken by the Institute recognizes leading employers around the world that excel in offering outstanding employee conditions, develop and nurture talent through all levels of the organization, and strive to continuously optimize employment practices.

Across all five countries, Cognizant excelled in its organization-wide talent strategy and active role played by executive management in its development and implementation. Other key competencies recognized were a globally defined learning and development strategy and execution and leadership development through strong leadership competency models and assessments. In addition, Cognizant was rated highly for its culture of ethics and integrity.

“Being named as a Top Employer in Europe is a testament to our employee-centric policies. We have a strong focus on developing our talent and leadership combined with an entrepreneurial culture that encourages individuals to grow and develop, both personally and professionally,” said Santosh Thomas, Executive Vice President for Continental Europe and APAC at Cognizant. “This recognition as a Top Employer will further raise our visibility among new university graduates and experienced professionals as we continue to recruit top talent across Europe.”

“Optimal employee conditions ensure that people can develop and grow in their careers,” added Dennis Utter, Global Business Director for the Top Employers Institute. “Our comprehensive research concluded that Cognizant provides an outstanding employment environment allowing employees to shape their careers, and a management team that actively promotes further development. Cognizant offers a wide range of creative initiatives, from secondary benefits and working conditions to performance-management programs that are well thought through and truly aligned with the company culture.”

KKR buys about 9.95% Stake in Max Financial Services

On Thursday, private equity firms KKR & Co LP said that it purchased around 10% stake in Max Financial Services for an undisclosed sum.

On Thursday, private equity firms KKR & Co LP said that it purchased around 10% stake in Max Financial Services for an undisclosed sum, looking to benefit from "robust growth" in Indian life insurancemarket.

The investment was made from KKR's Asian Fund II, the company said in a statement.

“KKR has been a long-standing, value-added partner to Max Group across various business initiatives. The extension of our partnership couldn’t have happened at a more opportune time than now, following the listing of Max Financial Services which creates an unparalleled platform to invest in the Indian life insurance space,” Analjit Singh said in the statement.

Max Group split several of its businesses last month into three separately listed entities, Max Financial Services, Max India, which have businesses in healthcare and health insurance, and Max Ventures and Industries Ltd, which makes specialty film for the packaging industry.

Max Financial Services owns a 72% stake in India's fourth-largest private life insurer Max Life.

Coal india up 1%; expected to auction coal linkages to non-power sectors

The company is expected to commence the auction of coal linkages to non-power sectors such as steel and cement in the next 45 days, according to a PTI report.

Coal India is currently trading at Rs. 316.25, up by Rs. 3.3 or 1.05% from its previous closing of Rs. 312.95 on the BSE. The state-run largest coal miner, Coal India (CIL) is expected to start the auction of coal linkages to non-power sectors such as steel and cement in the next 45 days, according to a PTI report.

The scrip opened at Rs. 315.55 and has touched a high and low of Rs. 318 and Rs. 315.05 respectively. So far 436819(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 197670.49 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 447.25 on 05-Aug-2015 and a 52 week low of Rs. 286.9 on 21-Jan-2016. Last one week high and low of the scrip stood at Rs. 330.75 and Rs. 296.3 respectively.

The promoters holding in the company stood at 79.65 % while Institutions and Non-Institutions held 17.44 % and 2.91 % respectively.

The stock is currently trading above its 200 DMA.

Govt sets 3-year deadline for shipbuilding aid

Committed liabilities on shipbuilding subsidy in the earlier scheme were liquidated by the Government till March 2014.

Shipbuilders will get financial aid from the Government only if they complete construction of a ship within three years of signing the contract, according to the draft guidelines.

The Centre is taking precautions as some of the ship orders signed before the previous subsidy scheme ended in August 2007 were left incomplete, reports a business daily.

Committed liabilities on shipbuilding subsidy in the earlier scheme were liquidated by the Government till March 2014.

South Korean and Chinese yards build a ship in 18 months whereas Indian ship builders take anywhere between 2-3 years to construct a ship, according to the daily.

The 3-year timeframe will be relaxed for construction of specialized vessels such as LNG, LPG, passenger ships built under the Indian Merchant Shipping Act with a minimum capacity of 500 (barring the vessels built under Inland Vessels Act), chemical tankers, floating or submersible drilling or production platforms, FPSO units, FSO units and FSRU units.

Moreover, the Government has stated that contracts signed between the shipyard and the buyer or ship owner for construction or manufacture of more than one vessel (in a single order) shall not be eligible for claiming financial assistance, reports the paper.

To qualify for the shipbuilding subsidy, a six-ship contract would have to be split into orders for six separate ships, according to the daily.

The financial assistance to shipbuilders will be valid for a 10-year period beginning 1st April 2016.

The quantum will be reduced by 3% every three years, starting with 20% during the first three years.

Glenmark up 4.5% after USFDA approval

The pharma company announced the receipt of tentative approval from USFDA for its generic version of azelaic acid topical gel used for treating skin inflammation.

Glenmark Pharmaceuticals is currently trading at Rs. 753, up by Rs. 20.3 or 4.5% from its previous closing of Rs. 720.65 on the BSE.The pharma company announced receipt of tentative approval from USFDA for its generic version of azelaic acid topical gel used for treating skin inflammation.

The scrip opened at Rs. 730 and has touched a high and low of Rs. 745.5 and Rs. 725.6 respectively. So far 119898(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 20333.73 crore.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 1261.95 on 21-Aug-2015 and a 52 week low of Rs. 671.5 on 12-Feb-2016. Last one week high and low of the scrip stood at Rs. 726.6 and Rs. 671.5 respectively.

The promoters holding in the company stood at 46.47 % while Institutions and Non-Institutions held 42.5 % and 11.02 % respectively.

The stock is currently trading above its 200 DMA.

Quick Heal lists at Rs. 305

The company has raised Rs. 451 crore through its initial public offer, which opened on Feb 8 and closed on Feb 10.

Quick Heal listed at Rs. 305 as against the issue price of Rs. 321.

The company has raised Rs. 451 crore through its initial public offer, which opened on Feb 8 and closed on Feb 10.

The IPO, which closed on February 10, was over-subscribed 11 times at a price band of Rs 311-321 per share.

The stock has hit a high of Rs. 330 and a low of Rs. 291.