TOP CORPORATE NEWS- 16 Mar 2016

TVS Motors eyes 10% sales growth in FY2017

TVS Motor Company expects its domestic two wheeler sales to grow by 10% in FY2017 as against a growth of about 8% in the current fiscal. In FY17, TVS expects the industry growth to pick up to 5 to 6% as against 1% growth in the current fiscal.TVS is targeting to outpace the industry in FY2017 on back of the recently relaunched “Victor” motorcycle and to be launched premium motorcycle “Apache 200”.

Indiabulls plans to raise Rs100 cr via NCDs

Indiabulls Real Estate (IBREL) plans to raise Rs100 crore through private placement of non-convertible debentures (NCDs).The company proposes to issue secured, redeemable, non-convertible debentures of face value Rs10 lakh each aggregating Rs100 crore, on a private placement basis.The issue will open on March 18.

L&T wins orders worth Rs1672 crore

L&T has won orders worth Rs1672 crore which comprise of Rs967 crore in building & factories, Rs580 crore in power T&D and Rs125 crore in water & effluent treatment business – Positive for L&T.

Rajesh Exports drops ahead of board meeting

Rajesh Exports dipped over 13% to Rs582, after the company scheduled a board meeting on March 21, 2016, to consider and discuss certain business propositions.The company will also consider declaration of interim dividend for the year ending March 2016 in its board meeting scheduled to be held on March 21, 2016.

HCL Tech wins Rs60 crore RBI contract

HCL Technologies wins contract worth Rs60 crore to upgrade RBI's IT infrastructure, as per media report.The stock opened at Rs813.45 marking days low at Rs807.50 with an intraday high of Rs816.50.

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TOP CORPORATE NEWS- 11 Mar 2016

CRISIL downgrades PSU Banks

Credit rating agency CRISIL downgraded eight PSU banks, following deterioration in their asset quality, and also revised the outlook on five of them to negative. The agency also placed the rating on Syndicate Bank on a negative watch list.The state-run banks whose ratings have been downgraded were BOI, Central Bank of India, Corporation Bank, Dena Bank, IDBI Bank, IOB, Syndicate Bank and UCO Bank. Those whose outlooks have revised down were Andhra Bank, Bank of Baroda, Canara Bank, Punjab National Bank and Punjab & Sind Bank.

Dr Reddy's ink pact with Turkey co for biosimilar drugs

DRL has announced a strategic collaboration agreement, involving 3 biosimilar products, which shall be registered and subsequently commercialised under the terms of agreement with TR-Pharm in Turkey – Long term Positive for Dr Reddy.

United Spirits plans to sell 13 residential properties

United Spirits is planning to sell 13 residential properties and mandated a leading banker to re-evaluate these assets.The transaction is expected to be completed by the second half of the next financial year. The amount raised through the sale of assets will be utilized to reduce debt on books.

Welspun Corp gains on order win for Offshore project

Welspun Corp has won an order for supply of 200K MTs pipes for an offshore project in the Middle East. With the addition of this order, current order book of the company has crossed 1136K MTs worth Rs6500 crore.

Ashok Leyland plans to cut debt and focus on core biz

Ashok Leyland has announced to wrap up 23 of its 27 joint ventures in near term so as to reduce its debt and focus on core business.The company had diversified into many non-core areas such as retail services, construction equipment, wind energy and infotronics by forming joint ventures. Most of the joint ventures are loss making.

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The market extended losses with the Sensex falling 177.69 points to 24616.27- 10 Mar 2016

The market extended losses with the Sensex falling 177.69 points to 24616.27 and the Nifty down 47.25 points to 7484.55. The BSE Midcap also lost shine, trading flat but Smallcap outperformed, rising 0.4 percent.

The market breadth was positive as about 1008 shares advanced against 699 declining shares on the BSE.

Infosys fell nearly 3 percent after 78 lakh shares exchanged hands on BSE & NSE at around Rs 1,150 per share. There were reports saying former leaders of the company S Gopalakrishnan and SD Shibulal & family were likely to sell 50 lakh and 25 lakh shares via block deals today.

TCS, Reliance Industries, L&T, Sun Pharma and HUL declined more than 1 percent while Hindalco bucked the trend, up 3 percent.

Shares of Sharp India gained nearly 13 percent intraday after promoter approved investment in the company by Taiwan-based electronics contract manufacturing company.

"Sharp Corporation, Japan will issue new shares (common shares and Class C shares) to Hon Hai Precision Industry Company, Foxconn (Far East) and SIO International Holdings,"

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SENSEX MAKES SMART RECOVERY TO LOG 135 POINTS GAIL, NIFTY 50 TOPS 7530 - 9 Mar 2016

The domestic stock market staged an impressive comeback that helped the S&P BSE Sensex rally from a 208-point loss to log 161-point gain at 24,820 on Wednesday, thanks to a bounce in realty and capital goods stocks.

The market was trading in the red till mid-day on weak global cues as a fresh slump in crude prices dragged the US markets in overnight trade while a selloff in Chinese equities spooked stock markets globally this morning amid renewed concerns over the outlook for the Chinese Economy.

But the domestic benchmarks went on to make solid gains following strong cues from the European markets. The S&P BSE Sensex ended at 24,793.96, up 134.73 points or 0.55 per cent, extending its winning streak to the sixth day. The NSE's Nifty50 closed at 7,531.80, up 46.50 points or 0.62 per cent.

HEADLINES OF THE DAY

Crompton sells international T&D business for Euro 115 million

Maruti Suzuki launches compact SUV Vitara Brezza

HDFC in talks to acquire L&T General Insurance

The crucial resistance for Nifty SPOT is now seen at 7577 and above this 7634. Support for the immediate term is now placed at 7442 and next support will be 7380.

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