NW18: Stocks To Watch: Berger Paints, ITC, TCS, Power Grid Corp
NewsWire18, Tuesday, Mar 12 - Morning brief for the stock market:
.
.
BIG PICTURE
* The World Bank said India's gross domestic product would grow at 6% in
2013-14, and even higher thereafter. (var)
.
.
TOP EVENTS TODAY
.
* Index of Industrial Production for January
* CPI for Combined, Rural, and Urban for February
.
* Board Meetings of:
+ OM Metals Infraprojects, to consider interim dividend
+ Sterling Holiday Resorts India, to consider allotment of shares
.
.
INDICATORS (previous session)
* NSE provisional net buy/(sale) in bln rupees, Mar 11: FII 9.88, DII (7.86)
* Institutional net buy/(sale) in bln rupees, Mar 10: FIIs 13.67
* FII NSE futures net buy/(sale) in bln rupee, Mar 11: index (0.68), shr 3.81
* Sensex 19646.21, down 37.02 points; Nifty 5942.35, down 3.35 points
* Crude: $92.06/bbl; Rupee: 54.40/$1; Gold: $1,581.80/ounce; 10-yr yld: 7.8412%
.
.
OUTLOOK
* Stock indices are seen opening up tracking positive overseas markets, but
gains may be capped ahead of India's industrial production data for January
due at 1100 IST.
.
GLOBAL STOCK MARKETS
* US: Dow Jones Industrial Average ended at an all-time high Monday as the
recent positive economic data continued to buoy sentiment.
.
* ASIA: Most indices rose today, tracking overnight gains in US equities, with
continued weakness in the yen aiding Japanese shares.
.
.
SECTOR NEWS
===========
* AUTOMOTIVE: Honda Motorcycle and Scooter India has said it would edge past
HERO MOTOCORP by 2015 to become India's leading two-wheeler seller. (ToI)
.
* AVIATION: Heads of domestic airlines have expressed inability to comply with
the Supreme Court's direction to display the number of seats at each fare level
and compressing the wide range of prices for a route. (ET)
Planning Commission Deputy Chairman Montek Singh Ahluwalia said inter-
ministerial differences would be sorted out to facilitate the formation of the
AirAsia-Tata joint venture in India. (ET)
.
* BANKING: SREI group plans to set up a bank with strong rural presence. (BS)
.
* ECONOMY: The recent changes in prices of bulk diesel and non-subsidised
cooking gas may not get reflected in the Wholesale Price Index. (NW18)
.
* COAL: International Coal Ventures is targeting coal assets in Colombia,
South Africa, and Russia. (NW18)
The government has deferred pool pricing of coal to next financial year.
(BL)
.
* EXCHANGES: The BSE's SME platform has received stronger response than National
Stock Exchange's SME exchange, as 14 companies have listed on the former as
against two on the latter. (NW18)
.
* FOREIGN INVESTMENT: CLSA Asia-Pacific Markets' Managing Director Christopher
Wood has reduced his overweight position on India citing weak GDP data, and said
the 2013-14 Budget may not encourage reforms. (BS)
The government may hike the ceiling on foreign investment in gilts and
corporate bonds by $10 bln each in a bid to cut current account deficit. (FE)
.
* MERGERS AND ACQUISITIONS: Private equity firm KKR and Co is close to buying
Warburg Pincus Llc's 80% stake in Alliance Tire Group. (Mint)
.
* PHARMACEUTICALS: A government panel studying means to make patented drugs
affordable has proposed a mechanism that will apply only to drugs bought via
public procurement and health insurance companies, leaving out three-fourths
of the population exposed to fluctuations in market price. (ET)
.
* REGULATOR: The Securities and Exchange Board of India has made it compulsory
for compliance officers to get requisite certifications to operate in the stock
markets. (FE)
.
* TELECOM: Sistema Shyam Teleservices will seek upfront adjustment of 16.26 bln
rupees in the amount it has to pay to government for spectrum in eight telecom
circles. (NW18)
The department of telecom has sought the defence ministry's approval to
classify select telecom products as "security sensitive" in the run up to
mandating 100% domestic sourcing for private sector gear procurements. (ET)
An auction for radio spectrum on the 800MHz wavelength earned the government
35 bln rupees after three rounds of bidding. (Mint)
.
* TOBACCO: West Bengal government has hiked sales tax on tobacco products by
500 basis points to 25%. (NW18)
.
.
STOCKS
======
* AANJANEYA LIFECARE: Has deferred its FCCB issue until further notice due to
hostile market conditions. (NW18)
.
* BERGER PAINTS INDIA: Arm Brushworks Paints has acquired Sherwin Williams
Paints India for an undisclosed sum through internal accruals. (NW18)
.
* BHUSHAN STEEL: Supreme Court has directed the Odisha government to maintain
status quo on applications for lease on 1,700 ha of iron-ore mines in Sundergarh
and Keonjhar districts, to which the company lays claim to. (NW18)
.
* CAIRN INDIA: The company is evaluating the possibility of taking over its
parent, the UK-based Cairn Energy. (HT)
.
* COMPUAGE INFOCOM: Has exited completely from Greenvision Technologies by
selling its equity investment. (NW18)
.
* CORE EDUCATION & TECHNOLOGIES: Moody's Investors Service has downgraded the
corporate family rating of the company to B2 from B1, with a negative outlook.
(NW18)
.
* DREDGING CORP OF INDIA: Is planning an overseas foray and has already bagged
its first contract for capital dredging in the Kanakesanturai harbour in Sri
Lanka. (NW18)
.
* ELECTROSTEEL CASTINGS: Court has placed a stay on proceedings against the
company's coal joint venture. (NW18)
.
* GREAT EASTERN SHIPPING: Has signed a contract to sell a panamax dry bulk
carrier. (NW18)
.
* GOMTI FINLEASE INDIA: Plans to invest 150 mln rupees in KDJ Hospital. (NW18)
.
* HELIOS & MATHESON: Expects consolidated revenue to grow 40% in 2012-13
(Oct-Sep) and the current growth momentum to continue for 2 more years. (NW18)
.
* HINDUSTAN ZINC: Supreme Court has ruled that the company is required to pay
royalty to the Rajasthan government only on lead or zinc extracted from ores
mined in the state and not on the entire mineral. (NW18)
.
* ITC: Five directors sold a total of 865,000 shares of the company in the
open market on Feb 28. (NW18)
.
* MAGMA FINCORP: Has sought approval of shareholders through postal ballot for
raising up to 5 bln rupees through equity or equity-linked instruments. (NW18)
.
* MAHINDRA & MAHINDRA: Godrej Industries' MD Nadir Godrej, who is also on the
company's board, on Mar 7 bought 2,000 shares at 874.83 rupees each, aggregating
to 1.75 mln rupees. (NW18)
.
* MAHINDRA LIFESPACE DEVELOPERS: Foreign institutional investors' holding in
the company touched 28.10% on Mar 8. (NW18)
.
* POWER GRID CORPORATION OF INDIA: Has approved 557 mln rupees investment for
transmission system associated with Meja thermal project. (NW18)
.
* SKS MICROFINANCE: Has paid 5 mln rupees penalty to Insurance Regulatory and
Development Authority. (NW18)
.
* SQL STAR INTERNATIONAL: Has withdrawn scheme of arrangement for compromise and
amalgamation between the company, Mind Logicx, and their respective shareholders
and creditors. (NW18)
.
* TATA CONSULTANCY SERVICES: Operating margin is likely to slip 25 basis points
in Jan-Mar on the back of a one-time lawsuit settlement of around 1.6 bln
rupees. (BS)
.
* TATA TELESERVICES MAHARASHTRA: Had total 10.49 mln subscribers as on Feb 28.
The company offers telecom products and services under the TATA DOCOMO brand.
(NW18)
.
* TYCHE INDUSTRIES: The company's unit at Kakinada has received approval from
German Regulatory Authority for 11 active pharmaceutical ingredients. (NW18)
.
* TV18 BROADCAST: US' Viacom may buy 50% stake in ETV's regional general
entertainment channels; TV18 owns the remainder. (BS)
.
* UNITED SPIRITS: The capital markets regulator has approved Diageo Plc's bid
to acquire a majority stake in the company, with the inclusion of a clause that
will allow Diageo to later sell assets of the company. (Mint)
.
* WENDT INDIA: A Bengaluru court has issued an ad-interim order of temporary
injunction preventing 3M INDIA and Precomp Gears from using the trade name
"WENDT" for branding its machine tools, abrasives, and grinding machines. (NW18)
End
.
NewsWire18, Tuesday, Mar 12 - Morning brief for the stock market:
.
.
BIG PICTURE
* The World Bank said India's gross domestic product would grow at 6% in
2013-14, and even higher thereafter. (var)
.
.
TOP EVENTS TODAY
.
* Index of Industrial Production for January
* CPI for Combined, Rural, and Urban for February
.
* Board Meetings of:
+ OM Metals Infraprojects, to consider interim dividend
+ Sterling Holiday Resorts India, to consider allotment of shares
.
.
INDICATORS (previous session)
* NSE provisional net buy/(sale) in bln rupees, Mar 11: FII 9.88, DII (7.86)
* Institutional net buy/(sale) in bln rupees, Mar 10: FIIs 13.67
* FII NSE futures net buy/(sale) in bln rupee, Mar 11: index (0.68), shr 3.81
* Sensex 19646.21, down 37.02 points; Nifty 5942.35, down 3.35 points
* Crude: $92.06/bbl; Rupee: 54.40/$1; Gold: $1,581.80/ounce; 10-yr yld: 7.8412%
.
.
OUTLOOK
* Stock indices are seen opening up tracking positive overseas markets, but
gains may be capped ahead of India's industrial production data for January
due at 1100 IST.
.
GLOBAL STOCK MARKETS
* US: Dow Jones Industrial Average ended at an all-time high Monday as the
recent positive economic data continued to buoy sentiment.
.
* ASIA: Most indices rose today, tracking overnight gains in US equities, with
continued weakness in the yen aiding Japanese shares.
.
.
SECTOR NEWS
===========
* AUTOMOTIVE: Honda Motorcycle and Scooter India has said it would edge past
HERO MOTOCORP by 2015 to become India's leading two-wheeler seller. (ToI)
.
* AVIATION: Heads of domestic airlines have expressed inability to comply with
the Supreme Court's direction to display the number of seats at each fare level
and compressing the wide range of prices for a route. (ET)
Planning Commission Deputy Chairman Montek Singh Ahluwalia said inter-
ministerial differences would be sorted out to facilitate the formation of the
AirAsia-Tata joint venture in India. (ET)
.
* BANKING: SREI group plans to set up a bank with strong rural presence. (BS)
.
* ECONOMY: The recent changes in prices of bulk diesel and non-subsidised
cooking gas may not get reflected in the Wholesale Price Index. (NW18)
.
* COAL: International Coal Ventures is targeting coal assets in Colombia,
South Africa, and Russia. (NW18)
The government has deferred pool pricing of coal to next financial year.
(BL)
.
* EXCHANGES: The BSE's SME platform has received stronger response than National
Stock Exchange's SME exchange, as 14 companies have listed on the former as
against two on the latter. (NW18)
.
* FOREIGN INVESTMENT: CLSA Asia-Pacific Markets' Managing Director Christopher
Wood has reduced his overweight position on India citing weak GDP data, and said
the 2013-14 Budget may not encourage reforms. (BS)
The government may hike the ceiling on foreign investment in gilts and
corporate bonds by $10 bln each in a bid to cut current account deficit. (FE)
.
* MERGERS AND ACQUISITIONS: Private equity firm KKR and Co is close to buying
Warburg Pincus Llc's 80% stake in Alliance Tire Group. (Mint)
.
* PHARMACEUTICALS: A government panel studying means to make patented drugs
affordable has proposed a mechanism that will apply only to drugs bought via
public procurement and health insurance companies, leaving out three-fourths
of the population exposed to fluctuations in market price. (ET)
.
* REGULATOR: The Securities and Exchange Board of India has made it compulsory
for compliance officers to get requisite certifications to operate in the stock
markets. (FE)
.
* TELECOM: Sistema Shyam Teleservices will seek upfront adjustment of 16.26 bln
rupees in the amount it has to pay to government for spectrum in eight telecom
circles. (NW18)
The department of telecom has sought the defence ministry's approval to
classify select telecom products as "security sensitive" in the run up to
mandating 100% domestic sourcing for private sector gear procurements. (ET)
An auction for radio spectrum on the 800MHz wavelength earned the government
35 bln rupees after three rounds of bidding. (Mint)
.
* TOBACCO: West Bengal government has hiked sales tax on tobacco products by
500 basis points to 25%. (NW18)
.
.
STOCKS
======
* AANJANEYA LIFECARE: Has deferred its FCCB issue until further notice due to
hostile market conditions. (NW18)
.
* BERGER PAINTS INDIA: Arm Brushworks Paints has acquired Sherwin Williams
Paints India for an undisclosed sum through internal accruals. (NW18)
.
* BHUSHAN STEEL: Supreme Court has directed the Odisha government to maintain
status quo on applications for lease on 1,700 ha of iron-ore mines in Sundergarh
and Keonjhar districts, to which the company lays claim to. (NW18)
.
* CAIRN INDIA: The company is evaluating the possibility of taking over its
parent, the UK-based Cairn Energy. (HT)
.
* COMPUAGE INFOCOM: Has exited completely from Greenvision Technologies by
selling its equity investment. (NW18)
.
* CORE EDUCATION & TECHNOLOGIES: Moody's Investors Service has downgraded the
corporate family rating of the company to B2 from B1, with a negative outlook.
(NW18)
.
* DREDGING CORP OF INDIA: Is planning an overseas foray and has already bagged
its first contract for capital dredging in the Kanakesanturai harbour in Sri
Lanka. (NW18)
.
* ELECTROSTEEL CASTINGS: Court has placed a stay on proceedings against the
company's coal joint venture. (NW18)
.
* GREAT EASTERN SHIPPING: Has signed a contract to sell a panamax dry bulk
carrier. (NW18)
.
* GOMTI FINLEASE INDIA: Plans to invest 150 mln rupees in KDJ Hospital. (NW18)
.
* HELIOS & MATHESON: Expects consolidated revenue to grow 40% in 2012-13
(Oct-Sep) and the current growth momentum to continue for 2 more years. (NW18)
.
* HINDUSTAN ZINC: Supreme Court has ruled that the company is required to pay
royalty to the Rajasthan government only on lead or zinc extracted from ores
mined in the state and not on the entire mineral. (NW18)
.
* ITC: Five directors sold a total of 865,000 shares of the company in the
open market on Feb 28. (NW18)
.
* MAGMA FINCORP: Has sought approval of shareholders through postal ballot for
raising up to 5 bln rupees through equity or equity-linked instruments. (NW18)
.
* MAHINDRA & MAHINDRA: Godrej Industries' MD Nadir Godrej, who is also on the
company's board, on Mar 7 bought 2,000 shares at 874.83 rupees each, aggregating
to 1.75 mln rupees. (NW18)
.
* MAHINDRA LIFESPACE DEVELOPERS: Foreign institutional investors' holding in
the company touched 28.10% on Mar 8. (NW18)
.
* POWER GRID CORPORATION OF INDIA: Has approved 557 mln rupees investment for
transmission system associated with Meja thermal project. (NW18)
.
* SKS MICROFINANCE: Has paid 5 mln rupees penalty to Insurance Regulatory and
Development Authority. (NW18)
.
* SQL STAR INTERNATIONAL: Has withdrawn scheme of arrangement for compromise and
amalgamation between the company, Mind Logicx, and their respective shareholders
and creditors. (NW18)
.
* TATA CONSULTANCY SERVICES: Operating margin is likely to slip 25 basis points
in Jan-Mar on the back of a one-time lawsuit settlement of around 1.6 bln
rupees. (BS)
.
* TATA TELESERVICES MAHARASHTRA: Had total 10.49 mln subscribers as on Feb 28.
The company offers telecom products and services under the TATA DOCOMO brand.
(NW18)
.
* TYCHE INDUSTRIES: The company's unit at Kakinada has received approval from
German Regulatory Authority for 11 active pharmaceutical ingredients. (NW18)
.
* TV18 BROADCAST: US' Viacom may buy 50% stake in ETV's regional general
entertainment channels; TV18 owns the remainder. (BS)
.
* UNITED SPIRITS: The capital markets regulator has approved Diageo Plc's bid
to acquire a majority stake in the company, with the inclusion of a clause that
will allow Diageo to later sell assets of the company. (Mint)
.
* WENDT INDIA: A Bengaluru court has issued an ad-interim order of temporary
injunction preventing 3M INDIA and Precomp Gears from using the trade name
"WENDT" for branding its machine tools, abrasives, and grinding machines. (NW18)
End
.
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