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  • Market logs modest gains

    Domestic stocks logged modest gains in the week ended Friday, 13 October 2017 led by Reliance Industries, Bharti Airtel and TCS. Key indices edged higher in four out of five trading sessions during the week. The BSE Small-Cap, Mid-Cap indices underperformed the Sensex during the week. The Nifty attained record closing high on Friday, 13 October 2017. The Sensex settled at its highest closing level in more than 10 weeks on Friday, 13 October 2017.

    In the week ended Friday, 13 October 2017, the Sensex rose 618.47 points or 1.94% to settle at 32,432.69. The Nifty 50 index rose 187.75 points or 1.88% to settle at 10,167.45.

    The S&P BSE Mid-Cap index advanced 126.54 points or 0.8% to settle at 15,966.69. The S&P BSE Small-Cap index gained 296.43 points or 1.78% to settle at 16,925.66.

    Trading for the week began on positive note as the key benchmark indices logged small gains on Monday, 9 October 2017. The Sensex rose 32.67 points or 0.10% to settle at 31,846.89, its highest closing level since 22 September 2017. The Nifty 50 index rose 9.05 points or 0.09% to settle at 9,988.75, its highest closing level since 21 September 2017.

    Key benchmark indices settled with modest gains on Tuesday, 10 October 2017 led by gains in index heavyweights Reliance Industries and Infosys. The Sensex rose 77.52 points or 0.24% to settle at 31,924.41, its highest closing level since 21 September 2017. The Nifty 50 index rose 28.20 points or 0.28% to settle at 10,016.95, its highest closing level since 21 September 2017.

    Key benchmark indices logged modest losses in volatile trade on Wednesday, 11 October 2017 led by slide in bank stocks. The Sensex fell 90.42 points or 0.28% to settle at 31,833.99, its lowest closing level since 6 October 2017. The Nifty 50 index fell 32.15 points or 0.32% to settle at 9,984.80, its lowest closing level since 6 October 2017.

    Stocks logged strong gains on Thursday, 12 October 2017 led by index heavyweight Reliance Industries and bank stocks. The Sensex surged 348.23 points or 1.09% to settle at 32,182.22, its highest closing level since 21 September 2017. The Nifty 50 index surged 111.60 points or 1.12% to settle at 10,096.40, its highest closing level since 21 September 2017.

    Key benchmark indices jumped on last trading day of the week on Friday, 13 October 2017 on good domestic economic data. Investors lapped up shares on anticipation that a rise in industrial production and a steady inflation could increase pressure on the central bank to reduce interest rates to boost economic activity. Positive cues from the Asian market also boosted sentiment. The Sensex rose 250.47 points or 0.78% to settle at 32,432.69, its highest closing level since 2 August 2017. The Nifty 50 index rose 71.05 points or 0.70% to settle at 10,167.45, its record closing high.

    Reliance Industries (up 4.76%), Kotak Mahindra Bank (up 4.3%) and Coal India (up 4.2%) edged higher from the Sensex pack during the week.

    Banks stocks saw mixed trend. HDFC Bank (up 2.8%) and Axis Bank (up 4.96%) edged higher. State Bank of India declined 1.64%.

    ICICI Bank fell 0.31%. The bank said that the Committee of Executive Directors of the bank, in the meeting held on 10 May 2017, had approved the offshore borrowing plan for the financial year 2017-18. The bank, under its GMTN programme, acting through its DIFC (Dubai) branch, tapped its existing 3.25% Fixed Rate Notes maturing September 2022, for an amount of $150 million on a private placement basis. With this, the outstanding amount under this Notes would be $650 million. The notes would be listed on the Singapore Stock Exchange. The announcement was made after market hours on Wednesday, 11 October 2017.

    Bharti Airtel jumped 12.90% to Rs 431.60 and was the top gainer during the week. Telecom major Bharti Airtel and Tata, India's leading conglomerate, announced after market hours on Thursday, 12 October 2017, that they have entered into an understanding to merge consumer mobile businesses (CMB) of Tata Teleservices (TTSL) and TTML into Bharti Airtel. The acquisition is subject to requisite regulatory approvals. As part of the agreement, Bharti Airtel will absorb Tata CMB's operations across the country in nineteen circles (17 under TTSL and 2 under TTML). These circles represent bulk of India's population and customer base.

    The proposed merger will include transfer of all the customers and assets of Tata CMB to Bharti Airtel, further augmenting Bharti Airtel's overall customer base and network. The merger is being done on a debt-free cash-free basis, except for Bharti Airtel assuming a small portion of the unpaid spectrum liability of Tata's towards the DoT, which is to be paid on deferred basis. The employees of Tata will be demerged on the lines of the two businesses i.e. CMB and EFL (enterprise and fixed line and broadband), and post an optimal manpower planning will be moved accordingly. Tata will retain its stake in Viom, and will take care of the liabilities associated with it.

    Separately, Bharti Airtel said that its board approved the scheme of amalgamation between Tikona Digital Networks and Bharti Airtel and their respective shareholders and creditors.

    IT major TCS gained 4.56% to Rs 2,556.75. TCS reported 8.4% rise in consolidated net profit to Rs 6446 crore on 3.2% rise in revenue to Rs 30541 crore in Q2 September 2017 over Q1 June 2017. The result was announced after market hours on Thursday, 12 October 2017.

    TCS' operating margin rose by 1.7% to 25.1% in Q2 September 2017 compared with Q1 June 2017. The company announced interim dividend of Rs 7 per share. TCS said that strong revenue growth was visible across verticals in the Q2 September 2017. With the exception of retail and CMI, all industry verticals grew above the company average, led by travel & hospitality (up 8% q-o-q), energy & utilities (up 7.2% q-o-q) and life sciences & healthcare (up 3.6% q-o-q). Growth was led by Europe (up 5.3% q-o-q), Latin America (up 5.7% q-o-q), APAC (up 3% q-o-q) and UK (up 2.5% q-o-q). North America grew by 1.4% q-o-q with continued softness in Banking and Retail, TCS said.

    IT major Infosys rose 1.35% to Rs 931.90. The company said that its buyback committee has set 1 November 2017 as the record date for its share buyback programme. The announcement was made after market hours on Monday, 9 October 2017. Infosys had approved a proposal to buyback upto 11.3 crore shares, aggregating up to 4.92% of the paid-up equity capital, at Rs 1,150 per share. The maximum buyback size is Rs 13000 crore.

    Tata Steel rose 2.78%. The company announced expiry of share purchase agreement with Aryan Mining and Trading Corpn (AMTC) and companies in the Moorgate Industries Group to acquire 100% of Brahmani River Pellets. In the absence of clear approvals, shares could not in company's opinion be transferred with a clear title. The announcement was made after market hours on Wednesday, 11 October 2017.

    Tata Motors rose 0.06% to Rs 424.45. The Tata Motors Group global wholesales in September 2017, including Jaguar Land Rover, were at 1.16 lakh units, higher by 14%, over September 2016. The announcement was made during trading hours on Tuesday, 10 October 2017.

    Drug major Sun Pharmaceutical Industries gained 0.81%. The company said that the US drug regulator cleared its Dadra facility based on responses to its inspection conducted in April this year. The announcement was made after market hours on Wednesday, 11 October 2017.

    Sun Pharmaceutical Industries said that the inspection conducted by United States Food & Drug Administration (USFDA) at the company's Dadra facility in April this year is closed. The company received a communication from the USFDA releasing a copy of the Establishment Inspection Report (EIR) in respect of the inspection based upon responses to the observation letter. EIR is issued to the entity when the USFDA concludes that an inspection is closed under Title 21 Section 20.64 (d) (3) of Code of Federal Regulation.

    Engineering and construction major L&T fell 0.35%. The company announced during trading hours on Wednesday, 11 October 2017, that its wholly-owned subsidiary, L&T Hydrocarbon Engineering, has bagged an offshore contract for the transportation & installation - Daman development project from ONGC valued at approximately Rs 1150 crore. The contract, won against international competitive bidding, encompasses total engineering, procurement, construction, installation and commissioning for the project.

    Drug major Lupin rose 1.83%. The company announced during trading hours on Wednesday, 11 October 2017, that its US subsidiary, Lupin, Inc., has acquired Symbiomix Therapeutics, LLC. Lupin had entered into an option to acquire the company earlier this year. Symbiomix is a privately held company focused on bringing innovative therapies to market for gynecologic infections that can have serious health consequences. The acquisition has been made for a cash consideration of $150 million including a $50 million upfront and other time-based payments. In addition, there are sales based contingent payments. The acquisition is funded from internal funds. The transaction was closed on 11 October 2017. The acquisition of Symbiomix and the Solosec franchise significantly expands Lupin's branded women's health specialty business, which is presently anchored by Methergine (methylergonovine) tablets.

    On the macro front, India's industrial production grew 4.3% in August 2017 over August 2016, while showing sharp improvement in growth from 0.9% increase in July 2017. The manufacturing sectors production improved 3.1% in August 2017, snapping decline in output for last two straight months. The electricity generation increased at improved pace of 8.3% and mining output also gained 4.3% in August 2017. The growth for July 2017 has been revised downwards to 0.9% from 1.2% reported earlier. The data was unveiled after market hours on Thursday, 12 October 2017.

    The all-India general consumer price index (CPI) inflation was flat at 3.28% in September 2017 compared with 3.28% in August 2017, after rising for last two months from 1.5% in June 2017. The data was unveiled after market hours on Thursday, 12 October 2017.

    Global economic upswing has strengthened and is broad-based, the International Monetary Fund (IMF) said in its latest World Economic Outlook released on 10 October 2017, as it raised the growth projections for the world economy for this year and next. The growth forecast for this year was raised to 3.6% from 3.5% and the outlook for next year was lifted to 3.7% from 3.6%. The world economy grew 3.2% in 2016, which was the weakest since the global financial crisis. However, the recovery is incomplete, the IMF said, citing low wage growth, challenges faced by commodity exporters, subdued trends of productivity and demographics.

    India's economic growth for 2017 and 2018 will be slower than earlier projections, IMF further said. The report cited lingering impact of demonetisation and the Goods and Services Tax (GST) for the expected slow down during the current and the next year. The IMF projected India to grow at 6.7% in 2017 and 7.4% in 2018, which are 0.5% and 0.3% less than the projections earlier this year, respectively. The IMF has meanwhile revised upwards, India's growth performance for 2016 in its latest calculations, owing to strong government spending and data revisions in India, which is now 7.1% as opposed to 6.8% in April.

    On the political front, the Election Commission (EC) on Thursday, 12 October 2017, announced elections in Himachal Pradesh, but held off on making an announcement for Gujarat. Voting for the 68-seat Himachal Pradesh assembly will take place on 9 November 2017 and the results will be declared on 18 December 2017. Gujarat polls, Chief Election Commissioner (CEC) A K Joti reportedly said, will be announced later, but he added voting will wind up before Himachal results are declared. While Gujarat Assembly's term ends on 22 January 2018, Himachal Pradesh's finishes on 7 January 2018. The EC normally holds elections together in states where the incumbent governments are completing their five-year term within six months. The poll dates for these states are announced simultaneously.

    On the global front, China's exports grew 9% in September from a year earlier in yuan terms, following a 6.9% gain in August, official data showed Friday, 13 October 2017. Imports in September rose 19.5% in yuan terms from a year earlier, compared with a 14.4% rise in August, the General Administration of Customs said. The country's trade surplus last month narrowed to 193 billion yuan ($29.3 billion) from 286.49 billion yuan in August.

    China's foreign-exchange reserves rose for an eighth straight month in September, official data showed Monday. The reserves increased by $16.98 billion from the previous month to $3.109 trillion, the highest level since October 2016, the People's Bank of China said.

    German exports surged in August due to strong demand from the eurozone. The Federal Statistical Office of Germany said Tuesday that total goods exports in August rose 3.1% from July, taking account of seasonal swings and calendar effects. Exports leapt 7.2% from August 2016, led by a 10.6% increase in exports to eurozone countries.

    French industrial production unexpectedly fell in August as manufacturing output contracted from July, statistics showed Tuesday. Industrial output in the eurozone's second-largest economy fell 0.3% in August from July, statistics agency Insee said.

    Minutes from the US Federal Reserve's policy-setting gathering in September indicated a desire to increase rates one additional time despite low inflation. Some Fed policy members expressed concerns about inflation running below its 2% annual target, while others worried that waiting for inflation to normalize policy could lead to an overheated market.

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Flash News 24-Sep-2018
  •  ( 16:23) Nifty ends below 11,000 level  
  •  ( 16:16) Broader market slumps  
  •  ( 15:23) European markets dip as trade war, Brexit pessimism weigh  
  •  ( 15:20) India reassures equity investors as liquidity fears grow  
  •  ( 08:25) Tata Steel inks deal to buy steel biz of Usha Martin  
  •  ( 08:25) Most Asian indices shut for holiday  
  •  ( 08:00) Dow posts back-to-back records  
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