Jindal Steel pays dues worth Rs 700 cr to Banks

Jindal Steel & Power (JSPL) share price rallied 4.3 percent intraday Monday as the company may soon come out of the clutch of joint lenders forum.

The steel maker cleared its pending dues of around Rs 700 crore to banks a little over a week ago, according to the company’s Chairman Naveen Jindal.

After this payment, the company may soon be out of SMA-2 category that it was placed under after its debt remained unpaid for more than 60 days.

SMA-2 is one step short of the account being declared a non-performing asset.

This could well pave the way for the Delhi-based steel and power producer to come out of the clutch of joint lenders forum.

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Gold Prices to Trade Higher

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Spot gold traded higher by 2.3 percent last week while silver prices also rose 3.4 percent. Gold prices rose as minutes from a U.S. Federal Reserve September meeting showed policymakers had a prolonged debate about prospects of a pick – up in inflation and slowing the path of future interest rate rises if it did not. Weak dollar index and geopolitical tensions in Spain and North Korea further supported the rally in gold. Russia and China both called for restraint on North Korea following a Twitter post from U.S. President Donald Trump hinting that military action was on his mind. The focus of the markets have now shifted from the geo – political crisis  to the economic data that will be released from the US, besides, the  possibility of rate hike scenario in the US is a factor for gold prices to move lower in the week ahead.

Outlook

Geo – political crisis and economic data from US will be the key going forward, besides, the possibility of rate hike scenario in the US is a factor for gold prices to move lower in the sessions ahead. ON the MCX, gold prices are expected to trade higher today, international markets are trading lower by 0.2 percent at $1302 per ounce.

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Sensex off Day’s High, Nifty below 10,200

The Indian market is going through a Diwali cheer phase as frontline indices hit fresh record highs, backed by macro data and steady earnings trends in its first week of the season.

Having said that, these are still some early days as companies with good numbers initially are declared in the early part of the season. “Ex-financials, companies in our coverage should have 10 percent growth,” Krishna Kumar Karwa, MD, Emkay Global Financial Services told CNBC-TV18 in an interview.

The rupee trimmed initial gains but was still trading up by 17 paise to 64.75 against the US currency on bouts of dollar selling by some banks and exporters amid higher domestic equities.

The dollar index was trading steady at 93.14 against a basket of six currencies in early trade.

Growth in India’s consumer sector is seemed to have recovered in the July-September quarter largely owing to increasing urban demand and the festive season, says a Nomura report.

According to the Japanese financial services major, consumer firms are expected to report average net sales growth of 8.6 per cent year-on-year with EBITDA growth of 8.4 per cent in the second quarter of this fiscal. Growth in India’s consumer sector particularly the household and personal care segment was held back in recent quarters largely due to macro issues.

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Godrej Agrovet Debuts with 34% Premium

Diversified agro-business company Godrej Agrovet started off first trade at Rs 615.60 on the National Stock Exchange, a whopping premium of 33.82 percent over its issue price of Rs 460 per share.

The stock touched a high of Rs 630 and low of Rs 605.55 in early trade. At 10:05 hours IST, the stock price was trading at Rs 615, up 33.69 percent over issue price.

The hefty premium was warranted, given the huge oversubscription to the issue.

The Rs 1,157-crore initial public offer was oversubscribed 95.41 times on October 6, the last day of bidding. The issue was opened for subscription on October 4, with a price band of Rs 450-460 per share.

The IPO comprised of fresh issue of shares worth Rs 291.51 crore and offer for sale of up to Rs 300 crore by Godrej Industries and up to 1.23 crore shares by V-Sciences Investments Pte Ltd, a subsidiary of Singapore-based investment company Temasek.

Post issue, Godrej Industries holds 60.81 percent stake in Godrej Agrovet, which is an agri-business company with operations across five verticals – animal feed, crop protection, oil palm, dairy, poultry and processed foods.

Agrovet will use fresh issue proceeds towards repayment of loans and other general purposes.

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Airtel and Millicom Merge Telecom biz in Ghana

Bharti Airtel Limited and Millicom International Cellular S.A., through their respective subsidiaries, announced the closure of the deal to combine their operations in Ghana. Under the joint agreement, Airtel and Millicom will have equal ownership (50:50) and governance rights in the combined entity, which will have revenues of approx. US$ 300mn.

Both Airtel and Millicom will have Board representations and Management positions in the merged entity. The Ghana National Communications Authority (NCA) granted approval for the merger proposal early this month.

The merged entity will become Ghana’s second largest mobile operator with close to 10 million subscribers. The combined networks of the two companies will cover more than 80% of Ghana’s population, in particular in villages and far-flung areas, and serve customers with affordable world-class voice/ data services, affordable global roaming, and mobile banking services. It will also have one of the largest sales and distribution network to enhance customer convenience.

Bharti Airtel Ltd is currently trading at Rs 439, up by Rs 7.4 or 1.71% from its previous closing of Rs 431.6 on the BSE.

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Asian indices trading in green following US Markets cues

Following the cues from the US equities, shares of Asian markets start trading on a positive note. Following the Friday gains from the Wall Street, it was evident that the global growth was continued with a steady phase. The inflation data for September endorsed the same, with limited pressure being put on the US economy.

Asian shares were up ahead of the release of China’s consumer and producer price data, which is scheduled to be released today.

The shares of crude oil companies are in focus, as the crude prices have jumped to a six-month high, fearing the supply being disrupted on account of the growing tension between the Iraqi Govt. And Kurdish forces.

  • China’s Shanghai Composite is marginally down by 0.11% at 3386.78 level
  • South Korea’s Kospi trading on a positive note with a marginal rise of 0.09% at 2476.28.
  • Taiwan Taiex trading at 10,743.76 with a marginal growth of 0.22%.
  • Singapore’s Straits Times Index is at 3325.16, with a positive gain of 0.18%.
  • Hang Seng up by around 0.85%, trading at 28712.62 level.
  • Japan’s Nikkei 225 trading marginally up by 0.63% at 21291.13.

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Live Stock Market Updates 16-October-2017

Rising for the third session in a row, the Sensex hit a lifetime high of 32687.32 points. The 31-share index had last hit a lifetime high nearly 11 weeks back. The Nifty 50 hit a fresh lifetime high, crossing 10,200 points for the first time ever, led by gains in shares of Reliance Industries, supported by positive cues from global markets.

RIL shares hit a lifetime high as several brokerages raised target price for its shares following robust Q2 earnings. Shares of Bharti Airtel were the best performers on Nifty 50 after it signed a deal with Millicom to merge operations in Ghana.

IndusInd Bank shares were the worst performers on Nifty 50, down 1.3% on concerns over equity dilution after the bank finalised merger ratio with Bharat Financial Inclusion.

Inflation data wholesale price index (WPI) is expected today.

At 9:58 AM, the S&P BSE Sensex is trading at 32,612 up 176 points, while NSE Nifty is trading at 10,225 up 58 points. The BSE Mid-cap Index is trading up 0.59% at 16,062, whereas BSE Small-cap Index is trading up 0.71% at 17,046.

All sectoral indices on NSE were trading in green. The INDIA VIX is marginally up 0.48% at 11.32. Out of 1,958 stocks traded on the NSE, 601 declined, 1,158 advanced and 435 remained unchanged today.

A total of 35 stocks registered a fresh 52-week high in trade today, while 13 stocks touched a new 52-week low on the NSE.

 

Top Bulk Deals on October 13

There were 779 advances, 927 declines and 91 unchanged stocks on NSE indicating negative breadth floating in the market.
India VIX ended lower by 1.99% at 11.26 level.

Following are the top ten bulk deals that occurred on the National Stock Exchange in Friday trading session:

Security Name Client Name Buy / Sell Quantity Traded Trade Price / Wght. Avg. Price
Beta Drugs Limited JOSEPH ANTONY SELL 44,800 107.38
Arcotech Limited COMPETENT FINLEASE PRIVATE LIMITED BUY 33,388 81.5
Arcotech Limited COMPETENT FINLEASE PRIVATE LIMITED SELL 7,10,388 82.49
Genesys International Cor BRIDGE INDIA FUND SELL 1,75,000 363.39
Goa Carbon Ltd WINNIMUS LLP BUY 88,701 647.17
RKEC Projects Limited GYRSI DEVI KHANDELWAL SELL 1,80,000 94.05
RKEC Projects Limited VIJAY MOHAN KARNANI BUY 1,32,000 94.04
Sakuma Exports Limited NEWTRAX INVESTMENTS PRIVATE LIMITED SELL 1,50,000 180.09

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WEEKLY PERFORMANCE (9-13 OCT. 2017): OPTION PREMIUM

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WEEKLY PERFORMANCE (9-13 OCT. 2017): CASH PREMIUM SEGMENT

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