RBI income in FY17 dips 24%, while expenses rise 108%

The Reserve Bank of India’s income for the year 2016-17 decreased by 23.56 percent while its expenditure increased by 107.84 percent, according to its annual report.

The year ended with an overall surplus of Rs 30,659 crore, a decline of 53.46 percent from Rs 65,876 crore in the previous year. This surplus was transferred as dividend to the government.

“The balance sheet size of the Reserve Bank increased marginally by 1.88 percent for the year ended June 30, 2017, RBI said in its annual report.

The balance sheet of the Reserve Bank reflects its role in the functioning of the country’s economy largely in terms of the activities carried out in pursuance of its currency issue function as well as monetary policy and reserve management objectives.

The balance sheet increased by Rs 61,083 crore from Rs 32.43 lakh crore as on June 30, 2016 to Rs 33.04 lakh crore as on June 30, 2017.

“The increase on the asset side was due to the increase in foreign investments and domestic investments by 2.70 percent and 7.45 percent, respectively, and capital contribution to the subsidiaries of the Reserve Bank. On the liability side, the increase was mainly due to increase in deposits by 76.96 percent.

Domestic assets constituted 24.32 percent while the foreign currency assets and gold (including gold held in India) constituted 75.68 percent of total assets as on June 30, 2017 as against 24.59 percent and 75.41 percent, respectively, as on June 30, 2016,” the report added.

Further, provisions of Rs 13,140 crore and Rs 50 lakh were made and transferred to Contingency Fund (CF) and Asset Development Fund (ADF), respectively.

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Reliance Capital to be excluded from 11 BSE S&P indices

Leading stock exchange BSE  said Reliance Capital will be shifted out of the BSE S&P indices from September 5 as the financial services provider is demerging its real estate lending business.

The company would be excluded from 11 S&P BSE indices, including S&P BSE AllCap, S&P BSE 200, S&P BSE 100, S&P BSE Sensex Next 50, S&P BSE Midcap and S&P BSE LargeMidcap indices.

"Reliance Capital is demerging its real estate lending business, which will be later merged with Reliance Home Finance Limited, an unlisted subsidiary of Reliance Capital," a BSE notice issued today said.

On account of this scheme of arrangement, effective at the open of September 5, changes will be made to the S&P BSE Indices, it said.

RHF had assets under management (AUM) of Rs 13,022 crore (USD 2 billion) as of June 30, 2017 and is expected to be listed on the exchanges in September.

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Vijaya Bank to raise Rs 1000-cr in QIP

State-run lender Vijaya Bank launched a Rs 1,000-crore institutional sale of shares with a floor price of Rs 66.36 per share.

The Bengaluru-based bank can offer a discount of up to 5 percent on the floor price for the qualified institutions' placement (QIP) of shares, it said in a regulatory filing.

The bank board had decided to go for the QIP at its meeting on May 9, for which the shareholders had given their ascent on June 23.

The QIP committee today approved the opening of the share sale immediately, it said.

The bank scrip closed 2.17 % up at Rs 70.75 a piece on the BSE today as against a 0.49 percent gains in the benchmark.

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BSE to move 4 firms to restricted segment for violating rules

Leading stock exchange BSE will next month shift stocks of four firms to the restricted trading category for not complying with listing rules. 

Delta Leasing and Finance, Muller and Phipps India, Unimers India and Visu International will be transferred to the Z group from September 1, the BSE said in a notice dated August 24. 

The Z group includes companies that have failed to comply with Sebi's listing requirements. 

The firms will be moved to the restricted trading category "due to non-compliances" for two consecutive quarters -- January-March and April-June -- with Regulation 31 of Sebi (Listing Obligations and Disclosure Requirements) Regulations, the exchange said. 

Regulation 31 relates to disclosure of shareholding pattern within a timeframe. 

The BSE also said the trades in the four scrips executed in the Z group will be settled on the trade-for-trade basis. 

Under this segment, no speculative trading is allowed, and delivery of shares and payment of consideration amount are mandatory. 

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Foreign ownership in BSE-200 rises by 43 bps to 24.93%

Foreigners have ramped up their ownership in domestic equities during the three months to June by 43 basis points to 24.93 percent, which is only a tad less than than the promoters' holdings, according to an industry report.

While foreigners own USD 388 billion in the BSE-200 index companies, domestic institutions investors (DIIs) account for only USD 271 billion, or 12.2 per cent, marginally up from 11.8 per cent three months ago, according to the data collated by domestic brokerage Kotak Securities.

This is 24.93 percent of the USD 1.557 trillion of market cap of the index, which is the single largest ownership of the domestic market, according to the report. In March FPIs' ownership in markets was 24.55 percent.

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Reliance Defence starts steel cutting on 14 fast patrol vessels

Reliance Infrastructure on Friday announced that its subsidiary Reliance Defence and Engineering Limited (RDEL) has commenced the steel cutting of 14 fast patrol vessels and undertaken the keel laying of the training ship for the Indian Coast Guard at their shipyard here.

Indian Coast Guard has contracted RDEL with delivery of 14 fast patrol vessels (FPVs) and one training ship. 

"The first of the FPVs will be delivered on schedule to the Coast Guard by January 2019 and thereafter the subsequent 13 vessels will be delivered one in every three months," the statement said. 

The ship is a medium range surface platform capable of operations in maritime zones of India. 

"The simultaneous keel laying of 3,500 tonnes training ship marks the commencement of block erection and dry dock activities for the ship scheduled for delivery by July 2018," it added. 

"The ship is fitted with total 10,400 KW main propulsion diesel engines delivering a maximum speed of 20 knots," Reliance said. 

The company has also repaired and retrofitted commercial and defence ships as well as mobile oil drilling platforms for international clients.

RDEL is the first private shipyard in India to obtain a defence production licence and sign a contract for defence ships in 2011, the company said.

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LIC trims stake in Tata Global Beverages to 5.67%

State-owned Life Insurance Corporation (LIC) has reduced its shareholding in FMCG firm Tata Global Beverages Ltd (TGBL) to 5.67 per cent by selling 2.03 stake in open market. 

LIC sold 1.28 crore shares, representing 2.03 per cent stake, of TGBL in open market between July 4 and August 23, the Tata group company said in a filing to BSE. 

The insurance giant had 7.70 per cent stake in TGBL earlier. 

In July, LIC had sold 2.14 per cent share in TGBL in the market to bring down its shareholding in the company to 7.70 per cent from 9.85 per cent earlier. 

TGBL's tea brand includes Tata Tea, Tetley, Good Earth Teas, Vitax, teapigs and JEMCA. 

It is the world's second-largest manufacturer and distributor of tea with significant brand presence in over 40 countries across Asia, Europe, North America, the Middle East, Africa and Australia. In coffee segment, it has Eight OClock and Grand brands. 

The Tata group firm also operates a coffee chain with Starbucks in India in a 50:50 joint venture. 

Shares of Tata Global Beverages Ltd (TGBL) ended at Rs 194.30 apiece, down 1.20 per cent, on the BSE.

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Hindustan Copper restarts mining operation at Surda Mine

Hindustan Copper said that mining operation of Surda Mine located at Ghatsila, Jharkhand has been restarted by Shriram EPC with effect from August 21, 2017. Surda mine has the capacity to produce 4 lakh tonne of copper ore annually, the company said in a filing to the Bombay Stock Exchange.

Earlier, the operation of Surda mine was stopped after India Resources (IRL), Special Purpose Vehicle (SPV) of Eastern Goldfields (EGL), has unilaterally terminated the operation and maintenance of Surda mine contract with effect from June 2, 2017. Meanwhile, shares of the company were trading at Rs 62.20 apiece, up 1.88 per cent from the previous close at 12:55 hours on BSE.

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Indian Metals & Ferro Alloys still at an attractive valuation

We had initiated coverage on IMFA (Indian Metals & Ferro Alloys) sometime ago and the stock continues to impress us post its quarterly earnings report. The company reported a turnaround performance with a net profit of Rs 100 crore in Q1 of FY18 as against a loss of Rs 30 crore in the year ago period which was impacted due to production disruption and lower realization.

The performance for the quarter gone by was largely driven by recovery in chrome prices. Despite a 6 percent drop in sales volumes to 48,500 tonnes, the company saw 69 percent year-on-year growth in revenues as sales realizations stood at close to Rs 87,000 per tonne as against Rs 51,600 a tonne in Q1 of FY17.

The benefits of operating leverage also kicked in and, consequently, costs actually declined by 2 percent to Rs 247 crore. This translated to higher profitability. The company also saw 328 percent increase in other income thanks to the increasing cash in the books.

We estimate cash to reach around Rs 660 crore (currently about Rs 300 crore) or about 40 percent of its current market capitalization by the end of FY18. Our estimates suggest that the company should be reporting an annual net profit of close to Rs 290 crore in the current financial year. At the current market price of Rs 465, the stock is still attractively valued at about 4 times its FY18 estimated earnings. The attractive valuation is in addition to other fundamental strengths like high margin and return ratios and a strong balance sheet.

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टाटा मोटर्स की 4000 करोड़ के निवेश की तैयारी

टाटा मोटर्स ने ग्रोथ के लिए नई रणनीति तैयार की है जिसके तहत कंपनी लागत में कमी के साथ-साथ नए प्रोडक्ट्स के लॉन्च पर जोर देगी। टाटा मोटर्स ने कार और ट्रक कारोबार में ग्रोथ के लिए 4000 करोड़ रुपये के निवेश की तैयारी कर रही है।

कंपनी के एमडी और सीईओ गुएंटर बुशेक के मुताबिक कंपनी इस साल पैसेंजर व्हीकल कारोबार में 2500 करोड़ रुपये का निवेश करेगी। वहीं कमर्शियल व्हीकल कारोबार में 1500 करोड़ रुपये का निवेश होगा।

टाटा मोटर्स 2022 तक नए प्रोडक्ट लॉन्च करेगी। कंपनी घाटे में चल रहे अपने घरेलू कारोबार को फायदे में लाना चाहती है। टाटा मोटर्स के मुताबिक इसके लिए अगले 6 से 9 महीने बेहद अहम हैं।

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Eight of top 10 firms add Rs 54,968 crore in market capitalization

The combined market valuation of eight of the 10 most valued firms surged by Rs 54,968.17 crore last week, with ITC and HUL emerging as the biggest gainers.

Infosys and State Bank of India (SBI) however suffered losses in their market capitalization (m-cap) for the week ended Friday. The rest eight firms including RIL, Tata Consultancy Services (TCS) and HDFC Bank saw an addition to their m-cap.

The valuation of ITC soared Rs 12,559.75 crore, to reach Rs 3,43,120.21 crore.

HUL's m-cap jumped Rs 10,140.52 crore to Rs 2,59,670.81 crore and that of Reliance Industries Ltd (RIL) advanced by Rs 9,381.74 crore to Rs 5,12,304.52 crore.

IOC, the new entrant in the top-10 list, added Rs 7,042.02 crore to Rs 2,07,250.02 crore in its market valuation.

The m-cap of HDFC soared Rs 6,579.77 crore to Rs 2,76,439.84 crore and that of Maruti Suzuki India surged Rs 5,050.78 crore to Rs 2,30,186.52 crore.

TCS' valuation went up by Rs 3,608.43 crore to Rs 4,81,031.76 crore and that of HDFC Bank rose by Rs 605.16 crore to Rs 4,51,602.81 crore.

On the other hand, Infosys saw its m-cap erode by Rs 14,847.69 crore to Rs 2,12,033.02 crore. Shares of Infosys had on Friday ended sharply lower by nearly 10 percent after Vishal Sikka, the first non-founder CEO of the company, called it quits.

SBI's valuation slumped Rs 1,726.41 crore to Rs 2,40,532.08 crore. RIL continued to rule the top-10 m-cap chart followed by TCS, HDFC Bank, ITC, HDFC, Hindustan Unilever Ltd, SBI, Maruti, Infosys and IOC. Over the last week, the BSE's 30-share benchmark recorded gains of 311.09 points, or 0.99%.

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India Inc profit dips 11% in Q1 on GST destocking

The impending goods and services tax (GST) regime has made a dent on India Inc' earnings for the April-June period, with profit growth falling to a five quarter low of 11 per cent, says a Morgan Stanley report. 

According to the global brokerage firm, GST, which was executed on July 1, adversely affected net profits growth for the first quarter of the current fiscal, with companies in the materials, consumer discretionary sharing bulk of the burden. 

Financials, utilities, technology and telecom sector companies did not report impact of GST on their earnings either in their earnings release or the management commentary. 

However, corporates' revenues saw strong growth at 10 per cent, the highest in last 12 quarters, for April-June period of 2017, compared to same period year-ago. 

At the sector level, commodity linked sectors (energy, materials and utilities) and industrials reported the strongest revenue growth, while telecom, consumer discretionary saw the most decline in net profits. 

For an even broader sample of 2,629 companies, revenue rose 9 per cent and net profit growth fell 11 per cent year-on-year, it said. 

Further, Sensex companies saw revenue growth of 5 per cent and fall in net profit growth of 6 per cent, for the period under review .

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Lakshmi Vilas Bank looks to raise funds

Private sector lender Lakshmi Vilas BankBSE -0.45 % is looking to raise fresh equity capital as much as Rs 1,000 crore by September but the volatile market may play a party pooper. 

The Chennai-based bank is in talks with institutional investors as it is growing its loan book at 15% rate. The bank managing director Parthasarathi Mukherjee said the bank needs capital to keep the growth momentum. 

International investors such as Morgan Stanley Investment Managers and ChrysCapital have recently had a meeting with the bank’s top management. Local investors like Aviva Life Insurance Company, ICICI Prudential Mutual Fund, Kotak Mutual Fund and HDFC Mutual Fund have also met Mukherjee and executive director N Venkatesh, the bank informed the stock exchanges in two separate filings on August 11 and August 3. 

The volatile market has however kept the bank management guessing with the bank stock price falling about 13% in a month to Rs 178 on BSE, upsetting the pricing of the proposed qualified institutional placement (QIP). 

According to Securities & Exchange Board of India rule, the pricing of the equity shares for qualified institutional placement is being arrived at by taking the average of weekly highs and weekly lows of the closing prices for six months or during the fortnight preceding the relevant date, whichever is higher. 

“The bank is well capitalised but the rise in gross NPAs (to 3.78% as on June from 2.67% a quarter back) in the first quarter is a concern and the bank may need more capital to cover it in the future. More capital may also be needed since it is chasing an aggressive retail and SME growth plan with opening of more branches,” said Sanjeev Jain, associate vice president at Ashika Stock Broking. 

Earlier in January, the bank raised Rs 167 crore in a share-sell to institutional buyers at Rs 140 per equity share of face value Rs 10. 

The bank said its gross advances grew 15% Rs 23,236 crore as on June 30, from Rs 20,182.72 crore a year earlier. Its total business rose 14% to Rs 52,712 crore. It has reported 9% rise in net profit at Rs 66 crore for the first quarter. 

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KKR's Moneyline Portfolio sells 85 lakh shares in Max Financial

Private equity major KKR's unit Moneyline Portfolio Investments sold 85 lakh shares in Max Financial Services on Wednesday at Rs 605.02 per share, bulk deal data on the BSE showed. 

The name of the buyers could not be ascertained immediately. Moneyline Portfolio held 2.66 crore shares or 9.94% stake in Max Financial at the end of June. Shares of Max Financial ended up 0.84% at Rs 605.10 on the BSE, off its day's high of Rs 624. 

KKR had acquired the stake in Max Financial in February 2016 from a group of promoters including Analjit Singh, to become the largest institutional shareholder in the company. 

Besides Moneyline, Barron Emerging Markets Fund held 28.15 lakh shares or 1.05% stake in Max Financial, while Morgan Stanley (France) S.A. held 44.69 lakh shares or 1.67% stake, shareholding data for the quarter ended June showed.

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350 stocks seeing strong FPI interest ; Up to 550% return in 1 year

With strong fundamentals as well as strong growth visibility for the domestic economy, foreign portfolio investors (FPI) continued to be upbeat on the domestic capital market for the second consecutive financial year. 

They increased stake in 350 companies during June quarter compared with that in March quarter. Some of these stocks have surged up to 550 per cent in last one year. 

Starting with top gainers, shares of Indiabulls Ventures have risen 546 % to Rs 190.90 on July 31, 2017 from Rs 29.55 on July 29, 2016. FPIs increased stake in the company to 13.41 % as of June 30, 2017 from 1.50 % as of March 31, 2017. 

Jindal Worldwide is another stock that is seeing a lot of FPI interest. Foreign portfolio investors held 0.02 % stake in the company at the end of June quarter against zero holding at the end of March quarter. Shares of Jindal Worldwide have risen 373 % in last one year till July 31, 2017 .

Net FPI inflow to Indian equities, which stood at Rs 48,411 crore in 2016-17, has already exceeded Rs 1 lakh crore this financial year. With robust inflows, equity benchmarks Sensex and Nifty have surged to record highs. 

Nifty recently surpassed the 10,000-mark for the first time since its inception two decades ago while the Sensex breached the 32,500 mark, a lifetime high.

Some of the midcap and smallcap stocks that gained favour from FPIs during the quarter included Minda Industries, Indian Metals, Caplin Point Labs, Avanti Feeds, Nocil, Future Lifestyle, JP Associates, Rane Holdings, Sterlite Technologies, PNB Gilts, National Fertilizer, Siyaram Silk and MRF. 

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5 Stocks of the week

Recommendations for the week -

Amid the prevailing volatility and correction in benchmark equity indices Sensex and Nifty, We recommends following five stocks for the week.

Balrampur Chini Mills

Buy this stock above Rs 166 with a short term holding target of Rs 178.

Momentum is likely to return to this stock.

After a throwback, the Weekly MACD has shown a positive crossover and it is bullish trading above its signal line.

A engulfing bullish pattern has occurred near the strong pattern area support which is bullish.

RSI has rested at a minor double bottom and has turned back.

Rashtriya Chemicals and Fertilizers

Buy this stock above Rs 92 with medium term target of Rs 100.

The stock qualifies for a medium term buy.

The stock broke out on the upside from an otherwise descending pattern.

It failed to clear the Double Top Resistance at Rs 99.60 comprehensively and saw nearly 14 per cent corrective decline from the highs of Rs 106.40.

A bullish belt hold pattern which is a bullish reversal pattern and is often effective.

Can Fin Homes

Buy this stock above Rs 2,882 with short term holding target of Rs 3,030.

A technical pullback is expected in this stock.

After a corrective decline, the stock took support at its 100-DMA and at this place a bullish engulfing candle has emerged.

This is followed by a buy over Stochastic with a bullish divergence which is a positive sign.

Biocon

Buy this stock above Rs 340 with medium term target of Rs 355

The stock is likely to see a technical pullback.

After dipping below 200-DMA intraday, it has bounced back has had held on to the 200-DMA at Close levels which is a major support area.

In the process, a bullish engulfing pattern has occurred followed by a buy signal over Stochastic with a bullish divergence.

Tata Elxsi

Buy this stock above Rs 1,605 with medium term holding target of Rs 1,750.

The stock qualifies from a swing trade.

It halted its decline near multi month pattern support and this also lies in close vicinity of another major support of 100-DMA.

The MACD has started to flatten and is likely to change trajectory in coming days.

This stock also lies in leading quadrant of the IT Index which is likely to continue to improve both Relative Strength and Momentum when benchmarked against NIFTY.

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RBI halves dividend payout in FY17

The Reserve Bank of India (RBI) has halved its yearly dividend transfer to the government at Rs 30,659 crore for financial year 2016-17, potentially upsetting the government’s fiscal math this year.

The government had budgeted to earn about Rs 58,000 crore as dividend from the RBI, and the lower payout may force the Centre to borrow more from the market, widening the fiscal deficit for 2017-18.

The lower dividend payout also ran counter to the widely held view that demonetisation and unreturned currency notes could lead to a windfall for the government through special dividends.

The RBI, which follows a July-June financial year, had paid Rs 65,876 crore as dividends to the government for 2015-16. The sharp drop in dividend payout has baffled analysts, amid expectations of a significant jump in the central bank’s dividend transfer to the Centre because of demonetisation.

In March, the Parliament enacted the Specified Bank Notes (Cessation of Liabilities) law. The government withdrew more than Rs 15 lakh crore from the system by outlawing old Rs 500 and Rs 1,000 notes.

While the final value of unreturned money has not been disclosed yet, the new law was aimed at enabling the RBI to write off unreturned amount from its balance sheet. The written-off amount, under the law, can be transferred to the government as a special dividend.

At the end of each financial year, RBI transfers the surplus generated from its functions to the government after accounting for any funds transferred to the contingency reserve or the asset development fund.

Over the past two years, the RBI transferred the entire surplus generated to the government via the dividend.

RBI's operations are not guided by a profit motive but providing adequate liquidity and foreign currency and maintaining orderly conditions in the market.

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टाटा मोटर्सः मुनाफा 41.6% बढ़ा, आय 9.6% घटी

वित्त वर्ष 2018 की पहली तिमाही में टाटा मोटर्स का मुनाफा 41.6 फीसदी बढ़कर 3200 करोड़ रुपये हो गया है। वित्त वर्ष 2017 की पहली तिमाही में टाटा मोटर्स का मुनाफा 2260 करोड़ रुपये रहा था।

वित्त वर्ष 2018 की पहली तिमाही में टाटा मोटर्स की आय 9.6 फीसदी घटकर 58,651 करोड़ रुपये रही है। वित्त वर्ष 2017 की पहली तिमाही में टाटा मोटर्स की आय 66,166 करोड़ रुपये रही थी।

सालाना आधार पर पहली तिमाही में टाटा मोटर्स का एबिटडा 7616 करोड़ रुपये से घटकर 5597 करोड़ रुपये रहा है। सालाना आधार पर पहली तिमाही में टाटा मोटर्स का एबिटडा मार्जिन 11.7 फीसदी से घटकर 9.6 फीसदी रहा है।

वहीं, वित्त वर्ष 2018 की पहली तिमाही में टाटा मोटर्स को 467 करोड़ रुपये का स्टैंडअलोन घाटा हुआ है। वित्त वर्ष 2017 की पहली तिमाही में टाटा मोटर्स का स्टैंडअलोन मुनाफा 25.7 करोड़ रुपये रहा था।

वित्त वर्ष 2018 की पहली तिमाही में टाटा मोटर्स की स्टैंडअलोन आय 9.3 फीसदी घटकर 10,375 करोड़ रुपये रही है। वित्त वर्ष 2017 की पहली तिमाही में टाटा मोटर्स की स्टैंडअलोन आय 11,435 करोड़ रुपये रही थी।

वित्त वर्ष 2018 की पहली तिमाही में टाटा मोटर्स का स्टैंडअलोन एबिटडा 64.1 करोड़ रुपये के घाटे में रहा है। वित्त वर्ष 2017 की पहली तिमाही में टाटा मोटर्स का स्टैंडअलोन एबिटडा 475 करोड़ रुपये के मुनाफे में था।

वित्त वर्ष 2018 की पहली तिमाही में जेएलआर का मुनाफा 59.5 करोड़ पाउंड रहा है, जिसमें 43.7 करोड़ पाउंड का एकमुश्त क्रेडिट शामिल है। सालाना आधार पर पहली तिमाही में जेएलआर की आय 24.4 करोड़ पाउंड बढ़कर 560 करोड़ पाउंड रही है।

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Nifty forms Head & Shoulder pattern, weakness to persist for sometime

The Nifty50 dropped for the third session in a row on Wednesday to close a tad above the 9,900 level. The index started forming lower tops and lower bottoms, while it may have also formed a ‘Head & Shoulder’ pattern on the daily charts. This signals more correction ahead, probably towards the 9,800 mark in the near term. 

On Wednesday, the Nifty50 tumbled as soon as the opening bell rang. At no point during the session did the index enter the positive terrain. The 50-pack index closed the day at 9,908, down 70.50 points, or 0.71 %. 

Mazhar Mohammad, Chief Strategist for Technical Research & Trading Advisory, Chartviewindia.in, said any follow-through selloff on Thursday could eventually drag the index towards its 50-day moving average placed around the 9,768 level. 

Mazhar advised traders to avoid buying on dips for the time being as they would be better off waiting for some initial signs of strength. 

Sacchitanand Uttekar, AVP, Technicals (Equity), Tradebulls, said that a Head & Shoulder formation seems to have emerged on the daily charts. 

“The index registered consecutive firm close below its neckline. The pattern indicates a target up to 9,800. A follow-through move below 9,800 could amplify the bearish momentum. As we expect the seasonality effect to be sip in during the current series, participants are advised to book profit where possible and wait for this corrective wave to pass,” Utekar said. 

Sameet Chavan of Angel Broking advised investors to use any bounce back towards 9,960-9,990 zone to move out of existing positions. “This corrective move is likely to extend towards the 9,870-9,820 zone,” he said. 

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5 stocks which can give up to 14% return

New highs appear to be the flavour of the season across the global financial markets as Nifty50 also partook in it with a record high of 10,000 plus levels.

There are many sceptics surrounding the very nature of this bull market at every rise but it has nourished itself on the back of uncertain events like Brexit and demonetisation.

In the near term, based on long term charts, we expect Nifty50 to head towards critical resistance zone of 10,350 – 10,500 levels and certainly as of now there are no signs of big crashes or corrections.

Trade is clearly visible on the long side as there is no evidence for reversal even on lower time frame charts and bulls appears to have extended their life line further as Nifty50 comfortably trading above historical landmark of 10,000 levels on closing basis.

JSW Steel: BUY| Target Rs249| Stop Loss Rs220| Return 9%

Metals as a pack is looking quite interesting for some time and JSW appears to be leading this pack with new life time highs.

Hence, traders can look into this opportunity for a target of 249 with a stop below 220 on the closing basis.

IndusInd Bank: BUY|Target Rs1747|Stop Loss Rs1630| Return 5%

Two weeks back this counter registered a new life time with a channel breakout which has thrown up a new target placed around Rs750 levels.

Friday’s move, after 2 days of corrective swing, from the lows of Rs1,640 is suggesting that it might have resumed its upswing. Hence, traders can look into this opportunity for a target of Rs1,747 with a stop of Rs1,630.

Divis Laboratories: BUY|Target Rs760| Stop Loss Rs647| Return 11%

Surprisingly, this counter remained indifferent to the carnage witnessed in the largecap pharma space suggesting that it has decoupled itself with the negativity surrounding in the sector.

Hence there is a higher probability of it resuming its uptrend and target Rs760 kind of levels. Traders are advised to maintain a stop loss below Rs647.

PVR: BUY| Target Rs1465| Stop Loss Rs1367| Return 4%

The stock saw recent drubbing from the highs of Rs1,600 found this counter taking support around its 200-day moving averages (DMA) and it appears that it is placed at a recent low of Rs1,318. It has bottomed out and embarked on a short term uptrend.

Hence, should look into this opportunity for a target of Rs1465 with a stop of Rs1367.

Escorts: BUY|Target Rs767|Stop Loss Rs630| Return 14%

The rally from the recent low of Rs635 on high volumes on the back of decent result and double bottom kind of technical formation is signalling the end of the corrective swing which is in place from the highs of Rs767.

Hence, traders should make use of the current dips to create long positions for a target of Rs767 and a stop loss of Rs630.

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GST Council to discuss rates of agri services, e-way bill issues

The all-powerful Goods and Services Tax (GST) Council will take up representations from the industry regarding revision of rates, while focusing primarily on changing tax rate of agriculture and agricultural services such as warehousing and garment job works.

The Council, headed by Finance Minister Arun Jaitley, will meet on Saturday to take a stock of implementation the country’s biggest tax reform that was rolled out on July 1.

It will also iron out crucial issues related to electronic-way (e-way) bill, finalise a mechanism to operationalise anti-profiteering clause and revisit the demands of the textile as well as other sectors, a senior government official told Moneycontrol.

The rates of items such as ribbons and gas stove may also be taken up for discussion, with agriculture being the main focus of the government.

Cigarette and tobacco products may be taken up yet again by the Council, the official said.

"Area-based exemptions for Assam and other north-eastern states may also be discussed," the official said.

Sources said that rates of IT products, fly-ash bricks, bio-diesel and certain food items such as dried fish and vegetable blended edible oil is likely to be brought down.

The Centre and the State is divided on certain parameters related to the e-way bill. For instance, states are of the opinion that the bill should be obtained for intra-state movement of goods, while Centre feels that it should be generated only for inter-state movement, the official explained, adding that the Council is most likely to debate on these issues.

While GST rate for certain items may be revised, the government has time and again reiterated that change in rate is not something that the Council in keen on, until something has been left out or there has been an error in judgement by the fitment committee.

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BSE`s Q1 result consolidated net profit zooms to Rs 524 cr

BSE, Asia's oldest stock exchange, Yesterday reported a 12-fold jump in net profit to Rs 523.70 crore for the June quarter of the current financial year. 

In comparison, the exchange had a net profit of Rs 43.70 crore in the first quarter of last fiscal, 2016-17, BSE said in a statement. 

The total income rose by 11 per cent to Rs 158.38 crore in the first quarter of the current fiscal (2017-18), from Rs 142.73 crore in the year-ago period. 

The exchange has made a 'gain on sale of subsidiary' totalling Rs 461.75 crore. It has partially divested its stake in a subsidiary company, CDSLBSE 0.00 %, on June 29, 2017. 

"The divestment has resulted in a loss of control and therefore the profit on sale of the investment in the subsidiary amounting to Rs 451.18 crore has been credited to the consolidated financial results during the quarter ended June 30, 2017," BSE said 

The exchange witnessed 155 per cent growth in the average monthly number of order processed in mutual fund segment to 9.2 lakh orders during the period under review from 3.6 Lakh in the first quarter of the preceding fiscal. 

Further, average daily turnover in India International Exchange, BSE's subsidiary at GIFT City, for July stood at USD 57 million, growing at monthly compounded growth rate of 96 per cent since commencement of operations in January. 

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RBI allows overseas investors to bet more on Interest futures market

The RBI has created a separate limit for the foreign portfolio investors investing in the interest rate futures (IRF) market -- a market normally tapped by those holding government securities to hedge interest-rate risks. By doing so, the central bank has indirectly raised the bond holding limit of FPIs. 

"It is proposed to allocate FPIs a separate limit of Rs 5,000 crore for long position in IRFs," RBI said in the policy statement. "The limits prescribed for investment by FPIs in government securities will then be exclusively available for acquiring such securities." 

Interest rate futures (IRFs) are no different from stock and currency futures on which individuals and institutions bet either to trade or cover risks against bond investments. In IRF contracts, a trader will go long when he expects the price of the 10-year underlying bond to rise. 

"There are a few FPIs, who trade in interest rate futures," said Sandeep Bagla, associate director at Trust Capital Services. "With this separate limit, others too can join them. Overall the move will give more space for FPI participation." 

"RBI too does not need to worry about exchange rate risk as long as IRF trades are concerned," he said. 

Overseas investors have been aggressively investing in Indian debt securities. But they have exhausted 99.34 per cent of the total limit now at Rs 1,87,700 crore, shows data from National Securities Depository. They have nearly used up the full limit in corporate bonds pegged at Rs 2.26 lakh crore. 

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Govt to sell 4% in Hind Copper

The government will sell 3.70 crore equity shares in Hindustan Copper at a floor price of Rs 64.75 apiece through a two-day offer-for-sale (OFS) beginning today, with an option to issue a similar number of shares in case of over subscription.

The sale of 4 % stake or over 3.70 crore shares at Rs 64.75 apiece would fetch about Rs 240 crore to the exchequer.

In case, the government decides to issue additional up to 3.70 crore shares, the share sale can together fetch up to Rs 480 crore to the exchequer.

The government currently holds 82.88 %  stake in Hindustan Copper Ltd (HCL) and the stake sale with green shoe option would help the government meet the minimum public shareholding norm of market regulator Sebi. The floor price of Rs 64.75 a unit is at an 8.35 percent discount over today's closing price of Rs 70.65 on the BSE.

The two-day OFS would open for institutional investors tomorrow and retail investors would get to bid on August 3. Retail investor is defined as the one who place bids for shares not more than Rs 2 lakh.

The government has already raised over Rs 8,428 crore through disinvestment in five companies, and one share buy back. The government has budgeted to raise Rs 72,500 crore through stake sale in PSUs. This includes Rs 46,500 crore from minority stake sale, Rs 15,000 crore from strategic disinvestment and Rs 11,000 crore from listing of insurance companies.

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Commodity Market Update

Silver prices climbed Rs 100 to Rs 39,250 per kg at the bullion market today, tracking a firm trend overseas and increased offtake by consuming industries. 

Gold, however, remained flat at Rs 29,300 per 10 grams in scattered deals even as it strengthened overseas. 

Traders attributed the rise in silver prices to positive global cues amid pick-up in demand from industrial units and coin makers at the domestic spot market. 

Globally, silver rose 1.09 per cent to USD 16.74 an ounce and gold by 0.83 per cent to USD 1,269.10 an ounce in New York in yesterday's trade. 

In the national capital, silver ready went up by Rs 100 to Rs 39,250 per kg and weekly-based delivery by Rs 310 to Rs 38,460 per kg. 

Silver coins, however, remained steady at Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces.

On the other hand, gold of 99.9 per cent and 99.5 per cent purity held steady at Rs 29,300 and Rs 29,150 per 10 grams, respectively. 

Sovereign too remained unaltered at Rs 24,400 per piece of eight grams. 

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