Nifty hovers around 10,500 ahead of F&O expiry: Hindalco top gainer

Buzzing: shares of Kolte-Patil Developers included 5 percent in morning as the organization will raise Rs 193 crore from worldwide speculation firm KKR.

"The organization has reported that worldwide speculation firm KKR has conferred Rs 193 crore in Kolte-Patil I-Ven Townships (Pune) (KPIT), a joint wander of Kolte-Patil and ICICI Venture Funds Management Company," organization said in public statement.

KPIT is creating Life Republic, a 383-section of land township situated in Pune's IT center point, Hinjewadi.

FII View: Indranil Sen Gupta of Bank of America Merrill Lynch said the administration's choice to obtain another Rs 50,000 crore was an avoidable negative amazement in an effectively apprehensive G-Sec market.

The auction in G-Secs is postponing loaning rate cuts, despite bank recapitalisation and pushing back recuperation, he included.

While the Finance Ministry has called attention to that this will get subsidized by development of T-Bills, TB development ordinarily discharges liquidity in the 'occupied' mechanical season in the March quarter, he said.

As per Gupta, it would have been exceptional for the Center to have drawn down its surplus adjusts with the RBI.


Market Update: Benchmark files kept on being rangebound in morning in front of last expiry of prospects and alternatives contracts of the year.

The 30-share BSE Sensex was up 24.71 focuses at 33,936.52 and the 50-share NSE Nifty increased 12.60 focuses at 10,503.40.

Around two offers progressed for each offer falling on the BSE.

Market Outlook: Devam Modi, Director – Equirus Securities said in a meeting to Moneycontrol that the Nifty is as of now exchanging at TTM P/E and P/B numerous of 26.8 and 3.54 separately. The normal TTM P/E and P/B numerous of Nifty since January 2000 is 19.1 and 3.6, separately. The business sectors have ascended in the previous couple of months on the back of solid liquidity and desires of income recuperation in second 50% of FY18.

"We are careful on the more extensive markets since there are different dangers identified with USD deterioration, unrefined keep running up, higher expansion desires, firming up of security yields and moderately high TTM valuations. Be that as it may, we have a base up approach in stock choice and any adjustment in these stocks as a result of hosing all in all business sectors should remain a "purchase on plunge"," he said.


Fiscal shortfall: Samiran Chakraborty of Citi said the last time government turned to additional obtaining of generally Rs 90,000 crore was in FY12 when the monetary deficiency was reexamined from the planned level of 4.6 percent of GDP to 5.9 percent of GDP.

After around 5 years of financial marksmanship, the phantom of additional acquiring and monetary slippage has returned, he included.

The examination house evaluated a 30 bps slippage in FY18 financial shortage focus (from 3.2 percent of GDP to 3.5 percent of GDP) in the wake of considering the deficit in RBI profit, income inescapable from extract obligation cut and supplementary awards, he said. "The additional acquiring declaration, in this way, vindicates our perspective of monetary slippage."

Subsidy Claim: Cement creator Star Cement said it has gotten Rs 158.82 crore towards capital speculation appropriation assert from the legislature.

The organization will utilize these assets to reimburse advances, it said.

Star Cement alongside its auxiliary, Star Cement Meghalaya has gotten Rs 158.82 crore "towards capital venture appropriation assert from the focal government and this sum will be used towards reimbursement of credits," the organization said in an administrative documenting.


SEBI on Axis Bank: The Securities and Exchange Board of India (SEBI) has guided Axis Bank to direct an inward request in the WhatsApp spill case. The request should be led inside a time of 3 months from the date of request and the bank should record a give an account of it inside 7 days from the consummation of the request.

Moneycontrol had before announced that the market controller had started an examination into spillage of value touchy data through WhatsApp gatherings.

SEBI, in a discharge on Wednesday, said that before its income on July 25, 2017, "money related outcomes flowed on the gatherings were either coordinating in totality or were near the genuine declarations". The main exemption, it stated, was the slippage figure as can be found in the accompanying table:


Market Check: Equity benchmarks bounced back with mellow picks up in the midst of instability on Thursday morning, in front of expiry of December fates and choices contracts.

The 30-share BSE Sensex was up 51.96 focuses at 33,963.77 and the 50-share NSE Nifty picked up 21 focuses at 10,511.80.

Hindalco Industries, Vedanta, Aurobindo Pharma, BPCL, Lupin, HUL, Tata Steel, Coal India and Dr Reddy's Labs were early gainers.

The Nifty Midcap was up 0.24 percent.

Star Cement, Monnet Ispat, Reliance Communications, Kolte-Patil Developers and Hindustan Copper encouraged 4-12 percent.

The Indian rupee has slipped to its most minimal level since December 18, exchanging at around 64.26 against the US dollar while 10-year security yield rose to 7.33 percent, the largest amount since July 13, 2016.

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Buy Reliance Industries, Cipla, Yes Bank; sell Bank of Baroda: Sudarshan Sukhani

Sudarshan Sukhani of s2analytics.com told CNBC-TV18, "Reliance Industries is a purchasing opportunity independently and exclusively. This stock obviously was in an exchanging range for three weeks and is presently ready to go higher; that is the sense I get."


He additionally included, "Cipla is a purchase. There was a tolerable and sensible rectification in the stock and that redress was finished. Recently we had a decent day in Cipla and that is most likely a flag that the uptrend should proceed."
"My old top choice, Hindustan Unilever (HUL) is a purchasing opportunity. We have had three down days in it; it didn't take an interest in this 10,500 record in any event. Be that as it may, there is a restricted range and there is an inside day. So HUL is most likely eager to join that gathering once more."


"Truly Bank has come in purchase list before. After that huge decay, it was level and uniting, and that solidification to me is taking the state of a bullish example. Thus, we are actually purchasing on a plunge on the off chance that we are correct. So Yes Bank is a purchase."


"Bank of Baroda from the PSU banks, is a short offer. Keep short offers just intraday," he included.


Revelation: Reliance Industries Ltd. is the sole recipient of Independent Media Trust which controls Network18 Media and Investments Ltd.
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Book profits at higher levels; 4 stocks which could give up to 11% return

The Indian equity market witnessed a strong uptrend rally despite a negative momentum during the early weekday session on the backdrop of the election result.

The Nifty index managed to close above a crucial hurdle placed at 10,400 levels last week which enabled the index to breakout with a record high level at 10,501 but it failed to sustain above that level. However, the index closed on the positive trajectory at 10,493.

On the daily price chart, the index formed a hard bull candlestick pattern after consolidating for the past two sessions, indicating a possibility of a rally in the upcoming session.



Further, the force pointer turned positive with the relative quality record (RSI) at 63 step up from prior zone combined with MACD still over its Signal Line.

Given an unstable week in front of F&O expiry, the file is relied upon to exchange with the rangebound level at 10,550 on upside and 10,410 levels on the drawback.

In any case, it should support over 10,450 levels to proceed with the uptrend rally. We encourage financial specialists to book benefits at a more elevated amount in front of new arrangement.

Here is a rundown of best 4 stocks which could offer up to 11% return for the time being:

Puravankara Projects Ltd: BUY| Target Rs195 | Stop-misfortune Rs160 | Return 11%

Puravankara Projects exchanged on uptrend direction for a large portion of the session regardless of a minor solidification on specific levels.

Despite the fact that exchanging on level energy amid the early weekday's session, the stock saw a solid volume development towards the last exchanging session to enroll 52-week high at 182 levels however neglect to manage.

Notwithstanding, it figured out how to close the session with 5.07 percent pick up on an intraday premise. On the week by week value outline, the stock shaped a solid bullish candle design combined with its auxiliary energy showing a solid help for the uptrend.

The scrip likewise saw an essential bullish hybrid demonstrated by MACD which flags a positive pattern. With value exchanging over every one of the levels in the present session, a noteworthy help for the scrip is put at 151 levels and protection level at 182.

We have a BUY proposal for Puravankara which is as of now exchanging at Rs. 176.20

JK Paper Ltd: BUY | Target Rs155 | Stop-misfortune Rs135 |Return 8%

JK Paper saw a solid bullish inversion drift in the wake of solidifying at higher help level put almost 117 and kept on exchanging on uptrend direction.

In spite of exchanging on quieted development amid early session, the value incline bobbed on bullish front combined with volume bolster towards the end of the week and increased around 10 percent on week after week premise.

On the every day value diagram, the scrip shaped a bullish immersing sort of candle design recommending a conceivable up move in the up and coming session. Further, the RSI at 60s levels shows a great purchasing value zone for bulls combined with positive MACD at 5.42 still in place over its Signal Line.

With the present value exchanging most importantly moving normal levels, a noteworthy help for the scrip is seen at Rs133 and protection level is set at Rs159. We have a BUY suggestion for JK Paper which is at present exchanging at Rs143.85

Bombay Rayon Fashions: SELL| Target Rs145 | Stop-misfortune Rs160 | Return 5%

Bombay Rayon kept on confronting headwinds on its every day value development in the wake of enlisting 52-week high and saw a proceeded with free tumble to exchange at bring down level from that point.

In spite of seeing the up move it neglected to maintain and stayed under strain with negative viewpoint combined with bring down volume bolster.

On the week after week value outline, it shaped a solid bearish candle design which is relied upon to hold the stock under strain with no real breakout in here and now.

Further, the cost is at present underneath all the moving normal level combined with bearish hybrid on its energy pointer, along these lines showing a proceeded with negative viewpoint going ahead.

The stock is confronting protection at 168 levels while the help level is seen at 140. We have a SELL suggestion for Bombay Rayon which is presently exchanging at Rs. 152

Dilip Buildcon Ltd: BUY| Target Rs1044 | Stop-misfortune Rs. 978 | Return 5%

Dilip Buildcon saw a solid union at 880-911 levels amid the begin of the month giving a bearish viewpoint in the wake of arousing at a more elevated amount. In any case, amid the present session, the stock remembered from its urgent help level set close to 973 and gave a bullish inversion incline with 9.56 percent pick up on week after week premise.

In the wake of shutting the last session with 7% pick up, the stock framed a bullish candle design, demonstrating a bullish inversion drift in its day by day value diagram.

The force marker with RSI level at 69 additionally proposes a solid help for bullish uptrend combined with MACD demonstrating a bullish hybrid simply occurring at current administration.

Right now, the scrip is confronting a quick protection from its 52-weeks high at 1008 levels took after by 1210 and significant help will be seen at 933 levels. We have a BUY suggestion for Dilip Buildcon which is as of now exchanging at Rs. 993.85.

Disclaimer: The creator is Founder and CEO, 5nance.com. The perspectives and venture tips communicated by speculation master without anyone else and not that of the site or its administration. Moneycontrol.com encourages clients to check with guaranteed specialists before taking any venture choices.
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Prataap Snacks' Rs 482-cr IPO to hit market on September 22

Indore-based snacks maker Prataap Snacks' estimated Rs 482-crore initial public offer (IPO) will open for subscription on September 22.

The issue, with a price band of Rs 930-Rs 938 per equity share, will close on September 26.

The Rs 482-crore issue size includes Rs 200 crore through fresh equity issue and the rest from offer for sale. It will also offer a discount of Rs 90 per share to eligible employees of the company.

The Sequoia Capital-backed company, which clocked a revenue of Rs 903 crore last fiscal, also plans to enter the sweet snacks category in a fortnight's time, Managing Director and Chief Executive Officer Amit Kumat told reporters here.

Sequoia Capital's stake would reduce to 49 % post IPO from 63 % at present, while the other three promoters -- Arvind Mehta, Amit Kumat and Apoorva Kumat's shareholding will come down to approximately 24 % from around 33-34 % at present.

The organised snack category in India is estimated to be Rs 22,000 crore in size and growing at 10-11 %. Prataap Snacks has been clocking a CAGR of over 27 %.

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Tata Sons seeks shareholder nod to change status to private limited

Tata Sons will seek minority shareholder nod to amend the company's Articles of Association (AoA) and Memorandum of Association (MoA) to make it a private limited company from a public limited one, sources tell CNBC-TV18.

If the shareholders approve the changes, Tata Sons will be renamed as Tata Sons Private Ltd. from Tata Sons Ltd. The change, proposed ahead of the annual general meeting (AGM) slated for September 21, will require to be cleared by NCLT. Along with this, 75 percent of minority shareholders will have to grant approval.

“The reinstatement of Tata Sons as a private company was considered by the Board to be in the best interest of the Company,” the company said.

Meanwhile, Shapoorji Pallonji has opposed the move saying, “The proposal to convert Tata Sons from a public company to a private company constitutes yet another act of oppression of the minority shareholders of Tata Sons at the hands of the majority shareholders.”

The company’s rationale behind the conversion into private limited is that it will mean less compliance. Also, transfer of shares can be restricted by adding necessary covenants in the AoA. Other benefits out of this change would be that in a public company restriction on free transferability of shares is not maintainable.

The company’s current shareholding pattern is as follows-

Tata trusts- 66 percent

Shapoorji Pallonji - 18.4 percent

(Via Cyrus investments & Sterling investment)

Rest- 15.6 percent

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Kamdhenu Q1 profit jumps 45% to Rs 2.76 crore

Kamdhenu Ltd, one of the largest sellers of branded TMT bars, has posted a 45% rise in net profit in the first quarter ended June 30, 2017 (Q1 FY18) to Rs 2.76 crore over previous corresponding period. The company’s revenues went up 23% in Q1FY18 to Rs 235.72 crore over same period last year, led by higher volume of sales and an increase in steel prices during the quarter under review. 

The company said it managed to increase sales volume by almost 12% in April-June 2017 despite a downtrend in domestic steel industry which has seen poor demand from housing and real sector where the company’s main product, TMT bars are used in construction activity. 

“We are focused on further expanding the reach of Kamdhenu brand and in the process we have managed to convert a portion of the unorganized segment of the industry into organized one by providing them with quality and technology and marketing support, Agarwal pointed out. 

Sharing his future outlook, Agarwal said with onset of festive season and normalization of operations post GST implementation, we expect strong recovery in demand from real estate and infrastructure sectors. “This trend is likely to strengthen further with increase in construction activity in ruburban India due to good monsoon and increased demand for structural steels for large infrastructure projects,” Agarwal added. 

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Sebi tweaks exposure limits for brokers

Sebi modified open interest limits for bank and non-bank stock brokers in currency derivative contracts. 

Besides, the markets regulator has asked stock exchanges to have a uniform methodology for computing and monitoring proprietary position limits in the currency contracts. 

In currency derivatives parlance, open interest generally refers to positions taken by a broker that are yet to be closed. 

USD-INR, EUR-INR, GBP-INR and JPY-INR are among the currency derivative pairs or FCY-INR. 

With respect to bank stock brokers, the single INR limit for proprietary position will be the higher of the 15 per cent total open interest across all FCY-INR pairs or up to USD 200 million, the circular said. 

In the case of non-bank stock brokers, the same will be applicable except for the overall limit being capped at USD 100 million. 

The rupee movement has been volatile in recent weeks amid uncertain global cues. 

Stock exchanges and clearing corporations have to seek Sebi's approval for launching cross-currency derivatives products. 

"Such proposal shall, inter-alia, include the details of contract specifications, risk management framework, surveillance systems, and other requirements," the circular said. 

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आज का बाजार: कैसी रहेगी चाल, कहां मुनाफे की गारंटी

निफ्टी में 10000 के स्तर के बाद ऊपरी स्तर पर मुनाफावसूली देखने को मिल रही है। हालांकि बाजार में मुमेंटम जारी रहने की पूरी संभावनाएं बनी है। लेकिन बाजार की तेजी अब तक रहेगी यह कहना थोड़ा मुश्किल है। लिहाजा 10000 के स्तर पर निफ्टी का टिकना अहम है।

गौरांग शाह के मुताबिक यूएन सिक्योरिटी काउंसिल की बैठक में क्या फैसला लिया जाता है यह देखना जरुरी है क्योंकि इसके चलते बाजार में अनिश्चितता का माहौल बना रह सकता है।

शानदार कमाई की वैल्यू पिक्स

पीआई इंडस्ट्रीजः लंबे नजरिए से खरीदें, लक्ष्य 885 रुपये

गौरांग शाह ने लंबी अवधि के लिहाज से वैल्यू पिक के तौर पर पीआई इंडस्ट्रीज को चुना है। गौरांग शाह का कहना है कि कंपनी लगातार अच्छे नतीजे पेश कर रही है। हालांकि इस तिमाही में जीएसटी के कारण कंपनी के नतीजे पर थोड़ा असर जरुर देखऩे को मिला था। लेकिन कंसोलेडेशन के बाद इसमें और भी तेजी की उम्मीद है। लिहाजा इसमें 1 साल का नजरिया रख 885 रुपये के लक्ष्य के लिए खरीदारी की जा सकती है।

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Three IPOs to hit market this week to raise Rs 6,600 cr

Three companies -- Matrimony.com, Capacit'e Infraprojects and ICICI Lombard -- will launch their initial share sale offers this week to raise about Rs 6,600 crore.

The initial public offer (IPO) of Matrimony.com, which runs online match-making portals, will be open from September 11-13.

The IPO comprises fresh issue aggregating up to Rs 130 crore and an offer for sale of up to 37.67 lakh equity shares.

Matrimony.com, which runs online match-making business under BharatMatrimony brand, among others, is expected to raise over Rs 500 crore.

The price band for the IPO has been fixed in the range of Rs 983-985 per share.

The company has raised nearly Rs 226 crore from anchor investors on Friday.

Besides, ICICI Lombard General Insurance Company has set Rs 651-661 as the price band for its IPO, which will make it a Rs 5,700 crore issue.

The issue, the first by any general insurance company, will be open for subscription from September 15-19.

So far this year, 19 companies, including BSE, Avenue Supermarts and Central Depository Services (India) Limited, have hit the market with their IPOs.

Last week, Dixon Technologies and Bharat Road Network concluded their IPOs.

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Sebi imposes Rs 2,423 cr fine on PACL, 4 directors

Regulator Sebi today imposed Rs 2,423 crore fine on PACL Ltd and its four directors for illegal fund mobilisation through various schemes that were used by the group to garner over Rs 49,000 crore from the public.

While the group, which had collected money in the name of real estate projects among other schemes, was asked by Sebi nearly three years ago to refund Rs 49,100 crore to the investors, the regulator has passed a fresh order to impose a monetary penalty for violation of Sebi's Prevention of Fraudulent and Unfair Trade Practices Regulations. 

The refund process is being overseen by a Supreme Court- appointed committee, which has been able to collect "only a few hundred crores", Sebi said, while noting that the case requires imposition of a much bigger penalty equivalent to three times of the illicit gains made by them.

About the latest case, for which the order was passed today, Sebi said the magnitude of the violation can be assessed from the fact that huge illegal mobilisation of money was made leading to consequent profits to the tune of Rs 2,423 crore in a short span of less than one year.

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Bharat Road Network IPO subscribed 22% on Day 1

The initial public offer of Bharat Road Network was subscribed 22 percent on the first day of the three-day bidding today.

The IPO of Bharat Road Network, a Srei Infrastructure Finance company, received bids for 64,09,765 shares against the total issue size of 2,93,00,000 shares, as per data available with the NSE.

The category reserved for qualified institutional buyers (QIBs) was subscribed 19 percent, non-institutional investors 1 per cent and retail investors 76 percent.

Bharat Road Network has fixed price band of Rs 195-205 per share for its IPO and aims to raise Rs 600 crore.

Net proceeds from the issue will be utilised towards advancing of subordinate debt in the form of interest free unsecured loan to its subsidiary STPL for part-financing of the STPL Project, among others.

INGA Capital, Investec Capital Services and Srei Capital Markets are managing the IPO.

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GDR manipulation: Sebi cracks down on foreign, domestic firms

Cracking the whip, Sebi today barred 19 domestic and foreign entities from securities markets for manipulation in issuances of global depository receipts and warned several others including FIIs. 

The regulator has imposed a ten-year ban on K Sera Sera and Asahi Infrastructure and Projects, which figured among the six companies whose GDR issuances were manipulated, while at least 26 entities including European American Investment Bank AG (Euram) have been warned that all their future dealings in Indian markets should be strictly as per regulations. 

Sebi has been probing misuse of GDRs (Global Depository Receipts) for routing black money back to India for which role of more than 50 individuals and companies was under scanner. 

The modus-operandi typically involves creating an intricate web of entities in offshore locations for multi- layered transfers of funds before bringing them back to India. 

GDR is a popular financial instrument used by listed companies in India, as also in many other countries, to raise funds denominated mostly in US dollar or euros. 

Typically, GDRs are bank certificates issued in more than one country for shares of a company, which are held by a foreign branch of an international bank. While shares trade on a domestic stock exchange, which happens to be in India in the present case, they can be offered for sale globally through the empanelled bank branches.

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RBI includes HDFC Bank in 'too big to fail' list

RBI included HDFC Bank in the list of 'too big to fail' lenders, referred to as D-SIB or domestic systemically important bank.

India's largest lender SBI and private sector major ICICI Bank were classified as D-SIBs in 2015.

With the inclusion of HDFC Bank in the list, there will now be three 'too big to fail' financial entities in the country.

SIBs are subjected to higher levels of supervision so as to prevent disruption in financial services in the event of any failure.

"The additional Common Equity Tier 1 (CET1) requirement for D-SIBs has already been phased-in from April 1, 2016 and will become fully effective from April 1, 2019," the Reserve Bank said in a statement.

The additional CET1 or core capital requirement will be in addition to the capital conservation buffer, it added.

RBI had issued the framework for dealing with D-SIBs in July 2014.

As per the framework, RBI has to disclose the names of banks designated as D-SIBs every year in August starting from 2015 and place these banks in appropriate buckets depending upon their Systemic Importance Scores (SISs).

SIBs are seen as 'too big to fail (TBTF)', creating expectation of government support for them in times of financial distress. These banks also enjoy certain advantages in funding markets.

On the downside, according to some experts, expectations of government support amplifies risk-taking, reduces market discipline, creates competitive distortions and increases probability of distress in future.

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Sun Pharma sees single-digit decline in revenues for FY18

Pharma major Sun Pharmaceutical Industries said its short-term outlook continues to be challenging and expects a single-digit decline in consolidated revenues for FY18. 

"The short-term outlook continues to be challenging as the US generics industry is facing rapidly changing market dynamics. 

"In the Indian market, there is uncertainty amongst the trade channels due to the GST implementation, although it may be temporary. Given these factors, growth could be a challenge in FY18 and we expect a single-digit decline in consolidated revenues for FY18 over FY17," Shanghvi said. 

The company's consolidated R&D investments for FY18 will be about 9-10 per cent of revenues. 

"Our R&D investment in FY17 was Rs 23 billion, targeted mainly at developing complex generics and specialty products. R&D is the engine, which will drive our journey of moving up the pharmaceutical value chain. 

"We are also investing in enhancing our product pipeline for emerging markets and other non-US developed markets. We continued to build our specialty pipeline during the year and simultaneously investing in developing the requisite front-end for this business in the US. We expect this trend to continue in future as well," the managing director said. 

The company is entering into the third and the most important year of integration of Ranbaxy with the company. 

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Top 5 stocks in which brokerages initiated coverage in August can rally up to 32% in 1 year

The Bulls failed to reclaim control on D-Street in the month of August as the S&P BSE Sensex slipped nearly 800 points or 2.4 percent. But, there was plenty of stock specific action as nearly 20 stocks rose between 50-100 percent in the same period.

Most of the domestic brokerage firms such as SBI, Kotak Private Client Research, HDFC Securities, as well as Equirus have initiated coverage for the first time in certain stocks this week.

We have collated a list of top 5 stocks on which brokerage initiates coverage in August

Bodal Chemicals: BUY| Target Rs 215| Return 28%

SBIcap Securities initiates a coverage on Bodal Chemicals with a buy recommendation and a target price of Rs 215.

NBCC: BUY| Target Rs260| Return 27%

SBIcap Securities initiates a coverage on NBCC with a buy recommendation and a target price of Rs 260. With its excellent track record of implementing complex projects, NBCC has become the de-facto choice for being project management consultant (PMC) for big ticket projects to be rolled out under new government initiatives.

Asian Granito India: BUY| Target Rs603 | Return 32%

Kotak Securities initiated coverage on Asian Granito India Ltd with a buy rating and a target price of Rs603. Asian Granito, promoted by Mr. Kamlesh Patel and Mr. Mukesh Patel in the year 2000, is engaged in the manufacture and sale of ceramic wall and floor tiles, vitrified tiles, digital polished glazed vitrified tiles, digital wall tiles, marble, and quartz.

We value the company at 23x P/E based on its relative comparison with companies in the same segment and riding on consumerism.

Maruti Suzuki India: Long| Target Rs8993| Return 16%

Equirus initiated coverage on Maruti Suzuki for the first time with a long rating and a target price of Rs 8993.

The brokerage firm is of the view that MSIL is a structural growth story and waiting periods on some of its large-selling models will help it trade at premium valuations, similar to what we saw in case of Eicher Motors in the past.

BSE Limited: BUY| Target Rs1200| Return 23%

HDFC Securities initiates a coverage on BSE with a buy rating and a target price of Rs 1200. The Bombay Stock Exchange Ltd (BSE) is Asia’s oldest stock exchange (estd. 1875 and listed in Feb-17).

Long term investors should take cognizance of its recent (if overdue) renaissance under a market savvy management, including its recent listing. With the latest technology platform, BSE claims to be ten times faster than NSE (its much larger competitor).

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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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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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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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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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