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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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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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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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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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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Govt raises Rs 535 cr from NFL share sale

The government's 15 per cent stake sale in National Fertilizers Ltd (NFL) today fetched Rs 535 crore to the exchequer, with over-subscription from both retail and institutional investors.

The two-day offer for sale (OFS) opened for retail investors today and was over-subscribed 1.66 times.

Against Rs 107 crore reserved for retail investors, total bids of Rs 178.67 crore were received.

Institutional investors' portion was over-subscribed 1.35 times yesterday with bids worth Rs 578.8 crore coming in against shares for value of Rs 428.57 crore at the floor price.

"Overall, NFL OFS for 15 per cent divestment for equity shares of 7.35 crore amounting to Rs 535.71 crore at the floor price Rs 72.80 per share, received a total demand for equity shares amounting to Rs 757.45 crore. Therefore, the OFS of NFL was over-subscribed by 1.41 times," the Finance ministry said in a statement.

This is the third CPSE OFS in the current financial year, and the government is likely to get Rs 535 crore approximately, it added.

The government shareholding in NFL after this OFS has come down to 74.71%.

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Today Maruti Suzuki Q1 results

Today Country’s largest carmaker Maruti Suzuki may report double-digit growth in net profit for the quarter ended June 30, 2017. 

Brokerage firm Edelweiss Securities sees 20.60 per cent YoY rise profit after tax, while EBITDA and revenue may increase by 16 per cent and 16.40 per cent on YoY basis. 

Market experts see volume growth of 13 per cent YoY (and 5 per cent QoQ) to around 3,94,571 units, led by better performance from Baleno and Brezza with incremental Gujarat production, though slightly impacted by GST transition. 

Shares of the company settled 0.84 per cent up at Rs 7577.95 on Wednesday. 

According to brokerage Motilal Oswal, the car major may post 9.5 per cent YoY rise in bottomline figures at Rs 1,627.40 crore against Rs 1486.20 crore in the same quarter last year. 

Motial Oswal sees 110 basis points YoY fall in EBITDA margins due to the impact of Gujarat plant and higher fixed cost due to same. Higher offers due to GST transition would also impact margins. 

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Nifty50 can scale Mt 1,00,000! Market veterans wager on time

It sounded absurd way back in 2001. The Nifty50 was ruling at sub-1,000 level right after the dotcom bubble burst. Who would have thought it would jump 10 times to hit 10,000 mark in next 16 years? 

But what about the next 10-times rise, to 1,00,000 mark? Will it take 15 years? 20 years? Or more? 

Analysts believe even if India Inc’s earnings grow in lower teens from here on, the index can climb the six-digit mark in just about 15 years. 

Historically, Nifty50’s earnings growth has been in the 15-17 per cent range. 

“Going forward, it will be a function of inflation and real GDP growth. Even if we see an early teens kind of compounding, that is something very much doable, we should grow another 10 times to reach the 1,00,000 mark on the Nifty50 over the next 15 to 20 years. That is something to look forward to for long-term investors,” said Gautam Sinha Roy, Fund Manager at Motilal Oswal Mutual Fund. 

What kind of wealth creation happens for investors in such a run will depend entirely on how much alpha fund managers can add. “Nifty hitting 10,000 is indeed a very momentous event, although it is more of psychological than anything else,” said Sinha Roy. 

For Porinju Veliyath, MD, Equity Intelligence India, the 10,000 mark is just a number. What he is interested in is the next 5-10 years. 

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Today's Market Update - LTI Q1 profit rises

LTI, formerly known as Larsen & Toubro Infotech, reported a net profit of Rs 2,672 million in the first quarter, an increase of 5 percent from the previous quarter, even as the company reiterated that digital business would overtake the traditional model of IT outsourcing.

The company’s chief executive officer Sanjay Jalona said that digital business now represents over 29 percent of LTI’s revenues.

The company reported revenue of Rs 16,707 million in the quarter ended June, a decline of 0.4 percent from the previous quarter, and growth of 7.4 percent since the same quarter in the previous year.

LTI added 12 new clients in the quarter, with one client each in the USD 20 million and USD 10 million revenue bands.

India business accounted for 7 percent of the revenue of LTI during the first quarter. “We have critical and large deals here (in India), and are committed to projects like Smart Cities and Digital India,” Jalona said, adding that LTI would like to keep the India business at 6-7 percent.

He said that LTI does not see the goods and services tax (GST) regime as an impediment to business in India.

The total number of employees in LTI at the end of the quarter was 22,321, with the attrition of 14.7 percent.

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I-T dept detects Rs 19,000 crore black money

The Income Tax department has detected over Rs 19,000 crore in black money following investigations into global leaks including HSBC account holders in Switzerland, the government said on Friday.

Finance Minister Arun Jaitley said investigations into information, put into public domain by the ICIJ, pertaining to about 700 Indian persons allegedly linked to offshore entities based on no tax or low tax jurisdiction, have led to detection of more than Rs 11,010 crore of credits in undisclosed foreign accounts.

"72 prosecution complaints in 31 such cases have been filed before the criminal courts," he informed the Lok Sabha.

The government constituted a multi-agency group (MAG) in April 2016 for facilitation coordinated and speedy investigation in the cases of Indian persons allegedly having undisclosed foreign assets and whose names were reportedly included in Panama papers leak.

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Market Closing Update - Sensex, Nifty close lower after rangebound trade

The 30-share BSE Sensex was down 50.95 points at 31,904.40 and the 50-share NSE Nifty fell 26.30 points to 9,873.30 despite positive global cues. It was weighed down by correction in FMCG, technology, metals and pharma stocks.

HDFC Securities said, "Nifty managed to hold on to 9800 support and now that becomes the base for the short-term.

The broader markets also were under pressure, with the BSE Midcap index falling half a percent on weak breadth. About 1,457 shares declined against 1,263 advancing shares on the exchange.

Kotak Mahindra Bank fell 1.44 percent and Bajaj Auto declined 0.2 percent after disappointing June quarter earnings. ABB India gained more than 6 percent but managed to settle with only 0.4 percent gains post Q2 numbers.

ONGC gained 1.75 percent and HPCL lost 4 percent after the Cabinet gave ONGC in-principle approval to buy government's stake in HPCL.

Bajaj Hindusthan, Dhampur Sugar, Mawana Sugars, Rajshree Sugars, Sakthi Sugars, Shree Renuka Sugars, Simbhaoli Sugar, Triveni Engineering and Ugar Sugar rallied 2-10 percent.

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Infosys beats TCS on almost all earnings parameters

IT giants TCS and Infosys delivered their much awaited first quarter earnings during the week, which were mixed in performance. Quantam wise both are not comparable but in growth terms Infosys beat TCS.

Infosys on Friday surprised the Street by reporting better-than-expected constant currency revenue growth (2.7 percent QoQ), dollar revenue (3.2 percent) and lower-than-expected 3.3 percent fall in profit.

At the same time, however, the Tata Group firm lagged Infosys as it posted 2 percent revenue growth in constant currency, 3.1 percent in dollar revenue and 10 percent fall in bottom line.

In rupee revenue terms, TCS and Infosys each posted 0.2 percent degrowth.

However, TCS beat Infosys only in volume growth (3.5 percent and 1.7 percent) and North America business (1.7 percent and 1.3 percent).

Attrition at Infosys was much higher at 21 percent compared with 11.6 percent of TCS during the quarter.

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GST: What could get costlier, what could get cheaper

Here’s how prices of goods could move after the new GST rates kick-in from Today July 1, 2017.

Cheaper Meals

A restaurant bill now is a complex jumble of food costs, taxes on food and alcohol and services, cesses and service charges. After GST, you may expect eating out to be cheaper as a single tax will replace a welter of levies.

Costlier Calls

Your phone calls may become costlier. Phone bills will likely attract an 18 percent GST rate compared to the current 15 percent (including cesses).

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Today's Share Market Updates

The Nifty50 remained volatile on the expiry day and closed above its crucial support level of 9,500 on Thursday. The index made an ‘Inverted Hammer’ kind of pattern on the daily candlestick charts. 

Inverted Hammer signifies that markets could be bottoming out and there is a higher chance of a bounce back in the upcoming session, but that will only be confirmed on seeing Today's candlestick formation.

Traders can safely assume that as long as 9,470 holds on the Nifty positive momentum is likely to continue while a close above 9,600-9,615 would resume the uptrend.

Key Support & Resistance Level for Nifty:

The Nifty closed 12 points higher or 0.14 percent at 9,504. According to Pivot charts, the key support level for Nifty50 is placed at 9,473, followed by 9,442. If the index starts to move higher then key resistance levels to watch out are 9,555, followed by 9,606.

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BSE to suspend trading in 11 companies for violating norms

Leading stock exchange BSE will suspend trading in the securities of as many as 11 companies from July 19 as they failed to comply with certain norms for two consecutive quarters.

In case they comply with the norms by July 13, they would not face trading suspension.

The firms that face suspension are Birla Transasia Carpets Ltd, Jay Energy & S Energies, Anil Ltd, Koa Tools India, Krishana Fabrics, Orbit Corporation, Rubber Products, Sancia Global Infraprojects, SM Energy Teknik & Electronics, Software Technology Group International and Pochiraju Industries.

The exchange has also ordered the freezing of the entire promoter shareholding of these companies from Tuesday, 27 till further notice.

Under Sebi's Depositories and Participants Regulation 55 A, every firm will have to submit the audit report, on a quarterly basis to the bourse, about the reconciliation of the total issued capital, listed capital, and capital held by depositories in dematerialised form and the details of changes in share capital during the quarter.

Further, the exchange said the suspension will continue till such time these firms comply with the norms.

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SEBI Eases norms for Foreign Investors & Tightens P-notes

The Securities and Exchange Board of India (SEBI) today said that it would ease the takeover process for banks under the recently-introduced bankruptcy code from its strict share pricing rules, adding that such transactions will be governed only by RBI regulations.

“Share price during stake sale under NCLT will be not bound by SEBI rules,” SEBI chairman Ajay Tyagi said at a press conference after conclusion of the regulator's board meeting.

Sebi today decided to ease the entry norms for overseas investors by permitting a direct access to Foreign Portfolio Investors (FPIs) from eligible jurisdictions.

P-note norms - 

The market regulator also tightened norms on P-notes and said it would levy fees on investments via P-notes.

A regulatory fee will be charged on P-notes issued by overseas derivative instruments (ODIs). "The regulator is not in favor of completely banning the P-notes," Tyagi said.

The market regulator has also floated a consultation paper for equity derivatives market department. The government will form a committee for spot and derivative market soon.

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