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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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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TCS regains second most valued firm slot from HDFC Bank

Overtaking HDFC Bank, Tata Consultancy Services (TCS) on Tuesday regained its status as the country's second most valued firm in terms of market capitalization.

Earlier in the day, HDFC Bank had surpassed TCS to become the country's second most valued firm.

However, it slipped to the third position in the ranking chart at the close of trade. In the afternoon trade, market capitalisation (m-cap) of HDFC Bank reached Rs 4,73,530.72 crore, crossing that of TCS was Rs 4,72,733.32 crore.

However, at the close of trade, TCS' market valuation stood at Rs 4,76,045.04 crore, which was Rs 2,578.86 crore more than HDFC Bank's Rs 4,73,466.18 crore valuation.

Shares of TCS went up by 0.94 per cent to close at Rs 2,486.80 on BSE, while HDFC Bank gained 0.62 per cent to end at Rs 1,834.15. Reliance Industries Ltd is the country's most valued firm with a market cap of Rs 5,35,509.87 crore, followed by TCS, HDFC Bank, ITC (Rs 3,38,064.40 crore) and HDFC (Rs 2,86,404.51 crore).

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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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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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GDP growth slows to three-year low of 5.7% in Q1 hit by note ban, GST disruption

The Indian economy grew 5.7 percent in April-June, sharply lower than last year’s 7.9 percent expansion in the same quarter as also the previous quarter’s 6.1 percent growth, signs that the country was still reeling under the shock of demonetization and disruption caused ahead of GST’s roll out.

Data released on Thursday by the Central Statistics Office (CSO) showed that India’s “real” or inflation-adjusted GDP grew at the slowest pace in 13 quarters and is still a long way off from returning to 8 percent growth path, last seen in 2015-16.

It is also the lowest growth since the Narendra Modi-led NDA government came to power in 2014.

India now lags China in the global growth rankings by a fair margin. China, which grew at 6.9 percent in the last two quarters, has bounced back as the world’s fastest growing major economy since January, regaining the status from India after two years.

Importantly, the CSO estimates shows that gross value added (GVA) grew 5.6 percent in April-June lower than the last year’s 7.6 percent growth during the same quarter.

The latest growth numbers is a throwback to 2013-14, when India slid to a decade low sub-5 percent growth, buffeted by a string of corruption scandals at home and uncertain external economic environment.

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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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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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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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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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