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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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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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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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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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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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'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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Share Market Morning Update

Indian market witnessed a volatility week as benchmark indices closed marginally higher but over their crucial support levels. The Nifty50 closed 0.29 percent higher at 9,915 and the S&P BSE Sensex ended above 32,000 for the week ended 21 July.

The Nifty50 index is trading at its all-time high and the recent up move in the index has not been supported by broad market participation which in itself is a concern. It looks like that Indian market might be trading in last leg of its rally, suggest experts.

We have collated a list of top five stock ideas which could give up to 14% return in the next 5 sessions to 2 months:

Manappuram Finance: BUY| Target Rs119| Stop Loss Rs97| Return 14%

In last few months, this stock has consolidated in a broad range of Rs88-105. The prices are on the verge of a breakout from the resistance end of the mentioned range. In last few sessions, the volumes have increased with upmove in prices, which is a positive sign.

Hence, traders are advised to buy this stock at current levels and on declines up to Rs 104.50 for a target of Rs 119 over the next 14 – 21 sessions. The stop loss should be fixed at Rs 97.

IndusInd bank: SELL| Target Rs1518| Stop Loss Rs1599| Return 3%

This has been one of the steady outperforming stocks within the ‘Private’ banking space. At present, the stock is trading near its all time high; but, we are now observing a possibility of some short term correction.

Karnataka Bank: SELL| Target Rs142| Stop Loss Rs161| Return 9%

Post a stupendous up move from the levels of Rs100 to Rs180 in a span of less than seven months, the prices have undergone a consolidation phase since last few weeks.

Hence, traders are advised to sell this stock below Rs155 for a target of Rs 142 in short term. The stop loss should be fixed at Rs 161.

Container Corp: BUY| Target Rs1270| Stop Loss Rs1120| Return 7%

The stock closed at Rs1,180.55 on 21st July 2017. It made a 52-week low at Rs8,44.45 on 21st December 2016 and a 52-week high of Rs1,251.60 on 23rd May 2017. The 200-days Exponential Moving Average (EMA) of the stock on the daily chart is currently at Rs1,097.47

Traders can buy in the range of Rs 1,165-1,170 levels for the upside target of Rs 1,270-1,300 levels with a stop loss below Rs 1,120.

Bharti Infratel: BUY| Target Rs460| Stop Loss Rs 375| Return 12%

The stock closed at Rs410.30 on 21st July 2017. It made a 52-week low at Rs281.75 on 28th February 2017 and a 52-week high of Rs424.75 on 18th July 2017. The 200-days Exponential Moving Average (EMA) of the stock on the daily chart is currently at 363.59.

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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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Share Market News - Top Stock Companies Report

बीते हफ्ते टॉप 10 में से 8 कंपनियों का मार्केट कैपिटलाइजेशन 48,433.79 करोड़ रुपए घटा, जिसमें रिलायंस इंडस्ट्रीज को सबसे ज्यादा नुकसान हुआ। वहीं टीसीएस और आईटीसी के मार्केट कैप में बढ़ोतरी हुई।

रिलायंस इंडस्ट्रीज को सबसे ज्यादा नुकसान 

बीते हफ्ते के कारोबार में रिलायंस इंडस्ट्रीज को सबसे ज्यादा नुकसान हुआ। रिलायंस इंडस्ट्रीज का मार्केट 17,802.33 करोड़ रुपए घटकर 4,48,797.36 करोड़ रुपए रह गया। 

एसबीआई का मार्केट कैप 13,163.88 करोड़ रुपए गिरकर 2,36,172.90 करोड़ रुपए और एचडीएफसी का मार्केट कैप 5,919.13 करोड़ रुपए लुढ़ककर 4,25,269.87 करोड़ रुपए हो गया।

आईटीसी, टीसीएस का मार्केट कैप बढ़ा 

हालांकि आईटीसी का मार्केट कैप 15,791.6 करोड़ रुपए बढ़कर 3,93,393 करोड़ रुपए और टीसीएस का मार्केट कैप 729.06 करोड़ रुपए चढ़कर 4,65,878.13 करोड़ रुपए रहा।

टीसीएस नंबर वन -

मार्केट कैप में बढ़ोतरी के साथ रिलायंस इंडस्ट्रीज को पीछे छोड़ टीसीएस एक बार फिर देश की नंबर एक कंपनी बन गई। रैंकिंग में टीसीएस बाद आरआईएल, एचडीएफसी बैंक, आईटीसी, एचडीएफसी, एसबीआई, एचयूएल, मारुति, इंफोसिस और ओएनजीसी रही। 

पिछले हफ्ते सेंसेक्स में रिकॉर्ड 216.60 प्वाइंट्स यानी 0.69 फीसदी की गिरावट हुई, जबकि निफ्टी 54.05 प्वाइंट्स यानी 0.56 फीसदी गिरा।

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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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RIL overtakes TCS to become Top Indian firm

After a gap of 2-months, Reliance Industries Ltd (RIL) on Friday regained the status of the country's most valued firm, overtaking Tata Group’s Tata Consultancy Services (TCS) in terms of market valuation.

At close of trade, RIL commanded a market capitalisation (m-cap) of Rs 4,66,599.69 crore, which was Rs 1,450.62 crore more than TCS' Rs 4,65,149.07 crore valuation.

Shares of RIL ended flat at Rs 1,435, up 0.13 percent, while Tata Consultancy Services fell by 1.47 percent to close at Rs 2,360.65 on BSE.

So far this year, shares of RIL have gained nearly 33 percent, while TCS is trading flat, down 0.05 percent.

TCS had replaced RIL as the most valued firm more than four years ago but a sharp rally in the shares of the Mukesh Ambani-led firm in the recent past has helped the company close the gap.

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Top 5 fundamentally strong stocks to buy on dips which could give up to 22% return

The momentum which propelled the Nifty50 to reclaim Mount 31 K, up 17 percent so far in the year 2017 could well slow down, but there will be plenty of stock specific action.

Most experts have a target of 32,000 – 33,000 on the S&P BSE Sensex which translates into an upside of about 5 percent. Investors will be better off staying with stocks which can outperform markets by a wide margin.

List of top 5 Stocks - 

Dr Reddy's Labs: BUY| Target Rs3280| Return 22%

CLSA maintains a buy rating on Dr Reddy’s Laboratories with a 12-month target price of Rs 3280. The Asia-focused broker said the company expects continued progress on regulatory compliance in FY18

Shriram Transport Finance: BUY| Target Rs1159| Return 16%

Reliance Securities maintains a buy rating on Shriram Transport Finance (STFC) with a 12-month target price of Rs1,159.

Disbursements improved by 29.5 percent on a QoQ basis to Rs105.2bn in 4QFY17 as against Rs81.2bn in 3QFY17 primarily due to the revival of the demand post demonetisation.

HDFC: BUY| Target Rs1786| Return 10%

Reliance Securities maintain a buy rating on HDFC with a target price of Rs1786.

The domestic brokerage firm expects further improvement in operating performance in coming quarters on the back of healthy net interest income (NII) growth and a listing of insurance arm.

Infosys: BUY| Target Rs1040| Return 10%

Reliance Securities maintains a buy rating on Infosys with a 12-month target price of Rs 1040. Infosys’ revenue rose by 0.7 percent QoQ in 4QFY17; a positive factor was the healthy 4.1 percent QoQ growth in the ECS vertical, with Communications & Services growing nearly 10 percent QoQ and accounting for nearly 10 percent of revenue, the highest proportion since 2QFY13.

Maruti Suzuki India: BUY| Target Rs7900| Return 9%

Sharekhan maintains a buy rating on Maruti Suzuki with a target price of Rs7,900. Maruti Suzuki India Ltd (MSIL) has fast tracked production at the new Gujarat plant in wake of strong demand for the recent launches.

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