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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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 Defence starts steel cutting on 14 fast patrol vessels

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

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

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

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

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

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

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

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

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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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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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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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आज का बाजारः कैसी रहेगी चाल, किस शेयर में मुनाफे की गारंटी

आज का बाजार इंफोसिस का नतीजों पर नजर रखेगा। कल आए टीसीएस के नतीजों में मार्जिन के मोर्चे पर काफी निराशा हुई है। इस स्थिति में अगर आज इंफोसिस के नतीजे अच्छे रहते हैं तो बाजार के सेंटीमेंट में सुधार आएगा। अगर ग्लोबल बाजार साथ देता है तो आज बाजार में और मुनाफा मिलेगा लेकिन 9950-9940 के स्तर पर थोड़ा-बहुत मुनाफा वसूली देखने को मिल सकती है। आज निफ्टी में ऊपरी स्तरों पर थोड़ा बहुत वसूली देखने को मिल सकती है। लेकिन निफ्टी जब तक 9000 का स्तर होल्ड करता है गिरावट पर खरीदारी की सलाह होगी।

शानदार कमाई की वैल्यू पिक - 

डीएचएफएल: खरीदें, 12 महीने का लक्ष्य 510 रुपये

दीवान हाउसिंग यानि डीएचएफएल भारत की चौथी सबसे बड़ी हाउसिंग फाइनेंस कंपनी है। कंपनी का फोकस छोटे शहरों और छोटे लोन पर है। साल 2012-16 के बीच कंपनी की लोन ग्रोथ 35 फीसदी के आसपास रही है। कंपनी 72 फीसदी लोन आम लोगों को देती है। कंपनी के नतीजे भी काफी अच्छे रहे हैं। 12 महीने की अवधि में डीएचएफएल में 510 रुपये का स्तर आसानी से देखने को मिल सकता है।

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Stock Market Updates - AU Small Finance Bank makes strong listing gains

AU Small Finance Bank on Monday made a strong debut on BSE, as the scrip got listed at Rs 525, a 46.65% premium to the issue price of Rs 358 a piece.

The scrip eventually closed the day at Rs 541.20, up Rs 183.20 or 51.17 %. At this price, the bank commands a market capitalization of Rs 15,383.66 crore. 

The Rs 1,912 crore IPO, which was sold between June 28 and June 30, was subscribed 53.60 times. The category reserved for qualified institutional buyers (QIBs) was subscribed 78.77 times, while the quota reserved for non-institutional investors (NIIs) and retail individual investors (RIIs) were subscribed 143.51 times and 3.52 times, respectively. 

AU Small Finance Bank in December 2016 received licence from the Reserve Bank of India (RBI) to set up a small finance bank. It commenced operations in April this year. 

The bank operates in three business segments, where vehicle finance accounts for 50% of AUM, micro, small & medium enterprises 30% and small & medium enterprises 20 per cent. Over FY 15-17, the lender’s gross AUM saw a 39% CAGR resulting in 58 per cent PAT CAGR during the same period. 

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MSEI defers plans to extend trading hours

The country's markets regulator is open to the idea of the Metropolitan Stock Exchange of India (MSEI) extending its trading hours but wants a proper structure in place and has asked the exchange to first comply with clearing corporation norms.

The regulator told MSEI that in 2009, it had allowed extended hours for equity cash and equity derivatives. MSEI, however, is only allowed in the cash segment. It has now laid conditions before MSEI for extending its trading hours including thoroughly checking the IT, trading and risk management structures.

According to SEBI's calculations, the liquid net worth of MSEI's clearing corporation is not in compliance with Stock Exchanges and Clearing Corporations (SECC) norms.

The MSEI, earlier known as MCX-SX, was set up by Jignesh Shah-led Financial Technologies (India) Ltd (FTIL) and it commenced operations in the currency derivatives segment in October 2008

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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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