Nifty may retest critical support around 10,700

Indian Indices:                             Benchmark indices are flat in pre-opening trade amid global weakness on ongoing trade tensions between US and China. The Sensex rose 21.98 points to 35,492.33 while the Nifty fell 23.20 points to 10,739.30.

Global Market:

·       Asian markets- Asian markets are lower today as Japanese and Hong Kong shares fall. The Nikkei 225 is off 0.52% while the Hang Seng is down 0.95%. The Shanghai Composite is not trading.

·       US Markets: Markets sell-off led by tech stocks as U.S.-China trade war hits sectors

·       European markets: European markets finished sharply lower today with shares in Germany leading the region. The DAX is down 2.46% while London's FTSE 100 is off 2.24% and France's CAC 40 is lower by 1.92%.

·       Major Headlines of the day:

·        Asian markets are under pressure amid escalated trade tensions between US and China and crude worries.

·        Indian rupee opens flat at 68.13 per dollar

·        Oil drops after OPEC+ output deal, but markets to stay tight

·        The Nifty50 is likely to open lower on Tuesday following muted trend seen in other Asian markets. The Nifty closed 59 points lower at 10,762 on Monday.

Trend in FII flows:-  The FIIs were Net Value of Rs  198.68 in the cash segment while the DIIs were Net Value of Rs -86.22 as per the provisional figures.

Securities in Ban For Trade Date 26 JUNE 2018 :-

1.  DHFL  

2.  Infibeam

3.  JP Associat

4.  CG Power

5.  IDBI &

6.  Wockpharma

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Nifty likely to open lower; Asia opens mixed; Eicher Motors, Federal Bank, Union Bank in focus

Indian Indices:                             The Nifty on Tuesday ended 0.02 percent higher at 10,717.80. Day long consolidation in the price band of 10,760 to 10,690 followed by subdued closing led to end the session with a bearish body candle. Nifty 50 is expected to open lower on Wednesday following muted trend seen in other Asian markets. The Nifty50 closed 2 points higher at 10,717 on Tuesday. Trends on SGX Nifty indicate a flat to negative opening for the broader index in India, a fall of 16 points or 0.15 percent. Nifty futures were trading around 10,725-level on the Singaporean Exchange.

Global Market:

·       Asian markets- Shares of Asian markets were trading mixed after US President Donald Trump pulled out of the Iran nuclear deal. Japan's Nikkei 225 declined 0.38 percent while South Korea's benchmark Kospi was flat.

·       US Markets: The Dow Jones Industrial Average ended 0.01 percent higher at 24,360.21, while the S&P 500 ended down 0.03 percent to 2,671.92. The Nasdaq Composite added 0.02 percent to 7,266.90.

·       European markets- European markets finished lower today with shares in Germany leading the region. The DAX is down 0.28% while France's CAC 40 is off 0.17% and London's FTSE 100 is lower by 0.02%.

Major Headlines of the day:

·        SBI Life: Company posts net profit of Rs 396 crore for FY18 on one-time gain

·        Tata Global Beverages board meeting on May 11 to consider issue of NCD/debt securities on private placement basis.

·        Lupin submits new drug application for Etanercept Biosimilar in Japan, which is used to treat arthritis and psoriasis.

·        Dalmia Bharat likely to move Supreme Court in Binani Cement case, CNBC-TV18 reported.

·        Wockhardt Seeks Shareholders' Nod For Raising more Capital Worth Up To Rs 1,500 crore

·        Vijaya Bank appoints Ramesh Kumar Miglani as chief financial officer.

·        Dewan Housing seeks Sebi's nod to raise up to Rs 15,000-cr via NCDs

Trend in FII flows:-  The FIIs were Net Value of Rs  -97.15 the cash segment TUESDAY while the DIIs were Net Value of Rs 923.25 as per the

provisional figures.

TODAY ON EARNING FRONT:-  Eicher Motors, Arvind, Federal Bank, EID Parry, Jubilant Life, JSPL, Parag Milk Foods, Dhampur

Sugar, Hikal

Securities in Ban For Trade Date 08-MAY-2018 :-

1. BALRAMCHIN

2. IRB

3. JETAIRWAYS

4. JUSTDIAL

5. WOCKPHARMA

6.DHFL

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Nifty likely to open flat; Asia opens higher; Godrej Consumer, Jubilant Foodworks in focus

Indian Indices:                             The Nifty is expected to open higher on Tuesday following the positive trend seen in other Asian markets. The Nifty, which started with a gap on the higher side, reclaimed its crucial resistance level of 10,700 on Monday to close near its intraday high. The index closed 97 points higher at 10,715 on Monday. Trends on SGX Nifty indicate a flat-to-positive opening for the broader index in India. Nifty futures were trading around 10,756 on the Singaporean Exchange, 0.1 percent higher.

Global Market:

·       Asian markets- Asian markets are higher today as Japanese and Hong Kong shares show gains. The Nikkei 225 is up 0.31% while the Hang Seng is up 1.22%. The Shanghai Composite is not trading.

·       US Markets: The Dow Jones Industrial Average rose 0.39 percent to end at 24,357.32, while the S&P 500 gained 0.35 percent to 2,672.63. Earlier, the S&P 500 was up as much as 0.75 percent. The Nasdaq Composite added 0.77 percent to end at 7,265.21.

·       European markets finished broadly higher today with shares in Germany leading the region. The DAX is up 1.00% while London's FTSE 100 is up 0.86% and France's CAC 40 is up 0.28%.

Major Headlines of the day:

·        ICICI Bank: Q4 net profit falls 50 percent on jump in NPAs, in line with expectation. Brokerages maintain their rating but slashed their target price for ICICI Bank post Q4 results.

·        Pfizer: Company posts Q4 net profit at Rs 104.51 crore

·        Firstsource: Q4 net profit rises to Rs 92.8 crore

·        Axis Bank: The lender has allotted 28,260 shares of Rs 2 each under the ESOP scheme.

·        Balrampur Chini: The Board will meet on May 19, 2018 to discuss the financial results.

·        Lupin: Receives FDA approval for generic Temovate ointment, 0.05 percent

·        Unichem Labs: Receives ANDA approval from US FDA for Valsartan tablets, USP. These are used to treat high blood pressure and congestive heart failure.

·        Bharti Infratel: The company and Indus will likely invest Rs 3,500 crore capex for FY19 ahead of their merger.

Trend in FII flows:-  The FIIs were Net Value of Rs  -635.24 the cash segment MONDAY while the DIIs were Net Value of Rs 1037.23 as per the provisional figures.

TODAY ON EARNING FRONT:- ABB, ABCAPITAL, BLUEDART, GODREJCP, JUBLFOOD, SINTEX, SUNPHARMA ADVANCE, WHIRLPOOL, SKFINDIA

                     

Securities in Ban For Trade Date 08-MAY-2018 :-

1. BALRAMCHIN

2. IRB

3. JETAIRWAYS

4. JUSTDIAL

5. WOCKPHARMA

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Nifty likely to open flat, Asian shares open mixed; Aurobindo Pharma, ICICI Bank in focus

Indian Indices:                               The The Nifty50 which started on a strong failed to hold on to momentum and quickly pared gains on Friday and closed just above its crucial support level of 10,600 levels. The index slipped 0.7 percent for the week ended May 4. Bears took control of the index from the word go and closed near its intraday low making a ‘Bearish Belt Hold’ kind of pattern on the daily charts. On the weekly charts, Nifty formed a bearish candle after closing in green for the past five weeks. The index which broke below 10,650 took support at its 13-day exponential moving average (DEMA) to close at 10,618, down 61.40 points. It opened at 10,700.45 which was also the intraday high and bears pushed the index near its crucial support placed around 10,600 to hit an intraday low of 10,601.60.

Global Market:

·       Asian markets- Asian markets were mixed in early Monday trade despite the strong showing on Wall Street as investors digested US jobs numbers and last week’s trade talks.

·       US Markets: US stocks closed sharply higher Friday as Wall Street shrugged off lackluster numbers in the government’s monthly jobs report while shares of Apple hit an all-time high to lead the technology sector higher

·       European markets finished broadly higher on Friday with shares in Germany leading the region. The DAX is up 1.02% while London's FTSE 100 is up 0.86% and France's CAC 40 is up 0.26%

Major Headlines of the day:

·        Aurobindo launches $1.6 billion bid to buy Novartis generics unit. Aurobindo Pharma Ltd has submitted an initial bid to buy Novartis AG’s dermatology generics drug business for about $1.6 billion, reports Mint.

·        JSW defers plans to tap PE fund for ports expansion. The Sajjan Jindal-led JSW group has deferred a private equity infusion into its ports arm as the deal to acquire APM Terminals’ stake in the Pipavav Port in Gujarat has been delayed.

·        Welspun Corp received orders along with demand from the Joint Commissioner (Appeal) - GVAT, Rajkot for an amount of Rs178.79 crores

·        Avenue Supermarts: Q4FY18 standalone net profit rises 72.86 percent YoY to Rs 167.10 crore

·        Wockhardt Q4: Loss at Rs 154 crore versus loss of Rs 174 crore; revenue up 17.6 percent at Rs 1,018 crore versus Rs 865.5 crore (YoY).

·        Nocil: Q4 Profit rises to Rs 50.95 crore versus Rs 20.91 crore; revenue from operations jumps to Rs 275.87 crore versus Rs 209.78 crore (YoY).

·        Indbank Merchant Banking Services: Q4 loss at Rs 2.5 crore versus profit at Rs 1.07 crore; revenue from operations rises to Rs 2.7 crore versus Rs 2.35 crore (YoY).

·        Lloyds Steels Industries: Q4 profit jumps to Rs 99.84 crore from Rs 12.03 crore; revenue from operations rises to Rs 63.4 crore versus Rs 39.4 crore (YoY)

Trend in FII flows:-  The FIIs were Net Value of Rs -1628.23 the cash segment FRIDAY while the DIIs were Net Value of Rs 1084.09as per the provisional figures.

TODAY ON EARNING FRONT:- ICICI Bank, Vijaya Bank, Exide Industries, Tata Chemicals, Tata Coffee, Dwarikesh Sugar

Securities in Ban For Trade Date 07-MAY-2018 :-

1.  IRB Infrastructure,

2.  Balrampur Chini Mills,

3.  PC Jeweller,

4.  Jet Airways

5.  Just Dial

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Capital stars Market update :Markets indicating a positive opening to the April Series;

Indian Indices:                  

                                           SGX Nifty is currently trading in the red but is above its Wednesday’s close. Indian markets are expected to trade with a positive bias in line with Asian peers. In stock-specific news, Ambuja Cement, Aurobindo Pharma, Bosch would be excluded from the Index while Bajaj Finserv, Grasim, and Titan included. IOC is set to invest 1.4 lakh cr to double its refining capacity.

Global Market:

·       Major Asian markets are trading in the green, at present Nikkei is up 0.50%, Kospi is also up 0.50% while Shanghai Composite is trading 0.68% higher.

·       US Markets: Stocks ended Thursday’s session on a high. Dow ended up 2.7%, S&P 500 rose 2.1% and Nasdaq inched up 1%. The rally was led mainly by tech stocks with Facebook gaining nearly 5%.

·       European markets closed in the green on Thursday with FTSE closing 0.17% higher, CAC ended up 0.71% while DAX ended 1.29% higher.

Major Headlines of the day:

·        Vedanta wins bid to acquire Electrosteel Steels.

·        Allahabad Bank cuts lending rates by 45 bps.

·        IOC to invest Rs 1.4 lakh cr to double refining capacity.

·        Ashoka Buildcon: Its arm has won an award from NHAI for a stretch on Vadodara-Mumbai Expressway.

·        Cadila Healthcare - USFDA completes inspection at company's Topical manufacturing facility at Changodar, Ahmedabad.

Trend in FII flows: The FIIs were Net Value of Rs -1190.55 the cash segment Wednesday  while the DIIs were Net Value of Rs  1960.67  as per the provisional figures.

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Capitalstars Updates: Budget 2018: Jaitley's election Budget balances populism and discipline, but leaves salaried class and investors cold: 1 Feb 2018

The budget also marked the beginning of a new public accounting process. There were fewer indirect tax changes following the launch of the goods and services tax (GST) that kicked in on July 1.

Finance minister Arun Jaitley on Thursday blended prudent economics and electoral populism, delivering a Union Budget that placed villages at the center of a new development framework but maintained reformist intent and fiscal discipline.

But there was not much on offer for the salaried class, which could leave India’s 40 million individual taxpayers underwhelmed. The Budget also disappointed investors by reintroducing long-term capital gains on stock trading.

In his budget for 2018-19, Jaitley announced a raft of farm-centric measures, including to raise the minimum support prices (MSP) for crops, allocated Rs 10,000 crore two special funds for fisheries and animal husbandry, launched of the world’s largest government-funded health care programme that would benefit 500 million people and raised farm bank credit to Rs 11 lakh crore in 2018-19.

There was an element of grandness and sense of occasion in Jaitley’s fifth and the Modi government’s last full budget that spelled out an ambitious plan to fix the lingering problems of India’s most unreformed sector: Agriculture.

“The focus is on low-cost farming. The Minimum Support Price of all crops shall be increased to at least 1.5 times that of the production cost,” he said.

The budget also marked the beginning of a new public accounting process. There were fewer indirect tax changes following the launch of the goods and services tax (GST) that kicked in on July 1.

There were tax breaks and concessions for the unorganized sector workers and small and large businesses, which endured twin disruptions of demonetization and the GST.

The minister reimposed the long-term capital gains (LTCG) tax on stock trading, as feared. He levied LTCG at 10 percent for investments over Rs 1 lakh.

This triggered an immediate sell-off in bourses, which could force a shuffle in stocks portfolio of many individuals and institutional funds.

Stock markets reacted adversely to the proposal, with benchmark 30-share Sensex falling over 300 points.

Jaitley lowered the corporate income tax rates to 25 percent for all companies with a turnover of up to Rs 250 crore.

Roads, ports, railways, and power got special attention, signals that the sector would be the primary vehicle for job creation. “99 smart cities have been identified with an outlay of Rs 2.04 lakh crore,” Jaitley said.

Over Rs 1.48 lakh crore to be allocated for railways in next fiscal, redevelopment of 600 major railway stations taken up, airport capacity to be hiked to handle 1 billion trips every year and regional air connectivity scheme to connect 56 unserved airports

Keeping at it, Jaitley proposed tweaks to the Income Tax Act’s Section 80JJAA to reward companies for creating employment by giving them more tax incentives for every additional person hired.

The focus on jobs is seen as a move to counter the Opposition that has repeatedly accused the government of failing to create opportunities for millions of young hopefuls despite the 2014 poll promise of Acche Din (good days).

To ease the fiscal squeeze, customs duty on a few goods were raised — a move that could make some products such as imported mobile phones costlier.

The minister pledged to the keep the fiscal deficit — a measure of how much a government borrows to meet its expenses – at 3.3 percent of the gross domestic product (GDP) in 2018-19, a deviation from the medium-term consolidation target set last year when Jaitley said the fiscal deficit would be contained at 3 percent of the GDP from 2018-19 on.

LESS TAX, SPEND MORE

Thirteen years after it was removed, Jaitley brought back the concept of “standard deduction,” a base amount of Rs 40,000 that is not subject to tax in addition to the basic exemption limit, providing relief to every taxpayer. In a recent report, the Easwar panel on income tax simplification had recommended the return of standard deduction.

The move is predicated on the principle that additional demand for goods will nudge companies to expand production, step up hiring, raise incomes and eventually trigger a cycle of spending and investment.

Accelerating household spending, which accounts for more than half of India’s GDP, is critical to sustaining the broader economy’s budding revival.

The salaried class, however, could be disappointed, Tax breaks on money invested in savings instruments, including bank fixed deposits, insurance premium and mutual funds remained unchanged at Rs 1,50,000 under the popular “Section 80C” scheme.

The annual tax exemption also remained unchanged at Rs 2.5 lakh. He also did not rejig tax slabs.

Currently, those with an income of less than Rs2.5 lakh a year are exempt from paying taxes. Those earning between Rs2.5 lakh and Rs5 lakh annually are taxed at 5 percent, those between Rs5 lakh and Rs10 lakh at 20 percent while anybody earning more than Rs10 lakh pay a tax of 30 percent.

In addition, there is an additional surcharge of 10 percent applicable on persons with annual taxable income between Rs 50 lakh to Rs 1 crore and a 15 percent surcharge imposed on persons with a taxable income of more than Rs 1 crore.

There is also a three percent education cess applicable to all taxpayers.

CORPORATE TAX REJIG

Jaitley, however, did not lower the headline corporate income tax rate from 30 percent, leaving the business community disappointed.

Business leaders have been asking for lower tax payouts to ensure that Indian companies do not lose their competitive edge over global peers.

In December, the US overhauled its tax code that would bring down the corporate tax rate to 20 percent from 35 percent. The lower corporate income tax rate is a carry-over from Jaitley’s 2015 to-do list when he had said the tax would be progressively cut to 25 percent in four years but would come with fewer deductions.

A six-member panel will draft a direct tax legislation that would draw from systems prevalent in other countries, international best practices and also keep in mind India’s economic needs, among others. The report is expected in the next few months.

REFORMING THE FARMS

In a departure from the past when farm economics used to be talked about in the middle of the budget speech, Jaitley took the bull by horns.

Fifteen minutes into his speech, he unveiled measures to turn the countryside into a robust growth engine, seeking to shift the focus to “farmers’ income” as opposed to the decades-old output-focussed “food policy”.

He announced a big jump of 1.5 times in MSP. An agriculture export plan and schemes for dairy and fishery are also on the cards. The steps are in keeping with the government’s promise to double farmer incomes by 2022.

A subsidy scheme for machine-aided crop residue shredding will help check stubble burning that adds to Delhi’s toxic air in early winter.

Another scheme, Operation Green, focussed on kitchen staples such as tomatoes, onions, and potatoes, will be launched to protect farmers from a price crash. This year a glut leading to a fall in prices has seen farmers dump potato on roadsides and even mandis particularly in West Bengal and Uttar Pradesh.

The export policy will stipulate norms for making India’s farm produce, particularly fruits and vegetables, compatible with global food-safety or phytosanitary requirements. The policy will focus on nearly 25 farm export clusters.

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Wockhardt receives USFDA approval for antibiotic injection: 7 Aug 2017

Wockhardt has received approval from the United States Foods &Drugs Administration (USFDA) for an ANDA for 1gm, 2 gm injections of Oxacillin.

Oxacillin is a penicillinase-resistant beta-lactam antibiotic and is used to treat many different infections caused by penicillinase-resistant Staphylococcal and other bacterial injections such as Urinary Tract Infections, Septicemia, Wound Infection, Bacterial meningitis etc.

Wockhardt is expected to launch this product in the United States soon. The product is being manufactured at a contract manufacturing facility based near Milan, Italy.

On the financial front, Wockhardt’s consolidated revenue declined to Rs 891 crore in Q1FY18 on YoY basis. It has reported net loss of Rs 463 crore in Q1FY18 vs net profit of Rs 15.9 crore in Q1FY17.

Stock View:

Wockhardt Ltd is currently trading at Rs 605.6, up by Rs 5.6 or 0.93% from its previous closing of Rs 600 on the BSE.

The scrip opened at Rs 600 and has touched a high and low of Rs 611.3 and Rs 600 respectively. So far 201056(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 6630.48 crore.

The BSE group 'A' stock of face value Rs 5 has touched a 52 week high of Rs 1026.45 on 04-Aug-2016 and a 52 week low of Rs 555 on 22-Jun-2017. Last one week high and low of the scrip stood at Rs 622 and Rs 579.1 respectively.

The promoters holding in the company stood at 74.15 % while Institutions and Non-Institutions held 6.61 % and 19.13 % respectively.

The stock is currently trading below its 200 DMA.

Capitalstars Financial Research Private Limited is a research house and an investment advisory carrying out operations in the Indian Equities and Commodity market.We also provide 2 days free trial to our client.Join our services and trade with us. 

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