Nagarjuna Oil goes for liquidation as bidding fails

The beleaguered Rs 4,700-crore Nagarjuna Oil refinery project at Cuddalore in Tamil Nadu has entered the liquidation process under the Insolvency and Bankruptcy Code (IBC) after the 270-day deadline, offered by National Company Law Tribunal’s Chennai bench to identify a successful bidder, ended on Friday.

With no successful bidder or a resolution plan in place, the Committee of Creditors (CoC) has recommended liquidation and the same has been informed by the resolution professional (RP) to NCLT on Friday evening. Nagarjuna Oil Corporation’s (NOCL’s) books show a secured debt of Rs 8,000 crore and an unsecured debt of Rs 800 crore. The four bidders which came forward — BPCL, Citax Ventures, Gulf PetroChem and Haldia Petrochemicals — submitted bids lower than Rs 1,450 crore set as liquidation valua ..
Nagarjuna Oil — backed by Nagarjuna group, Tatas and Trafigura — planned to set up a 6 mtpa (metric tonnes per annum) oil refinery in Cuddalore. This project was later recommended to be the anchor client for the Petroleum, Chemicals & Petrochemicals Investment Region (PC&PIR) by the Tamil Nadu government to the Centre, which too accepted and declared the Cuddalore zone as a PC&PIR region. 

“The CoC was not happy with the resolution plan that successful bidders had submitted, as they found them far below liquidation value. It is sad that NOCL is going for liquidation. May be something good can happen in the liquidation process itself,” NOCL’s RP, S Rajendran, appointed by the NCLT, told TOI. “The process will take a few days and NCLT will have to appoint a liquidator. I have declined to take up that role, since I came here to ensure a resolution,” Rajendran added. 

On Friday, the NCLT dismissed a petition by employees seeking to ensure their rights, as the process of liquidation was out to take place, on certain grounds. Another petition moved by the RP before the NCLT to direct Chennai Corporation, which had sealed NOCL’s office in Chennai for non-payment of dues on Monday this week, was posted for further hearing, with a notice to the Chennai Corporation, it is learnt. 

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The Indian equity benchmark indices are open higher;

Indian Indices:                               

SGX Nifty is currently trading in the green up 30 points at 10,586. Indian markets are likely to continue to trade higher as geopolitical tension eases and traders look forward to the 4th quarter results which are currently underway. IndusInd Bank and TCS are the two large-cap companies set to announce their results today.

The Indian equity benchmark indices are likely to open higher on Thursday tracking positive Asian peers 

and modest gains in Nifty futures on the Singapore stock exchange.  Positive trend in the SGX Nifty Index 

Futures for April delivery, which were trading at 10,591, up by 36.50 point or 0.35%, at 11:26 AM 

Singapore time, signalled a flat to higher opening for the domestic equity bourses. 

The crude oil prices movement and fluctuations in rupee­dollar exchange rate will drive investors’ 

sentiment on Dalal Street today.

Global Market:

·       Major Asian markets are trading in the green, Nikkei is up 0.68%, Hang Seng is up 1.01% while Shanghai Composite is trading 0.41% higher

·       US Markets: Stocks witnessed a lackluster session yesterday, the major averages ended on a mixed note.

·       European markets continued its positive run and ended in the green yesterday with the FTSE closing 1.25% higher, CAC ended up 0.49% while the DAX ended 0.04% higher.

Major Headlines of the day:

·        Mindtree Q4 QoQ - Net profit up 28.8 percent at Rs 182.2 crore, revenue up 6.3 percent at Rs 1,464 crore

·        ACC Q1CY18 YoY - Consolidated revenue up 14.2 percent at Rs 3,624.6 crore; profit up 18.6 percent at Rs 250.4 crore

·        DLF: The company has sought to allay concerns about slow pace of monetization of land assets, Bloomberg reported.

·        Bharat Dynamics signed licensing agreement with Defence Research Development Organisation (DROO) for ASTRA MK-1 Weapon System

·        Sun Pharma: One of the owned company's subsidiary increased stake in Ranbaxy Malaysia Sdn Bhd via purchase of 4.93 percenet stake; current holding increased to 95.67 percent.

Trend in FII flows: The FIIs were Net Value of Rs -915.71 the cash segment Wednesday while the DIIs were Net Value of Rs 869.7 as per the provisional figures.

Securities in Ban For Trade Date 18-APR-2018:

1.IRB

2.JETAIRWAYS

3.JPASSOCIAT

4.RCOM

5.TV18BRDCST

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CAPITAL STARS MCX MORNING NEWS UPDATES

Gold Prices Slip Amid Upbeat U.S. Housing, Industrial Output Data -   Gold prices slipped on Wednesday as dollar held its gains on the back of upbeat U.S. housing and industrial output data. Housing starts climbed 1.9% to 1.319 million units, data on Tuesday showed. Separately, the Federal Reserve said industrial production rose 0.5% in March after jumping 1.0% in February. A hawkish speech from Fed official John Williamson Tuesday reassured rate hikes this year, and eyes are on U.S.-Japan meeting this week to look for cues, with talks over trade and an upcoming summit with North Korea that could ease geopolitical strains in East Asia. Dollar-denominated assets such as gold are sensitive to moves in the dollar – a gain in the dollar makes gold more expensive for holders of foreign currency and thus decreases demand for the precious metal.

China's copper anode imports on the rise on tighter raw material supply - China’s copper anode imports have risen as the country continued to expand its copper smelting capacity and as its domestic raw material supply percentage is below 30%. In 2017, imported copper anode accounted for 9.1% of the total raw materials used for copper smelting in China. This compared with 8.8% in 2016, SMM data showed. Zambia, Chile, and the Democratic Republic of the Congo are three major sources for China's copper anode imports, accounting for some 90% of the total volume. Imports from Zambia account for about 50%.

 Nickel prices gained on short covering after prices dropped as data showed both hot and cold patches in the Chinese Spices economy -  Nickel on MCX settled up 1.07% at 937 on fresh buying despite of reports shows China's economy grew 6.8 percent in the first quarter of 2018, slightly faster than expected, buoyed by strong consumer demand and surprisingly robust property investment despite continued measures to tame rising home prices. Also Chinese steel producers ramped up output in March to the highest level since September, with mills in the world's top market for the metal rushing to boost operations after winter restrictions to prevent smog were lifted in the middle of the month.

Oil Prices Rise On Global Supply Risks - Oil prices rose on Wednesday morning in Asia amid ongoing risk of supply disruptions.A potentially spreading conflict in the Middle East, renewed U.S. sanctions against Iran and falling output caused by the political and economic crisis in Venezuela have triggered a sense of high risk of disruptions to oil supplies, lifting oil prices. The Middle East is the world’s most important crude exporter and tension in the region tends to put oil markets on edge. Meanwhile in the U.S., crude inventories fell by 1 million barrels last week, to 428 million barrels, according to a weekly report by the American Petroleum Institute (API) on Tuesday. Oil markets are further supported by the supply restraint led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia. The pact runs until the end of 2018 but there is growing confidence that the cooperation will be extended.

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Markets indicating a flat opening in line with Asian peers;

Indian Indices:                               

Indian markets are expected to trade sideways witnessing a consolidation after rallying in the past 8 consecutive sessions. SGX Nifty is currently trading flat up 0.5 points at 10,547. Indian markets are expected to trade sideways witnessing a consolidation after rallying in the past 8 consecutive sessions. The underlying trend in the market for the near term continues to remain positive.

Asian stocks gain in morning trade- Asian markets opened higher. Stocks rose, tracking the overnight gains in the US stocks, as focus shifted to corporate earnings, reports Reuters.

Global Market:

·       Major Asian markets are trading marginally lower, Nikkei is down 0.19%, Hang Seng is down 0.74% while Shanghai Composite is trading 0.26% lower.

·       US Markets: Stocks moved noticeably higher in yesterday’s trading session. The Dow surged 0.9% to 24,573.04, the Nasdaq climbed 0.7% to 7,156.28 and the S&P 500 ended 0.8% higher at 2,677.84.

·       European markets closed in the red yesterday with the FTSE closing 0.92% lower, CAC ended down 0.04% while the DAX ended 0.41% lower.

Major Headlines of the day:

·        Fortis Healthcare raises Rs150 crore debt to stave off bankruptcy-  Fortis Healthcare Ltd, which is weighing multiple takeover offers for its assets, has got a Rs150 crore bridge loan from Rattan India Finance amid a credit squeeze. Meanwhile the board of Fortis Healthcare would meet on Thursday to consider options after the company became the target of rival takeover bids, reports Reuters.

·        Adani Ports in pact to offer LNG regasification services- Adani Ports and Special Economic Zone has signed an agreement with Indian Oil Corporation to provide liquefied natural gas (LNG) regasification services at its upcoming terminal at Dhamra in Odisha, reports Business Standard.

·        Uttam Galva offers to repay all its debt to banks- Debt-laden Uttam Galva Steels Ltd offered to repay its creditors in full, after its previous offer to pay back 51% of its dues was rejected last week. The steelmaker also sought time to arrange the funds.

·        Railways to spend Rs9,000 crore in 3 years on new wagons- The Indian Railways will spend Rs9,000 crore over the next three years to procure new wagons as it seeks to beef up its goods transportation services, reports The Economic Times.

Trend in FII flows: The FIIs were Net Value of Rs 308 the cash segment Monday while the DIIs were Net Value of Rs 28 as per the provisional figures.

Securities in Ban For Trade Date 17-APR-2018:

1.BALRAMCHIN

2.IRB

3.JPASSOCIAT

4.RCOM

5.TV18BRDCST

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The Indian equity benchmark indices are likely to witness a negative opening;

Indian Indices:                               

The Indian equity benchmark indices are likely to witness a negative opening on the first trading day of 

the week on Monday tracking mixed cues from other Asian peers and negative trend in the SGX Nifty 

Index Futures.Negative trend in the SGX Nifty Index Futures for April delivery, which were trading at 

10,434, down by 69 points or 0.66%, at 11:24 AM Singapore time, signalled a lower opening for 

the domestic equity bourses.

Equity benchmarks opened lower, with the Sensex falling below 34,000 levels following negative lead from SGX Nifty futures and global stocks. The 30-share BSE Sensex was down 229.59 points at 33,963.06 and the 50-share NSE Nifty fell 66.20 points to 10,414.40. Infosys was down 4 percent after lowering of full year EBIT margin guidance.

Global Market:

·       Major Asian markets are trading mixed, Nikkei is up 0.21%, Hang Seng is down 1.02% while Shanghai Composite is trading 0.56% lower.

·       US Markets: Key indices ended the Friday’s trading session in the red. The Dow slid 0.5% percent to 24,360.14, the Nasdaq corrected 0.5% to 7,106.65 and the S&P 500 fell 7.69 points or 0.3% to 2,656.30.

·       European markets ended in the green on Friday with the FTSE closing 0.09% higher, CAC ended up 0.11% while the DAX managed to end 0.22% higher.

Major Headlines of the day:

·        Infosys FY19 outlook worries investors- Infosys Ltd on Friday posted lukewarm Q4 results, but the company’s decision to lower its operating margin band for 2018-19 disappointed investors .Meanwhile, the company said it will hold an analysts’ meet on 23 April where it is expected to unveil its new strategy.

·        IndiGo may get Airbus A320neo planes by April end- Airbus will resume global deliveries of its A320neo planes to customers by the end of this month, reports The Economic Times. Indian airlines IndiGo and GoAir will likely to get deliveries by the last week of April or early May.

·        CBI books ex-UCO Bank CMD in cheating case- The Central Bureau of Investigation (CBI) has booked former a chairman and managing director (CMD) of UCO Bank and others in connection with an alleged loan fraud which has caused a loss of over Rs737 crore to the bank.

·        ICICI Lombard frontrunner for Star Health- ICICI Lombard General Insurance Co has emerged as the frontrunner to acquire Star Health and Allied Insurance Co from its founders and financial investors.

Trend in FII flows: The FIIs were Net Value of Rs -399.59 the cash segment Friday while the DIIs were Net Value of Rs  306.05 as per the provisional figures.

Securities in Ban For Trade Date 16-APR-2018:

1.BALRAMCHIN

2.IRB

3.JPASSOCIAT

4.TV18BRDCST

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The Indian equity benchmark indices are likely to open higher;

Indian Indices:                               

The Indian equity benchmark indices are likely to open higher today tracking positive cues from other 

Asian peers and rally on the Wall Street overnight. Further, positive trend in the SGX Nifty Index Futures 

for April delivery, which were trading at 10,472, up by 4 point or 0.04, at 11:26 AM Singapore time, 

signalled a flat to higher opening for the domestic equity bourses.

All sectoral indices are in the green, with the Nifty IT, Metal, Auto, Pharma, Bank and Realty gaining up to 0.7 percent. Benchmark indices extended previous day's gains, following positive lead from Wall Street and macro data, as investors await Infosys Q4 earnings due later in the day. China's trade surplus with the United States surged 19.4 percent on-year in the first quarter, data showed today, as trade tensions between the world's two largest economies simmer.

Global Market:

·       Major Asian markets are trading with a positive bias at present, Nikkei is up 0.82%, Hang Seng is up 0.48%, while Shanghai Composite is trading 0.28% higher.

·       US Markets: Stocks witnessed a positive rally offsetting the weakness seen in the previous session. The Dow rallied 1.2% to 24,483.05, the Nasdaq gained 1% to 7,140.25 and the S&P 500 climbed 0.8% to 2,663.99. The rally on Wall Street was witnessed after US President Donald Trump sought to downplay concerns about an attack on Syria. "Never said when an attack on Syria would take place. Could be very soon or not so soon at all!" Trump said in a post on Twitter.

·       European markets also ended in the green yesterday with the FTSE closing 0.02% higher, CAC ended up 0.59%, while the DAX managed to end 0.96% higher.

Major Headlines of the day:

·        State Bank of India: CBI Questions DGM Rank Officials From SBI branch In Frankfurt & Mauritius

·        GAIL India: The firm will receive LNG cargo from Gazprom in May

·        Adani Group: The company has entered into multiple tie-ups to further defence business, Hindu Business Line reported.

·        IL&FS Transport: The firm is raising USD 1 billion infrastructure fund under its PE business, Mint reported.

·        Hindustan Unilever: Company appoints Sanjiv Mehta as Chairman

Trend in FII flows: The FIIs were Net Value of Rs 368 the cash segment Thursday while the DIIs were Net Value of Rs  615 as per the provisional figures.

Securities in Ban For Trade Date 13-APR-2018:

1.BALRAMCHIN

2.IRB

3.JETAIRWAYS

4.JPASSOCIAT

   

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INDIAN BENCHMARKS: SENSEX ENDS UP 161 POINTS AHEAD OF CPI AND IIP DATA

Benchmark indices ended higher for the sixth consecutive session, with the Sensex rising 160.69 points to 34,101.13 and the Nifty gaining 41.50 points at 10,458.70 ahead of macro data due later in the day and Infosys earnings tomorrow.

Metals, PSU banks, realty and pharma stocks were under pressure while IT stocks outperformed throughout the session.

Jaiprakash Associates, Balrampur Chini, Triveni Engineering, Dwarikesh Sugar, SAIL, IRB Infrastructure, OBC, Union Bank, Andhra Bank, Bank of India, Indraprastha Gas, Gujarat Gas, Bata India, Adani Enterprises, Rain Industries and Goa Carbon fell up to 6 percent.

HEADLINES OF THE DAY

Tata Motors group's global wholesales rise 18% yoy in March 2018

L&T and BEL sign MoU for defence products and systems

Dish TV promoters make open offer to buy 50cr shares at Rs74/share

The crucial resistance for Nifty spot is now seen at 10540 and above this 10630. Support for the immediate term is now placed at 10350 next support will be 10200.

UPCOMING RESULTS: BHANSALI ENG, INFOSYS, DCB BANK, GRUH 



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CAPITAL STAR UPDATE FUNDAMENTAL NEWS 11 APRIL 2018

LATEST NEWS

Q1FY2018 Oil & Gas Result Review: Inventory losses impact OMCs; Mid-stream benefits from volume growth

·        Refining (downstream) dented by inventory losses suppressing refining margins; OMCs also lose market share in domestic HSD/MS sales: Brent oil price declined by around 7% sequentially to $51/bbl in Q1FY2018, resulting in inventory loss of $2-3.4/bbl to oil marketing companies (OMCs). As a result, Indian Oil (IOCL)/Bharat Petroleum (BPCL)/Hindustan Petroleum (HPCL) reported weak Q1FY2018 gross refining margin (GRM) of $4.3/$4.9/$5.9 per barrel, which was down by 52%/19%/27% sequentially, though the benchmark Singapore GRM was largely flat QoQ at $6.4/bbl in Q1FY2018. On the other hand, Reliance Industries Limited (RIL) reported strong GRM of $11.9/bbl (up 3.5% YoY and QoQ) and its premium over the Singapore Complex GRM widened to $5.5/bbl in Q1FY2018 from $5.1/bbl in Q4FY2017. Public sector OMCs also witnessed loss in market share in the high-margin motor spirits (MS) and high-speed diesel (HSD) segments to private sector competitors.

·        Exploration (upstream) companies hurt by lower realisations: Oil and Natural Gas Corp. (ONGC)/Oil India reported a decline of 7.1%/7.8% QoQ (+10.7%/+12.3% YoY) in their net oil realisation to $51/$48.4 per barrel due to the drop in oil prices during the quarter. Along with lower realisation, the steep dip in other income led to a sharp decline in adjusted profit of ONGC and Oil India during the quarter.

·        Mid-stream companies in gas value chain performed well in Q1: Petronet LNG and GSPL reported healthy volume growth during the quarter, resulting in double-digit earnings growth. On the other hand, Gas Authority of India (GAIL) reported sequential volume decline across segments, except for LPG and liquid hydrocarbons (volume increased by 6.2% QoQ) in Q1. Consequently, PAT grew by only 8.2% during the quarter, partially affected by lower other income.

TOP NEWS

Tourism: Terror attack in Barcelona will halt the performance of the business and will reduce the tourist attraction in European countries – negative read through for Cox & Kings (especially for Meininger business) and Thomas Cook India

Liquor: Half the liquor outlets remain shut post the highway liquor ban, liquor industry feels the pinch – negative for liquor companies (especially large companies such as United Spirits, United breweries and Radico Khaitan, which has pan India presence) More than half of 30,000 liquor vendors have shut downed their shops on April 1 after the Supreme Court banned sale and serving of alcohol within 500 metre of state and national highways. Industry had initially expected most liquor shops and bars to either relocate or reopen in few months. But now expects the situation to normalise by next year. On the positive note, the top court last allowed authorities to de-notify state and national highways passing through municipal limits to let liquor vends along highways in cities and towns resume business.

HPCL: Government of Rajasthan and HPCL signed agreement to set-up refinery at Barmer; positive read through for HPCL

Rajasthan Government has signed an agreement with Hindustan Petroleum Corporation Limited (HPCL) to set up a joint venture company HPCL Rajasthan Refinery Limited to establish Rs 43,129 crore refinery-cum-Petrochemical Complex at Barmer as per media reports. HPCL will have 74% stake and the state government 26% partnership in the new company. Positive read through for HPCL.

OTHER NEWS

Indian Oil Corp (IOCL) : has completed maintenance turnaround at its polyethylene (PE) and polypropylene (PP) plants at Panipat. The plants were shutdown in mid-July for maintenance. PE plant has HDPE capacity of 0.3mmt and LDPE swing capacity of 0.2mmt while PP plant has capacity of 0.6mmt. Sentimentally positive for IOCL.

Maruti Suzuki: Launches the Ciaz – S, a sporty version of its sedan Ciaz with prices starting Rs 9.39 Lakh; Positive, Maruti Suzuki has launched a new variant of Ciaz named as Ciaz S priced at Rs 9.39 Lakh for petrol and Rs 11.55 Lakh (ex showroom Delhi) for diesel variant. T he Ciaz S has been refreshed with a spoiler pack – front, side and a rear underbody plus trunk-lid spoiler, adding a distinctive look and enhancing the aerodynamics of the car. The new variant would further strengthen the position of Ciaz in the passenger vehicle market and could lead to market share gains for the company

Somany Ceramics: Sudha Somany Ceramics, an Associate of Somany Ceramics is setting up a facility in Andhra Pradesh to produce about 5.00 million square meters of vitrified tiles. The same is expected to be commissioned in the last quarter of financial year 2018-19. Positive read thru for the stock.

Infosys: ATP in association with Infosys launches new PlayerZone bringing an enhanced digital experience for players, ATP and Infosys announced the launch of a new 'PlayerZone' app and website. The revamped PlayerZone, allows users to engage with each other and access information across a wide range of operational aspects related to life on Tour. The new app will increase engagement with the next generation of players and provide a central portal of information as players' progress through different stages of their career.

Bharti Airtel: To hold shareholders, creditors meet in September on Telenor merger deal.

Telecom: IMG meeting on telecom postponed to August 22, The Inter-Ministerial Group (IMG) constituted to suggest measures to ease the financial stress in the telecom sector, which was supposed to meet today, will now meet on August 22, and it is likely to come out with the final report on suggestions for the industry on the same day.“The meeting has been postponed to August 22 as some of the members were not available for the meeting on Friday. The IMG was set up on May 16 to work on the stress in balance sheets in the telecom sector, and has been studying balance sheets of the past three years (2014-15, 2015-16 and 2016-17) of telcos. Meanwhile, on its last its meeting on August 11, the IMG had discussed that a policy intervention may not be required as ‘green shoots’ in the telecom sector have started to appear in the first quarter.

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The Indian equity benchmark indices are likely to open on a flat note;

Indian Indices:

                              

The Indian equity benchmark indices are likely to open on a flat note today tracking mixed cues from 

other Asian peers. The Asian markets have opened on a mixed note after an overnight rally in 

US stocks after speech by China’s President Xi Jinping helped ease fears over a US­China trade row. 

Chinese President pledged to lower curbs on foreign ownership. Muted trend in the SGX Nifty Index 

Futures for April delivery, which were trading at 10,443, up by 7.50 point or 0.0, at 11:26 AM Singapore 

time, signalled a flat to higher opening for the domestic bourses.

Global Market:

·       Major Asian stocks were mixed in early Wednesday trade after an overnight advance in global markets as recent trade fears waned.

·       US Markets: rallied on Tuesday as Wall Street breathed a sigh of relief after China’s president said he would work to “open” the country’s economy, easing trade war fears.

·       European markets ended in the green yesterday with the FTSE closing 0.99% higher, CAC ended up 0.83% while the DAX ended 1.09% higher.

Major Headlines of the day:

·        HPCL, BPCL, IOC, ONGC in focus as Brent crude oil prices cross USD 70 a barrel.

·        Blue Star proposed plan to set up new unit in J&K is now cancelled due to non-availability of fiscal incentives

·        Infosys enters into strategic co-creation partnership with Calix to develop new capabilities on AXOS Platform

·        Lemon Tree Hotels' subsidiary signed management contract with Laila Hotels for 120room hotel in Vijayawada

·        Zee Entertainment's 26.42 percent stake in M/s Aplab Ltd is now classified as promoter holding under shareholding pattern of Aplab Ltd.

Trend in FII flows: The FIIs were Net Value of Rs -684.99  the cash segment Tuesday while the DIIs were Net Value of Rs  653.65 as per the provisional figures.

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