Tata Steel to get 45% stake in Thyssenkrupp joint venture: Sources

The changes happened after Thyssenkrupp's activist shareholders pressured management to squeeze better terms from the deal, which was originally a 50-50 split

Thyssenkrupp AG and Tata Steel Ltd. are closing in on a European steel joint venture after a last-minute change to the deal terms that won approval from Thyssenkrupp’s union.

In the revised deal, Thyssenkrupp will own about 55 per cent of the equity in the new company and Tata will have 45 per cent, according to people familiar with the matter. The changes happened after Thyssenkrupp’s activist shareholders pressured management to squeeze better terms from the deal, which was originally a 50-50 split. The voting rights will be equally split.

The talks over the joint venture have dragged on for more than a year and faced opposition from labour representatives, as well as activist shareholders. Thyssenkrupp’s labour representatives said on Thursday they would vote in favour of the joint venture, paving the way for it to go through.

Elliott Management Corp. and Cevian had argued that the terms needed to be improved after a long slump in Tata’s European steel profits. The new agreement represents an increase of more than 600 million euros ($695 million) for Thyssenkrupp shareholders compared with the previous deal, said the people, who asked not to be identified because the details aren’t public.

Changes to the deal follow weeks of mounting pressure on Thyssenkrupp’s Chief Executive Officer Heinrich Hiesinger by activist shareholders and labour representatives to get a better deal after profits plunged at Tata’s European steel business.

Even though the union will approve the deal, Thyssenkrupp shouldn’t be "scrapped like a used car," said Wilhelm Segerath, chairman of the General Works Council and a member of Thyssenkrupp’s supervisory board.

Equity investors and labor unions are equally represented on Thyssenkrupp’s supervisory board, giving them both influence over the deal.

Under the new terms, Tata also agreed to pay for potential environmental risks at a coke oven of its Port Talbot plant in Wales and for investments, should it be necessary, the people said.

Check Market Price : Tata Steel Share Price

Will Reliance Jio be able to hit 400 million subscriber target by 2020?

Jio is in a neck-and-neck battle with Airtel, which added a similar number of subscribers as Jio in the 15 months from February 2017 to April 2018

It took Reliance Jio just 170 days to hit the 100 million subscriber mark since its launch in September 2016.

But it took the company 15 months to grab the next 100 million, according to sources. Fighting a bitter battle with older telcos, the company reached the 200 million milestone in the middle of May this year. And, they are in a neck and neck battle with Bharti Airtel, which added a similar number of subscribers as Jio in the 15 months through a combination of new customer additions as well as the acquisition of rival telcos including Telenor (36 million) and Tata Teleservices (29 million, pending government nod).

Despite the bruising price war, the Vodafone-Idea combine also added 38 million customers during this period.

Clearly, all the big boys grabbed customers from the smaller players — Aircel, Reliance Communications, TTSL, and Sistema — whose share of the pie fell by half from 33 per cent in February 2017 to 16 per cent in April 2018. With Telenor already having joined Airtel and TTSL about to join, that percentage is likely to come down even more dramatically.

Also Read : Reliance Infrastructure Share Price

The reason for the longer haul for Jio to reach the next 100 million is simple, and that raises questions on whether they would be able to hit the 400 million target by 2020.

Older telcos, initially stumped by the Jio onslaught, are hitting back — matching tariffs and offering devices at similar prices as the Rs 1,500 feature phone of Jio. Also, the overall telecom market shrunk between February 2017 and April 2018, with 39 million lesser subscribers. This is a clear indication that the market has now matured and additional consumers will become a trickle.

Airtel saw its market share go up since the launch of Jio from 24 per cent to crossing 30 per cent in April end (after the Telenor acquisition). That share will go up further once the TTSL deal is cleared.

Vodafone, which had a 17.8 per cent market share when Jio launched in September 2016, had a market share of 19.74 per cent in April. Idea saw a sharp increase in its market share, up from 16.60 per cent in February 2017 to 19.27 per cent in April 2018, as it was able to grab a lot of 2G customers who were shifting from smaller incumbent players.

Lenders choose Tata Steel as preferred bidder for Bhushan Power & Steel

Tata Steel has already bagged Bhushan Steel, which has a capacity of 5.6 million tonnes

The committee of creditors (CoC) for Bhushan Power & Steel has decided on Tata Steel as the preferred bidder. The battle for Bhushan Power & Steel was closely fought between UK-based Liberty House, which submitted a late bid, and Tata Steel. People in the banking sector said that both bids were in close range initially.

"The difference was in the range of Rs 5-10 billion. Tata had offered around Rs 175 billion and Liberty Rs 180 billion as immediate upfront to financial creditors. But if you consider operational creditors, including employees, the Tata Steel bid looked slightly better. There is no standardised format to decide on what basis to select the bid," they said. Tata Steel's bid also has an additional capital infusion of Rs 75 billion. Subsequently, the CoC wanted comfort that Liberty House and Tata Steel can bring in the cash.

ALSO READ: Tata Steel Share Price : Live NSE/BSE Stock Price Today

"In the case of Liberty House, finances were not fully tied up and the CoC felt the Tata bid was better, as it was fully backed by financial arrangement. The matter has been referred accordingly to the tribunal, which has to take a call," said the people cited above. They added that in terms of track record, the CoC felt Tata Steel was a more established player. A Liberty House spokesperson said there was no information on the bid.

The matter was slated for hearing in the National Company Appellate Law Tribunal (NCLAT). Last week, Liberty had presented bank guarantees before the lenders. The NCLAT, where the matter is being heard, had asked the CoC to go ahead with the selection process and keep its decision in a sealed cover. The final decision would be subject to the outcome of the NCLAT verdict.

The CoC had filed an application seeking clarification in the process. Bhushan Power & Steel was a two-way race initially. Tata Steel and JSW Steel had submitted their bids within the deadline. However, Liberty House made a late bid. The CoC had rejected Liberty House's bid on grounds of late submission but the National Company Law Tribunal (NCLT) asked the CoC to consider it. Tata Steel had challenged the NCLT order in the NCLAT, but no stay on the proceedings was granted. If Tata Steel does bag Bhushan Power & Steel, it would likely make it the largest steel player in the domestic market.

Tata Steel has already bagged Bhushan Steel, which has a capacity of 5.6 million tonnes.

Tata Steel's capacity prior to the Bhushan Steel acquisition was around 13 million tonnes. Bhushan Power & Steel has a capacity of around 3 million tonnes and debt of around Rs 470 billion.

NDTV surges 20% as Sebi orders Vishvapradhan Commercial to make open offer

The stock is locked in upper circuit of 20% at Rs 39 on the BSE in early morning trade on Wednesday.

Shares of NDTV are locked in upper circuit of 20% at Rs 39 on the BSE in early morning trade on Wednesday, after the Securities and Exchange Board of India (Sebi) on Tuesday passed an order asking Vishvapradhan Commercial Pvt Ltd (VCPL) to make an open offer for the company.

Till 09:25 am; a combined 160,893 shares changed hands on the counter and there were pending buy orders for 462,932 shares on the BSE and NSE.

“The order noted that VCPL had acquired indirect control through a loan agreement in 2009, which would have necessitated an open offer at the time. The regulator has now asked for this open offer to be made with interest,” Business Standard reported.

Meanwhile, the Bombay High Court on Tuesday directed the Reserve Bank of India (RBI) to consider the compounding applications filed by news organisation NDTV in a case of alleged violation of the Foreign Exchange Management Act (FEMA).

“The Bombay High Court has today directed the Reserve Bank of India (RBI) to consider the compounding application(s) filed by the Company. The Court has ruled in favour of the writ petition number 2026/2017 filed by NDTV against the RBI and Enforcement Directorate,” NDTV said in a BSE filing on Tuesday.

“NDTV had approached the Bombay High Court against the RBI's refusal to consider its compounding applications in circumstances where the RBI was relying on the Enforcement Directorate's unsubstantiated allegations against NDTV. The Bombay High Court has today quashed the directive issued by the Enforcement Directorate to RBI which had prevented the compounding, “ it added.

Click here : New Delhi Television Share Price

Cochin Shipyard expects to double ship repair revenue to Rs 12 bn in 3 yrs

One of its major expansion projects is a Rs 17.99-bn drydock for building complex, technology-intensive large vessels

Cochin Shipyard Ltd its ongoing and upcoming expansion projects will help it free up more space for repairing large international vessels and double its revenue from ship repairing operations to Rs 12 billion in the next three years. The company, which is expanding its ship repairing capabilities to Mumbai and Kolkata, is also looking at setting up a facility in the Andaman Nicobar islands, said Cochin Shipyard CMD Madhu S Nair.

The plans include a Rs 9.70-billion International Ship Repair Facility (ISRF) in Kochi to increase the repair throughput by around 70 per cent and to equip the company for repairing an additional 80 vessels a year. It has also announced a geographical expansion to set up ship repair facilities in collaboration with the Mumbai Port Trust in Mumbai and another one in Kolkata in collaboration with the Kolkata Port Trust. Further, a joint venture with Hooghly Dock and Port Engineers Ltd, where it holds around 74 per cent stake, targeting construction and repair of inland water and coastal vessels is also expected to be operational soon.

"With the expansion, we will have a capacity to repair around 150 ships in Kochi, from the current around 80-100 ships depending upon their size. The Kochi facility can have more larger ships for repairing since the smaller ones can be moved to the ISRF," said Nair. At present, the Mumbai facility has a capacity for around 40 ships. Once it is revamped, it might have a greater capacity.

The expansion in Kochi would help the company add another Rs 3 billion in revenue in the second year of its operation. The Mumbai facility is expected to bring in around Rs 1.5-2 billion in 2.5 years, while the Kolkata facility, since it is a pilot project for inland ship repairing and shipbuilding, would bring in around Rs 300-400 million by that time.

"We are expecting our revenues from ship repairing to grow to around Rs 12 billion in the next three years. Last year, it was around Rs 6.23 billion and it was a growth from Rs 3.7 billion two years back," Nair added.

Another major expansion project is a Rs 17.99-billion new large drydock for construction of complex, technology-intensive large vessels such as LNG carriers, offshore drillships, and larger aircraft carriers, along with repairs of offshore rigs and semi-submersibles. Construction work of the plant and machinery has been awarded to Larsen & Toubro Ltd and the target of completion is June 2021.

See Live NSE/BSE Stock Price : Cochin Shipyard Share Price

Fortis Q4 loss widens to Rs 9.32 bn on impairment charges amid bidding war Edit

Net loss for the year-ago quarter was Rs 638 million

Fortis Healthcare Ltd, which is embroiled in a takeover battle that has drawn international bidders, on Wednesday said loss for the March quarter ballooned to Rs 9.32 billion ($136.3 million) hurt by impairment charges.

Fortis, which delayed reporting results for the quarter as it completed an internal probe, said the goodwill impairment charges and write-offs were related to inter-corporate deposits and advances.

Net loss for the year-ago quarter was Rs 638 million.

Fortis detailed the findings of its internal investigation and said it was in the process of taking "suitable legal measures" against former Executive Chairman Malvinder Singh to recover payments and company assets held by him.

Fortis has become the target of a bidding war by suitors seeking to get a share of a boom in India's private healthcare market. Its board is looking at bids from parties including Malaysia's IHH Healthcare Bhd and a consortium of Manipal Health Enterprises and private equity firm TPG Capital.

Despite the significant interest, no suitor has gone all out on the offer price mainly due to regulatory investigations into allegations that Fortis' founders, Malvinder Singh and Shivinder Singh, siphoned off funds from the company. They quit as directors in February but have denied any wrongdoing.

Fortis said it will appoint an external agency to investigate its internal controls and also evaluate its organisational structure, including the delegation of powers of the board.

($1 = Rs 68.3600)

Check Here Fortis Market Price : Fortis Malar Hospitals Share Price

Bharti Airtel announces senior leadership appointments for its B2B unit

Ajay Chitkara has been appointed as Director and CEO, Airtel Business to spearhead the domestic and global enterprise business as one unit

Country's top telecom operator Bharti Airtel ltd has announced senior leadership appointments for its B2B unit.

Ajay Chitkara has been appointed as Director and CEO, Airtel Business to spearhead the domestic and global enterprise business as one unit.

Chitkara will continue reporting to Gopal Vittal, MD and CEO, Bharti Airtel.

Airtel also announced the appointment of Pankaj Miglani as CEO - Global Business. Miglani will report to Ajay Chitkara. In his previous role, Miglani was CFO, Bharti Infratel and played a key role in the company's IPO in 2012.

Chitkara has been with Airtel since 2001 and is credited with building brand Airtel in the global wholesale segment. In his previous role as Director & CEO, Global Business and Nxtra, he was responsible for creating business strategies for Carriers, Global Enterprise and OTT segments, and implementing them globally through the regional teams. Under Chitkara's leadership, Global Business grew in topline to become a billion-dollar business, while EBIT margins jumped five-fold since 2013.

Pankaj Miglani, who is a Chartered Accountant, Cost Accountant and Company Secretary with over 25 years of experience, has earlier worked in Airtel for 10 years in various roles.

Gopal Vittal, MD & CEO (India and South Asia), Bharti Airtel said, "I am delighted at Ajay's appointment to lead Airtel's B2B business as an integrated entity, which will help us leverage our global reach and deep relationships in the enterprise segment. I am also pleased to welcome back Pankaj after his successful stint with Bharti Infratel."

Check Bharti Airtel Ltd Market Price : Bharti Airtel Share Price : Live NSE/BSE Stock Price Today

HDFC MF gets Sebi go-ahead for IPO after nearly two months on backburner

It will be entirely an offer for sale by promoter HDFC and UK's Standard Life, who currently hold 57% and 38% respectively

HDFC Mutual Fund has obtained a go-ahead to launch its initial public offering (IPO), two investment bankers handling the issue said.

“Sebi has issued final observation on the offer document. The company will have to respond to the market regulator,” said an investment banker, adding that the asset manager is looking to launch its IPO in the second or third week of July.

HDFC MF couldn’t be immediately reached for a confirmation.

The processing status of draft offer documents filed with Sebi, uploaded on June 22, featured names of 26 companies that are awaiting approval. The list didn't include the name of HDFC MF.

Among the companies awaiting a nod for their IPO include Lodha Developers, Mazagon Dock and Srei Equipment Finance. As per Sebi’s website, the IPO of Lodha Developers, country’s leading real estate company, has been “kept in abeyance for examination of past violations.”

According to an update on Sebi’s website on April 27, HDFC MF’s IPO was kept abeyance for past violations.

“Sebi needed clarity on some issues, which were provided to them,” said a banker.

Nomura, Kotak Mahindra Capital, Axis Capital, BofA Merrill Lynch, Citigroup, CLSA India, HDFC Bank, ICICI Securities, IIFL Holdings, JM Financial, JP Morgan and Morgan Stanley are the investment banks handling HDFC MF’s IPO.

HDFC MF’s IPO will be the second by a domestic asset manager after Reliance Nippon MF. HDFC MF’s offering will be entirely an offer for sale by promoter HDFC and UK’s Standard Life, who currently hold 57 per cent and 38 per cent respectively. In the IPO, HDFC is selling 4 per cent and Standard Life is offloading 8 per cent stake. The IPO size is expected between Rs 35 billion and Rs 38 billion. The maiden offering could value the asset manager at Rs 307 billion.

HDFC MF currently manages assets worth over Rs 3 trillion making it the second-biggest fund house in the country after ICICI Prudential MF.

Check here : HDFC Bank Ltd Share Price.

Here's why India's life-saving plan for IDBI Bank makes no sense

It's hard to see how the transaction could bolster the reputation of any of India's three financial regulators

Rescuing a dying bank with taxpayers' money is often the only way to prevent a costlier contagion. But nursing a deposit-taking institution by tapping life-insurance premiums of policyholders? That's like allowing a localized infection to spread all over, hoping the natural immunity of an otherwise healthy body will help beat back the germs.

India's plan to sell a majority stake in IDBI Bank Ltd to Life Insurance Corp of India is not modern medicine. It's bureaucratic quackery. New Delhi hasn't found a genuine private-sector buyer for the ailing IDBI for more than two years. Hence, the stage is being cleared for state-owned LIC, the government’s preferred buyer of stuff nobody wants.

If LIC cares about its fiduciary responsibility to policyholders, it will pass this one up. But then, it can never say no to New Delhi. LIC already owns about 11 percent of IDBI, thanks to its previous participation in rescue missions. The new proposal is for it to take roughly half of the government’s 81 percent interest to become the majority shareholder. It could cost LIC around $3 billion to pay the government and top up IDBI’s capital for one year.

That's money down the drain.

At more than $8 billion, the bank’s gross nonperforming assets are nearing 28 percent of the total. If all IDBI’s distressed loans currently classified as standard assets have to be marked down, NPAs would rise to almost 36 percent, in India Ratings & Research Pvt.’s assessment.

Suppose NPAs do go up, but only to the halfway mark of 32 percent. The math is still stark: A 70 percent loss on 32 percent of the bank’s $29 billion loan book would translate to a $6.5 billion hit, of which only about $4 billion could be absorbed by existing loan-loss provisions. The remaining $2.5 billion would wipe out IDBI’s Tier 1 capital. Whatever price LIC pays for IDBI shares would be too much. Instead of buying from the government, LIC could purchase new stock in IDBI. However, that would dilute minority investors while generating zero cash for the government’s stretched budget.

It’s hard to see how the transaction could bolster the reputation of any of India’s three financial regulators.

Read more about : IDBI Bank LTD Market Price.

Short-term loans to get cheaper

Come Friday, the benchmark rates are expected to be lower by 80-90 basis points (bps) for short-term credit as banks begin to price new loans on the basis of marginal cost of funds.

It will drive financially sound companies’ hunt for the best lending rate (for short-term credit) under the new regime, leading to some competition among banks.

This could also hit the issuance of commercial papers (CPs) as companies begin to avail of credit limits than to use the money market for short-term need, bank executives said.

The Reserve Bank of India (RBI) has prescribed the new system to improve transmission of monetary policy. TheRBI has cut key policy rate (repo rate) by 125 bps, since January 2015 to 6.75 per cent now.

Responding to the central bank’s actions, banks also reduced their benchmark lending rates (base rate) but not in same proportion. They have cut by 55-75 bps. They brought-down deposit rates by 85-100 bps in past 12 months, according to RBI data.Read More.

4G phones to drive smart devices market in India: Samsung

Mobile handset maker Samsung India said on Tuesday that 4G phones will drive the smartphone market in the country on the back of increasing data speed.

Samsung, one of the largest smartphone makers in the country, also claimed 60% share in total shipments of 4G phones in the country last year.

"With data speed, evolution of network happening, the adoption of smartphones will accelerate and 4G will be one of the key factors," Samsung India General Manager (Mobile Business) Vishal Kaul, said.

Dilwale enters list of highest foreign grossers in 10 days

Shah Rukh Khan has added another film to the top 10 foreign collectors from Bollywood with Dilwale.

The pre-Christmas release, starring Khan, Kajol, Varun Dhawan and Kriti Sanon in lead roles, has grossed $18.5 million in the first 10 days. This puts the Rohit Shettydirectorial at the number seven spot in the top 10, overtaking Happy New Year.

The highest foreign collector from Bollywood is Aamir Khan’s PK, released last December. The film has made about $47 million in the international circuit, with China contributing almost $17 million to this number. Salman Khan’s 2015 Eid release Bajrangi Bhaijaan takes the second spot with $29 million, followed by Dhoom 3 (2013) at $28 million.

Dilwale is co-produced by SRK’s Red Chillies Entertainment and Rohit Shetty and was released in 1,210 screens abroad. While the majority of the screens were in traditional markets–North America (the US and Canada), the UK and West Asia, the film also released day and date in new territories like Jordan, Spain, Finland, Trinidad and Guyana. Read More.

Markets gain for the thrid straight session; Nifty ends above 7,750

Markets gained for the third straight day as market players seem to have already discounted the much expected US interest rate hike that is due later today. The rally in the Market was led by oil & gas and energy shares.

Provisionally, the S&P BSE Sensex has climbed 169 points to trade at 25,490 and the Nifty50 has gained 52 points to quote at 7,752

Markets have maintained an uptrend in the late afternoon trades and are heading towards the third straight session of gains as market players seem to have already discounted the much expected US interest rate hike that is due later today.

By 2:45 pm, the S&P BSE Sensex has climbed 205 points to trade at 25,525 and the Nifty50 has gained 60 points to quote at 7,761.

The two day FOMC meet of the US Federal Reserve will conclude today in which the Fed Chair Janet Yellen is widely expected to announce the hike in the interest rates for the first time in almost a decade. 

In another major development for the day, the Supreme Court of India has banned the registration of all new diesel cars with over 2000 cc capacity in Delhi-NCR till March 31st, 2016. As a step to curb pollution in the capital city, the apex court has also ordered that the taxis in Delhi be converted to CNG by March 31, 2016.

Following the order, the shares of CNG manufacturers are trading higher. Everest Kanto Cylinder has surged 16% on the BSE while Nitin Fire Protection Industries has climbed 1%

Meanwhile, while speaking at the Rajya Sabha, Finance Minister Arun Jaitley said the government will achieve its fiscal deficit target without any cuts in the government spending.

On the macro-economic front, India’s merchandise exports fell for the twelfth consecutive month in November this year.

J Kumar Infraprojects Ltd.

J Kumar Infraprojects (JKIL), promoted by Jagdishkumar M Gupta and his family. Initially, Jagdishkumar M Gupta setup his proprietorship concern under the name and style of J Kumar & Co in 1980. Under his able stewardship the proprietary concern made a modest beginning by maintenance of PWD buildings and scaled up to get registered with Public Works Department, Government of Maharashtra as a Class I-A Civil Contractor. With this registration he started executing civil contracts for Government, Semi government and other various private organizations relating to infrastructure and Civil Engineering Construction contracts, comprising mainly of roads, flyovers, bridges, irrigation projects, commercial buildings, railway buildings, sports complexes and airport contracts. Mr. Jagdishkumar M Gupta has extensive experience in this field. From 1980 till 2004 he carried out the business in his proprietary concern J. Kumar & Co. With a vision to expand the business, become a professionally driven company and reap the benefits of a corporate entity, Jagdishkumar M Gupta has incorporated a Company on December 2, 1999, by the name of 'J. Kumar & Company (India) Private Limited'. The proprietary concern J. Kumar & Co. had a PWD registration of Class 1-A. With effect from November 25, 2004 the said license of J. Kumar & Co. was transferred to the Company without any consideration and a fresh Certificate of Registration was issued by the Public Works Department to the Company effective from the said date Pursuant to this transfer, 7 contracts amounting to a contract value of Rs. 3008.98 lacs awarded to J. Kumar & Co. were transferred in the name of the Company by the respective authorities and were thereinafter carried out by us. Thereafter no fresh business was undertaken in J. Kumar & Co. The company has formed a Joint Venture namely, 'Ameya Developers and J. Kumar Joint Venture', a 50:50 partnership firm which has executed the twin flyover at Konkan Bhavan Junction, CBD Belapur and the Flyover at Chheda Nagar, Ghatkopar in Mumbai. The Joint Venture firm continued to quote for many flyover projects and obtain orders from Government and Semi Government Bodies. The name of the Joint Venture is now changed to 'Ameya J. Kumar Constructions' and has obtained PWD registration in the new name. The company is registered with Vidarbha Irrigation Development Corporation as class 1 A contractor since May 03, 2007 and obtained orders for the execution of spillways, M.I. Tanks etc. The company has a branch office established in Yavatmal to handle all the irrigation contracts in Vidharbha region.

Article Source : Business Standard.

Stock tips from Anand Rathi: Buy Crompton Greaves, DHFL; Sell Hindalco

Here are a few trading ideas from Chandon Taparia of Anand Rathi:

The Sharp Investment has been consolidating in a range from last 13 weeks and has managed to hold the support base above Rs 1,700-1,730 zones. It has given a price volume breakout above Rs 1,800 zones by forming a small triangle on daily chart. It has managed to close above 50 DMA and also set to surpass its falling supply trend line. Thus we are recommending buying the stock with stop loss of Rs 1,785 for the upside target of Rs 1,890 levels.

The stock has taken multiple support and has been making higher lows from last four trading sessions and crossed the hurdle of Rs 220 zones. It is set to start an up move after the sideways move of last twelve trading sessions. Earlier it corrected from 242 to 205 zones and now moving upwards after an accumulation so looks strong even in terms of risk reward ratio. Thus recommending the traders to buy the stock with the stop loss Rs 210 for the upside immediate target of Rs 228levels.

The stock has seen a V shape recovery from Rs 164 to Rs 190 levels in last three weeks and given an early sign of major breakout on weekly chart. It has been making higher top – higher bottom formation on daily charts from last couple of days with rising volume activities. It registered highest daily close of last three series and holding above its volume weight age average of Rs 176 levels. Traders can buy the stock with the stop loss Rs 180 for the upside immediate target of Rs 196 levels.

The major trend of the Share price is intact to weak as it has been falling down from last six weeks. It witnesses sustain selling pressure at every small bounce back and has set perfect example of support becoming resistance. It has seen fresh call writing at Rs 80 strikes which will continue to push the stock to lower levels. One can sell the stock on bounce back move with stop loss of Rs 78.50 for the downside target of Rs 71 levels.

Gayatri Projects Share Price: Gayatri Projects Q2 net profit improves at Rs 7.3 crore

Hyderabad-based Gayatri Projects Limited has reported a net profit at Rs 7.3 crore for the quarter ended September 2015 as compared with Rs 1.13 crore in the corresponding quarter previous year.

The income from operations during the quarter under review stood at Rs 317.20 crore, an increase of little over 4 per cent compared to Rs 306.33 crore in the year ago period.

However, there was a decline both in terms of revenue and profits on a sequential basis. In the first quarter ending June, 2015 the company had reported Rs 405 crore income from operations with a net profit of Rs 10.69 crore for the three month period.


Article Source: Business Standard.

Natco Pharma rallies for sixth straight day; stock surges 50%

Shares of Natco Pharma share Price has rallied 7% to Rs 2,196, extending its previous day’s 15% surge on the BSE after the company said it has received the approval for the generic anti-hepatitis C medicine sofosbuvir tablets of 400 mg from the Drugs Controller General-India (DCGI).

Today, the stock opened at Rs 2,080 and hit a fresh record high of Rs 2,264 on BSE. The trading volumes on the counter more than doubled with a combined 526,473 shares changed hands on the BSE and NSE till 1027 hours.

The stock of pharmaceutical company rose for a sixth straight session after the company signed a non-exclusive licensing agreement with Gilead Sciences to manufacture and sell generic versions of its chronic hepatitis C medicines in 91 developing countries. It rallied nearly 50% from Rs 1,492 on March 3, 2015 compared with 2.5% fall in the S&P BSE Sensex.

Meanwhile, Dilip S Shanghvi, the promoter of Sun Pharmaceutical Industries hold 3.46% stake in Natco Pharma as on December 31, 2014, the shareholding pattern data shows.