Equity Research Report Ways2Capital 25 july 2016

The Market has Opened Positive on Monday with the 50 shares Index Nifty 50 was up 23 points or 0.26 per cent at 8564

TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )
NIFTY FIFTY : The Market has Opened Positive on Monday with the 50 shares Index Nifty 50 was up 23 points or 0.26 per cent at 8564. The domestic equity Indices remained cautiously positive amid the kick start of the monsoon session of parliament kicks. There are hopes that much awaited Goods and Services Tax bill will finally see light of the day. The Market stay positive thanks to upbeat economic data and the beginning of the Earning Season on a positive note. The Morgan Stanley hope the Reserve Bank of India may cut the key rate by 50 bps point in current fiscal on the back of inflation is expected to fall at 4.6 per cent. The Foreign Direct Investment October last year and may this year grew 46 percent to $ 62 billion after the launch of make in India programme according to report. The immediate trend of the market quite strong and may remain intact till the momentum does not fizzle out below 8480-8450 zone decisively. The Crucial levels for Nifty is 8590-8640 up side and 8450-8480 is down side.

BANK NIFTY : - The Bank Nifty has opened in a Positive note on Monday up by 45 point or 0.24 percent at 18998. The Government has provide Rs. 22,915 crore of capital to state run banks. Infusing Fund early in the Financial Year, as it look the boost lending and shore up the Economic Growth. The biggest beneficiary of the capital allocation is State Bank of India which gets nearly a third of the amount up-to Rs. 7,575 crore. According to Fitch Rating report Indian Banks will need $ 90 billion in total additional Funds to meet Global Capital Adequacy norms by 2019. Bad loans of the State Run Banks is Expected to go up 10.1 per cent for the Current fiscal the Minister of State Finance Santosh Kumar quoted as saying on Financial Stability Report. The Bank Nifty is Seems Positive for next week it has Formed the Bullish Candle on daily chart. The Crucial levels for Bank Nifty is 19150-19280 up side and 18750-18615 down side.
NSE - WEEKLY NEWS LETTERS
? TOP NEWS OF THE WEEK
Government Forgoes Rs. 17.15 lakh crore revenue due to tax incentives - A total of Rs 17,15,461 crore revenue has been foregone by the government due to tax incentives in the last three financial years, Parliament was informed today.
The amount foregone is estimated at Rs 93,047 crore in 2013-14; Rs 1,18,593 crore in 2014-15; and Rs 1,28,639 crore in 2015-16, Minister of State for Finance Santosh Kumar Gangwar said in a written reply to Rajya Sabha. Likewise, the amount forgone Indirect Tax is estimated at Rs 4,56,937 crore in 2013-14, Rs 4,35,756 crore in 2014-15; and Rs 4,82,489 crore in 2015-16. Gangwar said Rs. 13,03,344.61 crore was allocated for food subsidy in 2016-17 and so far Rs 57,333 crore has been released.

Textile Sector to grow at 6 per cent to $ 40 billion in FY 2017 - After witnessing a de-growth of 2 per cent in FY 2016, textile exports is expected to grow at 6 per cent to $ 40 billion in FY 2017, driven by the expectations of growth in the apparel segment and higher Fibre prices, says ICRA in its research update on the Indian textile industry. According to Anil Gupta, VP, Corporate Sector Ratings, ICRA Ltd "Despite volume growth in most of the segments, de-growth in the value of textile exports during FY2016 was driven by lower Fibre prices. For FY2017, while raw-cotton export is expected to decline, however, other segments, especially apparels, shall see positive volume growth, especially due to improved export competitiveness supported by the recent financial package for the textile industry."

Government not in favour of any fresh exemptions for new Japanese industrial enclaves - With the government keen to weed out exemptions and lower the corporate tax rate to an internationally comparable 25%, it is not willing to give any fresh ones. As a result, the proposed Japanese enclaves for industries have hit a tax wall with the revenue department making it clear that it cannot offer sops against its overall philosophy of ending them. This issue figured in an inter-ministerial meeting called by Niti Aayog, said a government official aware of the matter. "The revenue department is not in favour of taking up any fresh exemptions," the official said. The final decision will be taken at the highest level. The industrial townships are envisaged as integrated industrial parks with ready made operational platforms having world-class infrastructure, plug-and-play factories and investment incentives for Japanese firms. This is part of the Japanese government's initiative to double investments in India to about $35 billion in the next five years and strengthen bilateral economic ties. The government has already unveiled its plan to remove corporate tax exemptions and bring down the rate to 25%.

India tops chart in financial inclusion progress: BCG - India has topped the chart denoting the progress made by countries on the financial inclusion front as around 20 crore people have "gained access" to financial services, according to a report by global consultancy firm BCG. However, the report said India and several other countries are not effectively converting their economic growth into well-being improvements for their citizens. "India also produced strong ...improvements but converted its strong growth into well-being at a rate slightly below average," the Boston Consulting Group today said in its report titled 'The Private-Sector Opportunity to Improve Well-Being: The 2016 Sustainable Economic Development Assessment'. The report noted that India also leads the pack in progress on financial inclusion as nearly 200 million people have gained access to financial services.

Growth in external private debt makes emerging economies vulnerable: Moody's - The growth in debt levels over the decade-mainly driven by private debts makes emerging market economies vulnerable to external shocks, global credit rating agency Moody's Investors Service has said in a report. According to the report titled 'The Evolution of Emerging Markets External Debt: Private Sector Debt Drives Broad-Based Build-Up of Emerging Markets External Vulnerability Risks', the debt growth was highest in the Asia-Pacific region. The largest increase were reported in external borrowings in China, India, Indonesia, Taiwan and Malaysia, Moody's said. Driven by growth in private debt in China, India and Indonesia, debt levels in the Asia-Pacific region have grown at an average rate of 13.5 per cent, the report said.

States collect Rs 27,000 crore construction cess; spend Rs 5,600 crore - States and Union Territories, which have collected Rs 26,962.18 crore as construction cess, had spent only Rs 5,684.8 crore till March end this year, Labour Minister Bandaru Dattatreya said today. In a written reply to the Rajya Sabha, the minister further said: "The responsibility of collecting cess and its utilization for welfare of workers lies with the respective state governments/UT administrations and state Building and other Construction Workers' Welfare boards." Under the Building and Other Construction Workers' Welfare Cess Act 1996, realty developers are required to pay cess of 1 per cent of the total cost of construction incurred by the employer. The cess is levied for augmenting the resources of the Building and Other Constructions Workers Welfare Board.



FDI surges after 'Make in India', up 46% at $ 62 billion - Foreign direct investment during October 2014 and May this year grew 46 per cent to USD 61.58 billion after the launch of Make in India programme, Parliament was informed today. The initiative was launched in September 2014 with an aim to promote India as an important investment destination and a global hub for manufacturing, design and innovation. "During October 2014 to May 2016, FDI equity inflow has increased by 46 per cent i.e from $42.31 billion to $61.58 billion in comparison to previous 20 months ," Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Rajya Sabha.

India's GDP growth to expand about 8% in next two years: S&P - S&P Global Ratings has said the India story is "pretty solid" and praised the government's "long game" handling of the economy to push up growth potential while giving attention to immediate issues as well. Its forecast of 8% growth for the current financial year and the next is, however, contingent on the government taking certain measures, including a "wise choice" to head the Reserve Bank of India, the American ratings agency said. Raghuram Rajan's three-year term as governor ends on September 4. "That view is predicated on the steady, ongoing structural reform push including GST passage, a good monsoon season this year, and a wise choice to head the Reserve Bank," S&P said in its latest 'APAC Economic Snapshots' report released on Thursday.

? TOP ECONOMY NEWS
The Index of Mineral Production in the mining and quarrying sector grew 1.3% in May 2016 as compared to the same month last year to 129.5 with the total value of mineral production being USD188.09bn.

Banks and financial institutions have sanctioned about Rs788.30bn funding for clean energy projects, of which Rs334.83bn has been released till March end this year.

Indian life insurance industry closed the first quarter of the current fiscal with a new business premium of Rs. 313.9 billion, logging a growth of 33.2%.

Cancelling a flight or denying boarding to a flier is going to cost heavily to domestic airlines as the new guidelines by the aviation regulator DGCA provides for massive compensation in such cases.

The government’s decision that oil producers would have to pay royalty to crude oil producing states such as Assam, Gujarat, Andhra Pradesh, Rajasthan and Tamil Nadu at pre-discount rates.

Exports rose by 1.27%, to USD22.57bn in June, against USD22.28bn in June 2015. Imports, however, declined by 7.33% to USD30.66bn in June as compared to the year ago period, when it was USD33.11bn.

Petrol price was cut by Rs2.25/l and diesel by 42p/l, the second reduction in rates this month on global cues.

The Finance Ministry has imposed definitive anti-dumping duty on Plain Medium Density Fibre Board imports from Vietnam and Indonesia.

Labour Minister Bandaru Dattatreya has said the Employees Provident Fund Organisation may invest up to 12% of its Investable amount in equities over a period of time.

Government fixed Rs3,119/g as the issue price for the 4th tranche of Sovereign Gold Bonds scheme which opens for subscription.

The National Green Tribunal’s order to de-register diesel vehicles older than 10 years plying in Delhi has again brought to the fore the difficulties of controlling ageing vehicles in the country without a comprehensive scrappage policy.

The department of telecommunications has started issuing notices to six Telecom operators for under-reporting revenues during 2008-09.

The National Highways Authority of India is in talks with LIC and the Employees Provident Fund Organisation for fund mobilization.

The Centre has decided not to raise the foreign direct investment limit on newspapers and periodicals to 49% from 26%.

Wind power producers are facing problems over payments and demand that affect close to 11000 MW, or 40% of the wind power generating capacity in the country.

The Centre has released more than Rs. 280 billion so far this year to States under MGNREGA to clear the last year’s liabilities and for running the programme in the ongoing year.

Undisclosed income of Rs. 438.29 billion, both from domestic and foreign sources, has been detected by government in the last two financial years.

There are 8,167 willful defaulters who owe banks an amount of Rs. 766.85 billion and 1,724 FIRs have already been filed in 2015-16.

? TOP CORPORATE NEWS -
BHEL has commissioned another 250 MW unit based on eco-friendly Circulating Fluidised Bed Combustion technology, using low quality coal lignite as the primary fuel.

Idea Cellular slashed mobile internet rates to offer more value to the customers on their 4G, 3G and 2G data packs.

Tata Motors Limited will seek shareholder's approval at the upcoming annual general meeting to raise Rs. 30 billion through non-convertible debentures this year.

Infosys has relaunched its employee stock option plan for junior to middle level management staff.

Biocon limited has begun selling biosimilar insulinGlargine in disposable pens in the second-largest market for insulin outside of the US and Europe.

Oil and Natural Gas Corporation or ONGC is seeking buyers for gas from a new deepwater field in the KG Basin, which will be the first to supply under the new policy that allows companies to charge a much higher rate for output from challenging fields.

Hero MotoCorp will phase out its Maestro, Impulse, Ignito and Passion XPro — the models it had acquired under a licensing agreement with former partner Honda — by the end of the current fiscal.

Ashok Leyland will be setting up a bus assembly plant in Kenya with an investment of Rs. 700 million as part of its global expansion plans.

Reliance Industries is on the verge of starting commercial production of natural gas from its coal-bed methane blocks in Madhya Pradesh.

Punjab & Sind Bank has paid Rs. 526 million dividend to the government for financial year 2015-16.

Bharti Airtel has completed the sale of its subsidiary in Sierra Leone to France's Orange, after having completed the sale of its unit in Burkina Faso to the same company in June.

Reliance Industries will infuse another Rs.150 billion in its telecom arm Jio through a rights issue.

UltraTech Cement Limited is expected to complete its acquisition of Jaiprakash Associates' cement plants within the next one year.

The government has ordered an enquiry into "operation and mismanagement" of Shree Maheshwar Hydel Power Corp even as promoter Mukul Kasliwal and lender Power Finance Corporation Limited trade charges of serious lapses that delayed and derailed the country's first private hydropower venture.

Reliance Communications has incorporated an investment firm in the Netherlands in the name of Aircom Holdco BV.

Sun Pharma, Glenmark and Aurobindo Pharma has received final approval from the US health regulator USFDA for rosuvastatin calcium tablets, used in lowering cholesterol.

DLF Limited and Ridgewood Holdings Limited have realigned current shareholding arrangement in their joint venture companies.

Mangalore Refinery and Petrochemicals Limited has announced lining up projects, including a raw petroleum coke gas complex, worth Rs. 150 billion in the coming years.

BHEL has commissioned third unit of the 4x40 MW Teesta Low Dam hydroelectric project stage-IV in West Bengal.

State Bank of India, has signed a Memorandum of Understanding with Brookfield Asset Management to collaborate on investments in stressed assets.

Jindal Steel and Power Limited will move an ‘appropriate forum’ in connection with the notice served by the Chhattisgarh government for recovering alleged excess payment made against power purchased from the company.

Lupin Limited has launched its generic oral contraceptive Norgestimate and ethinyl estradiol tablets in the American market after receiving nod from the US health regulator.

M&M Limited launched a new mild hybrid version of its new generation Scorpio priced between Rs. 0.97 million and Rs. 1.40 million.

? TOP BANKING AND FINANCIAL NEWS OF THE WEEK
Yes Bank Limited is taking a bold bet on Nirma while negotiating to bankroll a lion's share of funding required to complete the Rs. 94 billion acquisition of Lafarge's Indian assets.

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