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Showing posts with label Nifty Futures Tips. Show all posts
Showing posts with label Nifty Futures Tips. Show all posts

Friday 19 January 2018

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Capitalstars Updates: Top Corporate News :- 19 Jan 2018

Capitalstars Updates:  Top Corporate News

Top Headlines Of The Day:- 19 Jan 2018

Alembic to consider share buyback
Pizza still hot, Jubilant Foodworks stock jumps 7% after strong performance
Lupin launches generic Vibra-Tabs tablet in the US
Cadila Healthcare's Dabhasa plant clears USFDA inspection
GST rate on drip irrigation products reduced from 18% to 12%, Jain Irrigation gains 4%


Alembic to consider share buyback
Alembic Ltd has indicated that the board of directors would consider and approve the share buyback in the board meeting to be held on January 23, 2018. The board of directors would also consider the minimum a the d maximum number of shares, mode of the buyback, etc.
Alembic Ltd in Q2FY18 reported debt-free balance sheet and had a cash and investments (long term and short term) of Rs735cr. It has a total net worth of Rs911cr. Capex requirement has not been very high in the last three years. Overall balance sheet remains strong and has been generating cash flows over the past three years.

Pizza still hot, Jubilant Foodworks stock jumps 7% after strong performance
Jubilant Foodworks (JFL) stock rallied 7.0% backed by strong quarterly performance. The stock is currently trading at a 52-week high on the BSE.
The stock reacted positively on account of its strong Q3FY18 performance. JFL reported a strong set of numbers for Q3FY18, significantly ahead of consensus estimates on operating and profitability fronts. Revenue grew by 20.7% YoY to Rs795.2cr. Same Store Sales (SSS) growth for Domino’s for the quarter stood at 17.8% yoy led by product upgrades, everyday value pricing offers. Dunkin' losses have continued to reduce owing to the sharper focus on donuts and beverages and closure of unprofitable stores.

Lupin launches generic Vibra-Tabs tablet in the US
Pharma Major Lupin announced the launch of its Doxycycline Hyclate Tablet USP, 100 mg having received an approval from the United States Food and Drug Administration (FDA) earlier.
Lupin’s Doxycycline Hyclate Tablet USP, 100 mg is the AB-rated generic equivalent of Pfizer Inc.’s Vibra-Tabs, 100 mg. It is indicated in the treatment of infections caused by various microorganisms and as an adjunctive therapy in severe acne.
Doxycycline Hyclate Tablet USP, 100 mg had annual sales of approximately USD 144 million in the US. (IMS MAT November 2017).

Cadila Healthcare's Dabhasa plant clears USFDA inspection
Cadila Healthcare reported that its Dabhasa plant has cleared a USFDA audit with zero observations. Dabhasa is an API plant, which is located near Vadodara. This plant was earlier cleared by the Mexican health authority (COFEPRIS) as per its conference call in August 2017.
Last year, Cadila received approval for its Moraiya facility, which is very critical for its pipeline monetization and future growth. We believe that clearance to another plant is a positive news on this counter. While the facility approvals are positive, competition in the US market is expected to put pressure on margins in FY19E. The stock currently trades at a rich valuation (23x of FY19E EPS).

GST rate on drip irrigation products reduced from 18% to 12%, Jain Irrigation gains 4%
Jain Irrigation Systems stock is up 4% on the back of the news that the GST rate on Drip irrigation systems including laterals, sprinklers products has been reduced from 18% to 12% as per the decision was taken at 25th GST Council Meeting held on January 18, 2018. The new GST rates shall be effective from January 25, 2018.
The company has decided to pass on this benefit of 6% directly to the customers/farmers. This is a positive step taken by the Government to encourage farmers to invest in efficient irrigation systems which saves water and improves productivity. We estimate that this action will have a positive impact in the upcoming busy season for our Drip Irrigation Division, according to the press release.



Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
CapitalStars Investment Adviser: SEBI Registration Number: INA000001647


Thursday 18 January 2018

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Capitalstars Updates: Top Corporate News :- 18 Jan 2018

Capitalstars Updates:  Top Corporate News

Top Headlines Of The Day:- 18 Jan 2018

L&T Technology Services wins $50 million avionics contract
Dilip Buildcon has been awarded project worth Rs730.08cr by NHAI
Bharat Forge sets up e-mobility R&D center in the UK
Varun Beverages to acquire franchisee rights for Bihar
Tata Consultancy Services expands partnership with Shure

L&T Technology Services wins $50 million avionics contract
L&T Technology Services Ltd (LTTS) has announced that it has won a landmark project worth $50 million spanning over five years from a leading aerospace electronic systems manufacturer. The company added that LTTS has emerged as the winner to be the strategic supplier for the client’s Engineering and R&D (ER&D) pursuits.
Further to the announcement, the company stated aerospace customers are looking for an end to end engineering partners for their new age aviation initiatives and the project with LTTS will result in a transformation of their operations into a managed services model. This model will encapsulate support to both existing products and also for work related to the next-generation in-flight system.

Dilip Buildcon has been awarded project worth Rs730.08cr by NHAI
Dilip Buildcon has been declared lowest bidder (L1) by National Highway Authority of India (NHAI) for an engineering, procurement, and construction road project of length 29.29km in the state of Madhya Pradesh, at a bid price of Rs730.08cr. 
Dilip Buildcon is a Bhopal based road contractor and developer. Starting from 2006, the company gained scale in road EPC as the MP government increased expenditure on road network development. The company progressively diversified from Madhya Pradesh government orders to central and other state government road projects. Roads, highways, and bridges formed 81%, mining formed 16%, urban development formed 2% and irrigation formed 1% of DBL’s Q2FY18 order book.

Bharat Forge sets up e-mobility R&D center in the UK
Bharat Forge, India's largest exporter of auto components, has opened a Research & Development facility in the UK, in MIRA Technology Park, the UK's leading automotive technology park and Enterprise Zone, where it will be developing components & sub-systems focused on Electric Vehicles.
This facility will complement the capabilities & knowledge established over the past 2 years in Kalyani Centre for Technology & Innovation (KCTI) & Kalyani Centre for Manufacturing Innovation (KCMI) in Pune, focused on delivering solutions for Electric Vehicles.

Varun Beverages to acquire franchisee rights for Bihar
Varun Beverages Varun Beverages (VBL) has approved to acquire the franchise rights for PepsiCo India’s previously franchised sub-territory in Bihar, in its board meeting held on January 17, 2017.
Earlier in December, VBL entered into binding agreement to acquire two of PepsiCo India’s franchise - PepsiCo India’s previously franchised sub territory in the state of Jharkhand (20 districts) along with manufacturing units and franchise rights for the state Chhattisgarh.
Post this company will be a franchise for PepsiCo products across 20 states and 2 union territories of India.

Tata Consultancy Services expands partnership with Shure
Tata Consultancy Services, a leading global IT services, consulting and business solutions organization, announced the expansion of a strategic partnership with Shure Incorporated a world-renowned audio equipment manufacturer.
As a part of this collaboration, TCS has established a Global Development Center to help build cross-platform and mobile-enabled software for Shure's leading-edge audio technology and solutions for an exceptional end-user customer experience. TCS already plays an important role in the assurance and end-to-end system integration testing of some of Shure's new product lines, and Shure will now have the capability to leverage TCS' Innovation Labs and expertise in digital technologies including loT and Cyber Security to create secure, scalable, and differentiated audio products and solutions.


Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
CapitalStars Investment Adviser: SEBI Registration Number: INA000001647


Wednesday 17 January 2018

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Capitalstars Updates: Top Corporate News :- 17 Jan 2018


Top Headlines Of The Day:- 17 Jan 2018

Texmaco Rail to set up logistics hub and food park in West Bengal
Sun Pharma settles patent dispute regarding Linzess
GAIL and Gazprom renegotiate the long-term LNG sale and purchase agreement
Ashok Leyland signs Letter of Intent with Israeli firm for aluminum-air batteries
Bharat Forge sets up e-mobility R&D center in the UK


Texmaco Rail to set up logistics hub and food park in West Bengal
Texmaco Rail & Engineering Ltd, engaged in the business of rail freight cars and EPC, is exploring an opportunity for setting up a mega logistics hub cum food part with a manufacturing facility at Sankrail in Howrah, West Bengal.
The company believes that on the implementation of the project, it will trigger a major industrial activity to provide a balance in the economic development of the region. This would also provide a diversification in its business portfolio.
The company’s announcement comes during the time when the country’s top businessmen expressed their confidence that the state of Bengal is on the path of economic growth, in the Bengal Global Business Summit.

Sun Pharma settles patent dispute regarding Linzess
Sun Pharma has reached an agreement with Ironwood Pharmaceuticals and Allergan to settle a patent litigation for generic of Linzess in the US. Sun Pharma is seeking a USFDA approval pertaining to its abbreviated new drug application (ANDA) for this drug.
According to the settlement, Ironwood Pharma and Allergan will grant a license to Sun Pharma to market the generic version of Linzess in the US market effective from February 1, 2031. Sun Pharma can launch the generic earlier based on certain predetermined circumstances. Post the settlement, the litigation against Sun pharma will be dismissed, however the same is subject to routine regulatory approval.

GAIL and Gazprom renegotiate the long-term LNG sale and purchase agreement
GAIL had executed a long-term sale and purchase agreement (SPA) building up to 2.5MMTPA of LNG on discharge- ex-ship basis with Gazprom Marketing & Trading Singapore (GMTS) in the year 2012, the supplies under, which are scheduled to start in Q2CY18.
The two parties have agreed to an adjustment to the price and volume of LNG supply thus enabling GAIL to develop incremental gas markets to offtake these volumes thereby mitigating volume risk.
The delivered price of LNG may be less by 50 cents to $1 per MMBtu compared to the earlier formula agreed upon, according to media reports. The price is based on an oil-indexed formula.

Ashok Leyland signs Letter of Intent with Israeli firm for aluminum-air batteries
Ashok Leyland Limited (ALL), one of the largest commercial vehicle (CV) manufacturers in India, has signed a Letter of Intent (LoI) with Israeli firm Phinergy for use of aluminum-air batteries for Electric CVs in India. This was announced to the stock exchanges on January 17, 2018.
Phinergy is a leading developer of clean and high energy-density systems based on metal-air technology. With its aluminum-air battery, Phinergy has developed a revolutionary way to generate electricity using aluminum as an energy source. ALL plans to use this technology to meet energy requirements of its CVs in India. Prototypes and pilot trials will be developed over the next few months.

Bharat Forge sets up e-mobility R&D center in the UK
Bharat Forge, India's largest exporter of auto components, has opened a Research & Development facility in the UK, in MIRA Technology Park, the UK's leading automotive technology park and Enterprise Zone, where it will be developing components & sub-systems focused on Electric Vehicles.
This facility will complement the capabilities & knowledge established over the past 2 years in Kalyani Centre for Technology & Innovation (KCTI) & Kalyani Centre for Manufacturing Innovation (KCMI) in Pune, focused on delivering solutions for Electric Vehicles.

The Electric Mobility Research and Development Centre will be able to tap into the extensive testing facilities at MIRA Technology Park as well as the pool of engineering talents in the Midlands.


Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
CapitalStars Investment Adviser: SEBI Registration Number: INA000001647



Tuesday 16 January 2018

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Capitalstars Updates: Top Corporate News :- 16 Jan 2018


Top Headlines Of The Day :- 16 Jan 2018


GNFC shuts down TDI plant at Dahej; Stock slides downwards more than 7% 
BSE board approves buyback of shares upto Rs1,100 per share 
TV18 Q3 net profit down 8% at around Rs 16 cr
Network18 Media & Investments Q3 net profit at Rs 11.43 cr
ICICI Lombard Q3 PAT rises 5% to Rs 232 cr


GNFC shuts down TDI plant at Dahej; Stock slides downwards more than 7%
Gujarat Narmada Valley Fertilizers and Chemicals (GNFC), in its filing to BSE, has informed that it had to shut down its TDI-II (Toluene Di-Isocynate) plant at Dahej due to a sudden leakage.
The leakage in TDI-II plant at Dahej was noted in the morning on January 15, 2018. The company reported that there was no property damage or any loss of life.
The management has decided to close the plant indefinitely till the root cause is analyzed, reviewed and necessary further safety measures are taken.
The current capacity of TDI-II plant is 50,000MTPA, which was operating at optimum utilization level. The plant faced a similar issue in FY15 wherein it had accounted an impairment loss of Rs330cr due to the issue of gas emission and problems in bringing the plant at effective utilization level. However, as the issues were resolved by the company, the impairment loss was reversed in FY17.

BSE board approves buyback of shares upto Rs1,100 per share
The Board of Directors of BSE Limited approved a Buyback proposal at a price not exceeding Rs1,100  from the open market. The amount of the buyback is not to exceed Rs166cr. This buyback amount is 9.99% of the company’s standalone net-worth (as on March 2017). The total cash and current investments for the company stood at Rs906.4cr at the end of FY17.
BSE is the second largest stock exchange with a market share of 17% in FY17. BSE is the leader in the Small & Medium Enterprises and Mutual fund segments with 80% and 82% market share respectively. The company also has several ongoing initiatives such as Indian International Exchange and 
Commodity Trading. Trading on the International exchange began in January 2017, whereas commodity trading is yet to begin. The company has guided that they plan to levy transaction fees on the International Exchange by FY19.

TV18 Q3 net profit down 8% at around Rs 16 cr
Media firm TV18 Broadcast today reported an 8.1 per cent decline in consolidated net profit at Rs 15.87 crore for the quarter ending December mainly due to higher tax expenses.
The company had posted a net profit of Rs 17.27 crore during the same period previous fiscal, TV18 Broadcast said in a regulatory filing.
Total income during the quarter under review grew 8.88 per cent to Rs 277.37 crore as against Rs 254.73 crore in the October-December quarter previous fiscal.

Network18 Media & Investments Q3 net profit at Rs 11.43 cr
Network18 Media & Investments today reported a consolidated net profit of Rs 11.43 crore in the third quarter ended December 31, 2017.
The company had posted a consolidated net loss of Rs 77.82 crore in the year-ago period, Network18 Media & Investments said in a BSE filing.
Total income during the quarter under review stood at Rs 439.23 crore as against Rs 353.42 crore in the same quarter previous year.

ICICI Lombard Q3 PAT rises 5% to Rs 232 cr
ICICI Lombard General Insurance today reported a 5.20 per cent increase in profit after tax (PAT) at Rs 231.76 crore for the quarter ended December 31, 2017.
A subsidiary of ICICI Bank, the general insurance firm had earned a PAT of Rs 220.30 crore in the same quarter of the previous fiscal.
Total income rose to Rs 2,019.77 crore from Rs 1,842.93 crore in the year-ago period, ICICI Lombard said in a BSE filing.


Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
CapitalStars Investment Adviser: SEBI Registration Number: INA000001647


Friday 3 June 2016

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NIFTY FUTURES & BANK NIFTY FUTURES OVERVIEWS - 03 JUN 2016

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CS NIFTY FUTURES (JUNE) OVERVIEW
TREND MIXED TO BULLISH
RES2:8295
RES 1:8255     
SUP1:8155
SUP2:8115

CS BANK NIFTY FUTURES (JUNE) OVERVIEW
TREND MIXED TO BULLISH
RES 2:17755
RES 1:17675
SUP1:17325
SUP2:17275
                                                  


Thursday 2 June 2016

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Top 5 Things to Know In the Market on Thursday

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Here are the top five things you need to know in financial markets on Thursday, June 2:

1. OPEC meets in Vienna
The Organization of the Petroleum Exporting Countries’ closely-monitored meeting kicked off in Vienna at 08:00GMT, or 4:00AM ET. The oil cartel is due to release a statement following the conclusion of the summit at around 14:00GMT, or 10:00AM ET, although no dramatic announcement on a production cut is expected.
Speaking to journalists ahead of the meeting, Saudi Arabia’s oil minister, Khalid Al-Falih, said the oil group’s strategy of letting the market rebalance itself out on its own appeared to be working.
Brent was up 25 cents, or 0.5%, at $49.97 a barrel by 9:55GMT, or 5:55AM ET, after rising to a high of $50.30, while U.S. crude tacked on 20 cents, or 0.4%, to $49.21.
Traders will also eye weekly government stockpile data from the U.S. due at 15:00GMT, or 11:00AM ET, amid expectations for a drop of 2.5 million barrels.

2. ECB policy decision, Draghi in focus
The European Central Bank's interest rate decision is due at 11:45GMT, or 7:45AM ET, with most of the focus likely to be on President Mario Draghi's press conference 45 minutes after the announcement. The consensus is that the ECB will stand pat on rates and reaffirm its focus on implementing the stimulus package announced in March.
The ECB will also release updated inflation and growth forecasts, with some analysts expecting the bank to raise its projections for inflation and growth.

3. U.S. employment data due ahead of the bell
The U.S. was to release the ADP jobs report for May at 12:15GMT, or 8:15AM ET, followed by weekly jobless claims data at 12:30GMT, or 8:30AM ET.
Market players are also focusing on Friday's U.S. nonfarm payrolls report. The consensus forecast is that the data will show jobs growth of 162,000 last month, following an increase of 160,000 in April, the unemployment rate is forecast to dip to 4.9%, while average hourly earnings are expected to rise 0.2% after gaining 0.3% a month earlier.
Solid readings could further heighten expectations for a move as soon as the Federal Reserve's next policy meeting on June 14-15.
Traders are now pricing in a 20% chance for a rate hike in June and 58% in July, according to CME Group's (NASDAQ:CME) FedWatch tool. September odds were at about 66%.

4. Global stocks mostly higher ahead of key risk events
U.S. stock futures pointed to a flat open on Thursday, as market players looked ahead to key U.S. data later in the day for more clues on the Federal Reserve’s next move.
Elsewhere, European stock markets were marginally higher, as investors waited to hear about monetary policy from the European Central Bank and oil output policy from the Organization of the Petroleum Exporting Countries.
Earlier, Japan's Nikkei tumbled 2% after the government moved to delay a sales-tax hike for more than two years, bucking mostly higher markets around the region.

5. Dollar moves further away from 2-month highs
The U.S. dollar retreated further from a two-month high against a basket of major currencies early Thursday. The dollar index was down 0.15% at 95.28, moving further away from Monday’s two-month peak of 95.96.

The greenback fell to a two-week low of 108.84 against the yen and was last down 0.5% at 109.01 (USD/JPY), while the euro touched a two-week peak of 1.1220 and last traded at 1.1202, up 0.1% (EUR/USD).

                                             

Thursday 26 May 2016

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TOP CORPORATE NEWS- 26 May 2016

Nifty Futures Tips
L&T rallies on stellar Q4FY16 result, ahead of estimate
Shares of Larsen & Toubro rallied around 15% to Rs1480 on NSE post Q4FY16 results which came ahead of estimate and encouraging guidance; PT revised to Rs1,550
Beats the Street with healthy execution and margin expansion:
For Q4FY2016, Larsen & Toubro (L&T) reported a very healthy performance, much ahead of our as well as Street estimate.
The consolidated earnings grew by 22% YoY to Rs2, 405 crore, (14% better than our estimate), backed by a revenue growth of 18% and 178BPS margin expansion YoY.
A very healthy revenue growth was mainly driven by strong growth in infrastructure (up 19%) despite higher base, ~50% growth in power and developmental projects segments each.
Further, with the benefit of lower commodity prices, better execution and favorable job mix the operating profit margin (OPM) expanded by 178BPS YoY to 14.7%.

Engineers India Q4 net profit at Rs70 cr
Engineers India has announced the following Q4 & FY16  results for the quarter & year ended March 31, 2016:
Standalone
For the Quarter ended March 31, 2016
The Company has posted a net profit of Rs69.91 crore Vs Rs108.86 crore.
Total Income decreased to Rs352.70 crore Vs Rs568.45 crore.

YES Bank gets Cabinet nod to increase FII limit
YES Bank has received Cabinet nod to increase foreign investment limit – Positive for Yes Bank
The Cabinet Committee on Economic Affairs (CCEA) has approved YES Bank’s proposal to increase foreign investment limit to 74.0%, from the existing foreign equity of 41.8%.
The Mode of investment include QIP, ADR, GDR, QFI, and FPI under the Portfolio Investment Scheme (PIS) by acquisition of permissible securities on stock.

Dr Reddy’s buys 6 OTC brands from Ducere Pharma
Dr Reddy’s Laboratories buys 6 OTC brands from Ducere Pharma – Long term Positive for Dr Reddy.
Dr Reddy’s Laboratories Limited (DRL), has entered the branded consumer health arena with the acquisition of six over-the-counter (OTC) brands from Ducere Pharma LLC, which manufactures, markets and distributes more than eight drugs in the US.
The brands, acquired for an undisclosed amount, include Doan’s, Bufferin, Nupercainal ointment, Cruex nail gel, comtrex and myoflex, which are indicated for the treatment of cough-and-cold, pain and dermatology issues.

India Cements Q4 net profit at Rs51 cr
India Cements has announced the following audited Q4 & FY16 results for the quarter & year ended March 31, 2016
Standalone
For the Quarter ended March 31, 2016
The Company has posted a net profit of Rs51.21 crore VS Rs36.60 crore.
Total Income is Rs1154.14 crore Vs Rs1043.10 crore.

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Wednesday 25 May 2016

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TOP CORPORATE NEWS- 25 May 2016

Nifty Futures Tips

Ashok Leyland Q4FY2016: Operating results in line with estimates
Ashok Leyland Q4FY2016 results: Operating results in line with estimates; dimunition in value of investments dents profits severely
Ashok Leyland Ltd has announced the following Q4 & FY16 results for the quarter & year ended March 31, 2016:
Standalone
For the Quarter ended March 31, 2016
The Company has posted a net profit after tax of Rs77.02 crore Vs Rs229.97 crore.
Total Income has increased to Rs5987.23 crore Vs Rs4542.95 crore.

Cipla cracks on weak quarterly results
Shares of Cipla cracked 6% to Rs465 on weak results on account of one-offs; maintain Hold with unchanged PT of Rs581
Result synopsis: Sales for the quarter grew by 5.6% to Rs3, 266.5 crores; operating profit declined by 57% to Rs219 crore; operating profit margin (OPM) declined by 971BPS to 6.7% and profit for the quarter declined by 69% to Rs81 crore.
The domestic sales grew by 15.9% to Rs1, 258 crore; export formulation grew by 3% to Rs1, 744 crore and active pharmaceutical ingredient (API) exports remained flat at Rs204 crore.

Tech Mahindra rallies as Q4FY16 profit beats street
Shares of Tech Mahindra rallied 11% to Rs532 on NSE post Q4FY16 results led by in line performance, profit beat led by forex gain and lower tax rate.
Revenues for the quarter was up by 1.3% QoQ on CC term and 0.8% on a reported basis to $1,022.6 mn (in line with expectations).
The growth was led by enterprise side of business especially BFSI vertical, which was higher by 8.7% qoq on CC basis, while Telecom growth remain muted on sequential basis.

Bajaj Auto Q4FY2016 inline; lower other income lead to Net profit miss
Bajaj Auto Q4FY2016 results: Operationally inline; lower other income lead to Net profit miss
Bajaj Auto Ltd has announced the following Q4 & FY16 results for the quarter & year ended March 31, 2016:
Standalone
For the Quarter ended March 31, 2016 (YoY)
Net Profit rose by 29.18% to Rs803.06 crore Vs Rs621.62 crore.
Total Income increased by 13.11% to Rs5535.56 crore Vs Rs4893.61 crore.

Cadila gets USFDA nod for Variconazole tablets
Cadila gets USFDA nod for Variconazole tablets; an anti-fungal drug; to be manufactured at Baddi facility – Sentimentally positive for Cadila.

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Monday 23 May 2016

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MCX rallies as RBI allows overseas investors to buy stake

Nifty Futures tips
Dish TV Q4 consolidated net profit at Rs483 cr
Dish TV India Ltd has announced the following audited Q4 & FY16 results for the quarter & year ended March 31, 2016
Standalone
For the Quarter ended March 31, 2016
The Company has posted a net profit of Rs116.42 crore Vs Rs35.01 crore.
Total Income is at Rs536.42 crore Vs Rs743.59 crore.

Britannia Industries slumps on mixed Q4FY2016 performance
Shares of Britannia Industries tanked over 8% to Rs2696 on NSE post Q4FY2016 consolidated results which saw mixed performance; revenue growth slide down to single digits but better operational efficiencies drove margins
Britannia Industries total revenues grew by 7.2% to Rs2211.4crore; volume growth must have slide down to high single digit.

ITC rallies as Cigarette business delivers better Q4 performance
Shares of FMCG major ITC rallied over 5% to Rs347 on NSE as Cigarette business delivered better performance; maintain Buy (TP – Rs375)
Better operating performance; higher tax rate restricted PAT growth:
For Q4FY2016, ITC’s net revenues grew by 10.7% YoY to Rs10, 168.7 crore. Its core cigarette business revenues grew by 10%, while non-cigarette FMCG business revenues grew by just 5.4% during the quarter.
The gross profit margin (GPM) improved by 72BPS YoY to 60.9% and the operating profit margin (OPM) improved by 210BPS YoY to 36.3% (better than our expectation).
The operating profit grew by 17.5% YoY to Rs3, 687.1 crore. However, higher incidence of tax led to 10% Y-o-Y growth in PAT to Rs2, 495.2 crore in Q4FY2016.

CESC becomes distributor for Kota and Bharatpur
CESC has been appointed by Jaipur Vidyut Vitaran Nigam Limited as distribution franchisees for the cities of Kota and Bharatpur, Rajasthan for distribution and supply of electricity for a term of twenty years each.

MCX rallies as RBI allows overseas investors to buy stake
Shares of MCX surged 4% to Rs916.95 on NSE in an otherwise weak market on reports that the RBI has allowed overseas investors to buy stake, removed from FII Investment caution limit.
The Reserve Bank has allowed overseas investors to buy equity shares in Multi Commodity Exchange (MCX) after foreign shareholding in the bourse fell below the prescribed threshold caution limit.

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