GSTN is a non‐profit organization for facilitating the collection of Goods & Services Tax (GST)

The share price of HDFC Bank rose more than 1 percent intraday on August 30 as the company plans to sell its entire stake in software company Goods & Services Tax Network.

The company has agreed to sell its entire stake of 10 percent in the equity share capital of Goods & Services Tax Network (GSTN) consisting of 10,00,000 equity shares of Rs 10 each, for a total consideration of Rs 1 crore to various State Governments and Union Territories, as per a company release.

The bank’s promoter Housing Development Finance Corporation (HDFC) is also a shareholder in GSTN.

GSTN is a non‐profit organization for facilitating the collection of Goods & Services Tax (GST).

HDFC Bank was quoting at Rs 2,253.50, up to Rs 25.90, or 1.16 percent on the BSE.

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State Bank of India (SBI), the country's largest lender, on Tuesday, announced processing fee waiver on car loans during the upcoming festival season in a bid to boost car sales. The bank is also offering the lowest interest rate starting 8.70 per cent on car loans, with no escalation in interest

"The SBI has waived processing fees on car loans during the festival season. The bank is offering the lowest interest rate starting 8.70 per cent to customers opting for a car loan, with no escalation in interest. For customers applying for a car loan online through digital platforms like YONO/ the bank's website, it is providing 25 bps concession on the interest rate. Salaried customers can also avail loan up to 90 per cent of the car's on-road price," the lender said in a statement.

To bring more smiles, the SBI has also announced personal loan up to Rs 20 lakh at the lowest interest rate starting from 10.75 per cent with the longest re-payment tenure of 6 years, reducing the EMI burden on customers. 

Additionally, salary account customers can avail pre-approved digital loans up to Rs 5 lakh through YONO (the SBI's integrated digital banking app) in four clicks, said the statement.

The bank is also offering education loan up to Rs 50 lakh and up to Rs 1.50 crore for studies in India and abroad respectively at an interest rate starting 8.25 per cent. Customers will be offered the longest re-payment tenure of 15 years which will effectively reduce their EMI burden.

Recently, the SBI reduced MCLR (marginal cost of funds based lending rate) by 15 bps due to which overall home loan interest rate is down by 35 bps since April 2019. Currently, the bank offers the cheapest home loan with an interest rate of 8.05 per cent as repo rate linked home loan and this rate will be applicable to all existing and new loan from September 1.

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HCL will acquire 90 acres of land to add to the existing state-of-the-art 50-acre campus in MIHAN, Nagpur

Shares of HCL Technologies gained more than 1 percent intraday on August 19 after the company signed MoU with Maharashtra Airport Development Company.

As per BSE release, HCL Technologies signed a Memorandum of Understanding for expansion of its MIHAN campus in Nagpur, in-line with HCL’s plan for Tier-II cities in the country.

As part of the MoU, HCL will acquire 90 acres of land to add to the existing state-of-the-art 50-acre campus in MIHAN, Nagpur.

HCL also announced the launch of Tech Bee – HCL’s Early Career Program – a work-integrated career program for students who have completed Class XII. After completion of the program, the students will be deployed at HCL Technologies.

Sanjay Gupta, Corporate Vice President, HCL Technologies said, “At HCL, we identify the strongest capabilities in our workforce to ensure the best result for our clients. The expansion of the HCL campus in MIHAN is aligned with our strategic vision to expand and create opportunities in the emerging cities.”

HCL Technologies was quoting at Rs 1,075.00, up to Rs 13.35, or 1.26 percent on the BSE

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Glenmark Pharmaceuticals Ltd perhaps needs a stronger pep pill. Its first-quarter (Q1) results disappointed and fell short of analysts’ expectations. Besides, investors are not expecting its debt reduction plans to be any smooth either

A bigger disappointment came in its overseas businesses, particularly in the US, which clocked revenue growth of just 3.86% year-on-year in the June quarter. Analysts were expecting double-digit growth in the low teens from this important market.

Europe posted a fairly decent increase of about 10.5%, while Latin America saw revenues shrink 17%. Revenue growth in the rest of the world was about 5.4% year-on-year.

The US business was impacted by a decline in sales of its Mupirocin cream. Besides, tropical dermatological and skincare products are seeing significant price erosion, which has been continuing for three quarters now. Thankfully, two generic approvals in the second quarter could shore up its US business.

Besides, the company has launched multiple products in major countries in Europe during Q1, which should aid growth in the coming quarters.

Costs, though, have piled up in Q1. Raw material prices have surged by about 22% year-on-year. As a result, Ebitda margins have dipped from 16% a year ago to 14.7% in the June quarter. This is about 200 basis points below analysts’ estimates. Ebitda is earnings before, interest, taxes, depreciation and amortization.

Besides, Glenmark is undergoing a restructuring exercise. The company plans to reduce debt by about ₹700-800 crore in FY20. On this front, it is seeking a partner for its speciality chemicals business. Additionally, it is also seeking a minority partner in the recently separated active pharmaceutical ingredient business, Glenmark Life Sciences Ltd.

But slow business conditions, particularly in the US, are not convincing the market of this debt reduction programme. “Despite several niche approvals, Glenmark’s US business has failed to take off and restricted the company’s ability to meaningfully reduce debt as parallel investments in speciality/innovation pipeline have continued. Given a tepid outlook, we expect debt reduction to be gradual ( 400 crores vs. 700-800 crore guidance)," said analysts at Emkay Global Financial Services Ltd in a note to clients.

Additionally, its Baddi plant is facing regulatory issues, with the US FDA classifying it as Official Action Indicated, which impedes business from this facility. Much will depend on how soon Glenmark comes out of this and how its US business progresses, going forward.

“Increasing pricing pressure in the US and highly leveraged balance sheet limit the stock’s upside potential," said Reliance Securities Ltd in a recent client note. Little surprise, Glenmark has tumbled over 15% since its results were announced on 13 August.

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Autos and the banking index are trading flat while realty stocks have advanced ahead of the RBI monetary policy

Indian stock market is trading on a flat to positive note ahead of the RBI Policy. Nifty is up 18 points to 10,966 while the Sensex has gained 65 points and is trading at 37,042.

Economists expect the RBI to cut the repo rate by 25 basis points. If there is a rate cut, this will be the fourth consecutive repo rate cut.

RBI is also likely to announce a few measures to address the liquidity concerns. NBFCs have been facing a cash crunch that has spilled over to other sectors like auto.

In July, RBI Governor Shaktikanta Das said in an interview that the switch to an accommodative stance in June policy review amounted to 25 basis points cut.

Amar Ambani, President & Research Head, Institutional Equities, YES Securities said that they expect to see a downward revision to RBI’s FY20 GDP growth forecast of 7 percent.

Ahead of the policy decision, the S&P BSE Auto index is trading flat with Hero MotoCorp jumping close to 2 percent followed by TVS Motor, Exide Industries and Ashok Leyland while on the other hand, Mahindra & Mahindra, Motherson Sumi Systems and Tata Motors are trading in the red.

S&P BSE Finance is also flat in this morning session. The top gainers are Allahabad Bank, Bajaj Finance, Bajaj Finserv, Bank of Maharashtra, Canara Bank, Central Bank of India, Corporation Bank, Dhanalakshmi Bank, J&K Bank, IndusInd Bank, Karnataka Bank and United Bank of India.

Bank Nifty is trading on a flat to negative note. YES Bank jumped over 7 percent followed by IndusInd Bank, ICICI Bank, Bank of Baroda and PNB. The stocks that are trading in the red include State Bank of India, Kotak Mahindra Bank and HDFC Bank.

Nifty Realty added a percent ahead of the RBI policy, led by Prestige Estates, Sobha, Unitech, DLF, Godrej Properties and Phoenix Mills.

India VIX is down 1.43 percent and is trading at 15.89 levels.

1,103 stocks advanced and 474 declined while 504 remained unchanged on the NSE. On the BSE, 1095 stocks advanced, 540 declined and 70 remained unchanged.

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The top gainers from the NSE include Tata Steel, Vedanta, Hindalco Industries, Sun Pharma and GAIL India while the top losers are Indiabulls Housing Finance, YES Bank, Bharti Infratel, Bajaj Finance and UPL.

Benchmark indices are trading in the red with Nifty shedding 61 points and is trading at 11,904 while the Sensex is down 217 points and is trading at 39,732 level.

Nifty Realty is down over a percent dragged by Indiabulls Real Estate, DLF, Prestige Estates and Sunteck Realty.

IT stocks are also trading in the red with top losers being Tata Consultancy Services, HCL Tech, Infosys, Tata Elxsi and Tech Mahindra.

From the banking space, the top losers are YES Bank, ICICI Bank, Kotak Mahindra Bank, Bank of Baroda, RBL Bank and Federal Bank.

Selective auto stocks are down led by Bajaj Auto, Maruti Suzuki, Hero MotoCorp, MRF and Tata Motors DVR.

Nifty Metal is up over a percent led by Jindal Steel & Power which spiked 4 percent followed by Hindalco Industries, JSW Steel, NALCO, SAIL and Tata Steel.

India VIX is down 0.69 percent at 14.39 levels.

The top gainers from the NSE include Tata Steel, Vedanta, Hindalco Industries, Sun Pharma and GAIL India while the top losers are Indiabulls Housing Finance, YES Bank, Bharti Infratel, Bajaj Finance and UPL.

The most active stocks are Indiabulls Housing Finance, Tata Steel, YES Bank, Just Dial and IndusInd Bank.

110 stocks have hit 52-week low on BSE including Eros Media, Manpasand Beverages, Mercator, Igarashi Motors, Leel Electricals, Kohinoor Foods, Jet Airways, Peninsula Land, Coffee Day Enterprises, HDIL and Aban Offshore among others.

The breadth of the market favoured the declines as 663 stocks advanced and 942 declined while 489 remained unchanged on the NSE. On the BSE, 850 stocks advanced, 1024 declined and 104 remained unchanged.

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Deutsche Bank has maintained sell rating on Bank of India and cut target price to Rs 85 from Rs 90 per share.

Shares of BANK OF INDIA  tumbled more than 6 percent in the early trade on Tuesday as company reported net loss in the quarter ended March 2018.

The company reported a net loss of Rs 3,969.27 crore for the March quarter, as asset quality worsened and provisions increased. The bank had posted a loss of Rs 1,045.52 crore in the same quarter last year.

Net interest income or NII (the difference between interests earned and paid) fell 26 percent to Rs 2,563.85 crore from Rs 3,469 crore in the year-ago period.

Other income declined 21.5 percent to Rs 1,375.23 crore in Q4 from Rs 1,754 crore in Q4 FY17.

Deutsche Bank has maintained sell rating on Bank of India and cut target price to Rs 85 from Rs 90 per share.

Operating parameters are concerning but recoveries are as expected, while residual stress at 4 percent is still large, it added.

Morgan Stanley has maintained underweight call on Bank Of India with a target of Rs 105 per share.

The company has reported a loss, which was driven by weak PPoP and higher provisions.

The slippages remained elevated at Rs 13,000 crore while upgrades & recoveries increased on QoQ basis.

Credit Suisse has maintained underperform rating on Bank Of India and cut target price to Rs 103 from Rs 122 per share.

The reserach house cut EPS estimate by 17-35% on build in dilution.

Strong recoveries and large provisions helped to push net NPLs down 200 bps, QoQ. Meanwhile, the operating performance remained weak, as loan book contracted, it added.

At 09:42 hrs Bank Of India was quoting at Rs 102.25, down Rs 5.60, or 5.19 percent on the BSE.

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Smaller Cap World Fund Inc sold 4,17,799 shares of Shankara Building Products at Rs 1,675.

On February 7, 2018, Amansa Holding bought 3,97,100 shares of Shankara Building Products at Rs 1,675 on the BSE.

However, Smaller Cap World Fund Inc sold 4,17,799 shares at Rs 1,675.

On Wednesday, Shankara Building Products ended at Rs 1,711.15, up Rs 70.50, or 4.30 percent on the BSE.

The share touched its 52-week high Rs 2,365 and 52-week low Rs 545 on 05 December 2017 and 05 April 2017, respectively.

Currently, it is trading 27.65 percent below its 52-week high and 213.97 percent above its 52-week low.

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Mitessh Thakkar of miteshthacker.com recommends selling GSFC with a stop loss of Rs 135 and target of Rs 118, a sell on MRPL with a stop loss of Rs 120.50 and target of Rs 110 and a sell on Tata Chemicals with a stop loss of Rs 706.50 and target of Rs 665.

The Nifty futures on the Singaporean stock exchange were trading lower by around 131 points at 10,587, a fall of around 1.24 percent. This indicates that the domestic market is likely to open on a negative note.

Mitessh Thakkar of miteshthacker.com

Sell GSFC with a stop loss of Rs 135 and target of Rs 118

Sell MRPL with a stop loss of Rs 120.50 and target of Rs 110

Sell Tata Chemicals with a stop loss of Rs 706.50 and target of Rs 665

Sell Bajaj Finance with a stop loss of Rs 1661 and target of Rs 1570

Sell HDIL with a stop loss of Rs 53 and target of Rs 48

Prakash Gaba of prakashgaba.com

Sell Allahabad Bank with target at Rs 57 and stop loss at Rs 65

Sell HCC with target at Rs 33 and stop loss at Rs 39

Sell IRB Infra with target at Rs 205 and stop loss at Rs 235

Buy National Aluminium Company with target at Rs 90 and stop loss at Rs 85

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