Private sector thermal power producer Adani Power on Friday said that it has completed the acquisition of GMR Chhattisgarh Energy (GCEL)

According to the company, the acquisition of GCEL has concluded at an enterprise valuation of approximately Rs 3,530 crore.

GCEL owns and operates a 1,370 MW supercritical power plant at Raikheda village in Chhattisgarh's Raipur district.

GCEL presently supplies power to Gujarat under a short term, 1000 MW Case 4 PPA with the Gujarat Urja Vikas Nigam Ltd.

"The addition of 1,370 MW capacity, along with the recently concluded acquisition of the 600 MW Korba West Power Co. Ltd., solidifies APL's position as India's largest private-sector thermal power producer, with aggregate operating capacities of 12,450 MW," the company said in a statement.

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Indian shares ended higher on Wednesday, boosted by public sector banks and metal stocks, but recorded their worst month this year in July as the results season that began earlier this month failed to cheer investors

The broader NSE Nifty closed up 0.29% at 11,118, while the benchmark BSE Sensex ended 0.22% higher at 37,481.12.

For July, the NSE Nifty was down 5.7%, its worst since September, while BSE Sensex fell 4.9% to an eight-month low.

Public sector banks and metals were top boosts, with their indexes rising 1.73% and 2.42%, respectively on Wednesday.

India's top refiner Indian Oil Corp ended up 3.9% after the company reported a better-than-expected profit for the June quarter.

Zee Entertainment Enterprises topped the Nifty losers list, falling 5.1% and dragging the Nifty media index by 2.9%.

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The Sensex is down 208.10 points at 37,189.14, while Nifty is down 65.60 points at 11,019.80.  About 227 shares have advanced, 614 shares declined, and 21 shares are unchanged. 

Axis Bank, Tech Mahindra, Coffee Day Enterprises, JSW Steel, PNB Housing, Eicher Motors, IOC, Gammon Infra, Suzlon, are among major losers on the indices, while gainers are Gujarat Gas, Dish TV and UPL.

All the sectoral indices are trading in the red led by the metal, bank, pharma, IT, energy, FMCG and Infra.

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The loan book is expected to grow by 17 percent YoY with healthy all-round growth across the segment.

Axis Bank, India's fourth-largest private sector lender by market capitalisation, is expected to report healthy numbers for June quarter (Q1) on July 30. The earnings result will be closely watched by the Dalal Street especially after its closest peer ICICI Bank reported better-than-expected earnings on all fronts.

Most brokerages expect more than two-fold increase in its Q1FY20 profit on lower provisioning and stable operational income YoY. They also expect double-digit growth in NII and the loan book, compared to year-ago, with stable asset quality.

"Traction in advances is seen improving 15 percent YoY led by a focus on high yielding retail and MSME loans. A decline in G-Sec yield is expected to aid trading income leading to a positive impact on PAT. PAT is seen at Rs 1,725 crore on the back of stable operational performance and lower provisions," ICICI direct said.

The lender had reported a profit of Rs 701.1 crore in the corresponding quarter of the previous year and Rs 1,505.1 crore in Q4FY19.

According to Narnolia Securities, the loan book is expected to grow by 17 percent YoY with healthy all-round growth across the segment.

Earlier, the management said it expected the domestic loan book to grow 5-7 percent above the industry level while the international book is expected to stabilise in the next two quarters.

The retail segment is likely to be driven by home loan and unsecured loan book, Narnolia said, adding that the bank's strategy on retail assets continues to centre existing customer base. 83 percent of retail assets originations in Q4 were from existing customers.

On the asset quality front, ICICI direct said with no material exposure towards IL&FS, ADAG group, DHFL, etc. slippages are seen lower leading to lower credit cost of 46 bps, and asset quality is expected to largely remain stable with GNPA ratio at 5.2 percent.

The bank is also expected to report double-digit growth in non-interest income (other income), as well as in operating income, which will also boost profitability.

"Other income is expected to grow by 20 percent YoY driven by healthy fee income and treasury profit during the quarter. Corporate fee income is also expected to pick up going ahead," said Narnolia which expects pre-provision operating profit growth at 16 percent YoY.

Key issues to look out for include quantum of corporate slippages from BB and below list and any revision in the size of the stressed assets, outlook on the power assets and CASA performance.

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Officials in Islamabad are believed to have informed the Pakistan embassy that Prime Minister Khan desires to stay at the ambassador's official residence in Washington during his three-day visit to the US starting from July 21, Dawn newspaper reported.

Prime Minister Imran Khan wants to stay at the Pakistani envoy's official residence in Washington instead of an expensive hotel during his visit to the US to reduce the cost of the trip, a media report has said, amidst an austerity drive by the government to solve the cash-strapped nation's financial woes. Prime Minister Khan, after assuming office last year, launched several austerity measures.

Officials in Islamabad are believed to have informed the Pakistan embassy that Prime Minister Khan desires to stay at the ambassador's official residence in Washington during his three-day visit to the US starting from July 21, Dawn newspaper reported.

The International Monetary Fund's executive board last week approved a three-year USD 6 billion bailout plan to resuscitate Pakistan's ailing economy.

But the IMF has attached some tough terms for the bailout, indicating that the government needs to take strict austerity measures.

While staying at the ambassador's residence can considerably reduce the cost of the visit, Dawn report said that neither the United States secret service nor the city administration appears “very receptive” to the idea, the paper said.

The US secret service takes over the security of a visiting dignitary as soon as he or she lands in the US while the city administration has to ensure that the visit does not disrupt Washington's traffic.

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BENGALURU -

Indian shares inched lower on Wednesday after three straight sessions of gains, tracking broader Asia as investors worried about Washington's tough stance on the trade talks with China, and as a slump in domestic automobile sales curbed risk appetite.

U.S. President Donald Trump said on Tuesday he was holding up a trade deal with China and had no interest in moving ahead unless Beijing agrees again to four or five "major points" that he did not specify.

Meanwhile, weak demand and a liquidity crisis at India's shadow banks put the brakes on automobile sales in the domestic market, with passenger vehicle sales in May declining over 20%, data from the Society of Indian Automobile Manufacturers showed.

The broader Nifty fell 0.35% to 11,924.15 as of 0518 GMT, while the benchmark Sensex was down 0.37% at 39,802.41.

"Auto companies, which were in the limelight, are experiencing a slowdown in demand. This is definitely going to impact their profitability and will impact the market," said KK Mittal, an investment advisor at Venus India Asset Management.

"Even tractor sales and commercial vehicle sales have come down, especially in the monsoon months. This will have an effect."

The Nifty auto index was 0.3% lower, dragged by Bajaj Auto Ltd and Hero MotoCorp Ltd, which were down about 1% each.

Yes, Bank Ltd fell 2.7% and dragged the Nifty Bank index lower by about 0.5%, after rating agency Moody's put the bank's rating "under review."

Indiabulls Housing Finance Ltd continued its bear run, falling 5% and topping the NSE losers list, after being dragged into an embezzlement lawsuit on Monday.

Among gainers, Vedanta Ltd rose 1.6% to the top of the NSE list on optimism from higher copper prices. The Nifty metals index was up 0.9%.

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The private sector lender finally recognised its exposure to troubled Infrastructure Leasing & Financial Services as non-performing in Q4FY19

IndusInd Bank shares gained 0.7 percent intraday on June 12 after global brokerage firm Deutsche Bank retained buy call on the stock. It said it sees 20 percent potential upside given attractive valuations.

The stock corrected last week due to its exposure to DHFL, which had defaulted on debt repayment, but overall in last one month, it gained 14 percent partly due to its quarterly earnings. At 0942 hours IST, it was quoting at Rs 1,596.10, up Rs 8.85, or 0.56 percent on the BSE.

"A lot more synergies will now accrue on liquidity after Bharat Financial merger. We see big option value of utilising Bharat Financial distribution for earning fees and deposits," said the brokerage which has buy call with a target price at Rs 1,900 apiece.

Deutsche expects the Bank to deliver a 2 percent return on assets and 20 percent return on equity in FY21. "IL&FS issue is recognised and other credit-risk should gradually reduce," it said.

The private sector lender finally recognised its exposure to troubled Infrastructure Leasing & Financial Services (IL&FS) as non-performing in Q4FY19, resulting in a spike in provisions and a significant drop in profitability.

However, the good news is that the exposure to other troubled groups is insignificant and the operating parameters of the bank remain sound. With the imminent integration of the high yielding business of Bharat Financial, the earnings outlook is strong and valuation at 2.5 times FY21 estimated book leaves room for a re-rating, Moneycontrol Research said about the company after March quarterly earnings.

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Ashish Chaturmohta of Sanctum Wealth Management said if the Nifty continues to hold above 10,790, the index can rally initially towards 10,929 and then possibly towards 11,100 levels.

The markets got off to a positive start for the week following positive global cues. The Nifty closed at 10,853, up 0.74 percent on Monday. The index formed a ‘Hanging Man’ kind of candlestick pattern on the daily chart, which is a reversal pattern.

The index has managed to close above the falling resistance line connecting the high of 11,172 after previous failed attempts. The daily moving average convergence divergence (MACD) line has given a positive crossover, with its average suggesting that the consolidation phase is now over.

If it continues to hold above 10,790, the index can rally initially towards 10,929 and then possibly towards 11,100 levels.

On the downside, a break below 10,790 levels could see profit-booking towards 10,710 levels. In Nifty options, a significant amount of put writing was seen at 10,700 and 10,800 strikes, while call writing was seen at the 11,000 and 11,100 strikes suggesting that the range is shifting higher.

Decline in India VIX to 12.39 levels over the past 1 week has been supportive for the market.

Here is a list of top 5 stocks that could return 11-16 percent in the next 1-2 months:

Yes Bank Limited: Buy| CMP: Rs 363| Stop loss: Rs 348| Target: Rs 410| Return 13%

The stock has been range bound between the range of Rs 380 and Rs 285 odd levels in the last one year. The stock has formed a bullish inverted head and shoulders pattern on the weekly chart and trading below its breakout level.

The daily MACD line has moved above the neutral level of zero and on the weekly chart, it has given a positive crossover with its average above the neutral level of zero which suggests that the stock has started a fresh uptrend.

The price has given a breakout from the Bollinger band with the expansion of band and is now trading above the upper band indicating strength in the uptrend.

In the last three sessions, the stock has witnessed good volumes and the momentum suggests buying participation. The stock is likely to see a breakout on the upside from the pattern. Thus, it can be bought at current levels and on dips to Rs 360 with a stop loss below Rs 348 and a target of Rs 410 levels.

Exide Industries Limited: Buy| CMP: Rs 268| Stop Loss: Rs 253| Target: Rs 310| Return 15%

The stock has formed a rounding bottom pattern over a period of one year between the levels of Rs 250 and Rs 195 odd levels. At the start of the month of May, stock witnessed a breakout from the base on huge volumes and price momentum to touch an all-time high of Rs 270 levels.

Since then the price has been trading in a range between Rs 270 and Rs 250 odd levels and is consolidating above the breakout level for the past two months now.

On the daily chart, the price has given a breakout from the Bollinger band with the expansion of band and is trading above the upper band suggesting that the stock is likely to see a start of a fresh uptrend.

MACD line on the daily chart has moved above the neutral level of zero after two months indicating consolidation phase is over. Thus, the stock can be bought at current levels and on dips to Rs 263 with a stop loss below Rs 253 and a target of Rs 310 levels.

Maruti Suzuki India Limited: Buy| CMP: Rs 9,375| Stop Loss: Rs 9,050| Target: Rs 10,400| Return 11%

The stock is in a long-term uptrend forming higher tops and higher bottoms on the weekly as well as on the monthly chart. In December last year, it hit an all-time high of Rs 9,966 and since then the price was in a corrective decline phase for more than six months.

Now, the stock has crossed its falling resistance trend line with momentum indicated by a long bullish candle on the weekly chart.

The weekly MACD line has given a positive crossover with its average for the first time since January after testing the equilibrium level. The price has given a breakout from the Bollinger band with the expansion of band and closed above the upper band on daily as well as a weekly chart.

Thus, the stock can be bought at current levels and on dips to Rs 9,260 with a stop loss below Rs 9,050 and a target of Rs 10,400 levels.

KPIT Technologies Limited: Buy| CMP: Rs 280| Stop Loss: Rs 265| Target: Rs 320| Return 14%

The stock is in an uptrend forming higher tops and higher bottoms for the last one year. The stock hit an all-time high of Rs 290 last month, and since then the price has been consolidating at higher levels.

The stock has formed a symmetrical triangle pattern which are generally expected to give a breakout in the direction of the previous trend which in this case is on the upside.

The price has formed a long bullish candle with above average volumes and closed at the breakout. The relative strength index or the RSI on the daily chart has given a positive crossover with its average suggesting stock is likely to see a breakout on the upside.

Thus, the stock can be bought at current levels and on dips towards Rs 275 with a stop loss below Rs 265 and a target of Rs 320 levels.

Berger Paints (I) Limited: Buy| CMP: Rs 301| Stop Loss: Rs 285| Target: Rs 340-350| Return 16%

The stock has been consolidating at higher levels between Rs 280 and Rs 230 odd levels for the past one year. In May, the stock witnessed a breakout on the upside backed back by high volumes.

Since then the price has been trading above its previous highs and is now consolidating. In the last couple of session, the stock has witnessed high volumes with positive price action which indicates buying participation in the stock.

The price has given a breakout from the Bollinger band with the expansion of band and is trading above the upper band which suggests that the stock is likely to see a continuation of the trend on the upside.

The daily MACD has given a positive crossover with its average and moved above the neutral level of zero. Thus, the stock can be bought at current levels and on dips towards Rs 295 with a stop loss below Rs 285 for a target of Rs 340-350 levels.

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Disclaimer: The author is Head Technical and Derivatives, Sanctum Wealth Management. The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Nickel futures were trading lower during the afternoon trade in the domestic market on Tuesday tracking a weak trend in base metals at the London Metal Exchange (LME) amid muted demand at the domestic spot markets. Market analysts said the fall in nickel prices was mostly in tune with a weak trend in the base metals pack at the LME. Besides, muted demand from alloy-makers at the domestic spot markets weighed on metal prices in futures trade.

At the MCX, nickel futures for June 2018 contract is trading at Rs 994.60 per kg, down by 0.74 per cent, after opening at Rs 1006.10, against a previous close of Rs 1002. It touched the intra-day low of Rs 991.30.

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दवाई कंपनी अरबिंदो फार्मा (Aurobindo Pharma) को एक नयी दवा के लिए अमेरिकी औषधि नियामक यूएसएफडीए (USFDA) की मंजूरी मिल गयी है।

अरबिंदो फार्मा को यूएसएफडीए से एर्टापेनेम इंजेक्शन 1 ग्राम/शीशी के उत्पादन तथा विपणन के लिए मंजूरी मिली है, जो कि मर्क शार्प ऐंड डॉम कॉर्प की इन्वैन्ज के जेनेरिक समरूप है। अतिसंवेदनशील बैक्टीरिया के कारण मध्यम से गंभीर संक्रमण के उपचार में इस्तेमाल होने वाले इस इंजेक्शन को अरबिंदो फार्मा जुलाई 2018 में पेश करेगी।

इस खबर का अरबिंदो फार्मा के शेयर पर सकारात्मक असर पड़ता दिख रहा है। 607.70 रुपये के पिछले बंद स्तर के मुकाबले 613.30 रुपये पर खुलने के बाद करीब 10 बजे अरबिंदो फार्मा का शेयर 8.30 रुपये या 1.37% की मजबूती के साथ 616.00 रुपये पर चल रहा है।

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Mentha oil futures were trading higher during the morning trade in the domestic market on Tuesday amid pick-up in demand at domestic spot market and restricted supplies from producing regions. Market analysts said fresh positions built up by traders following pick-up in demand from consuming industries in the spot market against restricted supplies from Chandausi, led to the rise in mentha oil prices in futures trade.

At the MCX mentha oil futures for June 2018 contract was trading at Rs 1170 per kg up by 0.86 per cent after opening at Rs 1171.90 against the previous closing price of Rs 1160. It touched the intra-day high of Rs 1172.10.

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बेस मेटल में थोड़ी शॉर्ट कवरिंग (जवाबी खरीद) हो सकती है।

चीन के केन्द्रीय बैंक ने कहा है कि वह कुछ बैंको की नकदी में कमी करेगा। चीन के केन्द्रीय बैंक द्वारा कुछ बैंकों की नकदी में कमी किये जाने के बाद लंदन में तांबें की कीमतों के तीन हफ्ते से अधिक के निचले स्तर पर पहुँचने के बाद आज थोड़ी रिकवरी देखी जा रही है। तांबे की कीमतों में 452 रुपये के स्तर पर सहारे के साथ 460 रुपये तक रिकवरी हो सकती है। अमेरिकी कमोडिटी वायदा कारोबार आयोग के अनुसार 19 जून को समाप्त हफ्ते में हेज फंडों और मनी मैनेजरों ने तांबे के वायदा और ऑप्शंस कॉन्ट्रैक्ट में कुल लांग पोजिशन में कमी की है। जिंक की कीमतों को 200 रुपये के स्तर पर सहारा और 205 रुपये के स्तर पर बाधा रहने की संभावना है। लेड की कीमतों को 160 रुपये के स्तर पर सहारा और 165 रुपये के स्तर पर बाधा रहने की संभावना है। निकल की कीमतों में तेजी का रुझान रहने की संभावना है और कीमतों को 1,020 पर सहारा रहने की संभावना के बीच 1,050 रुपये तक बढ़त हो सकती है। एल्युमीनियम में थोड़ी शॉर्ट कवरिंग (जवाबी खरीद) होने की संभावना है और कीमतों को 147 रुपये के स्तर पर सहारा और 150 रुपये के स्तर पर बाधा रहने की संभावना है। 

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Automobile major Maruti Suzuki on Monday commenced bookings for the new variant of its "all-new" premium crossover S-Cross which is expected to be launched during the festive season.

According to the company, the premium crossover boasts of a DDiS 200 with "Smart Hybrid" technology engine. 

Launched in August 2015, the S-Cross has sold over 53,000 units in the domestic market while over 4,600 units have been exported.

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The Indian rupee closed marginally lower by 2 paise at 65.04/$ against Tuesday's close of 65.02/$. Besides, weakness in the dollar against major global currencies overseas supported the rupee. Most Asian currencies weakened as the dollar continued to strengthen helped by speculation that the next US Federal Reserve chair will be more hawkish.

On the global front, US dollar firmed in the wake of positive US macro numbers, with September industrial production rising despite the Hurricane impact. Euro retraced slightly as markets remain tuned to the unresolved situation in Spain’s Catalonia region. The separatists have not yet thrown the towel despite governments several threats to dismantle the region’s autonomy.

At the end of September, domestic institutional investors held a 10.8% stake in the BSE 500 index, up from 9.6% a year ago, indicating that household savings shifted from gold and real estate to financial assets

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The holdings of domestic mutual funds and insurance companies in India’s largest listed companies rose to their highest level in at least 25 quarters as household savings shifted from gold and real estate to financial assets.

At the end of September, domestic institutions held a 10.8% stake in the BSE 500 index, which accounts for at least 90% of India’s market capitalization. Only 424 of these 500 firms, whose data goes back to 25 quarters, were considered for this analysis. That was an increase from 10.52% at the end of June and 9.6% a year ago.

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Jio subscriber base rose to 136.8 million in the past three months, with a net addition of 15.3 million users in the period. The information comes from the Reliance Industries Limited (RIL) financial and operational performance report for the quarter that ended on September 30. Though the Jio telecom unit posted a loss of Rs. 271 crores, RIL termed its financial performance as strong. The company also revealed that Jio network saw total wireless traffic of 374 crore gigabytes (3.74 billion GB) in the period, and is touting the highest per capita data consumption of 9.62GB per user per month.

Speaking on the performance, Mukesh Ambani, Chairman of Reliance Industries, said, "The rapid uptake of Jio services reflects the latent need of the society. We are confident that Jio will bring significant benefits to the Indian economy and the Indian customers and will take India to a much higher pedestal... The strong financial results of Jio demonstrates the robust business model of Jio and the significant efficiencies that the Company has built through its investment in the latest 4G technology and right business strategy."

Lupin Ltd on Wednesday said its US subsidiary has acquired Symbiomix Therapeutics LLC for a cash consideration of $150 million, in a bid to expand in the women’s health segment.

The total cash consideration includes an upfront payment of $50 million and other time-based payments. Lupin will also make certain sales-based contingent payments to Symbiomix, the Indian drugmaker said in a release, adding that the acquisition is funded from internal accruals. 

US-based Symbiomix is focused on bringing innovative therapies for gynecological infections that could lead to serious health consequences. In September, the US Food and Drug Administration (FDA) approved Symbiomix’s lead product, Solo's oral granules, for treatment of bacterial vaginosis.

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Indian Market Outlook:

All emerging markets Index has recovered from their recent lows and is trading strong. MSCI emerging market Index is trading at 1106 showing strength. Korea Index -Kospi is up by 1.8%, South Africa 40 is up by 0.59%, Thailand Index (SET Index) is up by 0.09% and Jakarta is up by 0.07%.

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A Securities and Exchange Board of India (Sebi)-appointed panel has proposed more powers for independent directors, limiting chairmanship to non-executive directors, and called for a greater focus on transparency and disclosures to improve corporate governance.

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The panel submitted its report on Thursday. The capital markets regulator will take a call on implementation, and has invited public comments till 4 November. The recommendations span areas such as the composition of the board, the make-up of board committees, treatment of subsidiaries, information sharing with promoters and related-party transactions, audit evaluations, and conduct of annual general meetings.

For instance, the panel recommended that a listed company should have at least six directors on its board. Current Sebi regulations do not mandate a minimum number. The panel has suggested at least one independent director be a woman.

Amid a public outcry over rising fuel prices, the government had reduced the basic excise duty on petrol and diesel by 2 rupees per liter, effective today. States have also been asked to review value added tax on petrol and diesel, An official said the Centre expect states to reduce VAT on petrol and diesel. It has also asked oil marketing companies to review petrol and diesel prices. States are likely to cut VAT by Rs 2 per liter while OMCs are likely to cut prices by Rs 1 per liter.

There is a need to reduce petrol and diesel prices by Rs 4-5 per liter, the official said. “Rs 65 per liter is an acceptable retail selling price of petrol,” the official added. Government officials indicate that a price cut of Rs 5 per liter on petrol and diesel is likely.

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