Slamming Price Waterhouse & Co's recent allegations of violation of the Companies Act 2013 by Reliance Capital, the company on Thursday said that the audit firm's recent letter to the Ministry of Corporate Affairs was invalid

The company board met earlier in the day to review the matters arising out of the letter filed by PwC with the Ministry of Corporate Affairs (MCA), under Section 143(12) of the Companies Act, 2013.

A company statement said the Board took note of the views of the other joint auditors, who have been auditors of the company for the last three financial years and continue as the sole Statutory Auditors of the Company, confirming that there are no violations as alleged by PWC

"The Board also noted that PwC had duly audited the accounts for the financial year 2017-2018, as also a limited review of financial results of three consecutive quarters ended December 2018, without any qualifications or raising any concerns," it said.

Reliance Capital's board also took note of the views of legal experts who independently carried out an in-depth examination of the matter and the issues raised by PwC, as per the company and the independent legal opinion from reputed law firm confirmed that there was no violation.

"The Board noted the independent legal opinion from reputed law firm confirming that there was no violation attracting Section 143(12) of the Companies Act, and which concluded that the PwC letter is devoid of any rationale or basis and is invalid," the statement said.

Further, the board observed that the alleged basis relied upon by PwC for reporting under Section 143(12) is itself "grossly inadequate, and does not even point to a single specific instance of alleged fraud".

As per the statement, PwC had chosen not to attend the audit committee meeting on June 12, 2019, despite being invited to do so and abruptly resigned at the unearthly hour of 4.32 a.m. on June 11, 2019.

"After resigning and ceasing to be the auditor of the company, PwC filed its letter with MCA later the same day; and PwC did not even share a copy of its letter with the company or even with the Board's independent audit committee, despite repeated requests by the company." 

The Board reaffirmed to take all appropriate steps to safeguard the interests of all stakeholders.

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Indian shares rose on Friday after Reuters reported that the country may exempt the tax surcharge on foreign portfolio investors (FPIs), bringing cheer to investors

The broader NSE Nifty was up 0.70% at 11,109.05 as of 0423 GMT, while the benchmark BSE Sensex rose 0.65% at 37,569.36.

India may exempt FPIs from the controversial tax on high incomes as Finance Minister Nirmala Sitharaman faces pressure to roll back the measures introduced during the last month, sources told Reuters.

The government estimates a total revenue loss of 4 billion rupees ($56.77 million) if it withdraws the higher taxes on FPIs, amid news of falling sales and job cuts among automakers and other manufacturers.

"The bounceback is happening because the finance minister has assured the industry of corrective actions," said Deven Choksey, a promoter at KR Choksey Investment Managers.

"Obviously, this will slow down selling by foreign investors because they are the ones who have been relentlessly selling in the markets."

Financials and real estate boosted indexes the most. The Nifty financial services index was up about 1%, while the real estate index rose 1.1%.

The banking index was up 0.8% and the auto index rose 0.3%.

Among shares, Indiabulls Housing Finance was the top gainer on the NSE index, rising 4.2%.

Hexaware Technologies rose as much as 8.6%, its biggest intraday percentage gain since June 21, after the company's quarterly profit beat estimates.

Analysts at Macquarie said Hexaware's strong performance during the quarter was mainly led by strong execution and margin recovery and added that the company was poised to deliver an industry-leading organic growth rate.

Tata Motors was the biggest loser among the NSE stocks, falling 1.37% after Mint reported that the company was halting production for three days at its production plants in Pune and Jamshedpur.

The company's luxury car unit Jaguar Land Rover is also being shut temporarily, the report said.

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Capital goods maker Thermax Ltd has proved it can be resilient during tough times in the economy. The firm’s execution skills were reflected in the strong revenue growth during the June quarter, though macroeconomic issues weighed on profitability and order flows

Net consolidated revenue of 1,392 crores zoomed past the 17-broker average forecast on Bloomberg by about 17%. It was 34% higher on a year-on-year (y-o-y) basis. Even the stand-alone revenue of 1,167.7 crores was up 37.5% y-o-y, for which analysts said the credit goes to the company’s better-than-expected execution.

Strong revenue and stringent cost-control in spite of higher raw material costs translated into 43.5% y-o-y growth in Ebitda (earnings before interest, tax, depreciation and amortization).

“The key takeaway was the consistency in execution trend, which led to revenue growth, giving some green shoots for the company to return back to the growth path," said analysts at ICICI Securities Ltd. This also explains why the stock rose 3.8% to 1,087.75 on the National Stock Exchange on Thursday.

Yet, there were pressures on operating cost due to the liquidity crunch and delays in projects from the customer’s end, at times. This, along with provisions made towards its Chinese subsidiary, in which operations were discontinued, weighed on profitability. Ebitda margin widened by 40 basis points to 7.1% but was lower than what the Street had pencilled.

That’s not all. Challenges are mounting in the economy, particularly for the capital goods sector. A few quarters ago, there was an increase in order flows that brought in optimism for this universe, especially for front-rung companies, such as Thermax, and well-managed global firms including Cummins India Ltd, Siemens Ltd and ABB India Ltd. However, the situation has turned grim since the general election, with core sector growth falling and weakness in almost all sectors of the economy.

For Thermax, consolidated order flows fell 26.3%, while the order book at the end of the June quarter was 18% lower from a year ago. M.S. Unnikrishnan, managing director and chief executive of Thermax, said: “Even after elections, we did not see many pick-ups in orders. With capacity utilization in most sectors below the optimal level, most companies are deferring capex plans. Even short-cycle orders are slow as most managements are cautious."

To be sure, Thermax’s resilience is the key reason for the stock’s outperformance compared with benchmark indices, such as the Nifty Midcap 100. However, analysts reckoned that the pain will continue for several quarters.

Given the inertia even in private sector capex, Thermax’s shares may be range-bound, as its price-to-earnings ratio of 28 times estimated FY21 earnings factors in all positives.

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The Sensex was up 636.86 points at 37,327.36, and the Nifty was up 177 points at 11,032.50

After remained volatile in the first half on August 8, the bulls took the charge in the second half and help Nifty to close above 11,000 after media reports suggested that the government is likely to roll-back recently impose a higher tax on foreign portfolio investors (FPIs).

At close, the Sensex was up 636.86 points at 37,327.36, and the Nifty was up 177 points at 11,032.50. About 1379 shares have advanced, 1020 shares declined, and 149 shares are unchanged. 

HCL Technologies, Tata Motors, JSW Steel, Reliance Industries and M&M were among major gainers on the indices, while losers were Tata Steel, Cipla, UltraTech Cement, Indiabulls Housing and IndusInd Bank.

All the sectoral indices ended higher led by the IT, auto, bank energy, FMCG, metal, pharma and infra.

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The top gainers from NSE include Zee Entertainment, YES Bank, Cipla, Hindustan Unilever and IndusInd Bank while the top losers are Indiabulls Housing Finance, Tata Steel, Mahindra & Mahindra, Tata Motors and BPCL

Following a 35bps rate by the Reserve Bank of India and after trading on a flat to a positive note, the Indian stock market has once again slipped into the red with Nifty down 40 points to 10,908 while the Sensex shed 111 points to 36,869.

Nifty PSU Bank is down over 2 percent dragged by Bank of Baroda, Punjab National Bank, State Bank of India, Bank of India, Indian Bank and Union Bank of India.

Auto stocks have slipped further into the red. The top losers are Tata Motors, Mahindra & Mahindra, Ashok Leyland, Bharat Forge, Bosch, Motherson Sumi Systems, Eicher Motors and Tata Motors DVR.

From the metal space, the top losers are Tata Steel, JPSL, JSW Steel, NALCO, SAIL and Vedanta.

Selective oil & gas stocks are trading in negative territory. The top losers are BPCL, HPCL, Indian Oil Corporation and Reliance Industries.

However, Nifty Media is the outperforming sector, up over 2 percent led by Zee Entertainment which spiked over 7 percent followed by TV Today Network, INOX Leisure, Eros International, Sun TV, Network18 and PVR.

India VIX is up 1.61 percent and is trading at 16.38.

The top gainers from NSE include Zee Entertainment, YES Bank, Cipla, Hindustan Unilever and IndusInd Bank while the top losers are Indiabulls Housing Finance, Tata Steel, Mahindra & Mahindra, Tata Motors and BPCL.

The most active stocks are Indiabulls Housing Finance, YES Bank, Reliance Industries, HDFC Bank and Titan Company.

253 stocks have hit a 52-week low on BSE including Indiabulls Housing, RBL Bank, JSPL, Vodafone Idea, Tata Steel, Motherson Sumi Systems, Tata Motors, GE T&D, ITC and GAIL India among others.

908 stocks advanced and 835 declined while 344 remained unchanged on the NSE. On the BSE, 1178 stocks advanced, 1201 declined and 143 remained unchanged.

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Domestic net interest margin contracted 10bps sequentially and 29bps YoY to 2.85 percent in the quarter ended June 2019

Indian Bank shares rallied 6.7 percent intraday on August 6 after lower provisions and other income lifted June quarter profitability 75 percent year-on-year, but slippages remain elevated on a sequential basis.

The stock has fallen nearly 50 percent in the last one year, but August 6 gain was in addition to the 3.5 percent upside seen in the previous session. It was quoting at Rs 199.75, up to Rs 9.85, or 5.19 percent, on the BSE at 1049 hours.

Profit in the June quarter increased sharply by 74.6 percent year-on-year to Rs 365.4 crore, but net interest income fell 1.2 percent YoY to Rs 1,785.4 crore due to higher cost of funds and elevated slippages in Q1.

Slippages for June quarter stood at Rs 1,077 crore, rising 7.2 percent sequentially, though declined more than 22 percent year-on-year. Annualised slippage ratio jumped to 2.34 percent in Q1 against 2.14 percent in the previous quarter.

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The National Housing Bank is operationalising liquidity infusion facility of Rs 10,000 crore for housing finance companies (HFCs). This would provide additional liquidity to individual housing loans for affordable housing and avoid credit crunch in housing finance

"To further ease flow of funds to the housing sector, the National Housing Bank (NHB) is making available from Friday a liquidity infusion facility of Rs 10,000 crore for housing finance companies (HFCs) as additional liquidity for individual housing loans for affordable housing and this will supplement two current refinance schemes of NHB", a Finance Ministry statement said.

Soon after the Budget, the RBI had taken steps for banks to avail additional Rs 1.34 lakh crore liquidity against G-secs holding for lending to NBFCs. The additional liquidity worth Rs 1.34 lakh crore to banks was meant to be used for on-lending to NBFCs which have been dried of funds since last September after industry major IL&FS went bankrupt.

Banks usually hold much more than the mandated 19 per cent SLR (statutory liquidity ratio) by holding more government securities which on average is around 23-25 per cent for the system. 

The central bank also decided to front-load the facility for liquidity coverage ratio which sees it increasing by 0.5 per cent each in August and December 2019.

The government has handed over the regulatory supervision of housing finance companies (HFCs) to the Reserve Bank of India in this Budget to ensure greater parity in regulations for NBFCs and HFCs and also more checks and balances from the earlier minimum regulations. 

Now RBI will provide liquidity support to the ailing HFC sector directly. RBI has offered a liquidity window to banks to help support NBFCs and HFCs.

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Even before Hero MotoCorp Ltd announced its June quarter (Q1 FY20) results, the stock tanked 6.1% to ₹2,258.80, close to its 52-week low on the National Stock Exchange. As expected, the results were weak, in line with the 12.5% year-on-year drop in sales volume, announced earlier this month

Margin pressures along with the 9% drop in net sales led to a steep 16% fall in Ebitda to ₹1,158 crore. Ebitda stands for earnings before interest, tax, depreciation and amortization.

Two-wheeler demand has borne the brunt of the economic slowdown and cost pressures due to regulatory changes. According to Pradesh Jain, executive vice president at Yes Securities Ltd, “Increase in cost of ownership is likely to delay demand recovery. From the time insurance was hiked for vehicles till BS-VI emission norms come into force, the cost of owning a two-wheeler will increase substantially, which is bound to hurt demand."

This is what has taken the Hero MotoCorp stock downhill. On the back of falling sales and profit margins, consensus earnings per share estimate on the Street have fallen from ₹227 for FY21 to ₹181 in the past year. So, the 30% drop in share price over the period is not surprising.

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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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brand new week of Bull's Eye. It's the popular game show where market experts come together to dish out trading strategies for you to make your week more exciting and compete with each other to see whose portfolio is the strongest.

Remember these are midcap ideas not just for the day, but stocks that look attractive in the medium-term as well.

This week, Vishal Malkan, Pankaj Jain, and Ruchit Jain battle it out for top honors.

Buy Bata India with a stop loss at Rs 728 and target of Rs 795

Buy Jain Irrigation with a stop loss at Rs 110 and target of Rs 120

Buy Apollo Tyres with a stop loss at Rs 249 and target of Rs 275

Buy Hexaware Technologies with a stop loss at Rs 319 and target of Rs 355

SGX Nifty indicating a negative opening for the Indian markets as crude oil price continues to soar. Rating agency S&P maintained a status quo on its outlook on Indian economy and reaffirmed a BBB- rating for India.

Global markets

Asian markets are trading on a negative note with across the board selling pressure seen in all the major markets with Kospi losing 1.3%, Shanghai losing 0.9%, Nikkei losing 0.35%.

US Markets ended with a positive bias after the Thanksgiving holiday. Rally in technology stocks took S&P & Nasdaq to a record closing. S&P gained 0.21% to 2602.42, the Dow Jones added 0.14% to end at 23557.9 while the Nasdaq closed at 6889.16, gaining 0.32%.

European markets ended on a flat to positive note with FTSE losing 0.1%, CAC gaining 0.2% and DAX gaining 0.39%.

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Buy Mahindra & Mahindra

The stock has been consolidating near its all-time high 13 months during this phase M&M gyrated wildly hitting lows of Rs1136 in December 2016. Post that the stock zoomed and also made an attempt to break past its previous peak but proved to be futile. Finally, after struggling for over a years time, M&M has finally broken out from a Multi-Month Symmetrical Triangle pattern on the weekly charts. If the breakout sustains for another week convincingly then projection are indicating that M&M is likely to move higher towards its conservative potential target of Rs1502 and Rs1560 in the medium term.

Buy IndusInd Bank

The stock has been stuck in a declining trend for the past three months during which IndusInd Bank has corrected almost 11%. Recent price action signifies that stock is making an attempt to build a base. And finally, after finding support around its 100-DMA, IndusInd Bank has broken out from a Declining Trendline on the daily charts giving an early indication of price reversal. In addition, the breakout has also been accompanied by the smart uptick in traded volumes this further accentuates our bullish stance on the stock. If the breakout sustains the way it should, we expect the stock to rally higher towards the 1725-1735 mark in the medium term.

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In the previous week starting from November 20, 2017- November 24, 2017, Indian markets closed on positive note. Speculation about  Federal Reserve policymakers will increase the interest rate in the near term, aggressive buying from DII’s  are some of the reason that has kept the Indian markets in green. Nifty and Sensex closed at 10,389.7 and 33,679.2 levels respectively up 0.9% and 1% respectively. However, there are some stocks that have gained nearly or more than 5% in the same period on BSE 200.

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Gujarat Pipavav Port Ltd <<<

Gujarat Pipava stock gained ~16% in the same period as Maersk Line has revised two of its services which would improve the annual container throughput of the company.

Reliance Communications Ltd <<<

The share of the company surged ~12% in the previous week as Rcom lenders have given nod to the sale of its real estates in Delhi and Chennai to Canadian based asset management firm  Brookfield.

GMR Infrastructure Ltd <<<

The stock price of GMR Infra rose ~8% from Rs17.2 on November 20, 2017- to Rs18.6 November 24, 2017, while BSE power Index gained 1.4% in the same period.

Apollo Hospitals Enterprise Ltd <<<

The share price of Apollo Hospitals rose ~8% from Rs1,058 on November 20, 2017- to Rs1,143 November 24, 2017, while BSE Healthcare Index gained 2% in the same period.

India consumes 48% of the world’s whiskey. It is the fastest-growing market and the largest producer of the spirit. But what exactly are we making and drinking?

When the Kenyan chef-restaurateur Kiran Jethwa visited India earlier this year to shoot Spirited Traveller, a show aired on Fox Life that discovers a country through its favourite beverages, he made Fried Whisky Ice Cream—chocolate ice cream flavoured with whisky, oranges, and pistachio, dipped in jalebi batter, deep-fried and served with sugar syrup—for the Delhi episode. “I was told that people in Delhi love whiskey and fried food,” Jethwa said. “So here’s my tribute to that spirit.”

Whisky is decidedly the spirit of choice in India—we consume almost half the whiskey produced worldwide. From the cheapest Indian-made foreign liquor (IMFL) variant—whisky makes for almost 90% of IMFL—to limited-edition single-malt Scotch, people are drinking more whisky today than ever, spending anywhere between Rs50 per 25ml peg for a McDowell’s at a Paharganj bar in Delhi to Rs1,500 for a small Johnnie Walker Blue Label at a five-star hotel. While gin is going through something of a resurgence, it is still whiskey that racks up the numbers, with a more-than-healthy lead over every other alcoholic beverage.

“Though the entire alcobev (alcoholic beverage) industry has grown steadily over the last decade, whiskey is the flag-bearer in India,” says Thrivikram G. Nikam, executive director at Bengaluru-based Amrut Distilleries Pvt. Ltd. Part of the growth is because whiskey has gone through an image makeover. It is not considered an old man’s drink anymore. Just like James Bond single-handedly legitimized the vodka martini and Carrie Bradshaw made Cosmopolitan the drink of choice for young women, Don Draper has made the Old Fashioned sexy again in the 21st century.

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India's largest stock exchange National Stock Exchange of India Limited's (NSE) SME platform, NSE EMERGE, witnessed its 100th SME IPO listing on Monday. ANI Integrated Services Limited debuted on the NSE EMERGE platform. "NSE has been focused on developing an ecosystem for the financial markets where the Indian corporations can chart their growth stories," the stock exchange said in a statement.

Till date, 100 SME companies are listed on the EMERGE platform and the companies have raised more than Rs. 1,400 crore of capital using the equity fundraising mechanism. These companies are from various sectors like consumer goods, textiles, pharma, fertilizers, services and information technology.

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Market Outlook:

Yesterday IT was top performing sector, it rose by 1.30%, where Data Matics rose by 9.50%, Trigyn zoomed by 4.96%, Mastek was up by 6.58%, Sonata software was up by 2.94% and Genesys gained by 5.42%.

Among the minor sectors, Gold & Jewellery and Consumer Goods were top performing sectors, gaining 3.38% and 2.37% respectively. Tribhovandas gained 2.56%, Mirza International zoomed by 8.06% and Vmart Retail rose by 3.72%.

Yesterday, Nifty opened at 10329 and closed at 10327 after making a high of 10359.Small cap Index opened at 8522 and closed at 8494 after making a high of 8551.

Nifty Future is opening gap-up by 40 points against yesterday close of 10351 as indicated by SGX Nifty which is currently trading at 10391.

Sector Performance on 21st Nov

Vodafone India has introduced two new plans which offer 1GB or gigabyte of 2G/3G/4G speed data per day and has also increased the amount of data that it offers in its Rs. 348 prepaid recharge plan. The prepaid recharge packs of Vodafone which offer 1GB data per day are available for Rs. 458 and Rs. 509, the company said. This offer from Vodafone is only for its prepaid users. These new plans come from Vodafone amid intense competition in the Indian telecom market that is in the midst of an extended price war ever since Mukesh Ambani backed Reliance Jio entered the market last year.

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Market Outlook:

Yesterday, Nifty was not able to trade above its previous week high of 10344 and closed at 10299. In the current Expiry, FII and PRO in combined have a sell position of 296772 contracts in Index Options which suggests that the major players are still short in the market.

Realty stocks continued its upward momentum led by Purvankara which zoomed by 18% Kolte Patil gaining 11%, and Ajmera Realty rose by 8%.

Nifty Future is opening gap-up by 31 points against yesterday close of 10318 as indicated by SGX Nifty which is currently trading at 10349.

Top performing Smallcap stocks from performing sectors

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Indian markets opened today on a mixed note following the cues of US Markets. However, the market rebound from the early losses, owing to the strong push by Metal and Realty stocks. Nifty crossed the 10,300 level, only to close a little lower as the closing bell struck.

At 3:30 PM, Sensex ended the trade at 33,359, up by 17 points, while Nifty closed at 10,298 up by 15 points.

The BSE Mid-cap Index closed higher by 0.60% at 16,773 whereas BSE Small-cap Index ended down by 0.81% at 17,747.

A total of 75 stocks have touched their 52-week high, while 20 stocks dipped to their 52-week low, since morning, on the NSE.

Dixon Tech stock spurted by 6% on the BSE, its highest level since listing on Sept 18, 2017.

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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.