A Reuters report has said that Hindalco Industries-owned Novelis has agreed to sell its Aleris’ Belgian plant

Shares of Hindalco Industries jumped almost 4 percent on August 30 after media reports said that the company-owned Novelis was set to secure European Union antitrust approval for its $2.6-billion bid for Aleris.

Novelis, which is US-based but owned by India’s Hindalco Industries, agreed to sell Aleris’ Belgian plant to address the European Commission's worries that the deal could reduce competition and lead to higher prices, hitting carmakers, in particular, news agency Reuters quoted sources as saying.

Novelis, a world leader in aluminium rolled products and aluminium recycling, is seeking to diversify into aerospace, automotive, beverage can and construction industries.

For the June quarter, Hindalco Industries reported a 29 percent year-on-year fall in consolidated profit. Novelis adjusted EBITDA (as per US GAAP) increased 11 percent year-on-year (YoY) to $372 million and adjusted EBITDA per ton climbed 7 percent to $448 in Q1.

Novelis' net income excluding special items stood at $145 million, a 26 percent YoY rise.

Shares of Hindalco Industries were trading 3.67 percent higher at Rs 186.40 on BSE  

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The construction of this project is to be completed in 36 months 

Shares of PNC Infratech advanced 4 percent intraday on August 30 after the company bagged an order worth Rs 1,062 crore.

The company has been declared the lowest bidder for NHAI’s project of construction of 31.7 km long four-lane bypass connecting NH-56 and terminating near Behta Village Road under NHDP Phase-VII on EPC mode for a quoted price of Rs 1062 crore, as per BSE filing.

The construction of this project is to be completed in 36 months.

The share touched its 52-week high Rs 214.85 and 52-week low Rs 122.70 on 19 August 2019 and 01 October 2018, respectively.

Currently, it is trading 16.2 percent below its 52-week high and 46.74 percent above its 52-week low. The share price rose 40 percent in the last 6 months.

PNC Infratech was quoting at Rs 180.30, up to Rs 3.55, or 2.01 percent

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HDFC has been gradually paring stake in Gruh to meet RBI conditions for Bandhan Bank merger

Shares of Gruh Finance jumped nearly 8 percent in early trade on August 30 after media reports suggested that HDFC is planning to sell 9.2 percent stake in Gruh Finance

The Economic Times, quoting sources, reported that "HDFC will raise Rs 1,678 crore by selling 9.2 percent in Gruh Finance and the sale of 67.4 million shares is expected to happen at a floor price of Rs 243 to Rs 249 per share in the open market on August 30."

HDFC has been gradually paring stake in Gruh to meet RBI conditions for Bandhan Bank merger. The housing finance company has sold over 10 percent in Gruh Finance.

The RBI had in March granted its approval for the proposed scheme of amalgamation between Gruh Finance and Bandhan Bank.

shares of Gruh were quoting at Rs 262.30, up 5.11 percent while HDFC was up 0.43 percent at Rs 2,137.60 on BSE.

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The closing of the transaction is subject to customary approvals and conditions

Shares of Adani Green Energy added more than 10 percent in the early trade on August 30 after the company said it is going to acquire 205 MW operating solar assets of Essel Green Energy.

The company in its press release said that it has signed a securities purchase agreement for the acquisition of 205 MW operating solar assets of Essel Green Energy (EGEPL) and Essel Infraprojects (EIL).

All the assets have long term power purchase agreements (PPAs) with various state electricity distribution companies.

The closing of the transaction is subject to customary approvals and conditions.

The acquisition of these assets is at an enterprise valuation of approximately Rs 1,300 crore.

"This is our first brownfield acquisition of operating assets. It expands our footprint in states where we already have a presence, and with our strong operational expertise, will deliver significant value for our shareholders, said Jayant Parimal, CEO of Adani Green Energy.

Adani Green Energy Limited was quoting at Rs 46.95, up to Rs 3.60, or 8.30 percent on the BSE.

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Indian shares slipped on Thursday, led by declines in financials and metals, as fears of an impending global recession and worsening Sino-U.S. trade relations marred investor sentiment

The broader NSE Nifty fell 0.46% to 10,994.55 as of 0354 GMT, while the benchmark BSE Sensex inched down 0.44% to 37,293.80.

Meanwhile, stocks in regional markets across Asia struggled to recover with MSCI's broadest index of Asia-Pacific shares outside Japan trading flat.

Domestic investors also remained cautious ahead of GDP data for the April-June quarter due on Friday.

"Sentiment is a fair worry, consumer and business sentiment has to change," said Sunil Sharma, chief investment officer at Sanctum Wealth Management in Mumbai.

"The outcome of the trade war is also uncertain."

The weather office on Wednesday said monsoon rains in India were below average for the first time in five weeks in the week through Wednesday, further dampening spirits.

Monsoon rains are key to farm output and economic growth as the agricultural sector accounts for about 15% of India's $2.5 trillion economies.

Indian markets are likely to see some volatility ahead of August derivative contracts' expiry.

Shares of Indiabulls Housing Finance Ltd slipped as much as 7.97%, the stock will not be included on the Nifty 50 NSE Nifty from Sept. 27.

The Nifty metals index inched 0.82% lower, with all 14 constituents trading in the red.

Only 10 of the 50 stocks on the NSE blue-chip index were trading in positive territory.

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The share price down 31 percent in last 1 year

Shares of Sun Pharmaceutical Industries rose 4 percent on August 29, a day after reports of the Securities and Exchange Board of India (SEBI) clearing the company of charges of irregularities emerged.

A preliminary probe by the market regulator found no merit in allegations of violation of securities laws, levelled by a whistleblower, against the pharmaceutical major, Business Standard quoted two persons as saying.

SEBI had sought answers to alleged diversion of Rs 42,000 crore through the company’s key distributor and subsidiary, Aditya Medisales and the pharma major’s 2004 fundraising through foreign currency convertible bonds, the report said.

Sun Pharmaceutical Industries was quoting at Rs 422.80, up to Rs 10.05, or 2.43 percent, on the BSE.

The share touched its 52-week high of Rs 678.80 on September 6, 2018, and a 52-week low of Rs 350.40 on May 13, 2019.

It is trading 37.61 percent below its 52-week high and 20.86 percent above its 52-week low.

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The story at Wipro Ltd in recent years has been a series of false starts

 

Even as revenue growth for its larger peers, Tata Consultancy Services Ltd (TCS) and Infosys Ltd, accelerated, Wipro lagged. But one metric where the company is scoring is cash conversion

The proportion of Ebitda (earnings before interest, tax, depreciation and amortization) that converted into operating cash flow stood at 98% in the fiscal year 2019, the highest among large IT companies. Wipro maintains this lead with cash flows to Ebitda staying at 95% in the 12 months ended June 2019, showed analysis by Nomura Financial Advisory and Securities (India) Pvt. Ltd.

Wipro’s growth in operating cash flow and free cash flow exceeded Ebitda growth in 12 months to June. Free cash flow adjusts for capital expenditure as well, apart from cash operating expenses.

Importantly, this is not a recent phenomenon. Cash flow growth is far superior at the company even using three-year annual average growth rates. “Over the last three years, cash conversion has been stable for Infosys/TCS, deteriorated at HCL Technologies Ltd and improved for Wipro," analysts at Nomura India said in a note.

What explains the variation in performance is better receivables management. Comparatively, the receivables position increased at other large IT companies, with Infosys seeing material deterioration in recent quarters.

The variation in growth rates may be part of the reason. Constant currency revenue growth year-on-year remains in mid-single digits at Wipro, while its larger peers are growing in double digits. “Typically, a growth-focused company may give some leeway to customers on payment terms," said an analyst on condition of anonymity. Even so, as the analyst added, Wipro is doing a decent job in getting money quickly from customers.

Of course, all of this is but a silver lining on the dark cloud of poor growth. Most analysts remain sceptical about Wipro’s growth outlook. The September quarter revenue growth guidance indicates no major improvement. The pressure on legacy business is more pronounced at Wipro than at other large companies, showed analysis by HDFC Securities Institutional Research.

This is reflected in the valuation discount vis-à-vis other large peers. “TCS and Infosys trade at premium valuations due to revenue predictability and stable performance," Kotak Institutional Equities said in the June quarter results review note, referring to the valuation gap in IT stocks. For Wipro’s returns to pick up, revenue growth will have to inch up as well.

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The bank expects to raise capital from its majority shareholders--Life insurance corporation of India  and the government of India before September 30, 2019, to meet the shortfall

Shares of IDBI Bank plunged 10 percent intraday on August 28 after global rating agency S&P placed it on Credit Watch saying that it is uncertain whether the lender will be able to meet capital requirements.

The stock corrected more than 56 percent in the last year amid asset quality worries and weak earnings. It was quoting at Rs 26.75, down Rs 2.70, or 9.17 percent on the BSE at 1020 hours IST.

On August 27, S&P Global Ratings placed its 'BB' long-term and 'B' short-term foreign currency issuer credit ratings on IDBI Bank on Credit Watch with negative implications.

"We also placed our issue ratings on the bank's senior unsecured debt on CreditWatch with negative implications," the rating agency said.

S&P further said it placed the ratings on CreditWatch to reflect the uncertainty regarding IDBI's ability to meet its regulatory capital requirement over the next few months.

The bank expects to raise capital from its majority shareholders--Life insurance corporation of India (which owns 51 percent stake) and the government of India (46 percent stake) before September 30, 2019, to meet the shortfall.

"..but the quantum and timing of the capital infusion are uncertain, in our view," S&P said.

The bank reported a net loss of Rs 3,801 crore (widened from Rs 2,410 crore YoY) in the first quarter of fiscal 2019-20 due to high provisioning costs which eroded bank's capital below the regulatory minimum for a banking license.

"This is the second instance over the past two years that the bank has breached the regulatory minimum, and it was not in line with our expectation," the rating agency said.

Excluding the capital conservation buffer (CCB), Indian banks are required to hold a minimum 7 percent Tier-1 capital ratio and a 9 percent ratio of total capital to risk-weighted assets (CRAR). IDBI's Tier-1 capital ratio is 6.14 percent and CRAR is 8.14 percent as of June 30, 2019.

S&P believes the breach could be temporary because IDBI is in the process of raising capital from its majority shareholders. The bank would require participation from other shareholders because LIC's stake cannot extend 51 percent, according to local regulations, it said.

The agency further said raising capital from the market will be particularly challenging, given IDBI's weak valuations. It believes the bank is dependent on the Indian government and LIC for such capital to correct the breach.

S&P aims to resolve the CreditWatch in the next three months once it has clarity on the bank's plan and the timeline for shoring up its capital base, such that it maintains a sufficient buffer above the regulatory minimum.

The government announced the recapitalisation of Rs 70,000 crore for PSU banks.

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The HUL top management gave a hint in July, during the conference call with investors, that the company might go for a price-cut

Shares of Hindustan Unilever (HUL) declined 2 percent on BSE on August 28 amid reports that the company cut prices of some of its soaps by as much as 30 percent in a bid to cope with weak demands amid tough competition.

In July, the largest consumer goods company in the country reduced prices of Lifebuoy, Lux and Dove soaps in order to counter weak demands and tough competition, the daily newspaper Mint reported.

On the other hand, the company increased prices of face-washes for brands such as Fair & Lovely, Ponds, Pears and Dove between 4-14 percent, Mint reported referring to an August 27 report by Kotak Institutional Equities.

Moneycontrol could not independently verify the news.

The HUL top management gave a hint in July, during the conference call with investors, that the company might go for a price-cut as it expected weak commodity prices to continue.

Shares of HUL traded at Rs 1,829.50, down Rs 32.05 or 1.72 percent on BSE around 0955 hours IST.

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The company will provide the response and corrective action plan within the 15 working days to address the USFDA observation

The share price of Unichem Laboratories declined more than 3 percent intraday on August 26 after the company received one observation from USFDA

The United States Food and Drug Administration (USFDA) conducted an inspection at the company's Ghaziabad formulation facility between August 19, 2019, to August 23, 2019.

The inspection was a routine GMP surveillance and at the end of the inspection, the facility received one observation which is not a repeat observation and is procedural in nature.

The company will provide the response and corrective action plan within the next 15 working days to address the USFDA observation, it added.

Unichem Laboratories was quoting at Rs 170.15, down Rs 2.50, or 1.45 percent on the BSE.

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The share touched its 52-week high Rs 206.54 and 52-week low Rs 101 on 24 August 2018 and 22 July 2019, respectively

Shares of Cupid gained 6.6 percent in the early trade on August 26 after the company won order worth Rs 4.95 crore. The company got an order worth Rs 4.95 crore from UNFPA to supply male condoms to Angola, as per a BSE release.

"We are excited to receive this valuable order," said Omprakash Garg, CMD, Cupid. Cupid was quoting at Rs 131.15, up to Rs 4.65, or 3.68 percent.

The share touched its 52-week high Rs 206.54 and 52-week low Rs 101 on 24 August 2018 and 22 July 2019, respectively.

Currently, it is trading 36.38 percent below its 52-week high and 30.1 percent above its 52-week low.

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Gangwal said the board has now approved a new related-party transaction policy and to also close an open issue if the Articles of Association are amended at the company's upcoming annual general meeting (AGM) to increase the board size to 10 directors

InterGlobe Aviation promoter Rakesh Gangwal on Friday said the company’s board has approved a new policy on related-party transactions, amid an ongoing feud with co-promoter Rahul Bhatia over governance issues. The company is the parent of the country’s largest airline IndiGo. “While much work lies ahead, including mending some fences and the regulators completing their investigations on the governance issues raised with them, it is gratifying to see progress towards better governance,” Gangwal said in a statement.

Gangwal said the board has now approved a new related-party transaction policy and to also close an open issue if the Articles of Association are amended at the company’s upcoming annual general meeting (AGM) to increase the board size to 10 directors. “In light of this positive and important development, I will be supporting the proposed changes to the Articles,” he said.

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With JioFibre set to be launched on September 05, 2019, telecom players are revising their plans in a bid to maintain their share in the industry

With JioFibre set to be launched on September 05, 2019, telecom players are revising their plans in a bid to maintain their share in the industry and hence increase their revenue despite continually losing their subscribers to the Reliance juggernaut.

And it is not just telecom companies who are doing this, DTH service Tata Sky too made an announcement this week offering free additional months of usage to its subscribers. However, the offer will only be valid only for those who have the annual payment plans. Subscribers must note that the latest offer by DTH has only been made available in a few select cities whereas the extra validity is only valid on unlimited plans. Besides this, other cities too will get extra validity on fixed data plans.

Meanwhile, BSNL announced on Friday that the annual broadband plans which are set over Rs 399 will now bundle Amazon Prime membership which is worth Rs 999 for free, Telecom Talk reported. Previously, the State-run telco had offered Amazon Prime subscription for free with broadband plans priced over Rs 499, however now, the internet service provider has added the Rs 399 affordable broadband plan in the mix too.

However, the big players still remain Reliance Jio, Airtel and Vodafone-Idea. In view of the latest offers, companies have launched long term plans on broadband fibre.

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A South African high court judge on Friday refused Zambia's state mining company ZCCM leave to appeal a previous ruling halting the sale of Vedanta Resources' majority-owned Konkola Copper Mines (KCM) pending arbitration

Vedanta has been locked in a dispute with the Zambian government since May when Lusaka appointed a liquidator to run KCM, which is 20% owned by ZCCM and the rest by Vedanta.

Zambia had accused KCM of breaching the terms of its licence, which Mumbai-listed Vedanta denies.

In July, a South African judge said wind-up proceedings must be immediately withdrawn until a final decision is made following arbitration. Zambia appealed and said it was proceeding with the liquidation.

Judge Leicester Adams said his main reasons for refusing leave to appeal were that ZCCM had raised nothing new and that leave would only be granted when a judge believed it could succeed.

The South African high court is recognised as a court in the context of the International Arbitration Act.

"There are no reasonable prospects of another court coming to different conclusions, be they on aspects of facts or law, to the ones reached by me. The appeal does not, in my judgement, have a reasonable prospect of success," the judge said in his ruling.

Vedanta said it remained committed to engaging with the Zambian government to find an amicable solution.

No-one from the Zambian government could immediately be reached for comment.

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The khadi industry in India is expected to cross Rs 10,000 crore turnover in the next five years, Khadi and Village Industries Commission (KVIC) Chairman Vinai Kumar Saxena said on Thursday

The target for this year is set at Rs 5,000 crore, he told IANS.

"In a time when the world is moving towards automation, khadi is one of the few handcrafted products. In the future, the only khadi will survive and nothing else," Saxena said at the Lakme Fashion Week Winter/Festive edition being held here.

The Day 3 of the week-long fashion event was dedicated to sustainable fashion where designers showcased their collection made out of sustainable fabrics. Three designers namely Anuj Bhutani, Pallavi Dhyani and Gaurav Khanijo collaborated with KVIC to create sustainable fashion wears that were showcased on the ramp.

Saxena said that the khadi industry has seen an average growth of 28 per cent in the last four years as compared to the growth rate of 6.18 per cent in 2004-2014.

"Cloth mills are producing 12,000 metres in a day but khadi which is handspun is produced only 12 metres. Despite that, from Rs 889 crore turnover in 2004-2014, we have reached Rs 3,215 crore turnover in just four years. There has also been a change in the production pattern. Till 2014, the total production of khadi was 103. 66 million square metres but in four years we have jumped 70 per cent," he told IANS.

To protect khadi which is a "heritage" of India, many designers have come on board and joined the movement, he said, which will make the industry thrive in future. Expanding the colour palette, westernizing the cuts, and creating new trends in itself, the Khadi fabric has transcended itself as a sustainable fabric of the Future, he said.

"Khadi has become a stylish narrative that is now popularly embraced by designers. A versatile fashion fabric, khadi has been used as a tool to navigate India through its hard-won independence.

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The 16% fall in the shares of NTPC Ltd over the past one year has been disappointing. Not just because valuations are undemanding—with the shares trading close to their book value. The company’s fixed return earning regulated equity base has been steadily growing and is projected to grow faster

Capacity additions are projected to accelerate to 5 gigawatts (GW) per year from FY20 against the average annual addition of less than 3GW in the last two years. As a consequence, NTPC’s regulated equity is estimated to expand 15% annually from FY20 over the next three fiscal years.

The capacity ramp-up will boost the company’s finances. FY20 will mark the beginning of the reversal of the capital work in progress (CWIP) ratio. The ratio as a percentage of property, plant and equipment, and CWIP is estimated to fall from 42% in FY19 to 36% in FY20 and 24% in FY21, projects NTPC. The fall in the ratio will enhance return on equity as the equity blocked in CWIP would start generating returns.

Still, the Street is not convinced. The NTPC stock continued to fall on Thursday inching closer to its 52-week low. Why? Lack of commensurate growth in earnings. Operating earnings grew just 5% in FY19 despite a notable expansion in the installed capacity base and regulated equity.

Worse, reported profit grew just 1% last quarter and adjusted earnings lagged Street estimates by a wide margin. “Street was almost certain that 1QFY20 would mark a turnaround for NTPC with most past issues having been suitably resolved. However, 1QFY20 results sprung a surprise with higher losses on account of usage of carpet coal (low-value coal)—management highlighted the same as a one-off, and we hope that it does not recur, such that earnings profile is reflective of underlying capacity addition," said analysts at Kotak Institutional Equities in a note.

Second is the overhang of the government share sale. There is a fear that the Centre may sell hydropower producer SJVN Ltd to NTPC, similar to Oil and Natural Gas Corp. Ltd’s purchase of Hindustan Petroleum Corp. Ltd, and the Power Finance Corp. Ltd-REC Ltd deal.

Such a transaction will enhance NTPC’s regulated equity base. But it can scuttle its dividend payouts in the short term, warns an analyst. SJVN has a market capitalization of 9,500 crores. If NTPC has to buy a majority stake exhausting its close to 3,000 crore cash reserves, then its ability to maintain current dividends can be impacted, says the analyst on condition of anonymity.

Perhaps clarity from the government will help. NTPC has been one of the consistent dividend payers. In FY19, the dividend yield was more than 5%.

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The transaction is subject to customary closing conditions and has been approved by the board of directors of Lupin

Shares of Lupin gained after the drugmaker announced an agreement to sell its Japanese injectables business to neo-ALA Co. Ltd, a wholly-owned subsidiary of Abu Dhabi-based Neopharma group.

Through its Japanese subsidiary, Kyowa, the company had entered into a definitive agreement for the sale of its injectables business and related assets in Japan to neo ALA Co. Ltd, the drug major said in a press release.

"The divestiture of our injectables business in Japan is a step towards streamlining our Japan operations and bringing a sharper focus on building a hybrid (Brand/ generics) pharma model in Japan," Fabrice Egros, president Lupin APAC and representative director of Kyowa, said.

The plant, which is in Atsugi, has been engaged in sales and contract manufacturing of injectable products, the release said.

Lupin has agreed to sell all the issued and outstanding share capital in Kyowa Criticare Co. Ltd to neo-ALA Co.

The transaction is subject to customary closing conditions and has been approved by Lupin’s board of directors.

Lupin was quoting at Rs 738.75, up to Rs 3.55, or 0.48 percent on the BSE.

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The next immediate support for Nifty50 is placed at around 10,750 and then towards 10,600 levels, while resistance is observed at 11,110 and then towards 11,200 levels.

The benchmark index, Nifty50 breached its previous four-day consolidation pattern on the downside on August 21 to close below 11,000 levels. On the daily time frame, the index witnessed a breakdown from the bearish flag pole pattern which can further sink prices towards its next immediate support which is placed at 10,600 levels.

Previous three days’ candle formation suggests that the immediate pullback got capped at 11,200 levels, and the index has now opened the gate for further downside.

The NSE-NIFTY reversed before visiting its short-term moving average placed at the 20-day EMA the daily interval.

On the Options front, maximum Put open interest is placed at 10,850 followed by 10,500 strikes while the maximum Call open interest is seen at 11,000 followed by 11,500 strikes.

The next immediate support for Nifty50 is placed at around 10,750 and then towards 10,600 levels, while resistance is observed at 11,110 and then towards 11,200 levels.

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Technology major Siemens will upgrade Hindustan Zinc's power assets and manufacture six 80 MW steam turbines for the mining major

"Siemens will modernise and commission 80 MW steam turbines to Hindustan Zinc. The modernisation of the power assets of Hindustan Zinc includes state-of-the-art design steam turbine components and digital technologies. Siemens will also provide on-site project services on a turnkey basis," Siemens said in a statement here on Tuesday.

The turbines would be manufactured at Vadodara factory, it said.

Commenting on the development, V. Jayaraman, Head of Power Plants at Hindustan Zinc, said: "We are aiming at higher efficiencies of power generation from steam turbines along with higher generation. Further, the modular project execution will ensure lower outage. Operations will be more economical and using latest technologies help reduce carbon footprint, which is in sync with our group's philosophy."

Gerd Deusser, Head, Gas and Power, Siemens, said: "The upgraded 80 MW steam turbines is the best-in-industry and ensures high flexibility, reduces emissions and maintains high reliability. By leveraging our experiences and technological leadership, we will continue to provide highly efficient steam turbines to customers."

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Halol is a crucial facility for Sun Pharma as it contributes around 15 percent of total US sales

Shares of Sun Pharmaceutical Industries rallied 4.7 percent intraday on August 19 after the US health regulator classified the company's Halol plant as 'No Action Indicated'.

No Action Indicated means no objectionable conditions or practices were found during the inspection (or the significance of the documented objectionable conditions found does not justify further action).

The Halol unit was inspected by the US Food and Drug Administration during June 3-11, 2019 and the regulator issued four observations.

Halol is a crucial facility for Sun Pharma as it contributes around 15 percent of total US sales.

The unit was under USFDA warning letter since December 2015 and the same was lifted in 2018. The health regulator has issued an Establishment Inspection Report to plant in June last year.

The stock was quoting at Rs 430.85, up to Rs 16.10, or 3.88 percent on the BSE.

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