Daily Market Strategy - Jan 21 2016

“Emerson once said, “The difference between a hero and a regular man is that a hero was braver five minutes longer.” ― Jenni Pulos, Grin and Bear It
 
Investors and traders may have had some sleepless nights given the way the market has been accelerating on a downhill. But the brakes seem to be applied, albeit temporarily as global cues seem to have picked up their pieces and are looking to put up a smile. There are a host of outside the market developments to keep watch besides the ECB meet later today. US jobless claims and data on petroleum stocks will be keenly watched by global investors. In India, the rainfall data for week ended Jan 20 is expected besides water level in major reservoirs.
 
The outlook is a better start as indices will look at jumping into the green in the initial minutes of trade. The falling rupee could see some pull back later in the day even though importers dollar buying may cap upside. Stocks that have got beaten on account of global weakness could stage a comeback. Reliance could well lead from the front initially and cherry picking among large caps could keep the indices in a better range. For the next couple of weeks, the range for the Nifty is likely to be between 7240 on the downside and 7550 on the upside. The prominent earnings for the day include Idea Cellular, Biocon, Exide Industries and Hindustan Zinc.
 
On Wednesday, led by a free fall in Reliance Industries, the Sensex firms’ combined market cap eroded by 69,908.86 crore in a single day. Among the 30 Sensex firms, shares of 27 companies declined on Wednesday, which saw a combined market cap erosion of Rs. 70,388.72 crore. While Bajaj Auto, Hero MotoCorp and Wipro saw their combined market cap surged by 479.86 crore.
 
Watch out for the Oil PSUs as the Oil Minister to addresses the Fourth India Africa Hydrocarbon Conference in Delhi later today.
 
The Reserve Bank of India (RBI) Governor Raghuram Rajan said that governments worldwide need to create an underlying framework for growth in the long term for the global economy. "My sense is that at this point if you are an emerging market, you focus on fundamentals, try and get inflation down, try and get your current account deficit down," Rajan was quoted as saying.
 
In a year end update of office market, global real estate consultants Cushman & Wakefield, recorded a marginal 1% decline in net absorption at 33.5 msf across top eight cities. 
 
The Dow Jones Industrial Average and the S&P 500 index lost 1% each on Wednesday but ended off session lows while the Nasdaq Composite got away with only a minor loss. The Dow Jones Industrial Average and the S&P 500 index lost 1% each on Wednesday but ended off session lows while the Nasdaq Composite got away with only a minor loss.

Sebi panel has recommended favourable tax regime and steps to bring in long-term funds from domestic and overseas investors, according to reports.
 
Among other stocks to watch: 
 
Idea Cellular: Idea Cellular will announce its Q3 results. The top telco’s Net Revenue is likely to touch Rs. 9,097 crore as per IIFL estimates recording a 13.5% growth Y-o-Y and a 4.7% rise Q-o-Q.
 
Axis Bank: The bank recorded a rise of 15% in its net profit at Rs.2,175 crore for the quarter ended December 31, 2015 as compared to Rs.1,889.7 crore for the quarter ended December 31, 2014.
 
TVS Motor: TVS Motor is confident of gaining market share in the motorcycles segment with the launch of two new models targeting commuters and the youth, reports a financial newspaper. The company on Wednesday unveiled a new TVS Victor in the commuter segment and a TVS Apache RTR 200.
 
NCC,Gayatri Projects:  NCC Ltd, along with Gayatri Projects Ltd and its unit Gayatri Infra Ventures Ltd, has signed an agreement to sell 100% of their shareholding in Western UP Tollway Ltd to Cube Highways and Infrastructure Pte Ltd for Rs.575 crore.
 
Vedanta: Vedanta Resources has cut the value of its bond repurchase programme to US$227.4 million from the US$500-million figure it had announced last week, reports a business daily.
 
Titan Company: Titan Company, which on Wednesday forayed into the smartwatch segment, plans to launch a payment facility similar to Apple Pay, reports a business daily.
 
Chambal Fertilizers: The company will announce its Q3 results. According to IIFL, the fertilizer major’s net revenue is expected to rise 16.8% to Rs. 3,298 crore yoy; Q3 net revenue is expected to surge 19.8% qoq.
 
Exide Ind: The company will announce its Q3 results. IIFL estimates that the company’s PAT is likely to surge 44.80% to Rs. 140.70 crore yoy; however, Q3 PAT is expected to decline 9.8% qoq.
 
GSFC: The company will announce its Q3 results. IIFL expects net revenue to soar 9% to Rs. 1,426 crore yoy; however, Q3 net revenue is expected to plunge 19.1% qoq.
 
Rcom: Reliance Communications (RCom) paid an aggregate amount of Rs. 5383.84 crore as liberalization fee to Department of Telecommunications (DoT).
 
DHFL: The company reported a 16.3% increase in net profit at Rs. 186 crore for the quarter ended December 31, 2015 as compared to Rs. 160 crore for the quarter ended December 31, 2014. 
 
JSW Energy: The net profit for the quarter was at Rs. 321 crore. The total income for the quarter stands at Rs. 2649 crore.
 
Hindustan Zinc:The company will announce its Q3 results. IIFL expects net revenue to fall 10.8% to Rs. 3,435 crore yoy; Q3 net revenue is expected to plunge 14.8% qoq.
 
Gati Ltd: The company has posted a net profit of Rs. 7.7 crore for the quarter ended December 31, 2015 as compared to Rs. 11.4 crore for the quarter ended December 31, 2014. 
 
KPIT Technologies: KPIT Technologies reported a 13% increase in consolidated net profit at Rs.73.5 crore for the third quarter that ended on December 31, 2015.
 
Triveni Engineering: Triveni Engineering & Industries reported net profit at Rs.14.1 crore for the third quarter that ended on December 31, 2015.
 
Edelweiss Financial Services : The company has posted a net profit after at Rs. 106 crore for the quarter ended December 31, 2015 as compared to Rs. 82.9 crore for the quarter ended December 31, 2014. 
 
Tata Elxsi: Tata Elxsi reported a 39.5% increase in standalone net profit at Rs. 39.9 crore for the third quarter that ended on December 31, 2015.
 
South Indian Bank: The bank recorded a rise of 16% in its net profit at Rs. 102 crore for the quarter ended December 31, 2015 as compared to Rs. 87.9 crore for the quarter ended December 31, 2014.
 
Results: Biocon,Idea Cellular, Hindustan Zinc, Interglobe Aviation, Alembic Pharmaceuticals, Exide Industries,Reliance Capital, Chambal Fertilisers & Chemicals,Indiabulls Real Estate, Chemo Pharma Laboratories,Deepak Fertilisers & Petrochemicals Corporation,Essel Propack, Binani Industries,Gujarat State Fertilizers & Chemicals,Siti Cable Network,Zee Media Corporation, Hatsun Agro Product,Uttam Value Steels, Heritage Foods, Himachal Futuristic Communications, International Paper Appm, Jindal Drilling & Industries,Mahindra & Mahindra Financial Services,Omax Autos,Pincon Spirit,Raymond, Rolcon Engineering, Syngene International, Tci Finance, Tcpl Packaging, Dinath Exim Resources, Agro Tech Foods,Baid Leasing And Finance,Eimco Elecon (india), Foseco India, Gujarat Lease Financing,Haryana Capfin, Orient Tradelink, Orient Tradelink, Pil Italica Lifestyle, Virat Crane Industries, Vst Industries, Worldwide Leather Exports
 
Global Data: World Economic Forum - Davos CHF, HIA New Home Sales (MoM) (Nov)AUD, Consumer Inflation Expectation (Jan) AUD, RICS Housing Price Balance (Dec) GBP, All Industry Activity Index (MoM) (Nov) JPY, Business Climate (Jan) EUR, Trade Balance (Dec) EUR, 3-y Bond Auction EUR, Current Account Balance (Nov)EUR, ECB Interest Rate Decision (Jan 21) EUR, Initial Jobless Claims (Jan 15) USD, Continuing Jobless Claims (Jan 8) USD, Philadelphia Fed Manufacturing Survey (Jan) USD, ECB Monetary policy statement and press conference  EUR, Consumer Confidence (Jan)Preliminar EUR, EIA Natural Gas Storage change (Jan 15)USD, EIA Crude Oil Stocks change (Jan 15) USD
 
Trends in FII flows: The FIIs were net sellers of Rs.13.24 bn in the cash segment on Wednesday. The domestic institutional investors (DIIs) were net buyers of Rs.13.83 bn as per the provisional figures released by the NSE.
 
Other news in the media:
 
CCEA will take call on the Rs 17bn investment proposal related to transfer of HDFC Ltd shares to the UK-based joint venture partner Standard Life in HDFC Standard Life Insurance Company. (ET)
 
Larsen & Toubro, in a joint venture with Daewoo E&C of South Korea, has bagged an order worth Rs 31bn from Bihar State Road Development Corporation for construction of a six-lane cable bridge over river Ganga near Kachchi Dargah in Patna district on NH-30, the engineering major said. (BL)
 
Reliance Communications said it has paid Rs 54bn as a liberalization fee to the telecom department. (ET)
 
Cipla and three other drug makers - Emcure, Hetero and Natco - will sell generic version of Bristol-Myer Squibb's anti-hepatitis drug, Daclatasvir. (BS)
 
MRF has said that it is exploring possibilities of setting up a new plant outside South India, and a possible location could be Gujarat. (BS)
 
TVS Motor launched the new TVS Apache RTR 200 4V and a new Victor. It has invested around Rs 3bn to develop the product. (BS)
 
Tata Steel has suspended operations at its Canadian iron ore-mining and processing project this month. (BL)
 
JSW Energy said it expected to announce a deal by February to buy a thermal power plant as discussions continue for two such plants. (ET)
 
Reliance Industries will start production of natural gas from coal seams, called coal-bed methane (CBM), in Madhya Pradesh shortly. (ET)
 
Telecom regulator Trai will firm up its view on spectrum price for the next round of auction and differential pricing of data, which is central to the Net neutrality issue, by the end of this month. (ET)
 
The government today approved a 'viability gap funding' (VGF) of Rs 51bn for setting up over 5,000 MW of grid linked solar power projects under the Jawaharlal Nehru National Solar Mission. (BS)
 
The long-awaited new textile policy that aims to create 35mn jobs and boost exports to over $300bn over the next decade is likely to be announced within the next few months, the Minister of State for Textiles (independent charge) has said. (BL)

NCC sells Western UP Tollway to Cube Highways

Leading construction company, NCC Limited has said that it has collaborated with Gayatri Projects Limited (GPL) and its Subsidiary Gayatri Infra Ventures Limited (GIVL) to execute an agreement to sell their 100 per cent shareholding in Western UP Tollway Limited. “NCC Limited along with Gayatri Projects Limited (GPL) and its Subsidiary Gayatri Infra Ventures Limited (GIVL) executed a definitive agreement to sell their 100 per cent shareholding in Western UP Tollway Limited to Cube Highways and Infrastructure PTE Limited,” the company informed in a filing to the Bombay Stock Exchange. NCC limited contributes to India’s progress through landmark infrastructure projects which demonstrate far-reaching impact beyond the realm of construction. Meanwhile, shares of the company were trading at Rs 61.75 apiece, down 1.20 per cent from the previous close at 14:02 hours on BSE.

Tata Elxsi profit surges 39.5% at Rs 39.9 cr in Dec quarter

Bangalore-based Tata Elxsi Ltd, an arm of Tata Group, on Wednesday reported a rise of 39.5 per cent in its standalone net profit after taxes (PAT) at Rs 39.9 crore for the third quarter ended December 31, 2015, supported by rise in its sales. “The standalone net profit of the company stood at Rs 28.60 crore during the same period a year ago,” said Tata Elxsi Ltd in a filing to the BSE. Further, it’s standalone total income too grew by 23.6 per cent at Rs 275.04 crore during Q3 2015-16, as compared to Rs 222.58 crore during the same period last year. Company’s standalone net sales for the third quarter marked a 23.7 per cent growth at Rs 274.08 crore, up from Rs 221.49 crore a year earlier. Undermining earnings, shares of the company closed at Rs 1,704.70 apiece, down 1.71 per cent, from previous close on BSE.

Pre Session- Sensex to open higher on mostly positive Asia trend

The key Indian equity benchmarks are tipped to witness a gap up opening on Thursday tracking a rebound in most stocks across Asia as stabilization in oil prices which plunged below the USD 27 per barrel mark to a 13-year low on Wednesday buoyed sentiment. The sharp losses suffered by Dalal Street in recent sessions when worries over China and a worsening commodity rout played havoc, may offer good bargain buying opportunity, to investors, in beaten down equities, at existing levels, supporting the Sensex. The 30-share benchmark on Wednesday tumbled to a 20-month low, crashing by 417.8 points or by 1.71 per cent to end at 24,062.04 as equities across Asia and Europe bled heavily after the IMF cut its global growth outlook and oil plummeted after the IEA warned that the market could “drown in oversupply” this year. Weakness in the rupee and continued sell-off by foreign investors also took toll on Dalal Street. Strength in the CNX Nifty Index futures for January delivery which advanced by 0.50 per cent or 37 points at 7,353.5 at 10:20 am Singapore time also signals that Dalal Street may open on a positive note today. Shares of Reliance Capital, Mahindra & Mahindra Financial Services, Idea Cellular and Biocon would be in focus today as these companies unveil their December quarter earnings.

Most Asian stocks rallied today as a sell-off in oil eased while traders resorted to value buying after the benchmark index for the region fell to a three-year low as a commodity slump fuelled concerns over fragile global economic growth. China’s Shanghai Composite retreated for a second straight day as traders seemed unsure over policymakers’ ability to manage an economic slowdown and tackle stock market volatility. However, Hang Seng jumped over 1 per cent and Japan’s Nikkei 225 also surged more than 1 per cent, a day after the benchmark slipped into bear market, while a weaker yen bolstered the lure for exporter stocks. Bears struck Wall Street on Wednesday as oil’s continued freefall and dismal US housing and consumer inflation data which signaled worries over the health of the world’s biggest economy, soured investor mood. US housing starts plunged 2.5 per cent to a 1.15 million annual pace in December, while consumer prices declined 0.1 per cent after being little changed in November. The Dow Jones Industrial Average tumbled 1.56 per cent; the Nasdaq Composite fell 0.12 per cent while S&P 500 plunged 1.17 per cent.

Top traded Volumes on NSE Nifty – State Bank of India 28655794.00, Vedanta Ltd. 25595816.00, Axis Bank Ltd. 15605644.00, ICICI Bank Ltd. 13048617.00 and Reliance Industries Ltd. 10312353.00.

On BSE, total number of shares traded was 31.40 Crore and total turnover stood at Rs. 3088.57 Crore.

On NSE Future and Options, total number of contracts traded in index futures was 404464 with a total turnover of Rs. 20676.74 Crore. Along with this total number of contracts traded in stock futures were 646445 with a total turnover of Rs. 29058.66 Crore. Total numbers of contracts for index options were 5240758 with a total turnover of Rs. 284569.91 Crore and total numbers of contracts for stock options were 428536 with a total turnover of Rs. 20531.76 Crore.

The FIIs on 20/01/2016 stood as net seller in equity and debt. Gross equity purchased stood at Rs. 2688.35 Crore and gross debt purchased stood at Rs. 605.79 Crore, while the gross equity sold stood at Rs. 3449.78 Crore and gross debt sold stood at Rs. 801.84 Crore. Therefore, the net investment of equity and debt reported were Rs. -761.43 Crore and Rs. -196.05 Crore.

RInfra Q3 profit up 2.3% at Rs 462.67 cr

ADAG group company Reliance Infrastructure Ltd on Wednesday reported an increase of 2.3 per cent in its consolidated net profit after taxes at Rs 462.67 crore for the third quarter ended December 31, 2015, inspite of Mumbai Metro and cement business incurring a loss of Rs 49 crore and Rs 44 crore respectively. “The consolidated net profit of the company stood at Rs 452.37 crore during the same period a year ago,” said Reliance Infrastructure Ltd in a filing to the Bombay Stock Exchange on January 20, 2016. However, the consolidated total income of the company fell by 8.2 per cent at Rs 4,395.36 crore during Q3 2015-16, from Rs 4,788.4 crore during the same period a year ago. The firm said it’s EBITDA stood at Rs 1,294 crore during Q3 FY 16. Segment-wise, power business revenue declined to Rs 2,851.74 crore as against Rs 3,283.92 crore a year-ago. Meanwhile, shares of the company closed at Rs 454.75 apiece, down 4.13 per cent, from previous close on BSE.

Cabinet approves land swapping between AAI, MCGM

The Cabinet, chaired by the Prime Minister Narendra Modi, on Wednesday gave its approval for swapping of Airports Authority of India’s (AAI) land out of land demised to Mumbai International Airport Pvt. Ltd. (MIAL) at CSIA measuring 2960.90 sqm with equivalent land of Municipal Corporation of Greater Mumbai (MCGM) for relocation of cemetery.

Swapping of the land with MCGM will enable MIAL to complete the development work of CSIA, Mumbai, according to a Cabinet statement.

Further, shifting of the cemetery to new location will result in its operationalization.

Since both the AAI land and the private land proposed to be swapped are of the same size and are adjacent to each other, as also the circle rate of the land is same, there is no financial implication on the Government. However, the cost on account of mutation of the alternate land after swapping shall be borne by MIAL, the government notified.

NCRPB to support transport infra projects worth Rs 7,838 cr in UP, Haryana

In a major decision, the National Capital Region Planning Board (NCRPB) on Tuesday decided to support 9 transport infrastructure projects in Uttar Pradesh and Haryana that will substantially improve traffic flow besides reducing pollution benefitting Delhi and adjoining areas.

“The project sanctioning & monitoring group of NCRPB chaired by Madhusudhan Prasad, Secretary, Ministry of Urban Development today discussed these projects costing Rs.7,838 cr and decided to support them with a total loan assistance of Rs.3,113 cr,” Ministry of Urban Development said in a statement.

According to B.K.Tripathy, Member-Secretary, NCRPB, this was the highest loan assistance approved in a single meeting of the Board.

Two infrastructure projects in Uttar Pradesh will cost Rs.6,681 cr for which NCRPB will provide a loan of Rs.2,287 cr. Haryana has proposed projects 7 projects at a total cost of Rs.1,157 cr and will get a loan of Rs.726 cr.

Pre Session- Sensex set to resume drop on global growth jitters

Indian equity benchmarks are likely to witness a gap down opening on Wednesday tracking a bearish trend across Asia as traders weigh a cutback of global economic growth forecasts by the International Monetary Fund (IMF) amidst an ongoing China slowdown, and a continued oil price collapse, souring the appetite for risky assets. Weakness in the CNX Nifty Index futures for January delivery which fell by 0.81 per cent or 59.5 points at 7,377.5 at 10:19 am Singapore time also signals that Dalal Street may open lower today. While it left its forecasts for growth in Asia’s third biggest economy unchanged at 7.3 per cent and 7.5 per cent in FY 2015-16 and FY 2016-17 respectively, the IMF cut the growth forecast for the world economy to 3.4 per cent in 2016 from 3.6 per cent earlier as a commodity slump and political turmoil hits emerging markets such as Brazil while China slows. China’s economic growth forecast for 2016 was left untouched at 6.3 per cent. Back home, traders will be focused on the Q3 earnings numbers of index heavyweights such as Axis Bank, JSW Energy and UltraTech Cement to be unveiled today. Shares of Reliance Industries Limited may witness buying momentum after the company in after-market hours on Tuesday reported a record quarterly net profit of Rs 7,290 crore for the October- December quarter of FY16, as refining margins soared to a seven-year high. Snapping a three-day losing streak, the 30-share Sensex on Tuesday rallied 291.47 points or by 1.21 per cent to end at 24,479.84 driven by bargain buying in beaten down stocks and a market rebound in China as slowing growth upped stimulus bets. Foreign investors pulled out a net USD 276 million from Indian stocks on January 18, resulting in a total outflow of USD 1.1 billion for the year so far.

Asian shares plunged on Wednesday as oil fell below the USD 28 per barrel and the IMF lowered its global economic outlook, fueling a flight to safe haven assets and prompting an exit from risky assets. China’s Shanghai Composite fell for the first time in three days led by a drop in shares of commodity producers amid worries that a slowing economy may erode profits. Hang Seng plunged over 3 per cent and Japan’s Nikkei 225 tanked over 2 per cent to almost a one-year low as a stronger yen curbed the lure for exporter stocks. Wall Street posted a mixed finish on Tuesday amidst optimism that China may do more to stem a slowdown after the economy grew at 6.9 per cent in 2015, the weakest pace since 1990 while Q4 growth slowed to 6.8 per cent. Oil’s slide to a fresh 12-year low weighed on sentiment as the IEA cut the outlook for global crude demand in 2016, fueling concerns over a supply glut. The Dow Jones Industrial Average advanced 0.17 per cent; the Nasdaq Composite fell 0.26 per cent while S&P 500 closed up 0.05 per cent.

Top traded Volumes on NSE Nifty – Vedanta Ltd. 25513321.00, State Bank of India 24501774.00, ICICI Bank Ltd. 14747672.00, Axis Bank Ltd. 14215698.00 and Tata Motors Ltd. 7304555.00.

On BSE, total number of shares traded was 32.06 Crore and total turnover stood at Rs. 3062.84 Crore.

On NSE Future and Options, total number of contracts traded in index futures was 312062 with a total turnover of Rs. 16242.27 Crore. Along with this total number of contracts traded in stock futures were 578114 with a total turnover of Rs. 26640.26 Crore. Total numbers of contracts for index options were 3824987 with a total turnover of Rs. 210998.18 Crore and total numbers of contracts for stock options were 361664 with a total turnover of Rs. 17772.18 Crore.

The FIIs on 19/01/2016 stood as net seller in equity and debt. Gross equity purchased stood at Rs. 3131.97 Crore and gross debt purchased stood at Rs. 256.50 Crore, while the gross equity sold stood at Rs. 4998.03 Crore and gross debt sold stood at Rs. 272.47 Crore. Therefore, the net investment of equity and debt reported were Rs. -1866.06 Crore and Rs. -15.97 Crore.

FireFly Networks gets FIPB nod for foreign investment

FireFly Networks on Tuesday got approval from the Foreign Investment Promotion Board (FIPB) for 50 per cent indirect foreign investment and commencement of activities as a Telecom Infrastructure Provider Category-I (IP1).

The company, a joint venture between telecom operators Airtel and Vodafone to provide public WiFi services, had previously sought permission for the same from the FIPB, however the proposal was deferred in November.

“Based on the recommendations of FIPB, the government has approved the proposal of Firefly Networks for approval of the existing foreign investment (50% indirect) and to permit commencement of activities as a Telecom Infrastructure Provider Category-I (IP1),” the ministry of finance said in a statement.

IDFC Bank authorised to be receiving office for SGB Scheme 2016

The Reserve Bank of India on Tuesday said it has decided to notify IDFC Bank as a receiving office for the second tranche of Sovereign Gold Bond issuance (SGB Scheme 2016).

“Government of India, in consultation with RBI, has decided to notify IDFC Bank as a receiving office for the second tranche of SGB Scheme 2016,” RBI said in a notification.

The notification dated January 14, 2016 has been amended to this effect. The other terms and conditions of the Notification shall remain unchanged, it added.

Stocks to Watch

Reliance Industries: RIL reported 38.7% YoY growth in net profit at Rs. 7,290 crore for the quarter ended December 31. Other expenditure decreased by 12.9% to Rs. 8,549 crore ($ 1.3 billion) as against Rs. 9,811 crore incorresponding period of the previous year due to lower fuel prices.
 
IDFC Bank: IDFC Bank is in advanced talks to acquire Royal Bank of Scotland's (RBS) corporate banking portfolio in a deal worth up to INR 3,000 crore, reports a business daily.
 
BASF: The company reported net loss of Rs. 106.38 crore for the quarter ended December 31, 2015. The company’s revenue stood at Rs. 1131.7 crore registering growth of 15.77% yoy.
 
Greenply Industries: The company recorded a rise of 35% in its net profit at Rs. 35.3 crore for the quarter ended December 31, 2015 as compared to Rs. 26.1 crore for the quarter ended December 31, 2014.
 
Reliance Power : Reliance Power Ltd posted a net profit after taxes, Minority Interest and Share of Profit/(Loss) of Associates of Rs. 3518.10 mn for the quarter ended December 31, 2015 as compared to Rs. 2544.40 mn for the quarter ended December 31, 2014.
 
Spicejet: The airline is set to place a big fleet order and is in talks with both Airbus and Boeing for the same, Chairman Ajay Singh told a Business TV channel in an interview on Monday. 
 
Reliance Infra: The company will announce its Q3 results today. IIFL expects the company’s net profit to fall 4.5% to Rs. 432 crore yoy. The company’s Q3 net profit is likely to plunge 4.2% qoq.
 
Tata Sponge Iron: The company will announce its Q3 results today. IIFL expects net revenue to plummet 35.70% to Rs. 138 crore yoy. IIFL forecasts the company’s net profit for Q3 FY16 to nosedive to Rs. 5.9 crore, declining at a rate of 64.20% yoy; however, it sees a rise of 3.5% qoq.
 
KPIT Tech: The IT company will announce its Q3 results today.According to IIFL estimates, the company is expected to report net revenue of Rs. 840 crore at 7.7% growth rate on Y-o-Y basis.
 
JSW Energy: JSW Energy Ltd, the Sajjan Jindal-led firm, will announce its financial results today. IIFL expects the company’s net profit to decline 18% to Rs. 319.60 crore yoy; Q3 net profit is expected to fall 37.2% qoq.  
 
Autoline Industries: The company is eyeing for business with lndian Railways and Ministry of Defence and recently got Vendor Registration from Defence and Railway Authorities.
 
Atlanta: The company secured letter of award for four laning of end of Moran Bypass to Bogibeel Junction of NH-37 in the State of Assam under SARDP-NE Package (II).
 
Aegis Logistics: The company will expand gas supply operations in South India, as per media reports.
 
IOC, HPCL, BPCL: Petrol price in Delhi was increased by 96 paise per litre and diesel by 53 paise.
 
Results: Axis Bank,DHFL,Gati,JSW Energy,Reliance Infrastructure,KPIT Technologies,South Indian Bank,NIIT,Sasken Communication Technologies,Tata Elxsi,Tata Sponge Iron,Ultratech Cement, Indiabulls Housing Finance,Indiabulls Ventures,Istreet Network, Abc Bearings,Edelweiss Financial Services,Triveni Engineering & Industrie,Ashirwad Capital,Assam Petrochemicals,Bharat Bhushan Share & Commodity Brokers Ltd,Gandhi Special Tubes,Geecee Ventures,High Street Filatex, Lee & Nee Softwares (EXPORTS),MENON Bearings,Refex Industries,Mafatlal Finance,Swasti Vinayaka Art And Heritage Corporation,Tayo Rolls, VMT
 
Global Data: World Economic Forum - Davos CHF, Producer Price Index (MoM) (Dec) EUR, Producer Price Index (YoY) (Dec) EUR, Claimant Count Rate (Dec) GBP, Claimant Count Change (Dec) GBP, ILO Unemployment Rate (3M) (Nov) GBP, Average Earnings including Bonus (3Mo/Yr) (Nov) GBP, Average Earnings excluding Bonus (3Mo/Yr) (Nov) GBP, Current Account (YoY) (Jan) EUR, ZEW Survey - Expectations (Jan) CHF, M3 Money Supply INR, MBA Mortgage Applications (Jan 15) USD, Building Permits (MoM) (Dec) USD, Housing Starts (MoM) (Dec) USD, Consumer Price Index Core s.a (Dec) USD, Consumer Price Index n.s.a (MoM) (Dec) USD, Consumer PriceIndex (MoM) (Dec) USD, Consumer Price Index Ex Food & Energy (MoM) (Dec) USD, Consumer Price Index Ex Food & Energy (YoY) (Dec) USD, Consumer Price Index (YoY) (Dec) USD, Manufacturing Shipments (MoM) (Nov) CAD, Wholesale Sales (MoM) (Nov) CAD, Redbook index(YoY) (Jan 15) USD, Redbook index (MoM) (Jan 15) USD, BOC Rate Statement CAD, BoC Interest Rate Decision CAD, Bank of Canada Monetary Policy ReportCAD, BoC Press Conference CAD, 4-Week Bill Auction USD, Business NZ PMI (Dec) NZD, Foreign bond investment (Jan 15) JPY
 
Trends in FII flows: The FIIs were net sellers of Rs.8.57 bn in the cash segment on Tuesday. The domestic institutional investors (DIIs) were net buyers of Rs.13.86 bn as per the provisional figures released by the NSE.
 
Other news in the media:
 
Engineers India Ltd is likely to join three oil marketing companies IOCL, BPCL and HPCL- to set up a mega refinery cum petrochemical complex on the western coast. (BS)
 
Strides Shasun got competition watchdog CCI's approval to acquire seven brands from consumer healthcare firm Johnson and Johnson. (ET)
 
Looking to add $1bn in revenues from inorganic growth to reach its target turnover of $5bn by 2018, Lupin says it is open to late stage specialty assets. (BS)
 
ITC's instant noodles brand Yippee is inching closer to become a Rs 10bn brand, making the most out of the controversy that hit rival Nestle's Maggi. (BS)
 
The Supreme Court restrained the government from going ahead with any further disinvestment of its stake in Hindustan Zinc Ltd, the management of which is under the control of a Vedanta subsidiary. (BS)
 
Indian Oil Corporation aims to operate its largest grassroot refinery at Paradip at the full 15MTPA capacity from next fiscal, a top company official said. (BL)
 
Godrej Properties said that it has entered into a joint development agreement with Pratap Sarnaik’s Vihang Group to develop 15 acres of land off Ghodbunder Road in Thane. (BL)
 
State Bank of Mysore has raised Rs 2bn by issuing Basel-III compliant bonds. (ET)
 
Precision Camshafts fixed the price band between Rs 180-186 per share for its initial public offer (IPO) which will hit the capital market on January 27. (ET)
 
The International Monetary Fund kept India's growth projection unchanged at 7.3% in the current fiscal and 7.5% in the next, even as it cut world economic outlook to 3.4% for 2016. (BS)
 
Mineral bearing states Odisha, Karnataka, Gujarat, Rajasthan and Maharashtra have put 16 iron ore and 23 limestone mines under the hammer for the first phase of auction. (BL)
 
The government will consider a new power tariff policy which aims at promoting clean energy, better regulation of discoms and faster rollout of investments. (ET)

Reliance Industries Quarterly Results

RELIANCE INDUSTRIES LTD. (RELIANCE) - FINANCIAL QUARTERLY

FIGURES IN RS CRORE	SEP-2015	JUN-2015	MAR-2015	DEC-2014	SEP-2014
REVENUE	70901.00	77130.00	67470.00	93528.00	109797.00
OTHER INCOME	1848.00	1832.00	2172.00	2340.00	2009.00
TOTAL INCOME	72749.00	78962.00	69642.00	95868.00	111806.00
EXPENDITURE	60197.00	66953.00	57602.00	84839.00	99979.00
OPERATING PROFIT	12552.00	12009.00	12040.00	11029.00	11827.00
INTEREST	972.00	902.00	677.00	1137.00	997.00
PBDT	11580.00	11107.00	11363.00	9892.00	10830.00
DEPRECIATION	3171.00	3041.00	2787.00	2954.00	3024.00
PBT	8409.00	8066.00	8576.00	6938.00	7806.00
TAX	1784.00	1929.00	1732.00	1416.00	1882.00
NET PROFIT	6625.00	6137.00	6496.00	5191.00	5924.00
NET PROFIT AFTER MINORITY INTEREST	6720.00	6222.00	6381.00	5256.00	5972.00
EPS (RS)	22.80	21.10	21.70	17.80	20.30

BASF Quarterly Results

BASF INDIA LTD. (BASF) - FINANCIAL QUARTERLY

FIGURES IN RS CRORE	DEC-2015	SEP-2015	JUN-2015	MAR-2015	DEC-2014
REVENUE	1131.70	1118.23	1349.68	1072.33	977.56
OTHER INCOME	0.27	20.80	120.99	19.10	17.70
TOTAL INCOME	1131.97	1139.03	1470.67	1091.43	995.26
EXPENDITURE	1165.30	1148.49	1288.60	1078.00	969.50
OPERATING PROFIT	-33.33	-9.46	182.07	13.43	25.76
INTEREST	25.97	27.60	26.84	29.10	27.21
PBDT	-59.30	-37.06	155.23	-15.67	-1.45
DEPRECIATION	47.08	42.41	41.74	43.66	38.14
PBT	-106.38	-79.47	113.49	-59.33	-39.59
TAX	0.00	-20.77	20.77	0.00	0.00
NET PROFIT	-106.38	-58.70	92.72	-59.33	-39.59
EPS (RS)	-24.57	-13.56	21.42	-13.70	-9.15

FM woos British businesses keen on investing in India

Ahead of the India-UK Economic and Financial Dialogue, Finance Minister Arun Jaitley wooed British businesses keen on investing in India, highlighting initiatives taken by the government to make the country an attractive destination for global investment. UK Chancellor George Osborne hosted Jaitley for dinner on his arrival in London yesterday. The India-UK Economic and Financial Dialogue will be held today after which the two ministers are expected to issue a joint statement, reported PTI. Jaitley is on a three-day UK visit with an interaction with a select group of persons of Indian-origin who are associated with India-UK businesses. A breakfast meeting with Goldman Sachs this morning was followed by a luncheon interaction organised by MasterCard with prospective investors. "The Finance Minister has held a series of meetings with investors and organisations keen on investing in India," PTI report said. Following the meetings,Lord O'Neill, commercial secretary to the UK Treasury at the Foreign and Commonwealth Office (FCO), will host a reception for Jaitley. Today, Jaitley will deliver a keynote address at the Investors Summit scheduled at the London Stock Exchange. The event will be followed by another investors meet, jointly organised by Kotak Mahindra Bank in partnership with the Confederation of Indian Industry (CII). Jaitley will then head to 11 Downing Street, the office of the UK Chancellor of the Exchequer, to make his official address to the India-UK Financial Partnership. This will be followed by the eighth round of the India-UK Economic and Financial Dialogue after which Jaitley and Osborne will have a joint briefing for the media. The key topics of discussions between the two leaders are expected to include various tax rationalisation measures and opening-up of different sectors of the economy for FDI (Foreign Direct Investment). Jaitley is expected to highlight initiatives taken by India over the last few months to make it a more attractive destination for global investment. The stability of the Indian economy amid global turmoil is also expected to be the central theme as the Finance Minister leaves for Switzerland in the evening to attend the World Economic Forum.