Stocks
Nifty, Sensex, Bank Nifty headed higher: Monday Closing Report
While Nifty may give up some gains, the trend is distinctly higher
 
We had mentioned on Friday that the trend in the Indian stock market is on the upside. With positive news in India and Greece, the trend in Sensex, Nifty and Bank Nifty zoomed in Monday’s trading.
 
 
India Vix closed at 15.49, up 2.67%. NSE turnover was at 83.71 crore. Public sector banks were among the big gainers in today trading.
Finance Minister Arun Jaitley has said the credibility of Indian economy has been partly restored, but cautioned the momentum must be sustained over the next two years to win over and provide comfort to world investors. Jaitley said there is "huge amount of enthusiasm" among investors as they see India picking up again after four-five years of slack.
 
The Greek government submitted proposals to its creditors early Monday aimed at breaking the deadlock over a debt crisis that has imperilled Athens’s continuing membership in the euro currency zone. The proposals came just hours before European Union (EU) leaders were to hold emergency meetings aimed at forcing a breakthrough in the country’s international bailout negotiations. Buying Greece critical time on Monday, the European Central Bank (ECB) for a third time in less than a week increased its emergency funding to Greek lenders to stanch heavy deposit withdrawals, according to a Greek banking official with knowledge of the decision who spoke on the condition of anonymity. Financial markets were upbeat on Monday in the hope of a deal. 
 
According to Moody’s, higher import duty on flat and long steel products will help in reducing pressure on domestic prices, which have been going down due to cheap imports from countries like China. The ratings agency said, "The import duties will ease some of the downward pressure on domestic steel prices from cheaper Chinese steel imports. Indian steel prices have dropped 27% over the past 12 months owing to a 70% increase in cheaper imports, one third of which came from China".
 
Last week in a much needed relief for domestic producers, the Indian government increased basic customs duty (BCD) on certain long and flat steel products by 2.5%. Import duty on flat steel products has been increased to 10% from 7.5%, whereas that on long steel products has been raised to 7.5% from 5%.
 
Larsen & Toubro (L&T) said it has won orders worth Rs1,507 crore across various business verticals. "L&T's Metallurgical and Material Handling (L&T-MMH) business has secured new orders worth Rs1,507 crore across various verticals," the engineering and construction major said in a statement. The company said L&T-MMH has won an EPC order from Emirates Global Aluminium (EMA) for its greenfield alumina refinery development project in Al Taweelah, Abu Dhabi. L&T shares closed at Rs1,731.05 up 0.69%.
 
Pharmaceutical company Wockhardt said it received approval from the US health regulator to market its Oxycodone HCl liquid, used for treating chronic pain, in the American market. The company has received final approval from the US Food and Drug Administration (USFDA) to market 5mg/5ml of Oxycodone HCl liquid, Wockhardt said in a regulatory filing. Wockhardt is launching the product soon and will be amongst the few generic versions of this product in the market, it added. Cheering the news, the share price of the company jumped over 2.5% in the noon trade on Monday. The shares closed at Rs1,436.35 up 2.77%.
 
The top gainer among BSE Sensex scrips was Axis Bank, which closed at Rs572, up 3.62%. The top loser among the 30-stock benchmark was Bharati Airtel, which closed Rs424.20, down 2.25%.
 
GMR Infra was the top gainer among BSE-100 shares that closed Monday at Rs14.51, up 9.43%. The top loser among BSE-100 shares was Bharati Airtel again.
 
The top gainer among Nifty stocks was Punjab National Bank (PNB), which closed at Rs138.40, up 6.05%. The top loser was Bharati Airtel, which closed at Rs423.85, down 2.34%.
 
Among US indices, the NASDAQ Composite closed at 5,117.00, down 0.31%. Dow Jones closed at 18,015.95, down 0.55%.
 
In Asia, Nikkei closed at 20,428.19, up 1.26%. Hang Seng closed at 27,080.85, up 1.20%. 
 
Among European indices, FTSE 100 was at 6,775, up 1% during trading hours.
 
Athex Composite Share Price Index was at 733, up 6.65% in the hope of the deal to help Greece. DAX was up 2.54%, one of the highest this year. US Index futures were deeply in the green.

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Infosys buys healthcare business subsidiary for $100 mn
Global software major Infosys Ltd on Monday secured shareholders’ approval for buying its healthcare business subsidiary for $100 million (Rs.625 crore), a company official said.
 
"The shareholders approved a special resolution at the company’s 34th annual general meeting here to acquire Infosys Public Services Inc., a wholly-owned subsidiary, on July 1 or after for $100 million,” the official said on the margins of the AGM.
 
The AGM, chaired by the new non-executive chairman R. Seshasayee, also approved the appointment of Roopa Kudva as an independent director on the company’s executive board.
 
Kudva was chief executive of Crisil (Credit Rating Information Services of India Ltd), a global analytical company, from 2007 to April this year. She will join Omidyar Network, a global impact-investing firm, as a partner in July and be managing director of its India advisory firm.
 
Of the iconic IT firm’s seven co-founders, only N.R. Narayanay Murthy was present at the AGM along with his wife Sudha Murthy, chairperson of Infosys Foundation, and a promoter shareholder.
 
The other six - Nandan Nilekani, S. Gopalakrishnan, S.D. Shibulal, K. Dinesh, N.S. Raghavan and Ashok Arora were absent, though barring Arora, they continue to be promoter shareholders.
 
Murthy, who returned from retirement to head the troubled company as chairman on June 1, 2013, stepped down abruptly a year later (June 14 2014) after reviving its sagging fortunes and finding Vishal Sikka as successor.

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Japan's Softbank, Bharti JV for $20bn Indian solar project
Japan's SoftBank Corp on Monday announced a joint venture with Bharti Enterprises and Foxconn Technology Group to set up a $20 billion solar power project in India designed to add 20 gigawatts of generation capacity.
 
"The total project cost is $20 billion and designed to further Prime Minister Narendra Modi's vision of achieving 100 GW solar power, which he told me about in Tokyo," SoftBank chairman Masayoshi Son told reporters here.
 
"Softbank will be the project leader with majority stake, while Bharti will be a strategic minority shareholder. Foxconn Technology will have a smaller minority stake," said Bharti Enterprises chairman Sunil Bharti Mittal.

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