Stocks
The short Nifty, Sensex rally may have ended – Tuesday closing report
Nifty will turn bearish again, if it goes below 7,740
 
We had mentioned in Monday’s closing report that Nifty, Sensex will push higher and that while the uptrend is intact, Nifty may meet with resistance at around 7,880. The Indian equity markets were subdued on Tuesday mainly on account of political turmoil and the major indices closed lower by upto 0.62% over Monday’s close. The trends in the major indices in Tuesday’s trading are given in the table below:
 
 
The bellwether indices of the Indian equity markets opened on a flat note in sync with their Asian peers. Nevertheless, both the key indices rose encouraged by the passage of Bankruptcy Code. However, after 2 pm they soon ceded their gains, as profit bookings, parliamentary logjam and upcoming US macro-data subdued sentiments. State-run Canara Bank on Tuesday said it will raise Rs.2,400 crore through bonds to fund business expansion. The fund collected is intended to support asset growth during 2015-16 and also maintain a healthy level of Capital to Risk Weighted Assets Ratio (CRAR). Shares of Canara Bank closed at Rs239.45, down 1.66% on the BSE.
 
Industrialist Anil Ambani-led Reliance Communications (RCOM) on Tuesday said it has initiated talks with the promoters of Aircel to combine the wireless business of the two companies, with synergies in investments and returns. A pact for 90-day exclusive talks has been initiated with Aircel's majority owner, Malaysia's Maxis Communications, and Sindya Securities and Investments for the potential merger, RCOM said in a statement. "The potential combination will exclude RCOM's towers and optical fibre infrastructure, for which RCOM is proceeding with an asset sale," said the statement. "The discussions are non-binding in nature. Any transaction will be subject to due diligence, definitive documentation and regulatory, shareholders' and other third party approvals. Hence, there is no certainty that any transaction will result." Last month, RCOM entered a major pact to acquire the Indian business of Russia's Sistema, which operates under the 'MTS' brand, in a unique stock-cum-spectrum-fee payment deal. RCOM shares closed at Rs85.70, up 2.39% on the BSE.
 
Glenmark Pharmaceuticals has received the final nod from the US health regulator for a generic version of anti-bacterial drug Zyvox. "Glenmark Pharmaceuticals Inc, USA, has been granted final approval by the US Food & Drug Administration (USFDA) for the Linezolid tablets, 600 mg," Glenmark Pharmaceuticals said in a statement. The product is the therapeutic equivalent of Zyvox tablets, 600 mg of Pharmacia and Upjohn Company, a subsidiary of Pfizer, it added. According to IMS Health sales data for the 12 months to October 2015, Zyvox tablets, 600 mg, achieved annual sales of around USD 447.6 million, Glenmark said.  Zyvox is an anti-bacterial drug marked for adults and children for treatment of infections such as pneumonia, complicated skin and skin structure infections, including diabetic foot infections. With today's approval, the company's current portfolio consists of 104 products authorised for distribution in the US marketplace and 62 abbreviated new drug applications (ANDA) pending approval with USFDA. Glenmark shares closed at Rs938.05, up 1.15% on the BSE. 
 
China's top leadership has announced an overarching strategy to lead the economy's ongoing transition, the media reported on Tuesday. President Xi Jinping said the country's emphasis next year will be on supply-side reform, or a package of supply-side policies to release new demand and boost new productivity, the Global Times reported. He was speaking on Monday at the conclusion of the Central Economic Work Conference, which was held along with the Central Urban Work Conference. Economists said this means that China will no longer seek to fuel economic growth solely by using fiscal and monetary measures to boost capital investment, consumption and exports. Instead, the government will be more focused on devising policies which, from the supply side, are aimed at helping the industries it wants to support. Outdated businesses will also be phased out.
 
Japan's economy, the third largest in the world, would grow about 1.7% in real terms in fiscal 2016 starting April, according to Tuesday's government forecast. Japan's gross domestic product, in nominal terms, will likely expand around 3.1% in the next fiscal year to around $4.3 trillion, Xinhua cited the forecast, led by recovering consumer spending and capital investment, as reporting on Tuesday. The projected GDP level will surpass the level before the financial crisis triggered by the collapse of investment bank Lehman Brothers Holdings Inc. and will be the highest level in 19 years since fiscal 1997, according to the report. The planned consumption tax hike from 8% to 10% in April 2017 would help the overall growth increase by around 0.3% due to demand increase ahead of the tax hike. The recently compiled extra budget for the improvement of welfare services and farm sector's competitiveness would also boost the country's GDP by about 0.4% in fiscal 2016, according to the projection. However, the government forecast was more optimistic than that of the Bank of Japan, the central bank here, which estimated real GDP growth of 1.4% for the reporting fiscal year. Affected by the declining crude oil prices, the government also said that inflation rate would rise to 1.2% in fiscal 2016, a read short of the two percent target raised by the central bank to fight against Japan's prolonged deflation. The government said that the Japanese economy is expected to grow 1.2% in the current fiscal year, downgraded from a previous estimate of 1.5%. The government also warned that capital outflows from emerging markets would be downside risks after the US Federal Reserve has decided to raise interest rates.
 
The top gainers and top losers of the major indices are given in the table below:
 
The closing values of the major Asian indices are given in the table below:
 

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Delhi observes third Car-Free Day
Continuing its efforts to curb air pollution in the national capital, the city government on Tuesday organised the third Car-Free Day in Delhi on the Vikas Marg stretch in east Delhi's Laxmi Nagar area.
 
Deputy Chief Minister Manish Sisodia led a cycle rally from Nirman Vihar Metro Station on the Vikas Marg to mark the occasion.
 
Entry of cars was restricted on the stretch between Laxmi Nagar and Karkari Mor from 8 a.m. to 4 p.m. and traffic was diverted to other roads.
 
As a result, traffic moved at snail's pace near Anand Vihar ISBT and at ITO. 
 
"Delhi Chief Minister Arvind Kejriwal could not participate in the cycle rally due to ill-health," a government official told IANS.
 
Twenty additional buses were pressed into service to avoid any inconvenience to the people, the official added.
 
Before the cycle rally, Sisodia appealed to the people to not use personal cars and opt for public transport just for a day in a month to help bring down pollution which has alarming levels in the city, the official said.
 
Beating early morning chill, the residents of various areas of east Delhi, including students, came flocking in thousands and took part in the anti-pollution drive.
 
"It was easy walking on Vikas Marg today (Tuesday). Delhi is on the verge of becoming the most polluted city of the world and in such a situation only these initiatives are going to get results," Manoj Nair, who works at ITO, told IANS.
 
Praisining the move, Damodar Singh, a 50-year-old Laxmi Nagar resident, said: "It is a very good effort. Though it is for one day only but it would certainly help in bringing down pollution levels to an extent in the city."
 
Jitesh Kushwaha, who took part in the cycle rally, said: "I am happy to see that people are participating in this cycle rally. It is not a big deal to leave your car at home at least for one day for the sake of the environment."
 
Car-Free Day, held on the 22nd day of every month, was launched by the Aam Admi Party (AAP) government in October to create public awareness about using public transport and thus bringing down pollution levels in the city.
 
The first Car-Free Day was held on October 22 on the Red Fort-India Gate stretch and the second in Dwarka on November 22.
 
The increasingly toxic air in the capital prompted the judiciary to nudge the state government into checking pollution.
 
The city government then decided to restrict the number of motor vehicles on the roads on a given day based on whether their registration number ends in an even or odd digit. The even-odd system is set to be tried from the first of January next year.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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BSE suspends trading in 35 companies on unusual price movement, weak financials
Unusual price movements vis -a- vis preferential issue price and weak financials led to BSE suspending trading on 35 companies from 24th December 
 
Following directions from market regulator Securities and Exchange Board of India (SEBI) on unusual price movements preferential issue price and weak financials of the company, the BSE has decided to suspend trading in 35 companies from 24 December 2015.
 
"While the Exchange, from time to time, has taken requisite steps to detect and contain such instances, it is felt necessary that further pre-emptive measures should be adopted to curtail misuse of the Exchange's system. Accordingly, various enhanced surveillance measures such as reduction in price band, and suspension in the trading of securities, will be adopted by the Exchange. In furtherance of aforesaid course of action and as a preventive measure, trading in the securities of following companies shall be suspended / remain suspended with effect from 24 December 2015," BSE said in a release.
 
The suspended companies are required to submit auditor certificate, along with documents confirming, amount raised under each of the preferential issue, object, and how it benefitted the company. The suspended companies will also have to certify that there was no mis-utilisation of funds raised under preferential basis and it needs to be supported with a bank statement. 
 
In addition, these companies will have to submit auditor's certificate stating that the money raised has not been transferred back to the preferential allottees, promoters and directors either directly or indirectly. 
 
BSE said, in case of any discrepancies observed in the auditor certificate in future, same shall be viewed seriously including referring of the case to ICAI. 
 
Here is the list of companies suspended by BSE from trading...
 
Moneylife has been writing on unusual price movement in stock markets since past several years. Here is the link to Stock Manipulation section… http://www.moneylife.in/investing/stock-manipulation 

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COMMENTS

Vaibhav Dhoka

1 year ago

BSE suspend trading but it is in fact punishing investor whose money is blocked and he is further penalized by compulsory maintaining shares in DMAT.ALL that is SEBI NSE BSE NSDL and CSDL are silent on this issue from investor point.I inquire with NSDL officer in Pune when he came for interaction at investors meet.He kept mum on this issue.

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