Cupid (India): Safe Valuation?
The stock of Cupid, a condom manufacturer with mostly institutional sales and an important player globally in female condoms business, has come down sharply from a high of Rs423 in January 2018 to Rs196 now. Is it worth a value-pick now? 
 
Cupid has a simple business with a high margin and high return on capital employed (RoCE), available at an attractive valuation. Since sales are...
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Nifty, Sensex Deeply Oversold – Tuesday closing report

We had mentioned in Monday’s closing report that Nifty, Sensex might rally a bit if today’s low holds. The major indices of the Indian stock markets were volatile and have suffered a correction, as the domestic currency touched a new low against the US dollar. On the NSE, there were 675 advances, 1,089 declines and 291 unchanged. The trends of the major indices in the course of Tuesday’s trading are given in the table below:

 

 

The S&P BSE Sensex lost over 170 points. The National Stock Exchange's Nifty slid, but clung on to the psychologically-important 11,300-point mark. Selling was witnessed in almost all the sectors, led by consumer durables, auto and FMCG (fast moving consumer goods) stocks. 

Lupin launches Clobetasol Propionate Ointment USP, a generic equivalent of Fougera Pharma's's Temovate Ointment, in the US. It is a super-high potency corticosteroid indicated for the relief of the skin from inflammation and dermatosis. Lupin shares closed at Rs867.00, up 2.00% on the NSE.
 
KEC International has secured new order of Rs1,496 crore in its T&D business in Bangladesh for Design, Supply and Installation of 400 kV Meghnaghat - Madunaghat Double Circuit Transmission Line. KEC International shares closed at Rs256.50, down 0.27% on the NSE.
 
Genus Power has won an order from a state-owned utility for implementation of Advanced Metering Infrastructure (AMI) including supply of 4.31 Iakh smart meters. The value of the order is pegged at Rs312 crore. Genus Power Infrastructures Limited shares closed at Rs25.30, down 4.71% on the NSE.
 
BHEL bagged four orders for emission control equipment from NTPC valued at about Rs2,900 crore for its Barh Stage-I & II, Karanpura and Mauda Stage-I power projects. Bharat Heavy Electricals Limited shares closed at Rs70.10, up 0.72% on the NSE.
 
Aban Offshore has entered into a conditional sale and purchase agreement to acquire 100% interest in a United Kingdom (UK) Continental Shelf Production License comprising of 100% interest in two blocks in UK North Sea, for a non-cash consideration of US$ 75 million. Aban Offshore Limited shares closed at Rs73.80, up 0.82% on the NSE.
 
Coal India Limited (CIL) and NLC India Limited (NLCIL), formerly Neyveli Lignite Corporation Limited, on Monday signed a Memorandum of Understanding (MoU) for formation of a joint venture (JV) company for solar power generation of 3,000 MW and thermal power projects of 2,000 MW capacity. CIL is tasked to become a net zero energy company by Ministry of Coal, a move which entails the company to generate 3,000 MW of solar power. The MoU, also extends for 2,000MW of thermal power generation across CIL's subsidiaries. Solar power projects will be set up in the identified barren and reclaimed free land of the coal miner and also across the country where land is available, requiring around 15,000 acres. The estimated cost for CIL's solar power generation is pegged at Rs12,000 crore, a Coal India official said. The JV company to come up on equal equity participation of 50:50 has a time line of 15 months for completion of solar power projects and 60-month period for TPPs. The projects will be financed through debt equity ratio of 70:30 as per the CERC norms. A concept paper has been initiated by both the companies to get clearance from their respective boards. Coal
India shares closed at Rs272.70, up 1.79% on the NSE.
 
JMC Projects has secured new orders of Rs514 crore. Two orders of Rs236 crore are from Andhra Pradesh for construction of educational institutes. Other orders are for Civil Construction & Works of Rs141 crore and Rs137 crore in Telangana & Orissa. JMC Projects India shares closed at Rs68.70, down 6.34% on the NSE.
 
The Central government will issue Sovereign Gold Bonds 2018-19 for public subscription from October 15-19. "Government of India, in consultation with the Reserve Bank of India, has decided to issue Sovereign Gold Bonds-2018-19," a Finance Ministry statement said on Monday.  "The Sovereign Gold Bonds will be issued every month from October 2018 to February 2019." According to the statement, bonds would earn an interest of 2.5 per cent per annum, payable every six months on the nominal value. The bond certificates would be issued on October 23. "Price of bond will be fixed in Indian rupees on the basis of simple average of closing price of gold of 999 purity,  published by the India Bullion and Jewellers Association Limited for the last three working days of the week preceding the subscription period," the statement said. "The issue price of the Gold Bonds will be Rs50 per gram less for those who subscribe online and pay through digital mode." As per the statement, the tenure of the bond will be for a period of eight years, with an exit option from the fifth, sixth and seventh year to be exercised on the interest payment dates. The bonds would be sold through banks, designated post offices, Stock Holding Corporation of India (SHCIL) and recognised stock exchanges -- the National Stock Exchange and the Bombay Stock Exchange.
 
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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Credit Rating – I: What To Expect from Rating Agencies
After the deep mess in which Infrastructure Leasing & Financial Services (IL&FS) has landed, everybody’s attention is back on credit ratings. The rating agencies have been accused of deteriorating financials of IL&FS. Whether or not we know much about the functions of rating agencies, it does not stop us from cursing them. 
 
Under the current system, companies pay rating agencies...
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