Dharamsi Morarji: On the Right Track
The Dharamsi Morarji Chemical Company Limited (TDMCCL) is a 100-year-old company, the first producer of sulphuric acid and phosphate fertilisers in India. Over 75% of its revenue came from single superphosphate (SSP). The business was making a loss until FY11-12. However, since FY13-14, it has been profitable at the operating level. This is when its stagnating stock started to pick up...
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  • Nifty, Sensex Falls on Horrible Economic Data – Tuesday Closing Report
    We had mentioned in Friday’s closing report that Nifty, Sensex may head higher. The major indices suffered a deep correction today. On the NSE, there were 569 advances, 1,199 declines and 357 unchanged. The trends of the major indices in the course of Tuesday’s trading are given in the table below:
     
     
    Investor panic over the country's lower than expected GDP growth figure of 5% in the first quarter ending June, released last week, led the key market indices to decline by over 2% on Tuesday. Consequently, the India ''VIX'', or the volatility index—the market expectation of volatility over the near-term—closed sharply higher. The VIX closed on Tuesday at 18.60, after it had surged nearly 12% in a single session. Among the big losers were Punjab National Bank which is merging with Oriental Bank of Commerce and United Bank of India will to become the nation's second-largest lender. PNB’s stock fell 8.95%.
     
    Commercial vehicles major Ashok Leyland claimed that it is the first Indian original equipment manufacturer (OEM) to meet the BS-VI emission norms for all its heavy duty trucks. In a statement issued here, the company said its full range of heavy duty trucks—gross vehicle weight (GVW) 16.2 ton and above—are complying with the BS-VI emission norms.
     
    Ashok Leyland reported a 47% decline in total commercial vehicle sales at 9,231 units in August. The company had posted sales of 17,386 units in the year-ago month, Ashok Leyland said in a statement. The medium and heavy commercial vehicle sales stood at 5,349 units last month as against 13,158 units in August 2018, down 59%.
     
    Maruti Suzuki India reported a 33.99% decline in production in August at 111,370 vehicles against 168,725 produced in the year-ago month. The company had produced 133,265 units in July, down from 178,533 units reported for the corresponding month of the last financial year (FY19). Of the total sales, domestic off-take declined nearly 36% to 94,728 vehicles. Domestic passenger vehicle sales were down 36.1% at 93,173 units from 1,45,895 vehicles during the corresponding period last year.
     
    TVS Motor Company registered sales of 290,455 units in August 2019 as against sales of 279,465 in July 2019, and 343,217 units in the month of August 2018. Total two-wheeler registered sales of 275,851 units in August 2019 as against sales of 330,076 units in the month of August 2018. Domestic two-wheeler registered sales of 219,528 units in August 2019 as against sales of 275,688 units in the month of August 2018. Total motorcycle sales of the company registered 109,393 units in August 2019 as against sales of 131,743 units in August 2018. Total scooter sales of the Company registered 109,272 units in August 2019 as against sales of 126,676 units in August 2018.
     
    Steel Strips Wheels has achieved August 2019 total wheel rim sales of 10.72 lakhs Vs 14.14 lakhs in August 2018 representing a decline of 24% YoY. The August month saw continued cut in inventory and production from auto makers to further rationalize the inventory. SSWL has achieved gross turnover of Rs131.96 crore in August 2019 vs. 217.77 crore in August 2018, there by recording fall of 39.40% and achieved net turnover of Rs109.76 crore in August 2019 vs. Rs.166.41 crore in August 2018, a fall of 34%.
     
    KNR Constructions has received a work order for Rs850 crore from Megha Engineering & Infrastructures Limited, Hyderabad for construction and completion of earthen bund works which are part of Kaleshwaram Project-Formation of Sri Komuravelli Mallanna Sagar.
     
    ECL Finance, a subsidiary of Edelweiss Financial Services Limited and Central Bank of India (CBI), one of India's largest commercial banks, signed an agreement for priority sector lending to micro, small and medium Enterprise (MSME) customers. The partnership comes after the Reserve Bank of India announced the progressive co-origination policy in September 2018, allowing banks and NBFCs to co-lend to a wider set of enterprise owners. 
     
    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:
     
     
  • User

    Nifty, Sensex May Head Higher – Weekly Closing report
    We had mentioned in last week’s closing report that Nifty, Sensex may sustain upward momentum. The major indices were volatile and closed with gains this week. The trends of the major indices in the course of the week’s trading was:
     
     
    On Monday, the major indices rallied hugely. On the NSE, there were 963 advances, 835 declines and 328 unchanged. Both the key market indices on Monday surged over 2%, following a slew of measures announced by Finance Minister Nirmala Sitharaman last week. The most crucial announcement was the roll-back of the tax surcharge on foreign portfolio investors (FPIs).
     
    Bharat Heavy Electricals Limited has secured two more orders for emission control equipment for thermal power plants placed by NTPC for a value of Rs.2,500 crore. The orders involve supply and installation of Flue Gas Desulphurization (FGD) systems for 13 coal based units at 2,600 MW Korba STPS Stage I, II & III in Chhattisgarh and 2,100 MW Ramagundam STPS Stage I & II in Telangana. The United States Food and Drug Administration (USFDA) conducted inspection at Unichem Laboratories’ Ghaziabad formulation facility from 19-23 August 2019.
     
    The inspection was a routine GMP surveillance. At the end of Inspection, the facility received one observation which is not a repeat observation and is procedural in nature.
     
    On Tuesday, the major indices opened in the green and closed with gains. On the NSE, there were 1,280 advances, 502 declines and 339 unchanged. The Central Board of the Reserve Bank of India (RBI) accepted the Bimal Jalan panel recommendations and decided to transfer Rs1,76,051 crore to the Government of India comprising of Rs1,23,414 crore of surplus for the year 2018-19 and Rs52,637 crore of excess provisions identified as per the revised Economic Capital Framework (ECF).
     
    Bank of Baroda has issued Basel III Compliant Additional Tier I Bonds for aggregate total issue size not exceeding Rs1,650 crore. The board also approved issue of Basel III Compliant Tier II Capital Bonds for aggregate total issue size not exceeding Rs500 crore. Pidilite Industries entered into a joint venture with Chetana Expotential Technologies. The JV will be responsible for deploying Chetana’s post compressed aerated concrete wall panels technology and other ancillary products in projects in India, Sri Lanka and Bangladesh. Infosys bought back 11.05 crore of its shares at an average price of Rs747.38 per equity share under its Rs8,260-crore buyback offer that began in March this year. 
     
    On Wednesday, the major indices suffered a correction. On the NSE, there were 674 advances, 1,108 declines and 337 unchanged. Moody's Investors Service downgraded private lender Yes Bank's foreign-currency issuer rating to 'Ba3' from 'Ba1', which sent the company's stocks plunging nearly 7% on the BSE. 
     
    Rating agency ICRA has downgraded ratings of NCDs of Peninsula Land Limited to ICRA BB on account of debt servicing ability in the near term being challenged due to lack of collections in one of the company's large sized completed projects due to long delays in receipt of Occupancy Certificate (OC). Additionally, weak economic environment has impacted sales and collections in many of the company's projects. Oberoi Realty announced that the Income Tax team has left its premises. The normal day-to-day business activities have resumed fully. CG Power and Industrial Solutions is considering selling its non-core assets to deleverage the company and meet its working capital requirements, reported Mint. Along with that, the company is also focusing on reducing its overall direct and overhead costs.
     
    On Thursday, the major indices suffered a correction today. On the NSE, there were 662 advances, 1,119 declines and 339 unchanged. Days after revelation of fraud at CG Power, the company's board sacked its Chairman Gautam Thapar with immediate effect. The company, in a regulatory filing, said that in cognizance of the current situation being faced by the company, the Board of Directors have decided to "remove Gautam Thapar as the Chairman of the Board with immediate effect".
     
    ONGC has set up a Euro Medium Term Note (EMTN) programme of US$2 billion which will be listed on Singapore Stock Exchange. An EMTN Programme is an uncommitted facility and any drawdown thereof under this document would be subject to funding requirements. Accelya Solutions India has recorded consolidated operating income of Rs1,090.62 million for the fourth quarter ended June 2019 Rs989.52 million in June 2018. Consolidated PAT stood at Rs264.04 compared to Rs219.17 million in June 2018. Board of Directors of Accelya Solutions India has recommended final dividend of Rs15 per share, subject to the approval of shareholders.
     
    IIFL Wealth Group to acquire 100% equity shares of L&T Capital Markets, a wholly owned subsidiary of L&T Finance Holdings, which provides wealth management services for individual and institutional clients. The transaction is subject to regulatory approvals. 
     
    On Friday, the major indices we volatile but closed with gains. On the NSE, there were 1,022 advances, 737 declines and 355 unchanged. IDBI Bank on Friday said it will offer repo-linked home and auto loans with interest rates starting from 8.30% annum. The products -- Suvidha Plus Home Loan and Suvidha Plus Auto Loan -- will be benchmarked to the Reserve Bank of India's (RBI) repo rate and will be available to customers with effect from September 10, IDBI Bank said in a release. The private sector lender said these loans will be offered to new customers having good credit score and a minimum income of Rs6 lakh per annum.
     
    PNC Infratech 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 namely "Lucknow Ring Road Package I" for a quoted price of Rs1,062.0 crore.
     
    Adani Green Energy signed a securities purchase agreement for acquisition of 205 MW operating solar assets of Essel Green Energy Private Limited (EGEPL) and Essel Infraprojects Limited (EIL). The assets are located in Punjab, Karnataka and Uttar Pradesh. All the assets have long term Power Purchase Agreements (PPAs) with various state electricity distribution companies. The portfolio is relatively young with average remaining PPA life of approximately 22 years. The closing of the transaction is subject to customary approvals and conditions. The acquisition of these assets is at an enterprise valuation of approximately Rs1,300 crore. The existing long-term funding will continue.
     
    The board of ICRA Limited terminated the employment of Naresh Takkar as Managing Director and Group CEO of ICRA, effective immediately. The ICRA Board will commence a search for a replacement. Vipul Agarwal, who was appointed interim COO on July 2019 remains responsible for the day-to-day operation until a CEO is appointed.
     
    LIC Housing Finance has re-appointed Shri Siddhartha Mohanty as additional Director and managing director & chief executive officer as well key managerial personnel of LIC Housing Finance at the board meeting held on 28 August 2019.
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