Fineotex Chemicals: Shoddy Copy-paste, Too Low Employee Count and Many Other Issues
We were attracted to analysing this company due to the financial performance that it has delivered over the past five years. But, after going through just two annual reports, we found a number of things that just didn’t add up. Going ahead, we were struck not by the business and financial performance of the company but the multiple instances of copy-pasting, inaccurate information, etc,...
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Nifty, Sensex May Head Higher If Today's Low Holds – Thursday closing report

We had mentioned in Wednesday’s report that Nifty, Sensex might continue to rise. The major indices of the Indian stock markets were range-bound on Thursday and ended flat over Wednesday’s close. On the NSE, there were 1,134 advances, 596 declines and 329 unchanged. The trends of the major indices in the course of Thursday’s trading are given in the table below:

 

 
Despite firm global cues and a slight recovery in the domestic currency, the key equity indices traded flat during the afternoon session of trade on Thursday as investors remained cautious ahead of key macro-economic data release and tension between the RBI and government. Export-oriented stocks, IT (information technology) and healthcare struggled as the rupee recovered to around 73.79 a US dollar from Wednesday's close of 73.95. Buying was witnessed in banking, finance and capital goods counters on BSE.
 
A faster rise in demand accelerated the pace of India's manufacturing sector output in October, key economic data released on Thursday showed. According to the Nikkei India Manufacturing Purchasing Managers' Index (PMI), the composite indicator of manufacturing performance increased to 53.1, from 52.2 in September. An index reading of above 50 indicates an overall increase in economic activity, or growth, and below 50 an overall decrease.
 
Revenue collections under the Goods and Services Tax (GST) crossed the Rs 1 lakh crore mark in October, Finance Minister Arun Jaitley said on Thursday.
 
HCL Technologies (HCL) on Thursday announced its collaboration with California-based Pivotal Software to help enterprises create a new generation of Cloud-native applications. As part of the collaboration, HCL will use Pivotal's software offerings and Platform Acceleration Lab (PAL), the company said in a statement. The company’s shares closed at Rs1,015.50, down 3.80% on the NSE.
 
Automobile major Maruti Suzuki India's overall sales, including exports for October, inched up by 0.2%. The company said on Thursday that total sales rose to 146,766 units in the month, compared to 146,446 units sold in the year-ago period. "Maruti Suzuki India Ltd sold a total of 146,766 units in October. This includes 138,100 units in domestic market and 8,666 units of exports," the company said in a statement. In the domestic market, it sold 138,100 units during October, up by 1.5% from 136,000 units sold in the corresponding month in 2017. However, the carmaker exported 8,666 units, registering a decline of 17% from 10,466 units shipped out in the year-ago month. Maruti Suzuki shares closed at Rs6,702.00, up 1.29% on the NSE.
 
Jet Airways said that it has received notices for payment "delays or defaults" from some aircraft lessors. "Whilst the company is in receipt of notices for payment delays or defaults from few aircraft lessors, they are mindful of the challenges currently faced by the Indian aviation industry and they have been supportive of the company's efforts," the airline said in a BSE filing. "We also wish to clarify that the company is current on its payments to Airports Authority of India (AAI) and no show-cause notice has been received by the company from AAI." The airline is financially suffering from an increase in Brent fuel price by more than 36 per cent, along with a weak rupee and a mismatch between high fuel prices and low fares primarily undermined its financial performance during the quarter under review. Jet Airways also plans to go in for a cost reduction programme to reduce expenses totalling Rs2,000 crore over two years. In addition, the company has decided for a "balance-sheet restructuring" which entails capital infusion and debt reduction. The company’s shares closed at Rs225.65, up 1.69% on the NSE.
 
Automobile major Tata Motors reported a standalone net profit of Rs109.14 crore during the quarter ended September 30, on the back of rise in sales. During the same period last year, the company reported a net loss of Rs283.37 crore, Tata Motors said in a statement. Total standalone income during the second quarter of the financial year 2018-19 was Rs18,102.56 crore, 33.77% higher from Rs13,532.64 crore earned during the corresponding period of FY18. It further said its total revenue from operations during the period under review rose by 32.85% to Rs 17,644.13 crore. In Q2 FY19, wholesales (including exports) grew 25% to 190,283 units with broad-based growth across the entire portfolio. Tata Motors shares closed at Rs178.75, up 0.06% on the BSE.
 
Global IT company Tata Consultancy Services on Wednesday announced the acquisition of W12 Studios, an award-winning digital design studio based in London, for an undisclosed sum. TCS shares closed at Rs1,934.60, down 0.15% on the BSE.
 
State-run Canara Bank reported Rs300-crore net profit, registering 15.4% annual growth for second quarter of fiscal 2018-19 from Rs260 crore in the same period a year ago. Canara Bank shares closed at Rs251.75, down 3.89% on the BSE.
 
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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Galaxy Surfactants: Steady and Strong Growth
There are many approaches to investing. A lesser-known strategy is called picks-and-shovels which suggests investing in suppliers of a growth sector rather than in those selling the final products. It is a way to participate in the upside of an industry without having to face the market risks of the final product. The picks-and-shovels idea can be traced back to the ‘California Gold Rush’....
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