Heritage Foods: Growth Has Tapered Off
In the previous issues, we analysed Parag Milk (PML) and Prabhat Dairy (PDL). One milk products company that has been listed for long is Heritage Foods Ltd (HFL), founded by Chandrababu Naidu in 1992, now the chief minister of Andhra Pradesh. The stock got listed in 1994 and the issue was oversubscribed by 54 times. HFL operates in the dairy, feed and renewable energy...
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Nifty, Sensex may continue to slide – Wednesday closing report

We had mentioned in Tuesday’s closing report that Nifty, Sensex continued to be under pressure. The major indices of the Indian stock markets were range-bound on Wednesday and closed with losses over Tuesday’s close. On the NSE, there were 625 advances, 1,125 declines and 321 unchanged. The trends of the major indices in the course of Wednesday’s trading are given in the table below:

 

 
Amid further fall in the rupee and weak global markets, the key Indian equity indices pared all its initial gains made during the morning session to trade in the red on Wednesday afternoon. The benchmark S&P BSE Sensex lost over 200 points to trade below the psychological mark of 38,000 points. According to market observers, selling pressure was witnessed in consumer durables, banking and capital goods stocks. Globally, markets broadly traded on a negative note due to the persistent trade tensions.
 
Weak demand conditions decelerated the growth of India's service sector in August, a key economic data point showed on Wednesday. Accordingly, the seasonally adjusted Nikkei India Services Business Activity Index dipped from 54.2 in July to 51.5 in August. Consequently, the headline seasonally adjusted Nikkei India Composite PMI Output Index which fell to 51.9 in August from July's 21-month high of 54.1, driven by weaker growth in both the manufacturing and service sectors. An index reading of above 50 indicates an overall increase in economic activity and below 50 an overall decrease.
 
Reliance Infrastructure's credit profile has improved with debt liability payoffs. Ratings agency Crisil has withdrawn its 'D' ratings for the NCDs (Non-Convertible Debenture) of the company totalling to Rs710 crore. "The company has repaid the NCDs from the funds received from the sale of Integrated Mumbai Distribution Business to Adani Transmission," Reliance Infrastructure (RInfra) said in a statement. "The company had informed the NCD holders that they would be paid out of the proceeds of the transaction." Earlier, Brickwork Ratings (BWR) had also withdrawn its 'D' rating for the NCDs amounting to Rs418.70 crore and BWR 'C' for the NCD amounting to Rs50 crore of Reliance Infrastructure. Reliance Infrastructure shares closed at Rs478.25, up 5.50% in the BSE.
 
SpiceJet announced the launch of its operations for a daily direct flight on the Delhi-Kishangarh-Delhi sector from October 8. The marble city of Kishangarh in Rajasthan, marks SpiceJet's eighth destination under the regional connectivity scheme. The airline was awarded the route under Ude Desh ka Aam Naagarik (UDAN II). The new daily flight will provide pilgrims and tourists much better access to Ajmer and Pushkar. SpiceJet shares closed at Rs75.45, down 3.82% on the BSE.
 
Centrum Financial Services Ltd, the NBFC arm of the Centrum Group, signed an agreement to acquire L&T Finance's Supply Chain Finance business. The business has a loan book of approximately Rs800 crore with a combined customer base of 800 (approx). L&T Finance Holdings shares closed at Rs165.95, down 1.95% on the NSE.
 
Cadila Healthcare - Zydus has received final approval from the USFDA (US Food and Drug Administration) for Acyclovir Sodium Injection, an equivalent drug to US RLD - Zovirax. Acyclovir is an antiviral drug used to treat severe infections caused by herpes viruses. Cadila Healthcare shares closed at Rs404.00, up 2.92% on the NSE.
 
Strides Shasun's subsidiary in Singapore, Strides Pharma Global Pte. Limited has received USFDA approval for Potassium Chloride Extended Release Tablets USP. The drug is used to treat patients with hypokalemia. Strides Pharma Science shares closed at Rs489.00, up 1.90% on the NSE.
 
Mcnally Bharat Engineering has received one order valued at Rs107.97 crore from NLC India for the work of construction of 544 nos of colony houses and community hall including internal Electrification at Khinda, Odisha. Mcnally Bharat Engineering shares closed at Rs38.95, up 4.99% on the NSE.
 
Goldiam International has received export orders worth Rs140 crore from its International clients for manufacturing of diamond studded designed gold jewellery. The order was to be delivered within three months. Goldiam International shares closed at Rs81.50, up 4.42% on the NSE.
 
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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Nifty, Sensex Continue to be under Pressure – Tuesday closing report

We had mentioned in Monday’s closing report that Nifty, Sensex were under pressure. The major indices of the Indian stock markets suffered a correction on Tuesday and closed with losses over Monday’s close. On the NSE, there were 414 advances, 1,351 declines and 305 unchanged. The trends of the markets in the course of Tuesday’s trading are given in the table below:

A slump in the Indian rupee along with broadly negative global cues subdued the key Indian equity indices on Tuesday. The trade has been largely choppy after the indices opened on a positive note. According to market observers, selling pressure was witnessed in consumer durables, banking and FMCG (fast moving consumer goods) stocks so far.
 
The Reliance Infrastructure Ltd-Astaldi S.p.A.(Italy) consortium has bagged the project for the northern extension of the Rajiv Gandhi Bandra Worli Sea Link from Bandra to Versova, an official said here on Tuesday. The consortium has signed an agreement with the Maharashtra State Road Development Corporation (MSRDC) for the Rs7,000 crore Bandra-Versova arm of the RGBWSL within five years. In the competitive bidding process, RInfra-Astaldi with its bid of Rs6,993.99 crore beat the L&T-Samsung and Hyundai Development Ltd-ITD to bag what is the country's single biggest urban infrastructure project. The MSRDC had floated the tenders for the construction of the second sea link on an EPC-basis to build the Versova-Bandra Sea Link, 17.17 km-long, or three times the existing 5.6 km-long RGBWSL. RInfra EPC CEO Arun Gupta said the mega-project will further propel the company as a premier EPC company in India. Reliance Infrastructure shares closed at Rs453.30, down 4.06% on the BSE.
 
Goldiam International has received its highest ever confirmed Export Orders worth Rs140 crore from its International clients for manufacturing of diamond studded designed gold jewellery. The order was to be delivered within 3 months. Goldiam International shares closed at Rs78.90, up 1.74% on the BSE.
 
Lupin's Tarapur API manufacturing facility has completed cGMP inspection carried out by the US FDA. The inspection closed with one observation of procedural type. The inspection focused on cGMP compliance and also on the safety of Lupin's Valsartan, Losartan and Irbesartan APIs. Lupin shares closed at Rs918.00, down 1.93% on the NSE.
 
Budget carriers IndiGo and GoAir offered low-fare tickets for travel during September 2018 to March 2019. Under the IndiGo offer, fares would start from Rs999 and the tickets would be available from September 3 to 6, the airline said in a statement. The airline would offer 10 lakh low-fare tickets. The sale would be valid for flights "across its network of 59 destinations" and for travel between September 18, 2018 and March 30, 2019, said the IndiGo statement. GoAir announced that it would offer low-fare tickets starting at Rs1,099 during September 3-5. The tickets would be valid for travel during September 3, 2018 to March 31, 2019. InterGlobe Aviation shares closed at Rs910.00, down 4.10% on the NSE. 
 
Persistent Systems has acquired Herald Technologies Inc., an IT (information technology) services start-up in the US, for a cash consideration of US$ 5.2 million. The acquired business will strengthen Persistent's IP led offerings in the Healthcare domain and create a number of cross-sell opportunities. Persistent Systems shares closed at Rs842.05, up 0.59% on the NSE.
 
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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