Kiri Industries: Undervalued?
The stock of Kiri Industries Ltd (KIL), which manufactures and exports dyes, intermediates and chemicals, is one that has baffled investors for years. It is cheap and has a valuable investment in a global company DyStar; but it is unclear how the shareholders of KIL will benefit from this holding. 
 
KIL had embarked on a two-stage backward integration process by setting up India’s...
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Nifty, Sensex under Pressure – Thursday closing report

We had mentioned in Wednesday’s closing report that Nifty, Sensex were extremely overbought. The major indices of the Indian stock markets were range-bound on Thursday and closed with minor losses over Wednesday’s close. On the NSE, there were 973 advances, 770 declines and 328 unchanged. The closing values of the major indices in the course of Thursday’s trading are given in the table below:

 

 
The key equity indices traded in the red on Thursday due to a weak rupee along with profit booking ahead of August futures and options expiry later in the day. The indices had, however, opened on a positive note, but could not hold on to the gains. The Indian currency earlier in the day touched its lowest-ever mark of 70.81-82 per US dollar, which dampened the market sentiments. According to analysts, selling pressure was witnessed in banking stocks, followed by finance and FMCG (fast moving consumer goods) counters.
 
Jet Airways said that it will introduce 28 new flights in the coming month. "Being a network carrier, Jet Airways' new services -- including industry firsts as well as a mix of non-stop and one-stop flights -- will strengthen the airline's footprint, enabling it to meet the rising demand for domestic and international air travel in emerging cities," the airline said in a statement.  "The new services will also help connect guests with other cities including metros as well as the airline's global network via its hubs in Mumbai, Delhi, and Bengaluru." According to the airline, it will introduce daily flights from Indore to Jodhpur as well as to Vadodara. "In other notable firsts, Jet Airways is also set to commence flight operations between Chandigarh and Lucknow, Ahmedabad and Jodhpur as well as Vadodara and Jaipur," the statement said. "Jet Airways will be the only airline in the country operating these routes which will improve connectivity between north India and central as well as western India." Jet Airways shares closed at Rs286.80, down 1.54% on the NSE.
 
Reliance Infrastructure (RInfra) said that it has completed the Rs18,800-crore sale of its Mumbai integrated distribution business to Adani Transmission (ATL), which will help RInfra reduce its debt by nearly two-thirds to Rs7,500 crore. At a media briefing following a board meeting to approve the transfer of the Mumbai power business, RInfra chairman Anil Ambani announced the closure of the deal which had been signed in December last year. "For Reliance Infrastructure, this is truly a transformative transaction. The company's gross debt will be reduced from about Rs22,000 crore to only Rs7,500 crore, representing a steep debt reduction of 65% in a single transaction," he said. In the past eight months, the sale has received regulatory approvals from the Competition Commission of India, shareholders of the company and the Maharashtra Electricity Regulatory Commission. RInfra shares closed at Rs464.00, up 5.62% on the NSE.
 
Diversified engineering company Greaves Cotton Ltd said it will acquire 80% stake in electric vehicles (EV) company Ampere Vehicles Pvt Ltd for Rs152.50 crore in two stages. In a regulatory filing in BSE, Greaves Cotton said it will acquire 67% stake in Ampere for Rs77 crore in the first phase to be completed by December 2018. Greaves Cotton can acquire an additional 13% stake in Ampere for Rs75.5 crore in a span of three years. As to the rationale for acquiring Ampere, Greaves Cotton said it is to accelerate development of clean energy technology solutions for last-mile mobility and to address wider range of customer segments with clean energy mobility solutions. Ampere has posted a revenue of Rs16 crore during April-July 2018. The Board of Directors of Greaves Cotton approved the acquisition on Wednesday. "With this strategic acquisition, we will be able to address a wider range of customer segments with clean energy mobility solutions. Greaves and Ampere will be a synergistic combination of our excellence in frugal engineering and manufacturing with a new age electric mobility solutions company," Nagesh Basavanhalli, MD & CEO, Greaves Cotton Ltd, was quoted as saying in a statement. Greaves Cotton’s shares closed at Rs158.30, up 7.58% on the NSE.
 
Cadila Health - Zydus has received the final approval from the USFDA (United States Food and Drug Administration) to market two products, Gemfibrozil Tablets USP and Aripiprazole Orally Disintegrating Tablets USP. Gemfibrozil used in treating high cholesterol, risk of stroke, heart attack and Aripiprazole is an antipsychotic drug. Cadila Healthcare shares closed at Rs390.00, up 0.74% on the NSE.
 
Tata Power has commissioned 820.8kWp World’s largest solar rooftop installation on a cricket stadium, at CCI, Mumbai. This will help to generate 1.12 million units per year which lead to 25% savings in power consumption cost and curbs CO2 emission of over 840 tonnes annually. Tata Power shares closed at Rs76.15, down 0.98% 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 Extremely Overbought - Wednesday closing report

We had mentioned in Tuesday’s closing report that Nifty, Sensex were trending higher. 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 832 advances, 891 declines and 349 unchanged. The trends of the major indices in the course of Wednesday’s trading are given in the table below:

 

 
Broadly negative global cues along with a weak rupee subdued the Indian equity market on Wednesday. Selling pressure was witnessed in the IT (information technology), energy and consumer durable stocks. Key Indian equity indices closed in the negative territory on Wednesday as the rupee slumped to an all-time low, while weak global cues further subdued the sentiments, analysts said. The Indian currency earlier in the day plunged to 70.55 per dollar, the lowest-ever level, which dampened the domestic investor sentiments. The market indices have continuously traded higher for the last six weeks and looks highly stretched.
 
Leading passenger-cum-freight transport vehicle maker Tata Motors would showcase five new maxi and mini buses at the "BusWorld India 2018" expo from Wednesday, said a top official. "We are displaying an AC 22-seater Pushback, 12-seater AC Maxi cab, 12-seater Winger, a staff bus and an inter-city coach at the Bengaluru International Exhibition Centre (BIEC) bus and coach expo in the city," said Tata Motors passenger commercial vehicle head Rohit Srivastava. BusWorld India is the biggest bus and coach exhibition in the world. Reaffirming its commitment to sustainable public transportation, the Pune-based company said the new variants are equipped with latest technology and advanced safety features. "The new product line has superior design, fuel economy and longer service life to make commutable safer and enjoyable," asserted Srivastava. Tata Motors shares closed at Rs261.90, up 0.73% on the NSE.
 
Jet Airways said that it has reduced the overall debt burden during the first quarter of 2018-19 and is committed towards a turnaround strategy. According to Jet Airways Deputy Chief Executive Officer and Chief Financial Officer Amit Agarwal, the airline was able to reduce its debt by utilising some of the liquidity worth $300 million received from "lease incentives". Agarwal revealed this in an analysts call on Tuesday. Besides the airline will go ahead with various cost-cutting steps and funding options, including infusion of capital, monetisation of assets, including the company's stake in its "Loyalty programme". Jet Airways Group reported a net loss of Rs1,326 crore for the first quarter of 2018-19 from a net profit of Rs58 crore earned during the corresponding period of the previous fiscal. On a standalone basis, the airline's net loss stood at Rs1,323 crore from a net profit of Rs53.5 crore reported for the corresponding quarter of the previous fiscal. Jet Airways shares closed at Rs291.10, down 1.47% on the NSE.
 
Jain Irrigation bagged an export order valued at Rs127 crore from Rwanda Agriculture Board (RAB), Kigali, Rwanda for irrigation and watershed development project in Rwanda. Jain Irrigation Systems shares closed at Rs83.10, up 4.27% on the NSE.
 
Natural resources major Vedanta Ltd has won 41 of the 55 oil and gas exploration blocks offered through auction under the government's new open acreage licensing policy (OALP), the Directorate General of Hydrocarbons (DGH) said. Vedanta shares closed at Rs227.90, down 1.09% on the BSE.
 
State-run Oil India (OIL) won nine blocks and Oil and Natural Gas Corporation (ONGC) bagged two blocks, as per the list released by the petroleum regulator on the auction's round one in May. Oil India shares closed at Rs209.60, up 0.79% on the BSE.
 
Two other state-run gas utility GAIL and Bharat Petroleum Corporation won one block each, private sector Hindustan Oil Exploration Company bagged one block. Gail shares closed at Rs367.05, up 0.78% on the BSE. Bharat Petroleum Corporation shares closed at Rs361.30, up 0.78% on the BSE. Hindustan Oil Exploration Company shares closed at Rs153.15, up 0.66% on the BSE.
 
Suven Life Sciences secured product patents in China and Eurasia corresponding to the New Chemical Entity for the treatment of disorders associated with Neurodegenerative diseases and patents are valid through 2034. Suven Life Sciences shares closed at Rs272.15, down 6.48% 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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