The Farce of Independent Directors - I
“You don’t get invited to be on boards if you belch too often at the dinner table,” said Warren Buffett at the company’s annual meeting in Omaha, Nebraska, in May 2019. “I’ve been on 20 public company boards; I’ve seen a lot of corporate boards operate. The independent directors, in many cases, are the least independent,” he explained. If directors get about $250,000 a year, and that’s an...
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  • Nifty, Sensex still trending up – Monday closing report
    We had mentioned in Friday’s closing report that Nifty, Sensex were trending up. The major indices ended with minor gains. On the NSE, there were 1,047 advances, 741 declines and 370 unchanged. The trends of the major indices in the course of Monday’s trading are given in the table below:
     
     
    The Indian equity markets opened on a firm note on Monday as the benchmark Sensex touched a fresh all time high of 40,434.83 during the early trade.
     
    Infosys shares were flying on the bourses following a company disclosure days back that it had not received any evidence to corroborate allegations of "unethical practices" made against its two top officials in a whistle blower letter and said the matter was still being investigated. The IT firm also announced it has inked a multi-year deal with Siemens Gamesa Renewable Energy (SGRE), to enable its digital transformation.
     
    Vistara will induct two Boeing 787-9 Dreamliner and one A321neo this fiscal to launch medium and long-haul international flights. Seeking to scale up its overseas flights, the airline has already entered into strategic codeshare partnerships with global carriers like United Airlines and Japan Airlines. 
     
    Passengers flying IndiGo faced long queues across airports after the airline's server collapsed. The largest carrier by fleet size and market share, IndiGo said it was proactively informing passengers about the situation. "Our systems have been down across the network since morning. As a result, we are expecting our operations to be impacted across the airports. All efforts are being made to resolve the issue at the earliest," the airline said in a statement.
     
    Indian Overseas Bank reported year-on-year 6% decrease in revenues to Rs5,024 crore for the quarter ended September 2019. Net losses widened to Rs2,254 crore.
     
    VST Industries reported year-on-year 4% increase in revenues to Rs335 crore for the quarter ended September 2019. Net profits grew 34% y-o-y to Rs76 crore.
     
    NOCIL reported year-on-year 23% decrease in revenues to Rs212 crore for the quarter ended September 2019. Net profits grew 4% y-o-y to Rs55 crore.
     
    Can Fin Homes reported year-on-year 19% increase in revenues to Rs501 crore for the quarter ended September 2019. Net profits grew 20% y-o-y to Rs98 crore.
     
    HDFC reported year-on-year 43% increase in revenues to Rs32,851 crore for the quarter ended September 2019. Net profits grew 80% y-o-y to Rs10,389 crore.
     
    Cadila Healthcare has received a warning letter issued by the US FDA relating to its Moraiya formulation facility. The company has taken steps after the inspection to address the observations received from US FDA during the inspection.
     
    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 on an uptrend - Weekly closing report
    We had mentioned in last week’s closing report that Nifty, Sensex were trendless. The major indices ended with major gains. The trends of the major indices in the course of the week’s trading was:
     
     
    The equity markets were closed on Monday on account of Diwali. On Tuesday, the equity indices opened on a flat-to-positive note, following a mixed trend in the Asian markets. The Reserve Bank of India imposed Rs1 crore penalty on Bandhan Bank for non-compliance with promoter holding norms, contained in the licensing guidelines. Under the guidelines, the bank was required to bring down shareholding of its "non-operative financial holding company" to 40% of its paid-up equity capital within three years from the date of start of business.
     
    Bharti Airtel released its operational highlights as per which it posted a drop in its average revenue per user (ARPU) in the September quarter. Airtel recorded an ARPU of Rs128 in the September quarter, down from Rs129 in the June quarter. In a development that will allow budget passenger carrier IndiGo to operate ultra-long-haul international flights, the airline placed a firm order for 300 A320neo family aircraft, which includes an undisclosed number of A321XLR planes which can go up to 8,704.4 kms. The development also marks one of the largest aircraft orders for Airbus from a single airline operator.
     
    On Wednesday, the major indices opened high and closed with gains. On the NSE, there were 1,017 advances, 768 declines and 359 unchanged. Anticipation of more economic reforms such as strategic divestment of state-run companies and tax cuts, helped to lift the S&P BSE Sensex to above the 40,000-mark for the first time in the last five months.
     
    PVR will issue and allot of 29,08,583 equity shares to eligible QIBs at the issue price of Rs1,719.05 per share aggregating Rs500 crore. The share capital has increased to Rs51,29,08,450 comprising of 5,12,90,845 equity shares of face value of Rs10 each.
     
    Tata Chemicals reported year-on-year 3% increase in revenues to Rs3,176 crore for the quarter ended September 2019. Net profits increased 10% y-o-y to Rs355 crore. Indoco Remedies reported year-on-year 24% increase in revenues to Rs293 crore for the quarter ended September 2019. Net profits jumped to Rs7.81 crore from a loss of Rs7.45 crore reported in the corresponding period of previous year.
     
    Graphite India reported year-on-year 61% decrease in revenues to Rs933 crore for the quarter ended September 2019. Net profits declined 83% y-o-y to Rs185 crore. Phillips Carbon Black reported year-on-year 2% decrease in revenues to Rs869 crore for the quarter ended September 2019. Net profits declined 28% y-o-y to Rs77 crore.
     
    On Thursday, the indices opened with a gap and ended with minor gains. On the NSE, there were 1,119 advances, 669 declines and 356 unchanged. The benchmark equity index, Sensex, surpassed its previous lifetime high during the early trade. The Sensex peaked at 40,329 after the US Federal Reserve slashed it interest rates for the third time this year.
     
    The Competition Commission of India (CCI) has approved Hyundai Motor Company (HMC) and Kia Motors Corporations (KMC) stake acquisition in ANI Technologies, which operates ride-sharing company Ola and Ola Electric, under the Competition Act, 2002.
     
    Sonata Software reported Rs72 crore consolidated net profit for the second quarter of fiscal 2019-20, registering 16% annual growth from Rs62 crore in the same period a year ago. Consolidated revenue grew 19% year-on-year to Rs703 crore from Rs593 crore. Foseco India reported year-on-year 12% decrease in revenues to Rs81 crore for the quarter ended September 2019. Net profits rose 18% y-o-y to Rs10.21 crore.  The board has declared a 2nd interim dividend of Rs7 per equity share of Rs10 each.
     
    Indian Oil Corporation reported year-on-year 13% decrease in revenues to Rs1,33,023 crore for the quarter ended September 2019. Net profits slumped 83% y-o-y to Rs563 crore. Surya Roshni Ltd has obtained order aggregating to Rs123 crore for supply of 3LPE Coated ERW line Pipes to ONGC through tender. The order is to be executed within 10 Months.
     
    On Friday, the major indices were range bound and closed with minor gains. On the NSE, there were 1,059 advances, 750 declines and 337 unchanged. The Goods and Services Tax (GST) collection dropped 5.29% to Rs95,380 crore in the month of October 2019, on year-on-year basis.
     
    Maruti Suzuki sold a total of 1,44,277 units (inclusive of OEM sales) in the domestic market recording a 4.5% growth over the same month a year ago.
    Bajaj Auto sold 2,42,516 units of motorcycles during October in the domestic market as against 2,81,582 in the same month last year. It, however, saw a marginal increase of 3% in exports with a total of 1,56,397 units shipped to various countries during this period.
     
    State-run MTNL will be a subsidiary of BSNL by transferring the government's shareholding to it following the Union Cabinet's in-principle approval to their merger. Government holds 56.25% in MTNL.
     
    The US FDA has issued an Establishment Inspection Report (EIR) for Alkem Laboratories Ltd's manufacturing facility located at Daman, India which was inspected from 26th August, 2019 to 30th August, 2019. In response to the Form 483 issued by the US FDA containing two observations, the company had submitted a detailed corrective and preventive action (CAPA) plan to the regulator within the stipulated timelines. The inspection has now been closed by the US FDA.
     
    Thirumalai Chemicals will invest $20 million in TCL Global BV, the Netherlands, a wholly owned subsidiary by way of equity. The investment will be financed through banks/internal accruals.
     
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