The Quantitative Definition of a Quality Company
The year 2019 was one where money rushed into ‘quality’ stocks. Many call this a quality bubble. Over the past decade, this kind of a strong rise in stock prices of quality companies has happened twice. The first was in the 2011-13 period and the second in the calendar years 2018 and 2019. 
 
What is common to both these periods? Well, macroeconomic conditions were gloomy in both...
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  • Nifty, Sensex Headed Higher – Thursday closing report
    We had mentioned in Wednesday’s closing report that Nifty, Sensex were giving mixed short-term signals. The major indices rallied. On the NSE, there were 1,337 advances, 462 declines and 349 unchanged. The trends of the major indices in the course of Thursday’s trading are given in the table below:
     
     
    DoT had floated a RFP (request for proposal) for e-auctioneer appointment in December 12. Four companies, including state-run ITI Ltd, eProcurement Technologies Ltd, and MSTC Ltd, may field for the e-auctioneer's mandate to manage auction of spectrum to be held by April. 
     
    Two-and three-wheeler manufacturer Bajaj Auto reported a fall of 3% in total sales, including exports, for December 2019. According to the company, its total sales during the month under review fell to 336,055 units from 346,199 units during the corresponding month of 2018.
     
    TVS Motor Company reported dip in sales for the quarter ended December at 231,571 units.
     
    Fertiliser maker Gujarat Narmada Valley Fertilizer and Chemicals has received a "Demand Notice" from the Department of Telecommunications (DoT), to deposit Rs 15,000 crore dues by January 23.
     
    HDFC and its subsidiary HDFC ERGO have received all the regulatory approvals to acquire up to 51.2% stake in Apollo Munich Health Insurance. The National Housing Bank, Competition Commission of India (CCI) and the RBI had already given their approvals for the deal.
     
    The Reserve Bank of India launched a unique mobile application for aiding visually impaired persons to identify the denomination of Indian bank notes. Feature-wise, the app is capable of identifying the denomination through audio notification in either Hindi or English and non-sonic mode such as vibration.
     
    Real estate companies are defaulting as Peninsula Land, a unit of Ashok Piramal Group, defaulted in the payment of Rs.2.35 crore on a secured term loan worth Rs.177.72 crore from the State Bank of India.
     
    Vipul Organics has received 'consent to operate' from Maharashtra Pollution Board (MPCB) on 30th December 2019 for their new factory at Tarapur. This consent is for the manufacturing of synthetic organic dyestuffs, pigment powder and pigment dispersions and intermediates for dyes and pigments, is valid for a period of 5 years.
     
    RITES has secured a major work of project management consultancy from the Government of Bangladesh amounting to USD 14.01 million in relation to 4 laning of National Highway in Bangladesh. RITES is a lead partner in the JV arrangement and will receive USD 10.88 million out of the total consultancy fee of USD 14.01 million. Amount is inclusive of taxes.
     
    The operations at Goa Carbon’s Goa Unit located at St. Jose De Areal, Saicete, Goa have been temporarily shut down for maintenance work from 1st January 2020.
     
    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, Snesex giving mixed short-term signals- Tuesday Closing Report
    We had mentioned in Monday’s closing report that Nifty, Sensex were on an uptrend. The major indices suffered a correction today. On the NSE, there were 964 advances, 816 declines and 365 unchanged. The trends of the major indices in the course of Tuesday’s trading are given in the table below:
     
     
    Key Indian equity indices slumped on Tuesday with the BSE Sensex trading 100 points lower. Decline in banking, auto and IT stocks dragged the indices lower. 
     
    Finance Minister Nirmala Sitharaman said that the government intends to launch a National Infrastructure Pipeline (NIP). Addressing the media here, Sitharaman said that the task force created by the government for infrastructure has recommended projects worth Rs.102 lakh crore under the National Infrastructure Pipeline, going beyond the government's initial target of Rs.100 lakh crore.
     
    She further said that investment of another Rs.3 lakh crore would be added to the pipeline and added that around 63% of the projects in the pipeline are firmed up.
     
    Hero MotoCorp launched BS-VI compliant version of its entry level 100 cc bike, HF Deluxe with price starting at Rs.55,925.
     
    Manappuram Finance has raised Rs.350 crore by issuing bonds on private placement basis. The board has approved allotment of 3,500 secured, rated, listed, redeemable non-convertible debentures of face value of Rs.10 lakh each, aggregating to Rs.350 crore, according to a BSE filing.
     
    Indoco Remedies received final approval of its ANDA for Febuxostat Tablets 40 mg and 80 mg, which is therapeutically equivalent to the Reference Listed Drug (RLD), viz., Uloric Tablets 40 mg and 80 mg of Takeda Pharmaceuticals U.S.A., Inc. The market size of Febuxostat tablets in USA is over USD 500 million.
     
    Cochin Shipyard has been declared as the successful resolution applicant by the Committee of Creditors (CoC) of Tebma Shipyards under the Insolvency and Bankruptcy Code, 2016. The implementation of the transaction will be subject to compliance with applicable regulatory requirements and as per the final terms approved by the National Company Law Tribunal.
     
    The 800 MW unit of Darlipali Super Thermal Power Project has been added to installed capacity of NTPC on successful completion of trial operation. With this, the total installed capacity of NTPC and NTPC group has become 49,695 MW and 58,156 MW respectively.
     
    Kalpataru Power Transmission has secured new orders of approximately Rs.979 crores from India and Middle East in T&D business, EPC orders for railway electrification and gauge conversion works in India and KPTL's international subsidiary has secured new T&D projects in Europe.
     
    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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