Varroc Engineering: Low Margin, Low Valuation
Varroc Engineering Limited (VEL) is a global manufacturer of auto-components. The company caters to two-wheelers (2W), three-wheelers (3W) and passenger vehicles. It is the second largest auto-components supplier to Indian 2W and 3W original equipment manufacturers (OEMs), after Endurance Technologies which is controlled by the twin brother of Varroc’s promoter; they are also related to the...
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  • Nifty, Sensex Headed Higher – Tuesday closing report
    We had mentioned in Monday’s closing report that Nifty, Sensex were pushed higher on back of global cues. The major indices rallied on Tuesday. On the NSE, there were 819 advances, 930 declines and 334 unchanged. The trends of the Indian stock markets in the course of Tuesday’s trading are given in the table below:
     
     
    Ahead of the Union Budget, the Sensex and Nifty on Tuesday dipped in the morning but recovered and closed with gains. Union Budget is scheduled to be tabled on July 5.
     
    Bharat Sanchar Nigam Limited (BSNL) Tamil Nadu Circle on Tuesday said there is no proposal to close down the company. In a statement issued here, the company said: "There is no proposal to close down BSNL as wrongly reported in a section of the press. Due to stiff competition and the lowering of tariff, BSNL is facing a funds crisis for the last few months." According to the statement, the Central government is actively preparing a revival plan for BSNL for approval by the Cabinet.
     
    Airtel Payments Bank has partnered with Bharti AXA Life Insurance to offer Bharti AXA Life POS Saral Jeevan Bima Yojana --a pure life term plan--through its extensive network of banking points across the country. Any individual between the ages of 18 and 55 can enrol for this product without the need to undergo a medical examination. The consumers are offered the option to choose a policy cover of either 3 lakh or 5 lakh at affordable premiums.
     
    Oil and Natural Gas Corporation has signed a memorandum of understanding with IOC for CO2 based enhanced oil recovery (EOR) by injecting CO2 captured from IOC's Koyali refinery. 
     
    Scrips of Yes Bank tumbled after media sources reported that a Mumbai-based Radius Developers has defaulted on scheduled interest payments on Rs1,200-crore loan to the private lender. The company, which has delayed interest payments by 45-60 days, has exposure of about Rs5,500 crore to the banking system.
     
    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

    Global Upmove Pushes Nifty, Sensex Higher – Monday closing report
    We had mentioned in Friday’s closing report that Nifty, Sensex lack upward momentum. The major indices of the Indian stock markets opened in the green and ended with gains. On the NSE, there were 904 advances, 872 declines and 327 unchanged. The indices may attempt to push higher though upward momentum is lacking.
     
     
    The Bangalore bench of the National Company Law Tribunal (NCLT) will next hear Triveni Turbine’s plea against GE Triveni, a joint venture between the former and GE India, on July 9. Triveni has accused GE of acts of “oppression, fraud and unethical business practices” in the conduct of business at the joint venture (JV) formed in 2010 to leverage and synergise the respective strengths of the JV partners in the 30-100 MW steam turbine range. Admitting the plea, the two-member bench ordered a stay on General Electric Company’s plan of altering its shareholding in its group company Baker Hughes LLC.
     
    Tata Motors share price rose 4% ahead of monthly sales numbers to be announced in the first two days of July 2019. State-owned Power Finance Corporation on July 1 said it has raised $300 million loan from overseas. The loan has been jointly approved by State Bank of India, Hong Kong and MUFG Bank Ltd, Singapore. 
     
    Automobile major Mahindra and Mahindra reported 6% fall in total sales to 42,547 units in June 2019. The company had sold 45,155 units in the corresponding month last year. In the domestic market, sales were down 5% to 39,471 units last month, compared with 41,689 units in June 2018. Exports dropped 11 per cent to 3,076 units, against 3,466 units in the year-ago month.
     
    Ashok Leyland reported 19% decline in total vehicle sales at 12,810 units in June as against 15,792 units in the same month last year. Total domestic sales were at 12,085 units last month as compared to 14,091 units in June last year, down 14%, the company said in a regulatory filing.
     
    Air India is looking to raise Rs22,000 crore from the bond market to repay a group of lenders, according to media sources. Air India is attempting to improve its balance sheet before the government puts up its stake in the beleaguered carrier for sale. The fund raising will take place in two tranches – the Rs 7,000 crore bond issue will have a three-year maturity period and the Rs15,000 crore issue will be for 10 years.
     
    ICICI bank has cut its marginal cost of funds based lending rate (MCLR) across all tenors by 0.10%. The one-year MCLR, to which a majority of loans like residential mortgages and auto loans are tied, now stands at 8.65%. At the June 6 review, the Reserve Bank had said banks have cut rates by a measly 0.21% as against the 0.50% cut in key rates, and had asked banks to do more.
     
    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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