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JV Capital Update

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Market Outlook

Date 23.03.2017

Key benchmark indices logged modest gains in a steady session of trade as firmness in Infosys and Reliance Industries boosted gains on the domestic bourses. Key indices remained in the positive zone throughout the day. Domestic stocks snapped three-day fall today, 23 March 2017.The Sensex ended up 164 points at 29,332 and the Nifty ended up 56 points at 9086.

Overseas, European stocks were trading on a mixed note while Asian stocks rose ahead of crucial congressional vote on the US healthcare reform later in the day.

 

UK retail sales rebounded in February following three consecutive months of decline, data showed, but the underlying trend remained weak, suggesting the industry was unlikely to make a positive contribution to growth in the first quarter. Sales in February grew by 1.4% from the previous month, the Office for National Statistics said, driven by strong sales across all categories, with household goods stores performing particularly well. Compared with the same month last year, sales rose by 3.7%.

 

US stocks rebounded yesterday, 22 March 2017 after posting the biggest decline since October as technology stocks posted strong gains.

N I F T Y Index Futurses     23.03.2017 
Last quoted 9104
Prevailing Trend Neutal Trend Change Level (08.03.2017)
Initiated Age Bullish Neutral Bearish
8940 11 9120 - -
 
Notes:
 

NIFTY TRADING REPORT  

 

We will initiate fresh long in Nifty at 9125 with 45 points stop loss. Currently we are neutral in Nifty.  

 

 


 Please check with the trading desk before initiationg and fresh position.

 

We will initiate fresh log in Nifty at 7550 with 55 points stop loss. Currently we are neutral in Nifty. 

Latest Cash Market List

ACTION DATE SCRIP ENTRY PRICE (INR) Stop Loss TIME FRAME TARGET PRICE1 (INR) TARGET PRICE2 (INR) Target Hit

Notes:

23-03-2017


Hindustan Zinc said its board of directors at a meeting held on Wednesday, 22 March 2017, approved special interim dividend of Rs 27.50 per share for the year ending 31 March 2017 (FY 2017). The record date for the payment of interim dividend is 30 March 2017. The announcement was made after market hours yesterday, 22 March 2017.

State Bank of India (SBI) announced that it has made payment of Rs 219.93 crore (principal amount plus interest) on 22 March 2017, to the eligible bondholders of under Upper Tier-II subordinated bonds issued on 22 March 2007, by the erstwhile State Bank of Indore since merged with SBI. The announcement was made after market hours yesterday, 22 March 2017.

IndusInd Bank announced that the finance committee of the board yesterday, 22 March 2017, allotted debentures for cash aggregating to Rs 1000 crore on Private Placement basis towards non-equity regulatory Additional Tier 1 Capital (AT1 Bonds). The bonds will be listed on the wholesale debt market (WDM) segment of National Stock Exchange of India (NSE). The announcement was made after market hours yesterday, 22 March 2017.

Axis Bank announced that its board passed a resolution approving the allotment of 1 year senior fixed rate notes aggregating to $16.2 million under the MTN Programme through its Dubai International Financial Centre (DIFC) branch. The announcement was made after market hours yesterday, 22 March 2017.

Menon Bearings announced that the company has transferred its entire stake held in Flyga Auto, a wholly owned subsidiary and hence ceases to be subsidiary of the company from 22 March 2017. The announcement was made after market hours yesterday, 22 March 2017.

Flyga Auto was incorporated on 30 September 2016 and is yet to commence commercial operations. The consideration received from sale in Rs 3.67 crore. The shares are transferred to promoters and promoter group members, namely, Nitin Menon, Sucheta Menon, Aditya Menon and Anshul Menon.

HIL said that the company is holding 33% stake in Supercor Industries, Nigeria as a joint venture between the company and other shareholders including State Government of Bauchi. The JV is under losses since 2014 and facing cash crisis and could not meet their routine obligation of paying salaries/wages and other payments and is under winding up proceedings under the Courts of Nigeria. In view of the above mentioned reasons, company is unable to consolidate the financial statements of its overseas joint venture with the financial statements of company. The announcement was made after market hours yesterday, 22 March 2017.

Hindustan Composites announced that a meeting of the board of directors of the company is scheduled to be held on 10 April 2017, to consider further issue of shares by way of bonus shares, to consider the sub division of face value of equity shares of the company and to consider seeking approval of the shareholders of the company through postal ballot process for the same. The announcement was made after market hours yesterday, 22 March 2017.

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