DAILY EQUITY REPORT 30TH SEPTEMBER 2013
INDIAN FACE
INDIAN EQUITY BENCHMARK ended on a negative note led by
declines in bank shares as RBI chief Raghuram Rajan's
comments on inflation being still high, were seen weighing on
market sentiment. Markets also tarcked financials as investors
adopted a cautious stance ahead of the June-quarter current
account deficit.
Further, BPCL and Videocon gained after a drilling campaign
off Brazil showed that an area controlled by Petrobras and the
Indian companies likely holds more than a billion barrels of oil.
Bharti Airtel lost on reports that Department of
Telecommunication is likely to impose an additional penalty of
Rs 204 crore for offering 3G services in seven service areas.
GLOBAL FACE
Most Asian stocks traded higher, but Japanese shares traded
slightly lower despite evidence that inflation is perking up in
the world’s third-largest economy.
Most Asian stocks traded higher, but Japanese shares traded
slightly lower despite evidence that inflation is perking up in
the world’s third-largest economy.
U.S. stock futures pointed lower, ahead of the release of U.S.
data, as mounting U.S. budget concerns and uncertainty over
the future of the Federal Reserve's asset purchases weighed.
MARKET TALKS
Bharti Airtel’s 3G roaming pacts caused Rs.200 crore loss
The government’s auditor has said that Bhari Airtel caused a loss of
more than Rs.200cr to the national exchequer because of the
controversial 3G intra-circle roaming arrangements the company
signed with Vodafone and Idea. The issue refers to 3G intra-circle
roaming agreements signed by Bharti Airtel with the other two
telcos that allowed all three to offer 3G services across the country.
Dr Reddys falls after losing the Lunesta patent case in U.S.
Dr Reddy traded lower after the pharmaceutical company loses the
Lunesta patent case in U.S. Dainippon Sumitomo Pharma Co.’s
Sunovion won an appeals court ruling that Dr. Reddy’s Laboratories
generic version of the sleep aid Lunesta would infringe a patent that
expires next year. The U.S. Court said the trial judge erred in ruling
the Dr. Reddy’s version didn’t infringe the patent.
SBI clamps down on trade union activity
SBI terminated the check-off facility to its officers’ federation in its
Biggest clampdown on trade union activities in decades. Under the
check-off facility, SBI used to remit the subscription fee from
accounts of member officers to account of the association
Glenmark gets USD 9 mn fee from Forest Labs, stock up
Glenmark Pharmaceuticals shares see marginal gains on top of a 4
percent rally in previous session. The healthcare company received
a small research fee payment from Forest Laboratories Inc. The fee
is on the back of collaboration for the development of novel
mPGES-1 inhibitors to treat chronic inflammatory conditions to
support the next phase of work, says the company in its filing.
Havells gains 3%; Bank of America sees better Q2 numbers
Investors are buying shares of Havells India with the stock rising 3
percent. Bank of America Merrill Lynch says that the electrical
equipment manufacturer is likely to see better second quarter
earnings, which will stop phase of earnings downgrade. The
brokerage house sees increased visibility of expected 25 percent
EPS growth in FY14 and 16 percent growth in FY15
equity tips
INDIAN FACE
INDIAN EQUITY BENCHMARK ended on a negative note led by
declines in bank shares as RBI chief Raghuram Rajan's
comments on inflation being still high, were seen weighing on
market sentiment. Markets also tarcked financials as investors
adopted a cautious stance ahead of the June-quarter current
account deficit.
Further, BPCL and Videocon gained after a drilling campaign
off Brazil showed that an area controlled by Petrobras and the
Indian companies likely holds more than a billion barrels of oil.
Bharti Airtel lost on reports that Department of
Telecommunication is likely to impose an additional penalty of
Rs 204 crore for offering 3G services in seven service areas.
GLOBAL FACE
Most Asian stocks traded higher, but Japanese shares traded
slightly lower despite evidence that inflation is perking up in
the world’s third-largest economy.
Most Asian stocks traded higher, but Japanese shares traded
slightly lower despite evidence that inflation is perking up in
the world’s third-largest economy.
U.S. stock futures pointed lower, ahead of the release of U.S.
data, as mounting U.S. budget concerns and uncertainty over
the future of the Federal Reserve's asset purchases weighed.
MARKET TALKS
Bharti Airtel’s 3G roaming pacts caused Rs.200 crore loss
The government’s auditor has said that Bhari Airtel caused a loss of
more than Rs.200cr to the national exchequer because of the
controversial 3G intra-circle roaming arrangements the company
signed with Vodafone and Idea. The issue refers to 3G intra-circle
roaming agreements signed by Bharti Airtel with the other two
telcos that allowed all three to offer 3G services across the country.
Dr Reddys falls after losing the Lunesta patent case in U.S.
Dr Reddy traded lower after the pharmaceutical company loses the
Lunesta patent case in U.S. Dainippon Sumitomo Pharma Co.’s
Sunovion won an appeals court ruling that Dr. Reddy’s Laboratories
generic version of the sleep aid Lunesta would infringe a patent that
expires next year. The U.S. Court said the trial judge erred in ruling
the Dr. Reddy’s version didn’t infringe the patent.
SBI clamps down on trade union activity
SBI terminated the check-off facility to its officers’ federation in its
Biggest clampdown on trade union activities in decades. Under the
check-off facility, SBI used to remit the subscription fee from
accounts of member officers to account of the association
Glenmark gets USD 9 mn fee from Forest Labs, stock up
Glenmark Pharmaceuticals shares see marginal gains on top of a 4
percent rally in previous session. The healthcare company received
a small research fee payment from Forest Laboratories Inc. The fee
is on the back of collaboration for the development of novel
mPGES-1 inhibitors to treat chronic inflammatory conditions to
support the next phase of work, says the company in its filing.
Havells gains 3%; Bank of America sees better Q2 numbers
Investors are buying shares of Havells India with the stock rising 3
percent. Bank of America Merrill Lynch says that the electrical
equipment manufacturer is likely to see better second quarter
earnings, which will stop phase of earnings downgrade. The
brokerage house sees increased visibility of expected 25 percent
EPS growth in FY14 and 16 percent growth in FY15
equity tips
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