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Bayer to acquire Monsanto in all cash transaction

Bayer to acquire Monsanto in all cash transaction

Sep 14,2016

Monsanto India announced that Bayer and Monsanto signed definitive agreement under which Bayer will acquire Monsanto for USD 128 per share in an all cash transaction.

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V-Guard Industries gains after fixing record date for issuing bonus shares
Mar 02,2017

The announcement was made after market hours yesterday, 1 March 2017.

Meanwhile, the S&P BSE Sensex was up 116.59 points, or 0.4%, to 29101.08.

On the BSE, 43,000 shares were traded on the counter so far as against the average daily volumes of 51,966 shares in the past one quarter. The stock had hit a high of Rs 237.25 and a low of Rs 230.25 so far during the day.

The stock had hit a record high of Rs 237.90 on 28 February 2017 and a 52-week low of Rs 79.10 on 1 March 2016. The stock had outperformed the market over the past one month till 1 March 2017, advancing 12.29% compared with the Sensexs 3% rise. The scrip had also outperformed the market over the past one quarter advancing 36.62% as against the Sensexs 9.13% rise.

The mid-cap company has equity capital of Rs 30.25 crore. Face value per share is Re 1.

V-Guard Industries announced that the company has fixed 16 March 2017 as the record date for the purpose of ascertaining the eligibility of shareholders for issuance of bonus shares in the ratio of 2:5 i.e, two bonus shares for every five held.

V-Guard Industries net profit rose 30.17% to Rs 27.96 on 10.38% increase in net sales to Rs 457.13 crore in Q3 December 2016 over Q3 December 2015.

V-Guard Industries makes consumer electrical and electronics products. The companys product range includes voltage stabilizer, digital UPS, inverter and inverter batteries, electric water heaters, solar water heaters, domestic pumps, agricultural pumps, industrial motors, domestic switch gears, distribution boards, wiring cables, industrial cables, induction cooktops, mixer grinders and fans.

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Sita Shree Food Products announces increase in FII/FPI investment limit
Mar 02,2017

Sita Shree Food Products announced that the Reserve Bank of India has on 01 March 2017 approved increase in FII/ FPI Investment limit under Portfolio Investment Scheme from 24% to 100%.

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Metal stocks advance
Mar 02,2017

National Aluminium Company (up 5.31%), Vedanta (up 2.64%), Hindustan Copper (up 1.56%), Hindalco Industries (up 1.53%), Jindal Steel & Power (up 0.75%), Steel Authority of India (up 0.55%) and NMDC (up 0.4%) edged higher. Hindustan Zinc (down 1.54%), JSW Steel (down 1.27%) and Tata Steel (down 0.36%) edged lower.

Meanwhile, the S&P BSE Sensex was up 102.15 points or 0.35% at 29,086.64. The S&P Metal index was up 0.65%, outperforming the Sensex.

China is the worlds largest consumer of steel, copper and aluminum.

The S&P BSE Metal index had underperformed the market over the past one month till 1 March 2017, advancing 1.52% compared with the Sensexs 3% rise. The index had, however, outperformed the market over the past one quarter, advancing 15.58% as against the Sensexs 9.13% rise.

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Devhari Exports (India) appoints company secretary and compliance officer
Mar 02,2017

Devhari Exports (India) announced that the Board of Directors at its meeting held on 01 March 2017 have appointed Hetal Vachhani as a Company Secretary and Compliance Officer of the Company.

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Moodys: China, Australia and Japan auto loan ABS markets stable; demonetization negative impacts Indian market
Mar 02,2017

Moodys Investors Service says that the performance of auto loans and auto loan asset backed securities (ABS) in China, Australia, and Japan is strong and stable, and should remain so, but to different degrees, with some sectors outperforming others, owing to diverging trends in economic growth.

However, demonetization had a negative impact on the performance of Indian auto ABS in December 2016 and the market will remain weaker than before the governments decision in November 2016 to remove all INR500 and INR1,000 notes from circulation.

The sectors performance should return to pre-demonetization levels over the course of 2017.

On issuance, for the Chinese market during Q4 2016, seven auto loan ABS transactions -- with a total aggregate portfolio of RMB24.5 billion -- were issued compared with only three in Q3 2016. Total issuance for 2016 was 20 transactions with an aggregate portfolio of RMB59.7 billion.

For the Australian market, three transactions were issued in Q4 2016, and a total of eight with an aggregate portfolio of approximately AUD6.1 billion for 2016.

In Japan, three transactions were issued in Q4 2016, with a total of 26 with an aggregate portfolio of JPY316 billion for 2016.

Moodys rated 10 auto ABS transactions across Asia Pacific in Q4 2016, which was the same as the number of deals we rated in Q4 2015. Moodys also upgraded the ratings of one Australian auto ABS and one Chinese auto ABS in Q4 2016.

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Dow breaks through the 21,000 mark
Mar 02,2017

U.S. stock-market indices closed at a new round of records on Wednesday, 01 March 2017 as investors welcomed President Donald Trumps conciliatory tone during his address to a joint session of Congress, despite a lack of details on his economic plans.Stocks even rose slightly higher following the release of the Feds Beige Book, which pointed out that business optimism has cooled a bit since the election.

The Dow Jones Industrial Average broke through the 21,000 barrier, surging 303.31 points, or 1.5%, to close at a record 21,115.55. The S&P 500 index rallied 32.32 points, or 1.4%, to close at a record 2,395.96 after reaching a new intraday high of 2,400.98. The Nasdaq Composite Index surged 78.59 points, or 1.4% to close at a record 5,904.03.

Dows gains were led by J.P. Morgan Chase, American Express, Travelers, ExxonMobil and Boeing. Nine of the 11 main sectors finished higher. Financials led gains, followed by energy stocks.

The surge for stocks, on the heels of Trumps speech, also comes as the expectation for a rate increase by the Federal Reserve as early as mid-March have increased significantly.

The Dow industrials ran from clearing 20,000 for the first time to clearing 21,000 in 24 sessions.

On the data front, a report on personal income and outlays showed that the cost of goods and services outpaced household income, with the year-over-year inflation rising to the highest level since 2012. Higher pace of inflation is another reason the Fed might be eager to go ahead with rate normalization sooner rather than later.

The manufacturing index from the Institute for Supply Management rose to 57.7% in February, its best level in more than two years. Meanwhile, construction spending declined 1% in January.

Trump delivered his address to Congress after the markets close Tuesday. In what many saw as a rather reserved speech, the U.S. president said he would push for around $1 trillion in infrastructure spending, and promised n++massive tax reliefn++ for the middle class and tax cuts for corporations. Otherwise, the speech was lacking in firm details about his economic plans.

Among stocks under focus, Best Buy shares finished down 4.5% after the consumer electronics retailer reported fourth-quarter sales that missed expectations. McDonalds Corp.s shares gained 1.1% as the fast-food giant unveiled a global growth plan at a meeting for investors in Chicago on Wednesday. Lowes shares led S&P 500 gainers, closing up 9.5% after the home-improvement retailers quarterly results topped Wall Street estimates.

The Beige Book, a collection of anecdotes about the economy gathered before the central bank makes interest-rate decision, showed that the spike in business optimism following the presidential election has cooled a bit.

Gold for April delivery fell $3.90, or 0.3%, to settle at $1,250 an ounce. Prices had posted a gain of roughly 3.5% for the month of February. Silver for May delivery rose 2 cents, or 0.1%, to $18.489 an ounce.

Oil prices finished with a modest loss on Wednesday, 01 March 2017 as U.S. government data revealed an eighth weekly climb in a row for crude stockpiles that was actually smaller than the market expected. Traders also weighed pressure from concerns over higher oil production in the U.S. against support from expectations that the market is tightening as a result of production cuts in the Middle East and Russia.

April West Texas Intermediate crude fell 18 cents, or 0.3%, to settle at $53.83 a barrel on the New York Mercantile Exchange, but it also traded as high as $54.34 shortly after the supply data. May Brent crude on Londons ICE Futures exchange fell 15 cents, or 0.3%, to end at $56.36 a barrel.

Early Wednesday, the U.S. Energy Information Administration reported an increase of 1.5 million barrels in domestic crude-oil supplies for the week ended 24 February 2017. Data from the government agency had already shown gains in each of the previous seven weeks and total crude inventories of 520.2 million barrels last week marks a new weekly record. Gasoline supplies declined by 500,000 barrels, while distillate stockpiles fell 900,000 barrels last week. Market had called for a drawdown of 1.7 million barrels for gasoline and a fall of 700,000 barrels for distillates.

On Thursday, investors will receive February Challenger Job Cuts at 7:30 ET and the weekly Initial Claims report at 8:30 ET.

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Wipro gains after completing sale of its EcoEnergy division
Mar 02,2017

The announcement was made before market hours today, 2 March 2017.

Meanwhile, the BSE Sensex was up 124.87 points, or 0.43%, to 29,109.36.

On the BSE, 22,301 shares were traded in the counter so far, compared with average daily volumes of 1.02 lakh shares in the past one quarter. The stock had hit a high of Rs 495 and a low of Rs 490.30 so far during the day.

The stock had hit a 52-week high of Rs 606.75 on 20 April 2016. The stock had hit a 52-week low of Rs 410 on 9 November 2016. It had outperformed the market over the past one month till 1 March 2017, rising 7.23% compared with the Sensexs 3% rise. The scrip had, however, underperformed the market over the past one quarter, gaining 4.38% as against the Sensexs 9.13% rise.

The large-cap company has equity capital of Rs 486.18 crore. Face value per share is Rs 2.

Wipro said that the impact of sale of EcoEnergy division is expected to reflect in the financials of Wipro for the Q4 March 2017 and year ending 31 March 2017 (FY 2017).

Separately, Wipro has issued clarification on news item appearing on leading news channel with regard to the company considering proposal for buyback of equity shares. The company clarified that as and when such proposals are approved by the board of directors, necessary disclosures shall be made. Wipro added that it does not have additional comments at this point in time. The clarification was issued after market hours yesterday, 1 March 2017.

Wipros consolidated net profit rose 2.04% to Rs 2109.40 crore on 0.93% decline in net sales to Rs 13764.50 crore in Q3 December 2016 over Q2 September 2016.

Wipro is a leading information technology, consulting and business process services company that delivers solutions to enable its clients do business better.

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Wockhardt drops after receiving warning letter from USFDA
Mar 02,2017

The announcement was made after market hours yesterday, 1 March 2017.

Meanwhile, the S&P BSE Sensex was up 125.42 points, or 0.43%, to 29,109.91.

On the BSE, 4.51 lakh shares were traded on the counter so far as against the average daily volumes of 2.08 lakh shares in the past one quarter. The stock had hit a high of Rs 729 and a low of Rs 701 so far during the day.

The stock had hit a 52-week high of Rs 1,129 on 21 July 2016 and a 52-week low of Rs 627 on 27 December 2016. The stock had outperformed the market over the past one month till 1 March 2017, advancing 16.91% compared with the Sensexs 3% rise. The scrip had, however, underperformed the market over the past one quarter advancing 6.62% as against the Sensexs 9.13% rise.

The mid-cap company has equity capital of Rs 55.27 crore. Face value per share is Rs 5.

Wockhardt said that the US Food and Drug Administration (USFDA) has issued a warning letter to Morton Grove Pharmaceuticals, USA, a stepdown subsidiary of the company. This would mean that current portfolio of the company will continue to be made available in the market, Wockhardt said. However, new approvals will be withheld till resolution. The company, with the help of the consultants, has already initiated appropriate measures since last several months to address the issues raised by USFDA, it said.

Wockhardt reported consolidated net loss of Rs 53.91 crore in Q3 December 2016, as compared to net profit of Rs 72.04 crore in Q3 December 2015. Net sales fell 7.3% to Rs 995.56 crore in Q3 December 2016 over Q3 December 2015.

Wockhardt is a research based and technology intensive global pharmaceutical and biotechnology company.

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DCM Shriram Industries gets revision in ratings for bank facilities and FD programme
Mar 02,2017

DCM Shriram Industries announced that Credit Analysis & Research has revised the Companys ratings for long term and short term bank facilities and fixed deposit programme as under -

Long term bank facilities - CARE A-; Stable (Revised from CARE BBB+)

Short term bank facilities - CARE A2 (Revised from CARE A3)

Fixed deposit programme - CARE A-; Stable (Revised from CARE BBB+(FD))

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DCM Shriram Industries gets revision in ratings for bank facilities and FD programme
Mar 02,2017

DCM Shriram Industries announced that Credit Analysis & Research has revised the Companys ratings for long term and short term bank facilities and fixed deposit programme as under -

Long term bank facilities - CARE A-; Stable (Revised from CARE BBB+)

Short term bank facilities - CARE A2 (Revised from CARE A3)

Fixed deposit programme - CARE A-; Stable (Revised from CARE BBB+(FD))

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Moodys announces rating assignment of (P)B1 to State Bank of Indias Additional Tier 1 capital securities component of MTN programme
Mar 02,2017

Moodys Investors Service announced today that on September 6, 2016, it assigned a (P)B1 rating to the perpetual capital securities component of the existing USD10 billion Medium Term Note (MTN) program of State Bank of India (SBI, deposits Baa3 positive, BCA ba1).

Prior to September 2016, Moodys had assigned a (P)Baa3 rating to the senior unsecured component, a (P)Ba1 rating to the subordinated component, a (P)Ba2 rating to the junior subordinated component, and a (P)Prime-3 rating to the short-term component of the MTN programme.

The terms and conditions of the capital securities incorporate Basel III-compliant non-viability language in accordance with Reserve Bank of India (RBI) guidelines, and will qualify as regulatory Additional Tier 1 (AT1) capital securities.

The securities can be issued by SBI directly, or by any of its branches outside India.

RATINGS RATIONALE

The rating is positioned three notches below the banks adjusted baseline credit assessment (BCA) of ba1, in accordance with Moodys standard notching guidance for contractual non-viability preferred securities with an optional, non-cumulative distribution-skip mechanism.

The three-notch difference from the adjusted BCA reflects the probability of impairment associated with non-cumulative coupon suspension, as well as the likelihood of high loss severity when the bank reaches the point of non-viability.

Under the terms and conditions, the principal and any accrued but unpaid distributions on these capital securities would be written down, partially or in full, when SBIs group or solo common equity tier 1 (CET1) ratio is at or below the 5.5% prior to March 31, 2019, and 6.125% from and including March 31, 2019. In such a scenario, the write-off may be temporary and the amount written-off could be reinstated subject to RBIs conditions.

While the CET1 trigger event threshold is higher than the global standard, Moodys does not consider these securities to be high trigger contingent capital securities, as the broad principle of loss absorption is at the point of non-viability and not in advance of a bank failure. In this regard, the ratings of the AT1 securities are notched from SBIs adjusted BCA.

Loss absorption will also be triggered in the event that the RBI notifies the bank that without such write-off, the bank would become non-viable, or if the RBI decides to make a public sector capital injection without which the bank would become nonviable. Additionally, such loss absorption will be triggered if RBI or any other relevant authority decides to reconstitute or amalgamate the bank with another bank. In such scenarios, the write-down will be permanent.

Furthermore, SBI, as a going concern, may choose not to pay interest on these securities on a non-cumulative basis. As such, the distributions on these capital securities are fully discretionary. However, a common share dividend stopper applies if a distribution is missed.

These securities are senior to common shareholders and perpetual non-cumulative preference shareholders, but junior to all depositors, general creditors, and holders of subordinated debt of SBI, other than any subordinated debt that qualifies as Additional Tier 1 capital. These securities rank pari passu with any other debt instruments classified as Additional Tier 1 Capital under the RBI Guidelines and with any subordinated obligation that was eligible for inclusion in hybrid Tier 1 capital under the then prevailing Basel II guidelines.

While SBI is majority-owned by the Indian government (Baa3 Positive), we do not assume that AT1 securities will receive extraordinary government support, as these are designed to absorb losses at the point of non-viability.

What Could Change The Ratings Up/Down

The ratings of the AT1 securities are notched from SBIs adjusted BCA. As such, the ratings of the securities will be upgraded or downgraded if SBIs BCA is revised upwards or downwards.

SBIs BCA is unlikely to be revised upwards in the next 12-18 months, because asset quality deterioration in recent years has put pressure on its credit profile.

SBIs BCA could face downward pressure if: (1) its NPL ratio increases substantially from current levels; and/or (2) if its core earnings fall, impacting its ability to support an increase in credit costs.

SBIs deposit ratings and ratings of senior unsecured debt could be upgraded if Indias sovereign rating of Baa3 is upgraded.

Additionally, any indications that support from the Government of India (Baa3 positive) has diminished or that additional capital requirements may arise beyond the governments budgeted amount could put the banks ratings under pressure.

Any downward changes in the sovereigns ceilings could also affect the banks ratings.

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Maruti Suzuki Indias Vitara Brezza achieves sales milestone
Mar 02,2017

Maruti Suzuki India announced that Vitara Brezza has crossed one lakh cumulative sales milestone in the domestic market.

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Maruti Suzuki Indias Vitara Brezza achieves sales milestone
Mar 02,2017

Maruti Suzuki India announced that Vitara Brezza has crossed one lakh cumulative sales milestone in the domestic market.

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Trigyn Tech surges after securing contract from Maryland IT dept
Mar 02,2017

The announcement was made after market hours yesterday, 1 March 2017.

Meanwhile, the S&P BSE Sensex was up 145.03 points or 0.5% at 29,129.52.

On the BSE, 9,685 shares were traded on the counter so far as against the average daily volumes of 41,453 shares in the past one quarter. The stock had hit a high of Rs 114.85 and a low of Rs 114.40 so far during the day.

The stock had hit a 52-week high of Rs 140.60 on 8 June 2016 and a 52-week low of Rs 48.60 on 29 February 2016. It had outperformed the market over the past one month till 1 March 2017, gaining 5.96% compared with the Sensexs 3% rise. The scrip had, however, underperformed the market over the past one quarter, advancing 8.16% as against the Sensexs 9.13% rise.

The small-cap company has equity capital of Rs 29.74 crore. Face value per share is Rs 10.

Trigyn Technologies, Inc, a wholly-owned subsidiary of Trigyn Technologies has been awarded a 12-year indefinite quantity fixed price & time & materials, consulting & technical services IT contract by the State of Marylands Department of Information Technology.

The contract award covers functional areas, which include, enterprise service provider, web & internet services, electronic document management, geographical information systems, software engineering, systems/facilities management and maintenance, information system security, application service provider, IT & telecommunications financial & auditing consulting services, IT management consulting services, business process consulting services, electronic benefits transfer, media & training center support and documentation/technical writing. The functional areas include 114 labor categories.

On a consolidated basis, Trigyn Technologies net profit fell 22.38% to Rs 8.08 crore on 0.71% growth in net sales to Rs 170.06 crore in Q3 December 2016 over Q2 September 2016.

Trigyn Technologies is an IT firm providing custom software solutions, managed services, staff augmentation and consulting services to clients in 16 countries across Asia, North America, Europe, and Africa.

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Bajaj Auto edges higher after posting tiny rise in February sales
Mar 02,2017

The announcement was made during market hours today, 2 March 2017.

Meanwhile, the S&P BSE Sensex was up 130.67 points or 0.45% at 29,115.16.

On the BSE, 5,604 shares were traded on the counter so far as against the average daily volumes of 16,483 shares in the past one quarter. The stock had hit a high of Rs 2,812.75 and a low of Rs 2,790 so far during the day.

The stock had hit a record high of Rs 3,122 on 9 September 2016 and a 52-week low of Rs 2,173.40 on 29 February 2016. It had underperformed the market over the past one month till 1 March 2017, sliding 2.93% compared with the Sensexs 3% rise. The scrip had also underperformed the market over the past one quarter, rising 3.27% as against the Sensexs 9.13% rise.

The large-cap company has equity capital of Rs 289.37 crore. Face value per share is Rs 10.

Bajaj Autos domestic sales fell 8% to 1.59 lakh units in February 2017 over February 2016. Exports rose 16% to 1.14 lakh units in February 2017 over February 2016.

On a consolidated basis, Bajaj Autos net profit fell 5.3% to Rs 976.82 crore on 8.6% decline in net sales to Rs 4975.56 crore in Q3 December 2016 over Q3 December 2015.

Bajaj Auto is one of the leading two-and three-wheeler manufacturers in India.

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