Fortis releases audited Q4 and FY18 results, auditor raises red flags

The beleaguered healthcare provider, as per the audited financial statement, reported a loss of Rs 932 crore for the fourth quarter ended March impacted by continuing business challenges, impairments and provisions

Fortis Healthcare on Saturday released audited results for Q4 and FY18, largely in line with the unaudited financials it announced on June 27.

The company said the audited financial statements have been released on the completion of the additional review of certain internal processes which were being undertaken at the request of the board of directors.

The release of audited accounts will hasten the process of company's sale. The last date for submission of bids ended early this week.

"As expected, there has been no change in the figures reported in the audited financial statements compared to the unaudited results announced," the company said in a statement.

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Source: https://www.moneycontrol.com/news/business/fortis-releases-audited-q4-and-fy18-results-auditor-raises-red-flags-2683331.html

Market Live: Sensex up 150 pts despite global weakness; HDFC twins, RIL lead

Asian markets are under pressure amid trade tensions.

European stocks were slightly lower Wednesday morning, amid elevated tensions between the US and China over looming trade tariffs and investment restrictions.

France's CAC, Germany's DAX and Britain's FTSE fell 0.1-0.4 percent.

Market focus is largely attuned to the ongoing US-Sino trade row, with investors concerned that the dispute could soon derail a rare period of synchronized global growth. At the end of the trading week, Washington is set to impose tariffs on $34 billion worth of goods from Beijing. China is then expected to respond with charges of its own on US products.

In Asia, equities slipped amid escalating fears of a full-blown trade war. MSCI’s broadest index, excluding Japan, edged around 0.3 percent lower on Wednesday, reports CNBC.

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Tata Steel rises 3% on JV agreement with German company; CLSA maintains buy

JV company will be positioned as a leading pan European high quality flat steel producer with a strong focus on performance, quality and technology leadership to support customers’ sustainability ambitions.

Shares of Tata Steel rose more than 3 percent in the early trade on Monday as company signed joint venture (JV) agreements to create new steel champion in Europe.

Tata Steel has approved the terms to create a 50:50 joint venture which will combine the European steel businesses of the company and thyssenkrupp AG and has adopted resolutions for the signing of the definitive agreement, company said in release.

The formal execution of the definitive agreements is expected shortly.


JV company will be positioned as a leading pan European high quality flat steel producer with a strong focus on performance, quality and technology leadership to support customers’ sustainability ambitions.


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Source: https://www.moneycontrol.com/news/business/markets/tata-steel-rises-3-on-jv-agreement-with-german-company-clsa-maintains-buy-2658081.html

NCDEX SUPPORT & RESISTANCE LEVEL

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IndusInd Bank hits record high after acquisition of IL&FS Securities Services

The bank acquired securities business for an undisclosed amount.

IndusInd Bank share price hit a fresh record high of Rs 1,995 in the opening after the private sector lender decided to acquired infra lender IL&FS' brokerage business. However, the stock price immediately wiped out those opening gains to trade 0.33 percent lower at Rs 1,977 on the BSE, at 09:30 hours IST.

The city-based lender, which has recently got the final nod for a merger with microlender BFIL, has received the Reserve Bank go-ahead for acquiring IL&FS Securities Services, it said in a statement.

"The acquisition will help us scale up the present capital market business in the bank and bring new specialised products, hitherto not offered by us, to our clients," said Romesh Sobti, managing director and chief executive officer, IndusInd Bank.

Incorporated in 2007, the brokerage offers clearing of exchange traded derivatives, depository and custodial services and has over 1,000 broker client accounts, FPIs and FIIs, the statement said, adding that its platform sees three million transactions a day.

It had clocked revenues of Rs 324.5 crore in FY18 versus the previous fiscal's Rs 342.65 crore, and a post tax net of Rs 45 crore.

The bank acquired securities business for an undisclosed amount. A definitive agreement for acquisition of 100 percent ownership against cash has been signed.

IndusInd Bank said it would take up to three months to complete the acquisition.

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Source: https://www.moneycontrol.com/news/business/markets/indusind-bank-hits-record-high-after-acquisition-of-ilfs-securities-services-2638981.html

INTERNATIONAL MARKET UPDATE

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Market Live: Sensex opens 100 pts lower; Asia under pressure on crude worries

Asian markets are under pressure amid escalated trade tensions between US and China and crude worries.Shares of PNB Housing Finance fell over 3.5 percent in the morning trade after the lender clarified that it was not aware of any talks to sell controlling stake to HDFC or Kotak Mahindra Bank.

"The company is not aware of any such negotiations. We would like to state that the company does not have any information on the news item published," the company said in an exchange notification.

The share had rallied on Monday, around 15 percent, on the back of media reports that the bank’s controlling stake was up for grabs. However, senior management at HDFC and now at PNB Housing Finance have clarified that no such talks are underway.

According to a report on The Economic Times, both the lenders were competing for a controlling stake in PNB Housing Finance in a bid to get better access to mortgage market.

The report further added, quoting sources, PNB and Carlyle were looking to sell their 66 percent stake to a large investor. The deal is expected to fetch them about Rs 6,000 crore each, the people said.

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Source: https://www.moneycontrol.com/news/business/markets/market-live-sensex-opens-100-pts-lower-asia-under-pressure-on-crude-worries-2633361.html

Opening Bell (26 June 2018)

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Closing Bell (25 June 2018)

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INTERNATIONAL MARKET UPDATE:

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Opening Bell (25 June 2018)

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Bajaj Finance market cap sails past Axis Bank

Bajaj FinanceNSE 3.48 % on Friday surpassed Axis BankNSE 2.46 % in market value for the first time. The market capitalisation of the finance company stood at of Rs 134,952 crore on Friday after the stock gained 3.5 per cent to close at Rs 2,335. Axis Bank’s market capitalisation ended at Rs 134,725 crore. This makes Bajaj Finance the sixth most valuable company in the banking, financial services and insurance (BFSI) sector in India. Bajaj Finance, which gained 33 per cent so far this year as compared to a 4 per cent rise in the Sensex, is currently trading at a price-to-book ratio of 8, making it one of the expensive stocks in the BFSI space.

Though valuations of Bajaj Finance are not cheap, analysts remain positive about its prospects.

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Source:https://economictimes.indiatimes.com/markets/stocks/news/bajaj-finance-market-cap-sails-past-axis-bank/articleshow/64707564.cms

Pharma comes out of shell & it’s not more a bitter pill

India’s pharmaceutical sector is now popping out from a shell and making a remarkable recovery. Actually, it has been facing several regulatory challenges in the forms of a recast of foreign direct investment (FDI) policy, pricing policy in the US generics market, patent protection, regulatory approvals and compulsory licensing. 
Also limited new product launches in the generics space, GST introduction and higher costs associated with regulatory compliance have hurt the sector. 

The government has been engrossed more in policy making and taking resilient decisions for the concerns of the pharma industry. Recently, the government proposed to introduce a new price index for pharmaceutical products, which would serve as a benchmark for determining prices of all medicines sold in the country. 

Meanwhile, pharma companies’ constant investments in R&D have enabled them to develop a basket of robust products for markets across the world. In international markets, pricing pressure on generics sold in the US has eased and this is likely to support the sector. 

Domestic pharma sales grew to Rs 10,583 crore in May 2018 from Rs 9,549 crore in the same month last year. The recent clearance by the US Food and Drug Administration to Sun Pharma’s manufacturing plant at Halol in Gujarat brings to an end a two-year import ban it had imposed on the company over quality issues. This is likely to increase sales for the company

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Source:https://economictimes.indiatimes.com/markets/stocks/news/pharma-comes-out-of-shell-its-not-more-a-bitter-pill/articleshow/64707827.cms

MCX SUPPORT & RESISTANCE

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Opening Bell (20 June 2018)

SENSEX UP +43.30 @ 35330.04

NIFTY FUTURES UP +20.00 @ 10740.00

BANKNIFTY FUTURE UP +57.00 @ 26315.00

USDINR 68.09

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Market Live: Sensex mildly higher; rupee hits 3-week low; Alembic Pharma rallies

Asian markets are cautiously mixed ahead of expected US tariffs.

Tariffs on Chinese Goods: US President Donald Trump has approved tariffs worth USD 50 billion on import of goods from China.
A formal announcement in this regard is expected to be made by the US Trade Representatives today with a notification in the Federal Register in the coming weeks. The move is likely to attract retaliatory action by China.
Trump's approval in this regard followed a 90-minute meeting he had with Commerce Secretary Wilbur Ross, Treasury Secretary Steven Mnuchin and US Trade Representatives Robert Lighthizer yesterday. The meeting also included representatives of the National Security Council, reports PTI.



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Source: https://www.moneycontrol.com/news/business/markets/market-live-sensex-mildly-higher-rupee-hits-3-week-low-alembic-pharma-rallies-2592081.html

Closing Bell (13 June 2018)

SENSEX UP +46.64 @ 35739.16

NIFTY FUTURE UP +9.95 @ 10849.00

BANKNIFTY FUTURE UP +35.05 @ 26651.20

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Sun Pharmaceutical gains 3% post EIR from USFDA for Halol facility

The company has received the EIR (establishment inspection report) from the USFDA for the inspection conducted at its Halol facility (Gujarat, India) during the period February 12-23, 2018.

Share price of Sun Pharmaceutical Industries added 3 percent in the opening trade on Wednesday as company received EIR from USFDA for its Halol facility.

The company has received the EIR (establishment inspection report) from the USFDA for the inspection conducted at its Halol facility (Gujarat, India) during the period February 12-23, 2018.

The agency concluded that the inspection is now closed and the issues contained in the warning letter issued in December 2015 have been addressed, company said in release.

Dilip Shanghvi, Managing Director of Sun Pharma said, “This is an important development for Sun Pharma. We remain committed to following the highest levels of quality and 24x7 cGMP compliance at all our manufacturing facilities globally."

The EIR will allow Sun Pharma to restart supplies from the Halol facility to the US.

Prior to the warning letter, Halol was contributing about USD 400 million in sales, which was nearly 15 percent of the company's total sales. The facility’s contribution later declined to about USD 250 million. US alone has contributed around 40 percent of Sun Pharma overall sales in FY18.

At 09:18 hrs Sun Pharmaceutical Industries was quoting at Rs 556.75, up Rs 16.25, or 3.01 percent on the BSE.

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Indian rupee opens lower at 67.45 per dollar

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