• Indian stock market and companies daily report (September 18, 2015, Friday)

    Indian markets are expected to open on a Positive note tracking the SGX Nifty and most global markets.

    The US markets were volatile and closed Thursday's trading session on mixed note after the upward move seen in two prior sessions. The US Federal Reserve's decision to keep policy interest rate unchanged amidst market turmoil, rising international risks and slow inflation at home resulted in markets closing in the unchanged zone.

    The majority of the European markets ended Thursday's session in the green. The investors remained cautious ahead of upcoming announcement from the Federal Reserve.

    Indian shares opened higher and traded in the positive zone throughout Wednesday, in-line with gains seen in global markets as traders awaited Federal Reserve decision on interest rates.

    Markets Today

    The trend deciding level for the day is 25,929 / 7,889 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 26,042 - 26,119 / 7,924 - 7,949 levels. However, if NIFTY trades below 25,929 / 7,889 levels for the first half-an-hour of trade then it may correct towards 25,851 - 25,739 / 7,864 - 7,828 levels.

    UltraTech Cement gets green nod for expansion of Maharashtra plant

    Aditya Birla Group flagship UltraTech Cement has got Environment Ministry's clearance to expand capacity at its Awarpur plant in Maharasthra, which would entail an investment of '248cr. The company has proposed to raise production of clinker, a raw material for cement manufacture, to 4.5 million tonnes per annum (MTPA) from the existing 3.30 MTPA, and increase cement output to 6 MTPA from 4.48 MTPA. The additional power required for the proposed expansion will be 5.1 MW. We expect this capacity to be added in FY2017 which will take its total capacity in India to 73 MTPA. This expansion will be in line with company's long term goal to increase capacity to 100 MTPA by FY2020. We maintain our positive view on the stock and currently have an Accumulate rating with a target price of '3,282.

    Govt mulls raising FDI limit in private banks to 100%

    To increase foreign funds inflows into the country, the government is considering to relax investment norms by increasing foreign direct investment (FDI) limit to 100% for private banks from existing 74%. One of the options being considered is allowing an additional 26% increase through the approval route. This will benefit Private sector banks in our Universe as this will entail further FII investment in Private sector banks and enhance their capital base. The current investment in HDFC Bank and ICICI Bank are already near the current limit and should aid further investments in the Banks.

    ENIL wins 17 FM channels; HT Media bags Delhi for '169cr

    Entertainment Network India Ltd (ENIL) appears to be the largest gainer in the first stage of the FM Radio Phase III e-auctions declared on 16 September 2015 with 17 channels in its kitty. HT Media was the bidder for the sole channel in Delhi, which it picked up for a whopping sum of '169.16cr. HT Media also bagged one of the two channels in Mumbai. The other went to Digital Radio (Mumbai) Broadcasting Pvt Ltd, which an affiliate of Sun TV Network.

    On the other hand, ENIL bagged the sole channel in Bengaluru along with two channels in Hyderabad, with one other channel in Hyderabad going to HT Media. ENIL also bagged the sole channel in Guwahati and one of the two in Jammu, the other going to Rajasthan Patrika. Rajasthan Patrika successfully bid for 14 channels, while Reliance Broadcast Network has got 14 channels and DB Corp Ltd has got 14 channels. Meanwhile, Music Broadcast Pvt Ltd has got 11 channels and HT Media has 10 channels. The others, who have successful bid are Digital Radio (Mumbai) Broadcasting, Abhijeet Realtors and Infraventures Pvt Ltd, Renderlive Films and Entertainment Pvt Ltd, Sarthak Films Pvt Ltd, Abir Buildcon Pvt Ltd, Mathrubhumi Printing and Publishing Co Pvt Ltd and Odisha Television Ltd.

    Bhubaneswar - the city, which got the maximum number of bids, has been bagged by Sarthak Films Pvt Ltd. The auction was stopped on the 33rd day after just one round, with 97 channels in 56 cities became provisional winning channels with cumulative provisional winning price of about '1156.9cr against their aggregate reserve price of about '459.8cr. The results of 91 channels in 54 cities were declared 16 September 2015 by the Information and Broadcasting Ministry. These results do not include the results of the bids by M/s Sun TV, South Asia FM and Kal Radio in compliance with the orders of the Madras High Court.

    The I&B ministry said the Centre had decided to file a special leave to appeal in the Supreme Court against the order of 26 July of the Delhi High Court in the petitions by Digital Radio (Mumbai) Broadcasting Ltd. & Digital Radio (Delhi) Broadcasting Ltd. respectively.

    Economic and Political News

    - Govt may allow state pension funds to invest more in equities

    - Govt will 'put to sleep' pending tax disputes: FM

    Corporate News

    - Fortis Healthcare to add 300-500 beds per year in near future

    - L&T gets '1,700cr job order to build Bangladesh power plant

    - Power Grid gets shareholders nod to raise '14,000cr in FY17

    - RBI grants approval to 10 entities for small finance banks

    Contributed by Angel Broking
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