• Indian stock market and companies daily report (September 30, 2015, Wednesday)

    Indian markets are expected to open on a positive note tracking the SGX Nifty and the Asian cues.

    The U.S. stocks closed mixed, attempting to stabilize after a sharp sell-off, as commodities recovered slightly but biotech stocks failed to hold gains. The Dow Jones industrial average and S&P 500 ended higher, while the Nasdaq closed lower. The major averages fluctuated between gains and losses throughout the day.

    The European markets ended with mixed results, following yesterday's sharp decline. Mining stocks regained some ground, after weak Chinese economic data yesterday sparked a drop in commodity prices. However, pharmaceutical stocks turned in a weak performance, due to the weakness in U.S. pharma and biotech stocks.

    Indian stocks shrugged off global growth worries to end notably higher after the Reserve Bank of India (RBI) surprised markets with a 50 basis points cut in the repo rate, against market expectations of a 25 basis points cut, on the back of cooling inflation and the FOMC's decision on Sep 17 to leave interest rates unchanged. This marks the fourth repo rate cut by the RBI since January 2015.

    Markets Today

    The trend deciding level for the day is 25,707 / 7,820 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 26,126 - 26,474 / 7,950 - 8,056 levels. However, if NIFTY trades below 25,707 / 7,820 levels for the first half-an-hour of trade then it may correct towards 25,359 - 24,940 / 7,714 - 7,585 levels.

    Power Grid commissions first power transmission express highway

    The state owned Power Grid Corporation of India completed the construction and started power supply in its first 'Power Transmission Express Highway' or the longest HVDC power transmission corridor connecting northern states with north eastern region. The corridor would facilitate to and fro power supply as per seasonal demand and supply position.

    The corridor would help transmission of 6,000 Mw of power. However, currently, around 1,700 Mw of power flow is taking place. The 1,750 km HVDC line traverses through 3 regions, 4 states and around 40 rivers. This massive line consists of 7000 locations. Power Grid said that this high capacity transmission link is the world's largest multi-terminal 800kV HVDC Project, which comprises of 3,000 Mw HVDC terminals each at Biswanath Chariyali & Alipurduar and a 6000 Mw terminal at Agra. The company is building two more such corridors connecting Chhatisgarh with Haryana and Tamil Nadu respectively are under construction. North Eastern Region together with Sikkim and Bhutan has a large hydro generation potential to the tune of 65,000 MW. We currently have a Buy rating on the stock.

    Hero Motocorp to launch two new scooters in the festive season

    Hero MotoCorp unveiled two scooters developed in-house on new platforms, as the company expands its presence in the fast growing scooter segment. It will launch "Maestro Edge" and "Duet" in the festive season starting October. The full-metal-body 1 10cc Duet would be pitched directly against market leader Honda's Activa. The Maestro Edge, also with a 110cc engine, will be launched across markets starting October 13. The LX version will have a starting price of '49,500 before local levies and insurance in Delhi, while the VX variant will cost '50,700. The market launch of the Duet will follow thereafter and the company hasn't announced its price yet.

    Hero currently has two scooters (Pleasure and the Maestro) which were developed using Honda's technology, as the companies had such an agreement when they split up in 2010. Hero's current share in the scooters stands at 13% and the new products would enable it to further gain market share. We currently have an Accumulate rating on the stock.

    Economic and Political News

    - India trumps China, US in wooing FDI worth $31 billion during H1 FY1 6: Report

    - Revenue sharing for marginal fields will increase operators' risks: ICRA

    - Sebi opens registration for commodity brokers

    Corporate News

    - Reliance Jio Raises '3,500 cr via Debentures

    - NMDC to set up a gold refinery in Tanzania next year

    - Renuka Sugar's Brazilian arm applies for bankruptcy protection

    Contributed by Angel Broking
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