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Reports India

Indian stock market and companies daily report (July 17, 2014, Thursday)

July 17, 2014, Thursday, 05:05 GMT | 00:05 EST | 08:35 IST | 11:05 SGT
Contributed by Angel Broking


Indian markets are expected to open on a flat note with tracking flat opening on SGX Nifty along with positive global cues.

U.S. stock indices ended in the positive territory on back of on better than expected Chinese economic data.

European markets ended in the positive territory on back of on easing Portugal bank fears and better than expected after China GDP growth figures which stood at 7.5%

Back home, Indian markets rose sharply after the Reserve Bank of India (RBI) eased financing norms for infrastructure lending.


Markets Today

The trend deciding level for the day is 25,466 / 7,599 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 25,686 - 25,822 / 7,666 - 7,707 levels. However, if NIFTY trades below 25,466 / 7,599 levels for the first half-an-hour of trade then it may correct 25,330 - 25,110 / 7,558 - 7,491 levels.


Sun Pharma buys US-based Pharmalucence

One of Sun Pharma's US subsidiaries has acquired Pharmalucence, a sterile injectable capacity in the US. Pharmalucence, a leading manufacturer of radiopharmaceuticals, has developed a few injectables indicated for cancer treatment. Pharmalucence is engaged in contract and private label formulation development and manufacturing services of non-cytotoxic human injectables in either liquid or lyophilized form. In mid-2007, Pharmalucence was created via the management buy-out of CIS-US (incorporated in 1985 to commercialise medical applications from isotopic technologies by three long-term employees to become both contract manufacturing organization (CMO) and a leading manufacturer of radiopharmaceuticals. In 2011 and 2012, Pharmalucence received FDA approval for two new indications for its Sulfur Colloid product. Sulfur Colloid is indicated to assist in the localization of lymph nodes draining a primary tumor in patients with breast cancer or malignant melanoma. This acquisation, is positive for the company as it gives the company an acesss to the injectible space, while the numbers are avaivble the acquisation is unlikley to big for the company. We maintain our neutral view on the stock.


Result Preview

TCS (CMP: Rs.2,401/ TP: Rs.2,778/Upside: -15.7%)

TCS is slated to announce its 1QFY2015 results today. We expect the company to post 4.8% sequential growth in USD revenues to US$3,671mn, mostly volume lead. In rupee terms, revenues are expected to come in at Rs.21,944cr, up 1.8% qoq. EBITDA margin is expected to show decline of ~202bp qoq to 27.1%. Consequently, PAT is expected to be at Rs.4,807.3cr, a dip of 9.2% qoq. We maintain our buy rating on the stock with a target price of Rs.2,778.


Economic and Political News

- June exports rise 10.22% to US$26.4bn

- Govt clears 19 FDI proposals entailing Rs.2,327cr investment

- MP govt disburses Rs.2,128cr to hailstorm affected farmers


Corporate News

- Sun Pharma buys US-based Pharmalucence

- FTIL sells MCX 4% stake for Rs.154cr

- Adani Ports gets environment nod for 8,481 hectare special eco zone