TOP CORPORATE NEWS 04 Septmber 2014

·        JP Associates drops on Stake Sale

Jaiprakash Associates drop over 19%, after Jaypee Infra Ventures sold 1,34,89,693 shares of Jaiprakash Associates at Rs46.33 on the NSE.

·        DLF falls 9%, Haryana govt cancels 350-acre land allotment

DLF tumbled 9 percent as worried investors are offloading the stock after the Haryana government cancelled the 350-acre land allotment made to the company in 2010.

·        PNB undertakes Rs500 crore fund raising

PNB announced that the Bank is raising Rs. 500 crore Tier-II Basel III compliant Bonds at an annual coupon of 9.35% on Private placement basis from 04 September 2014 to 09 September 2014 through five arrangers.

·        TVS Motor gains after BofAML ups target to Rs 235

Shares of TVS Motor were up 5% following a buy rating on the stock by global brokerage BofA Merrill Lynch because of strong business prospects and at current levels valuations are attractive to its peers.

INDIAN BENCHMARKS end at Record High… Nifty closes above 8100

INDIAN EQUITY BENCHMARKS record high as software exporters such as Infosys rallied after strong US manufacturing and construction data, while continued foreign buying and falling oil prices also helped.

·         Bharti Airtel was up 3% after the company said its arm signed an agreement to acquire over 2.7 million subscribers of yuMobile.

·         Further, Shares of Tata Motors gained nearly 3%, after a slew of rating upgrades. Morgan Stanley upgrades the stock to Overweight from Equal-weight.

The crucial resistance for Nifty is now seen at 8140 and above this 8165. Support for the immediate term is now placed at 8090 and next support will be 8040.

INDIAN BENCHMARKS ends August series with modest gains

INDIAN EQUITY BENCHMARKS ended with amid volatility as monthly derivative contracts expired today and investors eyed GDP April-June quarter data scheduled for release tomorrow.

•    Shares in NHPC Ltd surged as much as 6.4 per cent as Traders focus could shift to hydro power as an alternative to coal in electricity generation.

•    Further, SKS Microfinance Ltd's shares rose 2.2 percent after Morgan Stanley initiated coverage with an overweight rating saying India's microfinance industry has $90 billion demand potential.

The crucial resistance for Nifty is now seen at 7970 and above this 8010. Support for the immediate term is now placed at 7940 and next support will be 7910.

MORNING MAIL 27 August 2014

INDIAN BENCHMARK open on a bullish note tracking a firm trend across markets in Asia after reports from US indicated that the world’s largest economy is strengthening.

FURTHER, Shares of defence equipment makers rose after the government notifies increase in FDI limit to 49% through approval route in the defence sector. ONGC rose over 2%, on hopes of reforms on subsidies and gas prices ahead of ONGC's share sale.

Trend in FII flows: The FIIs were net buyers of Rs 192cr in the cash segment on Tuesday while the DIIs were net sellers of Rs. 259cr, as per the provisional figures released by the NSE.

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