Reliance Communications shareholders approve asset monetization

Reliance Communications Limited (RCOM) on Friday announced that the Company’s shareholders approved the monetization of its assets.

RCOM announced the results of the postal vote on Thursday, February 15, through which the shareholders approved the resolution to monetize the Telecom Infrastructure, Towers, Spectrum, Fiber and other assets with a vast majority of 99.91%, RCom said.  Post the other asset sales, RCom will consist of a steady and profitable B2B focused biz, in the world.

Shares of RCom are trading at Rs 28.35, by Rs. 1.61 or 0.45% on Exchanges by 3.05 pm. The scrip opened at Rs. 28.45 and has touched a high of Rs. 29 and low of Rs 27.65. 

Nifty closes over 9200 for first time ever, Sensex closes 90 points

Indian market registered modest gains in the first trading session of the week. The BSE Sensex, advanced 289 points or 0.98% at 29,910.22, The NSE-Nifty-50 index rose 64 points or 0.7% at 9,237.85. BSE Mid-cap Index closed up 0.6% at 14,189 while, BSE-Small-cap Index closed up 1.2% at 14,620. Reliance, L&T, ICICI, and HDFC were the top contributors to the Nifty gains. About 1244 advanced, 428  shares declined  and 269 shares  unchanged on NSE, reflecting bullish sentiment floating in the market.  L&T was the top Nifty gainer whereas, Bharti Airtel was the top Nifty loser today.  Bharti Airtel closed at Rs 342 p

er share up by Rs 7 and Infosys closed at Rs 1,009 per share up by Rs 11.

Indian rupee strengthened to its highest in nearly 1 ½ years and bonds rallied.  Foreign Portfolio Investors (FPIs) pumped in a record Rs. 57,000 crore in Indian capital markets in the month of March, the biggest monthly total since 2002, as per stocks depository services provider NSDL.

NSE index rose about 0.51% to a record high of 9,220.65 points, exceeding its previous landmark of 9,218.40 points hit on 17 March. The bonds have also rallied, reflecting the benchmark ten-year bond yield down near 14 bps to 6.55%.

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Weekly Stock Recommendation by Money Maker Research

Indian equity markets registered modest gains in the week ended Friday, 13 May 2016 buoyed by the passage of key egislation viz. the Insolvency and Bankruptcy Code, 2016 by the government in the Parliament which is expected to help creditors recover bad debt faster. The market gained in three out of five trading sessions. The Nifty rose 81.45 points or 1.05% to settle at 7,814.90.

On the macro front, the data on Thursday, 12 May 2016 showed acceleration in consumer price inflation in April 2016. Inflation based on consumer price index (CPI) surged to 5.39% in April 2016 from six months low of 4.8% recorded in March 2016.  

On The F&O Front :  

Weekly data shows in the past trading sessions, we have seen strong Put writing at 7600/7700/7800 strikes & major Call writing at 8100/800/7900 strike indicating a range bound session for market, in the near term.  

On Technical Front: 

On Nifty weekly chart strong support is seen at 7780. If it breaks with high volume, more bearishness is expected.  

Nifty Directional:

Sell Nifty Future below 7775, Target 7725, 7675, Stop-Loss 7875. 

WEEKLY STOCK RECOMMENDATION:

BUY PFC FUTURE ABOVE 176.5,TARGETS:179,181.5,184, STOPLOSS-171.5 

BUYSTAR FUTURE ABOVE 1200 TARGETS 1207.5,1215,1222.5 STOPLOSS 1185  

SELL HINDALCO FUTURE BELOW 89.25 TARGETS 87 , 84.75 , 82.5 STOPLOSS 93.75

Government cuts interest rate on PPF

A cut has been announced on interest rates on small savings. PPF interest rates have been reduced from 8.7% to 8.1%, while that on 5 year recurring deposit has been reduced to 7.4% from 8.4%. 

The interest rate on Kisan Vikas Patra has been slashed to 7.8% from 8.7%. 

Besides, the government also has slashed interest rates on 3-year time deposit to 7.4% from 8.4%; 5 year time deposit to 7.9% from 8.5% and on girl child scheme to 8.6% from 9.2%. 

Agri RM seed prices declined on fresh arrival in the spot market

RM Seed Apr’16 futures at NCDEX platform yesterday opened on a positive note however it traded down for most part of the day. The prices closed down as higher arrivals of fresh RM Seed crops weigh on the prices.

For today, we expect RM Seed futures at NCDEX to trade on a lower note. The arrivals of fresh mustard crops are increasing at major physical markets in the major producing regions. Higher supplies of domestic mustard oil amid steady demand may pressurize its prices.