AAP names Bhagwant Mann as Punjab president; Khaira stops posts

Chandigarh/New Delhi: The Aam Aadmi Party(AAP) on Monday reported Sangrur MP Bhagwant Mann would be its new Punjab unit president and AAP lawmaker and mogul representative Aman Arora the co-president.

"The Political Affairs Committee (PAC) of Aam Aadmi Party today endorsed guide to patch up the Punjab unit of the gathering and chosen to delegate Bhagwant Mann, MP from Sangrur, as state President (convener) and Aman Arora MLA from Sunam as Co-President (Co-Convener).

"Sarabjit Kaur Manuke MLA from Jagraon has been delegated Deputy Leader of the Legislature party in Vidhan Sabha," an AAP representative said in Chandigarh.

The PAC, headed by AAP national convener Arvind Kejriwal, affirmed the new arrangements after marathon meeting with AAP administrators, zone in-charges and heads of frontal associations of its Punjab unit.

"The national administration held balanced gatherings and aggregate chat with MLAs and other office bearers before taking ultimate conclusions in the PAC," the representative included.

"In another huge choice, the gathering has chosen to constitute isolate PAC for Punjab so that the state unit may take its free choices of political issues Apertaining to express," the representative said.

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Sensex, Nifty end flat; bank, oil & pharma stocks drag

3:30 pm Market close: The market ended flat with oil & gas stocks dragging major indices. The Sensex was up 40.95 points at 29135.88 and the Nifty was up 3.85 points at 8809.35. About 1336 shares advanced, 1584 shares declined and 195 shares were unchanged.

ITC gained 3 percent while TCS, Bharti, HUL and HDFC were top gainers in the Sensex. Among the losers were Sun Pharma, ICICI Bank, Hindalco, Hero and Axis Bank.

3:10 pm PSU capitalisation: PSU banks will have to raise funds from the capital market to meet capital requirement norms in absence of adequate financial support from the government in the forthcoming Budget, rating agency Moody's said today. For the current fiscal, the government has earmarked Rs 11,200 crore for capital infusion in state-owned banks. Of that the government has said it will soon infuse Rs 6,990 crore in nine banks including SBI, Bank of Baroda (BoB) and Punjab National Bank (PNB).

"Unless the government materially increases the capital allocation to state-owned banks in the next budget, the only way these banks can improve their capital ratios is by accessing equity capital markets," Moody's Investors Service said. The government in the current fiscal has adopted new criteria in which the banks which are more efficient would be rewarded with extra capital so that they can further strengthen their position. The capital infusion has been decided based on the performance of the bank.

3:00 pm Fund raising: Private sector lender Yes Bank today said it will be raising Rs 500 crore through issuance of "green infrastructure bonds", which will be deployed to fund renewable energy and energy efficiency projects.

The bank claimed it is the first such issue in the country and the money will be used to fund solar power, wind power, biomass, and small hydel projects. The bond will have a tenor of ten years, it said in a statement, adding the issue has already been launched.

The city-headquartered lender said it had made a commitment to fund 5,000 MW of renewable energy projects during the recent summit organised by the Government and added the proceeds from the issue will be used to fund the same.

2:30 pm New patent: Pharmaceutical firm Suven Life Sciences has been granted one patent each by Australia, Canada, Japan and New Zealand for its drug used in treatment of neurodegenerative diseases. "Secured patents in Australia, Canada, Japan and New Zealand to one of their New Chemical Entity (NCE) for CNS therapy through new mechanism of action H3 Inverse agonist," the company said in a BSE filing. These patents are valid until 2030, it added.

Neurodegenerative diseases include Alzheimer's disease, Schizophrenia and Parkinson's disease. The granted claims of the patent include the class of selective H3 ligands discovered by Suven and are useful in treatment of cognitive impairment associated with neurodegenerative disorders, the statement said.

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The Sensex is up 128.85 points at 29223.78 and the Nifty is up 31.55 points at 8837.05. About 1287 shares have advanced, 1477 shares declined and 212 shares are unchanged.

M&M, ITC, HDFC, Bharti Airtel and TCS are top gainers in the Sensex. Among the losers are Sun Pharma, Hero, Reliance, ICICI Bank and Axis Bank.

Oil stocks are down as Finance Minister Arun Jaitley may look at re-imposing 5 percent customs duty on crude oil imports to shore up revenues by USD 3 billion and create a level-playing field for domestic producers.

Presently, the government does not levy any import or customs duty on crude oil imports. On the other hand, domestically produced crude oil attracts two percent central sales tax, something which imported oil is exempted from.

Gold extended gains to a third session, bolstered by safe-haven bids amid a softer dollar and jitters ahead of negotiations regarding Greece's future in the euro zone.

Traders were eyeing a meeting of euro zone finance ministers in Brussels later on Monday to find common ground with Greece's new government, elected on a pledge to scrap the austerity strictures of Greece's international bailouts.

If the meeting produces no results, there is a concern that Greece will be headed for a credit crunch that would force it out of the euro zone.

Sensex, Nifty flat; Hero, ICICI Bank, Infosys drag 1-2%

The market has gone flat as the Sensex is up 89.42 points at 29184.35. The Nifty is up 23.10 points at 8828.60. About 1257 shares have advanced, 1386 shares declined, and 199 shares are unchanged.

M&M, Bharti Airtel, ITC, HUL and Tata Steel are top gainers in the Sensex. Among the losers are Sun Pharma, Hero Motocorp, ICICI Bank, Axis Bank and Infosys.

Wholesale prices declined an annual 0.39 percent in January, their second fall in three months, on the back of a sharp correction in oil prices, government data showed. The reading for November wholesale price inflation was revised to -0.17 percent from 0.0 percent earlier.

Oil prices steadied as Japan's economy emerged from recession and as strong demand for refined products translated into healthy orders for crude.

Japan's economy rebounded from recession in the final quarter of last year, supporting oil prices, even though the data was weaker than expected. Analysts said that healthy demand for refined products was also buoying crude markets.

Sensex ends up 290pts, Nifty above 8800; SBI, M&M gain 5-8%

3:30 pm Market closing

The market ended with some hefty gains boosted by banks, auto and pharma stocks. The Sensex ended up 289.83 points or 1 percent at 29094.93 and the Nifty was up 93.95 points or 1 percent at 8805.50. About 1450 shares advanced, 1436 shares declined and 198 shares were unchanged.

SBI surged 8 percent while M&M was up 5 percent. TCS, Coal India and Wipro are other gainers in the Sensex. Among the losers are GAIL, BHEL, ONGC, HDFC Bank and Infosys.

03:00 pm Earnings: Indian Oil Corporation's (IOC) third quarter losses widened to Rs 3,285 crore from Rs 961.5 crore in the year-ago period due to higher inventory loss.

Net sales of the state-run oil marketing company declined to Rs 1.07 lakh crore during October-December quarter from Rs 1.17 lakh crore in the year-ago period.

Oil retailer IOC says gross refining margin for April-December period was negative USD 2.66 a barrel (against USD 4.97 a barrel in the year-ago period) mainly on account of inventory valuation loss of Rs 15,017 crore during the period.

02:50pm Germany GDP growth

Germany grew by a much stronger than expected 0.7 percent in the fourth quarter of 2014, with domestic demand lifting Europe's largest economy out of its mid-year lull to take growth for the whole year to 1.6 percent and raise hopes of a strong 2015.

Quarterly GDP beat not only the consensus forecast for 0.3 percent in a Reuters poll, but also all individual estimates. The overall growth rate for 2014 overshot the Statistics Office's January estimate of 1.5 percent.

Unadjusted data showed the economy grew by 1.6 percent on the year in the fourth quarter, also far exceeding the consensus forecast in a Reuters poll for 1.0 percent growth. Third-quarter data growth was confirmed at a previously reported 0.1 percent, reports Reuters.

02:30pm Sun Pharma gains ahead of Q3 nos

Sun Pharmaceutical Industries will announce its third quarter earnings on Saturday. According to a  poll, net profit of the drug maker may rise 7 percent year-on-year to Rs 1,638 crore during October-December quarter, impacted by lower operating performance.

Revenue is seen climbing 13.1 percent to Rs 4,879 crore in December quarter from Rs 4,312 crore in corresponding quarter of last fiscal.

During the quarter, its US subsidiary Taro Pharmaceutical Industries had reported a 28.7 percent growth in bottomline and 11.3 percent growth in revenue.

Hence, analysts expect US business growth to be similar to second quarter (largely led by Taro) at 13-15 percent Y-o-Y. However, ex-US revenue may be weak as drugs such as Doxycycline could continue recording a decline. In Q2FY15, US Business was up 14.8 percent Y-o-Y to USD 481 million.

Domestic sales growth, however, is expected to be maintained at around 19-20 percent in Q3. In previous quarter (Q2), domestic formulations were steady with a growth 21 percent at Rs 1,154 crore Y-o-Y (constituted 23 percent of sales).

02:00pm Market Check

The market continued to trade sharply higher with the Sensex rising 304.68 points or 1.06 percent to 29109.78 and the Nifty climbing 98.80 points or 1.13 percent to 8810.35. The broader markets gained too; the BSE Midcap and Smallcap indices rose 0.9 percent and 0.5 percent, respectively.

About 1424 shares have advanced, 1344 shares declined, and 196 shares are unchanged on the Bombay Stock Exchange.

Abhay Laijawala of Deutsche Equities is bullish on the market going into the Budget, saying sectors like infrastructure, banks & financials and urban consumption will be key beneficiaries.

Big boy SBI surged 7 percent after posting a stellar set of earnings in the third quarter. Asset quality remained stable as fresh slippages and restructuring came in lower than Q2 for India's largest public sector bank.

Another strong set of earnings came in from Mahindra & Mahindra. The stock traded 4 percent higher after its third quarter earnings beat estimates. An exceptional gain of Rs 300 crore aided profit.

State-run oil retailer Bharat Petroleum Corporation has turned profitable with the third quarter net profit at Rs 551 crore against loss of Rs 1,089 crore in same quarter last fiscal. Higher other income and lower finance cost boosted profitability. The stock gained 2.5 percent.

Global cues were strong today as most Asian markets posted gains. Europe too opened in the green extending yesterday's rally. Brent crude held above USD 59 a barrel, up almost 2 percent this week so far.

Sensex up 178, Nifty ends at 8627; Axis Bank, Reliance gain

03:30 Market closing

 The market ended in green for second straight day. The Sensex was up 178.35 points at 28533.97, and the Nifty ended up 61.85 points at 8627.40. About 1729 shares have advanced, 1076 shares declined, and 216 shares are unchanged.

Axis Bank was up 3 percent while NTPC, Maruti, L&T and RIL were top gainers in the Sensex. Among the losers were ONGC, BHEL, M&M, Cipla and Tata Motors.

03:20 pm Sugar sale

The world's second biggest sugar producer, is considering giving export incentives for 1.4 million tonnes raw sugar, Food Minister Ram Vilas Paswan, as mills started distress sale of the sweetener to pay cane farmers.

"The ministry's views is that we should give subsidy for 1.4 million tonnes...the paper has been circulated for a cabinet meeting," Paswan told. Without any government incentive, Indian sugar is uncompetitive in world markets well supplied by low-cost producers Brazil and Thailand.

Subsidies of Rs 3,300 a tonne helped exports of raw sugar last year and government sources said last month India was considering a rise in the subsidy to Rs 4,000 this year.

03:00pm Interview

IT services firm Cognizant has guided to a 16 percent growth for calendar year 2015 and believes its forecast is fair since it is seeing increased traction in all its businesses.

The company is also eyeing 19 percent growth for fiscal FY15 led by higher spending in healthcare. The forecast is higher than Nasscom’s projection of 12-14 percent growth exports for FY16. The Nasdaq-listed IT company has crossed the USD 10 billion revenue mark. 

Speaking Malcolm Frank said it will continue to focus on growth and surpassing its peers has been a natural by product. Cognizant bases its upbeat guidance on strong demand environment across services, that too after factoring in higher Visa costs. The company does not think US will pass its Immigration Bill in next two years.

02:45pm Ricoh India locked at 20% upper circuit

Ricoh India has turned profitable during October-December quarter with net at Rs 10.6 crore as against loss of Rs 0.2 crore in the year-ago period. The bottomline was supported by strong revenue growth and higher other income.

Net sales of the leading office automation company shot up 80.3 percent to Rs 409 crore in Q3FY15 from Rs 226.8 crore in same quarter last year.

Goods business increased 115.6 percent Y-o-Y to Rs 289.8 crore with EBIT loss at Rs 5.5 crore (against loss of Rs 8.5 crore in Q3FY14). Services segment reported a 29 percent growth at Rs 119.3 crore with EBIT rising 64.6 percent at Rs 34.4 crore in the quarter gone by.

02:30pm Syndicate Bank in News

State owned Syndicate Bank has registered a decline of around 20 percent in net profit for the third quarter ended December 2014 at Rs 304.99 crore. Bank's net profit in the corresponding October-December quarter of previous fiscal stood at Rs 379.76 crore.

Total income has increased from Rs 5,011.28 crore for the quarter ended December 31, 2013 to Rs 5,921.58 crore for the quarter ended December 31, 2014," it said in a filing to the BSE.

The net interest margin, a gauge of profitability, fell to 2.25 percent during Q3-FY15, from 2.76 per cent in Q3-FY14.

On the asset front, gross non performing assets (NPAs) or bad loans increased to 3.6 percent of gross advances, from 2.8 percent in the year ago period. Net NPAs were at 2.38 percent of net advances in the third quarter of 2014-15, up from 1.66 percent during the same period a year earlier.

02:00pm Market Check

It's a steady day of trade on Dalal Street. The market gained for the second consecutive day led by banking stocks. The broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices rising 1.3 percent each.

The Sensex advanced 208.90 points to 28564.52 and the Nifty climbed 72.05 points to 8637.60. About 1603 shares have advanced, 1060 shares declined, and 224 shares are unchanged on the BSE.

Ajay Srivastava of Dimensions Consulting expects the market to rise in the run-up to the Budget. He says FIIs are mainly betting on largecaps and banking names. He remains cautious on PSU banks as he sees another deep correction if NPAs rise.

Global markets traded mixed. Investors are cautious ahead of a meeting of eurogroup finance ministers in Brussels to discuss a solution to the Greek debt crisis.

The rupee traded marginally higher today tracking strength in equities. The 10-year benchmark yield is rangebound ahead of retail inflation data due tomorrow.

TCS is confident of beating NASSCOM's 12-14 percent growth guidance for FY16. Natarajan 

Chandrasekaran, CEO & MD that the company is seeing growth across markets, adding government's push for digital India will aid revenues.

Jindal Steel topped the buying list on Nifty, up 8 percent followed by L&T, Bank of Baroda, PNB, Axis Bank, Reliance Industries, Maruti and NTPC with 2-3 percent gains.