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Http://www.ajmera.cmlinks.com/newsletter/newsletter.aspxAjmera Associates Ltd.
September 05, 2012
Stocks to Watch
ACC in spotlight after August dispatches figures :
ACC after trading hours on Tuesday, 4 September 2012, said its cement dispatches declined 6.91% to 1.75 million tones in August 2012 over August2011. Cement production also declined 6.91% to 1.75 million tones in August Shares of Reliance Infrastructure and Hindustan Construction Company (HCC)will be in spotlight after a section of an under-construction Metro rail bridge TOP LOSERS
collapsed in Mumbai on Tuesday, 4 September 2012, killing one and wounding 11. The metro railway is being built by Reliance Infrastructure-led Mumbai Metro One (MMOPL). Reliance Infrastructure had appointed HCC as sub-contractor for Suzlon Energy said its subsidiary, REpower Systems SE, has signed a contract with RWE Innogy for the delivery of 54 REpower 6M offshore turbines, each with6.15 megawatts (MW) of rated power, for the Innogy Nordsee 1 wind farm. Theproject, with a total capacity of 332 MW, is based in the German North Sea,around 40 kilometre north of the island of Juist. This is one of the world's biggestopen-sea projects with turbines in the multi-megawatt class. Shares of public sector oil marketing companies (PSU OMCs) will be in focusafter the Minister of State for Petroleum and Natural Gas Mr. R.P.N. Singh said in a written reply in the Rajya Sabha on Tuesday, 4 September 2012, that the continuous increase in under-recoveries along with delay in release of government compensation has deteriorated liquidity condition of the three PublicSector Oil Marketing Companies (PSU OMCs) viz. Indian Oil Corporation (IOC),BPCL and HPCL requiring them to borrow from market at high interest cost tomeet their working capital requirements and capital expenditure. Mr. Singh alsosaid that the Ministry of Petroleum and Natural Gas has been requesting the Ministry of Finance for timely sanction and release of cash compensation to PSU OMCs. The combined borrowings of the three PSU OMCs stood at Rs 1.57 lakhcrore as on 30 June 2012, higher than Rs 1.28 lakh crore as on 31 March 2012. TCS said its board has re-appointed S. Mahalingam as the Executive Director and Chief Financial Officer of the company for the period 6 September 2012 to 9 February 2013, subject to the approval of the shareholders. Container Corporation of India turns ex-dividend today, 5 September 2012, for final dividend of Rs 9 per share for the year ended 31 March 2012 (FY 2012).
Indian Oil Corporation (IOC) turns ex-dividend today, 5 September 2012, for dividend of Rs 5 per share for FY 2012. Power Finance Corporation turns ex- dividend today, 5 September 2012, for final dividend of Rs 1 per share for FY 2012. Power Grid Corporation of India turns ex-divined today, 5 September 2012, for final dividend of Rs 1.31 per share for FY 2012. Piramal Enterprises (formerly known as Piramal Healthcare) clarified that thenews item suggesting that the company is in talks with Ind-Swift Laboratories to acquire contract research and manufacturing business is speculative in nature. SECT.INDICES
In a statement, Piramal Enterprises said, "We would like to clarify that as a fast growing company, Piramal Enterprises explores various startegic initiatives from time to time. However, as a policy and in the interest of its shareholders, thecompany does not comment on any report relating to potential strategic initiatives. Any comment by the company on strategic initiatives that are preliminary in nature would otherwise be speculative. With regards to the news article, we would accordingly like to state that the same is speculative." United Spirits clarified that the news item suggesting that the company may sellits stake in Whyte & Mackay is speculative in nature. In a statement, United Spirits said, "The news item contains speculative information and it would not be appropriate for us to comment on market rumours." Global Watch
Asia Pacific stocks fall on pessimism about global economy
Asia Pacific stocks closed lower on Tuesday, September 04, 2012, aspessimism about global economic growth outweighed hopes for stimulus measures from central banks in the United States and Europe. Investors were more concerned about global economic growth intensified after weaker-than-expected business surveys from the euro zone to China underscored a spreading contraction in manufacturing around the world as theeuro zone's troubles took a deeper toll on their economies. Meanwhile, Moody's lowered the European Union's long-term issuer rating outlook to negative,adding uncertainties to the outlook for the markets. A worse-than-expected PMI data for August indicates that China's economy has not bottomed out yet and is still under strong downward pressure. China official PMI manufacturing released on Saturday showed deeper than expected contraction at 49.2 in August, the first contraction in manufacturing since November 2011. Whilst similar survey from Markit, sponsored by HSBC's showed China Purchasing Managers' Index fell in August to 47.6, the lowest in 41 months, down from July's reading of 49.3. Even in India, growth in India's manufacturing sector eased to a nine-month lowin August, according to business survey showed on Monday. The HSBCmanufacturing Purchasing Managers' Index (PMI) eased for the second monthto 52.8 in August, its lowest level since November, from 52.9 in July. However, ADR PRICES
manufacturing sector has kept above the 50 mark that divides growth and contraction without a break for more than three years, new export orders fell in August at their steepest pace since October. Indonesia's factory activity also expanded in August, but new export orders fell for the fifth month in a row. HSBC PMIs covering Asia's other major exporterstold a similar tale. South Korea's reading was below 50 for the third month and Taiwan's PMI fell to its lowest level since November. Markit's final Eurozone Purchasing Managers' Index (PMI) for manufacturing fell from an earlier flash reading of 45.3 to 45.1, above July's three-year low of 44.0.
But that was its 13th month below the 50 mark separating growth from Note: Prices inUS$ are equivalent to 1 equity share Rating agency Moody's Investors Service on Monday changed its outlook on theEuropean Union's long- term debt ratings to negative from stable, sending awarning signal on a possible downgrade to the regional bloc's Aaa rating. Thenegative outlook on the EU's long-term ratings reflects the negative outlook on Bonus Issues
the Aaa ratings of the member states with large contributions to the EU budget: Germany, France, the UK and the Netherlands, which together account foraround 45% of the EU's budget revenue, the agency said in a statement. Moody's has previously put all the four countries on negative outlook. The agency said that the EU's rating would be particularly sensitive to any changes in the ratings of these four Aaa-level member states, indicating that if itdowngrades these four countries, it may also cut the EU's rating. The Moody'smove came ahead of a widely-anticipated European Central Bank (ECB)meeting scheduled for Thursday, and is expected to add pressure to the ECBabout its new plan to tackle Europe's debt crisis. Right Issues
However, market falls were limited on persistent hopes for stimulus measures from central banks in the United States and Europe, with key policy meetings this week and next. Investors are also hoping that weak data from China, the world's second-biggest oil consumer, would prompt Beijing to ease policy A 13-month-long contraction in the euro zone purchasing managers' index inAugust raised expectations the European Central Bank may cut its main interestrates at its meeting on Thursday. Investors now eyed the U.S. Institute for Supply Management manufacturingdata due later in the day, a key report that will help gauge the probability offurther easing by the Federal Reserve at its Sept. 12-13 policy meeting. The MSCI Asia Pacific Index slid 0.4% to 267.5 around late after Tuesday.
Australia's All Ordinaries index declined 0.6%; Hong Kong's Hang Seng Indexdropped 0.66%; China's Shanghai Composite Index fell 0.75%; South Korea'sKospi index fell 0.29%; Japan's Nikkei225 index lost 0.1%; Singapore's StraitTimes index erased 0.2%; and Indonesia's Jakarta Composite erased 0.3%.
Swimming against the tide, New Zealand's NZX 50 Index gained 0.2%; Taiwan'sTaiex index and Malaysia KLSE Composite both eked out 0.01% gain; andIndia's BSE Sensex rose 0.37%. In Japan, Tokyo shares ended lackluster Tuesday trading slight lower, with thebenchmark Nikkei Stock Average down 0.1% while broader TOPIX index slipped0.23%, after moving in and out of the boundary line, as lingering worried overeconomic growth globally outweighed persistent hopes for stimulus measuresfrom central banks in the United States and Europe. Marubeni Corp gained 1% to 503 yen after the Nikkei newspaper report thatcompany had received a order worth of 3 billion yen for a construction materialsplant from China's Shanxi Taigang Stainless Steel Co. Sharp Corp climbed 12.4% to 209 yen on expectations that tie-up talks with Taiwan's Hon Hai Precision Industry Co. will progress. Gains were alsosupported by calming bit concerns over its financial strain after the companysaid it has handed over a 9.2% stake in car navigation maker Pioneer Corp, or15 million shares each, to Mitsubishi UFJ Financial Group and Mizuho FinancialGroup as collateral for fresh loans. In Australia, the Sydney stockmarket ended weaker today, with top lendersleading falls on disappointment over RBA's halt in rate cut decision. TheReserve Bank has left its key interest rate unchanged at 3.5% for a third monthin a row even as signs emerge that the mining boom is fading. The benchmarkS&P/ASX200 index fell 26.2 points, or 0.6%, to 4303.5, while the broader AllOrdinaries index dropped 26 points, or 0.6%, to 4325.6 points. Financial stockswere the worst-performing sector, down 1% with all four of the big retail banksposting declines. ANZ backpedaled 2% to A$24.34 and Westpac ended down2.1% at A$24.32. In China, the China's stock market suffered steep losses on Tuesday, with thebenchmark Shanghai Composite index ending trade at 2,043.65, down 125.50points, or 0.75%, and near lowest level since February 2, 2009, when it closed at2,011.68. Selloff pressure witnessed across the board, with shares in energy,industrials, realty, and financials leading retreat. Chinese market caught by huge risk aversion selloff for fourth session in fivetrading days in row on renewed wariness about domestic economic growth afterSociete Generale SA predicted a weaker growth outlook. Whilst, investmentappetite in cyclical assets also hammered on fears that a decelerating Chineseeconomy will hurt the profitability of listed companies Yao Wei, an economist with the Societe Generale SA commented on Tuesdaywith no easing moves in the past month, authorities seem to be running a riskyexperiment to see how well the economy can hold up without any big dose ofstimuli. The government still has to adopt at least some of the old prescription ofinfrastructure investment to prevent the economy from a complete crash, saidYao, who predicted the central bank will guide interest rates lower. The 21st Century Business Herald reported today that nearly 50% of the 945companies listed in Shanghai and Shenzhen bourses predicted their profits willshrink in the third quarter Goldman Sachs Group Inc. cut its estimates for Chinese earnings. GoldmanSachs strategists Helen Zhu and Timothy Moe revised down its China's CSI 300company earnings growth estimates for 2012 to 1.2% from 3.6% and for 2013 to8% from 11.4%, citing interim results were weak as the slowing economy clearlyweighed on earnings. Banks and financials hit severely today after Credit Suisse cut its profit estimatesfor lenders on lower net interest margins and higher credit costs. ChinaConstruction Bank lost 2.1% to 3.90 yuan, Bank of Communications Co 1.6% to4.21 yuan, and China Minsheng Banking Corp 1.7% to 5.68 yuan. Propertydevelopers lost amid uncertainty over policy direction. Poly Real Estate sank1.8% to 9.95 yuan and Gemdale Corp 2% to 5.13 yuan. Citic Securities advanced 0.6% to 10.58 yuan, after the brokerage house plansto pay as much as 150 million yuan for the stake in Shenzhen Qianhai EquityExchange, according to a statement to the Shanghai Stock Exchange. In Hong Kong, HK stockmarket fell for the fourth time in five days on Tuesday,with the benchmark Hang Seng index closed quiet trading at 19,429.91, down0.66%, as pessimism about global economy damaged investors risk appetite.
CITIC PACIFIC lost 4.2% to HK$8.97, while ESPRIT HOLDINGS gained 1.5% toHK$12.40, making them worst and best performer in the benchmark indexfamily. Market heavyweights were mostly lower, with China Mobile erased 0.4%to HK$82.90. HSBC Holdings fell 0.2% to HK$67.40. Chalco closed 0.3% downat HK$2.91 despite the company terminated the proposed takeover offer forSouthGobi Resources, which closed down 6.5% to HK$19.02. In India, key India indices closed modest higher helped by robust buying lateafternoon in realty, oil and gas and consumer durable stocks. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed at17,440.87 points, 0.32% up from its previous day's close. The market sentiment in India got a boost after a panel appointed by thegovernment to review the proposed General Anti Avoidance Rules (GAAR)recommended in a report submitted to the government on 1 September 2012that the government should abolish the tax on gains arising from transfer oflisted securities, applicable to both residents as well as non-residents. Company News
Sun Pharmaceutical Industries, Inc. Issues Nationwide Voluntary Recall of
Nimodipine Capsules (One Lot) in US : Sun Pharmaceutical Industries
announced today that it is voluntarily recalling from users one lot of Nimodipine
Capsules, 30 mg, marketed by Caraco Pharmaceutical Laboratories, Ltd. The
Company commenced the recall as a precautionary measure due to thepresence of crystals of nimodipine within the capsule solution of this lot asidentified by a customer complaint. No adverse events have been reported atthis time. The drug used to decrease problems due to subarachnoid hemorrhage(bleeding in the brain) originally developed by the Bayer Pharmaceuticals underthe brand name drug Nimotop. Nimodipine capsules 30 mg are clear yellowsolution filled in oblong opaque light yellow softgel capsules, imprinted “135” in black ink. The product is supplied in unit dose blisters of 30 and 100, asdescribed below. The affected product was distributed nationwide betweenJanuary 19, 2012 and April 24, 2012 The crystallization of the nimodipine fillmaterial in the capsule could adversely affect the product's bioavailability.
Although clinical health implications are unknown, use of the product when thenimodipine has crystallized in the capsule may be of great clinical significance.
The product may no longer be bioequivalent and may potentially affect patientswho are being treated for a medical emergency. This recall is being conductedwith the knowledge of the Food and Drug Administration. Shiva Texyarn appoints executive director : Shiva Texyarn has announced
that S K Sundararaman has been appointed as executive director of the
company with effect from 13 August 2012.
Prag Bosimi Synthetics appoints auditors : The board of Prag Bosimi
Synthetics in its meeting on 01 September 2012 has approved the appointment
of A M D & Associates as auditors of the company.
Gujarat Pipavav Port appoints directors
: Gujarat Pipavav Port has
appointed Henrik Lundgaard Pedersen as director of the company. Further,Tejpreet S Chopra and Pradeep Mallick have been appointed as independentdirectors of the company. Avance Technologies' board approves consolidation of equity shares :
The board of Avance Technologies in its meeting on 01 September 2012 has
approved consolidation of the equity share capital of the company from ten
equity shares of Re 1 each to one equity share of Rs 10 each fully paid up,
subject to the approval of members.
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