A bull case for investing in gold

Gold prices have touched a six-month high on account of changing structural dynamics

Just when everyone thought that investment in gold is unlikely to give positive returns the yellow metal has surprised by rising to a six-month high. Gold is trading near a key technical level of $1,300 per ounce in the international market.

Traditionally considered a safe haven, gold was ignored for most of 2018 despite a number of negative events affecting global markets. They key factor was a strong US dollar.

In 2018, the strength of the US dollar came from rising interest rates in the US. The year saw aggressive monetary tightening by the Federal Reserve. It was the first time that the Fed raised rates on four separate occasions during a calendar year. The hikes were in addition to liquidity tightening to the tune of $50 billion every month.

But by the end of 2018, it was clear that the interest rate hikes by the Federal Reserve were tapering off mainly on account of growth concerns. Fresh data accentuate these concerns. For instance, US treasury yields accelerated their decline on Thursday after a weaker-than-expected manufacturing index number from The Institute for Supply Management (ISM) for December. The index fell to 54.1 percent for December as against an expectation of 57 percent, and much lower than the 59.3 percent in November. A weakness in the index indicates a slowing economy.

On Thursday, the 10-year treasury yield plunged 10.2 basis points to 2.557 percent, its lowest since January 16, 2018, to mark its biggest one-day decline since May.

Goldmoney, a world leader in precious money investment services in its December 2018 Gold outlook said, “The world is awash with dollars at a time when markets act as if there is a shortage. When the truth emerges, the dollar has the potential to fall substantially against other currencies, leading to a rise in the price of gold.”

Further, the ongoing trade war between the US and China has now reached the US shores. Earlier China was taking the blows on account of the restrictions imposed by the US but now Chinese consumers have hit back. A surprising warning from Apple about slowing sales, especially in China, has delivered the message home to US President Donald Trump about slowing growth.

Building a case for gold investment, Goldmoney’s head of research Alasdair Macleod said that the great dollar unwind is now the overhang on markets. The move towards gold and against the dollar in Asia accelerated in end-2018, with Russia having replaced the dollar with gold as its principal reserve currency. Further, China has laid the foundation with an oil-yuan futures contract, which can be a bridge to yuan-gold contracts in both Hong Kong and Dubai. This is a direct challenge to the dollar as a reserve currency, Macleod noted.

Finally, gold prices are also reacting to the increased demand for the precious metal from various quarters. 2019 is expected to see a balancing of gold supply and demand. Central banks are accumulating bullion; they added 425 tonnes in the year to September 2018.

Moreover, the Chinese private sector continues to hoard gold as seen in the withdrawals from the Shanghai Gold Exchange. India’s total gold imports are not showing any signs of slowing and were at 919 tonnes in the year to September, according to the World Gold Council.  These three sources of demand alone add up to 3,344 tonnes annually, which is the same as global mine supply. If you add supply restriction like those imposed by China on exporting gold, then there is a solid bull case for gold as an investment vehicle in 2019.

Source: https://www. moneycontrol.com/news/business/markets/quick-take-a-bull-case-for-investing-in-gold-3354481.html

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Adjusting to Brexit may not be tough for India Inc

The main focus of a large number of Indian companies investing in the UK has been primarily the British market. Still, some of them have been using Britain as a gateway to Europe. A few may need to relocate their businesses.

With United Kingdom Prime Minister Theresa May’s decision to delay vote on Brexit deal in the British Parliament, the issue has become messier. She has survived a confidence vote within her own Conservative Party. However, with 117 MPs voting against her leadership it’s clear it is not going to be easy to get approval for any Brexit deal in Parliament

Under present circumstances, nobody can possibly predict what is going to happen in coming months. Still, there are three plausible scenarios. First, after a few more dramatic happenings and couple of meetings with European Union (EU) leaders, the existing deal is agreed upon with a few modifications or clarifications. Second, things go absolutely wrong and we have an accidental hard Brexit on March 29, 2019. Third, there is no Brexit at all, either due to second referendum or parliamentary vote revoking Article 50 of the Lisbon Treaty.

Except for the hard Brexit scenario, Indian companies operating in the EU and the UK will not face any major difference, at least for the next couple of years. In any case, both the UK and the EU would like to avoid ‘no deal scenario’ at any cost. They know that this is going to harm both of them very seriously.

Although both the EU and the UK have now started preparing even for a no deal scenario, chances of that happening is still relatively low. Businesses in Europe are more or less ready to adjust with the existing deal. It gives them enough time to prepare for new realities.

The present deal is the least bad scenario for the UK. We also must remember that this is the only deal on the table. Except for a few possible modifications, no other deal is going to be negotiated in the remaining few months.

The main sticky point is so-called backstop, which practically means the UK will remain tied to significant EU rules till the time it is able to find a solution to avoid a hard border between Northern Ireland and the Republic of Ireland. The opposition comes from the fact that while agreeing to this solution, the UK will continue to follow EU regulations even after it exits the community. Although the transition period is scheduled to end in December 2020, it could extend further.

In a way, this arrangement also guarantees that companies will continue to do business in Europe without any serious disruptions, till the time a new trade agreement is agreed upon between the UK and the EU. In the given situation, this is maximum the UK can expect from the EU. Precisely for this reason, May asserted earlier “there is no deal that comes without a backstop, and without a backstop there is no deal”.

For Indian companies operating from the UK, the hard Brexit scenario will create many challenges. Specific sectors, which are going to be affected, include automobiles, auto components, pharmaceuticals, gems and jewellery, education and IT enabled services (ITES). They will have no time to adjust to new realities. Indian investment in the UK may see a declining trend in the next few years. The main focus of a large number of Indian companies investing in the UK has been primarily the British market. Still, some of them have been using Britain as a gateway to Europe. A few may need to relocate their businesses.

In case of a no deal scenario, negotiations on India-EU trade and investment agreement may re-start. The Brexit uncertainty has been one of the reasons responsible for the delay in re-starting negotiations. India, however, will have to revisit some of its earlier assessments. To offset negative impacts of hard Brexit, both the UK and India may also start formal negotiations for a bilateral trade and investment agreement.

Earlier it was thought with Britain’s exit, it might be easier for India to negotiate on Mode 4 services with the EU. However, with the refugee and migration crisis in Europe, it is not going to be easy with either of them.

Overall, Brexit is going to create some complications. Most probably, however, Indian companies and policy makers will have enough time to understand its implications and prepare for possible changes. The less likely event of hard Brexit could be shocking — possibly this will not happen.

Source: https://www .moneycontrol.com/news/politics/opinion-adjusting-to-brexit-may-not-be-tough-for-india-inc-3319851.html 

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GST Council to meet on Saturday amid rate cut talk, but some states not fully on board

The Council will also likely discuss a proposal to lower the cess on plug-in hybrid cars to bring down effective tax incidence for such vehicles from 43 percent

The Goods and Services Tax (GST) Council will meet on December 22 amid heightened expectations that the panel will cut rates on several items, although some states want the move’s impact on revenues to be fleshed out in greater detail before levies are lowered.

A discussion on the revenue position of the Centre and states, easing refund-related rules for exporters, is also likely to be on the agenda.

The Council, headed by finance minister Arun Jaitey is the highest decision making body of the new indirect tax system that came into effect from July 1, 2017.

It is also expected to take up the issue of transferring ownership of the IT backbone GST Network in a government owned company, a proposal that was approved by the Cabinet in September, sources said.

In addition, there could be discussions on reducing cess on plug-in hybrid cars, which currently falls in the 28 percent tax slab. However, the overall tax incidence for the green vehicle is 43 percent right now.

It is learnt that the road ministry has proposed bringing down the tax liability to 35 percent.

Rate cuts have always been a contentious issue as the Centre and states have to come to a consensus. In that light, the meeting assumes all the more significance, coming as it does after the recent elections in five states that saw the Congress wresting power in all the three Bharatiya Janata Party (BJP)-ruled states.

Days ahead of the meeting, Prime Minister Narendra Modi said the government wants to ensure that ‘99 percent things’ attract GST at 18 percent or lower rate.

“Today, the GST system has been established to a large extent and we are working towards a position where 99 per cent things will attract the sub-18 percent GST slab,” Modi said, while also hinting that the highest  tax slab will be restricted to luxury and sin goods.

A range of goods from air conditioners to dishwashers, from television sets to digital cameras could become cheaper,  if the Council expected to slashes rates to 18 percent on all products in the 28 percent slab, except demerit goods, cement and automobiles.

This could effectively set 18 percent as the highest GST tax slab, except only two broad categories of goods and services.

Over 1,200 goods and services fall into four broad tax slabs- 5, 12, 18 and 28 percent. Currently, there are close to 40 goods and services in the 28 percent slab, which comprises demerit and luxury goods, among other items.

The move comes barely four months ahead of the crucial Lok Sabha elections in April-May, 2019. The cut in rates, however, could affect GST revenues, given that the collections are still short of the budgeted target.

The last major round of rate cut happened in July when the Council decided to cut tax on 80 items. The government, then, had to forego revenue worth of Rs 10,000 crore-Rs 11,000 crore annually.

Source: https://www .moneycontrol.com/news/business/economy/gst-council-to-meet-on-saturday-amid-rate-cut-talk-but-some-states-not-fully-on-board-3316281.html

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Stocks in the news: Tata Steel, NMDC, Ashoka Buildcon, Glenmark, Graphite India

Godrej Industries | Glenmark Pharma | Bombay Dyeing | Bank of Baroda | Graphite India | Infibeam Avenues and Tata Steel are stocks which are in the news today.

Tata Steel: Andreas Goss, currently Chief Executive Officer (CEO) of thyssenkrupp's Steel division, will be the future Chief Executive Officer of the planned Joint Venture and chair the Management Board of thyssenkrupp Tata Steel BV. Hans Fischer, currently the CEO of Tata Steel Europe, will be the Deputy CEO & Chief Technology Officer of the Joint Venture.

Standard Chartered Plc: The Group agreed terms for the spin out of its private equity business and a sale of the majority of its private equity investment portfolio to funds managed by ICG Strategic Equity, part of Intermediate Capital Group Plc (ICG).

NMDC: Company fixes lump ore price at Rs 3,250 per tonne and price of fines at Rs 2,860 per tonne from December 13.

Ashoka Buildcon: Subsidiary raises Rs 150 crore from Morgan Stanley India Infrastructure.

Godrej Industries: National Company Law Tribunal approved the Scheme of Amalgamation of Vora Soaps Limited with company.

Bank of Baroda to shut three overseas branches by June

Glenmark Pharma: Company announces new data on GBR 1302, a HER2xCD3 Bispecific antibody, presented at the ESMO Immuno-Oncology Congress 2018.

Bombay Dyeing: Company has given its consent by signing the shareholder's resolution of its subsidiary in Indonesia i.e. PT Five Star Textile Indonesia (PTFS) for closure of the same.

Graphite India: Kamataka State Pollution Control Board has renewed the consent for operations at Bengaluru graphite electrode plant for a period up to 30.6.2020 only with condition to shift the unit from the existing location.

IL&FS Transportation Networks: The interest due and payable on December 17 on the NCDs was not paid to the debenture holders due to insufficient funds.

Mahindra & Mahindra Financial Services: India Ratings reaffirmed its AAA/Outlook-Stable rating for Rs 10,000 crore worth public issue of non-convertible debentures.

Infibeam Avenues: Suvidhaa Infoserve Private Limited acquires 5 percent equity stake in company's subsidiary NSI Infinium Global Private Limited.

RITES: Board fixed December 28 as the record date for the purpose of payment of dividend.

Punjab and Sind Bank revised MCLR rate w.e.f. December 16

Goldiam International: Company announces the closure of the buyback with effect from December 17.

M&M signed agreement with Sampo Rosenlew Oy, Finland, an Associate of the Company to increase stake from 35% to 49.04%

Mac Hotels: Goa based public listed company will add another 160 rooms effective from 1st January 2019, taking the total number of rooms to 238.

Corporation Bank - ICRA reaffirmed rating on certificate of deposits of Rs 30000 crore to ICRA A1+

Sadbhav Infra

Ongoing litigation amongst the Company, Sadbhav Engineering on the one side and Montecarlo on the other have arrived at amicable settlement

NCLT and High Court of Gujarat dispose the matter and accordingly the said legal matters now stands closed

Bulk Deals on December 17

DRS Dilip Roadlines: Babulal Vadilal Shah sold 94,400 shares of the company at Rs 75.5 per share on the NSE.

Godha Cabcon Insulat: Mark Corporate Adviosrs sold 72,000 shares of the company at Rs 30 per share on the NSE.

Manaksia Steels: Payal Agrawal bought 3,38,715 shares of the company at Rs 26.91 per share on the NSE.

BC Power Controls: Deepen Bharat Shah bought 3,00,000 shares of the company at Rs 28.71 per share on the BSE.

Analyst or Board Meet/Briefings

Sandhar Technologies: Board meeting is scheduled on February 2, 2019 to consider the un-audited standalone financial results, for the quarter and nine months ended December 2018.

JCT Limited: Board meeting is scheduled on December 31 to consider fresh issuance of equity shares aggregating to Rs 9.16 crore on preferential basis to term lenders.

Tube Investments of India: Meeting with institutional investors/analysts on the unaudited financial results for the second quarter ended September 2018 is scheduled on December 18.

Dishman Carbogen Amcis: Management meet and plant visit at company's Bavla plant with certain institutional investors and analysts has been scheduled on December 18 and 19.

Genus Power Infrastructures: Officials of the company will be meeting investors and analyst at its plant in Jaipur on December 18.

Great Eastern Shipping: Company's officials will be meeting ICICI Pru AMC on December 18.

Source: https://www .moneycontrol.com/news/business/markets/stocks-in-the-news-tata-steel-nmdc-ashoka-buildcon-glenmark-graphite-india-3300311.html

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Focus shifts to 2019 elections: Over 20 growth-oriented stocks to add to your portfolio

Morgan Stanley continues to back growth at a reasonable price and believes the way to construct portfolio is to buy stocks of companies with the highest delta in return on capital

Assembly election results for three key states — Madhya Pradesh, Chhattisgarh and Rajasthan — threw a big surprise for D-Street with BJP losing all three states. However, bigger surprise was the rally seen after the results were out.

Most experts, who Moneycontrol spoke to before the results were announced, were of the view that if BJP closes with 0-3 tally, there would be a high probability that Nifty would head towards 10,100-levels. However, a three-day rally actually put the index above 10,700.

The only setback on December 11 morning for market was resignation of Urijit Patel that was announced an evening before. While he cited personal reasons for the decision, but it comes in the backdrop of the RBI-government differences over several issues. The announcement induces volatility on D-Street for some time.

Though, appointment of Shaktikanta Das as the new governor calmed nerves, and emergence of one single party with a clear majority boosted sentiment eventually pushing Sensex by about 1,000 points in just three trading sessions.

The journey from here on could be a rocky one as domestic and foreign investors will shift their focus to General Elections scheduled for May 2019. The outcome of the 2019 elections will determine the policy direction for next 5 years.

Well, a 0-3 score of BJP is not a positive sign but history suggested that investors vote differently in assembly elections and Lok Sabha elections.

Anecdotal evidence suggests that there is no direct co-relation between the outcome of these ‘semi-final’ state polls and the Lok Sabha polls (2004, 2009 and 2014 election results point toward the same).

But, what does this tell about the investment strategy? Investors should not put too much focus on the assembly election results and use dips to get into fundamentally strong stocks, and at the same time, reduce their beta play in the portfolio to safeguard from volatility.

“Going forward, the hangover of state election results will recede, we expect the focus to revert to fundamentals, albeit with continued elevated volatility. Overall, macros have eased out for India in the last two months with the correction in crude oil prices,” Motilal Oswal said in a report.

“From an earnings perspective, we expect domestic cyclical driven by financials to drive earnings in 2HFY19, taking over from global cyclical which were driving earnings growth lately,” it said.

The domestic brokerage firm further added that their portfolio construction is biased towards largecaps and also stocks with strong earnings visibility, resilient to macro risks and reasonable valuations. Key stocks are ICICI Bank, HDFC, SBI, Maruti Suzuki, HUL, Titan Company, Infosys, L&T, RBL Bank, TeamLease, IGL, Indian Hotels, M&M Financial Services.

Key risk for markets would be if the domestic equity investors, who started to invest on the back of Modi's win in May 2014, start to reduce new investments, highlights CLSA in a note.

Also, an analysis conducted by the global investment bank highlights competitive populism by the BJP and the Congress, with farm loan waivers, unemployment grants, and farmer handouts. This is good for consumption but bad for a capex cycle recovery.

Both BJP and Congress had promised farm-loan waivers of up to Rs 2,00,000 per farmer in the states that just went to polls. In addition, Congress had promised pensions and loan subsidies/removal of GST on agricultural equipment to farmers.

“This sets the tone for poll promises ahead of the 2019 Lok Sabha elections. Implementation of such poll promises would reduce the government’s fund availability for infrastructure even as the private sector is yet to step up infrastructure investments,” added the CLSA note.

The global investment bank added that consumption plays, particularly rural ones, should benefit from such handouts. The related top ideas are M&M, Colgate Palmolive India, Crompton Consumer, ITC, TTK Prestige, Zee Entertainment, Eicher Motors and Maruti Suzuki.

Policy making will be important to chart the course for markets in 2019, feel experts. As soon as the political noise will go down, chatter about growth and earnings will pick up. One key pain point highlighted in assembly elections was the rural distress. Hence, there could be an enhanced focus on the rural and agricultural economy.

Strategists at Morgan Stanley feel that the political cycle (measured as policy certainty) is likely to turn down, growth is likely move higher, and credit growth seems to be at the beginning of a new cycle. They also believe terms of trade are improving, rates are in a bit of a pause before continuing their rise, and profit margins appear to be at the start of a new up cycle.

Morgan Stanley continues to back growth at a reasonable price and believes the way to construct portfolio is to buy stocks of companies with the highest delta in return on capital.

They expect market performance to broaden and hence also like midcaps where the forward growth is not reflecting share price performance.

Source: https://www. moneycontrol.com/news/business/markets/focus-shifts-to-2019-elections-over-20-growth-oriented-stocks-to-add-to-your-portfolio-3286171.html

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Govt may tighten rules for companies not spending CSR funds: Report

These new restrictions on CSR funds are part of a list of proposed amendments to the Companies Act, 2013, that the government will take up during the Winter session of Parliament

Companies not spending their entire corporate social responsibility (CSR) corpus and diverting funds to their balance sheets will now have to declare the amount not spent in their annual report, according to a report by The Hindu Business Line.

Moreover, companies will have to transfer the unspent funds to a separate bank account and spend it within three years, the news daily reported.

These new restrictions on CSR funds are part of a list of proposed amendments to the Companies Act, 2013, that the government will take up during the Winter session of Parliament, sources told the paper.

The amendment may make CSR spending mandatory, as against the current practice of either 'complying' (spending) or 'explaining' why the funds were not spent.

The Corporate Affairs Ministry recently announced that it is examining the records of the top 1,000 companies that were required to spend under their CSR initiative.

Disclosures by 77 companies for FY18 showed unspent amounts equalling a third of their prescribed CSR spending, data from PRIME Database revealed. Median spending of companies has slightly improved over the years to 69.98 percent of the total corpus in FY18, from 42.33 percent in FY15.

Of the 6,286 companies under government scrutiny, most firms reportedly spent less than the mandated amount in April-November of 2016-17, the news daily reported. About 2,203 firms spent more than the required amount during the same period.

A high-level committee recently set-up to strengthen CSR norms has proposed amendments to the existing guidelines.

The amendments seem to force companies to spend money earmarked towards CSR rather than letting them accrue it on the balance sheet. Keeping the money reserved but unspent does not serve any purpose," a legal expert told the paper.

Source: https://www .moneycontrol.com/news/business/govt-may-tighten-rules-for-companies-not-spending-csr-funds-report-3275661.html 

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Stocks in the news: Axis Bank, IOC, Ashoka Buildcon, Uflex, Texmaco Rail, Mangalam Drugs

Arrow Greentech | IFCI | Mangalam Drugs & Organics | United Breweries | Escorts | Axis Bank | IOC and Ashoka Buildcon are stocks which are in the news today.

Here are stocks that are in the news today:

Axis Bank: Board appointed Amitabh Chaudhry as an Additional Director of the bank and to hold office as such till the conclusion of the ensuing Annual General Meeting and as the Managing Director & CEO of the bank, for a period of 3 years, with effect from January 1, 2019. Board approved the reappointment of Samir Barua, Som Mittal and Rohit Bhagat as Independent Directors of the bank for their second consecutive term from April 1, 2019 upto the expiry of their respective tenure of 8 years.

Alembic Pharma - meeting of NCD Committee will be held on December 14 to consider and approve the issue and allotment of unsecured

listed redeemable non-convertible debentures (NCDs) of upto Rs 350 crore on private placement basis

IOC board meet on December 13 to consider buyback of equity shares and interim dividend for the Financial Year 2018-19

Ashoka Buildcon: Company received Letter of Acceptance by Rail Vikas Nigam Limited, for the project in connection with 3rd Line from Sonnagar to Garhwa Road in Dhanbad Division of East Central Railway, Bihar and Jharkhand in 2 packages. The aggregate accepted bid value of the project is Rs 794.20 crore.

Escorts: Company has executed the business transfer agreement for transferring the existing RT crane business of the company as a going concern on a slump sale basis to the JV (with Tadano Limited, Japan) for an amount not exceeding Rs 35 crore.

United Breweries: Steven Bosch, Director and Chief Financial Officer of the company tendered resignation.

Mangalam Drugs & Organics: Unit-1 facility was recently inspected by WHO prequalification team and the company has received the WHO Pre-qualification approval for Unit-1.

Punjab and Sind Bank board meeting on December 12, 2018 to consider issue of equity shares by way of QIP upto an amount of Rs 500 crore

IL&FS Engineering and Construction Company: Ganapathi Ramachandran, Non-Executive Independent Director of the company tendered resignation from the directorship of the company.

Tamil Nadu Newsprint & Papers: ICRA reaffirmed A (Negative) rating for fund based term loan worth Rs 1,858 crore.

Bank of Baroda issues Basel III Compliant Tier II Bonds worth Rs 971.50 crore on private placement basis

IFCI Q2: Standalone loss at Rs 16.55 crore versus loss at Rs 293.65 crore; revenue at Rs 432.94 crore versus Rs 763.50 crore YoY.

Brigade Enterprises: Brigade Group announces the launch of Parkside- Independent living for seniors, across Bangalore.

Vodafone Idea - Brickwork has revised NCD rating to BWR AA- (outlook negative) from BWR AA

Essel Propack: Company issued commercial papers for Rs 50 crore.

Seamec: Company entered into a Charter Party with Supreme Hydro Engineering Pvt Ltd for charter hire of vessel 'Seamec Princess' for working at Mumbai High Offshore. The tenure of the contract is for a firm period of 150 days with option for extension. The value of Charter during firm period is $3.08 million.

VXL Instruments: Board appointed Kishan S Rao as the Chief Financial Officer (CFO) of the company.

Pritish Nandy Communications: Company announced the launch of the first season of its 10 episode Amazon Original show 'Four More Shots Please' to be streamed on Amazon Prime from January 25 2019.

Arrow Greentech: Subsidiary Avery Pharmaceuticals Private Limited (Arrow Rx) received an approval for site plan to manufacture Mouth Dissolving Strips from Food & Drugs Control Administration (FDA}.

Uflex: Company has entered into an agreement to acquire 100 percent shares of Flex Chemicals Private Limited, Russia.

Capital India Finance: Board approved the issue of upto 3,45,48,560 equity shares at an issue price of Rs 72 per share, on rights basis, aggregating up to Rs 248.75 crore; and fixed rights entitlement ratio at 4:5.

Precision Camshafts: Mahesh A Kulkarni, Company Secretary and Compliance officer of the company has resigned from the company.

Pritika Auto Industries: Board approved to increase in the limit of investment by foreign institutional investors (FIls) and non resident individuals (NRIs') in the company's equity share capital.

Bulk Deals on December 7

Punj Lloyd: IFCI further sold 23,67,024 equity shares of the company at Rs 4.52 per share on the NSE.

Texmaco Rail: Aequitas Investment Consultancy Private Limited - PMS purchased 34,04,200 shares of the company at Rs 51 per share. However, Equity Intelligence India sold 17,80,364 shares at Rs 51.01 per share and Equity Intelligence India Private Limited [PMS] sold 11,45,241 shares at Rs 51.02 per share.

Sandhar Technologies: Company's officials will be meeting SPA Capital Services on December 11.

Gopal Iron & Steels: Board meeting is scheduled on December 15 to consider sale of asset of the company.

Gallantt Metal: Extraordinary General Meeting to be held on January 4, 2019.

Asian Granito India: Extraordinary General Meeting will be held on January 3, 2019.

Indian Oil Corporation: Board meeting is scheduled on December 13 to consider buyback of the fully paid-up equity shares of the company and declaration of interim dividend for the financial year 2018-19.

Titan Company: Company's officials will be meeting fund houses or insurance firms on December 10, 12 and 14.

Shriram City Union Finance: Company's officials will be meeting analysts/institutional investors/brokers on December 10, 11, 12 and 13.

Infosys: Mohit Joshi - President & Head, Banking, Financial Services & Insurance (BFSI), Healthcare and Life Sciences; Head Infosys Brazil and Infosys Mexico and Jayesh Sanghrajka - Interim CFO will participate in a Non-Deal Roadshow in London on December 10 and 11.

Globus Spirits: Company's officials will be meeting LIC Mutual Fund, New Horizon Investments, ICICI Prudential Asset Management, Edelweiss Securities on December 10.

IIFL Holdings: Company's officials will be meeting Southeastern Asset Management on December 10.

HEG: Few Analysts/Investors are visiting the company's plant at Mandideep, Madhya Pradesh on December 10.

Bhansali Engineering Polymers: Jayesh Bhansali - Executive Director cum CFO of the company would meet the analyst/Institutional investor(s) in a conference arranged by Ambit Capital Pvt. Ltd., on December 10.

Supreme Infrastructure India: 35th Annual General Meeting of the company is scheduled to be held on December 31.

Lesha Industries: Board meeting is scheduled on December 26 to consider the sub division/ split of equity shares of the company.

Alembic Pharmaceuticals: Meeting of the NCD Committee of the Company will be held on December 14 to consider the issue and allotment of Unsecured Listed Redeemable Non-Convertible Debentures (NCDs) of upto Rs 350 crore on private placement basis.

Punjab & Sind Bank: Board meeting is scheduled to be held on December 12 to consider issue of equity shares by way of QIP upto an amount of Rs 500 crore.

Finolex Industries: Company's officials will be meeting Ventura Securities on December 10.

PPAP Automotive: Company's officials will be attending conference of analysts and investors organised by Ambit Capital on December 10.

Shoppers Stop: Company's officials will be meeting Martin Lau, Managing Partner and Vinay Agarwal, Director of First State Stewart Asia, on December 11; Anand Shah, Sr. VP Consumer of Axis Capital - Institutional Equities on December 12, Nikhil Desai and Rushabh Sheth, Directors of Karma Capital, Harsh Shah of CGS-CIMB Securities (India) Pvt. Ltd. on December 12.

Panyam Cements & Mineral Industries: 62nd Annual General Meeting of the company is to be held on December 31.

RCL Retail: Eighth Annual General Meeting of the company is scheduled to be held on December 29.

https://www .moneycontrol.com/news/business/markets/stocks-in-the-news-axis-bank-ioc-ashoka-buildcon-uflex-texmaco-rail-mangalam-drugs-3269681.html

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Stocks in the news: Zydus Wellness, Khadim India, HCL Tech, NHPC, Wipro

Sagar Cements | Coal India | Rural Electrification Corporation | HCL Tech | Kajaria Ceramics | IFCI and Punj Lloyd are stocks which are in the news today.

Here are stocks that are in the news today:

NHPC: Company has been declared as the successful resolution applicant by the Committee of Creditors (CoC) of Lanco Teesta Hydro Power Limited subject to the final approval by adjudicating authority.

IBM to sell some of its software products to HCL for $1.8 billion

Khadim India: The company has issued the commercial paper for an aggregate amount of Rs 30 crore.

Cadila Healthcare and Zydus Wellness: Company entered into a share subscription agreement (SSA) with subsidiary Zydus Wellness to subscribe to 85,02,170 equity shares at an issue price of Rs 1,382 amounting to Rs 11,74,99,98,940.

Wipro: Company and Alfresco expand partnership to offer open source based digital transformation capabilities.

Sagar Cements: Consolidated cement sales increased 36.29 percent to 3,15,106 MT versus 2,31,202 MT YoY.

Punjab & Sindh Bank: Bank to consider issue of equity shares via QIP up to amount of Rs 500 crore and issue of Basel III Compliant Tier II bonds up to of Rs 1,500 crore - CNBC-TV18.

HUDCO: Board to mull raising up to Rs 1,000 crore via bonds.

Coal India: Government cuts stake in company by 2.2 percent to 72.9 percent.

IL&FS Financial Services: Company unable to service obligation of interest payment of NCDs worth Rs 52 crore due December 6 - CNBC-TV18.

Rural Electrification Corporation: Company approved JV with Maharashtra Power Utility for new projects and to sell transmission unit to Power Grid.

IL&FS Engineering and Construction Company: Bhaskar Chatterjee, Non-Executive Independent Director of the company tendered his resignation from the directorship of the company.

Nandan Denim: Vedprakash Chiripal, belonging to promoter & promoter group entities, acquired 40,000 equity shares of the company through open market on December 4.

Polycon International: Bank loan rating of the company has been revised by the rating agency, Brickwork Ratings from BB to BB- and A4+ to A4.

Bulk Deals

Kajaria Ceramics: Wasatch Advisors Inc A/C Wasatch International Growth Fund bought 10,37,576 shares of the company at Rs 435.35 per share while Abu Dhabi Investment Authority sold 10,10,000 shares at Rs 435.26 per share on the NSE.

Punj Lloyd: IFCI sold 43,97,267 shares of the company at Rs 4.98 per share on the NSE.

Shubhlaxmi Jewel Art: Kanadia Fyr Fyter Private Limited sold 80,000 shares of the company at Rs 27.5 per share on the NSE.

Vikas EcoTech: Garg Vikas sold 75,00,000 shares of the company at Rs 12 per share on the NSE.

Analyst or Board Meet/Briefings

Indo Count Industries: Company's officials will be meeting investors and analysts (participants) on December 7.

Dolphin Medical Services: 26th Annual General Meeting of the members of the company is scheduled to be held on December 29.

VIP Clothing: Company's officials will be attending conference organised by Systematix Shares & Stocks (I) Limited on December 7.

Muthoot Finance: Q2FY19 results conference will be held on December 7.

Siyaram Silk Mills: Company will be participating in Consumer /Investor Conference on December 7 in Mumbai.

Source: https://www. moneycontrol.com/news/business/markets/stocks-in-the-news-zydus-wellness-khadim-india-hcl-tech-nhpc-wipro-sagar-cements-rec-coal-india-3261711.html

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