(MENAFNEditorial) Nifty futures and bank nifty future market closed at 10505/ 25667.ACCORDING To technical analysis if nifty futures and bank nifty future moves up-word in upcoming treading sessions then 10540/26000 will be next resistance level, if it break this level then nifty futures and bank nifty future can touch 10670 / 26200 level . It will be hard resistance. Meanwhile in reveres there is support on 10350/ 25400 for nifty futures and bank nifty future after breaking this support with volume there is big support for nifty futures and bank nifty future on 10050/25000
IMPORTANT EVENTS TO WATCH OUT FOR NEXT WEEK - With next week going to be a truncated one, traders and investors will choose a wait and watch approach amid a long weekend. However, later in the week, in terms of macro-economic data the government is scheduled to release fiscal deficit data for the month of November on the 29th of December. Apart from this, global cues, crude oil prices, and currency will also be closely watched for further direction.Apart from this, the results season kicks off gradually as Shilpi Cables will announce its results on December 25 while Patel Engineering Limited will come out with its quarterly earnings on December 30, 2017. Upcoming events
Dec 29 Nov fiscal deficit
Dec 29 Q3 foreign debt India
NBCC PROVIDES CLARIFICATION AFTER CBI CLAIMS ALLEGED CORRUPTION CHARGE ON COMPANY'S CMD - As per media reports, the Central Bureau of Investigation has claimed alleged corruption on NBCC chairman-cum-managing director Anoop Kumar Mittal for graft in Rs2,150cr redevelopment project of ITPO Complex at Pragati Maidan. The CBI arrested government official Pradeep Kumar Mishra and Akashdeep Chauhan on December 22, 2017 and carried out searches in Ghaziabad, Delhi and Mumbai, as per the media sources. Although the residential and official premises of Mittal were not searched. The agency alleged that a contract was awarded to a joint venture of Shapoorji Pallonji and Company Pvt. Ltd. and Shapoorji Pallonji Qatar WLL for Rs2,150cr by NBCC Limited, and Mumbai-based Capacite Structures was trying to get the work from Shapoorji Pallonji on a subcontract basis. According to the CBI FIR, the deal was influenced by a government official who had demanded a Royal Enfield bike as an illegal gratification to exert his influence on Mittal and get the deal swung in favour of Capacite Structures. The CBI said that in furtherance of the conspiracy, a meeting was held on December 15, 2017 between Kulkarni, representative of Shapoorji Pallonji including Sanjay Kharkhanis and senior officials of NBCC including Gupta. NBCC has clarified that the tenders are invited in fully transparent manner through open competitive bidding system as per the CVC guidelines.
An EPC tender was invited by NBCC by following due procedures on design and build basis and Letter of Award was issued to M/s Shapoorji Pallonji and Co (P) Ltd & M/s Shapoorji Pallonji Qatar WLL on September 8, 2017. The company claims that it has no role to play in the alleged corruption charges as it is the contractors prerogative to engage the agencies in line with contract requirement.
ADANI POWER TO TRANSFER MUNDRA GENERATION PLANT TO UNIT - Adani Power announced that it has received all the requisite approvals as required under the scheme of arrangement approved by the NCLT and the scheme of arrangement for the transfer of Mundra Power Generation Undertaking to the Transferee company has been made effective. Adani Power, part of the Adani group, is Indias largest private sector power producer with operating capacity of 10,440 MW. Its plant at Mundra, Gujarat (4620 MW) is the largest single-location coal based private power plant in the world. The stock ended at Rs38.7, up by Rs2.3 or 6.32% from its previous closing of Rs36.4 on the BSE. The scrip opened at Rs36.95 and touched a high and low of Rs40 and Rs36.55 respectively.
BHEL GETS ORDER WORTH RS672CR FROM INDIAN RAILWAYS - Against international competitive bidding,Bharat Heavy Electricals Ltd has secured a landmark contract for 146 sets of IGBT-based 3 phase electrics for 25 KV AC Mainline EMU trains. Valued at Rs672cr, the order has been placed on BHEL by Rail Coach Factory, Kapurthala. BHELs scope of the work in the order envisages design, manufacture, supply, installation and commissioning of IGBT-based propulsion system and other equipment for MEMU trains of Indian Railways. These state-of-the-art system and equipment will be developed and produced by BHEL at its various manufacturing plants located at Bengaluru, Bhopal and Jhansi. BHEL has been a reliable and trusted partner in the growth of Indian Railways for over 50 years and has always remained in the forefront for bringing in new technology. The company has been supplying electric as well as diesel locomotives, EMUs, propulsion system sets and drives to Indian Railways over the years. Notably, BHEL has supplied 360 electric locomotives of various ratings to Indian Railways apart from over 370 Diesel Electric Shunting Locomotives to various industries which are operating successfully. BHEL is Indias largest power plant equipment manufacturer with 20,000 MW pa manufacturing capacity. It is the market leader in generation equipment space with 55% market share of the total installed power capacity. BHEL derived 79.2% of its revenue from power segment, and remaining from the industrial segment in FY17.
BHARAT FINANCIAL COMPLETES THIRD SECURITIZATION TRANSACTION OF RS653CR IN FY18 - Bharat Financial Inclusion assigned a pool of receivables of an aggregative value of Rs653cr to one of the largest public sector banks on direct assignment basis as per the guidelines of the Reserve Bank of India. This is the third direct assignment transaction in FY18. With this transaction, the company has completed direct assignment transactions worth Rs1,711.55cr in FY18. Bharat Financial Inclusion, a micro-finance company, provides small value loans and financial services majorly in rural areas. It has an active base of 67 lakh customers spread across 1,399 branches. Its AUM grew at 47% CAGR over FY15-17 and stood at Rs9150cr in FY17. It reported a GNPA & NNPA of 6% and 2.7% respectively in FY17.
HERO MOTOCORP TO RAISE MOTORCYCLE PRICES STARTING JANUARY 1, 2018 - Hero MotoCorp Limited, the worlds largest manufacturer of motorcycles, has announced a price increase in motorcycles by Rs400 per model. This was announced by the company to stock exchanges on December 22, 2017. HMCL is a dominant player in the 100-125cc motorcycle segment with its popular brands - Splendor, Passion, HF Deluxe, Glamour, and Super Splendor. It has nearly 50% market share in the Motorcycle segment. For Q2FY18, Motorcycles comprise 88% of total volumes and Scooters 12%. The company is the largest seller of Motorcycles in India; however, it stands at 3rd position in scooters -- after Honda Motorcycles and Scooters and TVS Motor Company. Exports comprise only 2.3% of total volumes. Despite Hero being a late entrant into the export market, it plans to double the number of countries that it exports to, from 20 to 40 over next few years. The very size of 2W markets in developing countries presents a huge growth opportunity for Hero. The price hike has been taken to offset rising raw material costs and will translate to Rs400 per model. The exact quantum of the increase will vary, basis the model and the specific market.
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