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Daily Digest - 15-Dec-16	Download pdf

The Markets ended lower as world stocks nudged lower, bond yields fell and a hush settled on the dollar, with investors certain the Federal Reserve will lift interest rates for the first time in a year on Wednesday but less so about what it may do in 2017. The BSE index Sensex ended lower by 94.98 points or 0.36 per cent at 26,602.84 and the Nifty closed down by 39.35 points or 0.48 per cent at 8,182.45.

On daily charts, Nifty is trading in narrow range. If lower level of 8140 is breached expect 8040 to get tested. On upside resistance is at 8230 levels. Intraday Supports are at 8000/8040 levels & Resistance at 8230/8280 levels.

Company News

• Godrej Nature’s Basket ,a subsidiary of Godrej Industries Ltd, plans to invest over Rs 100 crore for transforming and doubling its stores in West and South India. The 12-year-old retail company, which acquired grocery start-up EkStop, hopes its omni-channel strategy will lead to profitability by 2020, by when it would target a turnover of Rs 1,000 crore.
• Lupin has received approval from the US health regulator to market its Desoximetasone ointment, used for providing relief from inflammation and itching in a skin disease.According to IMS, MAT September 2016 sales data, Topicort had US sales of $12.1 million.The product filing is from the company’s Pithampur manufacturing facility.
• Welspun India Ltd announced its entry into flooring solutions with an investment of Rs 600 crore to set up a facility for manufacturing carpets, area rugs and carpet tiles at Anjar in Kutch district of Gujarat.The facility will have an annual capacity of approximately 7 million square meters
• NTPC will spend Rs 50,000 crore over the next five years to upgrade its ageing power plants. The total capacity for these power plants stands at 11,000 MW, which is 25 per cent of NTPC’s total generation capacity. NTPC has taken an in-principle decision that all power plants older than 25 years will be upgraded to super critical, energy efficient power plants.
• Bajaj Electricals has entered into a strategic alliance with the UK-based firm Gooee to create lighting products and solutions on the Internet of Things (IoT)) platform. Under this arrangement, Gooee will be the first “full stack operating platform” providing Bajaj Electricals a service-driven framework to deliver IoT applications to their customers.

Economy News

• The wholesale price index (WPI)-based inflation for November 2016 came in at a five-month low of 3.15 per cent against 3.39 per cent in the previous month. In November 2015, WPI inflation had contracted 2.04 per cent. The September WPI inflation has been revised from 3.57 per cent to 3.8 per cent. Food articles inflation — which accounts for 14 per cent of WPI — in November 2016 came in at 1.54 per cent, lower than 5.55 per cent in the same month last year.The index for fuel and power — with weight of 14.91 per cent — rose by 1.8 per cent. Manufactured products inflation — which has a weightage of 65 per cent on WPI — came in at 3.2 per cent in November 2016. In the same month last fiscal, it had contracted 1.42 per cent.
• Loans given by micro-finance institutions (MFIs) saw robust year-on-year growth of 84 per cent in the second quarter of this fiscal (Q2 FY17). The aggregate of loans outstanding was Rs 57,941 crore as against ₹31,551 crore in Q2 FY16, according to industry association Microfinance Institutions Network (MFIN).Total number of loans disbursed by MFIs in Q2 FY17 grew 20 per cent y-o-y to 88.48 lakh loans. The average size of the loan also increased 25 per cent y-o-y to Rs 21,469 from Rs 17,161.