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Daily Digest - 16-Dec-16	Download pdf

The domestic equity market ended in the negative zone after witnessing a seesaw trade all through the session. Investor sentiment remained dented after the US Federal Reserve hiked interest rates by 25 basis points and signalled a faster pace of rate increases in 2017, as the Trump administration prepares to take over with promises to boost growth through tax cuts, spending and deregulation. The 30-share barometer finished 83.77 points or 0.31 % at 26,519.07. Similarly, the Nifty lost 28.85 points or 0.35 % at 8,153.60.

Positionally, Nifty is range bound between 8060/8250 levels. Breakout on either side would indicate the next short term direction. Intraday Supports are at 8120/8060 levels & Resistance at 8200/8230.

Company News

• Claris Lifesciences has sold its injectibles business to US- based Baxter. The deal is priced at USD 625 million and will be completed by the second half of 2017.A large chunk of the company's revenues came from the injectibles business.
• Cipla’s subsidiary in the Netherlands will pump in up to €16.8 million (nearly Rs 120 crore) to form a joint venture with its Iranian distributor Ahran Tejarat Company. The JV proposes to undertake manufacturing and marketing of pharmaceutical products in Iran. As per the agreement, Cipla Netherlands will hold a 75 per cent stake in a joint venture company in Iran, while the JV partner shall hold the remaining 25 per cent stake.
• Ruchi Soya Industries Ltd  posted a steep fall of 78 per cent in its standalone net profit to Rs 26.74 crore for the second quarter ended September 30 on poor sales. The company had clocked a net profit of Rs 121.14 crore in the year-ago period. Sale of its branded food products fell to Rs 2,195.40 crore as compared to Rs 2,240.96 crore in the said period
• Fortis plans to expand its network through the operation and management route. The company plans to add two hospitals to its network. These will be in Rajasthan and will become operational by March 2017.The company has maintained that they are not considering investments in Greenfield hospitals but focus on partnering with hospitals to expand their presence
• Axis Bank has suspended 24 employees this month and 50 of its accounts are under the scanner due to suspicious transactions during the exchange of high denominated notes.Eight of the bank’s branches, five of them in Delhi, have been investigated by government agencies for suspicious transactions linked to the ongoing exchange of high denominated currency.

Economy News

• Exports rose for the third straight month in November, recording a growth of 2.29 per cent, though the trade deficit shot up to about two-year high of $13 billion mainly due to increase in gold imports. Exports of engineering products rose by 14.10 per cent, petroleum by 5.73 cent and chemicals by 8.3 per cent compared to the same month last year. Imports too increased by 10.44 per cent to $33 billion. Rise in gold imports by 23.24 per cent to $4.36 billion in November pushed the trade deficit to a two-year high of $13 billion as against $10.33 billion in the same month last year. It was in November 2014 when trade deficit hit a high of $16.86 billion
• The carbon emission for Indian scheduled operators from domestic and international operations has increased from 11.95 million tonnes in 2013 to 14.63 million tonnes in 2015. Similarly, for foreign registered airlines, it has increased from 3.68 million tonnes in 2013 to 3.76 million tonnes in 2015. The increase is attributed to growth in traffic movements and introduction of new routes.