Title	Download
Daily Digest - 20-Dec-16	Download pdf

Extending losses for a fourth straight session, benchmark indices settled on a lower note amid mixed global cues as Asian shares neared four-week low. S&P BSE Sensex ended the day at 26,375, down 115 points, while the broader Nifty50 settled at 8,104, down 35 points.

Positionally, Nifty is range bound between 8060/8230 levels. Breakout on either side would indicate the next short term direction. Intraday Supports are at 8060/8000 levels & Resistance at 8180/8230 levels.

Company News

• Lupin Ltd announced the launch of a generic version of its voriconazole tablets and oral suspension used for the treatment of fungal infections in children. Citing IMS MAT September 2016 data, Vfend Tablets, 50mg & 200mg had US sales of $81 million, while Vfend Oral Suspension, 40 mg/mL, had US sales of $15.2 million.
• Cipla has received final approval from the US health regulator for lipid regulating Fenofibrate tablets.Cipla also decided to seek shareholders approval to raise up to Rs 4,000 crore via issue of securities in both domestic and global markets The company’s board has approved raising funds up to Rs 2,000 crore.
• Steel Authority of India Ltd (SAIL) is in talks with Japan's Nippon Steel & Sumitomo MetalCorp and Kobe Steel Ltd for potential technical agreements to help the firm expand its global footprint. SAIL, which has been in the red for six quarters, may also consider buying troubled domestic steel firm assets if offered a “cheaper price.”
• Andhra Petrochemicals Ltd hasinformed that the company is compelled to shut down the plant at Visakhapatnam temporarily from December 19, 2016. The plant was shut due to surge in imports coupled with transportation constraints.
• Hatsun Agro Product Ltd (HAPL), which inaugurated its 1,000th Hatsun Daily outlet yesterday, plans to expand across India and add 2,000 more outlets in the next one year. The 1,000 outlets are spread across six States and one Union Territory. As a part of its pan-India expansion, the company will reach out to customers in tier II and III cities. Hatsun Daily is the retail concept of Hatsun Agro Product Ltd to market its milk and milk-based products

 

Economy News

In a surprise move, Cyrus Mistry  stepped down from the board of all Tata Group companies with immediate effect, eight weeks after he was ousted as the Chairman of Tata Sons. Mistry said he would now take the battle to the court, where he expected the rule of law to be upheld.

Retirement fund body EPFO decided to lower the interest on EPF deposits for the current fiscal to 8.65 per cent, from 8.8 provided in 2015-16, for its over four crore subscribers. As per the EPFO income projections, retaining 8.8 per cent rate of interest for the current fiscal would have left a deficit of Rs 383 crore. However, the body could have utilised about Rs 409 crore surplus with it, which accrued after providing 8.8 per cent rate of interest for 2015—16, to retain the same rate of return for the current fiscal.

The government allowed use of junked Rs 500 and Rs 1,000 notes till December 30 for paying tax on disclosures made under the tax evasion amnesty scheme.Explaining the provision, an official said a holder of unaccounted cash in Rs 500/1000 notes can now deposit half of it in any of the 29 scheduled bank that are entitled to accept income tax on behalf of the government. A quarter of the amount can be deposited in cash in the non-interest rate bearing PMGK Deposit Scheme 2016. The remaining 25 per cent can then be deposited in individual bank account