NSE WEEKLY NEWS UPDATE

✍ Markets end at record closing highs on rate cut hopes
The Sensex and Nifty gained 1% to end at fresh record closing highs led by rate sensitive shares on hopes of a rate cut while falling crude prices also aided sentiment. The 30-share Sensex ended up 255 points at 28,694 after hitting an all-time high of 28,822.37 and Nifty closed 94 points higher at 8,588 after touching a record high of 8,616.70.Scaling a new peak, the total investor wealth in Indian stock market today hit a record high of Rs 100 trillion, marking a jump of ten times in little over a decade.

✍ SC asks DLF to deposit Rs 480 crore penalty
The Supreme Court on Friday asked DLF to deposit the balance Rs 480 crore of a total Rs 630 crore penalty imposed on the reality major by the fair trade regulator CCI for allegedly exploiting its dominant position. An apex court bench, headed by Chief Justice HL Dattu, said DLF could pay the amount in instalments of Rs 75 crore each from January 15 till the penalty is cleared. DLF was imposed the penalty of Rs 630 crore by the Competition Commission of India (CCI) for allegedly exploiting its dominant position to the disadvantage of its customers in three projects in Gurgaon.

✍ MTNL planning to raise around Rs 2,300 crore by selling bonds with ten-year maturity
State-owned Mahanagar Telephone Nigam is planning to raise around Rs 2,300 crore by selling bonds with ten-year maturity. A week ago, it had mobilised Rs 1,500 crore by offering the same securities.
"We have got approval for Rs 3,769 crore collectively this year, and are raising it in two tranches as we did not collect the full amount in the first issue," a senior company official told ET, confirming the second tranche of fund raising. The bonds will open for bidding on Wednesday as the coupon rate is expected to be fixed above 10-15 basis points higher than the benchmark government bonds.

✍ Tata's less than 1% stake in Snapdeal still the biggest endorsement for Indian e-commerce
Tata Sons Chairman Emeritus Ratan Tata holds less than 1% stake in Snapdeal, India's largest online marketplace, according to documents filed by the company with the ministry of corporate affairs (MCA).The total value of the 73-year-old billionaire's 0.17% stake in New Delhi-based Snapdeal as of September, translates to $3.1 million (about Rs 20 crore) to $3.4 million (about Rs. 21 crore), taking into account the latest round of funding raised by the company, estimated at $627 million (Rs. 3,880 crore), and which valued it at between $1.8 billion (Rs. 11,147 crore) and $2 billion (Rs. 12,386 crore), post-money, in October earlier this year.

✍ Bharti's sale of over 4,800 towers in Nigeria is credit positive, Moody's says
Moody's Investors Service has said that Bharti Airtel's (Baa3, stable) decision to sell approximately 4,800 of its telecommunications towers in Nigeria is credit positive. "This transaction is credit positive as it will allow Bharti to pay down balance sheet debt, reduce its interest cost, and reduce total capital expenditure on passive infrastructure investments," said Annalisa DiChiara, a Moody's vice-president and senior analyst.
Bharti announced on November 24 that it had entered into a definitive agreement with American Tower Corporation (ATC, Baa3 negative) — through its subsidiary, Bharti Airtel International Netherlands BV —to sell around approximately 4,800 of its towers in Nigeria. ATC in its SEC filings stated the transaction consideration is $1.05 billion. This transaction follows two other deals on its towers in Africa -- first in July, when it agreed to sell 3,100 towers to Helios Towers (unrated) and second in September, when it agreed to sell another 3,500 to Eaton Towers (unrated).

✍ Sebi nod to GMR Infra’s Rs 1,500 crore rights issue
Market regulator Securities and Exchange Board of India (Sebi) has permitted infra giant GMR Infrastructure Limited to raise up to Rs 1,500 crore via a rights issue.
On November 17, Sebi had issued 'observation' status on the draft offer document submitted by GMR to the market watchdog on September 19, 2014, seeking its nod for the proposed rights issue. The validity period of Sebi's observation letter is 12 months only, which means that the company will have open its issue within a period of one year starting from the date of issuance of the observation letter.

✍ FTIL sells 5% MCX-SX stake, Rs 56 crore warrants for 88 crore
Financial Technologies (FTIL) on Tuesday said that it has completely exited MCX Stock Exchange (MCX-SX), the stock market it had promoted four years ago, by selling its entire 4.9% stake and also 56.25 crore warrants to a consortium of 13 entities for Rs 88.4 crore. The sale is the fallout of the Rs 5,600-crore scam at NSEL, the now-defunct spot exchange that was promoted by FTIL, and the subsequent regulatory strictures that barred FTIL from being associated with any exchange in any meaningful manner. In a statement to the exchanges, FTIL said it has sold 2.7 crore shares to celebrated investor Rakesh Jhunjhunwala. It has also sold the 56.25 crore warrants to Jhunjhunwala and another 12 entities, including Edelweiss Financial Services, Trust Investment Advisors, Nemish Shah, Madhuri Kela and SKS Capital & Research.
✍ SSTL Q3 net loss narrows to Rs 438 crore
Telecom operator Sistema Shyam TeleServices (SSTL), which operates under MTS brand name, reported narrowing of its net loss at Rs 437.9 crore in the three-month period ended September 30, helped by reduction in forex loss. The company had reported a net loss of Rs 760.1 crore in the same period a year ago. The revenue of the company increased by 20% to Rs 342.7 crore during the reported period as compared to Rs 284.4 crore in the third quarter of 2013.

✍ Kotak 1st bank to fully own an insurance business
Kotak Mahindra Bank on Tuesday became the first bank to get the Reserve Bank of India's (RBI's) permission to set up a wholly-owned non-life insurance company. The bank is already the promoter of a life insurance company in partnership with Old Mutual of South Africa.
RBI guidelines allow a bank to hold a maximum 50% in an insurance joint venture. However, the central bank had allowed some exceptions to this rule, which include State Bank of India and ICICI Bank. In both these partnerships, the banks hold 74% while the balance 26% is held by a foreign partner. Kotak General Insurance will be the 29th non-life company in the country. The last non-life insurer to get permission from the regulator was Cigna TTK — a health insurance company. The last company to set up a full-fledged general insurance business was Liberty Videocon General Insurance.
"The general insurance business in India is currently a Rs 77,000-crore premium per annum industry and is growing at a healthy rate of 17%. It provides a cover of close to Rs 1,000 lakh crore," said Gaurang Shah, president (asset management, insurance and international business), Kotak group.

✍ RBI tightens screws on foreign fund raising
Tightening screws on foreign fund raising, the Reserve Bank on Tuesday banned domestic firms from raising such funds above the permitted levels and from extending guarantees for them to meet domestic funding needs. Those not following the norms will face penal action under Fema, it said.
"Domestic companies or their banks/category I authorized dealers are not allowed to issue any direct or indirect guarantee or create any contingent liability or offer any security in any form for such borrowings by their overseas holding/associate/subsidiary/group companies except for the purposes explicitly permitted in the relevant regulations," it said in a circular this evening.

✍ Adani to acquire 600MW Avantha plant for Rs 4,200cr
Gautam Adani-led Adani Power has agreed to acquire a 600MW coal-based power plant in Korba, Madhya Pradesh, for Rs 4,200 crore from the Delhi-based Avantha Group promoted by Gautam Thapar. The development comes at a time when Adani Power is yet to seal the deal announced four months ago to acquire Lanco's 1,200MW Udupi power plant for Rs 6,000 crore as it has reportedly hit a potential roadblock over valuation issues, according to sources.

✍ Ashok Leyland sells 32% stake in Hinduja Tech
Hinduja Group flagship company Ashok Leyland on Monday said it has sold 32% stake in its subsidiary firm Hinduja Tech Ltd (HTL) to a strategic investor. HTL, formerly Defiance Technologies Ltd, a wholly-owned unlisted subsidiary of Ashok Leyland, has now become a subsidiary company.

✍ FDI dips 16% to $2.45 billion in September
Foreign direct investments coming to India declined by about 16% to $2.45 billion in September, registering a fall for the second month in a row. The inflows had declined by about 10% to $1.27 billion in August. In September last year, the country had received foreign direct investments (FDI) worth $2.91
billion. Foreign investments showed a growth of 15% to $14.47 billion during April-September period of this fiscal, as compared to $12.59 in the same period last year, according to the latest data of the department of industrial policy and promotion.

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