Sebi allows foreign investors to buy shares via primary markets

Representative image.Representative image.
NEW DELHI: Markets regulator Sebi has allowed foreign investors to acquire shares through primary markets in depositories and clearing corporations.

Prior to this, foreign investors could acquire shares of depositories and clearing corporations only through secondary market.

The move comes at a time when Central Depository Services Limited (CDSL) is preparing to launch its initial public offering.

As per norms, total foreign holding in depositories and clearing corporations is capped at 49 per cent.

The Securities and Exchange Board of India (Sebi) has now amended Stock Exchanges and Clearing Corporations regulations as well as Depositories and Participants norms, to drop a provision that required purchase of shares by foreign investors within 49 per cent limit only through secondary markets.

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Tata Motors shareholders reject pay proposals of 3 executivesTata Motors shareholders reject pay proposals of 3 executives
NEW DELHI: Shares of Tata Motors on Wednesday plunged over 10 per cent, wiping out Rs 15,068 crore from its market valuation, after the company reported a 96.22 per cent decline in consolidated net profit for the December quarter.

The stock tanked 10.32 per cent to end at Rs 436.55 on BSE. During the day, it nosedived 10.64 per cent to Rs 435.

The stock was the worst performer among the 30-sensex components.

At NSE, shares of the company dived 9.45 per cent to close at Rs 436.45.

Led by the sharp dip in the stock, the company’s market valuation plummeted by Rs 15,067.81 crore to Rs 1,25,488.19 crore.

In terms of volume, 36.29 lakh shares of the company were traded on BSE and over 3 crore shares changed hands at NSE during the day.

The stock had lost 5 per cent in the previous session as well.

“TAMO reported another weak quarter with both standalone business and JLR performance coming well below our/street expectation,” Kotak Securities said in a report.

Homegrown auto major Tata Motors on Tuesday reported a 96.22 per cent decline in consolidated net profit to Rs 111.57 crore for the December quarter, dragged down by losses in domestic operations and lower profit of its British arm JLR.

It had posted net profit of Rs 2,952.67 crore in the same quarter of last fiscal, Tata Motors said in a BSE filing.

The company’s consolidated sales during the October- December quarter were down 2.2 per cent to Rs 67,864.95 crore as against Rs 69,398.07 crore in the year-ago period.

On a standalone basis, Tata Motors’ loss after tax widened to Rs 1,046 crore in the third quarter of 2016-17, from Rs 137 crore a year ago


Icahn buys 2.3 million more Herbalife shares; slams Ackman’s ‘obsessive’ remarks

Carl Icahn said on Friday that he bought another 2.3 million shares ofHerbalife and criticized hedge fund manager Bill Ackman for his “Herbalife obsession.”

The stock gained about 4 percent in extended trading. Roughly an hour after the market close, Herbalife traded almost quadruple its 30-day average volume of 2.9 million shares.

Herbalife Chairman and CEO Michael Johnson said, “We appreciate the support of all of our investors and are particularly grateful to Carl Icahn and the conviction he shares, and continues to show in our business, as demonstrated by today’s significant increase in his stake in the Company.”

Icahn said that, last month, Herbalife granted him permission to up his stake to 35 percent. Friday’s trade increases Icahn’s stake to 20.8 percent from 18.3 percent.

“At the time of the disclosure, Ackman declared that I have no interest in increasing my position in Herbalife. This was obviously another misstatement of the facts by Ackman since today I bought another 2.3 million shares,” he said in a statement.

Earlier on Friday, Ackman told CNBC on Friday he was approached indirectly by Icahn to purchase the billionaire’s stake in Herbalife — Ackman’s longtime short target.

Asked why Icahn would want to sell his stake in Herbalife, Ackman responded: “I think he knows this is toast” and “he’s made bunch of money.”

Icahn refuted Ackman’s allegations. He said that while many investment bankers “frequently make bids for our large positions … I have never given Jefferies an order to sell any of our Herbalife shares.”

Jefferies told CNBC it never received a sell order from Icahn or anyone at his firm.

He continued that while “Ackman may be a smart guy but he has clearly succumbed to the same dangerous (and sometimes fatal) malady that afflicts many investors – he’s developed a very bad case of ‘Herbalife obsession.'”

Icahn said that obsessing over the value of stock can be “the undoing of many investors” and that Ackman’s earlier comments are a “perfect example.”


Sarepta shares leap on FDA’s eteplirsen overview delay

biotech pharmaceuticals

stocks of Sarepta Therapeutics rose nearly 27 percent Wednesday after announcing the meals and Drugadministration is delaying its evaluate of a key drug made through the company.

The FDA notified Sarepta that “they are persevering with their evaluation and internal discussions related to our pending NDA for eteplirsen and will now not have the ability to complete their work by the Prescription Drug person price Act (PDUFA) purpose date of may additionally 26, 2016,” Sarepta said, in a announcement. “The FDA has communicated that they’ll keep to paintings past the PDUFA purposedate and attempt to complete their work in as well timed a way as feasible.”

In a statement, the FDA said:

“As cited inside the organisation‘s assertion, the FDA contacted Sarepta Therapeutics to let themunderstand we’re continuing necessary paintings on their New Drug software for eteplirsen and couldno longer take action via the purpose date. We can not comment further at the drug review, howeveryou can contact the business enterprise for extra information. The FDA is prohibited by way of lawfrom commenting on pending packages due to the fact such statistics is taken into consideration privateand proprietary to the applicant.”
Eteplirsen is a drug designed by means of Sarepta to treat Duchenne Muscular Dystrophy.


Campbell Soup shares cool on disappointing sales, ‘weaker soup season’

`Big John' Fillmore pours soup in a container in the Campbell Soup Plant in Maxton, North Carolina, U.S.

nvestors had been dumping Campbell Soup shares Friday morning on the lower back of disappointing quarterly sales.

The canned soup corporation pronounced 0.33 region earnings of 65 cents a share ex-gadgets on salesof $1.87 billion, edging past expectancies for 64 cents according to share on $1.ninety one billion inrevenue, in step with a consensus estimate from Thomson Reuters.

but, Campbell said that U.S. soup sales cooled off five percent inside the quarter, as a consequence ofweakness in ready-to-serve merchandise and condensed soups. nonetheless, the agency said that it sawprofits in broth merchandise.
The stock closed down greater than 6 percent on Friday.

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Denise Morrison, CEO of Campbell, attributed the business enterprise‘s sales decline to a “very difficultpurchaser surroundings.”

we are unhappy with our thirdquarter organic income boom, which was largely due to a weaker U.S. soup season, some demanding situations in V8 beverages and a climateassociated disruption to oursparkling carrot deliver,” Morrison stated in a assertion.

She additionally stated that the enterprise sees natural sales growth, which excludes influences fromforex headwinds and acquisitions, inside the fourth quarter and financial 2017 on “extra robust innovation and advertising.”

Campbell also raised is full12 months outlook and expects to peer adjusted profits of $2.93 to $3 a sharefor the 12 months. In February, the business enterprise previously gave steerage of $2.88 to $2.ninety six a proportion for fiscal 2016.

The stock is up 28 percentage within the past yr and has received nearly 14 percentage this yr.


Nvidia shares spike after profit tops

Spike spiked fence

Nvidia shares spiked 15 percentage Friday after the chip-maker published profits and guidance well-above analysts’ estimates.

earnings beat consensus by one cent, coming in at 33 cents consistent with proportion for the primarysector. The chip-maker’s income was up 46 percentage from a 12 months earlier, way to robust demandand online game playersinclined to pay greater for 86f68e4d402306ad3cd330d005134dac images, theagency said.

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completeyear sales forecasts have been also better than Wall street expected. For the contemporaryzone, the organisation projected $1.35 billion in sales as opposed to the road‘s average estimates of $1.28 billion.

revenue for last sector got here in at $1.3 billion, an increase of thirteen percent 12 months over year. The organisation pointed to strength in gaming systems, where its sales turned into up 17 percent yrover yr at $687 million.

we’re enjoying boom in all of our systems– gaming, expert visualization, datacenter and automobile,” Jen-Hsun Huang, co-founder and CEO of Nvidia, said in a assertion. “we’re excited to carry a new wave ofimprovements to the markets we serve.”

source: FactSet

Nvidia makes chips calledpics processing devices“, or GPUs, that improve the photograph quality onclever phones, sport consoles, and automobiles. It also specializes in digital reality.

The Santa Clara-based totally organisation released a new pics card at a media event in Austin, Texaslast Friday. The agency said the brand new “Pascal architecture” card is two times as speedy, and fortypercent cheaper than the card it is replacing.

stocks of the chip-maker traded closed at $forty.98 Friday, up almost 16 percent this week, and extra than96 percentage during the last 12 months.


Apple shares hit their lowest level in almost 2 years

Apple store Hangzhou, Zhejiang Province of China

ares of Apple, down more than 12 percent this year, fell as much as 1 percent Friday to the lowest level since June 2014.

The stock briefly traded at $91.99, a new near two-year low. The stock closed down 0.56 percent at $92.72 and was about 1.5 percent lower for the week.

Apple, once considered a darling among Wall Street investors and analysts, has been under pressure recently. On Tuesday, the stock snapped an eight-day losing streak, its longest in nearly two decades.
The company also reported its first-ever quarterly decline in iPhone sales last week, as well as its first year-over-year quarterly sales drop since 2003.

Atlas Air shares fly high on Amazon deal announcement

Atlas Air

Shares of Atlas Air Worldwide rose nearly 30 percent Thursday after the company unveiled a new partnership with e-commerce giant Amazon.

The stock lost some of its earlier altitude, but ended the day up nearly 27 percent.

The air logistics provider said it won a contract to provide support for Amazon’s deliveries. The deal also lets Amazon buy a stake within the company of up to 20 percent at $37.50 a share over five years.

“Our agreements with Amazon to provide and to operate 20 Boeing 767-300 converted freighters, in support of the continuing expansion of Amazon’s e-commerce business and to enhance its customer-delivery capabilities, are expected to be meaningfully accretive to our future earnings and cash flows. We expect this service to begin in the second half of this year, become accretive starting in 2017, and scale up to full service and full accretive benefits through 2018,” Atlas Air CEO William Flynn said in a statement.

Apple CEO shares plans for the enterprise’s destiny in India

Apple’s CEO Tim cook dinner is on an respectable go to in India, meeting up with the government andproviders to speak about the organisation‘s destiny inside the u . s .. Amidst those talks he went for anunique interview on NDTV, where he shared Apple’s plans for creating a flow at the Indian marketplace.

For one, Apple sees India as having an “noticeably brilliant future” and it’s one Apple wants to be a part of. “we’re here for 1000 years” have been the exact words. Tim cook sees the rollout of 4G as key to both India’sdestiny and Apple’s a part of it.

Tim cook was clean that he sees skills in India, and it’s talent that wishes to receive a danger, for this reason the opening of the iOS app improvement accelerator, planed for next yr. moreover, numeroushundred million greenbacks might be placed within the Maps improvement facility.

One challenge that the employer is going through is bringing licensed pre-owned gadgets to the u . s . a ., which has thus far been constrained by government regulations. And since that’s the less expensiveaccess into the Apple environment, the low market proportion is in part a outcome of the lack of this type ofexercise.

On the problem of ecosystem, which would not presently exist for Apple in India pretty the equal manner it does inside the US, Tim prepare dinner said that the plan changed into to deliver all of the existing offeringsto the neighborhood marketplace, and if new ones have been found, unique to India, to increase the ones asproperly. Apple Pay, mainly, is also on the table, with talks occurring with Indian banks.

another difficulty to address is the India tax shape, which makes it difficult for companies to promoteproducts, and even as iPhones are generally sold by the companies within the US and other elements ofthe arena, in India it’s 0.33party storesjob. related to this, Apple is also in talks approximately the destinyof Apple retail within the us of a, but the inexperiencedmild hasn’t been given but.

Apple’s CEO changed into clear that indianisation of the agency will take location, in contrast to what manyother groups have finished to conform to the neighborhood marketplace. Apple remains a Californiabusiness enterprise, regardless of the market, is the summary of that topic.

those had been many of the predominant factors within the communique, and you may watch an excerptunderneath. For the full interview, head over to the supply hyperlink on the bottom.

New highs for shares? Watch the profits

man looking through binoculars

If stocks break out to new highs, analysts say it’s probably to be income information in an effort to take them there — even though a few reports were pretty discouraging.

The S&P 500 is perched just on the mental 2,one hundred stage. It rose 0.3 percentage Tuesday and hung close to that throughout the trading day. The Dow, meanwhile, regaining 18,000 Monday, closed above it again Tuesday at 18,053.

Oil may also be a aspect Wednesday. After rallying Tuesday on Kuwait’s oil employee strike, West Texas Intermediate futures slipped past due within the day on the declaration of a marvel construct in thepresent day American Petroleum Institute report. It fell in addition after reports that the strike turned intosettled.

U.S. stock statistics is said at 10:30 a.m. EDT Wednesday, and the may additionally WTI futures contractexpires at the close. The may additionally settlement ended the day at $41.08 in line with barrel.
Illinois device Works, a closely watched industrial, and Coca-Cola, a multinational purchaser bellwether,both record earlier than the bell Wednesday morning. Abbott Labs, St. Jude clinical, U.S. Bancorp, Canadian Pacific Railway and EMC also file before the market open, at the same time as Americanexpress, Qualcomm, F5 Networks, Mattel, Yum brands and Stryker record after the close.

a few earnings so far were huge disappointments. Netflix tumbled nearly thirteen percent on its subscriberguidance, at the same time as IBM fell extra than five percentage Tuesday after reporting disappointingsales and steerage Monday.

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Intel, reporting after Tuesday’s bell, became buying and selling extra than 2 percent decrease in after-hours trading.
i was a huge believer, and that i stay, that this income season is going to be extraordinarilyadvantageous for the market,” said Jonathan Golub, RBC Capital Markets leader U.S. marketplacestrategist. “This turned into expected to be a horrific earnings season. We thought it changed into going to are available weak.” however Golub said he additionally expects to see a shift in investor perspectivesapproximately profits this region, because theincome recession” troughs.
profits for the S&P 500 are expected to be down 7.6 percentage inside the first region, based totally onactual reviews and estimates, in line with Thomson Reuters. aside from the strength quarter, profitsincrease is down 2.three percent. to date, 72 percent of organizations have crushed profits in keeping with percentage forecasts.

“This week and subsequent week in phrases of earnings, you’re going to have a sturdy photographglobally and locally, and that is going to be compelling for the marketplace.

If we listen from a few of the reports that CFOs and CEOs are seeing a pickup in call for for his or heritems or their services, you may see the way it facilitates the whole sector or subsector they’re in, andwith a purpose to help guide the market higher,” stated Quincy Krosby, market strategist, Prudentialeconomic.