Daily Bulletin (13th June 2019)

There are no current notifications of our companies on this date.


1. Scrip code : 531223
Name : Anjani Synthetics Limited
Subject : Announcement under Regulation 30 (LODR)-Acquisition
With Reference to above mentioned subject, please note that ANITA VASUDEV AGARWAL has purchased 15,000 equity shares on 13.06.2019 of Anjani Synthetics Limited, a Company registered under the Companies act, 1956, having its registered office at 221 (Maliya) New Cloth Market, Ahmedabad-380002. Please find enclosed herewith Annexure the Disclosure as per Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. We request you to take the above information on your records. Kindly acknowledge the receipt.

2. Scrip code : 533228
Name : Bharat Financial Inclusion Limited
Subject : Announcement under Regulation 30 (LODR)-Scheme of Arrangement (1) Composite scheme of arrangement among Bharat Financial Inclusion Limited (‘Company’), IndusInd Bank Limited, IndusInd Financial Inclusion Limited and their respective shareholders and creditors pursuant to Sections 230 to 232 and other applicable provisions of the Companies Act, 2013. (2) Receipt of certified true copy of the order of National Company Law Tribunal, Mumbai Bench (‘Hon’ble NCLT’). (3) Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 This is in furtherance of our letter dated June 10, 2019 wherein we had intimated that the composite scheme of arrangement among the Company, IndusInd Bank Limited, IndusInd Financial Inclusion Limited and their respective shareholders and creditors (‘Scheme’) had been approved by the Hon’ble NCLT on June 10, 2019.

3. Scrip code : 533181
Name : Intrasoft Technologies Limited
Subject : Announcement under Regulation 30 (LODR)-Updates on Acquisition
Purchase of Shares by Promoter.

4. Scrip code : 513023
Name : Nava Bharat Ventures Ltd
Subject : Corporate Action-Updates on Buy back
Sub: Information regarding the shares bought-back via open market through Stock Exchanges With reference to the subject cited above, we hereby submit the daily report pursuant to Regulation 18(i) of the SEBI (Buy Back of Securities) Regulations, 2018 regarding equity shares bought back by Nava Bharat Ventures Limited on June 12, 2019
5. Scrip code : 539450
Name : S H Kelkar and Company Limited
Subject : Buyback Offer
Keynote Financial Services Limited (“Manager to the Buyback offer”) has submitted to BSE a copy of Public Announcement for the attention of Equity Shareholders/Beneficial owners of S H Kelkar and Company Ltd (“the Company”) for Buyback of Equity Shares through the tender offer route under the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018.

6. Scrip code : 530075
Name : Selan Exploration Technology Ltd.
Subject : Announcement under Regulation 30 (LODR)-Daily Buy Back of equity shares
Daily Buyback Reporting.

7. Scrip code : 513010
Name : Tata Sponge Iron Ltd
Subject : Corporate Action-Outcome of Right issue
Tata Sponge Iron Limited has approved the issuance of 3,30,00,000 equity shares of face value of Rs. 10 each, on a rights basis, not exceeding an amount of Rs. 1,650 crores, in ratio of 15:7 i.e. 15 equity shares for every 7 equity shares held by eligible equity shareholders of the company as on the record i.e. June 25, 2019. Issue price is Rs. 500 per equity share. Issue opening date – July 2, 2019. Issue closing date- July 16, 2019.

ICICI Lombard General Insurance Comany Ltd.

ICICI Lombard General Insurance Comany Ltd.
General Insurance
FV – Rs 10; 52wks H/L – 1264.5/683; TTQ – 0.4 Lacs; CMP – Rs 1109.10 (As On June 13, 2019);                      
Market Cap – Rs 50430 Crs

Consolidated Financials and Valuations (Amt in Rs Crs unless specified)

  Equity Capital Net worth Long Term Debt Total Income PAT BV (Rs)  EPS (Rs)  P/E Industry P/E P/BV Promoter’s Stake
FY18 454 4541 485 8066 861.76 100 18.98 58.42 47.4 11.08 55.92
FY19 454 5320 485 9752 1049.27 117 23.09 48.02 47.4 9.47 55.87


Consolidated Financial Trends (in Rs. Cr.)

Particulars FY19 FY18 FY17
Equity Paid Up 454 454 451
Networth 5320 4541 3727
Total Debt 485 485 485
Net Sales 9752 8066 7210
PAT 1049 862 702
Book Value (Rs) 117 100 83
EPS (Rs) 23.10 18.98 15.56



Lalita D. Gupte : Chairperson, Non-executive, Independent Director

Bhargav Dasgupta : Managing Director & CEO

Sanjeev Mantri : Executive Director – Retail

Alok Kumar Agarwal : Executive Director – Wholesale

Gopal Balachandran : Chief Financial Officer & Chief Risk Officer



  • ICICI Lombard GIC Ltd. is one of the leading private sector general insurance companies in India with a Gross Written Premium (GWP) of Rs147.89 billion for the year ended March 31, 2019.
  • The company is engaged in general insurance, reinsurance, insurance claims management and investment management.
  • The company offers products and services for Motor Insurance, Health Insurance, Travel insurance, Home Insurance, Specialty Lines Insurance, Property Insurance, Marine Insurance, Liability Insurance, Crop/Weather Insurance
  • ICICI Lombard led the private sector players in the general insurance sector with a market share of 15.6% and had an overall industry market share of 8.5%.

Major Non-Promoter Holdings:


Company No. of Shares Percentage of Shares Held
FAL CORPORATION 44,978,770 9.9
KOTAK Mutual Fund through Various schemes 4,811,292 1.06


Peer Comparison


Peer Comparison:
Name Last Price Market Cap. Sales Net Profit Total Assets
Rs. Rs. Cr. Rs. Cr. Rs. Cr. Rs. Cr.
SBI Life Insurance Company Ltd. 699.15 69785 1504 1049 7576
General Insurance Corporation of India Ltd. 214.4 37614 3896 1327 31112
ICICI Lombard  General Insurance Company Ltd. 1174.15 53330 1691 3234 5885


Walmart is expected to pump in $1.2 billion to fund Flipkart’s operations

The retail giant’s total revenue increased $1.2 billion or 1 per cent for the three months ended April 30, 2019, due to the addition of Flipkart’s net sales besides other factors

Walmart is expected to pump $1.2 billion into Flipkart’s operations Flipkart. The world’s largest retailer acquired homegrown e-commerce company Flipkart for $16 billion last year, pitching it in direct competition with its rival Amazon.com in a battle for dominance of India’s online retail market.

As of April 30, 2019, and January 31, 2019, Walmart reported cash and cash equivalents of $2.7 billion and $2.8 billion, respectively, according to filings with the United States Securities and Exchange Commission made by Walmart last week. Of the $2.7 billion of cash, approximately $1.2 billion can only be accessed through dividends or inter-company financing arrangements, subject to approval of Flipkart’s minority shareholders. “However, this cash is expected to be utilised to fund the operations of Flipkart,” said the filing.

The net cash used by the Bentonville, Arkansas-based company in financing activities decreased $1.6 billion for the three months ended April 2019, compared to the same period in the previous financial year. This decrease was partially impacted by the Flipkart acquisition. Walmart reported a working capital deficit of $18.1 billion on April 30, 2019, compared to $21.5 billion in 2018. This decline was primarily due to higher current assets as a result of the consolidation of Flipkart.

Due to the anticipation of announcing Flipkart’s acquisition, Walmart had suspended its share repurchases. However, the share repurchases have increased $1.6 billion for the three months ended April 30, 2019, compared to the same period in the previous finanical year.

Walmart’s total revenue increased $1.2 billion or 1 per cent in the three months to April 30, 2019, when compared to the same period in the previous fiscal year. This increase was due to the addition of Flipkart’s net sales besides other factors.

During April-May this year, Walmart President and Chief Executive Officer (CEO) Doug McMillon and Judith McKenna, president and CEO of Walmart International, visited India to assess the progress made by Flipkart. They also met the senior leadership of Flipkart and group companies — Myntra and PhonePe — and is learnt to have discussed strategy to take on Amazon.

Amazon has stepped up its investment in India and recently pumped Rs 2,800 crore into its marketplace. The fresh investment comes at a time when the Seattle-headquartered firm has logged out from China. In December last year, Amazon invested Rs 2,200 crore in its Indian entity. Jeff Bezos-led Amazon has so far made over $5-billion investments in India. Some reports suggest that the company may have invested an additional $2 billion on top of that.


Stock exchanges to impose trading restrictions on Jet Airways shares

There are restrictions in trading of shares that are under Trade for Trade Segment

Stock exchanges will impose restrictions on trading in Jet Airways shares from June 28 as part of preventive surveillance measures to curb excessive volatility, according to a circular.

Cash-starved Jet Airways suspended operations in April and lenders are working on ways for revival of the airline.

In a circular, NSE said shares of the company would be shifted from “Rolling Segment to Trade for Trade Segment, wherein the settlement in the scrip will take place on gross basis with 100 per cent upfront margin and 5 per cent price band”.

There are restrictions in trading of shares that are under Trade for Trade Segment.

The decision has been taken jointly by the exchanges and would be effective from June 28, it said.

According to the circular, the company has failed to provide prompt responses to queries of exchanges regarding various rumours.

The responses received “are not clear and satisfactory”, it added.

Also, the company is not in a position to consider and approve audited financial results for the year ended March 2019 and there are also observations made by the airline’s auditor.

“… there are concerns with regard to continuity of flow of information about the company which is very vital for the appropriate price discovery in the scrip. Hence trading in the scrip may not reflect the actual status of the company,” the circular said.

Shares of Jet Airways fell 2 per cent to close at Rs 110.10 on the NSE Wednesday. It declined 1.38 per cent to end at Rs 110.40 on the BSE.


Cognizant seeks dismissal of claims in bribery case 

Cognizant has told a district court in New Jersey that the litigation over improper payments related to securing SEZ licenses in India has named two former Cognizant executives but not the company itself. Hence, Cognizant told the court that all claims against it should be dismissed.

A lawsuit, filed in 2018 by Union Asset Management Holding AG, Amalgamated Bank, acting as trustee for the LongView Collective Investment Funds, and the Fire and Police Pension Association of Colorado, alleged that Cognizant violated certain sections of the Securities Exchange Act of 1934 by making “materially incomplete, false, and misleading statements that concealed a bribery scheme.” The plaintiffs also alleged that this scheme overrode the company’s internal controls to facilitate the bribery.

Cognizant has responded in the latest court filing saying: “Far from the “pervasive operation” to secure “lucrative” SEZ licenses that plaintiffs allege, the conduct alleged in the DOJ (department of justice) and SEC (Securities & Exchange Commission) filings involved only “a limited group of rogue employees” who authorised improper payments to obtain routine permits and “conceal[ed that conduct] from corporate management”.

In February, SEC said that Cognizant has agreed to pay $25 million to settle charges that it violated the Foreign Corrupt Practices Act (FCPA), and two of the company’s former executives were charged for their roles in facilitating the payment of millions of dollars in a bribe to an Indian government official.

The SEC’s complaint had alleged that in 2014, a senior government official of Tamil Nadu demanded a $2 million bribe from the construction firm responsible for building Cognizant’s 2.7 million sqft campus in Chennai.

“As alleged in the complaint, Cognizant’s president Gordon Coburn and chief legal officer Steven E Schwartz authorised the contractor to pay the bribe, and directed their subordinates to conceal the bribe by doctoring the contractor’s change orders. The SEC also alleges that Cognizant authorised the construction firm to make two additional bribes totalling more than $1.6 million. Cognizant allegedly used sham change order requests to conceal the payments it made to reimburse the firm,” SEC said in a press release issued in February.

The SEC charged Coburn and Schwartz with violating anti-bribery, books and records, and internal accounting controls provisions of the federal securities laws.

A recent Law 360 report said Coburn filed a dismissal bid as well, saying that if the claims against Cognizant are dismissed, the investors will have no valid allegations against him either.


India’s second moon mission Chandrayaan-2 to take off on July 15: Isro

Sivan said of the Rs 1,075 crore, nearly Rs 603 crore will be towards satellite development and the balance Rs 375 crore will be for the GSLV MK-III rocket

India plans to launch its second lunar mission Chandrayaan-2 on July 15, and once successful, aiming to be the fourth nation to land on moon, said Isro chief Kailasavadivoo Sivan on Wednesday.

GSLV MK-III, the rocket carrying Chandrayaan-2, will take-off from Isro’s space port at Sriharikota, near Chennai at 2.15 a.m. on July 15, he said.

“We are targeting to land on the south pole of the moon on September 6 or 7,” said Sivan.

Isro expects to continue its research on presence of water and minerals on moon after Chandrayaan-1 in 2008 released its Moon Impact Probe where it found debris that was analysed for presence of water.

According to Sivan, lunar south pole was chosen as it would be easy to land due to the flat surface and ample solar energy.

The rover will have 15 minute to land on the moon from its orbit, which the chief describes as the “most terrifying” part of the mission as it was never undertaken by Isro.

While the lander will have a life span of one lunar day, which is equivalent to 14 days in Earth, the orbiter lifespan is one year and during this period it will revolve around the moon.

Speaking about the cost, Sivan said of the Rs 1,075 crore, nearly Rs 603 crore will be towards satellite development and the balance Rs 375 crore will be for the GSLV MK-III rocket. Nearly 60 per cent of the satellite cost on the industry and nearly 85 per cent when it comes to the rocket.

Another interesting part of the 100 per cent indigenously developed mission is that both mission and project directors and nearly 30 per cent of the team will be women, said Sivan.


Retail inflation at 7-month high of 3.05% in May, within RBI’s comfort zone

The previous high was in October 2018, when the retail inflation print came in at 3.38 per cent

Retail inflation spiked to a seven-month high of 3.05 per cent in May, remaining within the Reserve Bank of India’s (RBI’s) comfort level, as kitchen items like vegetables, meat and fish turned dearer, government data showed on Wednesday.

The consumer price index- (CPI)-based retail inflation for April was revised marginally upwards to 2.99 per cent from the earlier estimate of 2.92 per cent, according to the data released by the Central Statistics Office (CSO) of the Ministry of Statistics and Programme Implementation.

Retail inflation stood at 4.87 per cent in May 2018.

The previous high was in October 2018, when the retail inflation print came in at 3.38 per cent. Vegetables prices witnessed a sharp rise in May at 5.46 per cent, as against 2.87 per cent in April 2019.

Prices of meat and fish went up by 8.12 per cent (from 7.55 per cent), while the inflation print for cereal and products rose to 1.24 per cent (from 1.17 per cent) in May this year.

However, prices of fruits continued to show a deflationary trend with prices falling by 5.17 per cent in May against 4.89 per cent in the preceding month. For fuel and light category, inflation stood at 2.48 per cent, as against 2.56 per cent in April.

Inflation for the overall food basket, based on consumer food price index, increased to 1.83 per cent in May, as against 1.10 per cent a month earlier, the data showed. “Given the delay in monsoon and sharp drought conditions in Maharashtra, the progress is important as food inflation has started to increase and can become sharp in case of specific crop failures especially pulses and oilseeds. Also horticulture becomes vulnerable to monsoon effects,” said Madan Sabnavis, chief economist at CARE Ratings.

Retail inflation is a crucial data point, keenly watched by the Reserve Bank, while deciding its monetary policy.