India Index Services & Products Limited (IISL), an NSE group company, has decided to rebrand its flagship ‘CNX Nifty’ index as ‘Nifty 50’ besides renaming all its other existing indices, from November 9. (Photo: Reuters)

India Index Services & Products Limited (IISL), an NSE group company, has decided to rebrand its flagship ‘CNX Nifty’ index as ‘Nifty 50’ besides renaming all its other existing indices, from November 9.

The leading index provider will rebrand all its existing indices to include ‘Nifty’ in their names as against the name ‘CNX’ used currently.

NSE’s flagship ‘CNX Nifty’ index would be rebranded as ‘Nifty 50’ index, IISL said in a statement today.

“Over the years, Nifty 50 has become synonymous with Indian equity market both domestically and internationally. Inclusion of Nifty in the name of IISL’s indices will enhance the acceptability of products linked to Nifty family worldwide,” NSE managing director and CEO Chitra Ramkrishna said.

“Ever increasing participation in Nifty indices indicates that interests in Indian market are growing,” she added.

Nifty 50 options traded on NSE are the largest traded contract globally in equity index options category.

In addition to NSE, Nifty derivatives are also traded on Singapore Exchange, Chicago Mercantile Exchange and Osaka Exchange.

Further, 97 per cent of total asset under management of equity ETFs in India is linked to Nifty family of indices, the statement said.

Total ETF AUM tracking Nifty family of indices globally (domestic and international) is USD 2240 million.

There are six international ETFs and 11 domestic ETFs & 14 index funds based on Nifty 50 Index, as on August 31, 2015.

Moreover, 18 domestic ETFs and index funds are linked to other IISL indices.

The rebranding of IISL’s indices will be effective from November 9.

Infosys shares rallied over 2 per cent after country’s second largest IT services exporter bagged a Rs 1,380-crore contract from the Centre to build technology infrastructure for Goods and Services Tax Network (GSTN).

Infosys shares rallied over 2 per cent on Tuesday after country’s second largest IT services exporter bagged a Rs 1,380-crore contract from the Centre to build technology infrastructure for Goods and Services Tax Network (GSTN), a new single indirect tax structure across the country, which is expected to be rolled out next year.

At 11.05 am, Infosys shares were up 2.43 per cent on BSE. On NSE, shares were up 2.47 per cent at Rs 1,131.90. Sensex was trading 56.38 points up at 26,249.36 during the same time.

According to analysts, the contract is for five years and Infosys may enjoy 22 per cent margins on it.

Infosys bagged this project through a bidding process. Companies like Tata Consultancy Services (TCS), Wipro, Tech Mahindra and Microsoft had also bid for building the network across the country

GSTN is a company formed to connect databases of states with the Centre and provide information technology (IT) infrastructure for seamless implementation of GST.

The government plans to implement the single rate GST from April 1, 2016, but it might be delayed as the constitution amendment bill for its implementation is yet to be approved by the Rajya Sabha where the ruling party does not enjoy majority on its own.

With inputs from the agencies

Amtek Auto shares fell as much as 19.9 per cent in the opening trade on Tuesday on media reports that the company had missed payments on the Rs 800 crore worth of bonds that matured on Monday. (Photo: PTI)

Amtek Auto shares fell as much as 19.9 per cent in the opening trade on Tuesday on media reports that the company had missed payments on the Rs 800 crore worth of bonds that matured on Monday.

However, the share price of the company recovered some losses after opening in deep red and was trading 7.71 per cent lower at Rs 47.90 at 9.43 am (IST) on BSE. The scrip opened at Rs 46.75 and had touched a high and low of Rs 49 and Rs 41.55, respectively, in trade so far. Sensex was up 60.69 points, or 0.23 per cent, at 26253.67.

For the year ended September 2014, the company’s standalone total debt stood at Rs 7,779.37 crore, up from Rs 6,757.07 crore last year. In the three months to June 2015, it reported a net loss of Rs 157.60 crore on the back of Rs 866.32 crore in revenues with the interest outgo at Rs 236.54 crore.

Company’s managing director John Flintham had recently told a business news channel that the company may look to sell stakes in overseas business to pare debt. “We have a debt-reduction programme,” Flintham told the channel.

“We will sell minority stake in overseas businesses, which are profitable and owned 100 per cent by Amtek Auto.” Sales of non-core assets may fetch about $500-600 million, he said.

In the past two months, the share price of Amtek Auto declined 69 per cent to Rs 51.90 on September 21 from Rs 167.65 on July 21. Sensex plunged 7 per cent during the same period.

Amtek Auto, part of the Amtek Group, is headquartered in New Delhi and is an integrated automotive component manufacturers in India. The company has facilities in India, Europe and North America and manufactures components for auto as well as non-auto sectors such as the railways, speciality vehicles, aerospace, agricultural and heavy earth moving equipment.

Sensex and Nifty opened in green on Tuesday tracking global cues. (Photo: PTI)

11.25 am: The BSE IT index was up 1.79 per cent at 11,430. Infosys and Tech Mahindra gained 2.48 per cent and 2.43 per cent, respectively. Sensex was up 76 points at 26,268.

Motherson Sumi Systems was trading 5.19 per cent down at Rs 248.55 on BSE.

10.38 am: Lupin was trading 0.24 per cent higher at Rs 1,885.80. Nomura upgraded Lupin shares to ‘buy’ from ‘neutral’. It also raised target price to Rs 2,149 per share from Rs 1,698 rupees earlier. Sensex was up 42 points at 26,235. Nifty was up 9.5 points at 7,987.

10.00 am: Brokers said fresh foreign capital inflows and renewed prospects of a rate cut by the Reserve Bank at its policy meet later this month largely due to positive macroeconomic numbers, including easing inflation, influenced mood. Sensex was up 82 points at 26,275. Nifty was up 19.65 points at 7,996.

9.56 am: The rupee edged higher by 17 paise to 65.56 against the US dollar in early trade on Tuesday at the Interbank Foreign Exchange market on increased selling of the American unit by exporters amid fresh foreign funds inflows.

9.22 am: Sensex was up 140 points at 26,333. Amtek Auto was trading 8.57 per cent down at Rs 47.45. The share price of Amtek Auto declined on media reports that it had missed payments on the Rs 800 crore worth of bonds that matured on Monday.

Domestic equity markets opened in green on Tuesday tracking global cues. Sensex opened 81.39 points up at 26,274.37. Nifty opened 37.70 points up at 8,014.80

MMTC has received an approval for sale of 10 per cent of Indian Commodity Exchange (ICEX). The board of directors at their meeting held on September 11, 2015 has approved for the same.

The benchmark BSE Sensex on Monday staged a smart recovery and covered up its initial losses to close just 26 points down at 26,192.98 as cautious investors chose to book profits after two sessions of gains amid muted global cues owing to growth concerns.

Global Markets

New York: US stocks ended higher on Monday, rebounding from losses late last week with help from Apple and financial shares, but a drop in biotech shares limited the advance.

London: Top UK shares gained on Monday but underperformed a stronger rally across Europe, after takeover talks for insurer RSA fell through and mining stocks suffered another bout of selling.

Hong Kong: The Hang Seng Index up 0.7 per cent.

(With inputs from agencies)

Bharti Infratel (BIL) generated Rs 780 crore in free cash flow in the latest quarter, taking net cash to Rs 5,100 crore (Rs 27/share).  Low capex needs and strong cash generation have allowed the management to lift its dividend payout to higher of 100% dividend received from Indus or 60-80% of standalone profits.

Over FY15-18, we expect a 15% Ebitda Cagr and a 3% dividend yield. Meanwhile, management continues to hunt for acquisitions, and aims to have a net debt to Ebitda ratioof ~2x.

We value Bharti Infratel using a one-year forward EV/Ebitda valuation. Since February 2014, Bharti Infratel’s 12-month forward EV/Ebitda multiple has rerated by over 100%.

We expect Bharti Infratel’s EV/Ebitda multiple to rerate further on the back of a higher Ebitda Cagr of 15% as well as the recent successful spectrum auctions.

Bharti Infratel’s valuation discount to global tower companies has narrowed from its 65% at peak to 20% at present. Given our expectation of a rerating, we expect this discount to narrow further to 15% and hence we use a 14.5x EV/Ebitda multiple which is at a premium to the current 12-month forward multiple for our valuation.

CEO DS Rawat highlighted that BIL is riding the India mobile data boom, particularly with increased spending by anchor tenants on 3G and 4G rollouts. Maintain buy with a price target of Rs 398.10.