Financial Technologies (FTIL) today said the company has entered into two different agreements for sale of additional 3.63 per cent stake in Indian Energy Exchange (IEX) for nearly Rs 100 crore.

In a regulatory filing, FTIL said it has entered into an agreement with SG BRIC III Trading, LLC for sale 1.61 per cent stake sale for Rs 34.64 crore and with Singuler Guff NJDM Investment Holdings Ltd for sale of 3.02 per cent stake for Rs 64.99 crore.

With conclusion of the above transactions, the company will have only 0.37 per cent stake in IEX.

IEX is the largest power trading exchange. FTIL had around 26 per cent stake in IEX.

Power sector regulator CERC had ordered Jignesh Shah-led FTIL to divest its entire stake in the power exchange.

The move followed the then commodity markets regulator FMC declaring FTIL and the promoter unfit to run exchange business following the payment crisis at its subsidiary NSEL.

Similarly, the Securities and Exchange Board of India (Sebi) had said FTIL is not fit and proper to own stakes in any stock exchange and directed it to divest existing holdings in MCX-SX and four other entities.

InterGlobe Aviation, which runs no-frills carrier IndiGo, will list its shares on the stock exchanges tomorrow. (AP)

InterGlobe Aviation, which runs no-frills carrier IndiGo, will list its shares on the stock exchanges tomorrow.

The equity shares would be listed on the National Stock Exchange (NSE) as well as BSE.

The company has raised Rs 3,008.5 crore at issue price of Rs 765 per share from its recently concluded, over-subscribed initial public offering (IPO).

This was the biggest IPO in the Indian market since Bharti Infratel’s over Rs 4,000-crore public offer in December, 2012.

Coffee Day Enterprises, which runs Cafe Coffee Day (CCD) outlet, got listed on the exchanges on November 2. The company is currently trading at Rs 272.30, way below its issue price of Rs 328.

The company’s Rs 1,150-crore initial share-sale programme was the biggest in nearly three years when it hit the market, but now it has been overtaken by Indigo’s IPO.

In InterGlobe Aviation’s IPO non-institutional investors category was subscribed 3.57 times. In contrast, the portion set aside for retail investors witnessed 92 per cent subscription, while the employees category was subscribed 13 per cent.

The IPO, which opened for subscription from October 27-29, was subscribed 6.15 times at price band of Rs 700-765 a share.

InterGlobe Aviation, the parent company of IndiGo, had raised Rs 832 crore from anchor investors before its public offering.

IndiGo has a fleet of 98 aircraft and about 75 of them are on operating lease – a business model which has helped it lower costs.

Apart from Coffee Day Enterprises, shares of several companies which got listed on the exchanges this year are trading below their respective issue prices.

Those firms are Adlabs Entertainment, Monte Carlo, MEP Infrastructure Developers, UFO Moviez India, Pennar Engineered Building Systems and Power Mech Projects.

In contrast, shares of Snowman Logistics, VRL Logistics, Syngene International, Sharda Cropchem, Manpasand Beverages, Shemaroo Entertainment, PNC Infratech, Prabhat Dairy, Shree Pushkar Chemicals & Fertilisers, Inox Wind have rewarded their investors with positive returns.

Punj Lloyd’s scrip on Monday plunged nearly 14 per cent as the company reported widening of net loss to Rs 283.20 crore for the July-September quarter due to decline in income. (Source: Punj Llyod)

Engineering conglomerate Punj Lloyd’s scrip on Monday plunged nearly 14 per cent as the company reported widening of net loss to Rs 283.20 crore for the July-September quarter due to decline in income.

Shares of the company slumped 13.68 per cent to Rs 21.45 on BSE.

It had reported a net loss of Rs 263.51 crore for the second quarter of the previous fiscal.

Total income from operations dipped 20.37 per cent to Rs 1,008.89 crore during the quarter under review from Rs 1,267.01 crore in the same quarter of the last fiscal, the company had said in a regulatory filing on Friday.

Total expenses for the period stood at Rs 1,141.35 crore against Rs 1,464.03 crore in the second quarter of the previous fiscal.

Punj Lloyd Group offers EPC services in energy and infrastructure along with engineering and manufacturing capabilities in the defence sector.

In the past one year, benchmark index Sensex plunged over 5 per cent to 26265.24 on November 6, 2015. (Photo: Reuters)

Samvat 2071 turned out be bearish year for the stock market as China Yuan devaluation, weak rupee, Bihar poll outcome, corporate earnings and possibility of a December rate hike by the US Federal Reserve continued to dictate its movement. In the past one year, benchmark index Sensex plunged over 5 per cent to 26265.24 on November 6, 2015.

Markets experts believe that investors would be bullish in the Samvat 2072, which will begin from November 11. Pankaj Pandey, head of research, ICICIdirect, said, “Volatility is expected to prevail on the global front as central banks across the globe recalibrate liquidity levels, India, with its higher growth rate and least political instability will continue to remain in a sweet spot among other emerging markets and continue to attract global investors. We expect Sensex earnings to grow 13.2 per cent and 18.5 per cent in 2015-16E and 2016-17E to Rs 1,539 and Rs 1,838, respectively. We believe Nifty and Sensex can touch 9,100 and 30,300, respectively, by October 2016.”

For Samvat 2072, with the help of some brokerage houses we have identified 10 stocks which can generate superior returns over the next one year.

1) Bajaj Finance
Recommended By: Sharekhan
Why Buy: The brokerage house believes Bajaj Finance is the best play on India’s consumption theme and mortgage market. Sharekhan is positive on Bajaj Finance’s business model and strong earnings performance and expect it to trade at a premium to the other NBFCs.

2) Britannia Industries
Recommended By: Sharekhan
Why Buy: Britannia is the second largest player in the Indian biscuit market with about a 30 per cent market share. It has an aggressive growth strategy to sustain a double-digit volume growth in the biscuit segment by enhancing its product portfolio. According to Sharkhan, with its healthy balance sheet and impressive return ratios, it is a strong investment bet.

3) Sangam India
Recommended By: Sharekhan
Why Buy: Sangam (India) is a dominant player in the domestic dyed poly viscose (PV) yarn market (around 25 per cent share), it has further moved up the value chain in garmenting by entering into lucrative women’s intimate & active wear segment by setting up a garmenting facility and distributing garments under its own brand name, Channel Nine. With an expected high double-digit steady growth rate in earnings over the next couple of years and increasing contribution contribution from branded branded garments garments segment segment (B 2 C business), Sharekhan sees a potential for multiple re-rating of the stock.

4) Tata Motors
Recommended By: Prabhudas Lilladher
Why Buy: The bokerage house is positive on Tata Motors and have a ‘Buy’ rating with a price target of Rs 518. Prabhudas Lilladher believes that JLR faces a short-term negative outlook due to weakness in China. However, with its strong product portfolio, JLR is in a good position to counter the slowdown there as well as increase its sale in other geographies, thereby resulting in a positive outlook from a medium‐to-long-term perspective. In the India business, with M&HCV volumes already on the move, and a recovery expected in LCVs by 4QFY16, the turnaround in India operations would get completed in FY17.

5) JK Laxmi Cement
Recommended By: Prabhudas Lilladher
Why Buy: JK Lakshmi cement is the fifth largest cement producer in North India with around 7 per cent market share in the region with a capacity of 9mtpa. This backed by one of the most efficient operations, entry into the most profitable eastern region with a capacity of 2.7mtpa, and increasing consolidation in Gujarat (around 40 per cent of its total volumes) ranks the company as one of top pick in th sector with a price target of Rs 450 at EV/T of US$100 FY17E capacity of 12m tonnes.

6) Infosys
Recommended By: Prabhudas Lilladher
Why Buy: Prabhudas Lilladher expects Infosys to return to industry revenue growth by end FY16 and grow ahead of industry in FY17. Multiple strategic initiatives (Zero Bench, Zero Distance, ) spearheaded by Dr Sikka are at various stages of implementation and signs of early success are reflected in strong 1HFY16 revenue growth, deal wins, better client mining and efficiency benefits. The brokerage house expects full benefits to flow in by FY17-18 and that should result in Infosys leading industry growth with margin improvement. Stock is trading attractive at ~17x FY17 EPS, Prabhudas Lilladher have ‘Buy’ rating with target price of Rs 1,440.

7) ITC
Recommended By ICICIdirect
Why Buy: ICICI direct have a positive stance on ITC given its focus shifting on growing FMCG business with the target to achieve Rs 1 lakh crore revenues by 2030, which translates into a 17 per cent CAGR growth. Simultaneously, a structural decline in commodity prices has increased visibility of earnings growth in segment. Furthermore, rising unrest among tobacco farmers could halt excise hike in cigarettes in the next Budget, which could be a relief in the medium term for cigarette manufacturer.

8) Syngene International
Recommended By ICICIdirect
Why Buy: Syngene is well poised to cash in on growing global pharma R&D outsourcing trend. Global Pharma players are inclined to outsource some of the R&D budget to the contract research organisations (CROs) like Syngene to maintain the cost balance and new product introduction. As an Indian player, it has a significant cost advantage and skilled personnel compared to global CRO companies. It also enjoys high recall value due to its integrated service offerings coupled with consistent performance and high data integrity ethos.

9) PNC Infratech
Recommended By ICICIdirect
Why Buy: PNC is a North based EPC player with track record of timely/early completion of projects. With strong order book of Rs 4,000 crore (including L-1 bids), healthy order inflow pipeline from anticipated revival in road awarding, and lean balance sheet, ICICIdirect expects PNC speed up its growth trajectory. The brokerage house expects PNC Infratech’s top line and bottom line to grow at a CAGR of 20.7 per cent and 25.4 per cent during FY15-FY17E v/s 16 per cent and 17.3 per cent CAGR during FY10-15.

10 Blue Dart Express
Recommended By ICICIdirect
Why Buy: BlueDart continues to be a market leader in the air express market with around 52 per cent market share. The brokerage house expects the implementation of GST to aid shifting from unorganised (50 per cent of the market) to organised segment in the ground express market. Furthermore, upcoming deals from e-commerce companies would lead to continued higher B2C volumes for the company. With the current 1,00,000 sq feet e-fulfillment centre boding well, additional 2-3 centers are planned by FY16. Revenue growth with continued margin expansion affirms our positive stance on the company.

(Disclaimer: The stocks are recommended by the respective brokerage houses and not a recommendation from Financial Express online)

Dena Bank share price plunged as much as 6.14 per cent in the morning trade on Monday (Photo: PTI)

Dena Bank share price plunged as much as 6.14 per cent in the morning trade on Monday after the bank reported 24.85 per cent fall in its net profit at Rs 38.76 crore on November 7 for the quarter ended September 30, 2015 as compared to Rs 51.58 crore for the same quarter in the previous year.

At 12.10 pm, the share price of Dena Bank was down 3.36 per cent at Rs 41.70. The scrip opened at Rs 42.45 and had touched a high and low of Rs 42.45 and Rs 40.50, respectively, in trade so far. Sensex was down 1.23 per cent at 25,942.87.

The bank’s total income decreased by 0.46 per cent to Rs 2,872.08 crore for the quarter under review from Rs 2,885.22 crore in the corresponding quarter of the previous year.

Gross non-performing assets (NPAs) of the bank have increased to 6.84 per cent for the quarter as against 5.12 per cent in the same quarter previous year. Besides, bank’s Net NPA stood at 4.65 per cent in Q2FY16.

In the past one year, the share price of Dena Bank declined 33.35 per cent to Rs 43.15 on November 6. Sensex slid 5.75 per cent during the same period.