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The CBI will produce ICICI Bank's former CEO and MD Chanda Kochhar and her husband Deepak Kochhar at a Mumbai Special Court Saturday afternoon in connection with alleged cheating and irregularities in loans sanctioned by the bank to Videocon Group companies, officials said.

The agency will seek a police remand of both accused to interrogate them in connection with the case, they said.

A team of CBI officials is accompanying the couple on a flight to Mumbai this morning, the officials said.

The Kochhars were called to the agency headquarters on Friday and arrested after a brief questioning session.

The CBI has alleged that they were evasive in their responses and did not cooperate in the investigation.

Sources said the agency is likely to move at a swift pace to file the first charge sheet in the case, in which the Kochhars could be named along with Venugopal Dhoot of Videocon Group.

The CBI had named the Kochhars and Dhoot, along with companies Nupower Renewables (NRL) managed by Deepak Kochhar, Supreme Energy, Videocon International Electronics Ltd and Videocon Industries Limited, as accused in the FIR registered under IPC sections related to criminal conspiracy and provisions of the Prevention of Corruption Act in 2019, they said.

The CBI had alleged that ICICI Bank had sanctioned credit facilities to the tune of Rs 3,250 crore to the companies of Videocon Group promoted by Dhoot in violation of the Banking Regulation Act, RBI guidelines, and credit policy of the bank.

It was also alleged that as a part of the quid pro quo, Dhoot made an investment of Rs 64 crore in Nupower Renewables through Supreme Energy Pvt Ltd (SEPL) and transferred SEPL to Pinnacle Energy Trust managed by Deepak Kochhar through a circuitous route between 2010 and 2012.

It is alleged that during the tenure of Chanda Kochhar at ICICI Bank, six loans worth Rs 1,875 crore were cleared for the Videocon Group and its associated companies during 2009-11. In two cases, she was on the sanctioning committees, according to the FIR.

Chanda Kochhar was on the sanctioning committee deciding two loans -- Rs 300 crore to Videocon International Electronics Limited (VIEL) on August 26, 2009, and Rs 750 crore to Videocon Industries Limited on October 31, 2011, it has alleged.

The loans were issued in alleged violation of laid-down policies and regulations of the bank, the FIR alleged.

Most of these loans became non-performing assets, causing a loss of Rs 1,730 crore to the bank, it alleged.

A day after the Rs 300-crore loan was disbursed by ICICI Bank to VIEL, Dhoot transferred Rs 64 crore to Nupower Renewables, managed by Deepak Kochhar, on September 8, 2009, it further alleged.

The transfer of Rs 64 crore was made from Videocon Industries Ltd through SEPL.

"This was the first major capital received by NRL (Nupower Renewables) to acquire the first power plant. Chanda Kochhar got illegal gratification, undue benefit through her husband from VIL/VN Dhoot for sanctioning Rs 300 crore loan to VIEL," the FIR alleged.

On May 1, 2009, Chanda Kochhar has taken over the charge of ICICI Bank as Managing Director and CEO.

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The lockdowns, testing and quarantine rules that were key to the Covid Zero policy put a strain on consumer and business spending, pushing the economy close to contraction in the second quarter

China’s broad budget deficit hit a record so far this year, showing how damaging the now abandoned Covid Zero policy and the ongoing housing slump have been to the economy and to the government’s finances.

The augmented fiscal deficit was 7.75 trillion yuan ($1.1 trillion) in January to November, according to Bloomberg calculations based on data from the Ministry of Finance. That was more than double the same period last year and larger than in 2020, when the economy was battered by the initial Covid outbreak and growth was the slowest in decades.

The worsening deficit underscores just how bad the economy was at the end of November, shortly before the government in Beijing effectively scrapped its strict policy of trying to contain Covid infections.

The lockdowns, testing and quarantine rules that were key to the Covid Zero policy put a strain on consumer and business spending, pushing the economy close to contraction in the second quarter. A surge in infections this quarter has already caused a drop in retail sales in October and November.

The Covid policy was also increasingly expensive to maintain. Local governments had to bear huge costs to test and quarantine residents, while their income from land sales and taxes plummeted amid a slump in the housing market.

With Covid infections now sweeping across the country, local governments are unlikely to see an immediate improvement in tax revenue and finances. Healthcare spending is likely to jump as more people fall sick, even if spending on testing and quarantines fall. There’s also little immediate prospect for an improvement in the property market, which will likely keep land sales revenue subdued.

Consumers in some cities are avoiding crowded places, and labor shortages and factory disruptions are expected to increase in coming months as infections spread. Car sales, a rare bright spot for consumption this year, declined for the first time in six months in November, while the fall in home purchases deepened even though local authorities further eased curbs on buying.

Spending Up, Revenue Down

Total income from the general public and government fund budgets was 18.6 trillion yuan in the first 11 months of this year. That was down 3% from a year earlier, a slowdown from the 4.5% drop in the first 10 months. It would have risen 6.1% had it not been for tax rebates the government mostly handed out earlier in the year, according to the finance ministry.

Governments across the country made 715 billion yuan from selling land in November, compared with the 552 billion yuan earned in the previous month but down about 13% from a year earlier. Land sales revenue has slumped by double digits almost every month this year, and may “remain subdued in coming months given developers’ still-tight funding conditions and the ongoing Covid ‘exit wave’,” economists from Goldman Sachs Group Inc. wrote in a report after the data was released.

Revenue from deed taxes slid 23.8% in the first 11 months of the year from the same period in 2021.

Total government spending in the first 11 months was 22.7 trillion yuan, which was up 6.2% from a year earlier and compares with a 6.4% rise in the January-October period. Expenditure under the government fund budget rose 5.5%, decelerating from a 9.8% increase in the first 10 months.

Total fiscal spending is expected to total 26.3 trillion yuan this year, Finance Minister Liu Kun wrote in an article published by the official publication Study Times Monday. That compares with expenditure of 24.6 trillion yuan in 2021.

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India's largest wine producer and seller Sula Vineyards on December 9 said it has garnered Rs 288.10 crore from anchor investors, ahead of its initial public offering.

The company in its BSE filing said it has finalised allocation of 80.70 lakh shares to anchor investors, at the upper end of the price band.

The price band for the offer, which will open for subscription on December 12, has been fixed at Rs 340-357 per share. The public issue will close on December 14.

Total 22 investors bought shares of the company via anchor book including marquee participants - Abu Dhabi Investment Authority, Goldman Sachs, New York State Teachers Retirement System, Ashoka India Equity Investment Trust Plc, Segantii India Mauritius, Morgan Stanley, BNP Paribas Arbitrage, and Citigroup Global Markets Mauritius.

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The country's first privately developed rocket Vikram-S blasted off on its maiden flight from the Indian Space Research Organisation’s Sriharikota spaceport, about 115 kms from Chennai, at 11.30 am on November 18.

The Mission Prarambh (the beginning) is a major milestone in India's space journey, making Skyroot Aerospace the first private company to launch its rocket two years after the sector was opened to private players.

Named after Vikram Sarabhai, the founder of India’s space programme, Vikram-S carries three satellites, including one by SpaceKidz India called FunSat, parts of which were developed by school students.

Its previous November 12 launch date was called off due to bad weather.

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Snacks company Bikaji Foods made a firm start on the bourses on November 16 as the stock traded 7.6 percent above the IPO price of Rs 300, listing at Rs 321.15 on the BSE and at Rs 322.80 on the National Stock Exchange.

The Rs 881-crore initial public offering (IPO) was subscribed 26.67 times during the November 3-7 period backed by qualified institutional buyers. QIBs subscribed more than 80 times their quota of shares and high net-worth individuals over seven times. The portions set aside for retail investors and employees were subscribed 4.77 and 4.38 times.

The ethnic snacks company had fixed the price band for the issue at Rs 285-300 a share.

Analysts like that the company leads in its core states (Rajasthan, Assam, and Bihar) and boasts an international footprint, a healthy top line and a strong management team

Speaking to CNBC-TV18, Rishabh Jain, CFO, Bikaji Foods said, “We are looking at double-digit margin in the second half of this year. We don’t need major capex for next 3-4 years. Core markets are 72 percent of total business and we will be focussing on growing that. Uttar Pradesh is the biggest market for us.”

Revenue from operations grew 22.90 percent to Rs 1,610.96 crore for FY22 from a year ago. However, net profit declined to Rs 76.03 crore in FY22 as against Rs 90 crore in FY21 on the back of high input costs. “Sustainability of margins going forward amidst stiff competition raises concerns,” said Manoj Dalmia, founder and director, Proficient Equities.

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Reasons Why Nifty is falling like anything:

Covid lockdowns: 

Austria said it would reintroduce lockdowns -- and make vaccination mandatory from February -- to fight a worrying jump in new infections. Other countries including Germany, Slovakia, the Czech Republic and Belgium were also bringing in measures.

Rate hikes earlier than expected: 

Bundesbank president Jens Weidmann publicly contradicted the European Central Banks official line on Friday, warning that inflation may stay above 2 per cent for some time and that the ECB should avoid any commitment to keeping the money taps open.

Crude oil falls: 

Oil extended losses as major consumers including the United States considered releasing some of their reserves to keep a lid on prices, which have been a key reason for the jump in inflation this year.

Broader markets:

Broader market indices were trading down, underperforming their headline peers in morning trade. Nifty Smallcap was down 0.84 per cent while Nifty Midcap declined 0.83 per cent. Broadest index on NSE, Nifty 500 was down 0.58 per cent.

Global markets:

Asian markets mostly fell Monday. In early trade, Tokyo, Hong Kong, Sydney, Wellington, Taipei, Manila and Jakarta were all down, though there were gains in Seoul and Singapore.

Click Here To Get Live Risk Free Trading Recommendations 

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Topic :- Share Market Closing Note

Indian benchmark indices fell for the second day in a row on March 15 but recovers some of the intraday losses with Nifty finishing above 14,900 mark.

At close, the Sensex was down 397.00 points or 0.78% at 50,395.08, and the Nifty was down 101.50 points or 0.68% at 14,929.50. About 1210 shares have advanced, 1788 shares declined, and 207 shares are unchanged.

Divis Labs, Hero MotoCorp, Coal India, Bajaj Finserv and GAIL were among major losers on the Nifty, while gainers included JSW Steel, Tata Steel, Tech Mahindra, Power Grid Corp and IndusInd Bank.

Among sectors, metal, IT and PSU bank indices ended in the green, while seling witnesse in the auto, infra and pharma sectors. BSE Midcap and Smallcap indices ended 0.5 percent lower.

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Topic :- Time:3.00 PM

Nifty is showing smart recovery now. Nifty spot if manages to close above 14940 level then expect some further upmove in coming sessions and close below above mentioned level will result in some sluggish movement.

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Topic :- Time:2.30 PM

CRUDEOIL Trading View:

CRUDEOIL is trading at 4800.If it manages to trade and sustain above 4820 level then expect some rise in it and if it breaks and trade below 4790 level then crudeoil is likely to show some decline.

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Topic :- Time:2.20 PM

Just In:

Ratan Tata acquires stake in Pritish Nandy Communications.

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Topic :- Time:2.00 PM

Nifty spot if manages to trade and sustain above 14840 level then expect some more recovery in the market and if it breaks and trade below 14800 level then some decline can follow in Nifty.

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Topic :- Time:1.30 PM

COPPER Trading View:

COPPER is trading at 678.If it manages to trade and sustain above 680 level then expect some upmove in it and if it breaks and trade below 677.50 level then some decline can be seen in the market.

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Topic :- Time:1.10 PM

Nifty is on the verge of decline. Nifty spot if breaks and trade below 14740 level then expect some further decline in the market and if it manages to trade and sustain above 14780-14800 levels then some upmove can be seen in the market. As nifty is still trading with negative bias traders are advised to avoid taking big long positions.

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Topic :- Time:12.51 PM

Just In:

February WPI inflation at 4.17%, reaches 27-month high

The Wholesale Price Index (WPI) numbers for February 2021 has been released by the Ministry of Commerce and Industry.

WPI inflation for the month is at 4.17 percent compared to 2.26 percent for the corresponding period in January 2021, as per a ministry release

This is a 27-month high.

WPI inflation was at 2.03 percent in January 2021 and at 2.26 percent in February 2020.

WPI Food Index in February 2021 stood at 3,31 percent, an increase against (-)0.26 percent in the previous month.

In Non-food Articles, inflation was at (-)0.51 percent in February, a decline compared to January, 2021.

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Topic :- Time:12.30 PM

GOLD Trading View:

GOLD is trading at 44800.If it breaks and trade below 44760 level then some decline can be seen in GOLD and if it manages to trade and sustain above 44820 level then some upmove is likely to follow in this bullion.

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Topic :- Time:12.00 PM

Nifty is likely to turn more volatile now. Nifty spot if manages to trade and sustain above 14840 level then some further upmove can be seen in the market and if it breaks and trade below 14820 level then some decline is likely to follow in the Nifty.

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Topic :- Time:11.55 AM

Must Subscribe in the public issue of 

Craftsman Automation Ltd

Recommendation - Subscribe for listing Gain and Investment 

Face Value- Rs 5

Issue Opens - 15th Mar, 2021 (Monday)

Issue Closes - 17th Mar, 2021 (Wednesday)

Issue Size - Rs 832.7 crore at Upper Band

Price Band - Rs 1488-1490

No.of Shares - Fresh Issue of 1,006,711 Eq Shares of ₹5 (aggregating up to ₹150.00 Cr) +Offer for Sale of 4,521,450 Eq Shares of ₹5 (aggregating up to ₹673.70 Cr)

Minimum Lot Size - 10

Minimum App Amount - Rs 14900/ at Upper End

Promoter

Promoter Srinivasan Ravi is the chairman and managing director of the company. He is a mechanical engineer by training and a first-generation entrepreneur with over 34 years of industry experience. He holds 52.83 percent of the paid-up equity of the company, while the total shareholding of promoter and promoter group is 63.40 percent.

The company had received funding from global investors, International Finance Corporation in 2010 and 2012, and Standard Chartered Private Equity (Mauritius) II in 2012 (which transferred its stake to its affiliate, Marina III Singapore Pte in 2017). IFC and Marina presently have 14.06 percent and 15.50 percent shareholding, respectively, in the company.

Existing Shareholding Pattern

Shareholder             % of Share held

1. Srinivasan Ravi      52.83%

2. Marina               15.50%

3. IFC                  14.06%

4. S Murali         10.57%

5. K Gomatheswaram      7.04%

Objective of the Issue

The company will utilise fresh issue proceeds for repaying certain borrowings to the extent of Rs 120 crore, while the funds from the offer for sale will go to the selling shareholders� the promoter and investors.

Company Background

The company commenced operations in 1986 in Coimbatore, Tamil Nadu. 

Craftsman Automation is a diversified engineering company with vertically integrated manufacturing capabilities, engaged in three business segments�powertrain and other products for the automotive segment, aluminium products for the automotive segment and industrial and engineering products segment. It is the largest player in the machining of cylinder blocks and cylinder heads in the intermediate, medium and heavy commercial vehicles segment as well as in the construction equipment industry in India.

Manufacturing Facilities

It owns and operates 12 manufacturing facilities in seven cities in India, with a total built-up area of over 1.5 million square feet.

Product Range

Its key products are highly engineered and include crankcase and cylinder blocks for two-wheelers, engine and structural parts for passenger vehicles and gearbox housing for heavy-commercial vehicles.

Marquee Clients

The end-users for its products include original equipment manufacturers (OEMs) producing commercial vehicles, special utility vehicles, tractors and off-highway vehicles.

Clients Include: Daimler India, Tata Motors, Tata Cummins, M&M, TAFE, Escorts, Ashok Leyland, Mitsubishi Heavy Industries, John Deere, JCB India, TVS Motors, Royal Enfield, Siemens 

Client Concentration in Revenue

It has a diversified client base with top 10 customers accounting for 59.15 percent, 53.41 percent, 56.25 percent and 52.59 percent of revenue from operations, in the nine months ended December 2020 and FY20, FY19 and FY18, respectively.

Financials Growth

Craftsman Automation registered a revenue growth at a CAGR of 0.5 percent during FY18-FY20 and profit grew at a CAGR of 14.1 percent.

(Fig in Rs Cr)     FY18       FY19       FY20       9m FY21

Net Revenue        1479       1818 1492       1023

EBITDA       294       443 398        288

EBITDA Margin(%)   20%        24.3%      27%        28%

PAT                32         97 41         51

EPS                16         48         21         25

Conclusion

Stock is rightly priced in the IPO. One can subscribe for the listing gain and for Investment.

We expect decent listing gains.

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Topic :- Time:11.40 AM

Just In:

Kalyan Jewellers to launch IPO tomorrow

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Topic :- Time:11.30 AM

News Wrap Up:

1. Sensex plunges 700 pts, Nifty below 14,900; bank stocks crack

2. Tech Mahindra gains 2% as Co to acquire 70% stake in Perigord

3. Vedantas dues, rising interest rates sound trouble for Anil Agarwal

4. Coronavirus: India cases at 11,385,158; Pune reports 3,267 fresh cases

5. MTAR Tech makes stellar debut, lists at 85% premium over issue price

6. Packaging stocks hit new highs; Jindal Polyfilms, Uflex surge up to 10%

7. Adani Welspun finds gas in Mumbai Offshores Tapti-Daman sector

8. Vodafone changes tack, looks to borrow funds

9. RBI rejects Yes Banks ARC plan, cites conflict of interest

10. Growth prospects for Orient Electric firm but margin improvement holds key

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Topic :- Time:11.00 AM

After flat opening nifty is trading in red zone. Nifty spot if breaks and trade below 14820 level then expect some further decline in the market and if it manages to trade and sustain above 14860 level then some pull back can be seen in the market.

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Topic :- Stocks under F&O ban on NSE

1. BHEL

2. Punjab National Bank

3. SAIL

4. Sun TV

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Topic :- Stocks in the news

Jindal Saw: Brickwork Ratings revalidated its rating as BWR AA/Stable for bonds amounting to Rs 500 crores of the company.

Kotak Mahindra Bank: The board of directors approved dividend on 100 crore Nos. 8.10 percent non-convertible perpetual non-cumulative preference shares of the face value of Rs 5 each for FY21. The record date for the purpose of payment will be March 19, 2021.

Bajaj Finance: The debenture allotment committee of the company has allotted 300 secured redeemable non-convertibles debentures on a private placement basis.

JSW Steel: India Ratings and Research has reaffirmed the companys rating at AA, with the outlook revised to stable from negative.

IIFL Finance: The company will close its bond issue early on March 18 instead of March 23, 2021.

SBI Card: The board approved raising up to Rs 2,000 crore by issuing bonds.​

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For 15 March,2021:

Nifty is likely to remain volatile and is expected to show few more wild moves. Global cues will be trend setter. Reliance stock and Banking stocks to be eyed.

Nifty spot if manages to trade and sustain above 15060 level then expect some upmove and if it breaks and trade below 14080 level then some decline can be seen in the market. Please note this is just opening view and should not be considered as the view for the whole day.

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