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Edel Market Next Fundamental Market In-House View Edel Market Next Fundamental market In-House View Indian market closed positive during the week. Nifty up this week by 0.98%. Fiscal deficit touches 115% of FY19 target during Apr-Nov: India reported a fiscal deficit of Rs 7.16 lakh crore during April- November, which translates to 114.8 percent of its full-year target, as per government data released on December 27. The government has pegged fiscal deficit target - a measure of how much the government borrows in a year to meet part of its spending needs - at 3.3 percent of Gross Domestic Product (GDP) for the financial year 2018-19. During the same time period last financial year 2017-18, the fiscal deficit was 112 percent of the budgeted estimates. "Fears of a fiscal slippage will persist, with the government’s fiscal deficit having risen to 115 percent of the budget estimate...There are several risks to meeting the budgeted targets for revenues and expenditures, with one of the predominant concerns arising from a possible shortfall in indirect tax collections, despite the seasonal pickup in tax revenues in the last quarter of every fiscal. Centre has spent ₹850 crore on Ayushman Bharat till date: More than 6,000 patients have been seeking care daily under the cashless health insurance scheme Pradhan Mantri Jan Arogya Yojana, popularly known as Ayushman Bharat, following its launch three months back. In less than 90 days, 6.4 lakh persons have benefited, said Health Minister JP Nadda. The amount authorised for admissions till date is ₹850 crore, and 65 per cent of the total admissions are in private hospitals, according to data shared by the National Health Agency (NHA). Of the authorisations worth ₹850 crore, claims worth ₹630 crore have been submitted by 4.9 lakh patients. NHA data shared by Indu Bhushan, CEO of Ayushman Bharat, show that up to 22 per cent of the admissions are heart patients who signed up for angioplasty. This was followed by coronary artery bypass graft (9 per cent); valve replacement and repair (6 per cent); polytrauma (4 per cent); and joint replacement (3 per cent). Cardiology, cardio-thoracic and vascular procedures accounted for ₹297 crore of the admission amount. Former RBI governor Bimal Jalan to head expert panel on Economic Capital Framework: More than a month after its board decided to constitute an expert panel to decide on an appropriate size of Reserve Bank of India's reserves, the central bank on December 26 constituted a six-member committee headed by ex-Governor Bimal Jalan. Former secretary Rakesh Mohan has been named the vice chairman. The panel will include Economic Affairs Secretary Subhash Chandra Garg and RBI Deputy Governor NS Vishwanathan, the RBI said in a statement. Bharat Doshi and Sudhir Mankad who are members of the central board of the RBI will be other two members on the panel. The panel will review the practices of central banks in making assessment & provisions for risks, the status and need of provisions, reserves & buffers provided for by the RBI, and treatment of surplus reserves created out of realised gains, among other things. Investment through P-notes rises to Rs 79,247cr in November: Investments in the Indian capital market through participatory notes climbed to Rs 79,247 crore in November after hitting a nine-and-a-half year low at the end of preceding month. P-notes are issued by registered foreign portfolio investors (FPIs) to overseas investors who wish to be part of the Indian stock market without registering themselves directly. They, however, need to go through a due diligence process. According to SEBI data, the total value of P-note investments in Indian markets - equity, debt, and derivatives - rose to Rs 79,247 crore till November-end from Rs 66,587 crore at October-end. In September, the value of P-note investments was Rs 79,548 crore. Government to allot 10 coal mines to CIL in 2019, expects higher output to meet fuel demand: With the coal demand from power sector exceeding the supply in 2018, the government is hopeful of higher output in the New Year from already allocated mines and plans to further allot 10 mines to state-run behemoth Coal India Ltd (CIL) in 2019. Of the 85 mines already allotted, 23 have already started production and the Coal Ministry expects 20 more mines to begin production in the current financial year ending March 2019 or early in the next fiscal. This will also address additional coal demand from power sector," Coal Joint Secretary Ashish Upadhyaya told PTI. Moreover, the government also plans to allot 10 mines to CIL in 2019, he said. This would be in addition to 10 mines allotted to the PSU this year. Edelweiss Professional Investor Research 1 Edel Market Next Fundamental market In-House View DGGI busts Rs 220-cr fake GST tax-invoices scam: The Directorate General of GST Intelligence (DGGI) has busted a racket of fraudulent companies engaged in raising fake tax invoices worth Rs 220 crore to avail input-tax credit. According to the DGGI, searches were conducted at several official as well as residential premises last Thursday in Chennai and Coimbatore in Tamil Nadu and busted the racket and arrested two persons. "Several incriminating documents, including copies of fake invoices, issued on the letterheads of several firms that existed merely on paper, were seized", an official release issued on Sunday by Additional Director General K Balaji Majumdar said. The modus operandi was that several bogus companies and bank accounts were created using PAN and Aadhaar number of family members and employees, and complex transactions were made without the supply of goods, the release said. Edelweiss Professional Investor Research 2 Edel Market Next Domestic Bites – News during the week Suven Life gets product patents from Brazil, Eurasia: Suven Life Sciences Thursday said it has been granted a product patent by Brazil and Eurasia each for a new chemical entity (NCE) used in treatment of disorders associated with neurodegenerative diseases. These patents are valid through 2023 and 2034, respectively, the company said in a BSE filing. "We are pleased by the grant of these patents to Suven for our pipeline of molecules in the CNS arena, which are being developed for cognitive disorders with high unmet medical need with a huge market potential globally," Suven Life CEO Venkat Jasti said. The granted claims of patents are being developed as therapeutic agents useful in treatment of cognitive impairment associated with neurodegenerative disorders like Alzheimer's disease, attention deficient hyperactivity disorder (ADHD), Huntington's disease, Parkinson's and schizophrenia, it added. Dr. Reddy's Labs launches Sevelamer Carbonate in US market: Dr. Reddy’s Laboratories has announced the launch of Sevelamer Carbonate for Oral Suspension, in 0.8 g and 2.4 g packets, a therapeutic equivalent generic version of Renvela (sevelamer carbonate) for Oral Suspension, approved by the US Food and Drug Administration (USFDA). The Renvela brand and generic had US sales of approximately $101 million MAT for the most recent twelve months period ending in October 2018, according to IMS Health. Dr. Reddy’s Sevelamer Carbonate for Oral Suspension is available in 0.8 g and 2.4 g packets in count size of 90. Renvela is a trademark of Sanofi. Hindustan Unilever plans legal battle against anti-profiteering authority: The fight between the National Anti-profiteering Authority (NAA) and the largest fast-moving consumer goods firm is set to get uglier. After one and a half years of the goods and services tax (GST) coming into effect, Hindustan Unilever (HUL) is planning to take the NAA to court after the authority sent it a fresh order seeking Rs 2.23 billion. This could be the first instance when a consumer goods company would move court against the NAA. In a filing to the Securities and Exchange Board of India (Sebi) on Wednesday, the FMCG company said it would “consider legal options available to it, given there is divergence on some basic issues” in determining the quantum of benefits to be passed on to consumers post-GST. The Mumbai-headquartered firm also said the NAA’s latest order made “a narrow interpretation of the law and did not take into account well-established industry practice backed by law”. Further, alleging the NAA order arbitrary, it said “no methodology has been determined by the NAA as required under law to determine if benefit has been passed or not”. SIDBI plans to raise Rs 50 billion via bonds for refinancing activity: Small Industries Development Bank of India (SIDBI) has planned to raise up to Rs 50 billion through bonds in the backdrop of a rise in its refinancing activity. Rating agency Icra has assigned “AAA” rating for the proposed bond offering. It is an apex financial institution (FI) for the micro, small and medium enterprises (MSME) sector backed by the Government of India. The government has 15.4 per cent stake in SIDBI. Public sector banks (PSBs), insurance companies and other FIs collectively hold more than 50 per cent stake in SIDBI. The Reserve Bank of India (RBI) has allowed SIDBI to borrow up to a leverage (debt/net-owned funds) of 12 times till July 2019 - 10 times that financial institutions such as SIDBI are allowed according to RBI regulations. Against this, SIDBI's leverage stood at 6.38 times as in March 2018 and is expected to increase further to 8-8.2 times by March 2019. Despite the increasing leverage, its exposure to various banks, which attract low-risk weights, results in strong capital adequacy levels with Capital Adequacy Ratio of 26.73 per cent in September 2018 as (28.42 per cent in March 2018), Icra said.
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