E2E Networks Limited info

Company Promoters:

The promoters of the Company are Tarun Dua and Srishti Baweja. They hold, in aggregate 77, 60,695 Equity Shares representing 67.51% of the preissue Paid-up Capital of the Company.

Objects of E2E Networks Limited - SME IPO:

The Objects of the Issue are:

1. Working Capital requirements
2. General Corporate Purposes

Viewpoint: Markets Headed Higher In The April Series

Mar 27, 2020

The March derivatives expired Thursday with a series loss of 25.7% in the Nifty. This was the second highest series fall ever with the exception of the October 2008 series, when it lost 35%.

This is the only second time in history that the Nifty has closed lower for four consecutive monthly series. The only other time it happened was in October 2002.

Let’s also look at the evolving international scenario.

The U.S. now has the highest number of cases of Covid-19 in the world, over taking both China and Italy. Ironically China has now banned entry of foreigners into China as it now feels Covid-19 cases are now coming in from outside.

The Number of people filing for unemployment benefits has soared to a record 3.28 million last week and the U.S. is headed into a recession in the April-June quarter.

Despite the foregoing, we believe, our markets are headed higher in the April series for the following reasons:

1. We are starting the April series with an Open Interest(OI) of just 240 crore shares. This is the lowest since October 2015.
2. The number is 54% lower than the all-time high seen in February 2018 and 43% lower than the last series.
3. The economic data, including India will deteriorate going forward but that is already been discounted as the social distancing, being enforced strictly, will ultimately result in early recovery.
4. Global central banks and governments are now in a brace mode and are taking unusual steps to ensure that the economy rebounds after the epidemic is conquered.

The next ten days are very crucial for India and if we are able to see plateauing out of the new cases in the next fortnight, we will ultimately close higher, though the rising new cases will mean that the markets may correct before resuming their uptrend.

The Government has already taken certain steps yesterday to help the needy in the lock down period. Expect the Reserve Bank to ease the pain of the EMI payers and a lenient view from rating agencies to not spoil the individual ratings if a default is there in the next few months.

Forbearance is the need of the hour and we should see that manifesting itself in the difficult times.

Investors that use the weakness in the coming fortnight to add quality stocks and follow social distancing fully, should have a happy Diwali.

Heromoto and Colgate from the derivative segment are well placed. Godrej Properties makes an entry into the F&O arena from today to take the list of stocks in the segment to 144.

In the cash market, NAM India is well placed.

Technical View

Nifty rose for the 3^rd session on the trot. From the bottom of 7511, Nifty has risen more than 16% to 8749. Nifty has closed above its 5 days EMA for the second consecutive session. 5 days EMA is currently placed at 8383, which is likely to interchange its role from resistance to support. Previous top on the daily chart is placed at 8883, which can act as an immediate resistance. However holding longs with trailing stop loss method would be better idea. RSI Oscillator has just exited the oversold zone on the short term charts, indicating high probability of trend remaining strong in the days to come.

To conclude, short term trend of the Nifty would be considered bullish till Nifty remains above its 5 days EMA, which is currently placed at 8383.

Key U.S. Indices

Dow          22,552   1,352   6.38%

S&P 500     2,630      155   6.24%

Nasdaq        7,798     413   5.60%

The U.S. Indices futures at 7 am IST are down 1% and the SGX Nifty is up 200 points.

Dow Enters Bull Market Zone Again

Key U.S. Indices soared higher for the third day in a row, despitea dismal unemployment data, on the hopes that the stimulus bill would become an act on Saturday.

The Dow Jones Industrial Average surged 1,352 points or 6.38% to close at 22,252.

The S&P 500 soared 155 points or 6.24% to 2,630.

The Nasdaq Composite rallied 413 points or 5.60% to 7,798.

Over the past three days, the Dow has gained 21.3%, its best three-day stretch since 1931.As it has risen more than 20% from the bottom, it now qualifies as a bull market.

The S&P 500 and the Nasdaq are not there as yet as their climb from the bottom is just 17.5%

What happened?

In economic news, U.S. gross domestic product for the fourth quarter was confirmed at 2.1%, and the February goods trade gap narrowed to $59.9 billion, the government said.

But unemployment claims soared to a record 3.28 million last week, as the coronavirus pandemic shut down businesses across the nation.

The markets, however, ignored the dismal data and took some comfort from the overnight passage of a historic $2 trillion economic stimulus bill by the Senate, putting it one step closer to being signed into law to mitigate the economic fallout from the outbreak.

The coming stimulus will ensure that the widely expected recession in the U.S.  Is short lived.

A confident Fed

In an interview with NBC, Federal Reserve Jerome Powell conceded the U.S. "may well already in a recession," but boosted investor expectations for more stimulus by insisting the central bank had plenty of ammo after it pledged earlier this week to ramp-up its bond-buying program.

"When it comes to lending, we are not going to run out of ammunition,” Powell said. "That just doesn’t happen."

Main Street, meanwhile, could be next up on the Fed's agenda. Powell reportedly said the central bank is working on a Main Street Lending Facility to support smaller businesses.

With the well of monetary policy seemingly at little risk of running dry, and a fiscal boost expected imminently as Congress readies the launch of its $2 trillion stimulus package, investors raised their bullish bets on stock, with the more defensive names like utilities and real estate among the biggest gainers.

Sectors and stocks

Industrials, meanwhile, continued to get a lift from Boeing, up 13.5%, as the stimulus bill -- expected to be approved by the House -- will provide the aviation sector with a much-needed fiscal boost.

Financials also supported the broad-based rally, led by banking, even as Treasury yields dropped.

JPMorgan rose 6.7%, Goldman Sachs gained 6.8% and Bank of America rallied 7.6%.

Shares of Caterpillar were nearly 6% higher even after the company withdrew guidance.

Other markets

In bond markets, the yield on the 10-year U.S. Treasury note fell 2 basis points to 0.82%. Investor demand for new government debt was strong at a midday auction.

Crude oil fell on over-supply concerns, with the price of a barrel of West Texas Intermediate crude settling down $1.89 to $22.60 a barrel on the New York Mercantile Exchange after rising 2% on Wednesday.

In precious metals, April gold jumped $4.90, or 0.4%, to $1,638.30 an ounce after slumping 1.7% a day ago.

The U.S. dollar traded lower on Thursday, compared with a basket of its major peers. The ICE U.S. dollar index was down 1.7% after a 1.1% decline on Wednesday.

European markets closed in the green across the board, led by the pan-European Stoxx 600 with a 2.55% rise. The French CAC rallied 2.51% and the UK's FTSE 100 rose 2.24% and the German Dax followed with a 1.28% gain.

ICICI Bank invests Rs 51.09 cr in Balrampur Chini’s associate company

ICICI Bank acquires 9.90% stake in Auxilo Finserve

Balrampur Chini Mills announced that ICICI Bank has invested Rs 51.09 crore in Auxilo Finserve, an associate company, by way of subscription to its 3,40,62,153 Equity Shares of Rs. 10 face value per share, constituting 9.90% of its Equity Share Capital at a premium of Rs. 5 per share, pursuant to the definitive agreements executed on 25 March 2020.

Prior to the above investment, Balrampur Chini Mills held 50% of the Equity Share Capital in Auxilo Finserve, which now stands at 45.05%.

Auxilo Finserve is a NBFC engaged in the business of providing education loans and/or loans to educational institutions.

Bosch develops Corona test tool to detect virus in under 3 hours

Robert Bosch on Thursday said it has developed a diagnostic tool for detecting the coronavirus SARS-CoV-2 in under three hours, potentially aiding the challenge of understanding how far the virus has spread.

Bosch's rapid molecular diagnostic test, which runs on its Vivalytic analysis device, can detect a SARS-CoV-2 coronavirus infection in under two and a half hours, measured from the time the sample is taken to the time the result arrives.

Another advantage of the rapid test is that it can be performed directly at the point of care, Bosch said, eliminating the need to transport samples.

Lupin Appoints Ramesh Swaminathan as Chief Financial Officer and Head Corporate Affairs

Lupin announced the appointment of Ramesh Swaminathan as Chief Financial Officer (CFO) and Head Corporate Affairs. Ramesh will also join the board as Executive Director and he will lead Lupin’s Finance, Investor Relations, Strategic Planning, Information Technology, Corporate Communications and Administration functions. Mr. Ramesh played a very important role in Lupin for over a decade as part of leadership team, to help grow our company multi fold. We are very pleased to welcome him back at this crucial time as we accelerate our plans to take Lupin to the next level. In addition to his strong understanding of the pharmaceutical industry and our company, he brings us rich experience in digital strategy and innovation”. Management said.

Mr. Swaminathan brings to Lupin rich experience of over 30 years. In addition to having worked with Lupin for more than a decade, he has also worked with reputed organizations in diverse industry sectors such as VST Industries, SPIC Group, Standard Chartered Bank, Henkel and L&T.

Yes Bank board approves fundraising of up to Rs 5,000 crore

Yes Bank said that it will be increasing its fundraising size by up to Rs 5,000 crore.

Yes Bank had earlier raised Rs 10,000 crore from SBI and other banks and financial institutions through sale of equity under its reconstruction plan approved by the government and the Reserve Bank of India (RBI).

The private lender informed the exchanges that it will raise the additional amount through shares, ADRs, GDRs or convertible bonds and it will be done in one or more tranches.

The bank resumed normal operations on March 18 after a moratorium imposed by RBI was lifted. The bank also informed the exchanges that Prashant Kumar will now be taking charge as MD & CEO.

The new Yes Bank board comprises Kumar, Sunil Mehta as Non-Executive Chairman, Mahesh Krishnamurti as Non-Executive Director, Atul Bheda as Non-Executive Director, R Gandhi and Ananth Narayan Gopalakrishnan as Additional Directors appointed by RBI, Partha Pratim Sengupta and Swaminathan Janakiraman as Directors nominated by SBI.

Sudarshan Chemical temporarily closed offices and manufacturing facilities

Sudarshan Chemical Industries said that it has closed offices and manufacturing plants due to COVID-19. The expected financial impact of this is not ascertainable at this stage. It will be till Apr 14, 2020.

Granules India conference call update

Management said that we are optimistic that we will be able to resume normal production and dispatches by end of April and will be able to supply medicines of the first line of defence to the global population shortly.

The demand and pricing for our products is very good and we will see the positive effect of this in the next fiscal. Going forward I see a very bright future for Granules, due to the vertical integration into APIs and, also considering the potential of our US operations.

Our current cash situation is good and future cash flows look robust. The Buy Back announced earlier will continue as planned. We expect to open the offer in April and close it by mid-May. We have kept aside Rs.250 crores in Escrow and fixed deposits for this purpose.

The proceeds from the divestment of Granules OmniChem which amounts to Rs.109 crores will be received as soon as the Central Government approves the transaction. On my pledge front I would like to mention that though the margin cover is very comfortable with the lenders, I had pledged more of my shares, just in case there is a drop in share price due to the current volatility in the market. This was done as a matter of abundant caution.

The pledge now stands at 45.4% of my personal shareholding compared to 29.8% previously. It is also 16.1% of the total equity share capital of the company compared to 10.6% previously. Once the buyback is completed, this pledge will come down significantly to around 4-5% of total equity share capital of the Company.

Arvind Fashions deferred the rights issue due to novel corona virus

Arvind Fashions (AFL) said that it has deferred the rights issue due to novel corona virus.