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SumanSpeaks Independent Capital Markets & Geopolitical Intelligence  Small-Cap Steel · Capacity Expansion Story Vraj Iron & Steel at ₹126: A Small Mill Building a Much Bigger Ambition Trading close to book value, backed by a near debt-free balance sheet, and sitting on a freshly-approved ₹450 crore greenfield project in Bastar — Vraj is one of the few micro-caps where the next two years' capacity roadmap is already on paper. India's steel story runs through its infrastructure spend, and Vraj Iron & Steel Ltd (₹126) sits right inside that value chain. At around ₹126, the stock trades close to its book value of roughly ₹125-130 a share, at an earnings multiple near 12x. That is not an expensive tag for a company that has just commissioned new capacity, approved a new rolling mill, and greenlit a large greenfield expansion — all inside the last six months. The bigger story here is not what Vraj ear...
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Pre-Session: Market may open on a flat note
29-Dec-17: Domestic stocks may open on a flat note on last trading day of calendar year 2017. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could gain 3 points at the opening bell.

Among macro economic data, India's infrastructure output data for the month of November 2017 will be released today, 29 December 2017. Infrastructure output in India increased 4.7% year-on-year in October of 2017, following a downwardly revised 4.7% rise in the previous month.

Overseas, Asian stocks were trading mixed following the moderately higher close seen stateside. US stocks rose yesterday, 28 December 2017 amid thinned-out trading between holidays.

Back home, key benchmark indices, led by index pivotals State Bank of India and HDFC, logged modest losses in volatile trade yesterday, 28 December 2017. The Sensex fell 63.78 points or 0.19% to settle at 33,848.03, its lowest closing level since 21 December 2017.

Foreign portfolio investors (FPIs) bought shares worth a net Rs 562.55 crore yesterday, 28 December 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 774.09 crore yesterday, 28 December 2017, as per provisional data.

Lupin announced that it received final approval from the United States Food and Drug Administration (USFDA) to market a generic version of Dovonex Scalp Solution, 0.005% of Leo Pharmaceutical Products. The announcement was made after market hours yesterday, 28 December 2017.

Lupin's Calcipotriene Topical Solution, 0.005% (scalp solution) is the AT rated generic equivalent of Leo Pharmaceutical Products' Dovonex Scalp Solution, 0.005%. It is indicated for the topical treatment of chronic, moderately severe psoriasis of the scalp. Calcipotriene Topical Solution, 0.005% (scalp solution) had annual sales of approximately $5.9 million in the US as per IMS MAT October 2017.

Astron Paper & Board Mill debuts on the secondary equity market today, 29 December 2017. The company had priced the initial public offer (IPO) at the top end of the Rs 45 to Rs 50 price band. The IPO received bids for 340.60 crore shares. The IPO was subscribed 243.29 times. The issue opened on 15 December 2017 and closed on 20 December 2017.

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