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11^Th March  2017

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Market Inches Up on Global Cues: Weekly closing report-The Total Investment & Insurance Solutions

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10 March 2017

I  had mentioned in Thursday’s closing report that Nifty, Sensex continued to be range-bound. Indian equity markets provisionally inched up on Friday, as positive global cues and healthy buying in capital goods, automobile and IT stocks buoyed investors' sentiments.

The trends of the major indices in the course of Friday’s trading are given in the table below: The Total Investment & Insurance Solutions

 

Major Indices (The Total Investment & Insurance Solutions)

Indian shares ended little changed ahead of the election outcome in five states on Saturday. The S&P BSE Sensex ended almost flat at 28,946, gaining 0.35% for the week. The NSE Nifty 50 index ended 0.1% higher at 8,934, gaining 0.42% for the week. 

The advanced-decline ratio was firmly in favour of the sellers. 624 stocks ended with gains while 986 stocks declined. 311 stocks remained unchanged in the day of trade.

Tata Motors announced that it has signed a Memorandum of Understanding (MoU)  with Germany's Volkswagen Group and Skoda to jointly develop products in the long-term.

Shares of Alembic Pharma jumped by as much as 7.76%, to Rs648, after the company, in an exchange filing, said that its bio-equivalence facility at Baroda, Gujarat was inspected by the United States Food and Drug Administration between March 6-10, 2017. No form 483s were issued at the end of the inspection, the filing said.

India’s industrial output grew 2.7% in January, from a -0.4% percent in December and -1.5% in January last year, amid signs that demonetisation and restricted cash access continued to hurt production activity in thousands of factories. The manufacturing sector, which accounts for more than 75% of the index of industrial production (IIP), grew 2.3% in January, compared to -2% in December and -3% in January last year. The latest factory output data came barely ten days after government forecast India’s “real” or inflation-adjusted gross domestic product (GDP) is likely to grow at 7.1% in 2016-17, running counter to analyst projections that had forecast a sharp deceleration in the broader economy because of demonetisation. 

The wider 51-scrip Nifty of the National Stock Exchange was up 7.55 points, or 0.08%, to 8,934.55 points. The Sensex touched a high of 29,076 points and a low of 28,851 points during the intra-day trade. The Total Investment & Insurance Solutions

In contrast, the BSE market breadth was tilted in favour of bears, with 1,639 declines and 1,165 advances. The Total Investment & Insurance Solutions

The top gainers and top losers of the major indices are given in the table below:

 

Top Gainer (The Total Investment & Insurance Solutions)

The closing values of the major Asian indices are given in the table below:The Total Investment & Insurance Solutions

Asian Indices (The Total Investment & Insurance Solutions)

Air India ran Rs 321-cr operating loss, not profit, in 2015-16: CAG-The Total Investment & Insurance Solutions

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10 March 2017

Air India has posted a standalone operating loss for 2015-16 of Rs 321.4 crore, though the company has claimed an operating profit of Rs 105 crore, the official auditor said on Friday.

The Comptroller and Auditor General (CAG) also pointed out significant understatement of losses by the national carrier in its financial statements.

"Air India is claiming an operating profit of Rs 105 crore for financial year 2015-16. But based also on the statutory auditors' reports, the airline had an operating loss of Rs 321.4 crore last year because the required provisions were not made," Director General in the CAG's office V. Kurian told reporters here. The Total Investment & Insurance Solutions

Kurian was presenting the CAG's audit report on the financial restructuring plan of Air India tabled in Parliament on Friday. The Total Investment & Insurance Solutions

He said the airline had made inadequate provisions for payment of various liabilities, including outstanding amounts to the Airports Authority of India and payment to employees for encashing leave, and had also made excess valuation of a company property in Delhi.

The official auditor said that the understatement of losses was to the extent of Rs 1,455.8 crore for 2012-13, Rs 2,966.66 crore for 2013-14 and Rs 1,992.77 crore for 2014-15.

"Considering the effect of these qualifications on the financial statement, the EBITDA (earning before interest, tax, depreciation, amortisation) of Air India would be negative (up to March 2015)," the report said. The Total Investment & Insurance Solutions

CAG noted that the actual working capital requirements of Air India, being far in excess of the limits envisaged in the financial restructuring plan, had resulted in the company taking additional short-term loans. The Total Investment & Insurance Solutions

Short-term loans were on the rise and amounted to Rs 14,416.85 crore as of March 2015, and Rs 14,550.88 crore as of March 2016.

"The high volume of short-term loans had eroded the benefits of financial restructuring exercise carried out," the report said. The Total Investment & Insurance Solutions

The value of the airline's short-term loans was nearly four times the cash credit laid down in the turnaround plan, it added. The Total Investment & Insurance Solutions

The report also said Air India had incurred a book loss of Rs 671.07 crore on the sale of five Boeing 777-200 Long Range aircraft and payment of Rs 324.67 crore towards interest on loans availed for procurement of these aircraft.

CAG's analysis of the routes operated by the airline showed that only 17 of its services recovered total costs in 2015-16, while 36 services, including five international and 31 domestic ones, did not recover the variable costs during the year, though they met jet fuel costs. 

Another 169 services (56 international and 113 domestic) did not recover total costs, though they recovered variable costs.The Total Investment & Insurance Solutions

Fake news: British newspapers want Google, Facebook probed-The Total Investment & Insurance Solutions

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10 March 2017

Britain's newspaper industry has called for an investigation into Google and Facebook's role in the spread of fake news, media reported. The Total Investment & Insurance Solutions

Amid fears of fake news undermining democracy, a group of cross-party MPs in Britain launched an inquiry into the rise of the phenomenon earlier in 2017. 

In a recommendation to the Culture, Media and Sport Committee's fake news inquiry, the News Media Association (NMA), which represents national and local publishers, advised the MPs to probe the role of Google and Facebook in the rise of fake news.

The media body said that the digital advertising supply chain which favours fake news and helps it to thrive was "murky at best, fraudulent at worst", Belfast Telegraph reported on Thursday.

The body called for an "urgent investigation" by regulators such as Ofcom and the Competition and Markets Authority into its impact on Google and Facebook.

Fake news is more likely to be spread on sites such as Facebook due to an algorithm which measures stories' worth based on virality, Lucy Gill, legal policy and regulatory affairs adviser at the NMA, was quoted as saying. The Total Investment & Insurance Solutions

In the digital platforms, fake news stories may emerge more profitable than real news in terms of clicks and advertising revenue because they are more likely to go viral.

Fake news "farms" deprive real news publishers of valuable advertising revenue as well as profiting because they do not incur the same costs, including paying professional journalists, the media body suggested.The Total Investment & Insurance Solutions

US Stocks Break Out Of Slump After February Jobs Report-The Total Investment & Insurance Solutions

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10 March 2017

U.S. stocks are making widespread gains Friday morning after a strong February jobs report. Technology and industrial companies are rising more than the rest of the market, but the gains are relatively broad as investors expect the pickup in hiring to translate into more spending and economic growth in the coming months. The solid report appeared to increase the likelihood that the Federal Reserve will raise interest rates next week. The Total Investment & Insurance Solutions

KEEPING SCORE: The Standard & Poor's 500 index jumped 10 points, or 0.4 percent, to 2,375 as of 10:18 a.m. Eastern time. The Dow Jones industrial average advanced 66 points, or 0.3 percent, to 20,924. The Nasdaq composite added 30 points, or 0.5 percent, to 5,869.

Stocks have mostly fallen since March 1, the day indexes soared to their most recent record highs. That's the last day the S&P 500 rose more than 0.1 percent.

HIGHER HIRING: U.S. employers added 235,000 jobs in February, more than analysts had expected, according to the Labor Department. The gains in hiring and pay, along with higher consumer and business confidence since the November election, could lift spending and investment in coming months and accelerate economic growth. The Total Investment & Insurance Solutions

Investors expected the Federal Reserve to raise interest rates, and a poor jobs report might have been the last thing that could have prevented that. ADP release a strong private payroll survey earlier this week, but Labor Department data covers public as well as private hiring.

POWER PLAY: Technology companies climbed. Intel rose 33 cents to $36.15 while IBM added $2.10, or 1.2 percent, to $179.28 and chipmaker Applied Materials gained 65 cents, or 1.7 percent, to $38.03. Construction equipment maker Caterpillar, which has dropped over the last week, led industrial companies higher as it edged up 50 cents to $91.89. Industrial equipment and software maker Rockwell Automation rose $2.24, or 1.5 percent, to $154.42 and motion and control products maker Parker-Hannifin climbed 98 cents to $157.27. The Total Investment & Insurance Solutions

LOOKING SHARP: Beauty products retailer Ulta Salon climbed after it reported a bigger profit and stronger sales than analysts had expected. The stock gained $7.19, or 2.6 percent, to $280.96 and it's up 72 percent over the last year. Competitor Estee Lauder gained $2.74, or 3.3 percent, to $85.62.

BONDS: Bond prices rose. The yield on the 10-year Treasury note fell to 2.58 percent from 2.61 percent.

OIL: Benchmark U.S. oil dipped another 3 cents to $49.25 a barrel in New York. The price of U.S. crude dropped more than 7 percent over the last two days after a big increase in stockpiles. Brent crude, the international standard, lost 5 cents to $52.14 a barrel in London.

CURRENCIES: The dollar jumped to 115.04 yen from 114.74 yen. The euro rose to $1.0630 from $1.0586. The Total Investment & Insurance Solutions

OVERSEAS: The CAC 40 in France rose 0.5 percent and the FTSE 100 index in Britain picked up 0.6 percent. Germany's DAX added 0.1 percent. Tokyo's Nikkei 225 jumped 1.5 percent as the dollar surged against the yen, favoring manufacturers. South Korea's Kospi added 0.3 percent and in Hong Kong the Hang Seng index added 0.3 percent.The Total Investment & Insurance Solutions

Global Markets & News -The Total Investment & Insurance Solutions

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10 March 2017

OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM17 +0.34%) this morning are up +0.38% and European stocks are up +0.81% at a 15-month high as strength in crude oil lifts energy producing stocks with Apr WTI crude oil (CLJ17 +0.69%) up +0.65%. Also, optimism that this morning's U.S. Feb non-farm payrolls report will show a strong increase of +200,000 jobs is boosting equity prices. European stocks received an added boost from German trade data that showed German Jan exports and import rose more than expected. The outlook for a strong U.S. payroll report has nearly cemented expectations for a 25 bp Fed rate hike next week and has undercut precious metals prices with Apr COMEX gold (GCJ17 -0.40%) down -0.52% and May COMEX silver (SIK17 -0.53%) down -0.83%, both at 1-1/4 month lows. Asian stocks settled mostly higher: Japan +1.48%, Hong Kong +0.29%, China -0.12%, Taiwan -0.32%, Australia +0.60%, Singapore +0.47%, South Korea +0.25%, India +0.06%. Japan's Nikkei Stock Index climbed to a 1-week high as weakness in the yen boosted the earnings prospects of exporter stocks after USD/JPY rallied to a 1-1/2 month high. The Total Investment & Insurance Solutions

The dollar index (DXY00 -0.04%) is up +0.02%. EUR/USD (^EURUSD) is up +0.26%. USD/JPY (^USDJPY) is up +0.38% at a 1-1/2 month high. The Total Investment & Insurance Solutions

Jun 10-year T-note prices (ZNM17 +0.01%) are little changed, up +0.5 of a tick.

The German Jan current account balance shrank to a surplus of +14.8 billion euros, narrower than expectations of +15.5 billion euros and the smallest surplus in 20 months.

German Q4 labor costs rose +1.5% q/q and +3.0% y/y with the +1.5% q/q gain the largest quarterly increase in 8 years. The Total Investment & Insurance Solutions

The German Jan trade balance shrank to a surplus of +14.8 billion euros, narrower than expectations of +18.0 billion euros and the smallest surplus in a year. Jan exports rose +2.7% m/m, better than expectations of +2.0% m/m. Jan imports rose +3.0% m/m, stronger than expectations of +0.5% m/m.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Feb non-farm payrolls (expected +200,000, Jan +227,000) and Feb unemployment rate (expected -0.1 to 4.7%, Jan +0.1 to 4.8%), (2) Feb avg hourly earnings (expected +0.3% m/m and +2.7% y/y, Jan +0.1% m/m and +2.5% y/y), (3) Feb monthly budget statement (expected -$187.5 billion, Jan +$51.257 billion). The Total Investment & Insurance Solutions

Notable Russell 1000 earnings reports today include: Vail Resorts (consensus $3.40).

U.S. IPO's scheduled to price today: none.

Equity conferences: UBS Global Consumer & Retail Conference on Thu-Fri.

OVERNIGHT U.S. STOCK MOVERS

Yum! Brands (YUM -0.42%) was upgraded to 'Outperform' from 'In-Line' at Evercore ISI.

FedEx (FDX -0.83%) was upgraded to 'Buy' from 'Hold' at Edward Jones.

VeriFone Systems (PAY +0.59%) rose 2% in after-hours trading after it reported Q1 adjusted net revenue of $457 million, higher than consensus of $450 million, and said it sees Q2 adjusted net revenue of $470 million-$474 million, above the mid-point of consensus of $470.7 million.

Ulta Beauty (ULTA -0.62%) declined 4% in after-hours trading after it said it sees Q1 net sales of $1.24 billion-$1.27 billion, below consensus of $1.28 billion. The Total Investment & Insurance Solutions

Finisar (FNSR +1.60%) plunged 20% in after-hours trading after it reported Q3 adjusted EPS of 59 cents, below consensus of 62 cents, and said it sees Q4 adjusted EPS of 50 cents-56 cents, weaker than consensus of 58 cents.

Zumiez (ZUMZ -1.18%) sank over 10% in after-hours trading after it said it sees Q1 revenue of $178 million-$182 million, below consensus of $186 million. The Total Investment & Insurance Solutions

Alere (ALR +0.42%) fell nearly 4% in after-hours trading after a U.S. District Judge rejected the company's request for a temporary reversal of the Department of Health and Human Service's decision to cancel the Alere's ability to bill the government-run insurance program. The Total Investment & Insurance Solutions

El Pollo Loco Holdings (LOCO -3.81%) dropped 4% in after-hours trading after it said it sees fiscal proforma EPS of 65 cents-69 cents, below consensus of 70 cents. The Total Investment & Insurance Solutions

Alexandria Real Estate Equities (ARE -1.72%) lost 3% in after-hours trading after it announced a public offering of 6.1 million shares of common stock.

Surgery Partners (SGRY -0.24%) tumbled 14% in after-hours trading after it said it sees 2017 Ebitda up 10%-15% y/y, weaker than consensus of up 23% y/y.

Autobytel (ABTL -2.03%) rose over 3% in after-hours trading after it reported Q4 adjusted EPS of 35 cents, above consensus of 30 cents.

Cara Therapeutics (CARA +0.46%) fell nearly 6% in after-hours trading after it reported a Q4 loss per share of -81 cents, a wider loss than consensus of -48 cents.

Freshpet (FRPT +3.68%) slipped 1% in after-hours trading after it said it will increase its investment in media this year, which is expected to lower 2017 adjusted Ebitda by 10%.

Ooma (OOMA -8.16%) lost 1% in after-hours trading after it announced a secondary offering of 2.86 million shares.

Codexis (CDXS +9.52%) rose over 6% in after-hours trading after it said it sees 2017 revenue of $50 million-$53 million, better than consensus of $46.3 million.

MARKET COMMENTS

Jun E-mini S&Ps (ESM17 +0.34%) this morning are up +9.00 points (+0.38%). Thursday's closes: S&P 500 +0.08%, Dow Jones +0.01%, Nasdaq +0.07%. The S&P 500 on Thursday recovered from a 1-1/2 week low and closed higher. Stocks received a boost from carry-over support from a rally in European stocks as the Euro Stoxx 50 climbed to a 15-month high on upbeat comments from ECB President Draghi who said that risks to growth are more balanced. Stocks were undercut by weakness in energy producers, which declined as crude oil prices tumbled -1.99% to a 3-1/4 month low.

Jun 10-year T-notes (ZNM17 +0.01%) this morning are up +0.5 of a tick. Thursday's closes: TYM7 -10.00, FVM7 -5.25. Jun 10-year T-notes on Thursday fell to a 2-1/4 month low and closed lower on negative carry-over from a fall in German bund prices to a 1-month low after ECB President Draghi said the economic outlook in the Eurozone has improved. T-notes were also undercut by the larger-than-expected increase in the U.S. Feb import price index, which may prompt the Fed into a faster pace of interest rate hikes.

The dollar index (DXY00 -0.04%) this morning is up +0.02 (+0.02%). EUR/USD (^EURUSD) is up +0.0028 (+0.26%). USD/JPY (^USDJPY) is up +0.44 (+0.38%). Thursday's closes: Dollar index -0.22 (-0.22%), EUR/USD +0.0036 (+0.34%), USD/JPY +0.60 (+0.52%). The dollar index on Thursday closed lower on upbeat comments from ECB President Draghi that boosted EUR/USD when he said "the risks surrounding the euro-area economic outlook have become less pronounced." The dollar found underlying support as the 10-year T-note yield rise to a 2-1/2 month high, which boosts the dollar's interest rate differentials.

Apr WTI crude oil prices (CLJ17 +0.69%) this morning are up +32 cents (+0.65%) and Apr gasoline (RBJ17 +0.26%) is +0.0050 (+0.31%). Thursday's closes: Apr crude -1.00 (-1.99%), Apr gasoline -0.0283 (-1.71%). Apr crude oil and gasoline on Thursday tumbled to 3-1/4 month lows and closed lower on fund selling on concern the global oil glut will persist after Saudi Arabian Energy Minister Al-Falih said that global oil inventories aren't draining as quickly as expected. There was also negative carry-over from Wednesday's EIA data that showed a +8.21 million bbl increase in EIA crude inventories to a record 528.39 million bbl (well above expectations for a +2.0 million bbl gain), and the +0.6% increase in U.S. crude production in the week of Mar 3 to 9.088 million bpd, a 1-year high.The Total Investment & Insurance Solutions

Nifty, Sensex waiting for triggers – Thursday closing report-The Total Investment & Insurance Solutions

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9 March 2017

I had mentioned in Wednesday’s closing report that Nifty, Sensex were still range-bound, though bears were continuing to dominate. The major indices of the Indian stock markets continued to be range-bound on Thursday and closed with minor losses over Wednesday’s close. The trends of the major indices in the course of Thursday’s trading are given in the table below: The Total Investment & Insurance Solutions

 

Major Indices (The Total Investment & Insurance Solutions)

Indian equity markets traded on a flat-to-negative note during mid-afternoon trade on Thursday as selling pressure was witnessed in oil and gas, metal and healthcare stocks. According to market observers, investors remained cautious ahead of assembly elections' exit poll outcome. Besides, investors were spooked ahead of the European Central Bank (ECB) monetary policy review later in the evening and the US Federal Open Market Committee (FOMC) meet next week. The Total Investment & Insurance Solutions

The BSE market breadth was marginally tilted in favour of the bears -- with 1,393 declines and 1,219 advances. CNX Nifty traded with sideways sentiments due to profit-booking. Correction in USD/INR futures prices from higher levels provided support to the Indian equity market at current levels. IT (information technology) sector stocks faced resistance at higher levels, while banking, pharma, auto, oil-gas, FMCG (fast moving consumer goods) and power sector stocks traded with bearish sentiments due to profit booking. 

Tata Steel UK has completed the consultation process to close its existing pension scheme for its workers from 31 March 2017. A new pension scheme will be implemented from April 1, 2017.

Tata Steel Ltd disclosed the development in a regulatory filing in BSE on Wednesday. During the consultation process, the company spoke to more than 4,000 employees at more than 90 face-to-face briefings across the UK and also received feedback from trade unions. According to the statement, after considering responses received and sharing the review with the trade unions, Tata Steel UK has informed its employees it will close the British Steel Pension Scheme to future accrual. Tata Steel shares closed at Rs469.50, down 0.72% on the BSE.

Software major's US arm Infosys Public Services on Wednesday announced partnering with the Texas Department of Family and Protective Services to modernise its child welfare information system. "The Information Management Protecting Adults and Children of Texas system will be modernised to deliver child welfare related services," said the IT firm subsidiary in a statement here. The primary case management and administrative system is used by 10,500 employees at 250 locations to serve 12 million children, the elderly and the disabled. "In the second phase, the system will be modernised into a modular, mobile-enabled application with automated workflows and self-service capabilities for child protective services, adult protective services, child care licensing and prevention and early intervention programme areas," said the statement. Infosys shares closed at Rs1011.60, up 0.43% on the BSE.

The top gainers and top losers of the major indices are given in the table below:

 

Top Gainer (The Total Investment & Insurance Solutions)

The closing values of the major Asian indices are given in the table below:The Total Investment & Insurance Solutions

Asian Indices (The Total Investment & Insurance Solutions)