Mutual Fund Dividend is the best way to make money for retirement -The Total Investment & Insurance Solutions

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10^Th  June  2017

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Nifty, Sensex showing no signs of tiring – Weekly closing report-The Total Investment & Insurance Solutions

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9 June 2017

I had mentioned in last week’s closing report that Nifty, Sensex were continuing to head higher.  The major indices of the Indian stock markets were range-bound during the week’s trading and ended flat in comparison with last Friday’s close. The trends of the major indices in the course of the week’s trading are given in the table below: .The Total Investment & Insurance Solutions

Weekly Indices (The Total Investment & Insurance Solutions)

Despite trading on a cautious note, the key Indian equity indices on Monday scaled fresh highs during intra-day trade, as buying was witnessed in consumer durables, oil and gas, and capital goods stocks. The NSE Nifty rose to a new high of 9,687.20 points and the Sensex that of 31,355.42 points intra-day. Market observers pointed out that investors were cautious ahead of the Reserve Bank of India's (RBI) two-day monetary policy review that begins on Tuesday. On the NSE, there were 758 advances, 608 declines and 65 unchanged. On the BSE, there were 1,434 advances, 1,243 declines and 187 unchanged. The market trend was bullish and there were new intra-day highs that were reached for the major indices. But the major indices closed with minor gains, as investors were largely waiting for the RBI policy decision. .The Total Investment & Insurance Solutions

With the Goods and Services Tax (GST) rate fixed at 3% for gold, stocks of gems and jewellery companies like PC Jeweller, Titan, Tribhovandas Bhimji Zaveri (TBZ), Gitanjali Gems and Tara Jewels shone and hit fresh highs on Monday. With the implementation of GST, compliance level will increase which will benefit the organised sector against the unorganised sector. So the surge in prices is factoring better-than-expected tax rate and level playing field for organised sector against the unorganised sector, pointed out market analysts. Titan shares closed at Rs552.40, up 16.97% on the BSE.

Jet Airways said that it has deployed its flagship Boeing 777 jetliner to operate the daily flights between Delhi and Singapore. "The state-of-the-art aircraft, with its three-class configuration commenced operating on the sector effective today (Friday)," the airline said in a statement.  "Jet Airways has seen an increase in air traffic between Delhi, Singapore and beyond to Asean region." The airline added that the Boeing 777 jetliner provides it with more flexibility in transporting various types of consignments, including perishables, pharmaceuticals, machinery and industrial goods between Delhi and Singapore. The company’s shares closed at Rs497, up 2.57% on the BSE, on Monday.

On Tuesday, Indian stocks declined the most in over a week as investors held back their bets ahead of the central bank’s policy decision due Wednesday. The S&P BSE Sensex fell nearly 0.4% to 31,190, while the NSE Nifty 50 index too dropped 0.4% to 9,637. Earlier, the 50-share benchmark managed to open above the 9,700-mark for the first time ever. The market breadth turned in favour of the bears by the end of trade. About 5 stocks declined to every 1 that gained on the NSE. BSE Mid-cap Index closed down 0.6% at 14732 whereas, BSE Small-cap Index closed down by 0.6% at 15310. There were 527 advances, 1,107 declines and 320 unchanged stocks on NSE, reflecting fairly bearish undertone floating in the market. .The Total Investment & Insurance Solutions

The Indian equity markets traded on a flat note during the mid-afternoon session on Wednesday as investors were cautious ahead of the outcome of the Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) meet due later in the day. However, a better-than-expected monsoon forecast by the India Meteorological Department (IMD), coupled with healthy buying in healthcare, consumer durables and automobile sectors, kept market sentiments buoyed. Auto, FMCG (fast moving consumer goods) and healthcare stocks shone, whereas IT (information technology) sector traded in negative after Tuesday's positive movement, pointed out market analysts. On the NSE, there were 868 advances, 608 declines and 76 unchanged. On the BSE, there were 1,465 advances, 1,191 declines and 147 unchanged.

The Monetary Policy Committee (MPC) in its second review for FY2017-18 on Wednesday kept all key policy rates unchanged while seeking to achieve consumer price index (CPI) inflation of 4%. The repo rate under the liquidity adjustment facility (LAF) would remain at 6.25%, while reverse repo rate would be at 6%. The marginal standing facility (MSF) rate and the bank rate would be steady at to 6.50%. The major indices closed quietly at the end of trading on Wednesday with small gains.

Weak global cues and selling pressure in oil and gas, IT (information technology) and consumer durables stocks pulled the Indian equity markets lower to trade on a flat-to-negative note during the mid-afternoon session on Thursday. According to market observers, investors were cautious ahead of election in Britain and European Central Bank's policy review (due later during the day). On the NSE, there were 711 advances, 710 declines and 50 unchanged. .The Total Investment & Insurance Solutions

IT stocks continued to trade weak with the sector trading with loss of more than 1%. Consumer durables, capital goods and FMCG (fast moving consumer goods) sectors were trading in negative, whereas healthcare and metal sectors were trading in the green, up by more than 1%. Dr Reddy's Lab, Sun Pharma and HDFC were the top gainers on the BSE, while Gail, Tata Consultancy Services (TCS) and Hero MotoCorp were the top losers. The farmers’ agitation entered its eighth day on Thursday in Madhya Pradesh. The peasants have been on strike since June 1, demanding loan waiver and fair price for their produce. .The Total Investment & Insurance Solutions

The Indian equity markets on Friday traded on a flat-to-negative note during the mid-afternoon session as investors remained cautious amidst global cues. IT (information technology), FMCG (fast moving consumer goods) and consumer durables stocks faced selling pressure. US markets closed higher after Wall Street digested former FBI (Federal Bureau of Investigation) Director James Comey's testimony. Asian markets however, traded flat. The European Central Bank did not announce any policy changes on Thursday when it met in Tallinn, Estonia. And it made only small changes to its forward guidance.

In India, sectoral indices led by IT, Teck, consumer durables, auto, realty, healthcare and banking stocks traded in the negative zone. However, Maruti Suzuki hit a fresh record high intra-day, after a media report indicated that the company plans to spend Rs1,000 crore in land acquisition this year. Maruti Suzuki shares closed at Rs7,451.00, up 3% on the BSE. ITC, Infosys and Wipro were among the top losers on the BSE. Finally, the major indices closed with small gains on Friday over Thursday’s close.The Total Investment & Insurance Solutions

SBI reduces home loan rates by 10 bps for loans above Rs 75 lakh -The Total Investment & Insurance Solutions

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9 June 2017

The State Bank of India (SBI) on Friday announced reduction in home loan interest rates by 10 basis points (bps) for salaried women who take a loan of above Rs 75 lakh, effective from June 15.

"Home loans above Rs 75 lakh will now be cheaper by 10 bps with effect from June 15. The revised interest rates will be 8.55 per cent per annum for salaried women borrowers. For others the rate of interest will be 8.60 per cent per annum," SBI said here in a statement.

Currently, SBI home loan interest rates stand at 8.65 per cent. 

This is the second reduction in interest rates in last two months. SBI had reduced its interest rates by 25 bps on April 9. The Total Investment & Insurance Solutions

Rajnish Kumar, MD, National Banking, SBI said: "SBI has always been at the forefront in keeping the customers benefit first. This interest rate reduction will help home buyers come closer to their dream home. The Total Investment & Insurance Solutions

"Taking a cue from the recent RBI reduction in risk weightage on home loans, SBI is passing on the benefit to its customers by reducing its interest rates on home loan above Rs 75 lakh."The Total Investment & Insurance Solutions

Infosys denies stake sale plan by promoters -The Total Investment & Insurance Solutions

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9 June 2017

IT bellwether Infosys on Friday denied any stake sale plan by its promoters and appealed to media not to write such "speculative" stories. The Total Investment & Insurance Solutions

"Infosys would like to clarify reports in the media speculating on plans of stake sale by the promoters. This speculation has already been categorically denied by the promoters. The company further reiterates that it has no information on any such development," an official statement by the company said.

"We would like to appeal to the media not to fuel such speculative stories as they are likely to harm the interests of the company and all its stakeholders," it added.

The Times of India, Delhi, on Friday published a news item on its front page that said: "The much-celebrated co-founders of Infosys are exploring a sale of their entire 12.75 per cent stake in the company worth about Rs 28,000 crore, people familiar with the development said." 

It named Narayana Murthy, Kris Gopalakrishnan, Nandan Nilekani, K. Dinesh and S.D. Shibulal among the promoters who were planning to sell their stake, along with the shares held by their families.

The company's shares were trading at Rs 940.10 per share, down 1.69 per cent around 1.30 p.m. on the Bombay Stock Exchange.The Total Investment & Insurance Solutions

Those Without Aadhaar Can Continue to File IT Returns -The Total Investment & Insurance Solutions

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9 June 2017

 

Supreme Court (The Total Investment & Insurance Solutions)

The Supreme Court allowed the government another step in making Aadhaar compulsory by the backdoor but gave a breather to those taxpayers who do not have an Aadhaar number, striking down the government’s move that would have shut them out from filing income tax returns. This implied that if a person did hold an Aadhar card, they would be expected to attach their unique identity number with their permanent account number (PAN) but if the person did not go through with this their IT return could not be rejected, thus bringing a stay on the Government’s law of Section 139AA of the Income Tax Act.

The Government had brought in a new Section 139AA of the Income Tax Act, which had made it mandatory to quote Aadhaar number or the enrolment ID of Aadhaar application form for filing of income tax returns with PAN (Permanent Account Number). This would have come into effect from July 1st. The Total Investment & Insurance Solutions

This led various people to rush to the Supreme Court, appealing that this would be an infringement of privacy and a leak in the data of the Aadhar would be severely damaging to the general public. Another important argument was that Aadhar was still voluntary under the law where, previously, the apex court had stated “no person should suffer for not getting the Aadhaar card in spite of the fact that some authority had issued a circular making it mandatory and when any person applies to get the Aadhaar Card voluntarily”. The Total Investment & Insurance Solutions

Another of SC’s earlier directive came into question which said “no person shall be deprived of any service for want of Aadhaar number in case he/she is otherwise eligible/entitled. All the authorities are directed to modify their forms/ circulars/ like so as to not compulsorily require the Aadhaar number in order to meet the requirement of the interim order passed by this Court forthwith”.

This made the Supreme court uphold the law till its validity is checked and is yet to "test" whether Aadhaar violates the protection of life and personal liberty granted under Article 21 of the Constitution, which is a pending hearing before  a five-judge Constitution Bench.

Senior Advocate Shyam Divan, who was representing Dalit activist Bezwada Wilson and retired Major General SG Vombatkare, argued on the basis of the “informational self-determination” meaning that a person must have the right to determine the type of information that belonged to them that could be used and stated that the right to dignity was safeguarded under Article 21. 

Against this, Attorney General Mukul Rohatgi took the stand that “Citizens do not have absolute right over their bodes” and used political philosopher Rousseau’s ideology that “the State is like a corporation, and the individuals are its members. There is no harm in using the collective. There is no harm in using the collective might of the state to provide orderly life, peace, and tranquility”.

Senior Advocate Arvind Datar, who was representing CPI’s senior leader Binoy Viswam, argued that the decision to link Aadhaar with PAN is legally “unsustainable” as the validity of Aadhaar is yet to be decided by the court. He also criticised the logic to link the UID to permanent account number (PAN). Both advocates, Divan and Datar, emphasised that Aadhar is a voluntary document.The Total Investment & Insurance Solutions

Pound Falls, Asian Shares Higher As Investors Watch UK Vote-The Total Investment & Insurance Solutions

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9 June 2017

Global stock markets (The Total Investment & Insurance Solutions)

The pound slumped in Friday's trading as soon as signs emerged that Britain's ruling Conservatives will have a weaker-than-expected showing in the country's election. Global stock markets were mostly higher as investors shrugged off uncertainties. The Total Investment & Insurance Solutions

KEEPING SCORE: France's CAC 40 added 0.5 percent in early trading to 5,292.66, while Germany's DAX rose 0.5 percent to 12,770.25. Britain's FTSE 100 gained 0.8 percent to 7,509.52. U.S. shares were also set to drift higher, with Dow futures up 0.2 percent at 21,172. S&P 500 futures were also up 0.2 percent at 2,433.90. The Total Investment & Insurance Solutions

ASIA'S DAY: Japan's benchmark Nikkei 225 added 0.5 percent to finish at 20,013.26, while South Korea's Kospi rose 0.8 percent to 2,381.69. Australia's S&P/ASX 200 was little changed, inching up less than 0.1 percent at 5,677.80. Hong Kong's Hang Seng slipped 0.1 percent to 26,030.29. The Shanghai Composite added 0.3 percent to 3,158.40. The Total Investment & Insurance Solutions

BRITISH POLLS: The Conservative Party lost its majority in Parliament and pressure is mounting on British Prime Minister Theresa May to resign. The results could send Britain's negotiations to leave the European Union — due to start June 19 — into disarray.

CURRENCIES: The pound lost more than 2 cents versus the dollar seconds after the exit poll results were released, plunging from $1.2955 to $1.2752. It continued to bounce around that level and was recently trading at $1.2721. The dollar fell to 110.36 yen from 109.90 yen late Thursday in Asia. The euro weakened to $1.1182 from $1.255.

THE QUOTE: "The possibility of a reduced Conservative majority or even a minority government is unlikely to have a significant impact on broader global markets," says Ric Spooner, chief market analyst at CMC Markets. "At this stage it is unclear what, if any, impact this will have on Brexit negotiations."

TESTIMONY WATCH: Markets have also been closely watching former FBI Director James Comey testify before U.S. Congress as part of the investigation into Russian meddling into the presidential election. Comey told Congress that President Donald Trump's administration spread "lies" about him and the FBI after his abrupt firing in May. The Total Investment & Insurance Solutions

ROBOT WATCH: SoftBank stock surged 7 percent after it announced it was acquiring Boston Dynamics from Alphabet, Google's parent. Terms of the deal weren't disclosed, but the Japanese internet, technology and solar company, which offers the Pepper companion robot, said that the purchase shows robotics is a key part of its business. The Total Investment & Insurance Solutions

ENERGY: Benchmark U.S. crude added 20 cents to $45.84 a barrel. It wavered for much of the day before sliding 8 cents to settle at $45.64 a barrel in New York. Brent crude, used to price international oils, rose 15 cents to $48.01 per barrel in London.The Total Investment & Insurance Solutions

Nifty, Sensex may give up some gains – Thursday closing report-The Total Investment & Insurance Solutions

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8 June 2017

I had mentioned in Wednesday’s closing report that Nifty, Sensex volumes have dried up, as the market was headed higher. The major indices of the Indian stock markets were range-bound on Thursday and closed with small losses over Wednesday’s close. The trends of the major indices in were as follows: The Total Investment & Insurance Solutions

Major Indices (The Total Investment & Insurance Solutions)

Weak global cues and selling pressure in oil and gas, IT (information technology) and consumer durables stocks pulled the Indian equity markets lower to trade on a flat-to-negative note during the mid-afternoon session on Thursday. According to market observers, investors were cautious ahead of election in Britain and European Central Bank's policy review (due later during the day). On the NSE, there were 711 advances, 710 declines and 50 unchanged.

IT stocks continued to trade weak with the sector trading with loss of more than 1%. Consumer durables, capital goods and FMCG (fast moving consumer goods) sectors were trading in negative, whereas healthcare and metal sectors were trading in the green, up by more than 1%. Dr Reddy's Lab, Sun Pharma and HDFC were the top gainers on the BSE, while Gail, Tata Consultancy Services (TCS) and Hero MotoCorp were the top losers.

The farmers’ agitation entered its eighth day on Thursday in Madhya Pradesh. The peasants have been on strike since June 1, demanding loan waiver and fair price for their produce. 

State-run Airports Authority of India (AAI) reported an increase of 22.78% in its net profit for 2016-17. According to AAI, its net profit during the fiscal year under review rose to Rs3,115 crore from Rs2,537 crore reported for 2015-16. "AAI recorded all time high total income of Rs12,542 crore (previous year Rs10,824 crore), and operational income of Rs8,024 crore (previous year Rs6,876 crore) in FY 2017," it said in a statement. AAI declared a dividend of Rs934 crore payable to the central government. It had paid an interim dividend of Rs560 crore on February 22, 2017. The S & P BSE PSU closed at 8,551.45, down 0.60% on the BSE.

GMR Airports said that it has been selected to develop, operate and manage the new international airport of Kastelli on Crete Island, Greece. The company is a subsidiary of GMR Infrastructure. According to the firm, it has bagged the project in partnership with Greek infrastructure major TERNA S.A.  "GMR Airports will be the designated airport operator in the consortium for this project," the company said in a statement. The company added that the concession period for the greenfield project will be 35 years, including phase one construction of five years. GMR Infrastructure shares closed at Rs16.55, down 0.90% on the BSE.

The top gainers and top losers of the major indices are given in the table below: The Total Investment & Insurance Solutions

 

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)

FDIs in India flat in 2016, but prospects bright: UNCTAD -The Total Investment & Insurance Solutions

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8 June 2017

Foreign Direct Investments (FDI) in India remained almost flat in 2016, but the nation is expected to emerge as one of the top FDI destinations, according to the UN Conference on Trade and Development (UNCTAD). The Total Investment & Insurance Solutions

The World Investment Report released by the UN agency in Geneva on Wednesday said that FDI rose by a paltry one per cent in 2016 to $44.486 billion from the $44.064 billion in 2015.

At the same time FDI by India elsewhere declined by about third from $7.572 billion in 2015 to $5.12 billion in 2016, the report said. The Total Investment & Insurance Solutions

The signing of a tax treaty by the Indian and Mauritian governments in 2016 may be the reason for the fall in FDI outflows from India as it "might have contributed to reduced round-tripping FDI," it added.

Looking at the future, UNCTAD said that India would be the third top prospective destinations for FDI, after the US and China.

It said that in India "renewed policy efforts to attract FDI could contribute to an increase of inflows in 2017". The Total Investment & Insurance Solutions

Twenty per cent of top executives of multinational enterprises (MNE) surveyed listed India as their top prospective host economy for 2017-19, it added.

UNCTAD, however added a note of caution: "Although new liberalization efforts continue to improve the investment climate in India, tax-related concerns remain a deterrent for some foreign investors."

The report did not give a specific figure for the brighter picture projected for India, but said that globally FDI was expected to rise moderately from $1.75 trillion in 2016 to 1.8 trillion in 2017 and $1.85 million in 2018. The Total Investment & Insurance Solutions

After the two per cent slide in 2016, "the new, more optimistic projections for 2017 are attributed to higher economic growth expectations across major regions, a resumption of growth in trade and a recovery in corporate profits," it said. The Total Investment & Insurance Solutions

However, according to UNCTAD Secretary-General Mukhisa Kituyi, "Although this report projects a modest increase for 2017, other factors such as the elevation of geopolitical risks and policy uncertainty may impact the scale of the upturn." The Total Investment & Insurance Solutions

Analysing FDI into India, the report said: "Foreign MNEs are increasingly relying on cross-border M&As (mergers and acquisitions) to penetrate the rapidly growing Indian market."

It cited the $13 billion acquisition of Essar Oil by Russia's Rosneft and a consortium led by Singapore-based Trafigura as "the largest deal ever in the country".

Indian companies also made a big deal in the energy sector. Vankor India - a joint venture of Oil India Ltd, Bharat Petroleum Corp and Indian Oil Corp Ltd, headquartered in Singapore paid $2 billion to acquire 24 per cent of Vankorneft that is ultimately owned by Russian government's , Rosneftegaz. ONGC Videsh Ltd (India) paid $1.3 billion to get an additional 15 per cent of Vankorneft.

China is also an important source of FDIs in India going for "some large-scale investments in dynamic industries, such as smartphone production", it said.

OPPO, which set up a manufacturing facility in Noida in 2014, announced an investment of $216 million in Andhra Pradesh in 2016, according to the report. The Total Investment & Insurance Solutions

Huawei and Xiaomi "have also started to invest massively in India," it added.

Chinese investment in other areas are also growing apace, the report said, citing heavy-equipment manufacturer Sany Group's plans to invest $5 billion in India.The Total Investment & Insurance Solutions

China's Trade Growth Rebounds In May-The Total Investment & Insurance Solutions

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8 June 2017

China's trade growth (The Total Investment & Insurance Solutions)

China's trade growth rebounded in May in a positive sign for global demand and the cooling Chinese economy. The Total Investment & Insurance Solutions

Exports rose by a better-than-expected 8.7 percent over a year earlier to $190 billion, up from April's 8 percent growth, customs data showed Thursday. Imports gained 14.8 percent to $150.2 billion, up from the previous month's 11.9 percent. The Total Investment & Insurance Solutions

Unexpectedly strong exports could lend support to economic growth that is forecast to weaken this year as Beijing tightens credit controls to reduce the risks of rising debt.

The data show "momentum in demand from the U.S. and the EU continues to improve," said Louis Kuijs of Oxford Economics in a report. The Total Investment & Insurance Solutions

Chinese leaders are trying to steer the country to self-sustaining growth based on domestic consumption and reduce reliance on trade and investment but want to avoid politically dangerous job losses in export-dependent industries. The Total Investment & Insurance Solutions

Forecasters warned Chinese import demand is likely to wane as the economy cools. The International Monetary Fund expects this year's economic growth to decline to 6.6 percent from last year's 6.7 percent and to below 6.2 percent in 2018. The Total Investment & Insurance Solutions

"The current strength of imports is unlikely to be sustained if, as we expect, slower credit growth feeds through into weaker economic activity in the coming quarters," said Julian Evans-Pritchard of Capital Economics in a report. The Total Investment & Insurance Solutions

"Exports growth is also likely to edge down further ahead but should fare better than imports given the relatively upbeat outlook for China's main trading partners."

The country's global trade surplus shrank by 18.4 percent from a year earlier to $40.8 billion.

The surplus with the 28-nation European Union, China's biggest trading partner, expanded by 8 percent from a year earlier to $10.8 billion. That with the United States widened by 4 percent to $22 billion.The Total Investment & Insurance Solutions

SEBI directs Newland Agro Industries to refund with interest money collected through redeemable preference shares -The Total Investment & Insurance Solutions

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8 June 2017

SEBI passed an order in respect of Pinku Kumar Das of Newland Agro Industries Limited under Sections 11 and 11B of the SEBI Act, directing Das, along with Newland Agro Industries Ltd. and other directors, to jointly and severally, refund the money collected by the company through the issuance of RPS (redeemable preference shares). The shares have been found to be issued in contravention of the public issue norms. The refund is to be done with an interest at the rate of 15% per annum compounded at half yearly intervals, from the date when the repayments became due (in terms of Section 73(2) of the Companies Act, 1956) to the investors till the date of actual payment.

The SEBI Order specified that Das should provide the updated detailed inventory of all assets and properties and details of all bank accounts, demat accounts and holdings of shares/ securities, if held in physical form. The Total Investment & Insurance Solutions

The SEBI Order directed that Das should not to access the securities market and is further prohibited from buying, selling or otherwise dealing in securities, directly or indirectly, with immediate effect. He is also restrained from associating himself with any listed public company and any public company which intends to raise money from the public, with immediate effect. This restraint shall continue to be in force for a further period of four years on completion of the repayments. 

On the expiry of the three months period from the date of the SEBI order, failure to comply on the part of Das and Newland Agro Industries, SEBI shall recover such amounts in accordance with law and may initiate any other proceedings as per law.The Total Investment & Insurance Solutions