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9^th June  2018

Life Goals(The Total Investment & Insurance Solutions)

Nifty, Sensex Climbing a Wall of Worry? – Weekly closing report-The Total Investment & Insurance Solutions

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8 June 2018

I had mentioned in last week’s closing report that Nifty, Sensex might trend higher. The major indices of the Indian stock markets staged a small weekly rally and closed with minor weekly gains on Friday over 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

The major indices of the Indian stock markets opened lower over on Monday and closed with loss over Friday’s close. On the NSE, there were 310 advances, 1,444 declines and 312 unchanged. Buying was observed in capital goods, banking and oil and gas stocks. The Total Investment & Insurance Solutions

The Supreme Court on Monday said that Binani Cement's Committee of Creditors (CoC) is not debarred from considering the revised Ultratech bid to acquire the beleaguered company but restrained it from taking a final decision. Refusing to debar the CoC from carrying on with further proceedings, which would be subject to the orders of the court, a vacation bench of Justice Adarsh Kumar Goel and Justice Ashok Bhushan, however, said that "no final order may be passed". "In the meantime, no final order may be passed. This order will not debar further proceedings subject to orders of this Court," said the order passed by the bench on Monday. The Total Investment & Insurance Solutions

The court also issued notice to Ultratech Cement and others on the plea by the Dalmia Bharat Group's Rajputana Properties Private Ltd (RPPL) challenging the Kolkata NCLT order asking the CoC to consider revised bid by Ultratech Cement. The Kolkata Bench of NCLT had in early May asked the CoC to consider revised bid by Ultratech Cement. Ultratech's revised bid is more than Rs 1,000 crore higher than the one offered by the RPPL. The court directed the next hearing of the matter on July 2.

The major indices of the Indian stock markets continued its decline on Tuesday and closed with losses over Monday’s close. On the NSE, there were 328 advances, 1,422 declines and 302 unchanged.

Broadly negative global cues along with caution ahead of the RBI's monetary policy review depressed the key Indian equity indices on Tuesday. According to market observers, selling pressure was witnessed in the capital goods, consumer durables and IT (information technology) stocks. State-run copper producer Hindustan Copper Limited (HCL), which is focusing on exploration in order to assess copper reserve in its mines, on Tuesday said it is expecting its turnover to cross Rs2,000 crore in the current fiscal, an official said on Tuesday.

IndusInd Bank Ltd on Tuesday said it has received a 'no-objection' from National Stock Exchange (NSE) and BSE for merger of Bharat Financial Inclusion Ltd with itself. The Total Investment & Insurance Solutions

The Enforcement Directorate (ED) on Tuesday questioned former Finance Minister P. Chidambaram here in a probe into the FIPB's approval to the Aircel-Maxis deals. Chidambaram appeared at the ED's office around 11 a.m. -- within an hour after a city court extended the interim protection to him from arrest till July 10 in connection with the case after directing him to join the probe whenever required. It was the first time when the senior Congress leader joined the probe in the case. The questioning is part of ED investigation in a money laundering case registered in 2017 against Chidambaram's son Karti Chidambaram in the Aircel-Maxis case. The Total Investment & Insurance Solutions

The major indices of the Indian stock markets gained on Wednesday as the Reserve Bank of India (RBI) came out with its second bi-monthly monetary policy review where it has decided to raise the repo rate by 25 basis points. Investors' risk taking appetite was enhanced after the Reserve Bank of India maintained its "neutral" stance on future rate hike trajectory. Following a cycle of rate cuts begun in January 2015, the RBI on Wednesday raised its key interest rate for the first time by 25 basis points (bps) to 6.25%, responding to concerns on inflation from surging global crude oil prices, as per a central bank announcement.

The major indices of the Indian stock markets rallied on Thursday and closed with gains over Wednesday’s close. On the NSE, there were 1,377 advances, 363 declines and 316 unchanged. Telecom service provider Bharti Airtel on Thursday announced that its direct-broadcast satellite service "Airtel TV" application has been downloaded by more than 50 million Android device users. Giving significant relief to home buyers, President Ram Nath Kovind on Wednesday gave assent to the ordinance amending the Insolvency and Bankruptcy Code (IBC) to recognise their status as financial creditors. 

On Friday, the major indices of the Indian stock markets were range-bound and ended flat over Thursday’s close. On the NSE, there were 974 advances, 740 declines and 346 unchanged.The Total Investment & Insurance Solutions

Weekly Indices (The Total Investment & Insurance Solutions)

India has the will, tech and people power to make its development green: GCNI-The Total Investment & Insurance Solutions

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8 June 2018

 

Benefits (The Total Investment & Insurance Solutions)

The 13th edition of the Global Compact Network India (GCNI), the local arm of the United Nations Global Compact, New York, held its annual flagship event in Bengaluru today. With a focus on Sustainable Development Goals (SDGs): A Blueprint for Action, the convention saw the launch of the GCNI – Accenture CEO Study, exclusive CEO Panel, sessions on SDGs (Quality Education, Integrating Human Rights into Sustainable Business Strategy, Affordable Urban Housing: Challenges, Perspectives, SDG Philanthropy Platform) and special session on Innovative Practices Awards 2018 on SDGs. 

The report that captures responses from 45+ CEOs of leading companies in India indicates that more of them, over their global counterparts, are aware of Agenda 2030: Sustainable Development Goals. The country which is focused on innovations in the sustainability segment has 86% CEOS as compared to 78% globally, who believe that SDGs provide an opportunity for businesses to rethink approaches to sustainable value creation, says the report. It also indicates a $1 trillion worth of market opportunities for companies working in the sustainable area in India and employment generation potential of 72 million by 2030. The latest GCNI’s CEOs study on sustainability also captures the CEOs perspectives on sustainability with focus on the SDGs, the challenges and the way forward. 

The event which saw discussions on circular economy, integrating human rights into sustainable business strategy, quality education, incorporating sustainability in the DNA of corporates was attended by CEOs, CXOs, heads of companies, PSUs, academia, nonprofits, among others. Amitabh Kant, CEO, NITI Aayog, who addressed the session via video conference said “I would like to congratulate Global Compact Network India, ONGC and BEML for organizing the event on Sustainable Development Goals. Indian government has shown a firm faith in the goals with our Prime Minister expressing his commitment by saying that sustainable development is a matter of faith for our country. As we target 10% growth in the next couple of years, it is imperative that we ensure an inclusive development.” The Total Investment & Insurance Solutions

Other speakers at the event included Uddesh Kohli, chair, admin Committee, GCNI, Yuri Afanasiev UN Resident Coordinator India and UNDP Resident Representative in India, Shashi Shanker President, GCNI and CMD, ONGC, Sue Allchurch, chief outreach and engagement UNGC, New York, Vishvesh Prabhakar, MD, Sustainability, and Accenture Strategy India, among others. 

To recognize the innovation and excellence in sustainable practices, the GCNI also organized its second Innovative Practices Awards on “Sustainable Development Goals (SDGs). The winners of the awards were Corporate Private Sector (TATA Steel Ltd), Corporate Public Sector (ONGC), NGO (India Society of Agribusiness Professionals. The Total Investment & Insurance Solutions

Yuri Afanasiev UN Resident Coordinator India and UNDP Resident Representative in India speaking on the need for Indian businesses to adopt to sustainability for success said, “India needs to follow the triple bottom principle of People, Planet and Profits. Currently India has shown tremendous capacity for innovation and the mentality to follow the goals of SDS. For its development, India has a unique opportunity to do it differently than China, as it can leverage its strength in technology and people power. It has the power of Jugaad 2.0, which sets it apart from other developing nations.” The Total Investment & Insurance Solutions

Economic growth may cross 8% in next 2 yrs:Suresh Prabhu-The Total Investment & Insurance Solutions

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8 June 2018

 

Growth (The Total Investment & Insurance Solutions)

India's GDP growth is likely to cross 8 per cent in the next two years and the government is taking a number of steps including formulation of a new industrial policy to double the economy's size to USD 5 trillion in 7-8 years, Commerce Minister Suresh Prabhu said today. The Total Investment & Insurance Solutions

"We are working on few strategies to boost economic growth. We are now seeing an upsurge," he told reporters here while talking about the achievements of the government during the last four years. The Total Investment & Insurance Solutions

Prabhu exuded confidence that the growth in 2018-19 will be better than the preceding fiscal. The Total Investment & Insurance Solutions

"I should not be surprised that in the next few quarters, say next 2 years for sure, we will be very close to or cross 8 per cent growth and that is coming out of strong performance of so many sectors," he said.

India's GDP grew at the fastest pace in seven quarters at 7.7 per cent in the January-March quarter of last fiscal, retaining the fastest growing major economy tag on robust performance by manufacturing and service sectors as well as good farm output. The Total Investment & Insurance Solutions

On yearly basis, however, it grew at a four-year low of 6.7 per cent in 2017-18, down from 7.1 per cent in the previous fiscal.

Prabhu said that to facilitate the 8 per cent potential growth, the government is working on several areas including formulation of a new industrial policy, "which is going to make India ready for the fourth industrial revolution and beyond".

"We have created a vision for USD 5 trillion economy in which USD one trillion will come from manufacturing, USD 3 trillion from services and USD one trillion agriculture and allied sector," he added.

When asked about the impact of the RBI's decision this week to raise the benchmark lending rate by 0.25 per cent, the minister said: "I do not think it should hamper investments". The Total Investment & Insurance Solutions

On his US visit next week, Prabhu said that he would meet his counterpart and industry leaders and raise India's concerns about tightening visa regime in the US and its impact on Indian IT sector. The Total Investment & Insurance Solutions

"We will be raising the visa issue because we feel that Indians and their spouses are facing some issues there," he said, adding, "we will explaining our position. It is not a formal trade talk..there is no huge expectations".

On the US challenging India's export support programmes, Prabhu said he would explain that those measures are not subsidies and instead ways to partially offset various additional costs incurred by them.

"Our export support regime is not violating any of the WTO rules," he said.

"We are also working to make sure that there is a proper clarity on this. But what we are doing today is not violating any WTO rule," he added.

On the proposed mega trade deal - Regional Comprehensive Economic Partnership (RCEP), Prabhu said India is actively engaged in the negotiations and also holding bilateral talks with member countries including China, Australia and New Zealand.

"What we are saying in RCEP is that it is a comprehensive economic partnership pact and in this services should be an integral part of the agreement," he added. PTI RR CS SA SA.The Total Investment & Insurance Solutions

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8 June 2018

 

fiscal deficit(The Total Investment & Insurance Solutions)

Moody's expects the Indian government to meet its fiscal deficit target of 3.3 per cent of GDP for the current fiscal based on its commitment to gradual fiscal consolidation and budget assumptions, even as the US rating agency's Indian affiliate ICRA said that high global crude prices threaten India's current account deficit (CAD), according to reports issued on Thursday.

Moody's Investors Service has rated India's sovereign credit rating at Baa2 stable. The Total Investment & Insurance Solutions

"Although Moody's sees some downside risk to budgeted revenue and expenditure targets, it expects that the government would cut back on planned capital expenditure, as has occurred in past years, if it is needed to offset any slippage from its fiscal targets," said Moody's Vice President William Foster.

"On the revenue side, Moody's sees some downside risk to the government's assumptions on the collections from the Goods and Services Tax (GST) and petroleum products excise duty," he said.

The ICRA report said that high crude oil prices are likely to widen India's CAD and points to slowing foreign portfolio investments as an area of concern.

Moody's said that the credit quality of Indian non-financial corporates will remain supported by a robust growth outlook for the domestic economy and a benign outlook for global economic growth. 

ICRA believes the non-infra corporate sector has seen some revival in growth and margin expansion over last 2-3 quarters.

The American agency said, however, that given their international revenue base, many rated Indian non-financial corporates remain exposed to increasing protectionism and tighter monetary policy in the US.

Moody's feels domestic bank funding availability could weaken as the banking system struggles with fresh asset quality and governance issues.

ICRA said that with the accelerated recognition of stressed assets during 2017-18, the asset quality problems of the banks peaked in March 2018 and further additions to gross non-performing assets (GNPAs), or bad loans, will decline with fresh slippages falling to around 3 per cent during the current fiscal, compared to 7.1 per cent last year and 5.5 per cent in 2016-17.

The sharp rise in fresh slippages, ageing of earlier NPAs because of limited resolution, and higher provisioning on accounts referred for resolution under the Insolvency and Bankruptcy Code pushed up credit provisions and net losses for the sector, ICRA added. The Total Investment & Insurance Solutions

"Rural demand, which has seen a recent pick-up, would be critically dependent on normal monsoon, hike in MSPs (minimum support prices) and overall thrust on agri-economy ahead of elections," said ICRA Senior Group Vice President Subrata Ray. The Total Investment & Insurance Solutions 

Moody's has a stable outlook on India's power sector which reflects an improvement in domestic coal availability moderating the fuel supply risk. 

Moody's also said that while distribution utilities have seen an improvement in their liquidity, the extent to which operational efficiency has improved is still unclear.The Total Investment & Insurance Solutions

World Stock Markets Fall Ahead Of Tense G-7 Summit-The Total Investment & Insurance Solutions

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8 June 2018

Japan financial markets (The Total Investment & Insurance Solutions)

Global stock markets fell Friday ahead of a Group of Seven summit that promises to be tense as leaders confront U.S. President Donald Trump over tariffs he is imposing. Investors will then also look to policy meetings by the European Central Bank and Federal Reserve next week.

KEEPING SCORE: Germany's DAX was down 0.8 percent to 12,707 while France's CAC 40 slipped 0.1 percent to 5,442. Britain's FTSE 100 fell 0.6 percent to 7,658. U.S. shares were set to drift lower with Dow futures down 0.6 percent and S&P 500 futures down 0.5 percent. The Total Investment & Insurance Solutions

ASIA'S DAY: Japan's benchmark Nikkei 225 shed 0.6 percent to finish at 22,694.50. Australia's S&P/ASX 200 edged down 0.2 percent to 6,045.20. South Korea's Kospi lost 0.8 percent to 2,451.58. Hong Kong's Hang Seng slipped 1.9 percent at 30,910.89, while the Shanghai Composite index shed 1.4 percent to 3,067.15. The Total Investment & Insurance Solutions

GROUP OF SEVEN: Leaders from the Group of Seven wealthy industrialized nations are meeting in Canada, where Trump's new tariffs are expected to be a major focus. The White House is expecting a chilly reception from Canada and western European countries. The leaders of France and Canada in particular on Thursday expressed in tough terms their disapproval of the tariffs.

RATE WATCH: The Federal Reserve is expected to raise interest rates next. That would be the second increase in rates this year, and the Fed has said it expects to raise rates three times in 2018. The ECB, meanwhile, will consider whether to rein in its massive monetary stimulus program, which has boosted growth and stocks and kept a lid on the euro. The Total Investment & Insurance Solutions

THE QUOTE: "There's a high level of circumspection associated with this weekend's G-7 meeting as President Trump prepares to enter the G-7 lion's den," says Stephen Innes, head of trading at Oanda. "Then there's that small matter of the European Central Bank and Federal Reserve Board meetings, which could be very crucial for the markets next tack."

ENERGY: Benchmark U.S. crude dipped 35 cents $65.60 a barrel. It rose 1.9 percent to $65.95 per barrel in New York Thursday. Brent crude, used to price international oils, fell 65 cents to $76.67 per barrel in London.

CURRENCIES: The dollar fell to 109.26 yen from 109.97 yen late Thursday in Asia. The euro slipped to $1.1739 from $1.1817.The Total Investment & Insurance Solutions

Nifty, Sensex May Rally Some More – Thursday closing report-The Total Investment & Insurance Solutions

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7 June 2018

I had mentioned in Wednesday’s closing report that Nifty, Sensex might head higher. The major indices of the Indian stock markets rallied on Thursday and closed with gains over Wednesday’s close. On the NSE, there were 1,377 advances, 363 declines and 316 unchanged. The trends of the major indices in the course of Thursday’s trading are given in the table below: The Total Investment & Insurance Solutions

The Reserve Bank of India’s decision to hike the repo rate by 25 basis points on Wednesday has boosted investors' sentiments leading the key Indian equity indices surge during trading on Thursday. The decision of the Monetary Policy Committee (MPC) is consistent with the neutral stance of monetary policy in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4% within a band of +/- 2%," RBI said. This is definitely good news for the bulls in the Indian stock markets.

India Inc welcomed the "neutral" stance taken by the Reserve Bank of India (RBI) on a future rate hike trajectory, along with its reform measures for the realty, bond and banking sectors. The Total Investment & Insurance Solutions

Telecom service provider Bharti Airtel on Thursday announced that its direct-broadcast satellite service "Airtel TV" application has been downloaded by more than 50 million Android device users. The app currently offers over 375 LIVE TV channels along with over 10,000 movies and popular shows. "We are thrilled at achieving this milestone and being able to scale-up the app so rapidly," Sameer Batra, CEO-Content and Apps, Bharti Airtel, said in a statement. Airtel TV has also partnered with content-providers such as Eros Now, SonyLIV, HOOQ, Hotstar, Amazon and AltBalaji. "We will continue to expand our content partnerships and bring more exciting innovations to our users," Batra added. Bharti Airtel shares closed at Rs379.95, down 0.11% on the BSE.

Global Foreign Direct Investment (FDI) flows fell by 23% in 2017 to $1.43 trillion in contrast to the global accelerated growth in gross domestic product (GDP) and trade registered last year, said the United Nations Conference on Trade and Development (UNCTAD) on Wednesday in its new report. This could be a dampener for bulls in emerging markets including the Indian stock markets.

Hindustan Construction Co (HCC) announced that its joint venture (JV) with MAX Group of Bangladesh has won a $110 million (Rs737 crore) contract from Russia for the construction of the first nuclear power plant in Bangladesh. Commenting on the development, HCC Group CEO Arjun Dhawan said a statement: "HCC has become the first Indian company to participate in the international civil nuclear market." HCC shares closed at Rs14.92, up 4.92% on the BSE.

IT major Tata Consultancy Services (TCS), which had given 20,000 job offers in India in this fiscal, will hire people on campus on demand basis, an official said on Wednesday. "Everybody is becoming more and more conscious of cost. We can't hire much in advance. Everyone is working on how to optimise people that you hired and train them and deploy. Given the whole thing is becoming agile, you have to have your hiring also agile.

 "You have to hire on demand. Hiring is becoming more on-demand basis," company's Executive Vice President and Global Head, Human Resources, Ajoyendra Mukherjee told reporters here. "In terms of campus hiring, we have given offers to 20,000 students who will be joining in this fiscal," he said. Last year, net addition in the workforce in the company was 7,775 in spite of the growth the firm had, he said. TCS shares closed at Rs1,734.60, up 0.43% on the BSE. The Total Investment & Insurance Solutions

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

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

Major Indices (The Total Investment & Insurance Solutions)