NFO opens on 25Th June 2018 -The Total Investment & Insurance Solutions

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23^rd  June  2018

ICICIPru MF NFO(The Total Investment & Insurance Solutions)

Nifty, Sensex is Trendless – Weekly closing report -The Total Investment & Insurance Solutions

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22 June 2018

The major indices of the Indian stock markets were range-bound during the week and closed on Friday with negligible gains 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 major indices of the Indian stock markets were range-bound on Monday and closed with small losses over Friday’s close, tracking weakness in the benchmark global markets and resurgent concerns of a global trade war. On the NSE, there were 550 advances, 1,177 declines and 342 unchanged.

Budget passenger carrier SpiceJet on Monday announced 14 new domestic flights and enhanced frequency on some routes effective from July 1. “Effective July 1 the airline is all set to introduce new direct flights on the Pune-Patna, Chennai-Rajahmundry, Hyderabad-Calicut and Bengaluru-Tuticorin sectors," SpiceJet said here in a statement. The airline would also enhance its operations on the Delhi-Patna (second frequency), Bengaluru-Rajahmundry (second frequency) and Mumbai-Bengaluru (fifth frequency) sectors, it said. The new flights introduced on the Delhi-Patna, Mumbai-Bengaluru, and Chennai-Rajahmundry sectors would be operational daily, the airline said, whereas the frequencies introduced on the Hyderabad-Calicut, Bengaluru-Tuticorin and Bengaluru-Rajahmundry routes would be operational on all days except Tuesdays.  Patna-Pune would be operational on all days except Saturday, it added. SpiceJet further said bookings for the new flights were currently open.

Fortis Healthcare (FHL) said that National Company Law Tribunal's (NCLT) Chandigarh Bench has approved the withdrawal of its scheme of "arrangement and amalgamation between the company, Fortis Malar Hospitals, SRL and their respective shareholders and creditors". 

The New Delhi Municipal Council (NDMC) on Monday rescheduled the e-auction of the five-star Taj Man Singh hotel to July 18 for a license period of 33 years.

The major indices of the Indian stock market suffered a correction on Tuesday and closed with losses over Monday’s close, as weak global markets suppressed the key Indian equity indices. Globally, key markets were weighed down by signs of a resurgent trade war after reports said that US President Donald Trump might consider imposing tariffs on additional $200 billion worth of Chinese goods. On the NSE, there were 446 advances, 1,280 declines and 333 unchanged. 

US President Donald Trump has threatened to impose tariffs on an additional $200 billion worth of Chinese goods shipped to Washington unless Beijing agrees to a host of sweeping trade concessions, media reports said. In a statement on Monday, Trump said he had US Trade Representative Robert E. Lighthizer, to draw up a list of $200 billion in Chinese products that will be hit with tariffs of 10 per cent if China refuses his demands to narrow the yawning American trade deficit and change its industrial policies, reports The Washington Post. 

A report identifies and reviews project finance lending to 72 energy projects, comprising of coal-fired power stations and renewable energy generation facilities in India that reached financial close in 2017. These projects attracted total lending of Rs83,680 crore ($12.85 billion). Of the top 10 lenders to coal power projects, eight were majority government-owned banks that collectively gave close to Rs30,337 crore ($4.5 billion) in new and re-financed lending towards 12 coal power projects. These were Rural Electrification Corporation, the State Bank of India, India Infrastructure Finance Company, Bank of India, Bank of Baroda, Canara Bank, Punjab National Bank and Power Finance Corporation.

The major indices of the Indian stock markets rallied on Wednesday and closed with gains over Tuesday’s close. Broadly positive Asian cues lifted the key Indian equity indices on Wednesday, with the barometer Sensex of the BSE gaining over 250 points. According to analysts, banking, consumer durables and metal stocks witnessed buying activity. On the NSE, there were 864 advances, 843 declines and 345 unchanged.

Global software major Infosys said it has opened a digital centre of excellence at Marseille to provide expertise to its clients in the region, and hire and train local talent. "The centre will make digital offerings to companies in France as they navigate to the next state of their business journey," the IT (information technology) major said in a statement here.

Stocks of Indian airlines plunged on Wednesday after  data showed that the number of domestic air passengers registered a slower growth of 16.53% during May on account of rising fuel prices leading to increase in fares.  Indian carriers carried 11.9 million passengers during May, up from 10.17 million in May 2017, a Directorate General of Civil Aviation (DGCA) data showed. 

General Electric (G.E.), the last original member of the Dow Jones Industrial Average, was dropped from the blue-chip index for the first time in 110 years and replaced by the Walgreens Boots Alliance drugstore chain. Australia's biggest telecom operator Telstra is cutting 8,000 jobs in a dramatic bid to bring down costs, the company announced on Wednesday. There is a shake-up going on among large employers in the global stock markets.

The major indices of the Indian stock markets were range-bound on Thursday and closed with small losses over Wednesday’s close. After opening on a positive note, the key Indian equity indices ceded their gains to trade in the negative territory on Thursday. According to analysts, the indices were weighed down by selling pressure on auto, capital goods and banking stocks. On the NSE, there were 486 advances, 1,227 declines and 350 unchanged.

German auto component maker Bosch would invest Rs1,700 crore in India over the next three years, a top company official said. "To meet the rising demand in the Indian market and expand its strong role in our global network, we will invest Rs1,700 crore over the next three years," Bosch Group Chairman and Chief Executive Volkmar Denner told reporters here. A major part of the fresh investment will be used to expand the company's smart campus here and modernize its manufacturing facilities in the Indian sub-continent. The 66-year-old Bosch has 18 manufacturing sites and 7 development and application centres across the country, with 31,000 employees, including 18,000 research and development (R&D) associates. Besides three plants in Bengaluru, the company's other production sites are at Chakan near Pune and Nashik in Maharashtra, Jaipur and Chennai and other states in the country. Of the group's consolidated revenue of Rs19,204 crore, Rs13,790 crore was generated by third parties, while its flagship company (Bosch Ltd) contributed Rs10,842 crore in fiscal 2017-18. "We will integrate our mobility services and Artificial Intelligence (AI) in India, as we are committed to address its transition to Bharat Stage (BS)-VI from April 2020 from BS-IV currently," said Denner.

In a sudden development, the Economic Offences Wing (EOW) arrested Ravindra P Marathe, the Chairman and Managing Director of Bank of Maharashtra, in a case of Rs3,000 crore fraudulent loans extended to Pune's DSK Group, an official said.

Tech Mahindra announced a strategic investment in the US and Germany. The firm inaugurated its research and development centre -- Makers Lab -- in Munich, Germany and at Plano, Dallas, the US. According to Tech Mahindra, "Maker's Lab" is a research and development hub for co-innovation of solutions and services of the future with customers, partner companies, research institutions, universities, and start-ups. With the launch of the Makers Lab in the US and Germany, Tech Mahindra now has seven R&D centres globally.

On Friday, the major indices of the Indian stock markets rallied and closed with gains of upto 0.75% over Thursday’s close. On the NSE, there were 783 advances, 919 declines and 361 unchanged.

Low-cost carrier Air Odisha started flight operations between Bhubaneswar and Raipur from the Biju Patnaik International Airport (BPIA) here on Friday. An 18-seater airplane was flagged off by city Airport Director Suresh Chandra Hota. It is the maiden air passenger service between the two cities. On the first day, the flight started its journey with nine passengers on board. As per the schedule, the flight will depart Bhubaneswar at 6.10 a.m, and arrive at Raipur at around 7.40 a.m.  The return flight from Raipur will begin at 12.15 p.m. and reach Bhubaneswar at 1.40 p.m. The flight will be available six days a week except for Sunday, said an official. The fare has been fixed at Rs4,499 (including all taxes) per passenger. The aircraft will have two pilots and one crew member. 

The national truckers' organisation on Friday temporarily called off their strike, claiming to have received a communication from the Union Road Transport Ministry promising a meeting.

The European Union (EU) on Friday launched tariffs on some $3.2 billion worth of American goods, in retaliation for tariffs US President Donald Trump's administration imposed on imported steel and aluminium earlier this month.The Total Investment & Insurance Solutions

Weekly Indices (The Total Investment & Insurance Solutions)

PM Modi seeks double-digit GDP growth, raising India's share in world trade-The Total Investment & Insurance Solutions

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22 June 2018

Prime Minister Narendra Modi (The Total Investment & Insurance Solutions

Prime Minister Narendra Modi on Friday spoke of targeting double-digit GDP growth for breaking into the USD 5 trillion economy club and said India's share in world trade has to be doubled to 3.4 percent.

Speaking after laying the foundation stone of a new office complex of the Ministry of Commerce here, he said his government has in four years taken steps to ease the process of doing business in India while maintaining macroeconomic indicators like current account deficit (CAD) within limits.

He said GDP growth touched 7.7 percent in the last quarter of 2017-18 fiscal but now the time has come to look beyond 7-8 percent growth and target double-digit expansion.

The world, he said, is watching as to when India will break into the USD 5 trillion economy club by doubling its economy.

Also, the government is targeting doubling India's share in world trade to 3.4 percent, he said, stressing on reducing dependence on imports in sectors like oil through domestic manufacturing.

Listing out achievements of his government, he said the country has moved away from a culture of delaying work through 'atkana, latkana and bhatkana' (obstructing, delaying and misguiding).

The Goods and Services Tax (GST), which replaced over a dozen indirect taxes from July 1 last year, has led to not just ease of doing business but also rise in tax base, he said.

Modi said 54 lakh new taxpayers have sought registration under the new regime, taking the number of indirect tax payers to over one crore.

This compares to 60 lakh indirect tax payers in the pre-GST era, the Prime Minister said.

Foreign direct investment inflows as well as foreign exchange reserves are at record highs, he added.The Total Investment & Insurance Solutions

India trying to resolve trade disputes with many nations:Suresh Prabhu-The Total Investment & Insurance Solutions

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22 June 2018 

Suresh Prabhu (The Total Investment & Insurance Solutions)

 India is trying to resolve trade disputes with several countries and is willing to create a new world trade order as it extends a hand of friendship to all, Union Minister Suresh Prabhu said on Friday -- a day after the country slapped tariffs on 29 US products in a retaliatory move.

Addressing the 5th India International MSME Start-up Expo here, the commerce and industry minister hoped that small and medium enterprises would create more economic opportunities and become the driver of a new India.

Prabhu said: "We are trying to resolve the trade disputes with so many countries in the world. We want to make sure that India remains a friend of all countries of the world whether it is South East Asia, whether it is Far East including our good friend Japan, whether it is in the Middle East, whether it is Africa or Latin America, in each of these segments.

"I have personally met almost all the ministers at different levels at different time, of course, Europe and the US."

The minister's remarks came a day after India decided to raise customs duty on 29 products, including almond, walnut and pulses, imported from the US as a retaliatory action against the tariff hike by Washington.

The duty hike would come into effect from August 4, the finance ministry said in a notification.

"We are not against any country. We would like to do business with all the countries of the world and therefore I extend a hand of friendship to all of you," Prabhu said.

"Please join us with your ideas and we together can develop better world, benefit each other. We want India to benefit obviously, but not at the expense of the other country. We would like both to benefit and to do that we are willing to create a new trade order," he added.

Last week, India had submitted to the World Trade Organisation (WTO) a list of 30 items on which it proposed to raise customs duty by up to 50 per cent.

The decision to hike duties is in retaliation to the unilateral increase in tariff by the US on certain steel and aluminium products earlier this year which had tariff implication of USD 241 million on India.

Prabhu pointed out that MSMEs take wealth to different corners of the country, through equitable distribution of wealth, unlike large industries. 

He also said that they play a key role in exports, in promotion of industrialisation and innovation.

"We must promote SMEs, we must promote innovation and startups and that is why our government is committed to do this," Prabhu said.

The event is supported by the Ministry of Micro, Small and Medium Enterprises (MSME) and the Ministry of Commerce and Industry.

The Expo being organised by the MSME Development Forum is supported by the Ministry of Micro, Small and Medium Enterprises and the Ministry of Commerce and Industry.The Total Investment & Insurance Solutions

South Korean President In Russia To Boost Economic Ties-The Total Investment & Insurance Solutions

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22 June 2018

Russia Korea (The Total Investment & Insurance Solutions)

South Korean President Moon Jae-in is in Moscow on a state visit intended to boost bilateral economic ties.

Russian President Vladimir Putin greeted Moon Friday in an elaborate Kremlin ceremony before they sat down for talks.

At the start of the negotiations, Putin emphasized that South Korea is one of Russia's top partners in the region and voiced hope that their two-way trade will expand. He vowed that Moscow would try to help settle tensions around North Korea.

Deputy Russian Foreign Minister Igor Morgulov said the two presidents were set to discuss some prospective trilateral economic projects involving Russia and both Koreas.

Moscow has proposed building a railway and a natural gas pipeline linking Russia and the two Koreas, arguing that the endeavors could help promote peace and stability.The Total Investment & Insurance Solutions

Global Markets, Oil Rise As OPEC Mulls Output Increase-The Total Investment & Insurance Solutions

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22 June 2018

China financial markets (The Total Investment & Insurance Solutions)

Global stocks and oil prices were higher Friday as investors monitored OPEC's discussion on increasing crude production. Caution remained, however, over trade disputes between China and the U.S. as well as between the U.S. and Europe that could hurt corporate profits and jobs.

KEEPING SCORE: Britain's FTSE 100 was up 1 percent to 7,630 and France's CAC 40 advanced 0.9 percent to 5,361. Germany's DAX gained 0.4 percent to 12,561. Futures augured gains on Wall Street. S&P and Dow futures both advanced 0.4 percent.

OIL: Prices of oil rose as OPEC met Friday to consider increasing their output by 1 million barrels a day. There is disagreement within OPEC about the scale of the increase, suggesting supply could remain ample. Benchmark U.S. crude gained $1.02 to $66.56 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard for oil prices, rose $1.51 to $74.56 per barrel in London.

TRADE TENSIONS: The U.S. is to begin taxing $34 billion in Chinese goods in two weeks while Beijing has vowed to retaliate with its own tariffs on U.S. soybeans and other farm products. The European Union is putting tariffs on $3.4 billion in American products as of Friday in response to the U.S. move to impose tariffs on steel and aluminum from around the globe. Brexit is also worrying companies, with planemaker Airbus warning that it could reconsider it place in Britain, where it employes 14,000, if the country does not soon reach a deal to clarify its trade relations with the EU.

ASIA'S DAY: Some Asian markets gained following heavy losses on previous days but finished lower than a week ago. Hong Kong's Hang Seng index edged up 0.2 percent to 29,338.70 while Japan's Nikkei 225 lost 0.8 percent to 22,516.83. The Shanghai Composite Index rose 0.5 percent to 2,889.76 but remained more than 5 percent below the start of the week. South Korea's Kospi advanced 0.8 percent to 2,357.22 but finished the week nearly 3 percent lower. Australia's S&P-ASX 200 inched down 0.1 percent to 6,225.20. Stocks in Taiwan, Singapore and Southeast Asian countries were lower.

ANALYST'S TAKE: "Heightened global trade tensions remain a theme going into the end of the week," said Jingyi Pan, a market strategist at IG.

CURRENCIES: The dollar rose to 110.16 yen from 109.99 yen while the euro strengthened to $1.1650 from 1.1600.The Total Investment & Insurance Solutions

Nifty, Sensex Indecisive – Thursday closing report-The Total Investment & Insurance Solutions

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21 June 2018

The major indices of the Indian stock markets were range-bound on Thursday and closed with small losses over Wednesday’s close. After opening on a positive note, the key Indian equity indices ceded their gains to trade in the negative territory on Thursday. According to analysts, the indices were weighed down by selling pressure on auto, capital goods and banking stocks. On the NSE, there were 486 advances, 1,227 declines and 350 unchanged. The trends of the major indices in the course of Thursday’s trading are given in the table below:

German auto component maker Bosch would invest Rs1,700 crore in India over the next three years, a top company official said. "To meet the rising demand in the Indian market and expand its strong role in our global network, we will invest Rs1,700 crore over the next three years," Bosch Group Chairman and Chief Executive Volkmar Denner told reporters here. A major part of the fresh investment will be used to expand the company's smart campus here and modernize its manufacturing facilities in the Indian sub-continent. The 66-year-old Bosch has 18 manufacturing sites and 7 development and application centres across the country, with 31,000 employees, including 18,000 research and development (R&D) associates. Besides three plants in Bengaluru, the company's other production sites are at Chakan near Pune and Nashik in Maharashtra, Jaipur and Chennai and other states in the country. Of the group's consolidated revenue of Rs19,204 crore, Rs13,790 crore was generated by third parties, while its flagship company (Bosch Ltd) contributed Rs10,842 crore in fiscal 2017-18. "We will integrate our mobility services and Artificial Intelligence (AI) in India, as we are committed to address its transition to Bharat Stage (BS)-VI from April 2020 from BS-IV currently," said Denner. Bosch shares closed at Rs17,940.05, up 1.07% on the NSE.

In a sudden development, the Economic Offences Wing (EOW) arrested Ravindra P Marathe, the Chairman and Managing Director of Bank of Maharashtra, in a case of Rs3,000 crore fraudulent loans extended to Pune's DSK Group, an official said. Bank of Maharashtra shares closed at Rs13.45, up 0.75% on the NSE.

Aerospace major Boeing said that it has delivered the first of "737 MAX" aircraft ordered by Jet Airways. According to the company, Jet Airways will be first Indian carrier to fly the new and improved 737 airplane, "which delivers a double-digit improvement in fuel efficiency and improved passenger comfort". "This delivery marks the first of 150 737 MAX airplanes the Mumbai-based airline has on order with Boeing, following two separate orders for 75 jets placed in 2015 and earlier this year," the aerospace major said in a statement. As per Boeing's statement, the "737 MAX" is the fastest-selling airplane in Boeing's history, accumulating more than 4,500 orders from 99 customers worldwide. Jet Airways shares closed at Rs377.00, down 1.11% on the NSE.

Tech Mahindra announced a strategic investment in the US and Germany. The firm inaugurated its research and development centre -- Makers Lab -- in Munich, Germany and at Plano, Dallas, the US. According to Tech Mahindra, "Maker's Lab" is a research and development hub for co-innovation of solutions and services of the future with customers, partner companies, research institutions, universities, and start-ups. With the launch of the Makers Lab in the US and Germany, Tech Mahindra now has seven R&D centres globally. Tech Mahindra shares closed at Rs684.20, down 0.92% on the NSE.

The Interpol will soon issue a Red Corner Notice (RCN) against diamond jeweller Nirav Modi, who is one of the accused in the Rs13,500 crore Punjab National Bank fraud, officials said on Wednesday. A Central Bureau of Investigation (CBI) official said that "we have expedited the process to issue a RCN against Nirav Modi" as it has been known that he travelled to multiple countries between February 10 and March 31 on revoked Indian passport. The CBI officials said that a June 5 letter, shared by Britain, revealed that the fugitive businessman travelled from John F. Kennedy International Airport US, to Britain's Heathrow Airport on February 10; from Frank Pais Airport in Cuba to Heathrow on February 15; from Heathrow to Hong Kong International Airport on March 15; from there back to Heathrow on March 28 and from Heathrow to Charles de Gaulle Airport in France on March 31. On June 11, the CBI approached the Interpol to issue a RCN against Nirav Modi. On June 13, it again approached the Interpol to issue a RCN against Nirav Modi's brother Nishal, who is a Belgian national. 

US Commerce Secretary Wilbur Ross on Wednesday said global tariffs on steel and aluminium were necessary to prevent China from routing those metals to the United States via other regions.

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:

Top Gainer (The Total Investment & Insurance Solutions)

India hits back at US with higher import duties on farm, steel products-The Total Investment & Insurance Solutions

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21 June 2018

Farm (The Total Investment & Insurance Solutions)

India increased duties on a slew of farm products, steel and iron imported from the United States, a government notice said, joining the European Union and China in retaliatory action against President Donald Trump`s tariff hikes on steel and aluminum.

India`s move came a day after the EU`s decision to charge higher import duties on a range of US products.

In tariff rates issued late on Wednesday, India`s commerce ministry named some varieties of apples, almonds, chickpeas, lentils, walnuts and artemia that would carry higher import taxes. Most of these are purchased from the United States.

India also raised duties on some grades of iron and steel products. Last month, India launched a complaint at the World Trade Organisation against the United States over the steel and aluminum duties after it failed to win an exemption.

It also gave a list of products to the WTO that it said could incur higher tariffs.

An official from the steel ministry said at the time that the new tariffs were intended to show displeasure at the U.S. action. Some of the new Indian rates will take effect immediately while the others would go into force on Aug. 4.

Rising trade tensions between the United States and some major economies have threatened to derail global growth.

China on Thursday warned that the interests of US workers and farmers will be hurt by Washington`s intent to impose higher tariffs on some imported products.The Total Investment & Insurance Solutions

Exports from SEZs up 38% in May at Rs 29000 crores-The Total Investment & Insurance Solutions

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21 June 2018

SEZ(The Total Investment & Insurance Solutions)

Exports from special economic zones (SEZs) grew by 38 per cent in May to Rs 29,236 crores, according to data by EPCES. Export Promotion Council for EoUs and SEZs (EPCES) said the major sectors contributing to the growth include biotech, chemicals, pharmaceuticals, computers, electronics, non-conventional energy, plastic, rubber, trading and services.

Further, during April-May this fiscal, exports from these zones rose by 11 per cent to Rs 1.01 lakh crore. Vinay Sharma, officiating chairman of EPCES, said: “The healthy pace of growth in exports from SEZs once again reflects the increasing economical impact of these zones and its contribution to the country’s export earnings.” The major export destinations are the UAE, US and Saudi Arabia.

However, regions like Hong Kong, Africa, Kenya and Oman have seen negative trends, it added. These zones enjoy certain fiscal and non-fiscal incentives such as no license requirement for import; full freedom for subcontracting; and no routine examination by customs authorities of export/import cargo. They also enjoy direct and indirect tax benefits. Exports from special economic zones grew by about 15 per cent to Rs 5.52 lakh crore in 2017-18.The Total Investment & Insurance Solutions