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7Th Jully 2018
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Saturday, 7 July 2018
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Friday, 6 July 2018
Nifty, Sensex Struggling to Rally – Weekly closing report-The Total Investment & Insurance Solutions
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6
July 2018
I had
mentioned in our weekly closing report that Nifty, Sensex were fighting the
fall. The major indices of the Indian stock markets were volatile during the
week and closed on Friday with minor gains. The trends of the major indices in
the course of the week are given in the table below:
The
major indices of the Indian stock markets were range-bound on Monday and closed
with losses over Friday’s close. On the NSE, there were 614 advances, 1,134
declines and 333 unchanged. The key Indian equity indices closed in the red on
Monday following weak global cues. The indices, however, recovered major losses
in the last hour of trade.
ITC
opened its luxury hotel ITC Kohenur in IT hub Cyberabad. Built with an
investment of around Rs775 crore, ITC Kohenur will offer 271 high technology
enabled rooms, suites and service apartments, six signature restaurants,
state-of-the-art meeting and convention spaces and Kaya Kalp Spa.
Automobile
major Maruti Suzuki reported a rise of 36.3% in its overall sales including
exports for June 2018 from a low base in June 2017. According to the company,
overall sales during the month under review grew to 144,981 units from 106,394
units sold during June 2017. The overall sales include 135,662 units in the
domestic market and 9,319 units which were exported. On a quarterly basis, the
company sold a total of 490,479 units in the April-June quarter, "growing
24.3% over the same period previous fiscal".
After
opening on a negative note, the key Indian equity indices ended higher on
Tuesday, supported by healthy buying in auto, healthcare and oil and gas
stocks. On the NSE, there were 895 advances, 819 declines while no change in
353 scrips.
The
top gainers on the Sensex were Maruti Suzuki, Infosys, Sun Pharma, ONGC and
Kotak Mahindra Bank whereas Vedanta, ICICI Bank, State Bank Of India, Yes Bank
and Tata Motors (DVR) were the major losers. Pharma stocks continued to head
higher after their sharp upturn last month.
On
the NSE, Cipla, Bajaj Finserv and Maruti Suzuki were the highest gainers while
Vedanta, Bharti Infratel and ICICI Bank lost the most.
The
major indices of the Indian stock markets rallied on Wednesday and closed with
gains over Tuesday’s close. On the NSE, there were 826 advances, 903 declines
and 336 unchanged.
Healthy
rise in new businesses accelerated the growth of India's service sector in
June, a key economic data point showed on Wednesday. Accordingly, the
seasonally adjusted Nikkei India Services Business Activity Index rose at the
fastest pace since last June, despite the input cost inflation at overall high
level. The index rose from 49.6 in May to 52.6 in June. An index reading
of above 50 indicates an overall increase in economic activity and below 50 an
overall decrease. "The service economy returned to expansion territory in
June. Encouragingly, the latest performance was the strongest seen in a year,
against a backdrop of improving demand conditions, as evidenced by the fastest
gain in new business since last June," Aashna Dodhia, Economist at IHS
Markit, and author of the report, was quoted as saying in a statement.
Consequently, the seasonally adjusted Nikkei India Composite PMI Output Index
rose from 50.4 in May to 53.3 in June, supported by output growth in both the
manufacturing and service sectors. As per the report, the latest reading was
the strongest seen since October 2016 and indicative of a solid rate of
expansion. "The PMI data signalled the best improvement in the overall
health of the economy since October 2016, propelled by solid growth in both the
manufacturing and service economies, with the sharper rise in the former,"
Dodhia said.
The
major indices of the Indian stock markets were range-bound on Thursday and
closed with small losses over Wednesday’s close. On the NSE, there were
664 advances, 1,064 declines and 338 unchanged. Selling pressure was witnessed
in the consumer durables, IT (information technology) and metal stocks. Riding
high on Jio tide, Reliance Industries (RIL) Chairman and Managing Director
Mukesh D Ambani on Thursday said the company has doubled its subscriber base to
215 million in 22 months. Announcing that the company's fixed line broadband
service, JioGigaFiber, Ambani said: "We will now extend fiber connectivity
to homes, merchants, small and medium enterprises and large enterprises
simultaneously across 1,100 cities to offer the most advanced fiber-based
broadband connectivity solutions."
The
key Indian equity indices closed in the green on Friday tracking broadly
positive global markets. According to market analysts, healthy buying activity
was witnessed in auto, capital goods and oil and gas stocks. The indices,
however, ceded the day's major gains in the last hour of trade.
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| Weekly Indices (The Total
Investment & Insurance Solutions) |
India's engineering exports up 20 per cent despite US-China trade war:EEPC -The Total Investment & Insurance Solutions
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6
July 2018
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Engineering exports (The
Total Investment & Insurance Solutions)
Indian engineering exports
have grown by close to 20 per cent during the April-May 2018 period despite the
US-China trade war, the Engineering Export Promotion Council of India (EEPC)
said on Friday.
The US-China trade war intensified on Friday as the two sides started slapping additional tariffs on each other's goods, worth nearly $70 billion.
As planned, Washington began taxing 818 Chinese goods worth $34 billion to punish Beijing for allegedly playing underhand in trade practices and pressuring US companies to hand over their technologies for doing business in China.
"Indian engineering exports have managed to grow by close to 20 per cent for April-May, 2018, reflecting a 'so far so good' scenario even as the US-China tariff war has spread to some key trading markets in Europe, Canada and Mexico and shows no signs of abating early," an EEPC statement said.
"In fact, the US ranked number one exporting destination for Indian engineering products in May and registered a cumulative expansion of 19.75 per cent for the April-May period." The Total Investment & Insurance Solutions
The US-China trade war intensified on Friday as the two sides started slapping additional tariffs on each other's goods, worth nearly $70 billion.
As planned, Washington began taxing 818 Chinese goods worth $34 billion to punish Beijing for allegedly playing underhand in trade practices and pressuring US companies to hand over their technologies for doing business in China.
"Indian engineering exports have managed to grow by close to 20 per cent for April-May, 2018, reflecting a 'so far so good' scenario even as the US-China tariff war has spread to some key trading markets in Europe, Canada and Mexico and shows no signs of abating early," an EEPC statement said.
"In fact, the US ranked number one exporting destination for Indian engineering products in May and registered a cumulative expansion of 19.75 per cent for the April-May period." The Total Investment & Insurance Solutions
According to EEPC, India's cumulative engineering exports to the US increased to $1.86 billion in the said period, from $1.56 billion in the same period the previous fiscal. The Total Investment & Insurance Solutions
"Though there has been
a drop of about one per cent in exports of steel products to the US to $250.86
million, from $253.44 million, it has got more to do with the global trend of
pressure on the metal prices seen only in the last few months," the
exporters' body said. The Total Investment & Insurance Solutions
"It is so far so good, making it imperative for us to keep engaged with the major world trading powers and staying on course to remain champions of free trade as mandated in the World Trade Organisation," EEPC Chairman Ravi Sehgal said in a statement. The Total Investment & Insurance Solutions
Engineering exports to the US include non-ferrous metals, automobiles and automobile components. The Total Investment & Insurance Solutions
India’s Foreign reserve falls by $1.76 billion to $406 billion -The Total Investment & Insurance Solutions
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6
July 2018
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Forex
(The Total Investment & Insurance Solutions)
India's foreign exchange
reserves shrank by another $1.757 billion as Reserve Bank of India continued to
sell dollars from its coffer to prevent the local currency slide sharply.
The reserves was at $406.06 billion after the week to June 22, about $20 billion less than the all time high of $426,08 billion seen on April 13, RBI data showed.
"Since then, the forex reserves dipped almost every week amid dollar outflows on concerns over India's widening current account deficit on higher crude prices," a forex dealer said.
Persistent outflows of dollar amid slow inflows put the local currency under stress which lost about 8% this year turning out to be the worst performing Asian currency and putting pressure on the economy.
The reserves was at $406.06 billion after the week to June 22, about $20 billion less than the all time high of $426,08 billion seen on April 13, RBI data showed.
"Since then, the forex reserves dipped almost every week amid dollar outflows on concerns over India's widening current account deficit on higher crude prices," a forex dealer said.
Persistent outflows of dollar amid slow inflows put the local currency under stress which lost about 8% this year turning out to be the worst performing Asian currency and putting pressure on the economy.
"We also consider
higher oil prices to be a risk to growth, but risks to sovereign credit
dynamics from oil has diminished in recent years following subsidy reforms to
petroleum and diesel fuel," Moody's Investors Service said in a note.
"We do not expect oil
prices to remain elevated for an extended period, but this possibility remains
a downside risk," it said. The Total Investment & Insurance Solutions
Germany Meets Euro Debt Limit For First Time In 17 Years-The Total Investment & Insurance Solutions
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6 July 2018
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Germany government (The Total Investment & Insurance Solutions)
The German government says its 2019 budget will comply with eurozone
debt limits for the first time in 17 years. The Total Investment & Insurance Solutions
The draft budget also raises defense spending
— a contentious issue between Germany and U.S. President Donald Trump.
Finance Minister Olaf Scholz told a news
conference that debt would fall to 58.25 percent of yearly economic output.
That would put it below the 60 percent limit established by rules to ensure
fiscal responsibility and price stability in the 19 countries that use the
euro. The Total Investment &
Insurance Solutions
The debt burden has fallen as the economy has
grown and the government has run balanced budgets. And eurozone governments
have been able to save on borrowing costs in recent years thanks to stimulus
efforts by the European Central Bank that have included very low interest rates
and purchases of government bonds. The
Total Investment & Insurance Solutions
But the tight budgets have drawn criticism
that the government of Chancellor Angela Merkel has neglected investment needs
and skimped on defense spending. At 1.3 percent of gross domestic product,
defense outlays remain below NATO members' target of 2 percent by 2024. Germany
has committed to raising its defense spending toward the NATO guideline after a
period of shrinking expenditure. The
Total Investment & Insurance Solutions
The defense spending by NATO allies promises
to be a contentious issue at an upcoming NATO summit on July 11-12 after Trump
again pressed allies to raise their spending commitments. The Total Investment & Insurance
Solutions
Germany's defense budget is getting an 11
percent yearly increase, Defense Minister Ursula von der Leyen was quoted as
saying by the newspapers of the Funke media group. She said that "Germany
has strong arguments in that regard" ahead of the summit. The Total Investment & Insurance
Solutions
The eurozone debt rules have a checkered
history since the currency was introduced in 1999. They have been widely
breached but enforcement turned out to be weak. The average government debt
level in the eurozone was 86.7 percent of GDP last year, with France's at 97
percent and Italy's at 132 percent. After the 2010-2012 debt crisis, the rules
on debt were backed up with a treaty limiting deficits. The Total Investment & Insurance Solutions
The draft budget will be taken up by the
parliament in the fall.The Total
Investment & Insurance Solutions
World Markets Subdued As US, China Exchange Tariff Blows-The Total Investment & Insurance Solutions
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6 July 2018
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China financial markets (The Total Investment & Insurance
Solutions)
Global markets were mixed Friday as the U.S. and China slapped each
other with tariffs, with investors monitoring the rhetoric for signs of a
further escalation in the trade dispute.
The Total Investment & Insurance Solutions
European stock markets edged down after
modest gains in Asia. Britain's FTSE 100 fell 0.2 percent to 7,586 while
France's CAC 40 was flat at 5,364. Germany's DAX gained less than 0.1 percent
to 12,472. Futures augured small losses on Wall Street. S&P futures were
down 0.2 percent while Dow futures fell 0.3 percent.
Asian markets erased earlier losses to finish
mostly higher as the uncertainty ended over whether Washington would escalate
tensions with Beijing. Upbeat economic data and overnight gains on U.S. stock
markets helped temper concerns, though trading volume was light.
After falling as much as nearly 1 percent,
China's Shanghai Composite Index finished 0.5 percent higher at 2,747.23. The
Shanghai benchmark had languished recently, losing more than 12 percent over
the past two weeks.
Hong Kong's Hang Seng index gained 0.5 percent
to 28,315.62, while South Korea's Kospi added 0.7 percent to 2,272.87. But
markets in Taiwan, Singapore and other Southeast Asian countries were lower.
Tokyo's Nikkei 225 jumped 1.1 percent to
21,788.13 in what appeared to be a technical rebound after a four-day losing
streak. Australia's S&P-ASX 200 rose 0.9 percent to 6,272.30. The Total Investment & Insurance
Solutions
"The market actually is acting very
calmly," said Francis Lun, chief executive of GEO Securities Ltd. in Hong
Kong. "But of course, the talk of a trade war already depressed the market
for about 1,000 points in the past month already."
As of Friday, the U.S. imposed a 25 percent
tariff on $34 billion worth of Chinese imports. The Total Investment & Insurance Solutions
China said it would have to make a
"necessary counterattack" but gave no details. It has been expected
to strike back with tariffs on a similar amount of U.S. exports including
soybeans. The Total Investment &
Insurance Solutions
"The Trump administrations trade war is
finally upon us," said Stephen Innes, Asia-Pacific head of trading at
OANDA. "If this moves off the tit-for-tat battleground into a full out
trade war, it will not only threaten market stability but could compromise
relations between Washington and Beijing."
Benchmark U.S. crude was down 57 cents at
$72.37 per barrel in electronic trading on the New York Mercantile Exchange.
The contract fell $1.20 on Thursday. Brent crude, used to price international
oils, lost 71 cents to $76.68 per barrel in London. It slid 85 cents on
Thursday.
The dollar was roughly flat at 110.61 yen
while the euro rose to $1.1717 from $1.1691.The Total Investment & Insurance Solutions
Thursday, 5 July 2018
Nifty, Sensex in no man's land – Thursday closing report-The Total Investment & Insurance Solutions
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5
July 2018
I had
mentioned in Wednesday’s closing report that Nifty, Sensex continue to be on an
uptrend. The major indices of the Indian stock markets were range-bound on
Thursday and closed with small losses over Wednesday’s close. On the NSE,
there were 664 advances, 1,064 declines and 338 unchanged. The trends of the major
indices in the course of Thursday’s trading are given in the table below:
According
to analysts, selling pressure was witnessed in the consumer durables, IT
(information technology) and metal stocks. Riding high on Jio tide, Reliance
Industries (RIL) Chairman and Managing Director Mukesh D Ambani on Thursday
said the company has doubled its subscriber base to 215 million in 22 months.
Announcing that the company's fixed line broadband service, JioGigaFiber,
Ambani said: "We will now extend fiber connectivity to homes, merchants,
small and medium enterprises and large enterprises simultaneously across 1,100
cities to offer the most advanced fiber-based broadband connectivity
solutions." Starting this Independence Day, August 15 people can start registering
for JioGigaFiber through both MyJio and Jio.com. Reliance Industries purchased
12.5% equity stake in Future101 Design Private Limited (Future101) for Rs9.50
crore. The Total Investment & Insurance
Solutions
Future101
was engaged in manufacturing, distribution and sale of luxury apparels in India.
Reliance Industries shares closed at Rs964.45, down 2.57% on the NSE.
In corporate news today, Infosys has partnered with Siemens to develop Advanced IoT
Engineering Solutions on MindSphere, the open cloud-based IoT OS from Siemens.
MindSphere connects real things to the digital world and provides powerful
industry applications & digital services to help drive business success.
Infosys shares closed at Rs1,286.50, down 4.36% on the NSE.
Cadila Healthcare - CSIR-Imtech, a premier microbial institute under Ministry of Science
and Technology, Government of India, has partnered with Zydus Cadila for
development of newer drugs for drug-resistant infectious diseases. Cadila
Healthcare shares closed at Rs388.00, down 1.70% on the NSE.
Suven Life Sciences has secured product patents in India, Singapore,
South Korea and Israel corresponding to the new chemical entities for the
treatment of disorders associated with neurodegenerative diseases and these
patents are valid through 2031, 2034, 2034 and 2036 respectively. Suven Life
Sciences shares closed at Rs218.10, down 0.07% on the NSE.
Dr Reddy’s Laboratories has launched Repatha™ (evolocumab) 140 mg/ml, the
first and only PCSK9 Inhibitor* available in India, approved by the DCGI.
Repatha™ (evolocumab) was a patented product of Amgen global. In India,
Repatha™ was distributed by Dr Reddy's and manufactured by Amgen. Dr Reddy’s
Laboratories shares closed at Rs2,297.95, down 0.55% on the NSE.
Bharti Infratel has received approval of Competition Commission of
India (CCI) for the proposed merger of Bharti Infratel Limited and Indus Towers
Limited. Bharti Infratel shares closed at Rs303.00, up 1.17% on the NSE.
IIFL Holdings -
India Infoline Finance Limited, a subsidiary of the company, has raised Rs325 crore
from CDC Group Plc, the United Kingdom's government-owned development finance
institution through issue of INR Denominated Tier II Bonds. IIFL Holdings
shares closed at Rs663.00, down 1.01% on the NSE.
Apollo
Hospitals has acquired a 50% stake in Medics International Lifesciences Ltd., a
330 bedded super-speciality hospital in Lucknow for a consideration of Rs91
crores.
G M Breweries was
the first to report the Q1FY18-19 results. It reported a 10.4% year-on-year
(y-o-y) growth in total revenue at Rs404.45cr. The PAT jumped to Rs22.19
(117.5% y-o-y growth), resulting in a 6.98% y-o-y growth in EPS (Rs12.14). The Total Investment & Insurance Solutions
The
closing values of the top gainers and top losers 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
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Major Indices (The Total
Investment & Insurance Solutions)
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