Reliance Large Cap Fund..the top performer on 5 year basis..-The Total Investment & Insurance Solutions

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18^Th Aug  2018

RMF (The Total Investment & Insurance Solutions)

Nifty, Sensex Will Try to Push Higher – Weekly closing report-The Total Investment & Insurance Solutions

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17 Aug 2018

I had mentioned in last Friday’s closing report that Nifty, Sensex might give up some gains. The major indices of the Indian stock markets were range-bound during the week and closed with minor 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 major indices of the Indian stock markets suffered a correction on Monday and closed with losses over Friday’s close. On the NSE, there were 573 advances, 1,179 declines and 326 unchanged.

The indices opened on a negative note on Monday tracking a similar trend in the Asian markets. Selling pressure was witnessed in banking, auto and metal stocks, analysts said. Broadly negative global cues along with weakness in the Indian rupee and caution ahead of the release of macro-economic inflation data point subdued the key Indian equity indices on Monday. The rupee touched an all-time low of 69.80 per US dollar on Monday following weakness in global peers.

State-run Indian Oil Corporation (IndianOil) posted a consolidated net profit of Rs7,175.59 crore, up 51% year-on-year, for the quarter ended June 30, 2018. The consolidated net profit for the corresponding quarter of the previous fiscal stood at Rs4,736.15 crore, the company said in a BSE filing. 

Cadila Healthcare has entered into an agreement with Windlass Healthcare Private Limited to acquire 51% share capital of Windlass for a consideration of Rs155.55 crore. 

The major indices of the Indian stock markets were range-bound on Tuesday and closed with gains over Monday’s close. On the NSE, there were 848 advances, 877 declines and 349 unchanged.

Easing wholesale inflation lifted the key Indian equity indices on Tuesday with the benchmark S&P BSE Sensex rising over 200 points. According to market observers, buying activity was witnessed in banking, auto and IT (information technology) stocks. India's annual rate of inflation based on wholesale prices eased to 5.09% in July from a rise of 5.77% in June, official data showed here on Tuesday. However, weakness in the Indian rupee limited the gains on the indices. The rupee on Tuesday touched an all-time low of 70.08 per dollar.

Tata Chemicals reported a 14% increase in its consolidated net profit from operations to Rs270 crore in the quarter ended June 30, 2018 as compared to Rs236.52 crore in the year-ago period. Its income from operations on consolidated basis was at Rs2,769 crore, up by 10% from Rs2,527 crore in the corresponding period last year. The company reported that its income from operations for basic chemistry products at Rs63 crore was up 3%, consumer products segment at Rs108 crore, up 33%, and specialty products at Rs116 crore, up 25%. Company's Managing Director R. Mukundan said: "Our India's Basic Chemistry products business registered a robust performance on the back of improved operational efficiencies, a better sales mix and better realisations.” On the global front, performance of the North American operations reflects planned shut down and Kenyan operations were impaired by heavy rains." He also said the consumer business reported a robust growth on the back of higher volumes from Tata Salt. 

The major indices of the Indian stock markets were range-bound on Thursday and closed with losses over Tuesday’s close. On the NSE, there were 685 advances, 1,063 declines and 323 unchanged.

The key Indian equity indices closed in the red on Thursday as investor sentiments weakened following broadly negative global cues and a weak Indian rupee. The rupee touched a fresh all-time low of 70.39 against the US dollar during the day surpassing the previous low of 70.08 hit. According to analysts, selling pressure was witnessed in metal, consumer durables and banking stocks.

Financially-challenged Jet Airways said its Chairman Naresh Goyal met Civil Aviation Secretary R.N. Choubey to discuss matters concerning the sector and the airline. The company that recently deferred its first quarter results has maintained that the Indian aviation sector, which has seen robust traffic growth, is passing through a tough phase primarily due to increase in Brent rates as well as a depreciating INR. According to the company, the meet took place. The airline has been evaluating various funding options to meet its liquidity requirements on priority. On certain concerns raised by its employees, the airline said that it "has a transparent and open culture and employees as well as the management regularly engage to discuss matters of mutual concern via internal, defined, consultative processes". "Over and above that, the management team conducts quarterly town hall sessions where our cost, revenue and customer service initiatives are discussed freely," the company said in a statement. "All of the airline's employees, including its pilots and engineers, have already publicly stated their resolve of standing loyal, committed and unified with the company and any external attempt to disturb that unity via rumours and speculations is in bad taste and needs to be curbed."  

State-run IDBI Bank's standalone net loss has widened to Rs2,409.89 crore for the first quarter of 2018-19 on the back of a rise in the provision for non-performing assets (NPAs). The lender had reported a net loss of Rs853.01 crore in the corresponding quarter of the previous fiscal. As per the results, the bank's provisions (other than tax) and contingencies (net) for the June quarter stood at Rs5,236.07 crore from Rs2,035.96 crore reported for the like period of 2017-18. IDBI Bank's gross NPAs during the first quarter rose to Rs57,806.84 crore against Rs50,173.20 crore in the same quarter of 2017-18. However, the lender's "Net Interest Income" increased by 17% to Rs1,639 crore from Rs1,402 crore for the first quarter of 2018-19. The bank's "Net Interest Margin" improved by 45 basis points to 2.17% from 1.72% reported for the quarter ended June 30, 2017. 

Firm global cues lifted the key Indian equity indices on Friday with the benchmark S&P BSE Sensex rising around 300 points. According to the market observers, buying in the banking, metal and healthcare stocks lifted the key indices.

Rupee weakened marginally in the Non-Deliverable Forward or the overseas markets on Friday. According to analysts, the trend may play out in the domestic currency spot market next week. However, other important developments on the geo-political scale as well as direction of foreign fund flows will also determine the rupee's trajectory in the spot market.

GAIL (India) Limited has awarded the first contract for purchase of 108 km 24-inch diameter line pipes under the Barauni-Guwahati segment of the Jagdishpur-Haldia and Bokaro-Dhamra Natural Gas Pipeline (JHBDPL) project. The contract for purchase of line pipes of 108 km was awarded to M/s Ratnamani at a total cost of Rs125 crore. Line pipe procurement activities for the rest of the 600 km trunkline up to Guwahati is at an advanced stage of tender process, a senior official of the M/s Ratnamani said on Thursday. The company’s shares closed at Rs388.40, down 1.37% on the NSE.The Total Investment & Insurance Solution

Weekly Indices (The Total Investment & Insurance Solutions)

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Income Tax collection at record Rs 10.03 lakh crore: CBDT-The Total Investment & Insurance Solutions

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17 Aug 2018

IT (The Total Investment & Insurance Solutions)

Income Tax collection in the country stood at a record Rs 10.03 lakh crore during 2017-18, the Central Board of Direct Taxes (CBDT) today said. 

Addressing a two-day conference of Income Tax Administrators of Eastern Zone here, Shabri Bhattasali, Member of CBDT said that during 2017-18, a record number of 6.92 crore I-T returns were filed, which was 1.31 crore more than 5.61 crore returns filed in 2016-17. 

The I-T Department added 1.06 crore new return filers during 2017-18 and aims to add 1.25 crore new filers for the current year. In the North East region, this number was 1.89 lakh, she said. 

L C Joshi Ranee, Principal Chief Commissioner of Income Tax, North Eastern Region said that Rs 7,097 crore tax was collected from the region during 2017-18. 

This is 16.7 per cent higher than Rs 6,082 crore collected in the preceding year, Ranee said. 

He said the target in the region for 2018-19 has been fixed at Rs 8,357 crore, 17.75 per cent more than last years collection. 

Stating that the department is committed to meet the target tax collection, increase taxpayer base and deliver superior services, 'Aaykar Seva Kendras' have already been opened in 22 out of 29 stations in NER. 

New offices are being opened in far-flung areas to deliver taxpayer services, he added. The Total Investment & Insurance Solutions

India's oil import bill to jump by $26 billion on rupee woes-The Total Investment & Insurance Solutions

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17 Aug 2018

Crudeoil (The Total Investment & Insurance Solutions)

India's crude oil import bill is likely to jump by about USD 26 billion in 2018-19 as rupee dropping to a record low has made buying of oil from overseas costlier, government officials said on Thursday.

Besides, the rupee hitting a record low of 70.32 to a US dollar in the opening deal on Thursday will also lead to a hike in the retail selling price of petrol, diesel and cooking gas (LPG).

India, which imports over 80 percent of its oil needs, spent USD 87.7 billion (Rs 5.65 lakh crore) on importing 220.43 million tonne (MT) of crude oil in 2017-18. For 2018-19, the imports are pegged at almost 227 MT.

 "We at the beginning of the financial year estimated that crude oil import bill will be around USD 108 billion (Rs 7.02 lakh crore) at an average crude oil price of USD 65 per barrel and exchange rate of Rs 65 per dollar," an official said.

But the exchange rate has been at an average of Rs 67.6 till August 14. If the rupee is to stay around 70 per dollar for the rest of the ongoing fiscal, the oil import bill will be USD 114 billion, he said.

The rupee has been among the worst performing currencies in Asia, witnessing 8.6 percent slump this year.

Fanned by a higher oil import bill, India's trade deficit, or the gap between exports and imports, in July widened to USD 18 billion, the most in more than five years.

Trade shortfall puts pressure on the current account deficit (CAD), a key vulnerability for the economy.

Rupee depreciation will result in higher earnings for exporters as well as domestic oil producers like Oil and Natural Gas Corp (ONGC) who bill refiners in US dollar terms.

But this would result in rise in petrol and diesel prices, with full impact likely to be visible later this month.

"Though oil firms fix retail selling price of petrol and diesel on a daily basis, the inputs for that fixation are an average of previous fortnight. So on Thursday's rate is based on average benchmark of international oil prices and the exchange rate of August 1-15.

"And since the rupee in the beginning of the month was at 68.3 to 68.6 a dollar, the exact impact of on Thursday's depreciation is not visible," he said.

Prices of petrol and diesel were on Thursday hiked by 6 paise a litre each to Rs 77.20 and Rs 68.78, respectively in Delhi. Rates are highest in two months.

Fuel prices in Delhi are the cheapest in all metros and most state capitals due to lower sales tax or VAT.

If oil prices continue at these levels and rupee at 70 a dollar, retail rates should go up by 50-60 paisa a litre.

Petrol price had touched an all-time high of Rs 78.43 a litre on May 29 and had since receded. On that day, the diesel price had touched an all-time high of Rs 69.30.

State-owned oil firms had in mid-June last year dumped 15-year practice of revising rates on 1st and 16th of every month in favour of daily price revisions.The Total Investment & Insurance Solutions

Risks to inflation remain, trade war can impact exports: RBI's MPC-The Total Investment & Insurance Solutions

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17 Aug 2018

 

RBI (The Total Investment & Insurance Solutions)

The RBI hiked its key lending rate by 25 basis points for the second time in a row saying upside risks to inflation remain elevated in view of factors such as minimum support price (MSP) for farmers, oil price, monsoon, and GST, minutes of the August Monetary Policy Committee (MPC) meeting released on Thursday showed.

Noting that the Reserve Bank's six-member MPC had decided to hike the central bank's short term lending rate, or repo, to 6.50 per cent with five votes in favour and one external member against, the minutes of the review meeting cited the risks to inflation.

"Uncertainty around domestic inflation needs to be carefully monitored in the coming months. In addition, recent global developments raise some concerns. Rising trade protectionism poses a grave risk to near-term and long-term global growth prospects by adversely impacting investment, disrupting global supply chains and hampering productivity," it said.

"Geopolitical tensions and elevated oil prices continue to be the other sources of risk to global growth," it added.

The MPC noted that domestic economic activity has continued to sustain momentum and the output gap has virtually closed, while increased foreign direct investment (FDI) flows and continued buoyant domestic capital market conditions augur well for investment activity.

According to RBI Deputy Governor Viral Acharya, who voted for the rate hike, the persistence of the core consumer price index (CPI), or retail inflation, is a worrisome factor. 

"Headline inflation -- even after adjusting for the statistical effect of the Centre's increase in house rent allowances (HRA) -- has remained above 4 per cent, the MPC's mandated target headline inflation rate, for seven out of the past eight months, with a mean as well as median of slightly over 4.5 per cent," Acharya said. 

Noting that it would be prudent to prepare for elevated and volatile oil prices, he said that while retail inflation may soften in the July-September period, it could resume an upward trajectory during October-March.

According to RBI Governor Urjit Patel, while retail inflation had risen for the third consecutive month in June, domestic growth impulses continue to be reasonably strong. 

"The normal monsoon so far augurs well for the farm sector. Investment activity has remained broadly positive. The manufacturing sector has continued to be robust," he said. 

"Overall, economic activity appears to be buoyant with GDP growth for 2018-19 projected at 7.4 per cent, same as in the June policy; and 7.5 per cent for Q1:2019-20.

"As inflation risks have continued to be elevated, I vote for an increase in the policy repo rate by 25 basis points. However, in view of several uncertainties that are present, I maintain the neutral stance of monetary policy," he added. 

The RBI maintained its 'neutral' stance in the August policy review, as it has done over five previous bi-monthly policy reviews, which allows it to move either way on rates.

Official data earlier this week showed that lower food prices eased July's retail inflation to 4.17 per cent from 4.92 per cent in June even as it continued to rule over the RBI's medium-term inflation target of 4 per cent.The Total Investment & Insurance Solutions

Global Markets Lose Steam In European Trading-The Total Investment & Insurance Solutions

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17 Aug 2018

South korea financial markets (The Total Investment & Insurance Solutions)

World stock markets turned lower during European trading hours Friday as investors worried again about Turkey's financial trouble, after Asian stocks rose on news China is preparing to resume trade discussions with the U.S.

KEEPING SCORE: Britain's FTSE 100 fell 0.3 percent to 7,537 and the CAC 40 in France shed 0.3 percent to 5,332, while Germany's DAX lost 0.7 percent to 12,156. The future contracts for the Dow Jones industrial average and S&P 500 were both down 0.1 percent.

TURKEY: The country's currency fell again, trading down about 5 percent, after the U.S. threatened to impose more sanctions and Turkey said it would retaliate. The diplomatic dispute is about an American pastor jailed in Turkey, and is worsening financial concerns about Turkey, which has high debt and inflation. The country's problems are not expected to pose a major threat to European or U.S. markets but investors have become more cautious in the past week.

ASIA'S DAY: Earlier, Japan's Nikkei 225 index added 0.4 percent to close at 22,270.38, while the Shanghai Composite index shed 1.3 percent to 2,668.97. Hong Kong's Hang Seng gained 0.4 percent to 27,213.41 and India's Sensex jumped 0.8 percent to 37,957.33. In South Korea, the Kospi gained 0.3 percent to 2,247.05. Australia's S&P ASX 200 picked up 0.2 percent to 6,339.20. Shares were higher in Taiwan, Thailand and Singapore but fell in Malaysia.

CHINA TRADE: China will send a trade envoy to Washington later this month in a fresh attempt to end the trade dispute before it causes major damage to the global economy. The two sides haven't talked since early June. After the latest round of talks failed to produce much progress, both countries put taxes on $34 billion in each other's imports. Those tariffs are set to rise next week, and both countries have threatened even larger increases as early as September.

ENERGY: U.S. crude picked up 32 cents to $65.78 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the standard for international oil prices, climbed 62 cents to $72.05 per barrel.

CURRENCIES: The dollar fell to 110.46 yen from 110.89 yen. The euro rose to $1.1393 from $1.1379.The Total Investment & Insurance Solutions

Nifty, Sensex in for a Short Bounce – Thursday closing report-The Total Investment & Insurance Solutions

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16 Aug 2018

I had mentioned in Tuesday’s closing report that Nifty, Sensex might head higher. The major indices of the Indian stock markets were range-bound on Thursday and closed with losses over Tuesday’s close. On the NSE, there were 685 advances, 1,063 declines and 323 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 key Indian equity indices closed in the red on Thursday as investor sentiments weakened following broadly negative global cues and a weak Indian rupee. The rupee touched a fresh all-time low of 70.39 against the US dollar during the day surpassing the previous low of 70.08 hit. According to analysts, selling pressure was witnessed in metal, consumer durables and banking stocks.

Financially-challenged Jet Airways said its Chairman Naresh Goyal met Civil Aviation Secretary R.N. Choubey to discuss matters concerning the sector and the airline. The company that recently deferred its first quarter results has maintained that the Indian aviation sector, which has seen robust traffic growth, is passing through a tough phase primarily due to increase in Brent rates as well as a depreciating INR. According to the company, the meet took place. The airline has been evaluating various funding options to meet its liquidity requirements on priority. On certain concerns raised by its employees, the airline said that it "has a transparent and open culture and employees as well as the management regularly engage to discuss matters of mutual concern via internal, defined, consultative processes". "Over and above that, the management team conducts quarterly town hall sessions where our cost, revenue and customer service initiatives are discussed freely," the company said in a statement. "All of the airline's employees, including its pilots and engineers, have already publicly stated their resolve of standing loyal, committed and unified with the company and any external attempt to disturb that unity via rumours and speculations is in bad taste and needs to be curbed."  Jet Airways shares closed at Rs300.45, up 6.05% on the NSE. The Total Investment & Insurance Solutions

State-run IDBI Bank's standalone net loss has widened to Rs2,409.89 crore for the first quarter of 2018-19 on the back of a rise in the provision for non-performing assets (NPAs). The lender had reported a net loss of Rs853.01 crore in the corresponding quarter of the previous fiscal. As per the results, the bank's provisions (other than tax) and contingencies (net) for the June quarter stood at Rs5,236.07 crore from Rs2,035.96 crore reported for the like period of 2017-18. IDBI Bank's gross NPAs during the first quarter rose to Rs57,806.84 crore against Rs50,173.20 crore in the same quarter of 2017-18. However, the lender's "Net Interest Income" increased by 17% to Rs1,639 crore from Rs1,402 crore for the first quarter of 2018-19. The bank's "Net Interest Margin" improved by 45 basis points to 2.17% from 1.72% reported for the quarter ended June 30, 2017. IDBI Bank shares closed at Rs61.65, up 2.15% on the NSE.

Hospital operator Fortis Healthcare Ltd reported a consolidated net loss of Rs70.74 crore for the quarter ended June 30. The company, being acquired by Malaysian firm IHH Healthcare Berhard, had posted a net profit of Rs5.5 crore in the year-ago quarter, it said in a BSE filing. Income from operations fell 9.9% year-on-year to Rs1,042 crore for the April-June quarter from Rs1,156.6 crore in the corresponding quarter last fiscal. "The last quarter performance has been impacted severely due to the continuing challenges that the company had been facing over the last 18 months that have led to liquidity issues," Fortis CEO Bhavdeep Singh said. "Our shareholders have supported and approved the recommended IHH offer, the proceeds of which will allow us to normalize our working capital and strengthen the overall balance sheet," he added. Fortis Healthcare shares closed at Rs147.80, up 1.20% on the NSE.

Budget passenger carrier SpiceJet reported a standalone net loss of Rs38.06 crore for the quarter ended June 30, 2018. The airline had reported a net profit of Rs1,75.23 crore during the corresponding month of the previous fiscal. "The company has taken a provision of INR 63.5 crore as an exceptional item on account of an arbitration award that cited interest payable of INR 92.5 crore and interest receivable of INR 29 crore for SpiceJet," the statement said. "With this one time provision, SpiceJet has now fully provided for the maximum amount that may be payable under the arbitration award." In addition, SpiceJet accounted Rs51 crore as forex losses due to the depreciation of the Indian rupee. According to the low-cost carrier, total income from operations rose by 19.59% to Rs2,235.82 crore for the quarter ended June 2018 compared to Rs1,869.53 crore earned during the same period of previous fiscal. "The company additionally paid an amount of INR 203 crores on account of increase in cost of Aviation Turbine Fuel and an amount of INR 44 crores on account of forex losses as compared to Q1 2017," the statement added. "A superior revenue performance ensured that an amount of INR 99 crores of these losses was offset by an increase in revenue." SpiceJet shares closed at Rs86.75, down 2.20% on the BSE.

Ion Exchange has secured and signed a contract for Engineering, Procurement, Supply and Construction of Water Treatment plant worth Rs438.84 crore from Cairn Oil & Gas, a division of Vedanta Limited. Ion Exchange shares closed at Rs390.00, up 0.46% on the BSE.

NBCC has bagged an order from Steel Authority of India worth Rs250 crore for the construction of lspat Post-Graduate Medical Institute and Super-Speciality Hospital at Rourkela Steel Plant, Rourkela. NBCC will work as Project Management Consultant. NBCC India shares closed at Rs75.65, up 4.56% on the NSE. The Total Investment & Insurance Solutions

Ramco Systems bagged an order from Australia's leading Auto repair service company, to streamline HR & Payroll operations for its workforce across 40+ locations, nationwide. This is a mobile and Bot-friendly solution to eliminate manual processes and introduce Employee Self-Service. Ramco Systems shares closed at Rs379.90, down 0.43% on the NSE.

Sun Pharma has received US FDA approval for CEQUA™ (cyclosporine ophthalmic solution) 0.09%. CEQUA is indicated to increase tear production in patients with keratoconjunctivitis sicca (dry eye). Sun Pharma shares closed at Rs621.00, up 3.19% on the NSE.

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:

Major Indices (The Total Investment & Insurance Solutions)