How to meet your life goals? -The Total Investment & Insurance Solutions

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25^Th August  2018

Life Goals(The Total Investment & Insurance Solutions)

Nifty, Sensex Under Pressure – Weekly closing report-The Total Investment & Insurance Solutions

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24 Aug 2018

I had mentioned in last Friday’s closing report that Nifty, Sensex would try to push higher. The major indices of the Indian stock markets closed up over the week. 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 market rallied and ended Monday with gains over last Friday’s close. On the NSE, there were 956 advances, 782 declines and 346 unchanged. The Total Investment & Insurance Solutions

The key Indian equity indices of the S&P BSE Sensex and the NSE Nifty50 touched fresh record levels Monday, supported by firm global cues and a recovery in the domestic currency. Both the BSE Sensex and the Nifty50 of the National Stock Exchange touched new all-time highs of 38,281.70 points and 11,551.85 points, respectively, surpassing their previous benchmarks of 38,076.23 and 11,495.20 points. Buying activity was witnessed in capital goods, auto and oil and gas stocks. The Total Investment & Insurance Solutions

The major indices of the Indian stock markets were range-bound on Tuesday and closed with minor gains over Monday’s close. On the NSE, there were 892 advances, 926 declines and 76 unchanged.

The key Indian equity indices ended at fresh record closing levels on Tuesday with nominal gains amid a largely choppy trade. The trade was tepid as traders booked profits after the indices hit record levels earlier in the day, analysts said. Both the S&P BSE Sensex and the Nifty 50 on the National Stock Exchange touched new all-time intra-day highs of 38,402.96 points and 11,581.75 points respectively. However, broadly negative Asian markets along with investors' fears over rise in trade protectionist measures and high crude oil prices subdued the key indices later in the day. Conversely, a strengthened rupee against the US dollar during the intra-day aided the key indices to arrest the slide. It strengthened to an intra-day high of 69.53 to a greenback. Buying activity was witnessed in healthcare, IT (information technology) and capital goods stocks. However, selling pressure on consumer durables and metal stocks limited the gains. The Total Investment & Insurance Solutions

The scrip of Jet Airways traded lower on Tuesday after reports claimed that the government has initiated a probe against the airline. However, in a regulatory filing to the BSE, the airline said that it has not received any communication in this regard from the Ministry of Corporate Affairs (MCA). The stock exchange had sought a clarification from Jet Airways on reports which claimed that the MCA has commenced a probe against Jet Airways on suspicion of siphoning off of funds. The Total Investment & Insurance Solutions

Wednesday was a stock market holiday.

The major indices of the Indian stock markets were range-bound on Thursday and closed with gains over Tuesday’s close.  On the NSE, there were 785 advances, 967 declines and 322 unchanged.

The key Indian equity indices - S&P BSE Sensex and the NSE Nifty50 - traded on a positive note on Thursday. However, broadly negative Asian markets due to investors' fears over a rise in trade protectionist measures had subdued the key indices. According to market observers, buying in capital goods, healthcare and IT (information technology) counters arrested the slide and supported the market's upward movement. The Total Investment & Insurance Solutions

Jet Airways said that its Board will consider the unaudited financial results for the quarter ended June 30, 2018 on August 27. According to a BSE filing, the "Audit Committee and the Board of Directors" will, inter-alia, take up the matter in relation to the cost reduction initiatives and turnaround plan. The airlines management had earlier sought time and deferred the consideration of unaudited financial results for the first quarter of the current financial year 2018-19. On August 9, the company in a BSE filing said: "...Board of Directors of the Company, at its meeting held today (Thursday), deferred the matter of consideration of the unaudited financial results for the quarter ended 30 June, 2018." "It may be noted that the Audit Committee did not recommend the said financial results to the Board for its approval, pending closure of certain matters," it added. Recently, the airline said that it is regular in all its payment obligations to bank and statutory dues including PF obligations. It had pointed out that no differences of opinion existed between the company and its statutory auditors and that the airline has been working on various cost and revenue initiatives to mitigate the significant increase in fuel rates and depreciation in rupee. 

Dr Reddy's received establishment Inspection report (EIR) from the US FDA for its API Srikakulam Plant (SEZ), Andhra Pradesh, indicating closure of the audit. The audit on this facility was conducted by USFDA in June 2018. 

The Larsen & Toubro Board approved proposal to buyback six crore equity shares at a maximum price of Rs1,500 per equity share for an aggregate amount of Rs9,000 crore. The Total Investment & Insurance Solutions

Commercial vehicles major Ashok Leyland Ltd announced bagging a defence tender in the tracked vehicle space. In a statement issued here, the company -- the largest supplier of wheeled military vehicles to the Indian Army -- said it will collaborate with the Combat Vehicles Research and Development Establishment (CVRDE), Chennai for the manufacture, assembly and testing of a lightweight clutch for the design and development of weight optimized 1500 hp Automatic Transmission for Main Battle Tanks. According to Amandeep Singh, Head (Defence) in Ashok Leyland, the tender win marks yet another milestone of starting work on tracked vehicles that Indian soldiers use. "We are proud that we are the only vehicle manufacturer in India having indigenously designed, developed and manufactured power packs beyond 350 hp. The tracked combat vehicle opportunity also exists in several other countries which use Russian-made combat vehicles," Singh was quoted as saying in the statement. The statement was silent on the value of the tender.

Reliance Communications (RCOM) Bondholders have approved the "Tender and Exchange" offer of $300 million Bonds, the company said. According to the company, the offer got the approval of an overwhelming majority of over 83% of Bondholders at a meeting held in London. "Pursuant to the offer as approved, the Bondholders will receive cash proceeds of up to $118 million," the company said in a statement. "The Bondholders will also get $55 million Bonds to be issued by Global Cloud Xchange Limited (holding Company of GCX), a foreign subsidiary of RCOM." The Total Investment & Insurance Solutions

In a partial relief to Cyrus Mistry, the National Company Law Appellate Tribunal (NCLAT) on Friday stated that Tata Sons cannot force him to sell his shares. However, the two-judge bench headed by Justice S.J. Mukhopadhyaya, declined Mistry's appeal to stay the conversion of Tata Sons into a private company. The court said it will decide on conversion of Tata Sons into a private company after the final hearing on September 24. Further, NCLAT has admitted Mistry's appeal against his removal from the post of Tata Sons' Chairman in 2016. The appeal was against the order of the NCLT, Mumbai bench.The Total Investment & Insurance Solutions

Weekly Indices (The Total Investment & Insurance Solutions)

Centre approves 1.12 lakh more houses under PM's housing scheme -The Total Investment & Insurance Solutions

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24 Aug 2018

 

PM's housing scheme (The Total Investment & Insurance Solutions)

The Centre has approved construction of nearly 1.12 lakh more affordable houses for urban poor in eight states under the Pradhan Mantri Awas Yojna, with Andra Pradesh bagging the largest share of over 37,000 housing units, an official said today. The Total Investment & Insurance Solutions

According to the Housing and Urban Affairs Ministry, which is mandated to implement the scheme, the total number of houses being funded under the PMAY (Urban) is close to 55 lakh across the country so far.

The approval was given in a meeting of the central sanctioning and monitoring committee (CSMC) of PMAY(U) yesterday.

Last month, the committee also sanctioned construction of 2.67 lakh affordable houses for the poor in 10 states. The Total Investment & Insurance Solutions

"The Ministry of Housing and Urban Affairs has approved the construction of 1,12,213 more affordable houses for the benefit of urban poor under Pradhan Mantri Awas Yojana (Urban)," according to a statement issued by the ministry.

It stated that Andhra Pradesh has been sanctioned 37,719 houses while the sanction for Haryana is 19,858.

The number of houses sanctioned for Madhya Pradesh is 18,375, Maharashtra 12,238 houses, Chhattisgarh 10,632 houses and Karnataka 8,761 houses, it stated. The Total Investment & Insurance Solutions

"Approvals given for J&K stands at 4,442 houses while Arunachal Pradesh has been sanctioned 188 houses," the statement added.

The ministry said that central assistance of Rs 1,683.18 crore will be provided to execute these projects. The Total Investment & Insurance Solutions

"With these proposed houses, cumulative houses under PMAY(U) would become 54,95,443 after final approval from CSMC," it added.

In the last CSMC meeting, Madhya Pradesh was sanctioned 59,421 houses, while 55,296 housing units were authorised for Gujarat.The Total Investment & Insurance Solutions

Niti Aayog suggests slashing import duty, GST rate on gold -The Total Investment & Insurance Solutions

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24 Aug 2018

 

Gold (The Total Investment & Insurance Solutions)

Government think tank NITI Aayog has suggested the government to bring down import duty on gold from the existing level of 10 per cent and also slash the GST rate on the precious metal from the current 3 per cent.

It has also recommended the government to review and revamp the gold monetisation scheme and the sovereign gold bond scheme and introduce new gold savings account in banks besides setting up of a gold board and bullion exchanges across the country to have greater financialisation of the yellow metal.

In its latest report, the committee headed by NITI Aayog Principal Adviser Ratan P. Watal said: "A reduction in the customs duty in the past in India has been argued to support tax compliance coupled with a significant reduction in the quantum of gold smuggled into India.

"In this context, to create a tax compliant system within the sector, it is important to reduce the basic customs duty on gold to as low as possible."

The committee also suggested exemption of 3 per cent Integrated Goods and Service Tax (IGST) to be paid by exporter on line with custom duty with a provision of bank guarantee. The Total Investment & Insurance Solutions

This IGST exemption should also be extended to the supply of gold by foreign buyer, it added. The Total Investment & Insurance Solutions

Besides, the committee said there should be reduction of GST on gold from 3 percent to appropriate levels. Job workers receiving gold from other states may be considered for exemption from obtaining GST registration.

Further, it said the threshold for exemption under GST, which at present is Rs 20 lakh, should be revised on the basis of value-added, which can be determined by using average ratio of value added to value of sales for the sector concerned.

Also, the GST rate for repair service of jewellery should be reduced from 18 per cent to 3 per cent. The Total Investment & Insurance Solutions

The committee has recommended scrapping of commodity transaction tax (CTT) on gold derivatives and provision for capital gains tax exemption for gold related financial instruments. The Total Investment & Insurance Solutions

With regard to gold monetisation scheme (GMS), the committee said the finance ministry must review and revamp the scheme, with time-bound targets that may be set through a comprehensive gold policy.

It also said that banks should be encouraged to set up more branches to accept gold deposits under the GMS, allow deposits as low as one gram, and multiples thereof, and exempt the transfer of gold collected under the GMS from the purview of the GST. The Total Investment & Insurance Solutions

The committee, which was constituted to recommend measures to transform India's gold market, suggested introduction of a new financial product for banks 'Gold Savings Account', that will accept rupee and credit grams of gold, with passbook facility. The Total Investment & Insurance Solutions

It also proposed to set up a new body 'The Gold Board of India' and bullion exchanges under the Ministry of Finance. This would be positioned as a single window one stop interface – assigned the responsibility to formulate policies.

Gold as a foreign exchange asset would continue to be professionally managed by the regulator RBI, it added. The Total Investment & Insurance Solutions

The committee said the report provides a robust foundation for realising the policy intent stated in the Union Budget 2018-19 of developing a comprehensive Gold Policy to develop gold as an asset class and outlines the way forward for realising the transformational potential of India's gold market.The Total Investment & Insurance Solutions

High borrowing costs, weak rupee to impact India Inc-The Total Investment & Insurance Solutions

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24 Aug 2018

weak rupee(The Total Investment & Insurance Solutions)

Corporate India is facing increasing borrowing costs given the rise in bank lending rates, potentially dampening industrial production and revival in domestic demand going forward, says a report.

According to a Dun & Bradstreet (D&B) report, high borrowing costs and weakness in rupee is expected to impact corporates, while uncertainties in the global market has the potential to derail the global growth story.

According to Arun Singh, Lead Economist, Dun & Bradstreet India, while the borrowing costs for companies are rising given the increase in bank lending rates, a weak rupee has also added to the borrowing woes of corporates sourcing funds from the global markets. The Total Investment & Insurance Solutions

 "The rise in lending rates in general and borrowing cost in specific can dampen the industrial production and the revival in the domestic demand," Singh said.

Meanwhile, hedging costs have increased and dollar loans have become costlier.

"On top of that, we have heightened uncertainties in the global market which has the potential to derail the global growth story," Singh added.

On the prices front, D&B expects the CPI inflation to be in the range of 3.7-3.9 percent and WPI inflation to be in the range of 4.8-5 percent during August this year. The Total Investment & Insurance Solutions

D&B expects Index of Industrial Production (IIP) to have grown by 6.8-7.2 percent during July 2018. The Total Investment & Insurance Solutions

The report said the government should focus on strengthening the "macro economic stability of India" largely owing to the rising current account deficit and stress in the banking sector. The Total Investment & Insurance Solutions

"The various policy initiatives taken by the government, should help in achieving the same and until then the need for reforms will remain the topmost priority for the central government," Singh added.The Total Investment & Insurance Solutions

Global Stocks Edge Higher As Focus Turns To Jackson Hole-The Total Investment & Insurance Solutions

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24 Aug 2018

financial markets (The Total Investment & Insurance Solutions)

Global stocks generally advanced Friday as investors awaited developments from this weekend's meeting of central bankers in Jackson Hole, Wyoming.

KEEPING SCORE: In Europe, Germany's DAX was up 0.2 percent to 12,388 while the CAC 40 in France rose 0.4 percent to 5,442. The FTSE 100 index of leading British shares was 0.2 percent higher at 7,578. U.S. stocks were poised for solid gains at the open with Dow futures and the broader S&P 500 futures both 0.2 percent higher. The Total Investment & Insurance Solutions

FED TALK: Traders were looking ahead to Friday's gathering of central bankers, including Federal Reserve Chairman Jerome Powell, in Jackson Hole, an annual symposium that has often generated market-moving news. However, few market participants expect anything dramatic this year.

ANALYST TAKE: "This year's meeting is more about market structure than current monetary policy and so prepare for a non-event," said Neil Wilson, chief markets analyst at Markets.com. "Hard to see Powell using this to signal a retreat." The Total Investment & Insurance Solutions

TRADE: Investors had their eye on the latest developments in the U.S.-China trade dispute as both nations ended their first high-level talks in two months with no sign of progress in breaking their deadlock. Markets showed little reaction to the latest round of dueling tariffs between the U.S. and China. The countries imposed 25 percent tariffs on $16 billion of each other's goods Thursday, including automobiles and factory equipment. The increases were announced previously. The Total Investment & Insurance Solutions

AUSSIE SHAKEUP: Shares rose marginally after Australia's ruling party chose Treasurer Scott Morrison to become the next prime minister. Morrison is replacing Malcolm Turnbull, who resigned. Friday's ballot among Liberal Party lawmakers means Australia's sixth change of prime minister in 11 years, prolonging an era of extraordinary political instability. Morrison was regarded as the best economic manager among the candidates to replace Turnbull. Australia's S&P ASX 200 edged 0.1 percent higher to 6,247.30.

THE DAY IN ASIA: Japan's Nikkei 225 stock index jumped 0.9 percent to 22,601.77. The Kospi in South Korea rose 0.5 percent to 2,293.21 while the Shanghai Composite index reversed early losses to gain 0.2 percent to 2,729.32. Hong Kong's Hang Seng lost 0.4 percent to 27,671.87.

ENERGY: Benchmark U.S. crude gained 74 cents to $68.57 per barrel in electronic trading on the New York Mercantile Exchange while Brent crude, used to price international oils, advanced 80 cents to $75.53 per barrel.

CURRENCIES: The euro rose 0.4 percent to $1.1588 while the dollar was steady at 111.29 yen.The Total Investment & Insurance Solutions

Nifty, Sensex Could Come under Pressure – Thursday’s closing report-The Total Investment & Insurance Solutions

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23 Aug 2018

I had mentioned in Tuesday’s closing report that Nifty, Sensex were struggling to head higher. The major indices of the Indian stock markets were range-bound on Thursday and closed with gains over Tuesday’s close.  On the NSE, there were 785 advances, 967 declines and 322 unchanged. The  trends of the major indices in the course of Thursday’s trading are given in the table below:

The key Indian equity indices - S&P BSE Sensex and the NSE Nifty50 - traded on a positive note on Thursday. However, broadly negative Asian markets due to investors' fears over a rise in trade protectionist measures had subdued the key indices. According to market observers, buying in capital goods, healthcare and IT (information technology) counters arrested the slide and supported the market's upward movement.

Jet Airways said that its Board will consider the unaudited financial results for the quarter ended June 30, 2018 on August 27. According to a BSE filing, the "Audit Committee and the Board of Directors" will, inter-alia, take up the matter in relation to the cost reduction initiatives and turnaround plan. The airlines management had earlier sought time and deferred the consideration of unaudited financial results for the first quarter of the current financial year 2018-19. On August 9, the company in a BSE filing said: "...Board of Directors of the Company, at its meeting held today (Thursday), deferred the matter of consideration of the unaudited financial results for the quarter ended 30 June, 2018." "It may be noted that the Audit Committee did not recommend the said financial results to the Board for its approval, pending closure of certain matters," it added. Recently, the airline said that it is regular in all its payment obligations to bank and statutory dues including PF obligations. It had pointed out that no differences of opinion existed between the company and its statutory auditors and that the airline has been working on various cost and revenue initiatives to mitigate the significant increase in fuel rates and depreciation in rupee. Jet Airways India shares closed at Rs280.50, down 4.10% on the NSE.

Dr Reddy's received establishment Inspection report (EIR) from the US FDA for its API Srikakulam Plant (SEZ), Andhra Pradesh, indicating closure of the audit. The audit on this facility was conducted by USFDA in June 2018. Dr Reddy’s Laboratories shares closed at Rs2,467.90, up 2.36% on the NSE.

The Larsen & Toubro Board approved proposal to buyback six crore equity shares at a maximum price of Rs1,500 per equity share for an aggregate amount of Rs9,000 crore. The company’s shares closed at Rs1,349.95, up 2.07% on the NSE.

Lupin has entered into the prescription dermatology segment in Brazil with the launch of Fillerina and Recrexina. The dermatology segment in Brazil, worth US$ 1.5 billion, and growing at 10% CAGR (cumulative aggregate growth rate) is one of the fastest growing segments in the country. Lupin shares closed at Rs903.00, up 1.62% on the NSE.

Two and three-wheeler maker TVS Motor Company Ltd has expressed hope to further increase its market share in the commuter motorcycle segment with its new 110cc model 'Radeon', said a senior company official. The company launched the new model here on Thursday. According to Sudarshan Venu, Joint Managing Director, the new bike will be the fourth one for the company in that segment after Sport, Star and Victor. He said the company plans to increase its market share in the commuter segment with the launch of Radeon. The commuter bike segment commands a market share of 45%. TVS Motor has a share of 7% and with the new model, the company plans to take it up to 10%. TVS Motor Company shares closed at Rs545.05, up 0.73% on the NSE.

Reliance Power said that its subsidiary Reliance Power Netherlands BV has won an international arbitration award of $56 million (Rs 390 crore) against Prestige Capital Holdings and Kokos Jiang. According to the company, Kokos Jiang is the owner of Sugico Group in Indonesia from whom Reliance Power had acquired the entire economic interest in three coal mining concessions in Indonesia in 2010. "These mining concessions have total coal resources of around 1.5 billion tonnes with potential to produce up to 30 million tonnes of coal per annum," the company said in a statement. "The Arbitration Tribunal constituted under Singapore International Arbitration Centre (SIAC) rules in Singapore, in its award on August 21, 2018, has ordered the respondents jointly and severally to pay $56 million (Rs390 crore) to Reliance Power Netherlands BV." Reliance Power shares closed at Rs34.00, up 0.74% on the NSE.

The Tech Mahindra board approved proposal to acquire 100% shareholding in Inter-Informatics spol, Czech Republic for a cash consideration of EUR 5.4 million. Inter-Informatics is an engineering services company with clients primarily in three industries -Aerospace, Rail and Machinery. Tech Mahindra shares closed at Rs728.90, up 2.75% on the NSE.

Suven Life Sciences secured product and process patents in Canada and USA corresponding to the New Chemical Entities for the treatment of disorders associated with Neurodegenerative diseases and patents are valid through 2034. 

Apollo Tyres has said that the production loss due to the natural calamity in Kerala is about 1500 metric tonnes. However, consequential loss of profit is not significant. The calamity is adequately covered under the insurance. 

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

Major Indices (The Total Investment & Insurance Solutions)