Check,how dividend fund works-The Total Investment & Insurance Solutions

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13^Th October 2018

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Nifty, Sensex Down Again on Global Bear Attack – Thursday closing report-The Total Investment & Insurance Solutions

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11 October 2018

I had mentioned in Wednesday’s closing report that Nifty, Sensex might head higher. However, thanks to a huge decline in US markets yesterday and Asian markets today, the major indices of the Indian stock markets suffered a severe correction on Thursday and closed with big losses over Wednesday’s close. On the NSE, there were 539 advances, 1,198 declines and 318 unchanged. The trends of the major indices in the course of Thursday’s trading are given in the table below:

International Monetary Fund head Christine Lagarde's comments that stock market valuations had been "extremely high", spurred a meltdown in the US markets overnight, spilling over to Asia on Thursday. In a volatile trading session on Thursday, the barometer index, Sensex, had crashed over 1,000 points at one point. Expectations that the US Federal Reserve would continue to tighten rates also hurt demand for the Indian currency and equities. Selling was witnessed in banking, IT (information technology), metals, auto and capital goods stocks. All 19 sector-based indices on the BSE, except the energy index, traded in the red.

The rupee plunged to a fresh low on Thursday, as Indian equities joined a global sell-off amid mounting concerns growth would slow in the face of a trade war between the United States and China. Concerns that the US Federal Reserve would continue to tighten interest rates amid strengthening economy and labour market also sparked fears about capital outflows, hurting the rupee.

Reliance Nippon Life Asset Management on Thursday announced it has received a mandate from the Employees' State Insurance Corporation (ESIC) to manage its funds. The fund manager received the mandate from ESIC after a competitive technical and financial bidding process. RNAM is currently managing, among others, funds of state-tun Employees' Provident Fund Organization and The Coal Mines Provident Fund Organization. As of June, the company had total assets worth Rs4.10 lakh crore under its management. The company’s shares closed at Rs153.00, down 0.91% on the NSE.

Automobile manufacturer Tata Motors launched the next generation of compact sedan -- Tata Tigor -- in both petrol and diesel variants. According to Tata Motors, the petrol variant is priced between Rs5.20 lakh and Rs6.65 lakh, while the diesel-powered version's cost ranges between Rs6.09 lakh and Rs7.38 lakh. "The compact sedan segment has been an important space for the customers seeking premium-ness at best value coupled with bold and attractive looks," Guenter Butschek, CEO and MD, Tata Motors said in a statement. Tata Motors shares closed at Rs182.50, down 3.31% on the NSE.

Automobile major Mahindra & Mahindra (M&M) launched the leasing service for retail buyers of its personal range of vehicles. According to the company, the lease rental service starts at Rs13,499 per month for KUV100NXT and Rs32,999 per month for XUV500. The lease offer will cater to individual leasing for working professionals and SMEs and will be available across 6 cities namely- Pune, Ahmedabad, Bangalore, Hyderabad, Mumbai and New Delhi in the first phase of launch. "In its next phase, the lease offering will be extended to 19 more cities across India. The lease offer will be available on Mahindra's personal portfolio of vehicles such as the KUV100, TUV300, Scorpio, Marazzo and XUV500," the statement said. Mahindra & Mahindra shares closed at Rs730.00, down 4.46% on the NSE.

Kakinada SEZ, a subsidiary of GMR Infra, signed an MoU with the Andhra Pradesh Gas Development Corporation to get access to piped domestic natural gas for its upcoming 10,500-acre zone. The company’s shares closed at Rs15.90, down 3.05% on the NSE.

Aurobindo Pharma has received final approval from the US FDA (Food & Drug Administration) to manufacture and market Azithromycin Oral Suspension 100, a generic version of Pfizer’s Zithromax® oral suspension. The drug is used to treat mild to moderate infections. The company’s shares closed at Rs751.00, down 3.67% 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:The Total Investment & Insurance Solutions

Number of direct taxpayers may double to 7.6 crore during 5 years of present government: Arun Jaitley -The Total Investment & Insurance Solutions

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11 October 2018

Finance Minister Arun Jaitleysaid Thursday the number of direct taxpayersis expected to double to 7.6 crore during the five-year term of the present government on account of various initiatives like rationalisation of tax structure, lowering of rates and anti-black money measures. "If we look at the functioning of the direct taxdepartment, various factors like strict compliance, rationalisation of tax structure, lowering the lowest slab, and the result of that has been...we are finding 15-20 per cent gradual increase in the tax collections every year," he said.

He said this while delivering the valedictory address at the 29th Conference of Accountants General here, organised by the Comptroller and Auditor General (CAG).

The number of direct taxpayers was 3.8 crore when the Modi-led government took office in May 2014.

"Four years ago, when we assumed office the total number of people who filed tax returns in India was 3.80 crore. It's already 6.86 crore last year, which is the fourth year. At the end of fifth year, I do hope it will be something close to 7.6 crore or 7.5 crore, which means that in five years we would have doubled the number of people filing tax returns in India," he added.

 He attributed the increase in number of direct taxpayers to initiatives of the government like anti-black money measures, formalisation of economy, use of technology, ability to detect transactions. The Total Investment & Insurance Solutions

Draft electronics policy aims $400 billion manufacturing ecosystem turnover by 2025 -The Total Investment & Insurance Solutions

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11 October 2018

The government has released the draft of the National Electronics Policy 2018, aiming for a turnover of $400 billion in domestic electronics manufacturing by 2025, along with promoting ease-of-doing business for the entire electronic system design and manufacturing or ESDM sector, and encouraging industry-led research and development and innovation in all sub-sectors of electronics.

The policy targets production of one billion mobile handsets by 2025, valued at $190 billion (about .? 13 lakh crore) including export of 600 million mobile handsets valued at $110 billion (about .?7 lakh crore).

The policy aims to also push the startup ecosystem in emerging technology areas such as 5G, Internet of Things, artificial intelligence and machine learning, and their applications in areas such as defence, agriculture, health, smart cities and automation. Being exportled, it is also targeting to develop core competencies in all the sub-sectors of electronics, including electronic components and semiconductors, telecommunication equipment, medical electronics, defence electronics, automotive electronics, industrial electronics, strategic electronics, etc., and fabless chip design.

 According to the draft policy, seen by ET, the ministry of electronics and information technology (MeitY) will “coordinate with the concerned ministries/departments to provide incentives to industry for rapid and robust expansion of electronics hardware manufacturing within the country”. MeitY will work out the details and facilitate decisions by the government, it said.

Some of the measures proposed in the draft include promotion of manufacturing of electronic goods covered under the Information Technology Agreement (ITA-1) of the World Trade Organization and provision of suitable direct tax benefits, including investment-linked deduction under Section 35AD of the Income Tax Act for electronics manufacturing sector, for setting up of a new manufacturing unit or expansion of an existing unit.

It also proposed “replacing the M-SIPS (Modified Special Incentive Package Scheme) with schemes that are easier to implement such as interest subsidy and credit default guarantee, etc., in order to encourage new units and expansion of existing units in electronics manufacturing sector”.

The first National Policy on Electronics, rolled out in 2012, offered incentives to companies setting up manufacturing units in the country.The Total Investment & Insurance Solutions

'Government will not ask OMCs to further subsidise petrol, diesel prices' -The Total Investment & Insurance Solutions

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11 October 2018

Allaying concerns about the return of fuel subsidy regime, a top Finance Ministry official Thursday said the government asking oil PSUs to subsidise petrol and diesel prices by Re 1 per litre was a "one-time thing" and it does not intend to ask them to do it again. While oil marketing companies will continue to enjoy marketing freedom, upstream oil producers like ONGC NSE 2.93 % would not be asked to share fuel subsidy burden, he said. Just last week, the government had cut excise duty on petrol and diesel by Rs 1.50 per litre and asked state-owned oil marketing companies (OMCs) to subsidise the two fuels by another Re 1 a litre. But most of the Rs 2.50 per litre reduction in rates effected from October 5 has been lost in increases in selling prices on subsequent days, giving rise to the suspicion that the government may again ask OMCs to subsidise fuel. "The Re 1 absorption by OMCs in their pricing was a one-time thing," the official said. The government, he said, has no intention of asking them to do that again

Following the comments, shares of OMCs surged by as much as 19 per cent intra-day, defying the broader market trends. Shares of HPCL surged 19 per cent to hit a high of Rs 215.40, BPCL jumped 7 per cent to Rs 284.80 and IOC gained nearly 8 per cent to Rs 134 in intra-day trade. The benchmark BSE Sensex fell 759.74 points to close at 34,001. The cut in excise duty and OMCs absorbing some prices had led to a drop in the price of petrol from a record high of Rs 84 per litre to Rs 81.50 in Delhi and that of diesel from an all-time high of Rs 75.45 to Rs 72.95 a litre on October 5. But rate hikes on subsequent days have pushed prices up. Petrol has risen by 86 paise per litre since then and diesel by Rs 1.67, negating the entire excise duty reduction in less than a week. Petrol price in Delhi Thursday stood at Rs 82.36 per cent while diesel was priced at Rs 74.62. The official said the government is also not looking at bringing back the subsidy sharing mechanism where upstream firms like ONGC subsidised cooking fuels LPG and kerosene by giving discounts on crude oil they sold to refiners. Oil and Natural Gas Corp (ONGC) shares surged to Rs 159.60 during intra-day trade on the BSE before ending at Rs 152.90, up 2.86 per cent. Oil producers ONGC and Oil India NSE -0.50 % Ltd had till June 2015 made good as much as 40 per cent of the under-recoveries or subsidy arising out of selling fuel at below market price. It was speculated that the same subsidy sharing in some form may be brought back. According to Moody's Investors Service, share prices of state-owned oil companies have declined around 20 per cent on average since the government on October 4 announced a reduction in the country's fuel prices.

The aggregate market capitalisation of the six largest listed government owned/linked oil companies had fallen by Rs 1.2 lakh crore since then, it said. "The share price decline is credit negative for the oil companies because of the high level of crossshareholdings in one another. The market values of their respective investments have declined, reducing their financial flexibility," it said in a report Thursday. Shares of HPCL closed up 14.70 per cent at Rs 207.15. BPCL was up 5.11 per cent at Rs 278.65 and IOC ended 5.39 per cent higher at Rs 131 on the BSE.The Total Investment & Insurance Solutions

US Stocks Keep Falling After Worst Loss In 8 Months-The Total Investment & Insurance Solutions

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11 October 2018

U.S. stocks are sinking again a day after their biggest drop since February. Some early relief over a tame report on inflation gave way to renewed selling.

Banks and health care companies are taking some of the worst losses. Bond yields, which have spiked over the last week, slid after the Labor Department said consumer prices grew only slightly in September. That's a sign inflation remains under control and it suggests the Federal Reserve won't have to raise interest rates at a faster pace. Investors also appear to be more willing to buy bonds because yields are higher than they have been in years.

The market's recent decline was set off by a sharp drop in bond prices and a corresponding increase in yields last week and early this week. And there are lingering concerns about the unresolved trade dispute between the U.S. and China. Strong earnings reports in the upcoming weeks could soothe investor nerves, but any negative comments from company executives about future profits could have the opposite effect.

The benchmark S&P 500 index skidded 31 points, or 1.1 percent, to 2,753 at 11:20 a.m. Thursday after it fell 3.3 percent Wednesday, and the Dow Jones Industrial Average lost another 280 points, or 1.1 percent, to 25,317 after an 831 point plunge.

The Nasdaq composite fell 54 points, or 0.7 percent, to 7,367 after a 4.1 percent dive that was its biggest one-day loss in two years. The Russell 2000 index of smaller-company stocks shed 11 points, or 0.7 percent, to 1,563.

Stocks in Asia and Europe suffered even steeper losses.

France's CAC 40 dropped 1.8 percent and the DAX in Germany lost 1.5 percent. Britain's FTSE 100 sank 1.9 percent. In Asia, Tokyo's Nikkei 225 gave up 3.9 percent and Hong Kong's Hang Seng index shed 3.5 percent. The Kospi in South Korea fell 4.4 percent.

"Equity investors are surprised by the pace at which rates have risen," Marcella Chow, global market strategist at J.P. Morgan Asset Management, said in a report.

The S&P 500 is on track for its sixth loss in a row and it's down 5.9 percent over that span. The index hasn't had a losing streak this long since a nine-day losing streak shortly before the 2016 presidential election. The benchmark index has climbed 29 percent since Donald Trump was elected.

Bond prices rose as the recent surge in yields attracted the attention of some investors. The yield on the 10-year Treasury note fell to 3.16 percent from 3.22 percent late Wednesday. That's still sharply higher than it was a week ago, and earlier this week the yield on the 10-year note reached its highest level since mid-2011.

The drop in yields hurt banks, and JPMorgan Chase fell 1.9 percent to $109.35 while Bank of America sank 1.7 percent to $28.76. JPMorgan Chase and several other banks will report their third-quarter results Friday morning. Insurers and other financial stocks also slid.

In health care, CVS sank 4.9 percent to $75.06 and Aetna sagged 0.9 percent to $201.65 after the New York Post said regulators in the state have concerns about CVS' purchase of the health insurer. The Justice Department approved the $69 billion deal on Wednesday.

Among technology companies, Apple gave up 0.5 percent to $215.31 but Microsoft gained 0.4 percent to $106.59. Alphabet, Google's parent company, declined 0.6 percent to $1,085.50 and Amazon fell another 3.4 percent to $1,695.05.

Alphabet and Amazon are now in what's known as a "correction," a drop of more than 10 percent from a recent peak. They are the second- and fourth-most valuable U.S. companies. Facebook, which ranks sixth, has tumbled 30 percent since late July, and Netflix has fallen more than 20 percent, meeting the threshold for a "bear market." The Nasdaq composite has fallen more than 9 percent since it set a record high in late August.

U.S. crude dropped 2.1 percent to $71.61 a barrel in New York. Brent crude, the international standard, dropped 2.2 percent to $81.24 a barrel in London. The price of gold jumped 2.2 percent to $1,219.50 an ounce.

U.S. corporate profits have been boosted this year by the lower tax rates put in effect by President Trump and the GOP. Now investors will be watching anxiously this earnings season to see if higher interest rates and the trade dispute with China are dimming the impact of the tax cuts.

On Wednesday, President Trump said the Federal Reserve "is making a mistake" with its campaign of rate increases and said the central bank "has gone crazy" by gradually raising interest rates over the last three years.

Sentiment also has been dimmed by the spreading U.S.-Chinese tariff fight over Beijing's technology policy. The International Monetary Fund cut its outlook for global growth this week, citing interest rates and trade tensions.

The U.S. Treasury Department is due to release a currency report that some analysts suggest might change the official stance on China's exchange rate policy, and the Justice Department announced Wednesday it arrested an official of China's Ministry of State Security on charges of trying to steal trade secrets from U.S. aerospace companies.

The tensions hurt Chinese technology stocks. Tencent, China's most valuable tech company, dropped 6.8 percent. Shares of Chinese smartphone maker Xiaomi Corp. fell by 8 percent.

The dollar fell to 112.17 yen from 112.59 yen, and the euro rose to $1.1571 from $1.1525.The Total Investment & Insurance Solutions

Nifty, Sensex May Head Higher – Wednesday closing report-The Total Investment & Insurance Solutions

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10 October 2018

I had mentioned in Tuesday’s closing report that Nifty, Sensex were deeply oversold. The major indices of the Indian stock markets rallied on Wednesday and closed with gains over Tuesday’s close. On the NSE, there were 1,470 advances, 298 declines and 291 unchanged. The major trends of the indices in the course of Wednesday’s trading are given in the table below:

The S&P BSE Sensex vaulted over 400 points, while the NSE's Nifty surged 135 points after last week's hammering. The gains were led by banking, auto and finance stocks. 

Maruti Suzuki flagged-off proto-type Electric Vehicles (EVs) for field testing. According to the company, the EVs have been developed by Suzuki Motor Corporation, Japan and built at Maruti Suzuki's Gurugram facility. "This extensive real-life usage of the vehicles in multiple terrains and climatic conditions will help the company get valuable insights that will help in validation and successful launch of Electric Vehicle technology in India," the company said in a statement. "Testing of these vehicles will also help Maruti Suzuki to gather critical inputs based on customer perspectives and will help to create a reliable and suitable Electric Vehicle to delight Indian customers." Maruti Suzuki India shares closed at Rs6,997.00, up 4.44% on the NSE.

Honda Cars India (HCIL) launched the fifth generation of sports utility vehicle -- CR-V -- with a diesel engine option. According to HCIL, the petrol variant is priced at Rs28.15 lakh, while the diesel-powered version's cost ranges between Rs30.65 lakh and Rs32.75 lakh. "We strongly believe that the new CR-V has the potential to be a game changer in Premium SUV segment and we foresee a shift in consumer preference towards more luxurious and comfortable SUVs," Gaku Nakanishi, President and CEO, Honda Cars was quoted as saying in a statement. Honda had introduced the CR-V brand in India in 2003. Honda Siel Power Products, a related Honda company, had its share price close at Rs1,139.50, up 7.73% on BSE.

The State Bank of India (SBI)'s decision to buy Rs45,000 crore worth asset portfolios from non-banking financial companies (NBFC) will provide them the much-needed liquidity, a top Finance Ministry official said. "SBI stepped up substantially a facility for purchasing portfolio of assets from NBFCs to provide liquidity to NBFCs. SBI would buy such portfolios up to a total amount of Rs45,000 crore. This measure should alleviate liquidity concerns to a great extent," Economic Affairs Secretary Subhash Chandra Garg tweeted. The country's largest lender, which had initially planned for a growth of Rs15,000 crore through portfolio purchase during the current year, on Tuesday announced that it may buy additional portfolio in the range of Rs20,000 crore to Rs30,000 crore. India's NBFC sector has been hit by trust deficit after the Infrastructure Leasing and Financial Services (IL&FS) Ltd, a major infrastructure financing and construction firm, defaulted on its debt obligations leading to constrained liquidity for non-bank lenders. The bank's decision to expand its loan portfolio comes a day after housing finance regulator National Housing Bank (NHB) raised its refinance limit to Rs30,000 crore from Rs24,000 crore to make more funds available to housing finance companies. State Bank of India shares closed at Rs278.10, up 5.88% on the BSE.

The state-run Steel Authority of India (SAIL) said the fire at its Bhilai plant, which killed nine workers, has been brought under control. According to the company, the incident occurred at 10.30 a.m when a fire erupted from a gas pipeline of "Coke Oven Battery Complex No. 11". "In an unfortunate incident at around 10.30 a.m today (Tuesday) in SAIL Bhilai Steel Plant, there was a fire in gas pipeline of Coke Oven Battery Complex No. 11 during a scheduled maintenance job. Some persons working at the site sustained burn injuries," the company said in a statement. "Injured persons were immediately rushed to the BSP Hospital for medical care and aid. Meanwhile, the fire has been controlled. So far, nine persons have lost their lives and 14 are undergoing medical treatment. All resources have been mobilised to provide adequate care to the injured." The Bhilai plant, located 30 km west of the state capital Raipur in Durg district, is India's sole producer and supplier of rails for the Indian Railways. Steel Authority of India shares closed at Rs66.85, up 5.36% on the BSE.

Dr Reddy’s Laboratories has launched Colesevelam HCI Tablets, USP, a generic version of WELCHOL Tablets of Daiichi Sankyo, in the US market approved by the US Food and Drug Administration. Colesevelam HCl Tablets is available in 625 mg with 180 count bottle size. Dr Reddy’s Laboratories shares closed at Rs2,484.25, up 1.54% on the BSE.

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

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

Major Indices (The Total Investment & Insurance Solutions)

India's debt lower than best emerging market economies: IMF -The Total Investment & Insurance Solutions

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10 October 2018

 

emerging market (The Total Investment & Insurance Solutions)

India's debt is lower than the best or emerging market economies in the world, a top IMF official has said as he cautioned that the global debt has reached a new record high of USD 182 trillion in 2017. Vitor Gasper, International Monetary Fund(IMF) Director of Fiscal Affairs Department, said India's debt was substantially less than the global debt as percentage of world Gross Domestic Product (GDP). In India, private debt in 2017 was 54.5 per cent of the GDP and the general government debt was 70.4 per cent of the GDP, a total debt of about 125 of the GDP, according to the latest IMF figures. In comparison, debt of China was 247 per cent of the GDP. "So, it (India's debt) is substantially less than the global debt as percentage of world GDP," Gasper said. India's debt is below the average of advanced economies and below the average of emerging market economies, he said. "There is a positive relation between the debt to GDP ratio and the level of GDP per capita. If you compare around the world with the best eco

The IMF is very much stressing that global debt at USD 182 trillion in 2017 is at a new record high, he said. Debt in advanced economies, since the global financial crisis, has increased quite substantially while the private sector has been very gradually leveraging, he added. "If you look at emerging market economies, that includes India, you see that private debt in the last 10 years has increased quite substantially, although in the last two years, since the end of 2015, 2016 and 2017, there is a slowdown in the process of leveraging, but debt is very high and public debt is a very high as well," Gasper said. In the last few years in India private debt has declined from almost 60 per cent to 54.5. "So, it's very stable. So, what you do see is that emerging market economies, which is where India is, there's a very fast buildup in private debt with a slowdown in the last two years, But India is basically steady. So, India is not an emerging market economy where leveraging is progressing fast," Gasper said.

According to Gasper, in emerging market economies private debt has risen much faster than public 10/10/2018 India's debt lower than best emerging market economies: IMF

 "Take China, for example. Total debt is 247 per cent of the GDP. But the dividing line between what is public and private debt in China is blurry. This blurriness reflects the very large number of public units and corporations, the complex layers of government, and widespread subnational off-budget borrowing," he said. "As a result, estimates of 2017 public debt vary considerably: the official government debt figure is 37 per cent of GDP, while the data reported in the latest World Economic Outlookshow it at 47 per cent of GDP, and the 'augmented' debt measure, which includes more off budget borrowing by local governments, stands at 68 per cent of GDP," he said. As China works to compile a full general government balance sheet, this picture will come into clearer focus, he added. Gasper said China had substantial government assets, reflecting years of high infrastructure investment. These assets are larger than its liabilities, putting net worth — the difference between assets and liabilities — well above 100 per cent of the GDP, the highest among emerging economies, he said. "This is a significant buffer when compared to total debts of public corporations, particularly considering that public corporations also have assets. So, while debt-related risks in China are large, there are also buffers. Moreover, the government is taking steps to contain risks by reining in offbudget borrowing and strengthening oversight, resulting in a slowdown in the buildup of debt," he said.The Total Investment & Insurance Solutions

India, China must work together to offset impact of US' approach on trade: Chinese Embassy -The Total Investment & Insurance Solutions

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10 October 2018

 

India and China (The Total Investment & Insurance Solutions)

India and China need to deepen cooperation to fight trade protectionism in the wake of the unilateral approach being adopted by the US on trade-related disputes, the Chinese Embassy said Wednesday. It said practising unilateral trade protectionism in the name of "national security" and "fair trade" will not only affect China's economic development, but also undermine the external environment of India and hinder India's booming economy. "As the two largest developing countries and major emerging markets, China and India are both in the vital stage of deepening reform and developing economy, and both need stable external environment," said Counselor Ji Rong, spokesperson of the Chinese Embassy in India. He was replying to media queries relating to trade friction between China and the US. Last month, US President Donald Trump imposed USD 200 billion tariff on Chinese imports. China retaliated by imposing tariffs on about USD 60 billion of US imports. Washington threa

"Under the current circumstances, China and India need to deepen their cooperation to fight trade protectionism," Ji said. He said China and India share common interests in defending the multilateral trading system and free trade and referred to comments by President Xi Jinping and Prime Minister Narendra Modi to safeguard the multilateral trading system and free trade at the World Economic Forum in Davos. "Facing unilateralism and bullying activities, China and India have more reasons to join efforts to build a more just and reasonable international order," Ji said. The Chinese Embassy spokesperson also said the US should reflect on its own practice of interfering in the internal affairs of developing countries such as China and India under the pretext of human rights and religious matters.The Total Investment & Insurance Solutions