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1^St December  2018

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Nifty, Sensex Going Strong on Positive News All Round – Weekly closing report-The Total Investment & Insurance Solutions

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30 November 2018

I had mentioned in last week’s closing report that Nifty, Sensex might head lower. The major indices of the Indian stock markets rallied strongly during the week and closed on Friday with weekly gains of over 3% 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 rallied on Monday and closed with gains over Friday’s close. On the NSE, there were 681 advances, 1,033 declines and 359 unchanged.

India's benchmark stock indices advanced about 1% on Monday, as investors stepped up equity purchases after a string of declines last week. Firm Asian cues, and a persistent decline in global crude oil prices also buoyed investor sentiment, sending the Sensex over 370 points higher, while the broader Nifty topped the 10,600-mark. Buying was witnessed in the FMCG (fast moving consumer goods) and consumer durables stocks. The index pivotals -- finance and banking -- were 1.32% and 1% higher, respectively. Export-oriented stocks like IT (information technology) gained, while the healthcare traded lower. The overall market breadth was negative, with 1,067 stocks advancing and 1,536 declining on account of a 0.15% fall in the small-caps.

HEG reported that its Board approved a proposal to buy back upto 13.63 lakh shares (3.41%) of the company for an aggregate amount not exceeding Rs750 crore at a price of Rs5,500 per equity share.  

Lupin has received approval for its Clomipramine HCl Capsules USP, a generic version of SpecGx's Anafranil Capsules, from the US FDA.  It is indicated for the treatment of obsessions and compulsions in patients with OCD. Lupin has also received approval for its Potassium Chloride for Oral Solution USP, 20 mEq from the US FDA.  It is indicated for the treatment and prophylaxis of hypokalemia with or without metabolic alkalosis. 

The major indices of the Indian stock markets rallied, after a dip, on Tuesday and closed with gains over Monday’s close. On the NSE, there were 792 advances, 921 declines and 342 unchanged.

The key equity indices were higher on Tuesday, but banking stocks were subdued. Buying was witnessed in energy and IT (information technology) stocks. On Monday, the Centre's recapitalization announcement of Rs42,000 crore to unhealthy PSU (public sector undertakings) banks boosted investor sentiments. Currently, 11 of the 21 state-run banks are under RBI's (Reserve Bank of India) Prompt corrective action (PCA) framework which restricts weak banks from carrying out certain operations. 

Granules India has received USFDA (Food and Drug Administration) approval for its ANDA for Methylphenidate Hydrochloride Extended-Release Tablets USP. The approved ANDA is therapeutically equivalent to the RLD - Ritalin SR Sustained-Release Tablets of Novartis Pharmaceuticals. 

Alembic Pharmaceuticals has received approval from the USFDA for its ANDA Temazepam Capsules USP, therapeutically equivalent to RLD, Restoril Capsules of SpecGx LLC. Temazepam Capsules are indicated for short term treatment of insomnia. 

The major indices of the Indian stock markets rallied on Wednesday and closed with gains over Tuesday’s close. On the NSE, there were 593 advances, 1,131 declines and 340 unchanged.

The benchmark S&P BSE Sensex advanced 200 points on Wednesday, extending its third straight session of gains led by strong gains in the IT (information technology) stocks. In addition, the markets also took cues from an appreciating rupee and retreating foreign fund inflow as India's macro-economic conditions improved largely owing to declining crude oil prices. However, the Brent Crude prices logged a slight increase which comes ahead of the OPEC (Organisation of Petroleum Exporting Countries) meeting next week. The benchmark crude price traded at $61 a barrel. The local currency strengthened to Rs70.66 against a US dollar from its previous close of 70.76. IT stocks led the gains on Sensex, followed by Teck (technology, entertainment and media). In contrast, healthcare, oil and gas stocks witnessed selling pressure.

Appearing before the Parliamentary Standing Committee on Finance, RBI (Reserve Bank of India) Governor Urjit Patel said that the effect of demonetisation was temporary while he will respond to issues related to the RBI's autonomy and reserves in the next 10 to 15 days in the midst of differences with the government.

 YES Bank's foreign currency issuer ratings was downgraded to Ba1 from Baa3 by Moody's Investors Service. The outlook, where applicable, has been changed to negative from stable. 

Cadila Healthcare reported that Zydus Cadila has received final approval from the USFDA (Food and Drug Administration) to market Baclofen Tablets (US RLD- Lioresal®). Baclofen is used to treat muscle spasms caused by certain conditions such as multiple sclerosis, spinal cord injury/ disease. 

The major indices of the Indian stock markets rallied strongly on Thursday and closed with gains over Wednesday’s close. On the NSE, there were 863 advances, 858 declines and 342 unchanged.

India's equity indices jumped on Thursday, their fourth straight session of gains, amid expectations the US Federal Reserve would slow its pace of interest rate increases. Doubts about the Fed's future tightening also spurred the domestic currency, with the rupee vaulting 74 paise so far on Thursday's trade. The financials, which led the gains, were up over 1.5% while selling pressure was witnessed in the export-dependent IT (information technology) stocks as the rupee strengthened to Rs69.88 per US dollar from its previous close of 70.62.  

Private sector ICICI Bank Ltd will grow its retail loan by 40% in Tamil Nadu, said a senior official. Speaking to reporters here, Anup Bagchi, Executive Director, said the company is expecting to grow retail loan disbursement in Tamil Nadu by over 40% to Rs13,000 crore this fiscal. He said the growth will happen across retail loans like consumer, home, agriculture. This fiscal ICICI Bank plans to grow its disbursement of consumer loans by nearly 50% to Rs5,000 crore. The bank will also increase its home loan disbursement by nearly 40% to Rs3,700 crore. Within the home loans portfolio, the bank is focusing on the affordable housing segment and expanding its presence across tier two and three markets.

The major indices of the Indian markets closed on Friday with minor gains over Thursday’s close. On the NSE, there were 897 advances, 822 declines and 343 unchanged.

The key equity indices settled on a flat-to-positive note on Friday amid concerns falling crude oil prices and an inflow of foreign funds. However, markets had reversed initial gains to slip in the red during the late afternoon session of trade as investors turned cautious ahead of the release of key macro-economic data. Q2 GDP, fiscal deficit and core sector growth data will be released later in the day. Banking, oil and gas and telecom stocks witnessed selling pressure on the BSE. In contrast, IT, realty and healthcare stocks outperformed the benchmark index, gaining 1%-2%.

Reserve Bank of India (RBI) has relaxed the rules to sell or securitise NBFCs’ (non-banking finance companies) loan books to ease persistent stress in the sector. In a bid to help non-banking finance companies overcome liquidity issues in the backdrop of the IL&FS imbroglio, RBI has cut the minimum holding period requirement for NBFCs raising funds via securitisation of loans of original maturity above 5 years. In respect of loans of original maturity above 5 years, the minimum number of instalments to be paid before securitisation is now six monthly instalments (12 earlier) or two quarterly instalments (four).The Total Investment & Insurance Solutions

Major Indices (The Total Investment & Insurance Solutions)

7.1% GDP growth in Q2 'disappointing': Subhash Chandra Garg -The Total Investment & Insurance Solutions

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30 November 2018

 

GDP (The Total Investment & Insurance Solutions)

The 7.1 per cent GDP growthfor September quarter "seems disappointing", but growth rate for the first six months of the fiscal is robust and healthy, Economic Affairs Secretary Subhash Chandra Garg said Friday.

The government data released Friday shows India's economy grew at 7.1 per cent in July-September, lowest in three quarters. The Total Investment & Insurance Solutions

The growth was 8.2 per cent in April-June quarter of this fiscal. In January -March quarter the growth was 7.7 per per cent, while it was at 7 per cent in October-December last year.

"GDP growth for second quarter 2018-19 at 7.1 per cent seems disappointing. Manufacturing growth at 7.4 per cent and agriculture growth at 3.8% is steady. Construction at 6.8 per cent and mining at -2.4 per cent reflect monsoon months deceleration," Garg tweeted.

 The growth during April-September stood at 7.6 per cent, which is "quite robust and healthy", he said. "Still, the highest growth rate in the world".

The second quarter growth of 7.1 per cent keeps India ahead of China, which had expanded at the rate of 6.5 per cent in the July-September period this year.

LIC pays Rs 2,430-crore dividend to government for 2017-18 -The Total Investment & Insurance Solutions

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30 November 2018

 

LIC (The Total Investment & Insurance Solutions)

LIC Chairman V.K. Sharma on Friday handed over a cheque of Rs 2,430 crore as dividend for financial year 2017-18 to Finance Minister Arun Jaitley.

Speaking to reporters here after meeting the Finance Minister, Sharma said that state-owned Life Insurance Corporation (LIC) recorded a surplus of Rs 48,444 crore during the the last fiscal 2017-18. The Total Investment & Insurance Solutions

He said that LIC would also infuse Rs 15,000-20,000 crore into the loss-making IDBI Bank NSE -0.83 % struggling with accumulated bad loans.

LIC received cabinet approval earlier this year to buy 51 per cent stake in state-run IDBI, which will make the government a minority shareholder in the bank.

Government puts gold dore imports under restricted category -The Total Investment & Insurance Solutions

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30 November 2018

Gold (The Total Investment & Insurance Solutions)

The government Friday put the imports of gold dore in restricted category.

 "Import policy of gold dore is restricted," the directorate general of foreign trade (DGFT) said in a notification.

This means, now, an importer needs a license to import this commodity. The Total Investment & Insurance Solutions

Gold dore is a semi-pure alloy which is refined for further purification. Refined gold bars are manufactured from gold dore bar.

 India, the world's second-biggest gold consumer after China, imports about 900 tonnes of gold a year.

In value terms, gold imports fell by about 43 per cent to USD 1.68 billion in October.

The imports mainly take care of demand of the jewellery industry.

World Shares Drift Lower Ahead Of Trump-Xi Meeting At G-20-The Total Investment & Insurance Solutions

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30 November 2018

financial markets (The Total Investment & Insurance Solutions)

Global stock markets drifted lower Friday ahead of a meeting between Presidents Donald Trump and Xi Jinping at the Group of 20 summit this weekend.

KEEPING SCORE: In Europe, Germany's DAX fell 0.6 percent to 11,233 while France's CAC40 was down 0.5 percent at 4,981. Britain's FTSE 100 was 0.7 percent lower at 6,987. Wall Street was poised to open lower too with Dow futures and the broader S&P 500 futures down 0.5 percent.

G-20 SUMMIT: Much of the attention at the summit in Buenos Aires will be a meeting between Trump and Xi and whether it yields an easing in trade tensions. Both have imposed punitive tariffs on each other's exports. Analysts are not optimistic about prospects for improvement a month before U.S. tariffs on Chinese goods are due to ramp up.

ANALYST TAKE: "Equities are under heavy pressure, hurt by fears of an intensification of trade war tensions between the U.S. and China," Chris Beauchamp, chief market analyst at IG.

CHINESE MANUFACTURING: A measure of China's factory activity slipped to its lowest level in more than two years in November, adding to pressure on Beijing amid the tariff battle with Trump. The China Federation of Logistics & Purchasing said Friday its monthly purchasing managers' index declined to 50 from October's 50.2 on a 100-point scale on which numbers above 50 indicate activity is increasing. It blamed weak domestic demand for the latest decline. But investors often see such news as a signal more market-boosting stimulus may be coming.

KOREAN RATE HIKE: South Korea's central bank lifted its benchmark rate by a quarter of a percent to 1.75 percent despite a sluggish job market and tepid growth. The Bank of Korea's governor, Lee Ju-yeol, said the rate increase would help stabilize financial markets amid government efforts to contain surging housing prices in capital Seoul and rising consumer debt levels.

ASIA'S DAY: Japan's Nikkei 225 index climbed 0.4 percent to 22,351.06 and the Hang Seng in Hong Kong added 0.2 percent to 26,506.75. The Shanghai Composite index jumped 0.8 percent to 2,588.19, while India's Sensex was flat at 36,153.04. South Korea's Kospi fell 0.8 percent to 2,096.86 while the S&P ASX/200 in Australia tumbled 1.6 percent to 5,667.20 on heavy selling of financials and consumer goods companies.

ENERGY: Benchmark U.S. crude fell 95 cents to $50.50 per barrel in electronic trading on the New York Mercantile Exchange while Brent crude was 81 cents lower at $58.70 a barrel in London.

CURRENCIES: The euro was down 0.2 percent at $1.1364 while the dollar was steady at 113.50 yen.The Total Investment & Insurance Solutions

Sensex jumps 450 points, rupee gains 74 paise- Thursday closing report -The Total Investment & Insurance Solutions

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29 November 2018

I had mentioned in Wednesday’s closing report that Nifty, Sensex were trendless. The major indices of the Indian stock markets rallied strongly on Thursday and closed with gains over Wednesday’s close. On the NSE, there were 863 advances, 858 declines and 342 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

India's key equity indices jumped on Thursday, their fourth straight session of gains, amid expectations the US Federal Reserve would slow its pace of interest rate increases. Doubts about the Fed's future tightening also spurred the domestic currency, with the rupee vaulting 74 paise so far on Thursday's trade. The financials, which led the gains, were up over 1.5% while selling pressure was witnessed in the export-dependent IT (information technology) stocks as the rupee strengthened to Rs69.88 per US dollar from its previous close of 70.62.  

The Brent crude oil price also declined to $57.94 a barrel. "In its earlier meetings, the Fed had a hawkish stance, which meant that they could be going in for a rate hike every quarter...but now the Fed seems more flexible, clear from its dovish remarks, which have hurt the dollar," Anindya Banerjee, Deputy Vice President for Currency and Interest Rates with Kotak Securities, told IANS.  "This is partly the reason the rupee has gained strength against the US dollar. Also, a constant decline in global crude oil prices has aided the rupee's gains." The Total Investment & Insurance Solutions

Cadila Healthcare reported that Zydus Cadila has received final approval from the USFDA (Food and Drug Administration) to market Lansoprazole delayed release orally disintegrating tablets (US RLD- Prevacid) and tentative approval for Linagliptin tablets (US RLD- Tradjenta). The company’s shares closed at Rs357.15, up 3.88% on the NSE.

TCS (Tata Consultancy Services) has acquired the business of BridgePoint Group, LLC, a U.S. management consulting firm catering to the financial services industry, and specializing in retirement services, through the purchase of select company assets. TCS’ shares closed at Rs1,970.00, down 0.70% on the NSE.

Budget passenger carrier SpiceJet deposited an additional bank guarantee worth Rs20 crore to the state-run Airports Authority of India (AAI). According to an airline official, the additional bank guarantee is over and above the Rs104 crore which the airline has deposited with the AAI. The development comes after reports claimed that the AAI had issued a notice to the airline for non-payment of dues. In a regulatory filing to the BSE, the airline said: "...that it is making its payments as per stipulated timelines and we stand committed to all our contractual obligations." SpiceJet shares closed at Rs80.15, down 1.33% on the BSE.

Budget airline IndiGo said that it will introduce daily non-stop flights between Bhopal-Hyderabad and Jabalpur-Hyderabad from January 2019. "The airline is introducing daily non-stop flights between Bhopal-Hyderabad and Jabalpur-Hyderabad. In Madhya Pradesh, Bhopal and Jabalpur will be the 2nd and 3rd cities IndiGo will be flying to, after Indore," the airline said in a statement. "Additionally, the airline will also operate its 4th daily return flight between Hyderabad-Tirupati. All new services will commence effective January 2019." InterGlobe Aviation shares closed at Rs1,050.25, up 1.29% on the NSE.

In a setback for the Tamil Nadu Government, an NGT-appointed committee that looked into closure of Sterlite Copper plant in Tuticorin said that the order to close down the plant was unjustified and "against the principles of natural justice". Vedanta shares closed at Rs198.50, up 2.88% on the NSE. The Total Investment & Insurance Solutions

Private sector ICICI Bank Ltd will grow its retail loan by 40% in Tamil Nadu, said a senior official. Speaking to reporters here, Anup Bagchi, Executive Director, said the company is expecting to grow retail loan disbursement in Tamil Nadu by over 40% to Rs13,000 crore this fiscal. He said the growth will happen across retail loans like consumer, home, agriculture. This fiscal ICICI Bank plans to grow its disbursement of consumer loans by nearly 50% to Rs5,000 crore. The bank will also increase its home loan disbursement by nearly 40% to Rs3,700 crore. Within the home loans portfolio, the bank is focusing on the affordable housing segment and expanding its presence across tier two and three markets. ICICI Bank shares closed at Rs362.20, up 0.89% 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

Major Indices (The Total Investment & Insurance Solutions)

Indian airlines need equity infusion of about Rs.35,000 Crore to reduce debt: ICRA-The Total Investment & Insurance Solutions

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29 November 2018

RBI (The Total Investment & Insurance Solutions)

Indian airlines will need equity infusion of about ₹35,000 crore over the next 3-4 years to reduce their debt burden, rating agency ICRA Ltd said on Thursday.

“In the near term, the balance sheets of Indian carriers are expected to continue to remain stressed until the carriers are able to reduce their debt burden through a combination of improvement in operating performance and/or by way of equity infusion,” said Kinjal Shah, vice-president and co-head (corporate sector ratings) at ICRA, said in a report released Thursday.

“The overall debt levels in the industry remain high and would require equity infusion to bring the same to reasonable levels. ICRA believes an equity infusion of about 350 billion (35,000 crore) would be needed over the next 3-4 years,” Shah added. The Total Investment & Insurance Solutions

Higher fuel prices and a weakening rupee have increased operating costs at airlines. A weak rupee adds to their woes as most of their expenses are dollar-denominated. The Total Investment & Insurance Solutions

Besides, intense competition in the domestic sector has prevented airlines from fully passing on the costs to the passengers.

In October, most airlines saw a significant drop in passenger load factor as they tried to pass on increasing costs to passengers by increasing fares. At the same time, large aircraft orders have led to over-capacity, reducing their ability to raise fares. The Total Investment & Insurance Solutions

“While the average ATF (air turbine fuel or aviation fuel) prices have witnessed a Y-o-Y increase of about 35% during April-November 2018, the average INR depreciated by 7.8% against the US$ during this period. This has resulted in an increase in the CASK of the airlines, not buttressed by an increase in yields. In fact, yields have declined for most airlines despite the surging costs,” the ICRA report said. The Total Investment & Insurance Solutions

“This is due to the price sensitive nature of the industry which is plagued by rising capacities, with India’s aviation sector likely to have significant over-capacity in the next two-three years,” it added.

In the September quarter, all three listed Indian airlines reported losses.

Naresh Goyal-led Jet Airways (India) Ltd posted a net loss of ₹1,297.46 crore, excluding its units, its third successive loss. It had a net profit of ₹49.63 crore in the same period a year earlier. The Total Investment & Insurance Solutions

SpiceJet Ltd’s standalone net loss, excluding results of SpiceJet Merchandise and SpiceJet Technic, stood at ₹389.37 crore at the end of the September quarter. It had a profit of ₹105.27 crore a year earlier.

The country’s largest domestic airline, IndiGo (InterGlobe Aviation Ltd), reported a loss of ₹652.13 crore in Q2, its maiden quarterly loss since going public in November 2015. The Total Investment & Insurance Solutions

CRISIL Ratings had earlier in November said that Indian airlines may post their steepest loss in a decade this financial year, slammed by rising operating costs from high jet fuel prices and a weak rupee.

“At an estimated ₹9,300 crore, the industry’s losses at EBIT (earnings before interest and tax) level would surpass the ₹7,348 crore blow it was dealt in fiscal 2014,” CRISIL had said in a report.

Airlines in the country posted “aggregate profit of ₹4,000 crore on an average at the EBIT level” from FY14 to FY18, when global crude oil prices stayed low, according to the CRISIL report.

In October, IndiGo, SpiceJet and Jet Airways have seen downgrading of credit rating for some of their loan facilities, as they face rising expenses and limited room to hike fares amid intense competition.

However, oil prices have steadily declined recently, while rupee has strengthened against the dollar. In the past year, the benchmark Brent crude has lost 2.74% to $58.17 a barrel, while the rupee has weakened 7.92% to ₹69.85 to a dollar during the same period. The Total Investment & Insurance Solutions

SpiceJet’s chief financial officer Kiran Koteshwar had earlier this month told Mint that as long as jet fuel stays at $60-65 a barrel, and rupee at ₹68-70 against the dollar, airlines like SpiceJet can sustain operations comfortably and even report profits. The Total Investment & Insurance Solutions

“We don’t expect steep increases in macro parameters (oil and rupee),” Koteshwar had said as he forecasted crude oil to stay at $65-70 a barrel in the coming quarters.The Total Investment & Insurance Solutions