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15^Th December  2018

ICICI Pru BAF(The Total Investment & Insurance Solutions)

Nifty, Sensex May Continue to Rise – Weekly closing report-The Total Investment & Insurance Solutions

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14 December 2018

I had mentioned in last week’s closing report that Nifty, Sensex might try to rally. The major indices of the Indian stock markets were volatile during the week and closed on Friday with gains 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 Total Investment & Insurance Solutions

The major indices of the Indian stock markets suffered a sharp correction on Monday and closed with losses over Friday’s close. On the NSE, there were 339 advances, 1,382 declines and 350 unchanged. The Total Investment & Insurance Solutions

Negative global markets along with caution ahead of the results of Assembly elections in five states and a rise in crude oil prices suppressed the key Indian equities indices during Monday's trade session. The key indices—the S&P BSE Sensex and NSE Nifty50 - had a gap-down opening and subsequently shed over 655 points and 205 points each on an intra-day low basis. The Total Investment & Insurance Solutions

According to market observers, selling pressure in banking, consumer goods, oil and gas and capital goods stocks along with continuous outflow of foreign funds accelerated the downward trajectory of the equity indices. The BSE market breadth was bearish with 1,787 declines and 546 advances. The Total Investment & Insurance Solutions
 

Lupin's Pithampur (Unit-3) facility received EIR from US FDA (Food and Drug Administration). This was a Pre-approval inspection for Albuterol Sulfate Inhalation product. Lupin's Pithampur (Unit 3) facility manufactures Dermatological Products, Dry Product Inhalers and Metered Dose Inhalers.

Escorts and Kubato Corporation, Japan, has entered into a global JV (joint venture) agreement with an initial investment of Rs300 crore for technology collaboration and joint manufacturing of high-end, value-oriented utility tractor range. This is to establish a new facility with initial capacity of 50,000 units.

Alembic Pharmaceuticals has received approval from the US FDA for its ANDA - Olopatadine Hydrochloride Ophthalmic Solution USP. The drug is indicated for the treatment of the signs and symptoms of allergic conjunctivitis.

Larsen & Toubro reported that its Power T&D business has won orders worth Rs2,547 crore. The orders are for 220kV Transmission line in Tanzania, 230kV Substation in Thailand, 132kV Substations and associated Transmission Lines in Jharkhand and 220kV & 132kV Transmission lines were West Bengal.

The major indices of the Indian stock markets fell sharply in the morning and made a dramatic rally on Tuesday and closed with gains over Monday’s close. On the NSE, there were 1,249 advances, 454 declines and 356 unchanged.

The market had lost significantly during the morning trade session on the sudden resignation by RBI Governor Urjit Patel and early election trends which showed BJP losing in Rajasthan and Chattisgarh state elections and trailing Congress in Madhya Pradesh.

Software major Tech Mahindra on Tuesday announced key leadership appointments in India to accelerate its digital transformation. 

TCS and Singapore Airlines have launched a co-developed solution for Airline industry to digitally transform ground operations. TCS's Intelligent Airline Operations (IAO) solution would help Airlines improve Operational efficiency and enrich customer experience.

Cadila Healthcare reported that Liva Pharmaceuticals, its subsidiary, has received the approval from the USFDA (Food and Drug Administration) for its supplemental ANDA - Ranitidine Injection USP. It is used to treat stomach and duodenal (intestinal) ulcers, and prevent them from recurring. The Total Investment & Insurance Solutions

Dr.Reddy's Laboratories launched the OTC (over the counter) store brand equivalent of Prilosec OTC® - Omeprazole Delayed-Release Tablets in US. It is a proton pump inhibitor used to treat frequent heartburn occurring two or more days per week in adults.

The major indices of the Indian stock markets rallied on Wednesday and closed with gain over Tuesday’s close. On the NSE, there were 1,418 advances, 317 declines and 328 unchanged. The Total Investment & Insurance Solutions

The key equity indices rose over 1.75% during trading on Wednesday, led by gains in financials and auto stocks. According to analysts, the markets ignored the sudden resignation of Urjit Patel, perhaps because it might lead to a more liberal monetary policy with the appointment of Shaktikanta Das as the new Reserve Bank of India Governor. All the sectors on the BSE, except the energy stocks, traded in the green. Also key sectors finance and banking outperformed the benchmark index.

Positive Asian markets have contributed to today’s gains in the domestic market, pointed out market analysts. The Total Investment & Insurance Solutions

The state government elections’ results have given new energy to the bulls in the domestic stock markets. However, there is a last word of caution from analysts on Lok Sabha 2019 election results - a possible hung Parliament in 2019 will be a concern to the market and make it bearish. The Total Investment & Insurance Solutions

Ramco Systems has secured another deal from a leading adversary air (ADAIR) services provider to the U.S. Defense Forces, to manage its fleet of fighter aircraft used for highly complex training fleet and Defense contract requirements.

NBCC India has received a LoA (Letter of Assurance) of work from Ministry of Skill Development and Entrepreneurship, Government of India for construction of office building at New Delhi. The estimated cost of project is approximately Rs172 crore.

Aurobindo Pharma's subsidiary Helix Healthcare, Netherlands, has entered into a JV (joint venture) agreement with Shandong Luoxin Pharma, China to setup facilities to manufacture nebuliser inhaler and other products for China, US and EU markets. Helix is likely to invest $15 Mn and Luoxin will invest $35 Mn.

The major indices of the Indian stock markets made a small rally on Thursday and closed with gains over Wednesday’s close. On the NSE, there were 1,017 advances, 671 declines and 374 unchanged. The Total Investment & Insurance Solutions

The market was supported by buying in banking stocks. Sentiments were upbeat as the newly appointed Reserve Bank Governor Shaktikanta Das held a meeting with heads of Mumbai-based public sector banks. The Nifty PSU Bank index gained 1.66%. Banking stocks also rose as RBI is scheduled to purchase government securities and infuse liquidity worth Rs10,000 crore on Thursday. All the sectoral indices on BSE and NSE were in the green.  With inflation cooling off, it will give way to interest rate cut. An interest rate cut which will lead to higher lending can be expected, pointed out market analysts.

Steel Strips Wheels has bagged an order for 90,000 truck steel wheels for Truck & Trailer Aftermarket in USA to be delivered in four months. The total revenue generated from this order would be over US$ 4 million.

Ashoka Buildcon emerged as the Lowest Bidder for the Project of Rural Electrification Works of Package-4 in Jharkhand under Jharkhand Sampurna Bijli Achchhadan Yojana (JSBAY) Phase-II. The Bid value of the project is Rs214.21 crore with a completion period of 18 months. The Total Investment & Insurance Solutions

Sequent Scientific reported that SeQuent Research Limited, a 100% subsidiary of the company has received Establishment Inspection Report (EIR) from USFDA (Food and Drug Administration) for its GLP compliant, Analytical and bio analytical services laboratory at Mangalore. The Total Investment & Insurance Solutions

The Sensex and Nifty on Friday opened with slight gains and traded completely flat thoughout the day. The financial stocks witnessed selling pressure while telecom, IT (information technology) and realty counters gained. Reserve Bank of India's (RBI) board meeting and the release of key macro-economic data were due on Friday. 

State-owned Indian Oil Corp announced a buyback of 3.06% equity shares at a price of Rs149 per stock for a consideration not exceeding Rs4,435 crore. The buyback decision was taken by the company's Board in its meeting held on Thursday. "Buyback of equity shares of the company not exceeding 29,76,51,006 equity shares being approximately 3.06% of the total paid up equity share capital of the company at a price of Rs149 per equity share payable in cash for an aggregate consideration not exceeding Rs4,435 crore...," the company said in a regulatory filing. "The public announcement setting out the process, timelines and other requisite details will be released in due course in accordance with the Buyback Regulations." 

In another development, the company's Board declared an interim dividend of 67.5%"i.e. Rs6.75 per equity share of face value of Rs10 each for the financial year 2018-19". "The dividend will be credited to the account of the shareholders or the dividend warrant in respect thereof will be dispatched on or before 31st December 2018," the filing said. Indian Oil Corporation shares closed at Rs141.30, up 2.84% on the NSE.

Global software major Infosys said it has formed a joint venture (JV) with Hitachi Ltd, Panasonic Corp and Pasona Inc to enhance its presence in Japan. "The company will acquire 81% equity stake in Hitachi's subsidiary -- Hitachi Procurement Service Co Ltd, in which Panasonic and Pasona will be minority shareholders," said the city-based IT (information technology) major in a statement here. In a regulatory filing on the BSE, the company said its Singapore-based Infosys Consulting Pte Ltd subsidiary entered into an agreement with the three to buy the majority stake (81%) in all-cash deal for $24 million (Rs175 crore) on or before April 1, 2019. The Total Investment & Insurance Solutions 

"Hitachi will transfer 2% each to Panasonic and Pasona and hold the remaining 15%," said the filing. The Tokyo-based JV will help clients navigate their digital journey and accelerate business process transformation by leveraging digital procurement platforms. Infosys shares closed at Rs706.15, up 1.20% on the NSE.The Total Investment & Insurance Solutions

Weekly Indices (The Total Investment & Insurance Solutions)

India's November trade deficit narrows to $16.67 billion, exports up 0.8%-The Total Investment & Insurance Solutions

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14 December 2018

Trade Deficit (The Total Investment & Insurance Solutions)

November trade deficit narrowed to $16.67 billion due to a fall in gold imports, the country's trade ministry said in a statement on Friday. The Total Investment & Insurance Solutions

In October, the trade deficit was at $17.13 billion.

Gold imports fell 15.59 per cent to $2.76 billion in November, data showed.

The country's oil imports, however, increased in November to $13.49 billion, up 41.3 per cent from a year earlier, the data showed. The Total Investment & Insurance Solutions

India, the world's third-biggest crude importer, buys over 80 per cent of its oil from overseas markets.The Total Investment & Insurance Solutions

National electronics policy to boost electronics manufacturing in India almost finalized: Ravi Shankar Prasad -The Total Investment & Insurance Solutions

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14 December 2018

National Policy on Electronics (The Total Investment & Insurance Solutions)

The government has almost finalized the National Policy on Electronics to boost electronics manufacturing in India on a big scale, Electronics and IT Minister Ravi Shankar Prasad said Friday. The Total Investment & Insurance Solutions

Prasad further said that the Modi government is pushing India's case for USD 1 trillion digital economy. "We are working on electronics policy, we have almost finalised that. We had widest consultation possible," he said at an event organised by industry body CII. The minister also asked the electronics industry to focus on producing medical devices, defence and automobile items. The Total Investment & Insurance Solutions

"We are pushing India's case for USD 1 trillion digital economy and that report is almost finalised and the prime minister soon going to launch it," Prasad announced. The Total Investment & Insurance Solutions

 He pointed out that today 240 companies in India are making mobile phones and its components. Noida and Greater Noida are emerging as mobile phone manufacturing hub, Prasad said, adding that this will employ 5 lakhs people.

Speaking at the same event, Niti Aayog Vice Chairman Rajiv Kumar said that he sees electronics industry as sunrise industry. Kumar also said India's electronics industry should scale up and aspire to become USD 150 billion industry in the next five years. The first National Policy on Electronics was rolled out in 2012, which offered incentives to companies setting up manufacturing units in the country. The Total Investment & Insurance Solutions

Raising Credit, Liquidity Issues Do Not Infringe On RBI's Autonomy: Arun Jaitley-The Total Investment & Insurance Solutions

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14 December 2018

RBI (The Total Investment & Insurance Solutions)

Finance Minister Arun Jaitley on Friday said sovereign government flagging issues of credit and liquidity does not infringe on the Reserve Bank's autonomy and hoped things will work out with the central bank in future. On a day when the board of Reserve Bank of India (RBI) under its new Governor Shaktikanta Das bought more time to review the government's demand for a greater say in the central bank's functioning, Jaitley said the government respects RBI's autonomy.    

"Of course, the government respects the autonomy of the central bank and because we respect the autonomy of the central bank that is why we told them... these are the problems that the market is facing," he said at the annual general meeting of industry body FICCI here.    

He said the problems were pointed to the RBI as they lied within its power, domain and jurisdiction."I can't conceive how an elected sovereign government bringing to the notice and flagging the issue of credit and liquidity can in anyway infringe the autonomy," he said adding if there is a scarcity of capital in the market it has to be told to the concerned authority. The Total Investment & Insurance Solutions    

The RBI board under former bureaucrat Das Friday deliberated on the governance framework of the central bank and decided that the matter required further examination, the RBI said in a statement after the meeting in Mumbai. The Total Investment & Insurance Solutions   

The government had appointed Das within a day of Urjit Patel abruptly resigning as Governor after clashing with the government over parting with RBI's reserves and demands to ease lending curbs. Jaitley said not just the government but industry associations like FICCI too should have gone to the Reserve Bank to narrate the challenges facing the market.    

"We don't need, in the current global situation, another domestic challenge (of credit and liquidity that can hamper growth)," he said. "A communication and dialogue and bringing to the notice of the empowered authority is a part of the manner in which economic systems work." Autonomy, he said, is not synonymous with isolation. "And that is why this whole debate, public discourse went in a direction where telling the concerned institution that these are the issues to be flagged and this is where the challenge has to be addressed can't be an aberration, it's a necessity," he said.

"I do hope that things will work out well in future." RBI's 18-member board, which includes government representatives and industrialists, also reviewed matters relating to liquidity and credit delivery to the economy, besides discussing the current economic situation, global and domestic challenges, the central bank said in the statement. The Total Investment & Insurance Solutions    

On the agenda for the meeting was re-constituting or reviewing the sub-committees of the board which make regulatory decisions, in a bid to curb the RBI's unilateral decision-making powers. The RBI at present decides the regulatory and operational issues of banks and informs the board later. The RBI under former Governor Patel had placed restrictions on some weak banks from lending and kept a tight leash on liquidity. The Total Investment & Insurance Solutions    

Jaitley had on Thursday defended the government's demands that include further liquidity for non-banking finance companies (NBFCs) and easy lending rules, saying there was a need to boost credit and liquidity. Bringing up the issues facing the economy with the central bank in no way infringes upon the RBI's autonomy, he said. The Total Investment & Insurance Solutions

World Markets Fall On Chinese Growth Concerns-The Total Investment & Insurance Solutions

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14 December 2018

financial markets (The Total Investment & Insurance Solutions)

World stock markets slipped Friday after China reported weaker-than-expected economic data, stirring up worries about the state of the world's second largest economy.

European indexes were also weighed down by British Prime Minister Theresa May's failure to get assurances for a Brexit divorce deal at an EU summit in Brussels. The Total Investment & Insurance Solutions

KEEPING SCORE: Germany's DAX declined 0.8 percent to 10,842 and France's CAC 40 fell 1.0 percent to 4,847. Britain's FTSE 100 index was down 0.7 percent at 6,831. Wall Street was set to open lower. Dow and S&P 500 futures were both down 0.9 percent. The Total Investment & Insurance Solutions

ASIA'S DAY: Japan's Nikkei 225 index slid 2 percent to 21,374.83 and the Kospi in South Korea lost 1.3 percent to 2,069.38. Hong Kong's Hang Seng was down 1.6 percent at 26,094.79. The Shanghai Composite index fell 1.5 percent to 2,593.74. Australia's S&P ASX 200 shed 1.1 percent to 5,602.00. Shares were also lower in Taiwan and Southeast Asia. The Total Investment & Insurance Solutions

CHINESE DATA: Chinese industrial output and retail sales slowed in November, official data from the National Bureau of Statistics showed Friday. Industrial output rose 5.4 percent over a year ago, compared with a 5.9 percent rise in October. Retail sales grew by 8.1 percent, down from 8.6 percent in the previous month. Investors are keeping close tabs on Chinese economic releases amid the country's trade dispute with the U.S. The two countries have agreed to a 90-day cease-fire on tariffs and are planning to use the time to resolve a myriad of issues.

ANALYST'S TAKE: "Markets have been anticipating slower growth in production because of trade tensions. But retail sales show that consumption may not be strong enough to support the external sector," said Francis Tan, an investment strategist at UOB Private Bank. "These slower numbers will surface on policymakers' dashboards and there is a possibility of more stimulus early in the new year," he added.

BREXIT TROUBLES: On Thursday, May asked 27 European leaders to "hold nothing in reserve" in helping her sell a Brexit deal that has been criticized by loyalists and political opponents alike. Without a deal, Britain would leave the bloc on March 29 with no deal, "with all the disruption that would bring," she warned. EU officials seemed exasperated at the lack of concrete new ideas from Britain. The leaders' final summit conclusions did not include an offer to grant further assurances to the Britain over Brexit.

OTHER DATA: A Bank of Japan survey released Friday measuring confidence among large-scale manufacturers held steady at 19 points. The "tankan" survey, which includes automakers and electronics companies, was flat for the second month after three quarters of decline. Analysts said the showing is decent, given that the Japanese economy contracted in the first and third quarters, but it could be a sign that global trade tensions are still weighing on corporate sentiment. Separately, a survey of business activity showed that anti-government protests in France weighed on the big services sector in November, causing it to contract. The protests have expanded and are set to continue this weekend, potentially stifling holiday spending as well as tourism.

ENERGY: Benchmark U.S. crude fell 16 cents to $52.42 a barrel in electronic trading on the New York Mercantile Exchange. The contract added $1.43 on Thursday. Brent crude, used to price international oils, dropped 26 cents to $61.19 in London. The Total Investment & Insurance Solutions

CURRENCIES: The dollar weakened to 113.55 yen from 113.60 yen in late trading Thursday. The euro eased to $1.1288 from $1.1363. The British pound fell to $1.2561 from $1.2653.The Total Investment & Insurance Solutions

Nifty, Sensex Still on an Uptrend – Thursday closing report-The Total Investment & Insurance Solutions

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13 December 2018

I had mentioned in Wednesday’s closing report that Nifty, Sensex were headed higher. The major indices of the Indian stock markets made a small rally on Thursday and closed with gains over Wednesday’s close. On the NSE, there were 1,017 advances, 671 declines and 374 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 market was supported by buying in banking stocks. Sentiments were upbeat as the newly appointed Reserve Bank Governor Shaktikanta Das held a meeting with heads of Mumbai-based public sector banks. The Nifty PSU Bank index gained 1.66%. Banking stocks also rose as RBI is scheduled to purchase government securities and infuse liquidity worth Rs10,000 crore on Thursday. All the sectoral indices on BSE and NSE were in the green.  With inflation cooling off, it will give way to interest rate cut. An interest rate cut which will lead to higher lending can be expected, pointed out market analysts. 

UK Prime Minister Theresa May won by a large margin a confidence vote by her fellow Conservative members of parliament. The prime minister won the secret vote, which started at 1800 GMT and ended two hours later, with 200 out of 317 Tory MPs supporting her to stay on as the party leader. The Total Investment & Insurance Solutions

Lower food prices eased India's November retail inflation rate to 2.33% from 3.38% in the previous month, while higher manufacturing boosted industrial output growth in October to 8.1%, an official data showed on Wednesday, even as India Inc. welcomed the double bonanza for the economy. On a year-on-year (YoY) basis, the Consumer Price Index (CPI), or retail inflation, fall was even sharper as compared to 4.88% registered in November 2017. 

Higher production in the manufacturing sector, especially of capital goods and consumer durables, accelerated the growth of India's industrial output to 8.1% in October from a rise of 4.46% in September and 1.8% during the corresponding period of the previous fiscal, official data showed. The Total Investment & Insurance Solutions

Steel Strips Wheels has bagged an order for 90,000 truck steel wheels for Truck & Trailer Aftermarket in USA to be delivered in four months. The total revenue generated from this order would be over US$ 4 million. The company’s shares closed at Rs965.50, down 1.30% on the BSE. The Total Investment & Insurance Solutions

Ashoka Buildcon emerged as the Lowest Bidder for the Project of Rural Electrification Works of Package-4 in Jharkhand under Jharkhand Sampurna Bijli Achchhadan Yojana (JSBAY) Phase-II. The Bid value of the project is Rs214.21 crore with a completion period of 18 months. The company’s shares closed at Rs131.00, up 0.46% on the BSE.

Sequent Scientific reported that SeQuent Research Limited, a 100% subsidiary of the company has received Establishment Inspection Report (EIR) from USFDA (Food and Drug Administration) for its GLP compliant, Analytical and bio analytical services laboratory at Mangalore. The company’s shares closed at Rs70.60, down 0.77% 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)