Why retirement planning is important-The Total Investment & Insurance Solutions

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 16^th  February 2019

Retirement(The Total Investment & Insurance Solutions)

Nifty, Sensex May Bounce Back a Bit – Weekly closing report -The Total Investment & Insurance Solutions

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15 February 2019

I had mentioned in last week’s closing report that Nifty, Sensex might head lower. The major indices of the Indian stock markets suffered a correction during the week and closed on Friday with losses 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:

On Monday, except for IT (information technology) stocks on the BSE, all the others sectors traded lower. Oil and gas, capital goods and auto stocks lost over 1%. The Sensex of the BSE opened at 36,585.50 from its previous close at 36,546.48 on Friday.

Jet Airways has revised its change and cancellation fees for its flights within India, based on the number of days prior to the travel date that the change or cancellation is made. According to the airline, in the economy class, there will be different charges across the various fare choices. There will be no change in fees for Jet Airways award flight bookings, the airline said. 

On Tuesday the indices closed lower, ahead of the release of retail inflation and industrial production data. After trading on a flat-to-negative note for most part of the session, the key indices slumped in the last hour of trade with selling pressure on telecom, IT (information technology) and finance stocks. Markets anticipate a rise in the Consumer Price Index (CPI), the retail inflation data in the month of January, analysts said. In December, India's retail inflation in December eased to 2.19% from 2.33% in November due to lower fuel prices.

The Indian Hotels Company Ltd (IHCL) announced the takeover of the management of one of Goa's oldest and iconic five star hotels, Cidade de Goa. The hotel, which currently operates 207 rooms, will form a part of the IHCL's SeleQtions portfolio - a collection of hotels and resorts with a distinct character. In addition to the 207 rooms, an additional 299 rooms which are currently under construction, will be added to the same complex under the Taj brand scheduled to open by the end of this year, the IHCL statement said. The IHCL said it has a special relationship with Goa since 1974 when Taj Fort Aguada Resort & Spa, India's first beach resort opened its doors and firmly established Goa on the global map. The Fomento Group are the promoters of Cidade de Goa.

The key Indian equity indices traded in the green on Wednesday morning, supported by easing retail inflation and firm global markets. India's retail inflation fell to a 19-month low of 2.05% in January 2019, according to official data released on Tuesday. The domestic market, however, trimmed the major initial gains on Wednesday due to selling pressure on capital goods, consumer durables and telecom stocks. As trading progressed, the major indices drifted downwards, and closed with losses.

India's annual rate of inflation based on wholesale prices eased to 2.76% in January from 3.02% reported for the corresponding month of 2018, official data showed on Thursday. On a sequential basis, the Wholesale Price Index (WPI) data for January, furnished by the Ministry of Commerce and Industry, showed that wholesale prices rose on a slower rate than the rise of 3.80% reported for December 2018. "The annual rate of inflation, based on monthly WPI, stood at 2.76% (provisional) for January 2019 (over January 2018) as compared to 3.80% (provisional) for the previous month and 3.02% during the corresponding month of the previous year," the Ministry said in its review of "Index Numbers of Wholesale Price in India" for January. "Build up inflation rate in the financial year so far was 2.49% compared to a build-up rate of 2.47% in the corresponding period of the previous year."

The major indices of the Indian stock markets closed with losses on Thursday. On the NSE, there were 836 advances, 875 declines and 355 unchanged. 

The Yes Bank stock rose sharply after the Reserve Bank of India (RBI) found no inconsistency, or "divergence", in the bank's disclosures on its non-performing assets (NPAs). Yes Bank said it has received the RBI risk assessment report that found "nil divergences in the bank's asset classification and provisioning from the RBI norms". The RBI assesses compliance by banks on several counts, like income recognition, asset classification and provisioning for bad loans. 

The major indices of the Indian stock markets were range-bound on Friday and closed with small losses over Thursday’s close. Sensex settles 67 points lower, Nifty ends at 10,724. On the NSE, there were 640 advances, 1,155 declines and 102 unchanged.

GlaxoSmithKline (GSK) Consumer Healthcare reported a 35.07% rise in net profit for the October-December quarter. Its net profit for the third quarter of the current fiscal was Rs221.06 crore against Rs163.66 crore reported for the year-ago period. On the amalgamation of the company with Hindustan Unilever Ltd (HUL), it said "presently, the company is in the process of seeking other requisite approvals" after the Competition Commission of India approved the proposed amalgamation on January 23. On December 3, 2018, the GSK Consumer Healthcare board of directors had approved the plan of amalgamation with HUL. GlaxoSmithKline Consumer Healthcare shares closed at Rs7,400.05, down 1.18% on the NSE.The Total Investment & Insurance Solutions

Weekly Indices (The Total Investment & Insurance Solutions)

India's Jan trade deficit widens to $14.73 billion: Trade ministry -The Total Investment & Insurance Solutions

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15 February 2019

 

India's trade deficit (The Total Investment & Insurance Solutions)

India's trade deficit widened to $14.73 billion in January, mainly pushed by rise in gold imports, the trade ministry said in a statement on Friday. 

Trade deficit had narrowed to $13.08 billion in December. 

In January, merchandise exports rose 3.74 percent from a year earlier to $26.36 billion, while imports were up 0.01 percent to $41.09 billion, data showed. 

The gold imports in January rose 38.16 percent year-on-year to $2.31 billion. The Total Investment & Insurance Solutions

Flow of credit, caution listing, GST refunds a concern for exports: Industry tells govt -The Total Investment & Insurance Solutions

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15 February 2019

 

GST (The Total Investment & Insurance Solutions)

Industry on Friday raised concerns on the flow of credit to export sector, exports to countries under US sanctions like Iran, caution listing by the Reserve Bank of India, delay in uploading of eBRC by banks and the US' likely withdrawal of benefits to Indian exports, at the Board of Trade meeting chaired by commerce and industry minister Suresh Prabhu.

Delayed input tax credit refund, denial of GST on availing higher duty drawback, higher price of steel in domestic market, retrospective effect of pre import conditions and availability of incentives for exports to neighbouring countries were the other issues impacting exports, they highlighted. “The issues raised by the trade were addressed by the senior officials and will be taken up in the forthcoming meeting of Committee of Exports and GST council,” commerce and industry ministry said in a statement.

 Federation of Indian Export Organisations (FIEO) President Ganesh Kumar Gupta said global trade has entered a tough phase in the second half of 2018 and is expected to slow further in 2019. He suggested the government to introduce a scheme for promoting branded exports, enhancing budget for organising trade fairs and improving infrastructure NSE 0.34 % . EEPC, the apex body of engineering exporters has suggested the government to put in place a mechanism wherein at MSMEs can get steel at international prices.

Industry body CII also emphasised that it is critical to address issues related to trade financing, incentives and logistics, to help exporters become globally competitive.The Total Investment & Insurance Solutions

U.S.-China trade talks to resume in Washington next week-The Total Investment & Insurance Solutions

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15 February 2019

U.S.-China trade (The Total Investment & Insurance Solutions)

Talks between China and the United States to resolve their bruising trade war will resume next week in Washington, with both sides saying this week’s negotiations in Beijing made progress.

 The White House stood by its March 1 deadline for reaching a deal or raising tariffs on certain Chinese goods, despite U.S. President Donald Trump having said he was reluctantly willing to let the target date slide.

White House Press Secretary Sarah Sanders said in a statement on Friday the two economic superpowers “will continue working on all outstanding issues in advance of the March 1, 2019, deadline.”

“These detailed and intensive discussions led to progress between the two parties. Much work remains, however,” Sanders said about the Beijing round of talks.

China and the United States reached a consensus in principle on some key issues during the talks, China’s state news agency Xinhua said on Friday, adding they had a detailed discussion on a memorandum of understanding on trade and economic issues. It gave no details.

The countries focused this week on technology, intellectual property rights, agriculture, services, non-tariff barriers and currency, and discussed potential Chinese purchases of U.S. goods and services to reduce a “large and persistent bilateral trade deficit,” Sanders said.

Chinese President Xi Jinping met U.S. Trade Representative Robert Lighthizer and U.S. Treasury Secretary Steven Mnuchin on Friday after a week of talks at senior and deputy levels, and called for a deal both sides could accept, Chinese state media said.

U.S. duties on $200 billion in imports from China are set to rise to 25 percent from 10 percent if no deal is reached by March 1 to address U.S. demands that China curb forced technology transfers and better enforce intellectual property rights.

After talks on Thursday, Mnuchin said on Twitter that he and Lighthizer had held “productive meetings” with Xi’s top economic adviser, Vice Premier Liu He.

“The consultations between the two sides’ teams achieved important step-by-step progress,” Xi said, according to state television.

“Next week, both sides will meet again in Washington. I hope you will continue efforts to advance reaching a mutually beneficial, win-win agreement,” Xi said at Beijing’s Great Hall of the People.

He added that China was willing to take a “cooperative approach” to settling bilateral trade frictions.

Lighthizer told Xi the senior officials had “two very good days” of talks.

“We feel that we have made headway on very, very important, and very difficult issues. We have additional work to do but we are hopeful,” Lighthizer said, according to a foreign media pool video.

Neither country has offered new details on how they might de-escalate the tariff war that has roiled financial markets and disrupted manufacturing supply chains.

Although Trump said this week that an extension of the tariff deadline was possible if a “real deal” was close, Larry Kudlow, director of the U.S. National Economic Council, has said the White House had made no such decision.The Total Investment & Insurance Solutions

World Stocks Recover As US-China Trade Talks Extended-The Total Investment & Insurance Solutions

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15 February 2019

Financial Markets (The Total Investment & Insurance Solutions)

World stock markets bounced back on Friday after Chinese officials said trade talks with the U.S. would continue in Washington next week. Markets had been dragging on the absence of good news as the U.S. and China concluded talks in Beijing.

European markets also rose even as Spanish Prime Minister Pedro Sanchez announced an early election scheduled for April 28. France's CAC 40 rose 1.1 percent to 5,118 while the DAX in Germany gained 1 percent to 11,202. Britain's FTSE 100 moved 0.5 percent higher to 7,229.

Wall Street's open also turned brighter on the news of extended trade talks. S&P 500 futures added 0.1 percent to 2,747 after retreating 0.3 percent earlier. Futures for the Dow also moved 0.1 percent higher to 25,457 after being down 0.4 percent.

With a March 2 deadline looming, U.S. and Chinese negotiators will meet in Washington next week for more talks on a tariff war over Beijing's technology ambitions, China's government said Friday.

The announcement came after U.S. Trade Representative Robert Lighthizer told Chinese President Xi Jinping that negotiators had "made headway" on important issues in two days of talks that wrapped up Friday in Beijing.

Officials expressed optimism but gave no details of this week's negotiations, which had been the last scheduled before a planned American tariff hike on $200 billion of Chinese imports on March 2.

THE DAY IN ASIA: Japan's benchmark Nikkei 225 retreated 1.1 percent to 20,900.63 and the Kospi in South Korea tumbled 1.3 percent to 2,196.09. Hong Kong's Hang Seng gave up 1.9 percent to 27,900.84. The Shanghai Composite was 1.4 percent lower at 2,682.39. Australia's S&P/ASX 200 bucked the regional trend, picking up 0.1 percent to 6,066.10. Shares fell Taiwan and throughout Southeast Asia.

ENERGY: U.S. crude lost 23 cents to $54.64 per barrel in electronic trading on the New York Mercantile Exchange. It gained 51 cents to settle at $54.41 per barrel in New York on Thursday. Brent crude, used to price international oils, rose 25 cents to $64.82 per barrel. It rose 96 cents to close at $64.57 per barrel in London.

CURRENCIES: The dollar eased slightly to 110.44 yen from 110.45 yen late Thursday. The euro slipped to $1.1278 from $1.1296.The Total Investment & Insurance Solutions

Nifty, Sensex under Pressure – Wednesday closing report -The Total Investment & Insurance Solutions

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13 February 2019      

I had mentioned in Tuesday’s closing report that Nifty, Sensex might try to bounce. The major indices of the Indian stock markets were range-bound on Wednesday and closed with losses over Tuesday’s close. On the NSE, there were 643 advances, 1,094 declines and 330 unchanged. The trends of the major indices in the course of Wednesday’s trading are given in the table below:

The key Indian equity indices traded in the green on Wednesday morning, supported by easing retail inflation and firm global markets. India's retail inflation fell to a 19-month low of 2.05% in January 2019, according to official data released on Tuesday. The domestic market, however, trimmed the major initial gains on Wednesday due to selling pressure on capital goods, consumer durables and telecom stocks. As trading progressed, the major indices drifted downwards, and closed with losses.

Budget passenger carrier IndiGo said that it is "adjusting" some flight operations to deal with expected weather related disruptions in the coming days. However, industry insiders say that the airline has cancelled about 30 flights on Tuesday and over 30 flights on Monday. According to industry sources, the airline had cancelled around 50 flights during the last weekend due to shortage of pilots which, but IndiGo said that was due to a hailstorm that lashed the national capital and surrounding areas. "IndiGo is slightly adjusting its flight schedule in the coming days by approximately 30 flights per day," the airline said in a statement on Tuesday.

 "This is in order to stabilize the network and operations impacted due to various ongoing Notams (Notice to Airmen) and predicted bad weather in the coming days." According to the airline, in order to avoid inconvenience, these adjustments are being made in advance. "They are being accommodated close to their original flight schedule. These adjustments amount to 1% to 2% of the originally planned number of flights," the statement said. At present, IndiGo, with its fleet of over 200 aircraft, offers over 1,300 daily flights and connects 52 domestic and 16 international destinations. InterGlobe Aviation shares closed at Rs1,164.95, down 0.79% on the NSE.

Coal India reported a 50% increase in its net profit to Rs4,566.81 crore during the third quarter of the current fiscal (FY19), as compared to Rs3,042.68 crore in the year-ago period. Its revenue from operations during the quarter under review was at Rs25,045.83 crore, up 5% from Rs21,707.04 crore in the corresponding quarter of the previous fiscal (FY18). Net sales stood at Rs23,385.43 crore during the three months ended December 31, 2018, up by nearly 13% as compared to Rs20, 772.23 crore in the year-ago period. The state-run miner reported that its employee benefits expense soared by 8.84% to Rs9,517.62 crore during the December quarter as against Rs8,744.10 crore in the corresponding quarter of the FY18. Coal India shares closed at Rs221.00, down 0.92% on the NSE.

US stocks ended higher as the market has been boosted by a tentative deal by US lawmakers to keep the government open and US Federal Reserve Chairman Jerome Powell's positive remarks on US economy. The Dow Jones Industrial Average rebounded 372.65 points, or 1.49%, to 25,425.76 on Tuesday. The S&P 500 was up 34.93 points, or 1.29%, to 2,744.73. The Nasdaq Composite Index rose 106.71 points, or 1.46%, to 7,414.62. Democrats and Republicans reached a temporary deal on border security funding on Monday night, which has lifted investors' risk-on sentiments. 

Powell said during a forum in Mississippi on Tuesday that the country is continuing to see solid economic growth, according to media reports. On the economic front, U.S. job openings increased to 7.3 million in December 2018, compared with nearly 6.9 million in November, the Bureau of Labour Statistics said in a JOLTS report on Tuesday. The report, tracking monthly change in job openings, hiring and quits, is an important indicator to gauge the strength of US labour market.

The top gainers and top losers of the major indices are given 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)

Venezuela turns to India for oil exports as U.S. sanctions bite-The Total Investment & Insurance Solutions

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13 February 2019

 

Venezuelan oil company (The Total Investment & Insurance Solutions)

Venezuelan oil company PDVSA is looking to double exports to India as U.S. sanctions hobble deliveries to the United States and Europe.

The United States and most Western countries have recognized opposition leader Juan Guaido as Venezuela’s head of state, but President Nicolas Maduro retains the backing of Russia and China as well as control of state institutions including the military.

The country’s oil exports since the sanctions took effect on Jan. 28 have fallen to 1.15 million barrels per day (bpd) of crude and refined products, Refinitiv Eikon data showed, down from about 1.4 million bpd.

In response, Venezuela is turning its focus to buyers paying in cash, especially in India, its second-largest customer after the United States.

Before the sanctions, PDVSA shipped over 500,000 bpd to the United States, its largest cash market, followed by India at above 300,000 bpd and then China.

Venezuela has sent its oil minister, Manuel Quevedo, to India to convince refiners, including Reliance Industries Ltd and Nayara Energy Ltd, to double their oil purchases.

“We are selling more than 300,000” bpd to Indian buyers, Quevedo said on Monday in New Delhi. “We want to double that amount.”

Venezuela is open to barter arrangements with India using oil as payment, he said, but did elaborate.

Two supertankers, Baghdad and Folegandros I, left from Venezuela’s Jose terminal late on Monday carrying cargoes destined for Indian ports.

Refinitiv Eikon ship tracking data showed several other tankers carrying Venezuelan crude or fuel towards Asia.The Total Investment & Insurance Solutions

NPA under Mudra Yojana stands at Rs 7,277 crore -The Total Investment & Insurance Solutions

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13 February 2019

 

NPA (The Total Investment & Insurance Solutions)

The government Tuesday informed Parliament that loans worth Rs 7,277.31 crore of public sector banks under Pradhan Mantri Mudra Yojana (PMMY) have turned bad at the end of March 2018. 

Loans extended under PMMY from inception of the scheme up to March 2018 by all member lending institutions (MLIs) were Rs 5.71 lakh crore, Minister of State for Finance Shiv Pratap Shukla said in a written reply to the Rajya Sabha. 

Loans under PMMY can be covered under Credit Guarantee Fund for Micro Units (CGFMU), he said. CGFMU has been formed with the purpose of guaranteeing payment against default in micro loans up to Rs 10 lakh extended to eligible borrowers by the MLIs, he said.

 "As on 01.02.2019, over 15.73 crore loans amounting to Rs 7.59 lakh crore have been extended by MLIs under PMMY, since inception of the scheme. Almost 73 per cent of the loans under PMMY have been extended to women borrowers," Shukla said. Replying to another question, Shukla said the RBI has apprised that the list of suit-filed defaulters of Rs 1 crore and above and the list of suit-filed wilful defaulters of Rs 25 lakh and above are available in public domain on the websites of Credit Information Companies (CICs) The Total Investment & Insurance Solutions

"RBI has also apprised that the list of non-suit filed defaulters of Rs 1 crore and above and non-suit filed wilful defaulters of Rs 25 lakh and above is confidential in nature and is exempted from disclosure under section 45E of the Reserve Bank of India Act, 1934," he said. Further, the RBI has advised all banks and financial institutions to submit the said list to all CICs directly and not to the RBI from December 2014 onwards. 

The RBI has further apprised that the list of suit-filed wilful defaulters is compiled on quarterly basis and compilation of the list as on 31st December 2018 is under process, the minister added. In an another reply, Shukla said as on January 15, (2019), 3,07,485 returns, including 36,616 cases of refunds, are pending for scrutiny. The scrutiny of these cases is to be completed by December 31, 2019 and about 16.21 lakh claims of refund (including non-scrutiny cases) are pending for issue as on January 31, 2019.