Trump ropes in son-in-law Kushner as presidential advisor -The Total Investment & Insurance Solutions

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10 January 2017

US President-elect Donald Trump has confirmed that he will add his son-in-law, Jared Kushner, to his White House team as senior advisor to the president. The Total Investment & Insurance Solutions

Kushner would be an "invaluable member of my team as I set and execute an ambitious agenda," said the President-elect in a statement acknowledging the appointment, Efe news reported on Tuesday.

According to the statement released on Monday, Kushner would work closely with Chief of Staff Reince Priebus and White House chief strategist Stephen Bannon, forming a trio.

Trump said that this trio would be an effective leadership team. 

The communique also emphasised the role that Kushner had in the election campaign that culminated in Trump's November 8 win, saying that his participation was "instrumental" in formulating and executing the winning campaign strategy. The Total Investment & Insurance Solutions

Kushner, an Orthodox Jewish real estate businessman, who is married to Ivanka Trump, the mogul's older daughter, would forego his salary as presidential advisor, the communique added.

The possibility that Trump's son-in-law would join his team was discussed for several weeks, although that would appear to pose personal challenges for Kushner because he would have to divest himself from his business activities to take on a government post. The Total Investment & Insurance Solutions

Kushner, who would turn 36 on Tuesday, is the CEO of a company focusing on New York and New Jersey real estate investments and since 2007 he has closed deals worth some $13 billion, according to data from the firm.The Total Investment & Insurance Solutions

Automobile sales rose over 9% in 2016: SIAM -The Total Investment & Insurance Solutions

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10 January 2017

The Indian automobile sector sold a total of 21,901,572 units across segments and categories to record a growth of 9.17 per cent during 2016, industry data showed on Tuesday. The Total Investment & Insurance Solutions

The industry had sold a total of 20,061,389 units across segments and categories during 2015.

According to the Society of Indian Automobile Manufacturers (SIAM), the total passenger vehicle sales, which includes cars, utility vehicles and vans, rose by 7.01 per cent to 2,966,637 units in 2016.

The industry data revealed that sales of overall commercial vehicles increased by 7.67 per cent. The segment is a key indicator of economic activity. The Total Investment & Insurance Solutions

The commercial vehicles segment's off-take for 2016 was 702,640 units.

The three-wheelers' segment sales logged a rise of 6.12 per cent to 545,732 units in 2016.

Overall, sales of two-wheelers, which include scooters, motorcycles and mopeds, increased by 9.70 per cent to 17,686,563 units.The Total Investment & Insurance Solutions

Reforms in India to boost medium term growth: Moody's-The Total Investment & Insurance Solutions

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10 January 2017

Global credit rating agency Moody's on Tuesday said the ongoing reforms in India are likely to boost medium-term growth while the overall outlook for creditworthiness of sovereigns in Asia Pacific is stable. The Total Investment & Insurance Solutions

In a statement, Moody's Investors Service said the capacity of governments to implement measures and the effectiveness of policies in achieving the respective governments' objectives would shape the sovereigns' credit profiles over the coming year.

"In particular, in India (Baa3 positive), Indonesia (Baa3 stable) and the Philippines (Baa2 stable), ongoing implementation of reforms was likely to boost medium-term growth," Moody's said.

Moody's analysis is contained in its just released report titled 'Sovereigns - Asia Pacific: 2017 Outlook - Stable Outlook Balances External, Political Risks Against Economic, Institutional Reforms'. The Total Investment & Insurance Solutions

In its report Moody's said it had maintained a positive outlook on India's rating in November 2016, based on its expectation that economic and institutional reforms would support continued robust growth. The Total Investment & Insurance Solutions

"Measures including relaxation of foreign investment restrictions, passage of the Goods and Services Tax, and advancement of a workable bankruptcy code have potential to stimulate private sector investment, which could lead to stable, balanced growth and gradually lower the government debt burden," Moody's said. The Total Investment & Insurance Solutions

According to Moody's beyond the short-term negative impact on growth, demonetisation has the potential to raise government revenues and provide some fiscal space to support growth if required.The Total Investment & Insurance Solutions

Nifty has to close above 8,300 to head higher - Tuesday closing report -The Total Investment & Insurance Solutions

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10 January 2017

Hopes of positive third- quarter results, along with expectations on more spending support from the upcoming Union Budget and a strengthened rupee lifted the Indian equity markets on Tuesday. Healthy buying was witnessed in the automobile, capital goods and metal stocks. The wider 51-scrip Nifty of the National Stock Exchange (NSE) edged up by 52.55 points or 0.64% to 8,288.60 points. The Sensex touched a high of 26,914.95 points and a low of 26,804.17 points during the intra-day trade. The Total Investment & Insurance Solutions

The trends of the major indices in the course of Tuesday’s trading are given in the table below:

 

Major Indices (The Total Investment & Insurance Solutions)

The BSE market breadth was tilted in favour of the bulls - with 1,668 advances and 1,146 declines. In the Nifty500 index, 313 stocks closed in the green, while 180 settled below the neutral line. On Monday, profit-booking, coupled with rupee depreciation subdued the Indian equities markets.

In the broader market, the BSE Midcap and BSE Smallcap outperformed the headline indices and added 0.8%, and 0.7%, respectively. Meanwhile, eight sugar stocks hit their respective 52-week highs on the BSE with heavy volumes. BSE Metal and BSE Industrials were the top performers with the indices gaining by 1.42% and 1.57%. The Total Investment & Insurance Solutions

Engineers India (EIL) added 2.8% to Rs157 after the company said it has received a project worth Rs2,500 crore from the state-owned oil marketing company Hindustan Petroleum Corporation (HPCL) for execution of Vizag Refinery Modernization Project (VRMP).

IndusInd bank declared results today beating street estimates. The stock closed at Rs1160.70 with marginal gain of 0.13%. The Total Investment & Insurance Solutions

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

 

Top Gainer (The Total Investment & Insurance Solutions)

Britain's FTSE 100 continued its climb to record highs on Tuesday while Europe's top benchmark failed to hold early gains with financials the biggest drag. MSCI's broadest index of Asia-Pacific shares outside Japan advanced 0.5%, but Japan's Nikkei resumed its declines, closing down 0.8% as the yen strengthened. China's CSI 300 was little changed, largely shrugging off further signs of improvement in the industrial sector. The Total Investment & Insurance Solutions

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

Asian Indices (The Total Investment & Insurance Solutions)

7.1% GDP estimate erroneous, says Icra -The Total Investment & Insurance Solutions

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9 January 2017

The advance estimate of 7.1 per cent GDP released by Central Statistical Organisation (CSO), will have major errors as it does not include the data for the months after demonetisation, domestic rating agency Icra has said. The Total Investment & Insurance Solutions

The agency on Friday pegged the expected growth for 2016-17 lower at 6.8 per cent.

"Given the impact of demonetisation on actual activity from mid-November 2016 onward, projecting GDP growth for the full year by extrapolating the trends up to October 2016 for several sectors, may introduce more errors than in earlier years. This would be particularly apt for cash intensive sectors such as construction," Icra said in a statement. The Total Investment & Insurance Solutions

The advance estimates released by the CSO of growth in FY2017 are unsurprising, as they draw heavily from the available data for the first half of this fiscal, it said.

"However, Icra expects GDP (gross domestic product) and GVA (gross value added, which excludes taxes and subsidies) growth for FY2017 at 6.8 per cent and 6.6 per cent respectively, appreciably lower than the advance estimates," it said. The Total Investment & Insurance Solutions

The CSO pegged the country's gross domestic product at 7.1 per cent in 2016-17 compared with 7.6 per cent in 2015-16. The Total Investment & Insurance Solutions

The anticipated growth of real GVA in 2016-17 is 7 per cent against 7.2 per cent in 2015-16, according to CSO estimates. The Total Investment & Insurance Solutions

"The growth in deposits is an outlier, hence November data was not used for the financials," India's Chief Statistician T. C. A. Anant had said, implying that demonetisation is not a normal factor in the calculation of annual national income. The Total Investment & Insurance Solutions

Icra said: "Given the unfolding trends, we expect actual FY2017 growth to be lower than the advance estimates for sub-sectors such as manufacturing, agriculture, electricity and construction."

In contrast, the recent uptick in commodity prices may well result in a somewhat improved GVA performance of the mining sector in H2 FY2017 as compared to the year-on-year decline in the first six months of FY2017, the agency added. The Total Investment & Insurance Solutions

"Moreover, the unavailability of corporate filings for third quarter of FY2017 and second advance estimates of rabi output (as opposed to the available data on sowing), are likely to constrain the accuracy of the advance estimates," the statement said. The Total Investment & Insurance Solutions

While rabi sowing has grown by a healthy 7 per cent on a subdued base, activity and incomes related to non-crop agricultural sectors including horticulture and livestock may have been adversely impacted by the liquidity crunch, it added.The Total Investment & Insurance Solutions

Rs4,807 cr black income detected, Rs112 cr of new notes seized -The Total Investment & Insurance Solutions

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9 January 2017

Following the demonetisation of high-value currency announced on November 8, India's Income Tax Department has detected undisclosed income of over Rs 4,807 crore and seized new notes worth Rs 112 crore, an official source here said on Sunday.  The Total Investment & Insurance Solutions

Since the demonetisation intended to eliminate black money, counterfeit currency and terror financing, the tax authorities carried out 1,138 search, survey and enquiry operations and have issued 5,184 notices to various entities on charges of tax evasion and currency dealing through hawala channels, the source said.  The Total Investment & Insurance Solutions

The total undisclosed income admitted or detected till January 5 is over Rs 4,807 crore, he added. 

According to the official, cash and jewellery worth over Rs 609.39 crore has been seized during the same period, while the new currency seized is valued at more than Rs 112 crore.  The Total Investment & Insurance Solutions

On Decmber 16, the I-T Department had announced it had uncovered concealed income to the tune of Rs 2,600 crore and had seized a total of Rs 393 crore involving nearly 300 cases.  The Total Investment & Insurance Solutions

Briefing reporters here, Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra said: "We have conducted searches and seizures in about 291 cases, carried out surveys in 295 cases. 

"We have seized currency notes over Rs 316 crore in raids, including Rs 80 crore in new notes. Besides, jewellery of Rs 76 crore has also been seized making for a total seizure of Rs 393 crore."

The head of India's Income Tax Department also said that 3,000 notices have been issued on the basis of their analysis of deposits made since demonetisation was announced last month.  The Total Investment & Insurance Solutions

Meanwhile, describing the currency deposited with banks following demonetisation as money that has lost its earlier "anonymity", Union Finance Minister Arun Jaitley on Sunday said such deposits do not automatically become legitimate, and can now be identified with the owner for taxation purposes.

"Black money does not change its colour merely because it is deposited in bank. On the contrary, it loses its anonymity and can now be identified with its owner," Jaitley wrote in a Facebook post titled "Demonetisation -- A look back at the last two months". The Total Investment & Insurance Solutions

'Petrol pumps to accept card payment till Friday' -The Total Investment & Insurance Solutions

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9 January 2017

Petrol pumps across the country will continue to accept credit and debit cards till Friday, an AIPDA official said on Monday. The Total Investment & Insurance Solutions

The All India Petroleum Dealers Association's decided to revise its earlier announcement after consulting with the Petroleum Ministry, as banks also deferred charging transaction fee up to one per cent on card payments. The Total Investment & Insurance Solutions

On Sunday, the association had announced that they would not accept payments through credit and debit cards from Monday in protest against the additional charge levied on such transactions.

"The AIPDA on Sunday decided to stop accepting payment through credit and debit cards till the decision to levy these additional charges are reversed. The Total Investment & Insurance Solutions

"Late on Sunday, banks communicated to us they will not levy the transaction fee on card payments till January 13. Accordingly, we have decided to continue accepting payments through cards till Friday," AIPDA's West Bengal unit's General Secretary Saradindu Pal told IANS.

West Bengal Petroleum Dealers' Association (a unit of AIPDA) President Tushar Kanti Sen said: "We took the decision very late on Sunday night because some banks communicated that they would not levy transaction fee till January 13 but some did not. The Total Investment & Insurance Solutions

"We kept a close watch. Eventually, the Ministry requested us to defer the decision till January 13."

In a letter to Finance Minister Arun Jaitley, AIPDA President Ajay Bansal wrote that the HDFC and other banks would start charging one per cent on all credit card transactions, and between 0.25 and 1 per cent on all debit card transactions from Monday. The Total Investment & Insurance Solutions

"The same will be debited to petroleum dealers' account and net transaction value will be credited to our account... This will lead to financial losses for the dealers," Bansal wrote. The Total Investment & Insurance Solutions

However, he had added, if any bank is not charging additional MDR and corresponds the same to the association, the petrol pumps having Point of Sale (POS) devices of those banks would keep accepting cards. The Total Investment & Insurance Solutions

"If banks start levying fees, it will cause squeezing of dealers' margin," Pal said.

AIPDA's decision for not accepting payments through cards came at a time when the Centre had directed state-run oil companies to offer a 0.75 per cent discount on the price of petrol and diesel to consumers paying by cards or mobile wallets to encourage people towards digital payments.

"This discount amount was supposed to be reimbursed to the dealers, but is not being executed properly," Pal said. He said dealers have been working on a low margin and demanded raising the dealers' commission to five per cent from the existing rate of three per cent taking petrol and diesel together.The Total Investment & Insurance Solutions

Asset deterioration a challenge for Indian banks: Moody's -The Total Investment & Insurance Solutions

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9 January 2017

Global credit rating agency Moody's on Monday said asset deterioration is a challenge for Indian banks over the medium-term. The Total Investment & Insurance Solutions

Moody's Investor's Service and its Indian affiliate ICRA Ltd said in a statement the prospect for Indian banks were subdued. The Total Investment & Insurance Solutions

"Asset quality will remain a negative driver of the credit profiles of most rated Indian banks and the stock of impaired loans. Non-performing loans (NPLs) and standard restructured loans will still rise during the horizon of our outlook," Moody's Vice President and Senior Analyst Alka Anbarasu said. The Total Investment & Insurance Solutions

"We expect the pace of deterioration in asset quality over the next 12-18 months should be lower than what was seen over the last five years, and especially compared to FY2016, even as we consider those remaining problem loans which have not been recognised as such in several large accounts," Anbarasu added. The Total Investment & Insurance Solutions

According to Moody's, Indian banks would increase their focus on resolving some of the large problem loan accounts. The Total Investment & Insurance Solutions

Anbarasu said there will be increased pace of debt restructuring under various schemes designed by Reserve Bank of India (RBI). But the weak reserving and pressure on profitability would limit bank's ability to go for bad loan account resolution under RBI schemes.

From ICRA's viewpoint, a muted level of credit off-take -- on the back of weak demand, increasing competition and greater disintermediation -- will continue to exert downward pressure on lending rates. The Total Investment & Insurance Solutions

"Such a development will be partly offset by the fall in the cost of funds, but stubbornly high operating expense levels and elevated credit costs will continue to dent profitability matrices for the banks," said Karthik Srinivasan, an ICRA Senior Vice President.The Total Investment & Insurance Solutions

Bulls struggle to break out - Monday closing report-The Total Investment & Insurance Solutions

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9 January 2017

I had mentioned in Friday’s weekly closing report that bulls may have a tough time. Profit booking, coupled with rupee depreciation subdued the Indian equities markets on Monday. However, recovery in banking, IT (information technology) and FMCG (fast moving consumer goods) sectors somewhat arrested the downward spiral. The wider 51-scrip Nifty of the National Stock Exchange (NSE) inched down by 7.75 points to 8,236.05 points. The Sensex touched a high of 26,860.88 points and a low of 26,701.18 points in the intra-day trade. The Total Investment & Insurance Solutions

The trends of the major indices in the course of Monday’s trading are given in the table below:

 

Major Indices (The Total Investment & Insurance Solutions)

The BSE market breadth was tilted in favour of the bulls - with 1,599 advances and 1,215 declines. Broader markets, specifically Midcap and Smallcap yet again beat the benchmark indices by closing 0.24% and 0.43% higher. Pharma tumbled 1.5% whereas Metal and Auto turned negative with 0.1% of marginal losses. All eyes are on third quarter earnings season and macro data especially after the currency demonetisation. The Total Investment & Insurance Solutions

BEML was the most active stock on bourses after the government decided to divest 26% stake in the company to strategic investors. The stocks surged 20% to Rs1,189 in intra-day to end 16.2% higher. The Total Investment & Insurance Solutions

Granules India has dipped nearly 11% in early morning trade to end 10% lower after the pharmaceutical company said it has received 11 observations from Infarmed (InstitutoNacional da Farmacia E Do Medicamento), the Portuguese drug regulator, for its facility located at Gagillapur, Telangana. The Total Investment & Insurance Solutions

              

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

Top Gainer (The Total Investment & Insurance Solutions)

Asian markets rose on Monday tracking strong closure from main three indices of Wall Street. The Markets remained buoyed post US jobs data and ahead of policy measures under the reign of newly elected President Trump. China was moderately higher by 0.5% led by rise in defence stocks while Hang Seng rose 0.25%. European markets opened lower where investors remained cautious ahead of fresh data from euro zone and volatile energy stocks.

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

 

Asian Indices (The Total Investment & Insurance Solutions)