Cotton Association of India has increased 2017-18 cotton production estimate by 5 lakh bales-The Total Investment & Insurance Solutions

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12 June 2018

 

Cotton(The Total Investment & Insurance Solutions)

The Cotton Association of India (CAI) today increased its May estimate of the cotton crop production for the 2017-18 season (October to September) by five lakh bales to 365 lakh bales. The Total Investment & Insurance Solutions

The April estimate of cotton crop was at 360 lakh bales of 170 kgs each.

The upward revision in the May estimates is mainly due to higher yield estimated in Gujarat, Karnataka, Andhra Pradesh, Madhya Pradesh and Tamil Nadu, CAI said in a release. The Total Investment & Insurance Solutions

The total cotton supply up to May 31 this year has been projected at 378.50 lakh bales, which consists of the opening stock of 30 lakh bales at the beginning of the season on October 1, 2017, the arrival of 340 lakh bales up to May 31, and imports which is estimated at 8.50 lakh bales up to May end.

Further, CAI said, it has estimated cotton consumption for eight months, October 2017 to May 2018, at 216 lakh bales at an average of 27 lakh bales per month, while the export shipment till May 31 has been estimated at 62 lakh bales.

The total stocks at the end of May is estimated at 100.50 lakh bales, including 58 lakh bales with textile mills, while the remaining 42.50 lakh bales are expected to be held with the Cotton Corporation of India (CCI) and others (traders, ginners, among others). The Total Investment & Insurance Solutions

CAI has estimated total cotton supply till end of the season, that is up to September 30, at 410 lakh bales.

The domestic consumption for the season was estimated at 324 lakh bales, while the exports for the season was projected to be at 70 lakh bales.

The carry-over stock at the end of the 2017-18 crop year is estimated at 16 lakh bales. The Total Investment & Insurance Solutions

Around 93 per cent of the total crop for the season has already arrived in the market up to May 31 this year, CAI added.The Total Investment & Insurance Solutions

Kim, Trump agree on 'complete denuclearization' of Korean Peninsula-The Total Investment & Insurance Solutions

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12 June 2018

completely denuclearize (The Total Investment & Insurance Solutions)

North Korean leader Kim Jong-un agreed with US President Donald Trump to completely denuclearize the Korean Peninsula in exchange for security guarantees, according to an agreement signed between them here on Tuesday.

In the pact that came after an over four-hour historic summit between Trump and Kim earlier in the day, the two countries also committed to work towards the development of fresh relations and promote "peace, prosperity and security" in the region. The Total Investment & Insurance Solutions

The meeting was held at the Capella Hotel on Singapore's resort island of Sentosa. The Total Investment & Insurance Solutions

"President Trump committed to provide security guarantees to North Korea and Chairman Kim Jong Un reaffirmed his firm and unwavering commitment to complete denuclearization of the Korean Peninsula," the agreement said.

It also said that US Secretary of State Mike Pompeo will meet a senior North Korean official "at the earliest possible date" to continue with the negotiations.

The agenda of the follow-up talks will include a commitment to "establish new US-North Korea relations in accordance with the desire of the people of the two countries for peace and prosperity" and discussions on building "a lasting and stable peace regime on the Korean Peninsula".

Kim and Trump acknowledged that the summit was of great significance in helping the two countries overcome decades of tension and hostilities and open up a new future in their relations. The Total Investment & Insurance Solutions

Reaffirming the Panmunjom Declaration which South Korean President Moon Jae-in and Kim signed after the third inter-Korean summit on April 27 at the border village of Panmunjom, North Korea agreed to commit to working towards the complete denuclearization of the Korean Peninsula, it added.

Pyongyang and Washington also agreed to commit to recovering the remains of prisoners of war and those missing in action during the 1950-53 Korean War, including an immediate repatriation of those already identified.

The two leaders acknowledged that Tuesday's summit was "an epochal event of great significance" and decided to "commit to implement the stipulations in this joint statement fully and expeditiously".

The summit in Singapore was the first between the leaders of North Korea and the US after nearly 70 years of confrontation and 25 years of failed negotiations and tensions over Pyongyang's nuclear programme.The Total Investment & Insurance Solutions

US, Global Stock Markets Mixed After Trump-Kim Summit-The Total Investment & Insurance Solutions

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12 June 2018

China financial markets (The Total Investment & Insurance Solutions)

U.S. and global stock markets were mostly higher Tuesday as investors worked through the outcome of the meeting between President Donald Trump and North Korean leader Kim Jong Un. The Total Investment & Insurance Solutions

KEEPING SCORE: The Dow Jones industrial average was down 23 points, or 0.1 percent, to 25,299 as of 9:50 a.m. Eastern. The Standard & Poor's 500 index rose a point, or less than 0.1 percent, to 2,783 and the Nasdaq composite rose 15 points, or 0.2 percent, to 7,675. The Total Investment & Insurance Solutions

SUMMIT WATCH: Trump and Kim concluded their summit by signing a joint document in which they committed to working "toward complete denuclearization of the Korean Peninsula" and to joining together "to build a lasting and stable peace regime" on the Korean Peninsula.

The broad promises largely reiterated past agreements and included a commitment to "establish new U.S.-DPRK relations" but many of the details were vague and there was no agreement to end the technical state of war between North and South Korea. The Total Investment & Insurance Solutions

ANALYST'S TAKE: "Deal or no deal? Just don't ask what comprises a 'deal' and we are fine. At the risk of sounding a tad frivolous, that appears to be the truth of the matter," said Vishnu Varathan of Mizuho Bank in Singapore of the Trump-Kim summit. The Total Investment & Insurance Solutions

AT&T WATCH: A federal judge is expected to rule on the proposed merger of AT&T and Time Warner on Tuesday afternoon after markets close. The Trump administration sued to block the proposed $85 billion merger. Time Warner shares were down 9 cents to $96.08 and AT&T shares were up 27 cents to $34.44.

CENTRAL BANKS: The Federal Reserve starts a two-day meeting on interest rates on Tuesday. The Total Investment & Insurance Solutions

Investors expect the central bank to raise its benchmark rate by a quarter of a percentage point to a range of 1.75-2 percent. However investors' attention will focus more on how many additional rate hikes Fed officials may do this year. On Thursday, the European Central Bank will meet and could outline an end to its stimulus program, while on Friday the Bank of Japan is due to give its latest policy update. The Total Investment & Insurance Solutions

INFLATION: The government said that U.S. consumer prices rose 0.2 percent in May, with surging gasoline costs driving much of the increase. The Labor Department said Thursday that the consumer price index climbed 2.8 percent last month from a year earlier, putting inflation on its fastest annual pace since February 2012. But core prices — which exclude the volatile food and energy categories — have risen a milder 2.2 percent over the past 12 months.

Fed officials have been closely watching inflation data, since they have a target of inflation being roughly 2 percent per year. Right now, inflation is running hotter than what officials want, which could mean more interest rate hikes.

ENERGY: Benchmark U.S. crude fell 14 cents to $65.96 a barrel. Brent crude, used to price international oils, fell 46 cents to $76.01 per barrel in London.The Total Investment & Insurance Solutions

Nifty, Sensex On an Uptrend – Tuesday closing report-The Total Investment & Insurance Solutions

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11 June 2018

The major indices of the Indian stock markets were volatile on Monday and closed with minor gains over Friday’s close. On the NSE, there were 1,013 advances, 712 declines and 348 unchanged. The trends of the major indices in the course of Monday’s trading are given in the table below:

Sales of domestic passenger cars edged higher by 19.64% in May 2018, industry data showed on Monday. The S & P BSE Auto Index closed at 24,989.32, up 0.12% on the BSE.

State-run Allahabad Bank, which referred 65 stressed accounts involving around Rs12,566 crore to the NCLT for IBC resolution during last fiscal, is focusing on recovery and rebalancing its loan book with emphasis on small, micro, agriculture and retail advances, it claimed. Allahabad Bank shares closed at Rs45.55, down 1.62% on the NSE.

The State Bank of India (SBI), the country's largest public sector lender, recorded its highest non-performing asset (NPAs) of Rs1.1 lakh crore in 2017-18, almost equal to what it had registered in the decade before, according to information available through RTI and the bank's annual report. SBI shares closed at Rs273.60, up 0.22% on the NSE.

Monetary policy announcements by global central banks coupled with the upcoming release of major macro-economic data points on industrial production and inflation are expected to set the trend for the domestic equity indices. According to market observers, other key factors such as rupee's movements against the US dollar and fluctuations in crude oil prices as well as developments on monsoon's progress will impact investors' risk-taking appetite. This week will have a flurry of economic data for India. "A negative surprise in inflation data would reinforce the hawkish stance of RBI (Reserve Bank of India). A weaker external sector data would have an impact on INR, especially during a negative EM (emerging markets) sentiment. IIP (Index of Industrial Production) would be watched closely for an ongoing economic expansion,” pointed out market analysts. 

The Central Statistics Office (CSO) is slated to release the macro-economic data points of IIP and CPI (Consumer Price Index) on June 12. Subsequently, other major macro-economic data points such as WPI (Wholesale Price Index), Current Account Deficit and Balance of Trade figures will be released. On the global front, monetary policy announcements by the US Federal Reserve, ECB (European Central Bank) and the Bank of Japan (BoJ) will form major themes for the week. The US Fed rate move and language will set the tone for sentiment in EM (emerging markets) as well Indian markets. The key is whether the US Fed pays attention to the vulnerable EM situation. Besides, the movement of Indian rupee against the US dollar and fluctuations in global crude oil prices will also set the course for the key indices.

Alembic Pharmaceuticals has received approval from the US health regulator for generic Fluoxetine Hydrochloride tablets used for the treatment of depression and panic disorder. The approval is for the generic version of Eli Lilly and Company’s Prozac tablets in the same strengths, Alembic Pharma said in a BSE filing today. The tablets are indicated for treatment of major depressive disorder and obsessive compulsive disorder in adult and paediatric patients, it said. They are also indicated for treatment of binge—eating and vomiting behaviour in moderate to severe Bulimia Nervosa and acute treatment of panic disorder, in adult patients. “The company has received approval from the US Food and Drug Administration (USFDA) for its abbreviated new drug application for Fluoxetine Hydrochloride tablets, 10 mg and 20 mg”, it said. These tablets have an estimated market size of USD 120 million for 12 months ending December 2015 according to IMS, the company added. Alembic Pharmaceuticals’ shares closed at Rs521.25, up 19.87% 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:

Major Indices (The Total Investment & Insurance Solutions)

Government may launch Rs 500 cr credit enhancement fund in July: Finance Ministry-The Total Investment & Insurance Solutions

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11 June 2018

 

credit enhancement (The Total Investment & Insurance Solutions)

"India is launching a dedicated fund may be next month to provide credit enhancement for infrastructure projects which will help in upgrading credit ratings of bonds issued by infrastructure companies and facilitate investment from investors like pension and insurance funds," said Kumar Vinay Pratap, joint secretary (infrastructure, policy and finance), ministry of finance (MoF).

He was speaking at an event here on private sector participation in resource mobilisation organised by the MoF. Total Investment & Insurance Solutions

The initial corpus of the fund, to be sponsored by IIFCL (India Infrastructure Finance Company), will be Rs 500 crore, and it will operate as a non-banking finance company, he said. Total Investment & Insurance Solutions

Pratap said there is a "mismatch" at present, where bonds floated by infrastructure finance firms are typically rated BBB, whereas regulatory agencies mandate a rating of at least 'AA' for investments by the long-term pension and insurance funds. Total Investment & Insurance Solutions

He attributed the delay in fructification of the budget announcement to the time taken in amending the NBFC-CE (credit enhancement) notification by the Reserve Bank of India (RBI) and also getting all stakeholders together.

IIFCL will hold a 22.5 per cent stake in the NBFC, while the Asian Infrastructure Investment Bank (AIIB) has offered to pick up a 10 per cent stake, Pratap said, adding that state-run SBI, Bank of Baroda and LIC will also have stakes in the firm. Total Investment & Insurance Solutions

The joint secretary said the World Bank had evinced interest to pump-in Rs 5,000 crore for the fund initially, but the government declined it because it wanted to start small for proving the concept. Total Investment & Insurance Solutions

He said at present, the banking system does a bulk of infrastructure project financing and exposes itself to asset liability management (ALM) mismatches and hence, alternatives like raising of money through corporate bonds is necessary.

It can be noted that the present state of the banking system, where all the lenders are saddled with NPAs, will also make it necessary to accommodate alternatives.

Pratap said bank lending to the infra segment has slowed down in the past few years and the annual growth rates plummeted to 3 per cent between FY14 and FY17, against 43 per cent from FY2000 to FY13.

The NPAs from the segment have also ballooned to 9 per cent in FY17, from 3 per cent in FY13, he said. Total Investment & Insurance Solutions

At present, only USD 110 billion is being invested in infrastructure, against a requirement of USD 200 billion, leading many analysts to classify India as an infrastructure deficit country. Total Investment & Insurance Solutions

However, he said there is a need for the private sector to be more active on the infrastructure investment front.The Total Investment & Insurance Solutions

Passenger car sales up 20% in May-The Total Investment & Insurance Solutions

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11 June 2018

 

passenger cars(The Total Investment & Insurance Solutions)

Sales of domestic passenger cars edged higher by 19.64 per cent in May, industry data showed on Monday. The Total Investment & Insurance Solutions

According to the data furnished by the Society of Indian Automobile Manufacturers (SIAM), 199,479 passenger cars were sold in May as compared to 166,732 in the corresponding month of 2017.

The off-take of other sub-segments of passenger vehicle category such as utility vehicles rose by 17.53 per cent during the month to 82,086 units while sales of vans zoomed by 29.54 per cent to 19,673 units.

The SIAM data revealed that overall domestic passenger vehicle sales edged higher by 19.65 per cent in May to 301,238 units from 251,764 units in the corresponding period in 2017.The Total Investment & Insurance Solutions

Inflation likely hit a four-month high in May on oil price surge-The Total Investment & Insurance Solutions

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11 June 2018

inflation(The Total Investment & Insurance Solutions)

 India’s retail inflation jumped further in May to a four-month high, primarily driven by a surge in energy prices, according to a Reuters poll of economists, suggesting more policy tightening from the central bank is coming.

On 6 June, the Reserve Bank of India (RBI) raised the repo rate for the first time since 2014, by 25 basis points to 6.25%, as recent data showed significant increases for both inflation and growth. But the central bank kept its “neutral” policy stance unchanged. The Total Investment & Insurance Solutions

Mounting price pressure is a concern for the RBI, with its own projections for inflation raised compared with the ones made in May.

The poll of more than 30 economists taken 4-8 June showed annual consumer price inflation likely increased to 4.83% last month, the highest since January and above April’s 4.58%. The Total Investment & Insurance Solutions

If that predicted pace is realised, May will be the seventh month in a row with inflation higher than the RBI’s medium-term target of 4%.

“Consumer price inflation is likely to have accelerated in May, due in large part to a rise in fuel inflation,” noted Shilan Shah, a senior India economist at Capital Economics. “Core inflation will also have remained elevated, and this is likely to be the case for some time.” The Total Investment & Insurance Solutions

Poll forecasts for the data, due to be released on Tuesday 12 June at 5.30pm, ranged from 4.1% to 5.7%. The Total Investment & Insurance Solutions

Oil prices hit a 3-1/2-year high last month, led by increasing worries of supply constraints from US President Donald Trump’s decision to withdraw from the 2015 Iran nuclear agreement. The Total Investment & Insurance Solutions

India imports almost 80% of its oil needs and that surge poses a threat not just to inflation but also to the recovering economy, which still is the fastest-growing major economy. The Total Investment & Insurance Solutions

“Rising crude prices would not only impact headline inflation but would also put pressure on price levels as the twin deficit goes up,” noted Kunal Kundu, an economist at Societe Generale, referring to India’s budget and current account gaps. The Total Investment & Insurance Solutions

The government’s plan to increase rural spending and the minimum support price for farmers ahead of general elections next year will exacerbate price pressures, and is likely to blow out the fiscal deficit target.

What has also not helped is the weakening rupee, which has shed 5.7% against the dollar this year. The Total Investment & Insurance Solutions

The currency’s fall is also inflationary, and increases concern about capital outflows from Asia’s third-largest economy - another reason that some expect more rate hikes by the RBI. The Total Investment & Insurance Solutions

The poll also showed the wholesale prices index likely hit a six-month high of 3.82% in May. The Total Investment & Insurance Solutions

“The outlook for core inflation suggests that (the 6 June) rate hike by the central bank marks the start of a modest tightening cycle rather than being a case of a one-off move,” noted Shah. “We are penciling in two further 25 basis point increases in the repo rate over the next six months or so.”

The poll also predicted industrial output to have risen 5.2% in April from a year earlier, up from 4.4% in March. That was likely driven by the increase in output of eight core factories - which account for nearly 40% of total industrial production - by 4.7% in April from a year earlier. The March increase was 4.4%.The Total Investment & Insurance Solutions

Global Markets Higher Ahead Of Trump-Kim Meeting-The Total Investment & Insurance Solutions

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11 June 2018

South korea financial markets (The Total Investment & Insurance Solutions)

Global markets mostly rose Monday as Donald Trump prepared to meet North Korean leader Kim Jong Un following the American president's outburst at Canada's prime minister over trade. European markets were boosted by an Italian official's declaration that the country has no intention of leaving the euro.

KEEPING SCORE: Germany's DAX was up 0.4 percent to 12,818 and Britain's FTSE 100 gained 0.8 percent to 7,743. Paris's CAC 40 added 0.3 percent to 5,464, while Italy's FTSE MIB jumped 2.2 percent to 21,820. On Wall Street, the future for the Dow Jones industrial average was up 0.1 percent and that for the Standard & Poor's 500 index was flat. The Total Investment & Insurance Solutions

NORTH KOREA TALKS: U.S. and North Korean officials were preparing for a meeting Tuesday between Trump and Kim aimed at settling the standoff over the North's nuclear arsenal. North Korea has reportedly said it is willing to deal away its entire nuclear arsenal if the United States provides it with reliable security assurances and other benefits. But many say Kim's government is unlikely to give up weapons that help guarantee its survival.

TRADE TENSIONS: Trump took more swipes at Canadian Prime Minister Justin Trudeau, contending that "Fair Trade is now to be called Fool Trade if it is not Reciprocal." Trump roiled the meeting of leaders of the Group of Seven major industrial economies by first agreeing to a group statement only to withdraw from it while complaining about Trudeau's criticism of his tariff threats. After leaving Canada, Trump called Trudeau "dishonest" and "weak" on Twitter. German Chancellor Angela Merkel said she found Trump's tweet disavowing the G-7 statement "a little depressing." The Total Investment & Insurance Solutions

ANALYST'S TAKE: "The far from harmonious Quebec summit confirmed deep-seated G-6+1's expanding policy fissures on a plethora of significant concerns including climate change, the Iran nuclear deal and of course trade," Stephen Innes of currency trader Oanda said in a report. "The Trump-Kim summit is the massive event that has a far-reaching regional implication. While the markets had low expectations going into G-7, assumptions are running high, so if the talks somehow go sideways, there could be a reasonably aggressive regional risk-off move." The Total Investment & Insurance Solutions

EURO WATCH: Italy's markets jumped higher after the economy minister said the country's new populist government isn't considering leaving the eurozone or adding to the high public debt load. The statement was the strongest yet on the topic from an official in the new government. Markets had fallen sharply last month on concern that the new administration might consider pulling Italy out of the euro eventually or weakening its role in the currency.

CENTRAL BANKS: Looking ahead, investors will be keeping an eye on key central bank meetings this week. The U.S. Federal Reserve is expected to announce an interest rate Wednesday. On Thursday, the European Central Bank is expected to give more indications about whether it might bring forward a rate hike now expected in mid-2019. On Friday, the Bank of Japan is due to give its latest policy update. The Total Investment & Insurance Solutions

ASIA'S DAY: Tokyo's Nikkei 225 rose 0.5 percent to 22,804.04 while the Shanghai Composite Index lost 0.5 percent to 3,052.78. Hong Kong's Hang Seng added 0.3 percent to 31,063.70 and Seoul's Kospi advanced 0.8 percent to 2,470.15. India's Sensex added 0.7 percent to 35,689.79 while benchmarks in New Zealand and Southeast Asia also gained. Australian markets were closed for a holiday.

ENERGY: Benchmark U.S. crude shed 74 cents to $65006 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 21 cents the previous session to close at $65.74. Brent crude, used to price international oils, lost 69 cents to $75.77 per barrel in London. It lost 86 cents the previous session to $76.46. The Total Investment & Insurance Solutions

CURRENCY: The dollar rose to 110.00 yen from Friday's 109.54 yen. The euro gained to $1.1786 from $1.1770.The Total Investment & Insurance Solutions