China, U.S. discuss road map for next stage of trade talks-The Total Investment & Insurance Solutions

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11 December 2018

 

China and the United States(The Total Investment & Insurance Solutions)

China and the United States discussed a road map for the next stage of their trade talks on Tuesday during a telephone call as a report that China is moving to cut tariffs on American-made cars boosted automakers’ shares .

U.S. President Donald Trump and Chinese President Xi Jinping agreed at a Dec. 1 meeting in Argentina to a truce that delayed a planned Jan. 1 U.S. increase of tariffs to 25 percent from 10 percent on $200 billion worth of Chinese goods.

China’s commerce ministry said in a statement that Vice Premier Liu He had spoken to U.S. Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer early on Tuesday, Beijing time, on a prearranged telephone call.

A U.S. Treasury spokesman confirmed that the call took place, but offered no further details. Meanwhile, automakers’ shares rose after a Bloomberg report that China is moving to cut import tariffs on American-made cars to 15 percent from the current 40 percent.The Total Investment & Insurance Solutions

Trump, without providing details, wrote in an early morning post on Twitter: “Very productive conversations going on with China! Watch for some important announcements!” The Total Investment & Insurance Solutions

White House adviser Kellyanne Conway welcomed the auto tariffs report but did not confirm it. “It’s really great news, and I hope our friends in the auto industry see it that way as well,” she told reporters at the White House.

The U.S. Trade Representative’s office did not immediately respond to a query about the call with the Chinese. The Total Investment & Insurance Solutions

China’s commerce ministry said, “Both sides exchanged views on putting into effect the consensus reached by the two countries’ leaders at their meeting, and pushing forward the timetable and road map for the next stage of economic and trade consultations work.”

Lighthizer said on Sunday that unless U.S.-China trade talks wrapped up successfully by March 1, new tariffs would be imposed, clarifying there was a “hard deadline” after a week of seeming confusion among Trump and his advisers. The Total Investment & Insurance Solutions

The Wall Street Journal, citing people familiar with the issue, said Liu planned to go to Washington after the new year. The Total Investment & Insurance Solutions

The Harvard-educated Liu, Xi’s top economic adviser, is leading the talks on the Chinese side. The Total Investment & Insurance Solutions

In comments reported separately by China’s foreign ministry, the government’s top diplomat, State Councillor Wang Yi said, “If China and the United States are antagonistic, then there are no winners, and it will hurt the whole world.

The United States should look at China’s development in a more positive light, and constantly look to “expand the space and prospects for mutual benefit,” he told a forum. The Total Investment & Insurance Solutions

Some global financial markets have been jittery about the clash between the world’s two largest economic powers over China’s huge trade surplus with the United States and Washington’s claims that Beijing is stealing intellectual property and technology. The Total Investment & Insurance Solutions

The recent arrest in Canada of a top executive at China’s Huawei Technologies Co Ltd [HWT.UL] has also roiled many world markets amid fears it could further inflame the China-U.S. trade row. Hours before a bail hearing in the case, a former Canadian diplomat was detained in China, two sources said on Tuesday.The Total Investment & Insurance Solutions

Nifty, Sensex May Rally a Bit More – Tuesday closing report -The Total Investment & Insurance Solutions

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11 December 2018

 

financial markets (The Total Investment & Insurance Solutions)

I had mentioned in Monday’s closing report that Nifty, Sensex were headed for more losses. 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 trends of the major indices in the course of Tuesday’s trading are given in the table below: The Total Investment & Insurance Solutions

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. The leadership changes will be effective from January 1, 2019, the company said in a statement. Jagdish Mitra, currently the Chief Strategy & Marketing Officer, will take over the responsibility of driving growth of the Enterprise Business.  Manoj Chugh, who is currently the Enterprise Business Head at Tech Mahindra, will take over as President, Corporate Affairs at Mahindra & Mahindra Group. Sanjeev Nikore, currently leading Strategic Initiatives, will now become Head of Marketing at Tech Mahindra. Tech Mahindra shares closed at Rs696.00, up 1.18% on the NSE.

Apple has appealed against a Chinese court ruling that banned the sale and import of most iPhone models after granting Qualcomm an injunction against Apple, a stunning decision that comes amid the trade war between the US and China, CNBC reported. Apple accused Qualcomm of playing dirty tricks, including asserting a patent that had already been invalidated by international courts, and other patents that it had never before used. "Qualcomm's effort to ban our products is another desperate move by a company whose illegal practices are under investigation by regulators around the world," Apple said in a statement on Monday. The ban does not cover the new iPhone XS, iPhone XS Plus or iPhone XR, which were not yet available when Qualcomm, an American microchip maker, filed its lawsuit, CNN reported. The ruling was announced publicly on Monday but put into effect last week, but Apple said in a statement that all iPhone models remain available in China. 

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. TCS shares closed at Rs1,998.35, up 1.19% on the BSE.

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 company’s shares closed at Rs346.70, up 1.66% on the BSE. 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 company’s shares closed at Rs2,710.00, up 0.76% on the BSE.

Strides Shasun reported that Vivimed Pte. Ltd, a 50:50 JV (joint venture) of the company in Singapore has received approval from the US FDA for its Albendazole Tablets USP. It is an anthelmintic medication used to treat certain infections caused by tapeworm. The company’s shares closed at Rs458.40, up 6.42% on the BSE.

Lupin has received tentative approval for its Apixaban Tablets from the US FDA to market a generic version of Bristol-Myers Squibb Company's Eliquis® Tablets. The company’s shares closed at Rs835.35, up 2.49% on the BSE.

Titagarh Wagons has been awarded a contract to manufacture and supply of 5,058 Wagons to Indian Railways. These Wagons are BOXN HL type, designed to carry coal, steel, stones etc. and the value of order is Rs1,560.87 crore. The company’s shares closed at Rs71.60, up 7.59% on the BSE. The Total Investment & Insurance Solutions

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

Nifty, Sensex Headed for More Losses – Monday closing report-The Total Investment & Insurance Solutions

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10 December 2018

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

On Tuesday, the results of Assembly elections in Rajasthan, Madhya Pradesh, Chhattisgarh, Telangana and Mizoram will be declared. The elections are considered as a crucial indicator of public mood before the Lok Sabha elections next year. Besides the election outcome, a rise in crude oil prices after the Organization of Petroleum Exporting Countries (OPEC) and Russia decided to go in for a production cut of 1.2 million barrels per day from 2019 might hinder the markets' attempts to arrest the fall. Investors were also spooked due to fears of slowing global economic growth and an escalation in trade protectionist measures after the arrest of Huawei's Global CFO over alleged violation of US sanctions on Iran. On the currency front, the Indian rupee weakened to 71.32 against the US dollar from its previous close of 70.81. The Total Investment & Insurance Solutions

The sale of passenger vehicles in the domestic market declined by 3.43% on a year-on-year basis in November to 266,000 units, according to the Society of Indian Automobile Manufacturers (SIAM) data on Monday. The data showed that domestic sales of passenger vehicles in November 2017 stood at 275,440 units. Among the sub-segments, the sale of passenger cars in the domestic market during the month stood at 179,783 units, 0.91% lower than the 181,435 units sold in the year ago period. 

Further, the number of utility vehicles sold in India rose by 10.18% to 69,884 units in November 2018, whereas 16,333 units of vans were sold last month, up from 16,198 units in November 2017. However, the commercial vehicle segment's domestic sales rose 5.71% to 72,812 units last month, the SIAM data showed. Nifty Auto Index closed at 8,784.25, down 0.96% on the BSE. The Total Investment & Insurance Solutions

Petrol prices across the four metros have declined by nearly 15% from the record high levels they had reached in October. In Delhi, petrol was priced at Rs 70.70 per litre, lower by 14.64% from the all-time high of Rs 82.83, recorded on October 16 and 17, data from the Indian Oil Corp's website showed. On Friday, the petrol price in the national capital was Rs 70.92 per litre. In the other metros of Kolkata, Mumbai and Chennai, the cost of petrol has declined 14.05%, 13.60% and 14.83%, respectively from the highs reached on October 16 at Rs 72.75, Rs 76.28 and Rs 73.33 per litre on Saturday. On Friday, prices in the respective cities were Rs 72.97, Rs 76.50 and Rs 86.10 per litre. The slide in domestic fuel prices comes in line with the recent decline in crude oil prices due to high supplies.  However, as the Organisation of Petroleum Exporting Countries (OPEC) on Friday decided to reduce its oil supply by 1.2 million barrels per day for the first half of 2019, prices may see an up-turn leading to a reversal in India's domestic fuel prices movement. Indian Oil Corporation shares closed at Rs134.30, down 3.51% on the NSE.

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. Lupin shares closed at Rs809.55, down 3.77% on the NSE. The Total Investment & Insurance Solutions

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. Escorts shares closed at Rs601.10, down 4.08% on the NSE. The Total Investment & Insurance Solutions

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. The company’s shares closed at Rs617.30, up 0.21% on the NSE.

Jet Airways reported a downgrade in Credit rating by ICRA. Long term Loans & NCDs were downgraded to '[ICRA] C' from '[ICRA] B' with Negative Outlook. The reason was that there were delays in the implementation of proposed liquidity initiatives by the company. The company’s shares closed at Rs256.50, down 7.15% on the NSE.

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. L & T shares closed at Rs1,372, down 1.99% on the NSE. The Total Investment & Insurance Solutions

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)

Direct tax collections at Rs 6.75 lakh cr till November -The Total Investment & Insurance Solutions

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10 December 2018

 

Tax (The Total Investment & Insurance Solutions)

Showing an increase of 15.7 per cent over the last year, the gross direct tax collections till November stood at Rs 6.75 lakh crore, according to provisional figures released on Monday.

This was despite a 50 per cent rise in filing of income-tax returns over the last year.

The government said the collections in the corresponding period of the last fiscal included collections under the Income Declaration Scheme amounting to Rs 10,833 crore, which do not form part of the current year's collections.

Of the total tax collected, refunds amounting to Rs 1.23 lakh crore have been issued during April-November, which is 20.8 per cent higher than refunds issued during the same period in the preceding year, the Finance Ministry said in an official statement. The Total Investment & Insurance Solutions

"Net collections (after adjusting for refunds) have increased by 14.7 per cent to Rs 5.51 lakh crore during April-November. The net direct tax collections represent 48 per cent of the total Budget Estimates (Rs 11.5 lakh crore) of direct taxes for FY19," the statement said. The Total Investment & Insurance Solutions

It said while the Corporate Income Tax was growing at 17.7 per cent, Personal Income Tax collections were growing at 16 per cent.

Last week, the Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra had said that over six crore income-tax returns had already been filed this year for the assessment year 2018-19, showing an increase of 50 per cent over the last year. The Total Investment & Insurance Solutions

He also expressed confidence that the government would meet the Rs 11.5 lakh crore direct tax collection target.The Total Investment & Insurance Solutions

Head Of India's Central Bank Resigns Amid Government Split-The Total Investment & Insurance Solutions

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10 December 2018

RBI (The Total Investment & Insurance Solutions)

The head of India's central bank resigned Monday amid a growing split between the Indian government and the independent monetary policy authority.

Reserve Bank of India Gov. Urjit Patel said in a statement posted on the bank's website that he was resigning for personal reasons.

The government of Prime Minister Narendra Modi has disagreed with some of the central bank's decisions under Patel, including a move to restrict lending by debt-ridden banks. The Total Investment & Insurance Solutions

Government officials said the central bank had excess reserves that should be transferred to the treasury. The Total Investment & Insurance Solutions

Modi's government issued a sweeping demonetization order in 2017 to try to reduce black-market dealings. But a central bank report in August showed that most of the currency banned by the order had been deposited into various banks, undermining that move.The Total Investment & Insurance Solutions

Oilseeds, pulses procurement progressing at a snail’s pace -The Total Investment & Insurance Solutions

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10 December 2018

 

Seeds (The Total Investment & Insurance Solutions)

The prime minister’s pet scheme to ensure higher income for farmers through robust procurement in coordination with states is moving at a snail’s pace, with just about 11% of the target achieved in the first two months, officials said.

 Food Corporation of India (FCI) and National Agricultural Cooperative Marketing Federation of India Ltd (Nafed), which have a target to procure 33 lakh tonne of oilseeds and pulsesunder the Pradhan Mantri Annadata Aay SanraksHan Abhiyan (PM-Aasha) in the 2018-19 marketing season ending March, have only been able to procure 3.75 lakh tonne so far.

 “The arrivals are delayed and quality of the crop is not good, hence the procurement is slow,” said Sanjeev Kumar Chadha, managing director at Nafed. “Also, the private players have started procuring urad and soyabean, (prices of) which are now ruling closer to the MSP. In a fortnight we will start procuring tur from the southern states,” he told .

Chadha said private players are acquiring urad at Rs 5,400-5,500 a quintal while the MSP was Rs 5,600 per quintal. Soyabean is being sold in mandi at Rs 4,000 a quintal against MSP of Rs 3,399 a quintal, he said. “The market is correcting,” he said.

According to government officials, Nafed and FCI have started procurement only in a few selected districts of Madhya Pradesh, Rajasthan, Gujarat, Maharashtra and Andhra Pradesh. In Karnataka, FCI will soon start procurement of arhar/tur, they said.

Of the total procurement, 70% will be procured by Nafed and the rest by FCI, officials said. An official from FCI told ET that the corporation has so far procured only 6,000 tonnes of pulses and oilseed out of its total target of 2.9 lakh tonnes. “The procurement will pick pace by next week in Karnataka with tur/arhar arrivals,” the person said.

Apart from this, FCI has procured 195 lakh tonne of rice, similar to the previous year for 2018-19 kharif marketing season. It has set a target to procure 370 lakh tonne rice this year. The procurement is expected to continue till January 2019, officials said.

The government has estimated pulses output in this kharif season in the country at 92.2 lakh tonne and that of oilseeds at 222 lakh tonne. Meanwhile, in Madhya Pradesh 7.78 lakh soyabean farmers and 2.11 lakh maize farmers, who have 12/10/2018 Oilseeds, pulses procurement progressing at a snail’s pace sold produce in regulated markets and mandis under Bhavantar Bhugtan Yojna till December 5, will get bonus of Rs 500 into his bank account for the sale of his produce after January 19. The Total Investment & Insurance Solutions

World Stocks Slip On China-US Tensions, Brexit Uncertainty-The Total Investment & Insurance Solutions

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10 December 2018

financial markets (The Total Investment & Insurance Solutions)

World stocks fell on Monday as tensions between the U.S. and China over the arrest of a senior executive of telecoms supplier Huawei raised concerns about talks on trade. Reports that a key Brexit vote could be scrapped added to the uncertainty, pushing down the pound. The Total Investment & Insurance Solutions

KEEPING SCORE: In Europe, Germany's DAX lost 0.4 percent to 10,740 and the CAC 40 in France declined 0.5 percent to 4,789. Britain's FTSE 100 rose 0.3 percent to 6,795 as shares in multinationals were boosted by the drop in the pound. Wall Street was set to open lower. Dow and S&P 500 futures were both down 0.3 percent.

ASIA'S DAY: Japan's benchmark Nikkei 225 slid 2.1 percent to 21,219.50 after revised data showed its economy shrinking by a worse-than-expected 2.5 percent in the third quarter. South Korea's Kospi fell 1.1 percent to 2,053.79. Hong Kong's Hang Seng shed 1.2 percent to 25,752.38 and the Shanghai Composite index was 0.8 percent lower at 2,584.58. Australia's S&P/ASX 200 declined 2.3 percent to 5,552.50. Shares fell in Taiwan, Singapore, Indonesia and the Philippines. The Total Investment & Insurance Solutions

HUAWEI ARREST: China slammed the detention of Huawei chief financial officer Meng Wanzhou on Dec. 1 as "extremely egregious" and demanded that the U.S. cancel an order for her arrest, the official Xinhua News Agency reported. She is suspected of trying to evade U.S. trade curbs on Iran. A bail hearing for Meng, who was arrested while changing planes in Vancouver, Canada, was set to resume Monday. In a meeting with Terry Branstad, the U.S. ambassador to Beijing, Vice Foreign Minister Le Yucheng urged Washington to "immediately correct its wrong actions" and vowed to take further steps depending on the U.S. response, Xinhua said. The two countries recently agreed to hold off on imposing further tariffs for 90 days while they attempt to resolve a range of issues from trade to technology development.

ANALYST'S TAKE: Although the Huawei arrest "falls under the purview of independent courts, the timing of it is unfortunate and could jeopardize the truce that was just agreed," Chang Wei Liang of Mizuho Bank said in a commentary. "Markets have correspondingly responded by reducing risk on the table, waiting to assess the extent of any political fallout." The Total Investment & Insurance Solutions

BREXIT: Prime Minister Theresa May will address parliament amid reports that she is considering cancelling a vote to approve the Brexit deal she had struck with the EU. May has been expected to lose the vote by a large margin. Scrapping the vote could lead to several scenarios, including more negotiations to tweak the deal. The pound hit an 18-month low at $1.2660 on the uncertainty.

SLOWING CHINESE EXPORTS: China's exports rose 5.4 percent to $227.4 billion in November over a year earlier, customs data released on Saturday showed. This is a broad decline from the 12.6 percent surge in the previous month. Imports climbed 3 percent to $182.7 billion, compared with a 20.3 percent jump in October. The numbers suggest a deepening slowdown in the world's second-largest economy that could weigh on global growth.

ENERGY: Oil prices edged down after getting a boost by OPEC and other major oil producers' decision to reduce production by 1.2 million barrels a day starting from January. The cuts will last for six months. U.S. benchmark crude fell 68 cents to $51.93 a barrel. It gained $1.12 on Friday. Brent crude, used to price international oils, shed 61 cents to $61.06. The contract added $1.61 a barrel on Friday.

CURRENCIES: The dollar eased to 112.65 yen from 112.72 yen late Friday. The euro rose to $1.1422 from $1.1379.The Total Investment & Insurance Solutions

Gift Your Child a Bright Future-The Total Investment & Insurance Solutions

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9^Th  December  2018

HDFC Child (The Total Investment & Insurance Solutions)