India's industrial output growth crawls at 1.2%; inflation rises to 3.36%-The Total Investment & Insurance Solutions

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12 September  2017

India's industrial output (The Total Investment & Insurance Solutions) 

India's industrial output expanded by 1.2 percent in July from a year earlier due to good performance of mining and electricity, government data showed on Tuesday. The Total Investment & Insurance Solutions

The index of industrial production (IIP) growth was 4.5 percent in July 2016.

The factory output growth, measured on the Index of Industrial Production (IIP), for April-July period accelerated to 1.7 percent from 6.5 percent in the same period last fiscal, as per the data released by the Central Statistics Office.

Manufacturing sector, which constitutes over 77 percent of the index, showed a growth of 0.1 percent in July as compared to a growth of 5.3 percent in the same month last year. The Total Investment & Insurance Solutions

The output of mining and electricity sectors during the month accelerated to 4.8 percent and 6.5 percent from 0.9 percent and 2.1 percent respectively in June last year. The Total Investment & Insurance Solutions

Capital goods output, which is the barometer of investment, declined by 1 percent from a growth of 8.8 percent a year ago.

Meanwhile, retail inflation rose to a five- month high of 3.36 percent in August due to costlier vegetables and fruits. The consumer price index (CPI) based inflation stood at 2.36 percent in the previous month.

The August inflation number is the highest since March 2017, when it was recorded at 3.89 percent.The Total Investment & Insurance Solutions

Cabinet approves Bill to double tax-free gratuity to Rs 20 lakh-The Total Investment & Insurance Solutions

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12 September  2017

Payment of Gratuity (The Total Investment & Insurance Solutions)

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for introduction of the Payment of Gratuity (Amendment) Bill, 2017 in the Parliament. The Total Investment & Insurance Solutions

The Amendment will increase the maximum limit of gratuity of employees, in the private sector and in Public Sector Undertakings/ Autonomous Organizations under Government who are not covered under CCS (Pension) Rules, at par with Central Government employees.

The Payment of Gratuity Act, 1972 applies to establishments employing 10 or more persons. The main purpose for enacting this Act is to provide social security to workmen after retirement, whether retirement is a result of the rules of superannuation, or physical disablement or impairment of vital part of the body. Therefore, the Payment of Gratuity Act, 1972 is an important social security legislation to wage earning population in industries, factories and establishments. The Total Investment & Insurance Solutions

The present upper ceiling on gratuity amount under the Act is Rs. 10 Lakh. The provisions for Central Government employees under Central Civil Services (Pension) Rules, 1972 with regard to gratuity are also similar. Before implementation of 7th Central Pay Commission, the ceiling under CCS (Pension) Rules, 1972 was Rs. 10 Lakh. However, with implementation of 7th Central Pay Commission, in case of Government servants, the ceiling now is Rs. 20 Lakhs effective from 1.1.2016. The Total Investment & Insurance Solutions

Therefore, considering the inflation and wage increase even in case of employees engaged in private sector, the Government is of the view that the entitlement of gratuity should be revised for employees who are covered under the Payment of Gratuity Act, 1972. Accordingly, the Government initiated the process for amendment to Payment of Gratuity Act, 1972.The Total Investment & Insurance Solutions

Massive jump in petrol rates after dynamic pricing – Decoding the price rise-The Total Investment & Insurance Solutions

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12 September  2017

Petrol prices in the country (The Total Investment & Insurance Solutions)

The Indian basket of imported crude oils gained nearly $3.50 a barrel during last week even as petrol prices in the country touched their highest levels 2014, official data has showed. The Total Investment & Insurance Solutions

Petrol price was hiked by 8 paise a litre and diesel by 10 paise per litre, applicable from 6 a.m. on Tuesday. The Total Investment & Insurance Solutions

Meanwhile, under the daily revision of fuel prices, petrol in Mumbai on Tuesday cost Rs 79.48 a litre, breaching the level it last touched in August 2014.

On Tuesday, petrol per litre cost Rs 70.38 in Delhi, Rs 73.12 in Kolkata and Rs 72.95 in Chennai. The Total Investment & Insurance Solutions

Similarly, diesel price on Tuesday was Rs 58.72 in Delhi, Rs 61.37 in Kolkata, Rs 62.37 in Mumbai and Rs 61.84 in Chennai.

Petroleum products do not come under the Goods and Services Tax (GST) and prices vary at locations according to state taxes.

The Indian basket, comprising 73 percent sour-grade Dubai and Oman crudes, and the balance in sweet-grade Brent, closed trade on the weekend on Friday at $53.63 per barrel, according to the Petroleum Ministry.

The oil basket had gained over a dollar at the start of last week on Monday to close at $51.34 for a barrel of 159 litres.

Earlier this month, Petroleum Minister Dharmendra Pradhan said the dynamic pricing regime would continue despite petrol prices going up by over Rs 7 per litre since the scheme was introduced pan-India from mid-June.

He said dynamic pricing ensures that the benefit of even the smallest change in international oil prices can be passed down the line to the dealers and the end-users. The Total Investment & Insurance Solutions

"Daily revision in prices is good. When we started daily revisions on June 16, rates dropped in the first fortnight. Thereafter, it has increased mainly because of rise in global oil prices," he said. The Total Investment & Insurance Solutions

Daily revision allows any fall in international oil rates to be passed on to consumers immediately rather than having to wait for 15 days as in the old system, he added. The Total Investment & Insurance Solutions

"Should prices be hiked by Rs 2.50 or Rs 3 per litre in one go or they should be spaced out in small doses," he asked.

Earlier, the state-run oil marketing companies used to review and revise retail fuel prices every fortnight on the basis of global crude oil prices, while the revision took effect from midnight. The Total Investment & Insurance Solutions

Dynamic fuel pricing is followed in many developed countries and India opted for it as a response to the recent volatility in global crude oil prices.

The basket of crude oils of the 13-nation Organisation of Petroleum Exporting Countries (OPEC) breached the psychologically-important $50-a-barrel-mark also last week, to close at $50.36 a barrel on September 4. As per latest data, the OPEC basket closed on Friday at $52.53.

Last month, two of OPECs biggest members -- Saudi Arabia and Iraq -- expressed their commitment to abide by an agreement to cut oil production that was signed earlier between OPEC and 10 other nations.The Total Investment & Insurance Solutions

North Korea Relief Sustains Momentum In Global Markets-The Total Investment & Insurance Solutions

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12 September  2017

Japan financial markets (The Total Investment & Insurance Solutions)

Global stock markets remained firm Tuesday as fears over an escalation in tensions between the U.S. and North Korea continued to subside even though the United Nations slapped further sanctions on Pyongyang.

KEEPING SCORE: In Europe, Germany's DAX was up 0.6 percent at 12,550 while the CAC 40 in France was 0.7 percent higher at 5,213. The FTSE 100 index of leading British shares was down however, trading 0.2 percent lower at 7,396, with British stocks suffering from a big rise in the value of the pound. U.S. stocks were poised open at or near record highs, with Dow futures and the broader S&P 500 futures up 0.3 percent. The Total Investment & Insurance Solutions

NORTH KOREA: Tensions between the U.S. and North Korea have been on investors' minds recently. North Korea observed the 69th anniversary of its founding, but did not test another intercontinental ballistic missile, as South Korea's government had warned it might.

ANALYST TAKE: "Once again we find ourselves in a scenario in which no news is good news and while underlying risks remain, the longer we go without another nuclear or missile test, the more positive investors will become," said Craig Erlam, senior market analyst at OANDA. "The only problem with this is that, with the UN having just agreed on new sanctions against North Korea — spearheaded by the U.S. — I wonder how long we will have to wait for an act of provocation in response." The Total Investment & Insurance Solutions

IRMA FEARS: Irma wreaked havoc along the entire Florida peninsula and was still dropping rain and causing power outages and some damage around the Southeast. But the storm had weakened considerably from its peak, relieving investors' worries. Insurers and travel companies did well in U.S. markets Monday, while home improvement stocks declined on expectations of less business from storm repairs. The Total Investment & Insurance Solutions

UK POUND: The pound jumped to its highest level in a year against the dollar after British inflation figures came in higher than anticipated. Official figures showed that inflation spiked up to 2.9 percent in the year to August, in a development that has stoked speculation the Bank of England may raise interest rates sooner than expected regardless of how the country's Brexit discussions shape up in coming months. The pound was up 0.8 percent at $1.3268 in London trading. The pound's rebound from its post-Brexit vote lows is potentially negative news, however, for British firms that have big business interests outside the U.K. And the money they make abroad will be worth less when it is brought back to the U.K. That helps explain why the FTSE 100 index of leading British firms, which is made up of main international companies like BP and Burberry, was a laggard. The Total Investment & Insurance Solutions

ASIA'S DAY: Japan's benchmark Nikkei 225 gained 1.2 percent to finish at 19,776.62, as a weaker yen helped boost sentiment. Australia's S&P/ASX 200 was up 0.6 percent at 5,746.40, while South Korea's Kospi edged up 0.3 percent to 2,365.47. Hong Kong's Hang Seng inched down but was little changed at 27,944.98, while the Shanghai Composite gained nearly 0.1 percent to 3,379.49.

ENERGY: Benchmark U.S. crude rose 16 cents to $48.23 a barrel, while Brent crude, used to price international oils, was up 26 cents to $54.10 a barrel in London. The Total Investment & Insurance Solutions

CURRENCIES: The euro was down 0.2 percent at $1.1930 while the dollar rose 0.4 percent to 109.83 yen.The Total Investment & Insurance Solutions

Nifty, Sensex Turn Up – Monday closing report-The Total Investment & Insurance Solutions

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11 September  2017

  

I had mentioned in Friday’s closing report that Nifty, Sensex were directionless. The major indices of the Indian stock markets rallied on Monday and closed with gains over Friday’s close. The trends of the major indices in the course of Monday’s trading are given in the table below: The Total Investment & Insurance Solutions

 

Major Indices (The Total Investment & Insurance Solutions)

Positive global cues, on the back of easing geo-political tensions, coupled with buying in capital goods, banking and automobile stocks, lifted key Indian equity indices -- the BSE Sensex and the NSE Nifty50 -- during the mid-afternoon trade session on Monday. Index heavyweights like Larsen and Toubro, Maruti Suzuki, HDFC Bank, Hindustan Unilever and Coal India, among others, aided the indices in their bull-run, said market observers. On the NSE, there were 770 advances, 663 declines and 38 unchanged. The Total Investment & Insurance Solutions

The benchmark indices opened higher on Monday tracking positive signals from Asian markets after North Korean dictator Kim Jong Un decided to hold a party over the weekend rather than launch another missile. The Indian rupee opened marginally lower against the US dollar. Shares of gas distribution companies gained after the government renegotiated the pricing of liquefied natural gas (LNG) imported from Australia's Gorgon project to save more than Rs10,000 crore, which has shown positive impact on all the listed oil and gas stocks, pointed out market analysts. The Total Investment & Insurance Solutions

In a bid to build on 'Design Thinking' approach, Infosys on Monday announced it has completed the acquisition of London-based product design and customer experience company Brilliant Basics. The acquisition extended Infosys' digital design services network to include Europe and the Middle East, enhancing the company's expertise across financial services, retail and telco sectors, the IT major said in a statement. The acquisition is in accordance with the terms set out in the agreement announced by the company on August 3. Last month, Infosys had said that it would acquire Brilliant Basics for 7.5-million pounds (approximately Rs63 crore) in an all-cash deal. Through this acquisition, Infosys expanded its worldwide connected network of 'Digital Studios' that are focused on fulfilling needs of global clients for end-to-end digital transformation solutions. The company’s shares closed at Rs878.70, down 0.49% on the NSE.

Bharti Airtel on Monday announced the launch of its Voice over LTE (VoLTE) services in Mumbai. Airtel VoLTE, which works over 4G, will offer customers HD quality voice calls along with faster call set up time, the company said in a statement. "This is a significant milestone in Airtel's network transformation journey under Project Leap. Airtel has built a world-class 4G network across India and with the VoLTE-compatible device ecosystem beginning to mature, we believe it's the right time to enable VoLTE calling as part of our service portfolio," said Abhay Savargaonkar, Director - Networks, Bharti Airtel. "Over the next few months, we will rapidly accelerate the deployment of VoLTE to cover all key geographies to bring HD quality calling to our customers. We keenly look forward to our device partners enabling Airtel VoLTE on their smartphones," he added. Bharti Airtel shares closed at Rs402.95, down 0.38% on the NSE.

GMR Infrastructure on Saturday said that it plans to seek shareholders' approval for raising funds up to Rs2,500 crore. According to a filing with the BSE, the company said that it will seek the shareholders' nod at its 21st annual general meeting on September 29, 2017. "Approval of the shareholders is being sought inter-alia, for raising of funds, up to Rs2,500 crore in one or more tranches, through issue of equity shares/equity linked instruments, debentures or any other securities as an enabling resolution as per the requirements of applicable laws," the filing said. The company’s shares closed at Rs17.30, up 0.29% on the NSE.

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

 

Top Gainer (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)

Passenger car sales up 12% in August-The Total Investment & Insurance Solutions

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11 September  2017

 

Passenger cars (The Total Investment & Insurance Solutions) 

Sales of domestic passenger cars increased by 11.80 per cent in August, as compared to the same period last year, industry data showed on Monday.

As per the Society of Indian Automobile Manufacturers (SIAM) data, 198,811 passenger cars were sold in August 2017 compared to 177,829 units sold in August 2016. The Total Investment & Insurance Solutions

The off-take of other sub-segments such as utility vehicles zoomed up by 19.62 per cent during the month to 78,664 units, while sales of vans rose by 11.30 per cent to 16,860 units. The Total Investment & Insurance Solutions

Industry data revealed that the overall domestic passenger vehicle sales edged higher by 13.76 per cent in August to 294,335 units from 258,737 sold during the corresponding period in 2016.The Total Investment & Insurance Solutions

Age limit to join NPS raised to 65 years: Regulator-The Total Investment & Insurance Solutions

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11 September  2017

 

National Pension Scheme (NPS) (The Total Investment & Insurance Solutions)

The Pension Fund Regulatory and Development Authority (PFRDA) on Monday announced that the upper age limit for joining the National Pension Scheme (NPS) had been raised to 65 years, from the current 60.

Chairman PFRDA Hemant Contractor made the announcement here at a conference on "Transferring Superannuation Funds to National Pension System", saying the pension regulator's board had already approved the change and it would be notified shortly. The Total Investment & Insurance Solutions

"NPS is currently open for people between 18 and 60, and our Board has approved raising the age limit for joining to 65," Contractor said.

"The scheme anyway has the option of continuing and making contributions up to the age of 70," he added. The Total Investment & Insurance Solutions

Explaining that the rationale behind government reforms in pensions is to facilitate "portability", or the transfer of superannuation funds by making the NPS more attractive and customer-friendly.

"The aim is to open up pensions to sectors that are without pensions," he said, noting that only 15-16 per cent of employees in India are covered by pensions because an overwhelming 85 per cent of the workforce is found in the unorganised, or "informal", sector.

Elaborating on the benefits of the NPS, Contractor said it is the "lowest-cost pension product in the world today".

"Costs are important because even one per cent difference in cost over 25-30 years, makes around 15-16 per cent difference at the end because of the compounding factor." The Total Investment & Insurance Solutions

"Our fund management charges are a miniscule 0.01 per cent... the lowest, when you compare others charging 0.4 or 0.5 per cent," he said, adding that the NPS returns compare with the "best in the industry".The Total Investment & Insurance Solutions

Afghanistan Seeks Speedy Development Of Iranian Port-The Total Investment & Insurance Solutions

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11 September  2017

India Afghanistan (The Total Investment & Insurance Solutions)

Afghanistan's foreign minister asked India on Monday to expedite development of a strategic port in Iran to bolster a trade route for land-locked Central Asian countries that would bypass Pakistan.

The port would allow India to transport goods to Afghanistan by sea. Pakistan currently does not allow India to transport through its territory to Afghanistan.

Last year, India committed up to $500 million for the development of the Chabahar port along with associated roads and rail lines.

Indian External Affairs Minister Sushma Swaraj responded that India would speed up the port development and begin supplying wheat to Afghanistan within weeks through Chabahar. The Total Investment & Insurance Solutions

In his new Afghanistan strategy unveiled last month, U.S. President Donald Trump asked India to do more to help Afghanistan's development.

Afghan Foreign Minister Salahuddin Rabbani also asked India to expand an air freight corridor introduced between the two countries in June to provide greater access for Afghan goods to the Indian market.

Swaraj, who hosted Rabbani in New Delhi, told reporters that India and Afghanistan jointly agreed to embark on a "new development partnership" in keeping with Afghanistan's priorities. The Total Investment & Insurance Solutions

She said more than 100 new development projects would be implemented jointly.

She said India will assist in a drinking water supply project for Kabul, low-cost housing for returning refugees, a water supply network for Charikar city, and a polyclinic in Mazar-e-Sharif. The Total Investment & Insurance Solutions

India will also help Afghanistan build human resource capacities and skills, especially in education, health, agriculture, energy, administration and resource management, Swaraj said. The Total Investment & Insurance Solutions

The Afghan foreign minister said the two countries reaffirmed their resolve to strengthen their security and defense cooperation, but did not give any details.

India already has donated three multirole Mi-35 helicopters to Afghanistan, and trains Afghan security forces and police personnel.The Total Investment & Insurance Solutions

Global Stocks Spike On Relief Over North Korea Restraint-The Total Investment & Insurance Solutions

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11 September  2017

Hong Kong financial markets (The Total Investment & Insurance Solutions)

Global stock markets rallied and the dollar strengthened Monday as investors breathed a sigh of relief that Hurricane Irma, which has caused so much devastation in the Caribbean and in Florida, was weakening and that North Korea refrained from any potentially antagonistic move during a weekend holiday.

KEEPING SCORE: In Europe, Germany's DAX was up 1.1 percent at 12,435 while the CAC 40 in France rose 1.1 percent to 5,167. The FTSE 100 index of leading British shares was 0.3 percent higher at 7,401. U.S. stocks were poised for a solid opening with Dow futures and the broader S&P 500 futures 0.5 percent higher.

PYONGYANG PARTY: North Koreans observed the country's 69th founding anniversary with celebrations that included laying flowers and bowing at statues and portraits of past leaders. But Pyongyang did not carry out another test of an intercontinental ballistic missile, as South Korea's government had warned it might do. Attention now moves to the United Nations, where the United States has called for a vote later Monday on new sanctions.

STORMY WEATHER: Investors were waiting for damage assessments after Hurricane Irma battered Florida's coastline, knocking out power to millions and flooding the financial district in downtown Miami and toppling two construction cranes there. The storm was now headed for the heavily populated Tampa-St. Petersburg area, though in a weakened state. Irma was a Category 5 storm when it battered Cuba but weakened to Category 1 after hitting Florida.

MARKET INSIGHT: "Traders have started the new week hungry for risk, pushing equities and base metals higher on reduced concerns about North Korea and Hurricane Irma," said Mike van Dulken, head of research at Accendo Markets.

DOLLAR BENEFITS TOO: The dollar, which has endured a few difficult weeks on a combination of factors, including elevated geopolitical risks, was tracking stocks higher. The euro was down 0.3 percent at $1.1998 while the dollar rose 0.7 percent to 108.62 yen. The Total Investment & Insurance Solutions

ASIA'S DAY: Japan's benchmark Nikkei 225 index jumped 1.4 percent to close at 19,545.77 as the yen came off recent highs against the dollar, easing pressure on exporters. South Korea's Kospi advanced 0.7 percent to 2,359.08, Hong Kong's Hang Seng added 1 percent to 27,955.49, and the Shanghai Composite in mainland China rose 0.3 percent to 3,376.42. Australia's S&P/ASX 200 added 0.7 percent to 5,713.10. The Total Investment & Insurance Solutions

ENERGY: Benchmark U.S. crude rose 29 cents to $47.77 a barrel in electronic trading on the New York Mercantile Exchange while Brent crude, used to price international oils, fell 18 cents to $53.60 a barrel in London.The Total Investment & Insurance Solutions

UTI - Fixed Term Income Fund – Series XXVII – VIII (1117 days) is suitable for investors who are seeking regular income for fixed term-The Total Investment & Insurance Solutions

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9^Th  September 2017

UTI - Fixed Term Income Fund – Series XXVII – VIII (1117 days)-(The Total Investment & Insurance Solutions)