Counting of votes in presidential election on July 20 -The Total Investment & Insurance Solutions

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19 July 2017

Counting of the ballots cast in the July 17 presidential election will be taken up here on Thursday to decide the fate of two contenders -- the ruling NDA's candidate Ram Nath Kovind, who has a clear edge, and the combined Opposition nominee Meira Kumar.

Officials said all preparations have been made for the vote count and that all ballot boxes have already reached Parliament House by Tuesday evening amid tight security. 

They said the counting will begin at 11 a.m. simultaneously across four tables. There will be eight rounds of counting, and announcements made after every round.

Polling to choose the successor to President Pranab Mukherjee, who demits office on July 24, was held simultaneously at 32 polling stations -- one in Parliament House and one each in 29 state assemblies and two union territories with assemblies. The Total Investment & Insurance Solutions

Lok Sabha Secretary General Anoop Mishra is the Returning Officer for the election, and will issue the certificate to the winning candidate. The Total Investment & Insurance Solutions

Officials said the seals of ballot boxes will be opened on Thursday in the presence of representatives of the two candidates -- former Bihar Governor Kovind and former Lok Sabha Speaker Meira Kumar -- and the observers of the Election Commission. The Total Investment & Insurance Solutions

In Monday's polling, several states registered 100 per cent polling. The overall poll percentage was pegged at 99.41 per cent. A total of 776 members of Parliament and 4,120 legislators were eligible to cast votes. The Total Investment & Insurance Solutions

In the electoral arithmetic, Kovind has a distinct advantage over his rival as parties like the Janata Dal-United and the Biju Janata Dal, otherewise not allied with the Bharatiya Janata Party, had decided to vote for him. The Total Investment & Insurance Solutions

The Janata Dal-United has about 1.91 per cent of electoral college votes, while the BJD of Odisha has 2.99 per cent. The Total Investment & Insurance Solutions

In addition, the ruling Telengana Rashtra Samithi in Telangana (two per cent), different factions of AIADMK (5.39 per cent), and the YSR Congress (1.53 per cent) also had announced their backing for Kovind. The Total Investment & Insurance Solutions

The value of vote of an MP is 708 while that of an assembly member varies from state to state depending on the size of its population. The Total Investment & Insurance Solutions

The total value of votes of the presidential electoral college is 10,98,903, and the NDA candidate is slated to get over 63 per cent votes. The Total Investment & Insurance Solutions

In the last presidential election in 2012, Pranab Mukherjee had defeated P.A. Sangma and got over 69 per cent votes. The Total Investment & Insurance Solutions

US Housing Starts Rebounded In June-The Total Investment & Insurance Solutions

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19 July 2017

Home Construction (The Total Investment & Insurance Solutions)

Homebuilders ramped up construction in June to the fastest pace in four months, led by surges in the Northeast and Midwest. The Total Investment & Insurance Solutions

Housing starts climbed 8.3 percent in June to a seasonally adjusted annual rate of 1.22 million, the Commerce Department said Wednesday. The gain ended three straight monthly declines and marked the strongest pace of building since February. Home construction has risen 3.9 percent year-to-date, but that slight increase has been unable to make up for the decrease in existing homes being listed for sale.

The June housing figures point to healthy demand that new construction alone has been unable to satisfy. Fewer existing homes are being listed for sale, while purchase prices for newly built homes have surged at pace more than six times wage growth. As a result, more Americans are rushing to purchase homes but are struggling to do so because of a lack of supplies and higher costs.

Builders also face higher costs for land and materials, putting a limit on just how much construction can occur. The Total Investment & Insurance Solutions

"Steady gains in construction are expected over the next year, supported by still-strong fundamental demand for housing," said Jennifer Lee, a senior economist at BMO Capital Markets. "But acting as a bit of a roadblock are problems that the builders face: rising lumber costs, and shortages of labor and lots to build on, which will boost pricing." The Total Investment & Insurance Solutions

So far this year, builders have turned their attention toward single-family houses and away from rental apartments. Starts of single-family houses have risen 7.9 percent, while construction of multi-family buildings has slipped 4.2 percent.

Housing starts jumped a stunning 83.7 percent in the Northeast and 22 percent in the Midwest, growth that is unlikely to be sustained. The government's home construction report can be volatile on a monthly basis. Sales edged up in the West but declined in the South.

Building permits, an indicator of future construction, were up 7.4 percent to 1.25 million.

Construction firms are confident that demand will continue, but they have also begun to temper their expectations. The Total Investment & Insurance Solutions

The National Association of Home Builders/Wells Fargo builder sentiment index fell to 64 in July, the lowest level since November. Readings above 50 indicate more builders view sales conditions as good rather than poor. The Total Investment & Insurance Solutions

The median price of a new home sold in May rose 16.8 percent from a year ago to a record $345,800. Prices have been increasing as demand has outstripped supply of new homes, in part because of a shortage of available building lots.The Total Investment & Insurance Solutions

Global Stocks Up Modestly As Focus Turns To Central Banks-The Total Investment & Insurance Solutions

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19 July 2017

Japan Financial Market (The Total Investment & Insurance Solutions)

Global stock markets eked out some modest gains Wednesday as investors turned their attention to upcoming central bank meetings in Japan and Europe. The Total Investment & Insurance Solutions

KEEPING SCORE: In Europe, Britain's FTSE 100 was up 0.2 percent at 7,405 while the CAC 40 of France rose 0.2 percent to 5,183. Germany's DAX was 0.1 percent higher at 12,444. Wall Street looked set for a tepid start, with both the Dow futures and the broader S&P 500 futures unchanged.

CENTRAL BANKS: Amid a dearth of market-driving news, investors are awaiting policy decisions Thursday from the European Central Bank and the Bank of Japan. Few fireworks are expected. The ECB is expected to tread softly as it inches toward scaling back its monetary stimulus in the form of 60 billion euros ($69 billion) in monthly bond purchases. Japan's central bank, likewise, is not expected to make any drastic moves, given recent subdued data on inflation and consumer sentiment.

CHINA-US: Top economic officials of the world's two biggest economies meet Wednesday in Washington for the first session of the China-U.S. Comprehensive Dialogue. The outcome of the talks will likely provide a sense of the direction relations will take as President Donald Trump seeks to deliver on promises to reduce the U.S. trade deficit. The Total Investment & Insurance Solutions

ANALYST COMMENT: "With a lack of tier-1 data in the day, the market could find eyes shifting to the rebranded U.S.-China Comprehensive Economic Dialogue today," Jingyi Pan of IG said in a commentary. "It has been interesting to note that the U.S. had once again exerted pressure ahead of the meeting highlighting expectations and the market is expected to keep a keen eye on the event."

ASIA'S DAY: Japan's Nikkei 225 stock index edged 0.1 percent higher to 20,020.86 and the Hang Seng in Hong Kong climbed 0.6 percent to 26,672.16. The S&P ASX 200 in Australia jumped 0.8 percent to 5,732.10, while the Shanghai Composite index added 1.4 percent to 3,230.98. South Korea's Kospi added 0.2 percent to 2,429.94. Shares in Southeast Asia were mixed.

CURRENCIES: The euro was down 0.2 percent at $1.1527 while the dollar was unchanged at 112 yen.

ENERGY: Benchmark U.S. crude rose 16 cents to $46.56 a barrel in electronic trading on the New York Mercantile Exchange, while Brent crude, the international standard, gained 23 cents to $49.07 per barrel.The Total Investment & Insurance Solutions

Nifty, Sensex Crack – Tuesday closing report-The Total Investment & Insurance Solutions

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18 July 2017

The major indices of the Indian stock markets suffered a correction on Tuesday and closed with losses over Monday’s close. The trends of the major indices in the course of Tuesday’s trading are given in the table below: The Total Investment & Insurance Solutions

 

Major Indices (The Total Investment & Insurance Solutions)

After a day of trading at a record high, the Indian equity markets on Tuesday fell mainly due to the decline in ITC, coupled with negative global cues. According to market analysts, the key equity indices were dragged lower by a free fall witnessed in the stocks of the largest FMCG company ITC, following which the S&P BSE FMCG index plunged by 637.54 points or around 6%. The plunge in the stocks of the blue chip firm followed the increasing of compensation cess rates on cigarettes by the GST Council on Monday in view of the reduction in tax on the demerit good under the new indirect tax regime. On the NSE, there were 479 advances, 966 declines and 52 unchanged. The shares of Bharti Airtel, Sun Pharma and NTPC rose, whereas the shares of ITC and Reliance Industries (RIL) fell. ITC fell 13% to Rs282.65 after most of the brokerages downgraded the stock and also cut its target price after government increased cess on cigarettes. RIL was pressured after the news of arbitration award going against it.

Despite the government's concentrated efforts towards making India a manufacturing hub, the median hourly salary in the manufacturing sector decreased by 16%, from Rs251.90 in 2014 to Rs252.10 in 2015 and Rs211.7 in 2016, a report said on Tuesday. "The rate at which the salaries in the sector are dipping could pose a challenge to attract new talent entering the marketplace," the Monster Salary Index (MSI) for 2016 stated. The findings of the report indicate that manufacturing is the lowest paid sector with a median gross hourly salary of Rs211.70. Analysing various parameters, the report highlights that employees in the manufacturing sector with only secondary education earn Rs101.40, which is 62.6% less than post-graduates at Rs270.80. "Manufacturing sector is the backbone for a mature economy as it fuels growth, productivity, employment and strengthens agriculture and service sectors," the report said. The S & P BSE Manufacturing Index closed at 426.88, down 1.42% on the BSE.

Bata India is aggressively penetrating into footwear markets of tier-III and -IV cities to reach out to consumers in untapped markets, a company official said on Tuesday. "We have increased our focus to improve the performance of the single-town Bata stores," company Chairman Uday Khanna told shareholders at the 84th annual general meeting here. He also said that the footwear retail industry in India was accelerating and it provided immense scope for the company to reach out to different kinds of consumers in untapped markets of semi-urban and rural areas. Khanna said the footwear major had adopted a dual strategy of driving same-store growth while adding new retail stores in malls, high street locations. According to the company's latest annual report, it plans to add around 100 new retail stores and 50 new franchise stores during the current year to increase its presence in the malls, high street markets and in tier-II and -III cities across India. The shares of Bata India closed at Rs569.85, up 2.65% on the BSE.

Reliance Commercial Finance Ltd on Tuesday said it closed the first quarter of the current fiscal with a net profit of Rs65 crore logging a growth of 44%. In a statement issued here, the company, a subsidiary of Reliance Capital Ltd, said it had earned a total income of Rs490 crore and a net profit of Rs65 crore for the quarter ended June 30. Reliance Commercial Finance's total disbursement were Rs3,579 crore and the outstanding loan book was Rs13,839 crore. The Assets under Management (AUM) stood at Rs17,450 crore logging a year-on-year growth of 6%. The gross non-performing asset was at 4.1%. Reliance Capital shares closed at Rs669.00, down 0.23% on the BSE. The Total Investment & Insurance Solutions

Automobile major Tata Motors on Monday said that it will launch SUV Nexon during the upcoming festive season with two new engine options. According to the company, it has added two new engines - the 1.2L turbocharged petrol and the 1.5L diesel -- to its powertrain portfolio. These engines will debut in the new SUV. "Both these engines have been designed and developed post extensive feedback from auto enthusiasts, expert drivers, followed by extensive testing across India, on different terrains," said Mayank Pareek, President, Passenger Vehicle Business Unit, Tata Motors. The shares of the company closed at Rs456.05, up 0.39% on the BSE. 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)

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)

Rs 11.23 crore fake currency detected post note ban: Jaitley-The Total Investment & Insurance Solutions

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18 July 2017

Fake currency totalling Rs 11.23 crore has been detected since demonetisation, Finance Minister Arun Jaitley said on Tuesday. .The Total Investment & Insurance Solutions

Data available from the National Crime Records Bureau (NCRB) indicates that 1.58 lakh notes of fake currency, having a face value of Rs 11.23 crore, have been detected in 29 states post demonetisation until July 14, Jaitley said in a written reply to the Rajya Sabha.

A mobile app has been launched by Reserve Bank of India (RBI), which allows the users to see the features of Mahatma Gandhi (New) Series Rs 500 and 2,000 notes to check their authenticity.

The app can be downloaded from the Play Store/App Store in android/iPhone respectively.

The Minister also said that bank notes with writing on them are treated as soiled notes and can be deposited in bank accounts or exchanged at any bank branch.The Total Investment & Insurance Solutions

Committee formed to review speed limit of vehicles: Minister -The Total Investment & Insurance Solutions

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18 July 2017

The government has constituted a committee to review the speed-limit of various classes of motor vehicles and make suitable recommendations, Minster of State for Road Transport and Highways Mansukh Lal Mandaviya said on Tuesday. The Total Investment & Insurance Solutions

The government had in 2014 set the maximum-permissible speed-limit for passenger vehicles with up to eight seats (excluding driver) at 100 km per hour, and with nine or more seats at 80 km per hour.

The maximum permissible speed limit for motorcycles and goods carriage vehicles was set at 80 kmph, Mandaviya said in a written reply to a question in the Rajya Sabha.

He added that the Road Transport and Highways Ministry had issued multiple notifications mandating fitment of speed governor on "certain category of transport vehicles with maximum pre-set speed of 80 kmph and for transport vehicles like dumpers, tankers, school buses and those carrying hazardous goods with maximum speed of 60 kmph". The Total Investment & Insurance Solutions

Dollar Slide After Trump's Planned Health Reforms Implode-The Total Investment & Insurance Solutions

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18 July 2017

Japan financial market (The Total Investment & Insurance Solutions)

Global shares and the dollar stuttered Tuesday as a planned health care overhaul in the U.S. imploded and raised questions over the prospects for President Donald Trump's reform agenda.

KEEPING SCORE: In Europe, France's CAC 40 fell 0.7 percent to 5,191 while Germany's DAX dropped 1.1 percent to 12,445. The FTSE 100 index of leading British shares bucked the trend after softer than anticipated inflation figures reined in expectations of an imminent interest rate hike from the Bank of England. The index was up a tad at 7,406. U.S. stocks were poised for a subdued open, with Dow futures and the broader S&P 500 futures down 0.1 percent. The Total Investment & Insurance Solutions

HEALTHCARE REFORM: The Senate Republican health care bill suffered a potentially fatal setback Monday when two more GOP senators announced they would vote no in an initial, critical vote expected as soon as next week. The implosion leaves the divided GOP with its flagship legislative priority in tatters.

DOLLAR DIVES: The dollar has been particularly hit by Trump's failure to repeal and replace his predecessor's flagship health care reforms. The euro was up 0.7 percent at $1.1554 while the dollar fell 0.5 percent to 112.04 yen. The Total Investment & Insurance Solutions

ANALYST TAKE: "The dollar doesn't actually care about the health care bill specifically, but rather what it means for Trump's ability to get anything done, something that could come to affect his infrastructure and tax plans down the road," said Connor Campbell, financial analyst at Spreadex.

UK RATE RELIEF: Inflation in Britain unexpectedly fell in the year to June, in a development that's likely to ease market expectations that the Bank of England will raise interest rates soon. The Office for National Statistics said consumer prices were 2.6 percent higher in the year to June, down from 2.9 percent the previous month. The pound fell sharply after the inflation data as traders priced in a lower interest rate profile. It was down 0.3 percent at $1.3016. Earlier it had hit a 2017 high above $1.31 as traders bet that the inflation data would be higher than anticipated and potentially force the hand of the bank to raise interest rates soon. The Total Investment & Insurance Solutions

ASIA'S DAY: Japan's benchmark Nikkei 225 lost 0.6 percent to finish at 19,999.91 as the yen gained against the dollar. Australia's S&P/ASX 200 dipped 1.2 percent to 5,687.40. South Korea's Kospi was flat at 2,426.04. Hong Kong's Hang Seng climbed 0.2 percent to 26,524.94, while the Shanghai Composite added 0.4 percent to 3,187.57. Shares in Southeast Asia were mixed, and India's Sensex dropped 0.9 percent to 31,798.54. The Total Investment & Insurance Solutions

ENERGY: Benchmark U.S. crude was up 77 cents at $46.79 a barrel while Brent, the international standard, rose 87 cents to $49.29 a barrel. The Total Investment & Insurance Solutions

Nifty, Sensex make new highs – Monday closing report-The Total Investment & Insurance Solutions

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17 July 2017

I had mentioned in Friday’s closing report that Nifty, Sensex were in consolidation mode. The major indices of the Indian stock markets were range-bound on Monday and closed with small 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)

With the onset of quarterly results and Parliament's monsoon session, the Indian equity markets traded with gains during the mid-afternoon session on Monday.  On the NSE, there were 799 advances, 863 declines and 312 unchanged. On the BSE there were 1,299 advances, 1,378 declines and 178 unchanged. The Total Investment & Insurance Solutions

Indian markets opened at record high. Both the Nifty and the Sensex opened 'gap-up' and hit levels of 9,920 and 32,131 respectively (intra-day). The Nifty50, which opened with a gap, hit a fresh record high of 9,920 on Monday but pared gains as investors preferred to book some profits at higher levels. Sensex firmed up 74 points aided by fresh buying by participants and availability of more foreign capital. BSE mid-cap and small-cap were trading in the green while healthcare and FMCG (fast moving consumer goods) were trading in the red.

Upcoming quarterly results and Parliament's monsoon session, as also the direction of foreign funds flow will set the course for the equity indices in the coming week, market observers opine. With markets already at dizzying heights, potential triggers like news on monsoon's progress and global trends like monetary policy review by major international central banks could unleash "volatility", analysts feared. The markets will focus on earnings this week though the expectations remain muted for the last quarter. Markets are trying to analyse the earnings impact due to GST disruption, pointed out market analysts. The worry on rising PE (price-earning) ratio of benchmark indices is being overwhelmed by larger domestic fund flows and a buoyant global economy. Companies like Reliance Industries, Ultratech Cement, ACC, Wipro, Bajaj Auto, Kotak Mahindra Bank, Jubilant FoodWorks and Ashok Leyland are expected to announce their quarterly results in the course of the   week.

Industry body Assocham on Sunday said the Banking Regulation (Amendment) Ordinance has empowered the Reserve Bank of India (RBI) to take up "bad loans worth about Rs8 lakh crore" for resolution by March 2019. According to an Assocham study, the move has the potential to bring down the non-performing asset (NPA) levels and "significantly improve" the financial health of banks. "Somewhat bitter medicine came in the form of the Ordinance promulgated by the President in May," Assocham's Secretary General D.S. Rawat said. "The government gave wide-ranging legislative powers to the RBI to issue directions to lenders to initiate insolvency proceedings for the recovery of bad loans that have reached unacceptably high levels." In case of a default, the recent Ordinance has authorises RBI to direct lenders for initiating insolvency resolution process under the provisions of the Insolvency and Bankruptcy Code (IBC), 2016. Bank Nifty closed at 24,015.05, up 0.32%. The Total Investment & Insurance Solutions

Mahindra & Mahindra on Saturday said the Life Insurance Corporation of India (LIC) has brought down its stake to less than 10% in the company by divesting around two per cent of its holding in the firm. After the stake sale, the life insurer now has 9.958 per cent stake in the company, it said in a regulatory filing. The insurance firm has sold more than 1.24 crore shares through market sale, the company added. Mahindra & Mahindra shares closed at Rs1,383.30, up 0.44% on the BSE. The Total Investment & Insurance Solutions

A plethora of events, such as hopes of a rate cut by the Reserve Bank of India (RBI), fresh inflows of foreign funds and the onset of the quarterly earnings season, had pushed the Indian equity markets to a record high during the week ended Friday.

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)

RBI might take up NPAs worth Rs 8 lakh crore for resolution by 2019: Assocham-The Total Investment & Insurance Solutions

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17 July 2017

Industry body Assocham on Sunday said the Banking Regulation (Amendment) Ordinance has empowered the Reserve Bank of India (RBI) to take up "bad loans worth about Rs 8 lakh crore" for resolution by March 2019. The Total Investment & Insurance Solutions

According to an Assocham study, the move has the potential to bring down the non-performing asset (NPA) levels and "significantly improve" the financial health of banks.

"Somewhat bitter medicine came in the form of the Ordinance promulgated by the President in May," Assocham's Secretary General D.S. Rawat said.

"The government gave wide-ranging legislative powers to the RBI to issue directions to lenders to initiate insolvency proceedings for the recovery of bad loans that have reached unacceptably high levels." The Total Investment & Insurance Solutions

In case of a default, the recent Ordinance has authorises RBI to direct lenders for initiating insolvency resolution process under the provisions of the Insolvency and Bankruptcy Code (IBC), 2016. The Total Investment & Insurance Solutions

Further, the law empowers the RBI to set up sector related oversight panels that "will shield bankers" from any action which might be initiated by probe agencies on a later date.

In the past, lenders have been reluctant to resolve NPAs through settlement schemes or to "sell bad loans with hair cuts" to asset reconstruction companies for fear of probe agencies. 

"With the institution of OC (overseeing committee), the top bankers should get some cushion against the 3Cs (CBI, CAG and CVC), since the key decisions which involve taking losses by the banks, would be taken by an institutional mechanism and not one or few individuals," said Assocham's study titled "NPAs Resolution: Light at the end of tunnel by March 2019". The Total Investment & Insurance Solutions