Petrol, diesel prices hit highest level since Modi government came to power in 2014-The Total Investment & Insurance Solutions

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24 January  2018

Petrol, diesel(The Total Investment & Insurance Solutions)

Petrol prices on Wednesday hit the highest level since the BJP government came to power in 2014.

Petrol prices were hiked by 5 paise and diesel prices were raised by 18 paise per litre today according to daily fuel price list of state-owned oil firms.

Petrol price rose to Rs 72.43 per litre in Delhi, highest since March 2014, while diesel price rose to Rs 63.38 per litre in Delhi.

In Mumbai, prices have crossed Rs 80-mark - costliest in the country.

Diesel is being sold at Rs 67.50 in Mumbai, where the local sales tax or VAT rates are higher.

The spurt in rates, caused by the rally in international oil prices, has led to the oil ministryasking the finance ministry for a cut in excise duty in the Union Budget 2018-19, to be presented in Parliament next week.

The reduction sought is part of the pre-Budget memorandum submitted by the ministry for the consideration of Finance Minister Arun Jaitley, officials said.

The central government levies Rs 19.48 per litre excise duty on petrol and Rs 15.33 on diesel.

VAT on petrol in Delhi is Rs 15.39 per litre while on diesel it is Rs 9.32.

The rally in oil prices has renewed calls to the government to cut excise duty to cushion the burden on common man.

The BJP-led NDA government had raised excise duty nine times between November 2014 and January 2016 to shore up finances as global oil prices fell, but cut the tax only once in October last year by Rs 2 per litre.

The excise duty in October 2017 was cut when petrol price had reached Rs 70.88 per litre in Delhi and diesel was priced at Rs 59.14.

Because of the excise duty cut, diesel prices had on October 4, 2017 come down to Rs 56.89 and petrol to Rs 68.38. However, subsequent rally has wiped away all the gains and prices have touched new highs.

The October 2017 excise duty cut cost the government Rs 26,000 crore in annual revenue and about Rs 13,000 crore during the remaining part of the current fiscal year that ends on March 31, 2018.

The government had between November 2014 and January 2016 raised excise duty on petrol and diesel on nine occasions to take away gains arising from plummeting global oil prices.

In all, duty on petrol was hiked by Rs 11.77 per litre and that on diesel by 13.47 a litre in those 15 months which helped the government's excise mop-up to more than double to Rs 2,42,000 crore in 2016-17 from Rs 99,000 crore in 2014-15.

State-owned oil companies in June last year dumped the 15-year old practice of revising rates on 1st and 16th of every month and instead adopted a dynamic daily price revision to instantly reflect changes in cost. Rates during the first fortnight starting June 16 dropped but have been on the rise since July 4.

Since then prices are revised on daily basis. Today, price of petrol went up by 15 paisa per liter and that of diesel by 19 paisaThe Total Investment & Insurance Solutions

TCS becomes second co to surge past Rs 6 lakh cr mcap mark-The Total Investment & Insurance Solutions

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24 January  2018

TCS (The Total Investment & Insurance Solutions)

Tata Consultancy Services' market valuation surged past the Rs 6 lakh crore mark today, becoming the second company to achieve the milestone after Reliance Industries Ltd.

At the close of trade today, the market capitalisation (m-cap) of TCS stood at Rs 6,07,709.74 crore.

Shares of the IT major rose by 2.30 per cent to end at Rs 3,174.60 on BSE. Intra-day, it gained 4.88 per cent to Rs 3,254.80 -- its 52-week high.

The company had briefly surpassed RIL to become the country's most valued firm in terms of market valuation during the afternoon trade on BSE.

RIL later regained its status as the most valued Indian firm with a market valuation of Rs 6,10,938.21 crore.

Market valuation of Reliance Industries Ltd had crossed the Rs 6 lakh crore mark on November 1 last year.

Shares of RIL ended with a loss of 1.75 per cent at Rs 964.55.

In the ranking of top-five firms in the m-cap chart, RIL remained at number one position followed by TCS, HDFC Bank (Rs 5,08,822.40 crore), ITC (Rs 3,43,161.36 crore) and HDFC (Rs 3,04,812.47 crore).The Total Investment & Insurance Solutions

Global Stocks Slip On Renewed Jitters Over Trade Friction-The Total Investment & Insurance Solutions

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24 January  2018

Japan financial markets (The Total Investment & Insurance Solutions)

Global stocks mostly fell on Friday and the dollar weakened on concerns about conflict over trade after the U.S. imposed tariffs on some imports.

KEEPING SCORE: France's CAC 40 fell 0.1 percent to 5,529, while Germany's DAX was down almost 0.1 percent at 13,554. Britain's FTSE 100 fell 0.5 percent to 7,691. U.S. shares were set for small gains, with Dow futures adding 0.4 percent and S&P 500 futures up 0.3 percent.

TRADE TROUBLES: President Donald Trump's move Tuesday to tax imported solar cells and washing machines was denounced by several nations including China, Germany and Mexico and is likely to heighten tensions between the United States and its trade partners. Touchier trade cases lie ahead, involving China's overproduction of steel and aluminum and its theft of trade secrets. On Wednesday, U.S. Commerce Secretary Wilbur Ross conceded that China could respond by imposing its own tariffs on U.S. products.

ANALYST VIEWPOINT: "Above all, what is spooking the markets today is a trade war," Naeem Aslam of ThinkMarkets said in a commentary.

ASIA'S DAY: Japan's benchmark Nikkei 225 slipped 0.8 percent to finish at 23,940.78, while Hong Kong's Hang Seng index rose 0.1 percent to 32,958.69. The Shanghai Composite index edged nearly 0.4 percent higher to 3,559.47 and South Korea's Kospi gained less than 0.1 percent to 2,538.00. Australia's S&P/ASX 200 rose 0.3 percent to 6,054.70. Shares fell in Taiwan and were mixed in Southeast Asia.

QUALCOMM FINE: Shares in chipmaker Qualcomm were down 1.3 percent in premarket trading after the European Union fined it over $1.23 billion for allegedly paying Apple to use its chips exclusively for half a decade. Qualcomm says it will appeal the fine.

CURRENCIES: The dollar fell across the board. It was down to 109.50 yen from 110.32 yen late Tuesday in Asia. The euro hit a three-year high against the dollar, rising to $1.2346 from $1.2299.

ENERGY: Benchmark U.S. crude rose 26 cents to $64.73 a barrel in electronic trading on the New York Mercantile Exchange. It rose 90 cents on Tuesday. Brent crude, used to price international oils, fell 4 cents to $69.92.The Total Investment & Insurance Solutions

Sensex, Nifty may be range-bound - Monday closing report-The Total Investment & Insurance Solutions

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23 January  2018

I had mentioned in Friday’s closing report that Nifty, Sensex were looking weak. The major indices rallied in a small way on Monday and closed with less than 0.50% gains over Friday’s close. The rally was however on lower volumes of trading. There is no immediate trigger for the Nifty to head higher and so the index may be range-bound between 8,550 and 8,650. The trends of the major indices in the course of Monday’s trading are given in the table below:

 

Major Indices (The Total Investment & Insurance Solutions)

Indian equity markets traded flat during the mid-afternoon session on Monday prompted by mixed global cues and lower crude oil prices. Selling pressure was witnessed in information technology (IT), healthcare and banking stocks. The BSE market breadth was tilted in favour of the bears -- with 1,465 declines and 1,216 advances. On the NSE, on Monday, there were 636 advances, 821 declines and 69 unchanged.

Initially, on Monday, the benchmark indices opened on a flat note prompted by mixed Asian and US markets.  Investors also remain cautious ahead of key domestic macro-economic data such as gross domestic product (GDP) and eight core industrial output data to be announced on August 31. Besides, lower crude oil prices also added to the downward trajectory. However, Indian equity markets were lifted by sector-specific buying. Consequently, the key Indian indices closed the day's trade in the green, as healthy buying was witnessed in automobile, capital goods and metal stocks.

Following its merger with Bharti's retail business, Future Retail got listed at Rs153 on the Bombay Stock Exchange (BSE) on Monday. The stock was listed in the exchange in the list of 'T' Group Securities. Under the scheme of arrangement, the company was segregated into Future Enterprise, which took the responsibility of the backend business and Bharti Retail, which takes care of the frontend business. In May last year, the Future group approved the consolidation and realignment of its retail operations with Bharti Retail Ltd to form one of the biggest supermarket chains. In order to streamline the operations resulting from the consolidation, the respective board of directors had proposed to demerge the retail business of Future Retail to Bharti Retail and to demerge the infrastructure business of Bharti Retail to Future Retail. The shares of the company closed at Rs160.65, up 5.00% on the BSE.

State-run Rural Electrification Corporation (REC) on Sunday said it will seek the approval of its shareholders on September 21 for raising Rs50,000 crore through non-convertible debentures (NCDs). Giving notice of its AGM to be held on September 21, REC said in a stock exchange filing that it can issue via private placement unsecured/secured non-convertible bonds/debentures up to Rs50,000 crore during a period of one year from the date of passing of this resolution. "Consent of the Company be and is hereby accorded to raise funds through private placement of unsecured/secured non-convertible bonds/debentures upto Rs50,000 crore during a period of one year from the date of passing of this resolution, in one or more tranches," the filing said. The REC board had, earlier this month, cleared the company's fund raising plans. The company’s shares closed at Rs227.30, down 1.37% on the BSE.

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 on Monday are given in the table below:The Total Investment & Insurance Solutions

Asian Indices (The Total Investment & Insurance Solutions)

Anti-globalisation stand as much a threat as terrorism, climate change: PM Modi at Davos-The Total Investment & Insurance Solutions

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23 January  2018

PM Modi (The Total Investment & Insurance Solutions)

Prime Minister Narendra Modi on Tuesday cautioned against the rising chorus of protectionism in a number of countries around the world and termed such a tendency to be as much a threat as terrorism or climate change.

PM Modi's words of caution came as part of his first speech to the World Economic Forum in Davos, where he addressed gathered heads of state and government and the CEOs of the global industry.

He began his address by noting that India's economy has grown significantly since the last time an Indian PM addressed the gathering.

"Last time an Indian PM came to Davos was in 1997 when Deve Gowda ji had come. That time our GDP was little more than 400 billion dollars, now it's more than six times that figure," he said.

Dwelling on the theme of this year's WEF - 'Creating a shared future in a fractured world' - PM Modi said, "New powers are changing the balance between economic and political strength. This is indicating a change in future of the world. The world is facing challenges in maintaining peace, stability and security."

He had a word of caution against the rising voice of protectionism. "Many societies and countries are becoming self-centred. It seems that globalisation, as opposed to its definition, is shrinking. Such misplaced preferences can't be considered any lesser threat than terrorism or climate change. We must admit shine of globalisation is fading," he said.

In his speech, PM Modi characterised terrorism and climate change to the be the biggest threats the world faces. "Climate change is a huge threat right now, Snow in the Arctic is melting, many islands are sinking or are about to ink… Terrorism is dangerous. Worse is when people say there is a difference between 'good' and 'bad' terror," he said.

PM Modi also used the stage to affirm India's growing role the systems of global governance, saying India would always be a unifying and harmonising force in the world thanks to its own diversity.The Total Investment & Insurance Solutions

Indian market for surgical robots to grow 20%: Report-The Total Investment & Insurance Solutions

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23 January  2018

Surgical Robots(The Total Investment & Insurance Solutions)

With a rise in chronic diseases amid an ever-increasing elderly population, the market for surgical robotics in India is anticipated to grow at a Compound Annual Growth Rate (CAGR) of 20 per cent, a report by global market intelligence firm BIS Research said on Tuesday.

The report, titled "Global Surgical Robotics Market-Analysis and Forecast, 2017-2025", said the Indian market is expected to grow from $64.9 million in 2016 to $349.3 million by 2025.

On the other hand, the overall global market size is expected to reach 12 per cent with a cumulative value of $12.6 billion by 2025.

The rising incidence rate of chronic diseases, increasing geriatric population, growing demand of minimally invasive surgeries and miniature robotics and technological advancements in the field of medical surgeries, are some of the factors that are fuelling the demand for surgical robotic systems.

"With the advent of technologically-advanced surgical robotic systems, the global market is expected to grow substantially to help healthcare professionals confront the surgeries of people with gynaecological, urological, orthopaedics, neurological, and orthopaedic disorders," Abdul Wahid, Lead Analyst at BIS Research, said in a statement.

"The market for surgical systems by value is expected to grow at the CAGR of 12.3 per cent during the forecast period, 2017-2025," Wahid added.

Furthermore, funding provided by various governmental organisations to perform research and development activities is also likely to push the growth.

While the current robotic surgery systems are gradually attaining the next generation level of medical robotics, removing human contact during the surgery may be considered as the next level, the report said.The Total Investment & Insurance Solutions

US shutdown over, new deadline looms -The Total Investment & Insurance Solutions

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23 January  2018

 

USA (The Total Investment & Insurance Solutions)

US President Donald Trump has signed a temporary funding bill ending a nearly three-day government shutdown, capping off deadlock and reinstating funds for a fortnight, a senior official said.

The federal government is expected to be back in business on Tuesday. Thousands of federal employees who had been placed on temporary, unpaid leave since Saturday, breathed a sigh of relief, the BBC reported.

Late on Monday, the Democratic leadership agreed to back the bill after accepting promises from Republicans for a debate later "on the future of young illegal immigrants". This stopgap funding will expire on February 8.

The House and the Senate voted Monday to end the government shutdown, extending funding for three weeks, following a deal reached between Senate Minority Leader Chuck Schumer and Senate Majority Leader Mitch McConnell.

The House passed the continuing resolution 266-159, with 36 more yes votes than the four-week resolution they passed last week, after the Senate earlier passed the bill by an 81-18 margin. 

However, key issues remained unresolved, the CNN said.

This so-called continuing resolution keeps the government funded until the second week of February in the hope that the Congress could reach a longer-term budget agreement in the meantime. 

Trump took a swipe at the Democrats as he signed the bill: "I am pleased that the Democrats in the Congress have come to their senses. We will make a long-term deal on immigration if, and only if, it is good for our country."

McConnell said his party had "come to an arrangement" to negotiate on their calls for an immigration deal. Democrats want protections from deportation for so-called Dreamers -- more than 700,000 young immigrants brought to the US as children.

But Republicans had insisted no agreement was possible while the federal government services were closed.

This was the fourth temporary measure since October 2017, because Capitol Hill cannot agree on a longer-term budget, the media said.

The Democrats would still want something tangible on DACA (Deferred Action for Childhood Arrivals program) but it was problematic because it could run into the February 8 funding deadline, Republican Senator Jeffry Lane Flake said.

Democrats voiced scepticism and some liberal groups were infuriated by the agreement to reopen the government.

Possible Democratic 2020 presidential candidates in the Senate - Elizabeth Warren, Kirsten Gillibrand, Cory Booker, Bernie Sanders and Kamala Harris - all voted against Monday's bill.

On Twitter, "Democrats CAVED" was trending on Monday evening.

Schumer accused Trump of failing to help reach a deal. "The great deal-making President sat on the sidelines," he said. 

But many have expressed dissatisfaction with Schumer's handling of the shutdown, which began on midnight on Friday.The Total Investment & Insurance Solutions

World Shares Rise On Global Growth Hopes, US Shutdown's End-The Total Investment & Insurance Solutions

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23 January  2018

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

World stock markets rose Tuesday, led by strong gains in Asia, as an upbeat forecast for global economic growth and the end of the U.S. government shutdown helped lift sentiment.

KEEPING SCORE: Germany's DAX climbed 0.6 percent to 13,548 and France's CAC 40 was flat at 5,540. Britain's FTSE 100 rose 0.3 percent to 7,734. Wall Street was poised to open flat. Dow futures were roughly unchanged and the broader S&P 500 futures were down 0.1 percent.

GLOBAL GROWTH: The International Monetary Fund upgraded its outlook for the world economy, estimating that the world economy expanded at a 3.7 percent annual pace last year, the fastest since 2011. It forecast that growth will accelerate to 3.9 percent in 2018-19. The IMF noted surprisingly strong growth in Europe and Asia and predicted that U.S. tax cuts will give the American economy a short-term boost.

SHUTDOWN: President Donald Trump signed a bill ending the U.S. federal government shutdown after nearly three days. Democrats agreed to a stopgap funding measure in exchange for Republican promises to resume debates on immigration and other issues. The agreement helped boost Wall Street though its effect on the dollar was minimal.

THE QUOTE: "Investors are likely to ignore the overstretched valuations and continue moving with the flow," said Hussein Sayed, chief market strategist at FXTM. "Many factors are likely to keep fueling the rally including, positive earnings, merger and acquisition deals, and the upsurge in global growth. The IMF joined the party" with its upgraded forecast, he added.

BANK OF JAPAN: Policymakers did not make any changes to the Japanese central bank's unprecedented monetary stimulus even though growth in Asia's second-biggest economy has ticked higher. Bank of Japan officials opted at their latest policy meeting to stick with massive asset purchases and negative interest policy aimed at spurring inflation even as their counterparts in the U.S. and Europe have begun dialing back their stimulus programs.

TARIFFS: Trump approved tariffs on imported solar-energy components and large washing machines, in a move aimed at helping U.S. manufacturers. The tariffs, aimed at cheaper imports from rival makers in places like China and South Korea, raise the threat of a trade war between the U.S. and Asia. The companies that sought the tariffs said 30 U.S. solar-manufacturing facilities shut in the past five years as China flooded the global market with cheap products. China said the move was an abuse of trade remedies.

ASIA'S DAY: Japan's benchmark Nikkei 225 index jumped 1.3 percent to close at 24,124.15 and South Korea's Kospi advanced 1.4 percent to 2,536.60. Hong Kong's Hang Seng rose 1.7 percent to 32,930.70 and the Shanghai Composite in mainland China climbed 1.3 percent to 3,546.50. Australia's S&P/ASX 200 gained 0.8 percent to 6,037.00. Indexes in Taiwan and Southeast Asian also rose.

CURRENCIES: The dollar slipped to 110.50 yen from 110.93 yen in late trading Thursday. The euro weakened to $1.2251 from $1.2263.

ENERGY: Oil futures extended gains. Benchmark U.S. crude rose 21 cents to $63.78 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 26 cents on Thursday. Brent crude, used to price international oils, added 24 cents to $69.27 a barrel in London.The Total Investment & Insurance Solutions

Nifty, Sensex Headed Higher – Monday closing report-The Total Investment & Insurance Solutions

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22 January  2018

I had mentioned in Friday’s closing report that Nifty, Sensex were on a roll. The major indices of the Indian stock markets rallied on Monday and closed with gains over Friday’s close. On the NSE, there were 950 advances, 772 declines and 259 unchanged. The trends of the major indices during the course of trading are given in the table below: The Total Investment & Insurance Solutions

 

Major Indices (The Total Investment & Insurance Solutions)

Broadly positive global cues, coupled with buying in energy, consumer durables and capital goods stocks, pushed key Indian equity indices to trade at fresh highs during the mid-afternoon trade session on Monday. According to market observers, upbeat quarterly corporate earnings along with continuous inflow of foreign funds lifted investors' risk-taking appetite. Both benchmarks, Nifty and Sensex, climbed to fresh record highs in early trade on the hopes of government meeting the fiscal deficit target as it announced generating Rs370 billion through stake sale in petroleum refinery. The Total Investment & Insurance Solutions 

Budget passenger carrier SpiceJet on Monday said it has launched its "Great Republic Day Sale" with one-way fares starting as low as Rs769 and Rs2,469 for travel to select destinations on its domestic and international network respectively. According to the airline, the four-day sale launched on Monday would be open till January 25 while the travel period covered would be till December 12. Spice Jet shares closed at Rs121.70, down 0.04% on the BSE.

Infosys on Monday announced a strategic partnership with Hong Kong-based AS Watson Group (ASW), an international health and beauty retailer, to accelerate ASWs digital transformation initiatives. AS Watson Group has over 13,700 stores in 24 markets. Infosys shares closed at Rs1,150.00, up 0.41% on the NSE.

Companies like Asian Paints, Axis Bank, Biocon, Idea Cellular, Interglobe Aviation, Larsen & Toubro, Pfizer, Dr Reddy’s Laboratories, Jindal Steel & Power and Maruti Suzuki India are expected to announce their quarterly results during the week which may induce market volatility.

Exploration major ONGC on Sunday said that "all options" including internal accrual of resources and short term borrowing were available to fund its acquisition of HPCL. "We have various options available with us to fund this transaction," Sudhir Vasudeva, Chairman and Managing Director of ONGC, told a press briefing here. "There is an option of internal accruals... of short-term borrowing and liquid assets... We will exercise the most beneficial option available with us." On Saturday, ONGC announced the acquisition of the Central government's entire 51% stake in HPCL for over Rs36,900 crore. ONGC’s shares closed at Rs200.70, up 3.74% on the NSE, while Hindustan Petroleum shares closed at Rs401.80, down 3.32% 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)