Dear all,
Economic Survey cheer markets
Ø Benchmark indices ended higher on Friday led by a smart rally in the banking shares after the Economic Survey 2016 tabled by the Finance Minister stated plans of capitalizing PSU banks along with the rights to recover money from debt ridden promoters.
Ø The economic survey projected India's economy to grow in the range of 7% to 7.75% in 2016-17 after an estimated 7.6 percent expansion in 2015-16.
Global Macro
Ø U.S. gross domestic product increased by 1.0% in the fourth quarter, reflecting an upward revision from the initially reported 0.7% growth.
Ø U.S. consumer sentiment index for February came in at 91.7 compared to the preliminary reading of 90.7.
Ø Eurozone economic sentiment index fell for the second straight month in February, to 103.8 from a revised 105.1 in January of 2016.
Corporate Buzz
Ø SAIL inaugurated a new Sulphuric Acid unit with a capacity of 125 tonnes per day at the Rourkela Steel Plant (RSP) in Orissa on Sunday.
Ø Reliance introduced two entry-level range of LYF smartphones, LYF Wind 6 and LYF Flame 1 in sub-INR 7,000 category.
Ø Jaypee group sold off its cement business to Aditya Birla group's UltraTech Cement at an enterprise valuation of INR 165bn.
Ø DLF awarded a construction contract of its new office complex in Gurgaon to L&T valued at about INR 8bn.
Ø Aurobindo Pharma received tentative approval from the US health regulator for its Ritonavir tablets used for treatment of human immunodeficiency virus (HIV) infection.
Ø Dr Reddy's laboratories Limited initiated a voluntary recall of Paricalcitol capsules of different dosages in the US market in November last year owing to the reports of breakage of capsules.
Ø The board of directors of Andhra Bank today approved preferential allotment of 28.8mn equity shares of face value of INR 10 to Life Insurance Corporation of India(LIC).
Ø Suzlon Group bagged an order for 71.40 Mw wind power project from state public sector undertaking (PSU) Gujarat Industries Power Company Ltd (GIPL).
Ø Mindtree received its shareholders' approval to issue bonus shares of INR 10 each, credited as fully paid to existing holder of equity shares of the company.
Ø Vedanta Ltd won India's first-ever auction of a gold mine. The mine, with a reserve of 2700 kg, is expected to earn more than INR 814mn to Chhattisgarh.
Outlook
Ø Markets are likely to open on a cautious note with mixed emotions due to the release of the Union Budget.
Link
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Regards,
CSEC Research
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