Dear all,
Markets rise, led by PSU banks
Ø Benchmark indices posted strong gains for the second day in a row, with PSU banks rallying after the government set aside INR 250bn for recapitalization in the Budget and the RBI loosened some rules to bolster banks' capital in their battle against bad loans.
Ø Global risk appetite was firm as the recent recovery in oil prices and a batch of positive economic data from Australia to the United States calmed fears of a global economic slowdown.
Global Macro
Ø U.S private sector job employment grew by 214,000 jobs in February compared to economist estimates for an increase of about 185,000 jobs.
Ø The Eurozone Industrial producer price index decreased 2.9%YoY following a 3% slump in December.
Ø UK Construction Purchasing Managers Index fell to 54.2 in February from 55.0 in the previous month.
Corporate Buzz
Ø GAIL India postponed its USD 7bn tender for hiring nine newly-built ships to ferry liquefied natural gas (LNG) from the US, by one month
Ø Japan-based Sumitomo Mitsui Banking Corporation sold its 1.8 per cent stake in Kotak Mahindra Bank for INR 34.33bn.
Ø Tata Steel received its final environment clearance for its INR 18.77bn expansion project to be carried out at Jamshedpur Steel Works in Jharkhand.
Ø Gayatri Projects bagged INR 47.44bn contract for designing and building Iqbalgarh-Vadodara section of the Western Dedicated Freight Corridor project to the Sojitz-led consortium in which it is a partner.
Ø Bajaj Auto reported a 9% YoY increase in motorcycle sales at 235,282 units in February 2016 against 216,077 units in the year ago period.
Ø Infosys announced that it will collaborate with Microsoft to deploy advanced analytics solutions to support healthcare organizations in their digital transformation.
Ø Tata Consultancy Services announced that as a new member of the GE Digital Alliance Program created by GE Digital, it will develop digital solutions that increase the productivity of mobile workforces and assets in motion by leveraging Predix, GE's cloud platform for the Industrial Internet.
Ø Inox Wind bagged a 20 MW wind power project from PTC Energy in M.P.
Ø Hinduja Group acquired the historic 1100-room Old War Office building in central London, once occupied by Britain's war-time prime minister Winston Churchill.
Ø Toyota appointed Akito Tachibana as the managing director of Toyota Kirloskar Motor with effect from April 2016 to replace Naomi Ishii.
Outlook
Ø Markets are likely to open on a positive note amidst soften liquidity in the bond market and the hopes of more rate cuts from the RBI.
Link
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Regards,
CSEC Research
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