Dear all,
Markets end marginally lower
Ø Benchmark indices ended lower on Tuesday amid choppy trades, weighed down by selling pressure in pharma shares with Lupin leading the decline.
Ø Global risk appetite was weak as investors awaited Federal Reserve Chair Janet Yellen's speech for fresh signals on the outlook for US interest rate hikes.
Global Macro
Ø Federal Reserve indicated that only gradual increases in the federal funds rate are likely to be warranted in coming years.
Ø U.S. consumer confidence index climbed to 96.2 in March from an upwardly revised 94.0 in February.
Ø U.S. Composite Home Price Index for January was up by 5.7% compared to the same month a year ago.
Ø Industrial production in Japan fell a seasonally adjusted 6.2% in February of 2016.
Corporate Buzz
Ø Sun Pharmaceuticals acquired Novartis' branded drug portfolio in Japan for USD 293mn.
Ø Reliance Defence and Rafael Advanced Defence Systems Ltd decided to set up a joint venture company in India in the areas of air-to-air missiles, air defence systems and large aerostats.
Ø Ashok Leyland won orders worth INR 8bn from the Indian armed forces. The company will supply field artillery tractor, super stallion vehicles and ambulance.
Ø Lupin received a Form 483 observation for its manufacturing plants at Mandideep in Madhya Pradesh by USFDA.
Ø Standard & Poors Rating Services and Fitch Ratings assigned investment grade 'BBB-' corporate credit ratings with a stable outlook to Adani Transmission Limited for its proposed issuance of Indian rupee denominated senior secured notes.
Ø Zydus received final approval from the US drug regulator to market an anti-viral drug Acyclovir capsules (200 mg).
Ø Alembic Pharmaceuticals is likely to receive some minor observations (as a Form 483) from the US drug regulator for its Panelav facility.
Ø Aurobindo Pharma received final approval from USFDA to manufacture and market rivastigmine tartrate capsules.
Ø HDFC Bank announced the launch of Missed Call Mobile Recharge, a simple way to top up prepaid mobile.
Ø Adani Ports and special economic zone raised INR 5bn through issue of debentures on private placement basis.
Ø Supreme Court allowed the market regulator SEBI to devise a mechanism to sell 86 properties belonging to the Sahara group to recover dues in the illegal bonds case.
Outlook
Ø Benchmark indices are likely to open on a positive note after dovish speech regarding the outlook for interest rates by Federal Reserve Chair Janet Yellen.
Link
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Regards,
CSEC Research
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