{LONGTERMINVESTORS} Morning Call

 

Dear all,

Markets soar after Yellen's dovish speech

Ø  Benchmark indices rallied on Wednesday and the rupee hit a near three-month high, as Federal Reserve Chair Janet Yellen struck a cautious stance on the outlook for U.S. interest rates and the Reserve Bank of India (RBI) hiked foreign portfolio investor (FPI) investment limits in central and state government.

Ø  Global risk appetite was firm as markets pared back expectations for how fast and how far US interest rates might rise this year, bruising the dollar and boosting sovereign bonds.

 Global Macro

Ø  U.S. private sector employment increased by 200,000 jobs in March after jumping by a downwardly revised 205,000 jobs in February.

Ø  Eurozone economic sentiment index dropped to 103 from a revised 103.9 in February of 2016.

Ø  German consumer price index climbed 0.3% YoY following no change in February of 2016.

 Corporate Buzz

Ø  Aurobindo Pharma received final approval from the US health regulator to market its generic antibiotic drug Vancomycin Hydrochloride for Injection, in the American market.

Ø  ONGC found hydrocarbon (gas) deposits at Meidum area in Mizoram-Assam border Kolasib district.

Ø  Adani Group signed a statement of intent with Elbit-ISTAR and Alpha Design Technologies Pvt Ltd to cooperate and work together in the field of Unmanned Aircraft Systems (UAS) in India.

Ø  Tata Steel put its entire UK business on the block, putting thousands of jobs at risk amid a deepening crisis in the sector.

Ø  Nippon Life Insurance increased stake in Reliance Life Insurance by another 23%, taking its total holding to 49%. Reliance Capital, the holding company of Reliance Life, received INR 22.65bn for the deal.

Ø  Suzlon Group bagged a new turnkey order of 48.30 megawatt  wind power project from Indian Oil Corporation Ltd.

Ø  Vijaya Bank said the government has approved a capital infusion of INR 2.20bn in lieu of preferential allotment of shares.

Ø  BHEL commissioned first 250 Mw unit at coal-based Nabinagar thermal power plant of Bhartiya Rail Bijlee Company Ltd in Aurangabad district of Bihar.

Ø  Tata Motors signed a memorandum of understanding  with the Maharashtra Ex-Servicemen Corporation or MESCO, for creation of employment opportunities for ex-servicemen of Indian Army.

  Outlook

Benchmark indices are likely to open on a positive note, tracking positive global cues.

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Regards,

CSEC Research

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