{LONGTERMINVESTORS} Morning Call

 

Dear all,

Markets end flat

Ø  Benchmark indices ended flat on Thursday on the eve of derivatives expiry. With commodities coming under selling pressure and the dollar steadying after recent losses.

Ø  Global risk appetite was weak as a roller-coaster quarter drew to a close after hammering the dollar and the pound but boosting gold and bonds.

 Global Macro

Ø  U.S initial jobless claims climbed to 276,000, an increase of 11,000 from the previous week's unrevised level of 265,000.

Ø  Eurozone Consumer prices fell 0.1% in March of 2016 from a year ago following a 0.2% drop in February.

Ø  Germany unemployment rate held steady at 6.2% in March of 2016. ending five consecutive decreases.

 Corporate Buzz

Ø  UltraTech Cement agreed to buy Jaiprakash Associates' 21.2 million tonnes per annum  cement capacity for INR 159bn.

Ø  HCL Technologies agreed to acquire an engineering solutions company Geometric in a share swap deal that values it at USD 150-200mn.

Ø  L&T sold its entire 89% stake in L&T Infocity Ltd (LTIL) to Hyderabad-based Ace Urban Developers Ltd for INR 1.91bn.

Ø  HDFC Bank is set to raise up to INR 50bn by way of infrastructure bonds. Rating agency CRISIL has assigned AAA/Stable rating to the bond issuance.

Ø  Tata Motors divested its entire stake in wholly-owned subsidiary Sheba Properties to another group firm Tata Motors Finance for INR 4.05bn.

Ø  Suzlon Group won an order from a leading private sector power utility for the development of 197.40 MW wind power project.

Ø  IndiGo revised its cancellation and date change charges for domestic flights and customers will have to shell out INR 2,250 irrespective of the cancellation date. 

Ø  L&T won INR 22.71bn orders that include a major commercial development and a transmission line contract in Thailand.

Ø  Reliance Power announced that  Appellate Tribunal for Electricity upheld its plea on Sasan ultra mega power project, paving the way for the company to receive INR 10.50bn from the buyers of its electricity.

Ø  Reliance Defence to enter into a JV with Ukraine's Antonov, makers of AN 32 aircraft in service with the IAF.

Ø  MTNL received INR 4.28bn from government for surrendering spectrum in the 800 MHz band, used for providing CDMA mobile services in the country. 

Ø  Aurobindo Pharma received final approval from the USFDA to manufacture and market Pantoprazole Sodium for injection, 40 mg/single dose vial.

 

   Outlook

Ø  Markets are likely to open on a cautious note amidst mixed global cues.

   Link

         Click here to view Morning Call

Regards,

CSEC Research

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