Dear all,
Markets extend gains for fourth day
Ø Benchmark indices ended higher on Friday, extending gains for the fourth straight session on the back of buying in heavyweight metal, oil & gas and banking stocks.
Ø Global risk appetite was firm as global investors returned to riskier assets after a string of positive U.S. economic data and a bounce in oil and commodity prices.
Ø Fitch Ratings lowered India's economic growth forecast for next fiscal to 7.7%, but maintained the GDP projection for current fiscal at 7.5%.
Global Macro
Ø U.S. trade deficit widened to USD 45.7bn in January from a revised USD 44.7bn in December.
Ø U.S. total non-farm employment jumped by 242,000 jobs in February of 2016.
Ø U.S factory orders climbed by 1.6% in January after tumbling by 2.9% in December.
Corporate Buzz
Ø Tata Motors signed an agreement with Bharat Forge and General Dynamics Land Systems of the US, for the ministry of defence's (MoD's) Future Infantry Combat Vehicle (FICV) programme.
Ø Reliance Jio to offer free Wi-Fi services during the T20 World Cup across six stadiums in the country.
Ø CIDCO plans to invite the request for proposal (RFP) after March 20 from three qualified bidders; GVK-led Mumbai International Airport, GMR Delhi and consortium of MIA Infrastructure of France with Tata Realty and Infrastructur.
Ø Apollo Tyres ventured into the two-wheeler space to become a full-range maker. Until now the company was manufacturing truck, bus and car tyres.
Ø Siemens Limited announced the sale and transfer of its healthcare undertaking for a consideration of INR 30.50bn to Siemens Healthcare, a subsidiary of Siemens AG on a slump sale basis.
Ø DCB Bank acquired 5.81% equity in Odisha based micro-finance institution Annapurna Microfinance Pvt Ltd. The equity deal is valued at INR 99.9mn.
Ø Larsen & Toubro decided to sell its casting manufacturing unit at Coimbatore to Bradken Limited for INR 1.63bn.
Ø DLF leased about 350,000 sq ft of office space to Samsung India Electronics in its commercial complex at Gurgaon.
Ø BHEL initiated the works for the first ever 800 mega watt supercritical-set-based power plant in Tamil Nadu.
Ø Honda and Hyundai, joined their peers in raising prices of their vehicles following the addition of 'infrastructure cess' announced in the recent Union Budget.
Ø NASSCOM indicated that US visa hike to make India expensive, less competitive.
Outlook
Ø Markets are likely to open on a positive note amidst mixed global cues.
Link
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Regards,
CSEC Research
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