{LONGTERMINVESTORS} Morning Call

 

Dear all,

Markets tumble after BoJ inaction

Ø  Benchmark indices followed Asian and European peers lower on Thursday after the Bank of Japan (BoJ) shocked financial markets by keeping its monetary policy steady despite multiple headwinds plaguing the economy.

Ø  Global risk appetite was weak as a rally in oil prices and the Federal Reserve's decision to keep rates unchanged were overshadowed by the Bank of Japan's unchanged policy decision.

   Global Macro

Ø  U.S. gross domestic product rose by 0.5% in the first quarter compared to the 1.4% increase in the fourth quarter.

Ø  U.S. initial jobless claims rose to 257,000, an increase of 9,000 from the previous week's revised level of 248,000.

Ø  Bank of Japan refrained from expanding its monetary stimulus defying expectations for some actions and kept its negative interest rate unchanged .

Ø  Germany consumer price index rose 0.1% YoY following 0.3% increase in March

  Corporate Buzz

Ø  Vedanta reported a consolidated net loss of INR 111.81bn in 4QFY16 against a net loss of INR 192.28bn in 4QFY15. Net sales grew by 11% YoY yo INR 158.29bn in 4QFY16.

Ø  Dabur India reported 17% YoY rise in  net profit INR 3.33bn in 4QFY16. Net sales grew by 11% YoY to INR 21.57bn in 4QFY16.

Ø  ACC reported a 4% YoY decline in its consolidated net profit to INR 2.27bn in 4QFY16. Consolidated net sales grew by marginally by 1.5% to INR 29.27bn in 4QFY16.

Ø  Idea Cellular posted a 39% YoY decline in net profit to INR 5.75bn in 4QFY16, owing to higher finance costs. Revenue grew by 12.6% YoY to INR 94.84bn in 4QFY16.

Ø   HCL Technologies reported 14.4% YoY rise in consolidated profit to INR 19.53bn in 4QFY16. Revenue  grew by 15.4% YoY to INR106.98bn in 4QFY16. 

Ø   Ambuja Cements posted a 4% YoY decline in its net profit to INR 3.04bn in 4QFY16. Net sales marginally declined to INR 24.18bn in 4QFY16 against INR 24.25bn 4QFY15; a drop of 0.3%.

Ø  Lupin strengthened its branded drug portfolio in the US market with the relaunch of a drug to control postpartum hemorrhage.

Ø  JSW Energy reported 6% YoY decline in net  profit to INR 3.05bn in 4QFY16 against INR 3.25 in 4QFY15. Total income from operations rose by 22% YoY to INR 26.81bn in 4QFY16.

Ø  HCC reported a 7% decline in its net profit to INR 191mn in 4QFY16. Net sales increased by 1.78% YoY to INR 11.96bn in 4QFY16.

   Outlook

Ø  Benchmark indices are likely to open on a flat note amidst mixed global cues.

   Link

         Click here to view Morning Call

Regards,

CSEC Research

 

 

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