{LONGTERMINVESTORS} Morning Call ..

 

Dear all,

 

Markets snap five-day winning streak

Ø  Benchmark indices snapped a five-day winning streak as worries lingered about a likely rate hike by the U.S. Fed as early as June and on the domestic front, investors exercised caution ahead of annual GDP numbers as well as fiscal deficit data which was due post the trading session.

Ø  Global risk appetite was muted as gold prices remaining flat after hitting a three-and-a-half-month low& fall in crude prices on rising output from the Middle East and ahead of an OPECmeeting later this week.

Ø  India GDP expanded at 7.9% YoY in quarter ending March 2016 higher than the estimated growth of 7.5% clocking the best performace in six quarters.

   Global Macro

Ø  Consumer spending in the US rise by 1% in April 2016, better than market expectations of a 0.7%.

Ø  Unemployment rate in Chile came in at 6.4% in the three months to April of 2016 from 6.3% in the previous period, reaching the highest since September of 2015.

Corporate Buzz 

Ø  Dhanlaxmi bank's standalone total income decreased by 3.9%YoY to INR 3.24bn in 4QFY16. The net loss decreased to INR 1.31bn in 4QFY16 as compared to a loss of INR 2.66bn in 4QFY15.

Ø  GMR Infrastructure's consolidated total income from operations increased by 29.1%YoY to INR 37.08bn in 4QFY16. It reported a net loss of INR 9.53bn in 4QFY16 as compared to a loss of INR 8.92bn in 4QFY15.

Ø  Shalimar Paints's standalone net sales increased by 8.26%YoY to INR 1.23bn in 4QFY16. It reported a net profit of INR 41mn in 4QFY1 as compared to a net loss of INR 33mn.

Ø  IL&FS Engineering's standalone income from operation increased by 2%YoY to INR 5.89bn in 4QFY16 and PAT increased by 36 fold YoY to INR 328mn in 4QFY16 on account of rise in other income.

Ø  Jain Irrigation's standalone total revenue decreased by 8.1%YoY to INR 14.8bn in 4QFY16 and PAT decreased by 22%YoY to INR 644mn in 4QFY16.

Ø  Jindal Saw's standalone total income decreased by 13.3%YoY to INR 18.07bn in 4QFY16 and PAT increased by 10.3%YoY to INR 1.06bn in 4QFY16. The company decided to discontinue operations in Algeria and Spain and provided for losses under exceptional items.

Ø  Maruti Suzuki to resume production of vehicles at its Gurgaon facilities from second half on Wednesday. It is estimated to have lost production of 10,000 vehicles after it was forced to shut operations at both plants on Monday afternoon.

Ø  Hero MotoCorp launched online bookings for vehicles on its own website. The 18-month-old partnership with Snapdeal to continue even as the company pushes sales on its own platform.

Outlook

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

Link

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Regards,

CSEC Research

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