{LONGTERMINVESTORS} Fwd: Morning Call

 

Dear all,

 

Markets end off day's highs amid weak Global cues

Ø  Benchmark indices pared early gains to end off their day's highs, as weak global cues in the wake of Brexit uncertainty and lackluster manufacturing and services sector data out of China prompted traders to book profits at higher levels.

Ø  Global risk appetite was weak as slew of chinese data reinforced investor concerns about a decelerating economy and  a potential U.K. exit of the European Union continued to weigh on the markets.

Ø  India Manufacturing PMI rose to 50.7 in May 2016 from 50.5 in April 2016 as output softened while new orders expanded at a faster pace.

   Global Macro

Ø  Construction spending in the U.S. decreased by 1.8% MoM in April 2016 compared with an upwardly revised 1.5% gain in the previous month.

Ø  China Caixin Manufacturing PMI came in at 49.2 in May 2016, down from 49.4 in April 2016 and slightly below market consensus.

Ø  United States ISM Purchasing Managers Index (PMI) came in at 51.3 in May of 2016, up from 50.8 in April 2016 and greater than market expectations of 50.4.

  Corporate Buzz 

Ø  Hindustan Dorr-Oliver's standalone total income from operations increased by 154.8%YoY to INR 693mn in 4QFY16. It reported a net loss of INR 383mn in 4QFY16 as compared to a loss of INR 5.12bn in 4QFY15 due to an exceptional loss of INR 2.01bn.

Ø  Hero MotoCorp reported an increase in sales by 2.32% to 5,83,117 units in May 2016 as compared to 5,69,876 units in May 2015.

Ø  South Indian Bank proposed to raise up to INR 5bn from issue of Basel III compliant Tier I or Tier II bonds in one or more tranches to fund its business expansion.

Ø  TVS Motor Company's total two wheeler sales increased by 13% YoY to 238,320 units in May 2016. Total sales rose by 11% YoY during the month of May 2016 to 243,783 units.

Ø  Mahindra & Mahindra Ltd recorded a sales of 40,656 units during May 2016 clocking an increase of 11% from 36,706 units sold in May 2015

Ø  Reliance Infrastructure proposes to transfer its power generation business to a wholly owned subsidiary. Institutional Investor Advisory Services (IiAS) has recommended the shareholders to vote against the proposal at the court-convened meeting scheduled on June 6, 2016.

Ø  Zee Learn decides to put on hold  its proposed merger with Tree House Education & Accessories on evaluation of financial statements of Tree House for the FY16. The board of directors decided to reconstitute the Merger Evaluation committee (MEC) with the authority to look into and suggest ways to salavage the deal with the best interest of its stake holders.

   Outlook

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

   Link

Click here to view Morning Call

Regards,

CSEC Research

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