Dear all,
Markets end on a flat note
Ø Benchmark indices ended marginally higher as gains in rupee and firm cues from Asia offered some support after Friday's steep losses.
Ø Global risk appetite was muted with European shares extending Friday's losses amid further losses in banking shares and amidst a decline in oil prices.
Global Macro
Ø U.S Composite PMI came in at 51.2 in June 2016, slightly up from 50.9 in May 2016 and market expectations of 50.9. Both services (PMI at 51.3, the same as in May 2016) and manufacturing activity (PMI at 51.4 from 50.7 in May 2016) expanded only modestly.
Ø Eurozone Household Credit Growth increased by 1.6% in May 2016, following a 1.5% rise in April 2016.
Ø Hong Kong recorded a trade deficit of HKD 26.2bn in May 2016 vs HKD 31.0bn in April 2016.
Corporate Buzz
Ø Larsen & Toubro's construction arm won projects worth INR 24.2bn across various business segments in June. Power transmission and distribution business - INR 11.2bn, Building and factories business - INR 11.7bn, Smart World & Communication Business - INR 1.3bn.
Ø BHEL commissioned two units of 14 Megawatts each at Salma Hydro Electric Project in Afghanistan. This project has been funded under government of India's grant to Afghanistan.
Ø Reliance Industries imported 13.2% less oil in May 2016 compared with a year earlier, as it shut a crude unit at its 580,000-barrel-per-day (bpd) refinery for three weeks.
Ø MEP Infrastructure Developers won a highways project in Gujarat at a bid cost of INR 6.1bn. The construction period is of two years and six months from the appointed date and the concession period is 15 years excluding the construction period.
Ø JB Chemicals and Pharmaceuticals announced that its Panoli tablet manufacturing facility received approval from United States Food and Drug Administration (USFDA).
Ø Data from the Automotive Tyre Manufacturers Association (Atma) shows the import of truck and bus radial tyres (TBR) during April and May grew to 280,000 units, compared to the 180,000 imported in the corresponding months of 2015-16. In May, import of TBRs was 150,000 units.
Ø Satin Creditcare Network announced its plans to raise INR 1bn by issuing bonds on a private placement basis.
Outlook
Ø Benchmark indices are likely to open on a negative to flat note tracking weak global cues.
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