{LONGTERMINVESTORS} Morning Call

 

Dear all,

 

    Markets gain as Brexit worries fade

Ø  Benchmark indices closed firmly in positive territory, as sharp gains in rupee as well as the rally in the European markets helped calm the fears over the economic fallout of Britain's vote to leave the European Union.

Ø  Global risk appetite was firm as a rebound in oil prices after steep overnight losses helped keep sentiment positive across Asia and Europe.

   Global Macro

Ø  United States GDP Growth Rate came in at 1.1% in the first three months of 2016, higher than a second estimate of 0.8%.

Ø  Corporate profits in the United States increased by 2.2% or USD 34.7bn to USD 1410.7bn in the first three months of 2016, recovering from a sharp fall of 8.4% in the previous quarter.

Ø  South Korea Consumer Confidence remained unchanged at 99 in June 2016 from 99 in May 2016.

  Corporate Buzz 

Ø  Tata Communications will sell majority stake in South African internet-service provider Neotel Pty Ltd to telecommunications company Econet Wireless Global for about USD 293mn.

Ø  Ashok Leyland announced that it has seen an impairment of INR 5.6bn in 2015-16, which is essentially provisions towards its investment. The company also disposed off the shares in Ashok Leyland John Deere at a loss of INR 2.3bn.

Ø  Dr Reddy's Laboratories bought back 5,077,504 equity shares at an average price of INR 3,090.9 per share. The company has thus deployed INR 15.7bn against the maximum buyback size.

Ø  JSW Steel will approach shareholders to raise up to USD 2bn from global capital markets to meet its long-term capex requirement and loan refinancing.

Ø  Gujarat Gas has accepted the authorization from Petroleum and Natural Gas Regulatory Board (PNGRB) to lay, operate, build or expand city or local natural gas distribution network for Ahmedabad district in Gujarat. The oil regulator has granted 300 months of infrastructure exclusivity valid upto June 21, 2041 and 60 months of marketing exclusivity valid upto June 21, 2021.

Ø  ITC is likely to invest INR 40bn over the next 2-3 years to set up 8-9 factories across the country for manufacturing of food products.

Ø  Panacea Biotec introduces indigenously developed high quality ant diabetic drug, Tenepan (Teneligliptin), for treatment of type 2 diabetes mellitus.

Ø  Tata Group firm Trent plans to raise about INR 3bn by issuing of non-convertible debentures (NCDs) on private placement basis and has also approved stock-split to improve liquidity of the company's share.

   Outlook

Ø  Benchmark indices are likely to open on a positive to flat note tracking positive global cues.

 

   Link

Click here to view Morning Call

To Unsubscribe from Newsletter Click Here

Regards,

CSEC Research

​ 

--
You received this message because you are subscribed to the Google Groups "LONGTERMINVESTORSRESEARCH" group.
To unsubscribe from this group and stop receiving emails from it, send an email to longterminvestorsresearch+unsubscribe@googlegroups.com.
Visit this group at https://groups.google.com/group/longterminvestorsresearch.
For more options, visit https://groups.google.com/d/optout.