{LONGTERMINVESTORS} Morning Call

 

 Dear all,

 

Markets drop after BOJ disappointment

Ø  Indian shares fell on Friday as the Bank of Japan didn't live up to expectations and investors looked for progress on the crucial GST Bill.

Ø  Global risk appetite was weak on the back of BOJ disappointment and the oil price downturn, with U.S. crude futures falling further towards the USD 40 mark in Asian trade on concerns over a supply glut and waning demand from key international markets.

   Global Macro

Ø  U.S. domestic product climbed by 1.2% in the second quarter following a downwardly revised 0.8% increase in the first quarter.

Ø  U.S. consumer sentiment index for July came in at 90.0 compared to the preliminary reading of 89.5.

Ø  Eurozone gross domestic product climbed 0.3% from the first quarter, when it grew 0.6%.

Ø  Bank of Japan raised the target for exchange-traded fund purchases, while holding its interest rate.

  Corporate Buzz 

Ø  IRB Infrastructure Developers received a contract worth INR 21bn from the National Highway Authority of Indiafor a six-lane project in Rajasthan and Gujarat.

Ø  HCL Infosystems reported a consolidated loss of INR 357mn in 1QFY17 as against net loss of INR 1546mn in 4QFY16. company's net sales were at INR11.48bn in 1QFY17 against INR 10.69bn in 4QFY16.

Ø  Bank of India (BoI) to issue shares on a preferential basis to the government for capital infusion of INR 13.38bn.

Ø  Force Motors reported a 46.11% YoY increase in net profit to INR 514.6mn in 1QFY17. Total income from operations grew by 18.99% YoY to INR 8.54bn in 1QFY17 compared with INR 7.17bn in 1QFY16.

Ø  Godrej Consumer Products Limited reported a consolidated net profit of INR 2.44bn in 1QFY17 as against net profit of INR 1.16bn in 1QFY16. Consolidated net sales stood at INR 21.20bn in 1QFY17 against INR 19.85bn in 1QFY16.

Ø  ICICI Bank reported 22.1% YoY decline in consolidated net profit to INR 25.16bn  in 1QFY17 against net profit of INR 32.32bn in 1QFY16. The gross non-performing assets (NPAs) of the bank as a percentage of total advances jumped to 5.87%  in 1QFY17 from 3.68% in 1QFY16.  

Ø  Nestle India reported a net profit of INR 2.31bn in 1QFY17 against net  loss of INR 644mn in 1QFY16. Net sales grew by 16.7% YoY to INR 22.56bn in 1QFY17.

Ø  Eicher Motors to invest INR 6bn this fiscal in a new plant, product development and in the R&D centre.

   Outlook

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

 

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Regards,

CSEC Research

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