Dear all,
Markets continue to rally
Ø Benchmark indices extended their recent gains amid optimism that earnings growth will be more visible this year due to a good monsoon and improving economy alongside the hopes that the Modi government would be able to pass the GST Bill in the upcoming session of Parliament that starts on July 18.
Ø Global risk appetite was firm with Asian stocks rising across the board, as speculation that global central banks will act to contain any Brexit effect on economic growth and fading expectations of a U.S. rate increase this year underpinned a recovery in commodity prices.
Global Macro
Ø Singapore PMI decreased to 49.6 in June 2016 from 49.8 in the previous month. It posted the twelfth consecutive month of contraction, as factory output fell to 49.4 from 50.1 in May 2016.
Ø UK Construction PMI came in at 46 in June 2016, down from 51.2 in May 2016 and below market expectations of 50.5.
Corporate Buzz
Ø Reliance Industries received green nod for drilling 8 additional exploratory wells to ascertain the reservoir capacity and commercial viability of hydrocarbons off the coast of Tamil Nadu at a project cost of INR 8bn.
Ø Essar Steel India Ltd recorded 48% growth in flat steel production at 1.22mn tonnes in the first quarter of the FY17 compared to 0.82mn tonnes a year ago.
Ø Indian Oil Corporation to invest INR 400bn to expand its refining capacity to over 100mn tonnes by 2022 as the nation's largest oil firm takes the lead to add capacity to meet India's rising energy needs.
Ø The Madras High Court issued an interim order, restraining automobile major Bajaj Auto and others from an advertisement which allegedly disparages the TVS Motors' product TVS XL 100 by comparing the fuel efficiency on the basis of false figures. The court has issued two weeks' notice to Bajaj Auto and others.
Ø Tata Sons, the holding company of the Tata Group of companies, to pump in another INR 30bn into its unlisted subsidiary, Tata Teleservices through the Compulsory Convertible Preference Shares (CCPS) route. The board of Tata Teleservices approved CCPS issue on rights basis to its shareholders.
Ø Kingfisher Airlines' books vanished after a technology vendor, whose dues were not paid, took away computers and servers that housed the company's accounts. Consequently, Executives of Kingfisher Airlines, including its CFO and company secretary, could face criminal cases if the airline's books of account are not produced before the the Serious Fraud Investigation Officer (SFIO).
Ø Infibeam executed an agreement with Gujarat Cooperative Milk Marketing Federation to provide online ecommerce and mobile platform with integrated logistics framework for on-demand customer purchase of Amul Products.
Outlook
Ø Benchmark indices are likely to open on a cautious note amidst mixed global cues.
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CSEC Research
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