Dear all,
Markets snap six-day winning streak
Ø Benchmark indices ended lower as the post-Brexit relief rally faded away and investors shrugged off data from China, which showed that activity in China's services sector gained traction in June 2016.
Ø Global risk appetite was muted as weak global cues on worries about renewed political uncertainty in the U.K. and the fragile balance sheets of Italian banks prompted traders to lock in some profits.
Global Macro
Ø The trade gap in US widened to USD 41.14bn in May 2016 from a USD 37.4bn deficit in the previous month as against the market expectations of a USD 40bn.
Ø Consumer prices in Russia increased 7.5% YoY in June 2016, following 7.3% growth in the previous month as against the market expectations of 7.4%.
Ø France recorded a trade gap of EUR 5.21bn in April 2016, compared to a downwardly revised EUR 4.20bn in March 2016 and market expectations of a deficit of EUR 4bn.
Corporate Buzz
Ø Tata Steel to hold board meeting in Mumbai on Friday where the management will be discussing bidders' proposals received for the UK unit. It secured seven bids for its 4.5mn tonne unit of which three have been shortlisted.
Ø The government raised INR 2bn from the employees of NTPC by selling shares of the power utility under the offer for sale (OFS) route. A total of 20.6 million shares were sold at Rs 115.9 apiece to NTPC employees between June 26 and July 5.
Ø Mumbai Metro Rail Corporation announced the commencement of the Mumbai Metro Line 3 project to be executed by L&T Construction, along with its partner, STEC of China, for a value worth INR 52.73bn.
Ø Axis Bank got the approval of the Cabinet Committee on Economic Affairs (CCEA) to raise its foreign shareholding to 74% from 62%. This 12% hike of foreign shareholding is likely to bring in investments of INR 130bn.
Ø Essar Projects bagged a contract for replacing 141 km of pipeline of 18-inch diameter in the Koyali-Viramgam section of Indian Oil Corporation's (IOCL) Koyali-Sanganer pipeline. Valued at over INR 850mn, the contract is exclusive of the cost of pipes, which are being supplied by IOCL.
Ø Vedanta Ltd becomes the first primary aluminium producer in the country to roll out a special category of billets. These can be used in air conditioning heat exchangers, an automotive application. Such billets are predominantly imported to manufacture end products, which in turn were supplied to auto manufacturers.
Ø Reliance Industries (RIL) received approval from the Ministry of Environment & Forests (MoEF) to drill eight additional exploratory wells in Tamil Nadu. It is a conditional approval as the Ministry listed several conditions in the order. The company is planning to invest about INR 8bn to drill these new wells.
Outlook
Ø Benchmark indices are likely to open on a flat note amidst mixed global cues.
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Regards,
CSEC Research
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