India market news
On Thursday, the 10-year benchmark GSEC yield fell 6 basis points to 7.19%, coming within striking distance of levels seen back in 2009. Yields are already at their lowest in more than three years and a drop of a few more basis points could take us back to the days of September 2009 when the 10-year yield was at 7.15%.
India plans to block Tata Sons Ltd's payment of a USD 1.2bn arbitration award to NTT DoCoMo Inc., which is seeking compensation for its stake in the Indian conglomerate's wireless business. The finance ministry won't grant an exemption to the Indian foreign exchange act that Tata Sons Ltd would need to pay the money to its Japanese partner.
Punjab National Bank reported 57% y/y fall in net profit at INR 3.1bn for the Q1 FY17. For Q4 FY16, it had reported a net loss of INR 53.7bn. Total income of Punjab National Bank jumped by 3.7% y/y to INR 139.3bn. Net interest income of the bank declined by 9.8% to INR 37bne during the quarter. The company's net NPAs stood at 9.16% in Q1 FY17 as compared to 8.16% for Q4 FY16.
Eicher Motors' Q1 FY17 consolidated net profit grew sharply by 58.6% percent to INR 3.8bn. Revenue increased 42% y/y to INR 15.6bn. Operating profit (EBITDA) shot up 61.4% y/y to INR 4.6bn and margin has seen expansion of 350 basis points at 29.6% on yearly basis.
Axis Bank has signed an agreement with Life Insurance Corporation to distribute policies of the country's largest life insurer. This is the largest bancassurance partnership after the insurance regulator allowed banks to sell policies of more than one company.
Jaiprakash Associates Ltd (JAL) has failed to pay a total of INR 362.5mn in principal installment and interest for non-convertible debentures (NCDs) due 25 April.
Indian drug major Sun Pharmaceutical Industries has entered into USD 50mn licensing agreement with Spanish firm Almirall for the development and commercialization of tildrakizumab, a drug to treat psoriasis.
Today's Corporate action
Ex-dividend stocks: Britannia Industries Ltd, ACC Ltd, Federal Bank Ltd, Apollo Tyres Ltd, IL&FS Transportation Networks Ltd.
Global Markets Review
Asian markets were mixed in early trade on Friday, with a slew of earnings and data due throughout the session; as well the Bank of Japan's (BOJ) keenly awaited monetary policy decision. US stocks closed mostly higher on Thursday. The JPY maintained its strength against the USD, trading at 104.54, compared to levels near 107 in the previous week.
Crude oil futures continued to fall Thursday after a temporary reprieve in the previous session. Energy Information Administration data showing a surprise build in U.S stockpiles fueled oil's decline. A few minutes before settlement, Sept oil was down 70 cents at USD 41.3 a barrel, the lowest in more than three months.You received this message because you are subscribed to the Google Groups "LONGTERMINVESTORSRESEARCH" group.
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