Global Macro
Ø U.S. non-farm payroll employment surged up by 287,000 jobs in June versus economist estimates for an increase of about 180,000 jobs.
Ø Eurozone current account surplus rose to EUR 60.6bn from EUR 54.9bn in the same period a year ago.
Ø Germany exports fell by a seasonally-adjusted 1.8% MoM in May, confounding expectations for a 0.4% rise.
Ø IMF indicated that Euro area GDP growth is expected to decelerate from 1.6% this year to 1.4% in 2017, mainly due to the negative impact of the U.K. referendum outcome.
Corporate Buzz
Ø Telecom Ministry cleared the INR 35bn 4G spectrum trading deal between service providers Bharti Airtel and Aircel.
Ø A section of public sector bank employees threatened to go on a nationwide strike beginning July 12 to protest against the proposed merger of SBI associates andprivatisation of IDBI Bank.
Ø Essar Steel Minnesota filed for Chapter 11 bankruptcy in a US court after it failed to pay its mining leases, prompting the state's Governor Mark Dayton to cancel them. The project involved iron ore pellet production of 7 MT per annum.
Ø Piramal and Nirma emerged as two final contestants for Lafarge India's 11-million tonne (mt) cement business.
Ø Cipla to invest USD 1.3bn in a biotechnology plant in South Africa as it aims to make cancer drugs affordable and grow presence in the market.
Ø South Indian Bank posted a growth of 45.6% in net profit at INR 950.6mn in 1QFY17 as compared to INR 652.9mn in 1QFY16. The total income grew by 9.5% to INR 16.20bn in 1QFY17.
Ø JSW Steel is planning to participate in the upcoming auction of iron ore mines in Karnataka and other states.
Ø Viacom18 to launch a second Kannada general entertainment channel (GEC) on July 24, 2016.
Ø Cadila Healthcare received an Establishment Inspection Report from the USFDA for its manufacturing facility in Moraiya.
EQUITY PREVIEW:
- Bayer CropScience (BYRCS): To adopt Ind-AS; FY16 financials to see impact
- Tata Steel (TATA): In venture talks with Thyssenkrupp on Europe business
- Tata Motors (TTMT): June global wholesales gain 21% y/y to 92,551 units
- United Spirits (UNSP): Inquiry finds fund diversions of about INR9b; Mallya says all transactions legal
- Vedanta (VEDL): Says it will boost Africa, South Africa investment
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