Dear all,
Markets end marginally lower on weak global cues
Ø Indian shares ended a lackluster session marginally lower on Tuesday as weak global cues in the wake of falling oil prices and concerns over the health of lenders across Europe offset investor optimism over the tabling of GST Bill in the Rajya Sabha on Wednesday.
Ø Global risk appetite was weak led by recent yen strength, the continued downturn in oil prices and lackluster U.S. data weighing on markets. Japanese Prime Minister Shinzo Abe's cabinet approved a 28 trillion yen stimulus package late in the day in a bid to lift growth and inflation.
Global Macro
Ø U.S. personal spending climbed by 0.4% in June 2016, matching the increase seen in May 2016.
Ø U.K. Markit/Chartered Institute of Procurement & Supply Purchasing Managers' Index dropped to 45.9 in July from 46.0 in June.
Ø Japan consumer confidence index fell to 41.3 in July from June's 5-month high of 41.8. Meanwhile, economists had expected the index to rise to 42.0.
Ø Zydus Wellness reported a 20.12% YoY rise in consolidated net profit to INR 234.6mn in 1QFY17. The Consolidated total income of the company rose to INR 1.08bn in 1QFY17 as against INR 0.96bn in 1QFY16.
Ø Indian Bank posted a growth of 42.77% YoY in net profit to INR 3.07bn in 1QFY17 as against INR 2.15bn in 1QFY16. Total income rose to INR 45.12bn in 1QFY17, as compared to INR 33.94bn in 1QFY16.
Ø Voltas reported a 53.71% YoY rise in consolidated net profit to INR 1.57bn in 1QFY17. Consolidated net sales were up 18.16% to INR 18.44bn in 1QFY17 as against INR 15.61bn in 1QFY16.
Ø Canara HSBC Oriental Bank of Commerce Life Insurance launched a new linked insurance product 'iNVESTSHIELD' that aims to protect and meet an individual's present and future financial needs.
Ø Lupin's Japanese subsidiary inked a pact to acquire 21 products from Shionogi & Co for INR 10bn, paving the way for the homegrown firm to enter Japan's branded formulations market.
Ø Bajaj Auto reported 1% YoY increase in total motorcycle sales to 2,85,527 units for July, as compared to 2,82,433 units in the year-ago month.
Ø Sun Pharma to launch the generic version of Glumetza, Metformin Hydrochloride tablets - a diabetes drug - soon in the US.
Ø TVS Motor announced that the company has commenced manufacturing products for BMW at its Hosur facility.
Outlook
Ø Benchmark indices are likely to open on a cautious note as the GST bill has been listed for discussion in Rajya Sabha (RS) for Wednesday.
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Regards,
CSEC Research
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