Dear all,
Markets end lower ahead of Yellen speech
Ø Indian benchmark indices erased early gains to end modestly lower, as traders largely took a wait-and-see approach ahead of Federal Reserve Chair Janet Yellen's Jackson Hole speech later in the day.
Ø Global risk appetite was firm as global markets rallied after Federal Reserve Chair Janet Yellen stated that the case for a rate hike has intensified in recent months.
Global Macro
Ø U.S. GDP Growth Rate increased at an annual rate of 1.1% in the second quarter of 2016, according to the second estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 0.8%.
Ø U.K. GDP Growth Rate expanded 0.6% on quarter in the three months to June 2016, higher than a 0.4% growth in the previous quarter, in line with the preliminary reading. Figures from the second estimate showed that household spending boosted growth.
Ø Japan Inflation Rate dropped by 0.4% in July 2016, the same pace as in the previous two months. It was the fifth straight month of decline as cost of housing and transport fell while prices of food were steady.
Corporate Buzz
Ø Tata Motors revenues increased by 9% YoY to INR 670.5bn in 1QFY17 and net profit plunged by 57% to INR 22.3bn in 1QFY17 even as it reported exceptional gains of INR 4.7bn on account of recoveries pertaining to Tianjin port incident.
Ø Welspun India appointed consultancy major EY to review its supply-chain systems and process. The move follows US-based retailer Target Corporation's decision earlier this week to sever all ties with the company after a supply dispute.
Ø Adani Enterprises promoters - Gautam Adani and Rajesh Adani, have pledged an additional 16.5mn shares or 1.50% stake to STCI Finance Ltd.
Ø Lupin received tentative approval for its generic version of anti-depressant Paroxetine extended-release tablets from the US health regulator. The drug is indicated for the treatment of major depressive disorders, panic disorders, social anxiety disorders and premenstrual dysphoric disorders.
Ø Rural Electrification Corporation (REC) will seek shareholder's nod on September 21st 2016 for raising INR 500bn through issue of non- convertible debentures.
Ø Tata Steel has given up the plan to set up 5.5 million tonne per annum (MTPA) green-field integrated steel plant in Chhattisgarh's Bastar district. Tata Steel recently lost an iron-ore mine that it was allotted in Dantewada district---about 150 km from the proposed steel plant site.
Ø IOCL In a bid to achieve 100% Bharat Stage-IV (BS-IV) fuel production, will invest around INR 13.3bn in two phases, to complete the conversion from BS-III to a cleaner fuel by the end of this year.
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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