{LONGTERMINVESTORS} Morning Call.

 

Dear all,

    Markets gained strength in last hour of trade

Ø  Indian benchmark indices reversed early losses to end a tad higher lead by Tata Motors which rallied 4.3% on brokerage upgrades amid expectations that it will likely see a strong rebound in JLR's margins in balance FY17 and FY18. Also,  Zee Entertainment Enterprises soared 5.2% on reports that it may sell its stake in Ten Sports to Sony for nearly INR 20bn.

Ø  Global risk appetite was muted as Asian and European markets succumbed to selling pressure in the wake of hawkish comments from Fed Chair Janet Yellen and her deputy Stanley Fischer signaling that U.S. interest rates could rise as early as next month.

   Global Macro

Ø  Consumer spending in the United States increased 0.3% in July from June of 2016, slowing from an upwardly revised 0.5% gain in the previous period but matching market expectations.

Ø  The Greek economy advanced 0.2% on quarter in the three months to June of 2016, recovering from an upwardly revised 0.2% contraction in the previous period but below a 0.3% expansion in the preliminary estimate.            

  Corporate Buzz 

Ø  Zee Entertainment Enterprise Ltd (ZEEL) to sell its sports channel Ten Sports for an undisclosed amount. Without naming the prospective buyers and sharing any details about it, ZEEL informed BSE that its discussions are in the advance stage.

Ø  IDBI Bank cut its stake in rating agency CARE to 3.40% from 6.12% as the Bank sold 8,00,773 shares in open market and raised an amount close to INR 1bn  from lowering its stake.

Ø  MEP Infrastructure Developers Ltd (MEPIDL) has won its third short term toll collection project in Jharkhand for a period of one year. The company has bagged the project with an annual remittance of INR 873mn, payable on a weekly basis over the project tenure.

Ø  Indian Oil Corp (IOC) reported a 25% jump in net profit to INR 82.7bn 1QFY17 as compared to INR 65.9bn in 1QFY16. It also declared a issue of bonus share in the ratio of 1:1. The company's revenue loss on sale of PDS kerosene during the quarter to the extent of INR 13.3bn was reimbursed by the government.

Ø  Gujarat Industries Power Company Ltd (GIPCL) standalone net profit moved up marginally by 1.7% to INR 549.7mn in 1QFY17. Net sales of the company increased to INR 3.52bn in 1QFY17 as against INR 3.33bn in 1QFY16.

Ø  Dr Reddy's Laboratories announced that it has launched Nitroglycerin sublingual tablets USP, 0.3 mg, 0.4 mg and 0.6 mg, a therapeutic equivalent generic version of Nitrostat in the US market on August 26, following the approval from USFDA. The Nitrostat had US sales of approximately USD 108 million in FY16.

   Outlook

Ø  Benchmark indices are likely to open on a flat note amidst mixed global cues.

 

   Link

Click here to view Morning Call

To Unsubscribe from Newsletter Click Here

Regards,

CSEC Research

​ 

--
You received this message because you are subscribed to the Google Groups "LONGTERMINVESTORSRESEARCH" group.
To unsubscribe from this group and stop receiving emails from it, send an email to longterminvestorsresearch+unsubscribe@googlegroups.com.
Visit this group at https://groups.google.com/group/longterminvestorsresearch.
For more options, visit https://groups.google.com/d/optout.