Dear all,
Markets gained for third consecutive session
Ø Indian benchmark indices hit their highest level in more than a year on Wednesday, even as gains remained capped somewhat ahead of GDP data for the first quarter due post market.
Ø Global risk appetite was muted amid mixed global cues ahead of U.S. jobs report and also crude oil prices were weak ahead of official U.S. oil inventories data.
Ø Infrastructure output in India went up 3.2% YoY in July 2016, following a 5.2% gain in the previous month. Infrastructure accounts for nearly 38%of IIP.
Ø India's gross domestic product advanced 7.1% YoY in the second quarter of 2016, slowing from a 7.9% expansion in the previous period and missing market expectations of 7.6% growth.
Global Macro
Ø German seasonally adjusted harmonised jobless rate came in at 4.2% in July 2016 compared to an upwardly revised 4.3% in June and 4.6% a year earlier.
Corporate Buzz
Ø BPCL registered 11.01 % jump in its net profit at INR 26.2bn for 1QFY17 as compared to INR 23.6bn in 1QFY16. Total income of the company decreased by 2.99% at INR 573.8bn in 1QFY17.
Ø GVK Power and Infrastructure's standalone net loss increased to INR 510mn for 1QFY17 as compared to Rs 31mn in 1QFY16. Total income increased from INR 158.8mn for 1QFY16 to INR 168.5mn in 1QFY17.
Ø Aditya Birla Fashion and Retail (ABFRL) reported a net loss of INR 208.2mn in 1QFY17 as against a net loss of INR 678.8mn in 1QFY16. Total income from operations stood at INR 14.15bn in 1QFY17, up 8.28% as against net sales of INR 13.07bn in 1QFY16.
Ø Competition Commission imposed more than INR 67bn penalty on 10 cement companies, including ACC and Binani, for cartelisation. Apart from penalising the Cement Manufacturers Association (CMA), the fair trade regulator has directed all the entities to "cease and desist" from indulging in any activity relating to agreement, understanding or arrangement on prices, production and supply of cement in the market.
Ø The Reserve Bank of India granted approval to Canada Pension Plan Investment Board (CPPIB) for acquiring shares in excess of 5% and below 10% of the paid up capital of Kotak Mahindra Bank. Canada Pension Plan held 4.89% stake in the bank as of June 2016.
Ø HDFC plans to raise up to INR 5bn through issuance of rupee denominated bonds to overseas investors. The issue will open on August 31, and close on September 1, 2016 and it will be listed on London stock exchange.
Ø CARE Ratings signed a MoU with Vishal Group and Emerging Nepal, to start a credit rating agency in Nepal and to be called Care Ratings (Nepal), subject to regulatory approvals in India and Nepal. Care Ratings to hold 51% in venture.
Outlook
Ø Benchmark indices are likely to open on a cautious note on weak GDP data.
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CSEC Research
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