Dear all,
Markets end marginally lower; dragged by Telecom stocks
Ø Indian benchmark indices closed marginally lower, as weak GDP and infrastructure output readings coupled with caution ahead of the all-important U.S. jobs report due prompted traders to lock in some profits after three days of gains.
Ø Global risk appetite was muted as oil prices slumped and investors waited for the release of July U.S. jobs data on Friday. An official gauge of China's factory activity unexpectedly expanded in August while activity in the services sector expanded at a slightly slower pace than in the previous month.
Ø Manufacturing PMI In India came in at 52.6 in August of 2016 from 51.8 in July. It was the highest reading since July 2015, supported by stronger output, new orders and new export orders.
Global Macro
Ø The Caixin Manufacturing PMI in China stood at 50.0 in August 2016, down from 50.6 in July while market expected 50.1.
Ø The IHS Markit Russia Manufacturing PMI was up to 50.8 in August of 2016 from 49.5 in July, driven by an increase in output and new orders.
Ø The seasonally adjusted Markit/CIPS UK Manufacturing PMI came in at 53.3 in August 2016, recovering from an upwardly revised 41-month low of 48.3 posted in July following the EU referendum.
Corporate Buzz
Ø Apollo Hospitals Enterprise reported a 17.52% YoY decline in standalone net profit to INR 721.7mn for 1QFY17. However, Net sales were up 12.23% at INR 14.65bn as against INR 13.06bn in 1QFY16.
Ø United Breweries (Holdings) Ltd reported narrowing of its standalone net loss at INR 431.4mn for 4QFY16 as against a net loss of INR 3.7bn. However, its total income from operations rose by 33.63% YoY to INR 1.03bn in 4QFY16. On May 24, UBHL had sought time till July to file results for the last fiscal due to "uncertainties" resulting from ongoing cases against its Chairman Vijay Mallya.
Ø Supreme Court refused permission to Vedanta Group to export iron ore mined from Karnataka while allowing National Mineral Development Corporation (NMDC) to continue with the dual pricing of the minerals.
Ø Mahindra & Mahindra (M&M) reported its auto sales numbers for the month of August 2016, which stood at 40,591 units as against 35,634 units during August 2015, representing a growth of 14%.
Ø Gavis Pharmaceuticals LLC., USA, wholly owned subsidiary of Lupin, received tentative approval from USFDA for its Azithromycin for oral suspension USP, 300 mg (100 mg/5 mL) and 1200 mg (200 mg/5 mL) to market a generic version of Pfizer Inc.'s Zithromax for oral suspension, 100 mg/5ml and 200 mg/5ml.
Ø Ashok Leyland reported 6% decline in its total sales to 10,897 units in August 2016 as compared to 11,544 units sold in the same period of last year.
Outlook
Benchmark indices are likely to open on a cautious note amidst mixed global cues.
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CSEC Research
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