Dear all,
Ø Indian benchmark indices followed Asian and European peers to end sharply lower on Monday, as traders turned cautious ahead of tonight's first U.S. presidential debate and an informal OPEC meeting in Algiers.
Ø Global risk appetite was muted as a Washington Post-ABC News poll has Democratic presidential nominee Hillary Clinton leading Republican candidate Donald Trump by 2 points on the eve of the debate. Also comments by Bank of Japan Governor Haruhiko Kuroda that the central bank was prepared to take short-term interest rates deeper into negative territory also spooked investors.
Global Macro
Ø The number of people registered as out of work in mainland France increased sharply by 50.2 thousand, or 1.4%, to 3.56 million in August 2016.
Ø Economic activity in Mexico rose 1.3% YoY in July of 2016, following a 2.2% rise in June and below market expectations of a 2.2% gain.
Ø Industrial production in Singapore rose 0.1% YoY in August of 2016, following a downwardly revised 3.5% decline in July while market estimated a 0.6% gain.
Corporate Buzz
Ø Jet Airways is negotiating a joint venture agreement with Air France-KLM to expand its commercial co-operation with the two European airlines. Jet Airways, which is co-owned by Etihad Airways, is not a member of any airline alliance but it has code share agreements with several airlines including Air France-KLM.
Ø HPL Electric & Power's INR 3.61bn initial public offering (IPO) was over-subscribed by nearly eight times at the close of bidding on Monday. The IPO received bids for over 115.3mn shares.
Ø Zee group is likely to buy a majority stake in Hyderabad-based media firm Associated Broadcasting Company Private Limited (ABCL), which owns a bouquet of regional news channels under the brand name TV 9.
Ø Bank of India has sold 18% stake in the insurance joint venture (JV) Star Union Dai-ichi Life Insurance Company (SUD) to its Japanese partner.
Ø Pfizer has completed the process of transferring four products to Mumbai-based Piramal Enterprises after getting necessary regulatory approvals. In May this year, Ajay Piramal-led Piramal Enterprises had entered into an agreement to acquire four brands from Pfizer for a consideration of INR 1.1bn.
Ø NTPC to raise USD 500-USD 700 million in Masala bonds from the financial markets in London, Hong Kong and Singapore from November this year.
Ø Mahindra & Mahindra to raise INR 4.75bn through issuance of non-convertible debentures (NCD) on private placement basis.
Ø HGS entered in partnership with P. D. Hinduja Hospital & Medical Research Centre to offer Advance Mobile Health Unit (AMHU) services to provide healthcare and advanced medical technology in remote and rural areas of Maharashtra.
Outlook
Ø Benchmark indices are likely to open on a cautious note amidst mixed global cues.
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Regards,
CSEC Research
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