Dear all,
Markets snap three-day losing streak
Ø Indian benchmark indices rebounded following three days of losses on Wednesday, after India's ranking in the Global Competitiveness Index for 2016-17, released by the World Economic Forum (WEF), jumped 16 spots to 39, the biggest jump among all 138 countries surveyed.
Ø Global risk appetite was firm as the Japanese yen fluctuated and oil prices turned flat after steep losses overnight on doubts over potential OPEC deal. European shares edged higher in early deals, as banks rebounded from recent losses and investors looked ahead to a crucial OPEC meeting and Fed Chair Janet Yellen's testimony to Congress.
Global Macro
Ø Stocks of crude oil in the US fell by 1.88 million barrels in the week ended September 23rd, 2016, compared to market expectations of a 3 million gain.
Ø Mexican unemployment rate declined to 4% in August of 2016, compared to 4.7% a year ago and in line with market expectations. It was the lowest jobless rate for August month since 2008.
Ø The mood among consumers in Italy decreased for the second month to 108.7 in September of 2016 from a downwardly revised 109.1 in August.
Corporate Buzz
Ø The government to sell 7% stake in Hindustan Copper as a part of this year's disinvestment programme. The share sale will be done through the offer for sale route on Thursday at a base price of INR 62 per share, 5% discount to CMP.
Ø Jaiprakash Associates Ltd received its shareholders approval to allow for conversion of its debt toequity stake in the company. The approval will help pave way for lenders to step in and pick a stake in the company.
Ø Mangalore Chemicals and Fertilisers disclosed in a regulatory that its minority shareholders had rejected appointment of V S Venkataraman, a loyalist of liquor baron Vijay Mallya on the company's board as well as the transaction with group firm Zuari Agro Chemicals at the AGM.
Ø Tata Steel's Kalinganagar facility that has commenced commercial production is eyeing South East Asian countries for exporting steel products manufactured at the unit. It has already started exports of Ferroshots and hot rolled coils.
Ø Balaji Telefilms Ltd (BTL) announced a streamlining exercise for its group structure to combine similar business interests, improve allocation of capital, enhance operational efficiencies and optimise cash flows. Balaji Motion Pictures Ltd (BMPL) will be demerged from BTL and Bolt Media Ltd will be amalgamated with BTL.
Ø Eros International associated itself with UAE's largest film distribution and exhibition network (Hollywood & Bollywood), Phars Film. The partnership will entail the two companies jointly co-producing Malayalam films along with exploration of theatrical rights between the two entities.
Outlook
Ø Benchmark indices are likely to open on a flat note amidst positive global cues.
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CSEC Research
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