Dear all,
Markets Hit 16-month high ahead of U.S. jobs report
Ø Indian benchmark indices hit its highest level in over 16 months ahead of the long holiday weekend. While the downturn in oil prices helped ease inflation worries, the rupee traded a tad higher against the dollar on the back of renewed capital inflows.
Ø Global risk appetite was firm as oil prices rise amid renewed speculation that major producers including Saudi Arabia and Russia could cooperate to tackle weak prices and rein in oversupply.
Global Macro
Ø U.S. Non Farm Payrolls increased by 151,000 in August 2016, lower than a upwardly revised 275,000 in July but below market expectations of 180,000. Employment continued to trend up in several service-providing industries while it declined in manufacturing, mining and construction.
Ø U.S. Balance of Trade declined to USD 39.4bn in July of 2016 from an upwardly revised USD 44.6bn deficit in the previous month and below market expectations of a USD 42.7bn shortfall.
Ø China Services PMI rose to 52.1 in August 2016 from 51.7 in July 2016 as new orders grew at a slower pace while employment stabilised and business expectations rose the most in six months.
Corporate Buzz
Ø Inox Wind's consolidated revenue decreased by 32.4%YoY to INR 6.4bn in 1QFY17 and PAT decreased by 80.4%YoY to INR 118.2mn in 1QFY17.
Ø Jubilant Foodworks's standalone revenue increased by 6.7%YoY to INR 5.7bn in 1QFY17 and PAT decreased by 31.1%YoY to INR 189.9mn in 1QFY17.
Ø Vedanta will invest up to INR 30bn in copper operations to double the capacity to 0.8mn tonnes by 2019, making the firm India's largest producer of the metal. Copper currently accounts for 30% of the company's total revenue.
Ø Maruti Suzuki, will launch its first LCV 'Super Carry' across the country in phases. In the first phase, the company will launch the LCV in Ahmedabad, Kolkata, Ludhiana Haryana and Rajasthan.
Ø DLF announced the sale of its remaining 7 screens of DT Cinemas in the national capital to Cinepolis India for nearly INR 640mn, thereby exiting the cinema exhibition business.
Ø Patel Engineering has won arbitration awards of over INR 25bn and expects its debt to halve on Cabinet's decision to revive construction sector. The company's total standalone debt as on March 31, 2016 stood at nearly INR 45.3bn.
Ø Coal India will develop solar power plants of 600 MW capacity in four states, including West Bengal and Maharashtra, under the second phase of its plan to set up a total 1,000 MW green energy plants.
Outlook
Ø Benchmark indices are likely to open on a flat to positive note tracking positive global cues.
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CSEC Research
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