Dear all,
Ø Indian benchmark indices recovered some lost ground to end marginally higher in cautious trade on Friday, a day after benchmark indexes Sensex and the Nifty witnessed their worst single-day loss in the last three months following news of surgical strikes by the Indian army across the LoC in Pakistan-occupied Kashmir.
Ø Global risk appetite was firm as an AFP report indicating the German financial giant is nearing a USD 5.4bn settlement with the U.S. Justice Department over its mortgage lending activities before the financial crisis.
Global Macro
Ø United States personal income edged up by 0.2% in August after climbing by 0.4% in July 2016.
Ø U.S. consumer sentiment index for September was upwardly revised to 91.2 from the preliminary reading of 89.8.
Ø U.K. Gross domestic product climbed 0.7% sequentially in the second quarter, slightly revised up from the second estimate of 0.6%.
Ø Eurozone Inflation rose to 0.4% from 0.2% in August 2016.
Corporate Buzz
Ø Tata Motors reported an 8% increase in total sales at 48,648 units in September. The company had sold 45,215 units in the same month last year.
Ø Maruti Suzuki reported its best ever monthly sales in September, growing over 29% in the domestic market. The company sold 137,277 vehicles last month against 106,083 units in the same month last year.
Ø The government granted one year extension to Arundhati Bhattacharya as chairman of State Bank of India (SBI).
Ø IIFL Holdings received nod from its board to demerge '5Paisa Digital Undertaking' from IIFL Holdings (IIFL) into its fully owned subsidiary 5Paisa Capital Ltd.
Ø Mahindra Holidays & Resorts India announced that it has signed an agreement to acquire a 12% stake in Nreach Online Services.
Ø Royal Enfield reported a 30% rise in motorcycle sales to 57,842 units in September. The company had sold 44,491 units in the same month last year.
Ø Mahindra & Mahindra reported 8% increase in total sales at 46,130 units in September. The company had sold 42,848 units in the same month last year.
Ø Honda Cars India Ltd reported 18.77% decline in domestic sales at 15,034 units in September. The company had sold 18,509 units in the same month last year.
Ø Toyota Kirloskar Motor reported a 6% increase in domestic sales at 12,067 units in September. The company had sold 11,376 units in September last year.
Ø Essar Power commissioned the first phase (2x30 Mw) of the 120 Mw power plant at Paradip following the synchronisation of the 30 Mw second unit with the Odisha.
Outlook
Ø Benchmark indices are likely to open on a cautious ahead of the RBI policy review on Tuesday.
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CSEC Research
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