{LONGTERMINVESTORS} Morning Call

 

Dear all,

 

Markets fall on account of profit booking and capital outflow fears

Ø  Indian benchmark indices fall on Friday on the back of profit booking and as soaring U.S. bond yields on expectations of higher inflation and interest rates in the U.S. stoked worries about capital outflows from the region.

Ø  Global risk appetite was muted amidst a drop in crude prices and as a slew of Chinese data painted a mixed picture of the world's second-largest economy.

Ø  Indian banks' loans rose 9.1% in the two weeks to Oct. 28 from a year earlier. Outstanding loans rose INR 502.20bn to INR 74.12tn, as non-food credit rose INR 400.70bn to INR 73.10tn

Ø  India IIP went up 0.7% in September 2016, following two straight months of falls (-0.7% in August and -2.5% in July) and slightly above market expectations of a 0.5% gain.

Ø  India Foreign Exchange Reserves increased to USD 368.2bn in November 4th from USD 367.1bn in the previous week.

Global Macro

Ø  China Outstanding Yuan Loan Growth increased by 13.1% in October 2016 over the same month in the previous year.

Corporate Buzz 

Ø  Tata Motors's consolidated revenue decreased by 6.4%YoY to INR 629bn in 2QFY17 and PAT came in at INR 8.4bn vs a net loss of INR 17.4bn in 2QFY16.

Ø  Aurobindo Pharma's consolidated revenue increased by 12%YoY to INR 33.7bn in 2QFY17 and PAT increased by 33.5%YoY to INR 6.0bn.

Ø  Heidelgberg Cement's standalone revenue decreased by 1.1%YoY to INR 4.6bn in 2QFY17 and PAT increased by 706.9%YoY to INR 163.8mn.

Ø  NRB Bearings's standalone revenue increased by 6.9%YoY to INR 1.8bn in 2QFY17 and PAT increased by 4.3%YoY to INR 163.6mn.

Ø  KNR Construction's standalone revenue increased by 72.2%YoY to INR 3.7bn in 2QFY17 and PAT decreased by 22.3%YoY to INR 438.2mn.

Ø  Advanced Enzyme's consolidated revenue increased by 28.9%YoY to INR 908.03mn in 2QFY17 and PAT increased by 98.6%YoY to INR 292.61mn.

Ø  Power Grid Corporation is planning to build energy highways across the country to meet a projected growth in demand and ease the load on the national grid. The highways include 11 high-capacity corridors, each with a capacity of about 4,000 MW, and three high-capacity HVDC (high-voltage, direct current) systems (6,000 MW each).

Ø  Apollo Hospitals has plans to invest INR 14bn over the next couple of years for expansion. Moreover, the company is set to come up with the modern Proton therapy at its Chennai facility for the treatment of cancer patients in near future.

Outlook

Ø  Benchmark indices are likely to open on a flat to positive note on the back of positive global cues.

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Regards,

CSEC Research

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