{LONGTERMINVESTORS} Morning Call.

 

Dear all,

Markets drop for the fourth day

Ø  Indian benchmark indices ended a volatile session lower on Thursday, as concerns that an ongoing cash crunch could affect economic growth and worries over FII outflows on expectations of higher inflation and interest rates in the U.S. continued to rattle markets.

Ø  Global risk appetite was firm after the release of U.S. economic data, including a report from the Commerce Department showing that housing starts jumped to a nine-year high in October.

Global Macro

Ø  U.S. consumer price index rose by 0.4% in October after climbing by 0.3% in September.

Ø  U.S. housing starts surged up by 25.5% to an annual rate of 1.32mn in October after tumbling by 9.5% to a revised 1.054mn in September.

Ø  U.S. initial jobless claims fell to 235,000, a decrease of 19,000 from the previous week's unrevised level of 254,000.

Ø  European Central Bank policymakers widely agreed that it was better to wait until December to get a clearer picture of the inflation outlook to form a policy view.

Corporate Buzz 

Ø  State Bank of India (SBI) decided to cut interest rates by 15 basis points (bps) on term deposits between one and three years.

Ø  TCS decided in its board meeting to call an extraordinary board meeting (EGM) on December 13 to oust its former chairman, Cyrus Mistry, as director.

Ø  Tata Motors became the first company in India to introduce liquefied natural gas-fuelled bus in Kochi recently.

Ø  CPL Biologicals Pvt Ltd, a joint-venture biotechnology company of Cadila Pharmaceuticals Ltd, India and Novavax Inc, USA, indigenously developed 'Cadiflu-S' a vaccine to treat seasonal influenza.

Ø  India software revenue is forecast to total USD 5.8bn in 2017, a 12.8% increase from 2016 estimates of USD 5.2bn, according to Gartner, Inc.

Ø  Major lenders, including ICICI and HDFC Bank, lowered fixed deposit (FD) rates by up to 0.25% in view of surge in deposits following the demonetization.

Ø  A month after suspending operations at its Bicholim iron ore mine in Goa due to labour unrest, Vedanta revoked the suspension order' with immediate effect.

Ø  Blackstone Group and Canadian investor Brookfield are in race to acquire as much as 40% in Bharti Infratel.

Ø  Lupin received approval from the US health regulator to market hydrocodone bitartrate and acetaminophen tablets, a pain relieving drug, in the American market.

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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