{LONGTERMINVESTORS} Morning Call

 

Dear all,

 

Markets fall for the fifth straight day

Ø  Indian benchmark indices fell slightly on Friday to mark the worst week since February 2016, as fears of acute cash crunch arising out of the government's move to demonetize INR 500 and INR 1,000 notes and rising capital outflows on expectations of higher inflation and interest rates in the U.S. continued to keep investors away from the markets.

Ø  Global risk appetite was muted as Federal Reserve chair Janet Yellen hinted of a rate hike, likely in December.

Ø  India Foreign Exchange Reserves decreased to USD 367.04bn on November 11th from USD 368.23bn in the previous week.

Global Macro

Ø  Eurozone's current account surplus fell to EUR 29.8bn in September 2016 from EUR 35.5bn a year earlier. If adjusted for seasonal factors, the current account surplus declined to EUR 25.3bn compared to EUR 31.8bn in September 2015.

Ø  China Newly Built House Prices went up 12.3% YoY in October 2016, compared to an 11.2% rise in September. It was the 13th straight month of gain and the fastest rise on record.

Corporate Buzz 

Ø  NHPC's standalone revenue increased by 2%YoY to INR 24.0bn in 2QFY17 and PAT increased by 28%YoY to INR 15.5bn.

Ø  3M India's standalone revenue increased by 8%YoY to INR 5.6bn in 2QFY17 and PAT increased by 1%YoY to INR 482.09mn.

Ø  NBCC India's consolidated revenue increased by 18%YoY to INR 12.5bn in 2QFY17 and PAT increased by 2%YoY to INR 691.9mn.

Ø  Gujarat Gas's standalone revenue decreased by 21%YoY to INR 12.3bn in 2QFY17 and PAT increased by 159%YoY to INR 718.3mn.

Ø  ISGEC Heavy Engg.'s standalone revenue increased by 13%YoY to INR 4.6bn in 2QFY17 and PAT increased by 4%YoY to INR 353.9mn.

Ø  India Cements's standalone revenue increased by 7%YoY to INR 13.1bn in 2QFY17 and PAT increased by 62%YoY to INR 624.1mn.

Ø  JB Chem & Pharma's standalone revenue increased by 3%YoY to INR 2.9bn in 2QFY17 and PAT increased by 7%YoY to INR 452mn.

Ø  Precision Camshafts's standalone revenue decreased by 10%YoY to INR 1.07bn in 2QFY17 and PAT decreased by 27%YoY to INR 130.4mn.

Ø  Siyaram Silk Mills's standalone revenue increased by 7%YoY to INR 4.2bn in 2QFY17 and PAT increased by 6%YoY to INR 267.9mn.

Outlook

Ø  Benchmark indices are likely to open on a cautious note amidst mixed global cues.

Link

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Regards,

CSEC Research

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