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Saturday 29 April 2017

Gold shines brighter on Akshaya Tritiya, demand surges 30% - 29 Apr 2017



Jewellers called Akshaya Tritiya on Friday to be the best they have had since 2013, with demand rising 30 per cent as compared to last year in volume terms.

The number of customers was 50-60 per cent higher, due to a greater preference for lower-price jewellery, in the range of Rs 30,000-50,000.

Somasundaram P R, India managing director for the World Gold Council, said: “Festive sentiment among both trade and consumers appears to be stronger this Akshaya Tritiya as the industry emerges steadily from a period of sluggishness during and immediately following demonetisation. Gold’s attractiveness as a preferred asset class is enhanced this season by an appreciating rupee and its impact on price, as well as a sharp rise in stock markets. Various trade offers and promotions point towards increasing momentum, though challenges remain regarding the transition to GST (the coming national goods and services tax) in the next quarter.”

Last year on Akshaya Tritiya day, gold sale was estimated at 17 tonnes by GFMS Thomson Reuters. This was valued at around Rs 5,000 crore.

Asher O, the head of India operations at Malabar Group, a leading jewellery chain from South India, with 176 retail stores of which half are in this country, said: “We see good demand today and expect 30 per cent higher buying than last year. Footfall is quite huge with people buying small-ticket jewellery.”

The price of gold in India is three per cent less than a year before. In this calendar year so far, the price in international markets has rallied by 10 per cent but the Indian price is up only 3.7 per cent, due to a stronger rupee. 

Tanya Rastogi, director at Lala Jugal Kishore, Lucknow, a UP-based jeweller, said: “Up north, Akshaya Tritiya is divided into two days this time, from Friday afternoon and well into Saturday, a huge advantage. Quantum demand is up around 25 per cent from last time till now. Smaller items are more in demand.”


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Taxing agri income: Distinction between rich, poor farmers needed, says CEA - 29 Apr 2017



Just days after Union Finance Minister Arun Jaitley ruled out any move to tax agricultural income, Chief Economic Advisor Arvind Subramanian joined the debate and said there could be a distinction between poor and rich farmers. In a reply to a question on the issue, which has become controversial after two NITI Aayog members made contradictory statements, Subramanian said at a CII event here on Friday, “When you say farmer, people think that you are going after the poor farmer... Why can’t we say the rich, regardless of where they get their income, should be taxed?” he said, adding that one could be very socialistic despite making a distinction between poor and rich farmers. 

“All good policies require us to make certain distinctions. The question is, why are we not able to make those distinctions,” Subramanian said.

He said the legal situation was such that nothing prevented state governments from taxing agricultural income, though there was a constitutional restriction on the central government to impose such a tax. 

“It is a choice that the 29 state governments have to make and if there are willing takers for this — all power to them,” the CEA said.  In his annual Economic Survey, Subramanian had touched upon the issue of taxing agricultural income. 

The three-year draft action agenda of the NITI Aayog circulated among chief ministers last Sunday did not explicitly suggest levying tax on farm income but suggested plugging the loopholes that enabled non-agriculture entities evade taxes by showing agricultural as their source of income.  A controversy erupted earlier on the issue after NITI Aayog member Bibek Debroy suggested that agricultural income should be taxed. NITI Aayog quickly distanced itself, saying his views were personal. At the same event later, NITI Aayog Vice-Chairman Arvind Panagariya declined to comment on Subramanian’s views and reiterated the Aayog’s stand on the matter.

“Don’t ask me what he said. Unequivocally, the NITI Aayog’s view is that there should be no taxation on agricultural income. If you look at the poor, however you measure them and whichever poverty line you choose, 80 per cent are in the rural area and connected to agriculture,” Panagariya said. 

In his speech, Subramanian also said that foreign exchange competitiveness was critical for growth and called for a rupee exchange rate that would promote exports.  Championing the cause of competitive exchange rates, he said that this factor was a very “important instrument to maintain competitiveness and boost growth”. 

Subramanian said the strong exchange rates over the past two years were hugely impacting exports and that it was a misguided notion that strong currency rates were identical to national growth and economic strength. He said that India Inc should be more vocal on exchange rate issues. 

India had to keep its focus on exports of products despite the various interpretations of globalisation that were going on across the world, he added.


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RBI Deputy Guv Viral Acharya calls for privatising some banks - 29 Apr 2017



Reserve Bank of India (RBI) Deputy Governor Viral Acharya said it could be time to reprivatise some of the nationalised banks to prevent the throwing of good money after bad banks in the form of persistent recapitalisation. 

“Perhaps reprivatising some of the nationalised banks is an idea whose time has come?” he said in a keynote address at an event organised by the women’s wing of the Federation of Indian Chambers of Commerce and Industry. In all, the deputy governor’s five-point suggestion on resolution of banks’ current problems is for allowing private capital raising, asset sales, mergers, tough corrective action, and divestment.

Even as bank consolidation remains a contentious issue, and generally the central bank doesn’t comment on it, top RBI officials have become vocal on this. Earlier this week, Urjit Patel, the central bank's governor, said the system needed fewer but healthy banks, instead of many public sector lenders.

In his speech, Acharya said, “As many have pointed out, it is not clear we need so many public sector banks. The system will be better off if they are consolidated into fewer but healthier banks.” This could indicate a gearing up to guide banks towards merger. Bank merger is also on the government’s agenda, as it struggles to recapitalise the state-owned ones.

From April 1, State Bank of India (SBI) has been operating after merging five associate banks with itself. The government wants to divest stake in other public sector banks (PSBs), too. The finance minister has said he wants to first privatise IDBI Bank.

The central government nationalised a number of private sector banks in 1969, and then again in 1980, to push a socialist agenda, including financial inclusion.

However, those hopes haven't been fully achieved. And, PSBs are saddled with a total of Rs 10-14 lakh crore in stressed assets, eating away precious capital. 

“After all, we do have cooperative banks and micro finance institutions to provide community-level banking. So, some banks can be merged, as a quid pro quo for timely government capital injection into the combined entity,” Acharya said in his speech.

This would, he added, offer the opportunity to rejig management responsibility away from those who'd under-performed or dragged their feet the most. 

And, he said, the revised prompt corrective action (PCA) can be used to discipline PSBs. “Undercapitalised banks could be shown some tough love and be subjected to corrective action...such action should entail no further growth in deposit base and lending for the worst-capitalised banks. No Growth!” he said, adding such action should entail no further growth in deposit base and lending for the worst-capitalised banks. "This will ensure a gradual “run-off” of such banks, and encourage deposit migration away from the weakest public sector banks to healthier public sector banks and private sector banks," Acharya added.

The deputy governor reiterated his stance on banks issuing deep discount bonds to capitalise themselves but stayed away from suggesting government-aided asset reconstruction companies, that would also be funded by private sector, as he did in his first speech on the issue, on February 21. 

Instead, this time, he suggested plain old asset sales by banks, as well as selling of non-core assets to raise capital, instead of only depending on the government.

However, he was also clear that the government should recapitalise its banks more. “Clearly, more recapitalisation with government funds is essential. However, as a majority shareholder of PSBs, the government runs the risk of ending up paying for it all,” he said. Adding that the recapitalisation pattern of 2008-09 showed banks that experienced the worst outcome received the most capital. And, were now back again with their need for capital. 

"We must not allocate capital so poorly, recreate “Heads I Win, Tails the Taxpayer Loses” incentives, and sow the seeds of another lending excess," he added.

Acharya said the International Monetary Fund’s assessment that the Indian industrial sector was one of the most heavily indebted in the world and that the Indian banking sector was one of the worst in emerging markets, was “accurate”.  

And, therefore, the time had come for the ailing PSBs to be dealt with in “creative ways, instead of just propping them up with state aid”.


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Tata-DoCoMo case: Delhi HC okays $1.18-billion damages, rejects RBI's plea - 29 Apr 2017



Signalling an end to a long-drawn regulatory tussle, the Delhi High Court (HC) on Friday upheld a settlement agreement between Tata Sons and NTT DoCoMo to realise the $1.18-billion London Court of International Arbitration (LCIA) award in favour of the Japanese telecom giant. 

This is a significant development as the DoCoMo settlement is learnt to have been priority for the new Tata Sons chairman, N Chandrasekaran. 

The Tata Teleservices-DoCoMo joint venture (JV) was scripted in 2008 when Ratan Tata was the chairman of the group.
    
Rejecting the Reserve Bank of India (RBI) intervention in the enforcement proceedings, Justice S Muralidhar pronounced the verdict after coming to the conclusion that there was nothing contrary to any provision of Indian law in the February 2017 settlement plan submitted by the two companies to resolve their dispute. 

“It appears to be a well-settled legal position that parties to a suit, or as in this case, an award, may enter into a settlement even at the stage of execution of the decree or award,” said Justice Muralidhar in a single-Bench judgment. 

Friday’s decision held that the issue of an Indian company honouring its commitment under a contract with a foreign entity would have a bearing on its goodwill and reputation in the international arena and have an indubitable impact on strategic relationships between countries. 

It also concluded that a third party (the RBI) could not be allowed to oppose the compromise arrived at between the two companies in such a manner. 

The RBI had opposed the enforcement of the LCIA award in the high court, saying it was void in law, as it had failed to consider the existent regulatory prohibitions and would effectively allow something that could not be done directly to be done in an indirect manner. 

According to the RBI, the award was in violation of Regulation 9 of the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000 (as amended in 2013), which prohibited the transfer or sale of shares at a price exceeding the market price of shares arrived at by any international valuation methodology. The banking regulator had also said that the award was in violation of Section 6 of the Foreign Exchange Management Act, 1999, which empowers the RBI to prohibit, restrict or regulate the transfer of any security by a person outside India. 

Stating that the award had allowed a restricted capital account transaction in the garb of a breach of contract, the RBI had claimed that the award (and the settlement agreement) was against the fundamental policy of India and incapable of enforcement in any circumstance. The lawyer for the RBI had also highlighted its apprehensions of the issue becoming a dangerous precedent for similar cases in the future, if the award was eventually enforced.

DoCoMo’s lawyer, senior advocate Kapil Sibal, had opposed the RBI stance by highlighting that the banking regulator could not object to civil proceedings between two private parties for the enforcement of a valid international arbitration award. After initially opposing the enforcement, Tata’s counsel, senior advocate Darius Khambata, had also supported the enforcement in line with their joint settlement agreement and said that the realisation of the award would send a strong signal for future foreign direct investments to come into India.

“The court’s decision is very welcome. It is of huge significance for foreign investment in India because it shows that Indian courts will recognise their international obligations and enforce an award,” said DoCoMo sources.

Welcoming the order, Tata Sons, in a statement, said the court "allowed both the enforcement of the award and implementation of the consent terms between the two entities". Tata Sons and NTT DoCoMo are taking further steps in terms of the order, the statement added.

The two-year long arbitration between the companies relates to disputes over Tata’s inability to buy back DoCoMo’s 26 per cent share in their joint venture (JV) Tata Teleservices, as had been initially agreed upon by the two groups in their JV agreement. According to the terms of the JV, DoCoMo had been allowed the option of exiting the venture after a period of three years at a pre-determined share price, which were to be bought by Tata or 
an external buyer that the Indian company was to arrange. 

In 2014, after the collaboration failed in generating the desired returns, DoCoMo decided to exercise its exit option at a time when the share price of Tata Teleservices had plummeted far below the earlier agreed exit agreement. Unable to find a buyer, Tata made an application to the RBI to purchase the shares as per the terms of the venture. The RBI refused the application on the ground that such a transfer could not be made at a pre-determined share price on a later date, as per existent regulatory restrictions.

The deadlock resulted in the international arbitral proceedings that followed, resulting in the $1.18 billion LCIA award now sought to be enforced by DoCoMo. After the award, Tata had approached the RBI once again for permission to comply with the terms of the adjudication. However, this application was also rejected by the regulator, which resulted in the enforcement proceedings before the high court. Apart from approaching the courts in India, DoCoMo had also pressed for the realisation of the award in London and New York. 

There’s been some back and forth between the Union Finance Ministry and the RBI as well on the matter. In December 2014, under Raghuram Rajan as the governor, RBI is reported to have communicated to the Finance Ministry that it was inclined to allow a settlement between Tatas and DoCoMo in view of international relations. However, the North Block took a contrary stand, and in February 2015 told RBI to follow the guidelines.      

Friday’s verdict lays down how the amount of the award (currently with the registrar of the high court) can be realised by NTT DoCoMo in line with the procedure mentioned in the agreement, after the necessary tax withholding certificate and Competition Commission of India clearance requirements are fulfilled. It has also directed the simultaneous transfer of NTT DoCoMo’s Tata Teleservices shares to Tata Sons when the Japanese company receives its funds. As part of the agreement, DoCoMo has agreed not to press for enforcement of the award in any other court during the suspension period decided upon to complete the necessary formalities.

Timeline of events in the NTT DoCoMo-Tata Sons dispute

November 2008: DoCoMo purchases a 26.5 percent stake in the Tata Teleservices for $ 2.22 billion in terms of the joint venture (JV) agreement

July 2014: DoCoMo exercises exit option against Tata on previously agreed terms

November 2014: Unable to find an external buyer, Tata's makes an application with RBI to purchase DoCoMo stake at Rs 58 per share amounting to Rs 27,000 crore - RBI rejects application

December 2014: Tata's deadline to find external buyer (or purchase the shares) expires

January 2015: DoCoMo approaches London Court of International Arbitration (LCIA) against breach of the JV agreement

March 2015: RBI again rejects Tata's November 2014 application to purchase DoCoMo's shares at the pre-determined rates

July 2015: DoCoMo refuses to accept Tata offer to buy stake at fair market value of Rs 23 per share amounting to Rs 11,000 crore (less than half of the previously agreed upon price)

June 2016: LCIA awards $1.18 billion in favour of Docomo

July 2016: DoCoMo approaches Delhi High Court to enforce LCIA award - RBI reiterates former stance against stake-sale via letter issued to Tata - Tata agrees to deposit full sum of the award with the Delhi High Court pending final determination

September 2016: Tata files affidavit opposing the enforcement of the international award in Delhi High Court

November 2016: RBI intervenes in Delhi High Court challenging the enforcement of the award

February 2017: Tata and DoCoMo submit joint settlement plan to put an end to the arbitral dispute

March 2017: RBI objects to the settlement agreement between the two companies - Says award cannot be enforced in any circumstance

March 2017: Justice Muralidhar reserves judgment in the case

April 2017: Delhi High Court rejects RBI intervention - Upholds Tata-DoCoMo settlement in line with the terms of the agreement


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Friday 28 April 2017

Base Metals Preview: Copper decline as US proposed tax cuts fail to impress : 28 Apr 2017



Indian MCX copper declined significantly on the back of short positions increase in the metal. Deprived Copper showed further losses of 0.35 percent in the session gone by. At the time of closing Copper was at Rs 365.5 per kg.

Copper drifted on Thursday as markets were underwhelmed by US President Donald Trump's proposed tax cuts and the focus shifted to concerns over China's manufacturing growth.

The pace of expansion in China's manufacturing sector likely slowed this month, a as per polls, as factory-gate prices lost steam and authorities moved to tackle risks in the property market and credit growth. Data is due on Sunday, April 30.

Chinese industrial firms' liabilities rose 6.6 percent from a year earlier as of end-March, compared with an increase of 6.6 percent in the first two months of 2017.

President Donald Trump unveiled a one-page plan on Wednesday proposing deep U.S. tax cuts, many for businesses, that would make the federal deficit balloon if enacted.


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Global markets signal muted start on Dalal Street; SGX Nifty flat : 28 Apr 2017



Indian Indices:

Indian shares are likely to witness a cautious opening as the global markets are subdued with SGX Nifty trading 1 point lower @9368

The Indian equities are likely to remain flat on Friday, tracking muted cues from Nifty futures on the Singapore Stock Exchange and mixed trading across Asian markets. Investors will keep an eye on earnings number of Ambuja Cement, CEAT, Federal Bank, IDFC, Raymond and Supreme Industries, which will be released today. Among others, DCB Bank, HDFC Bank will also remain in focus as the private sector lenders plan to raise fund. 

Investors will also react to earnings report of Biocon after the company’s net profit dipped 58 per cent to Rs 148.4 crore in the quarter ended on March 31, 2017, compared to Rs 354.4 crore in the year ago period. On Thursday, the Indian equities ended tad lower in choppy trade as investors resorted to profit booking after strong rally in the last three trading session, tracking weak cues from fellow Asian peers and negative opening of European markets.

The market also saw some volatility as traders rolled over positions in the futures & options (F&O) segment from the April series which expired yesterday.
Axis Bank fell over 2 per after the private sector lender reported a fall of 43.1 per cent in its net profit after tax at Rs 1,225.10 crore for the quarter ended March 31, 2017, on the back of higher provisions. The 30-share barometer SENSEX closed at 30029.74, down by 103.61 points or by 0.34 per cent, and the NSE Nifty was at 9342.15, down by 9.7 points or by 0.1 per cent. 

Global Market:

Asian stocks inched higher on Friday and looked set to close a strong week on a positive note, while the euro slipped after the European Central Bank showed no signs of paring its stimulus program.

President Donald Trump downplayed the severity of a potential government shutdown on Thursday, just two days shy of a deadline for Congress to reach a spending deal to avert temporary layoffs of federal workers.

Oil prices rose on Friday but were still on track for a second straight weekly loss on concerns that an OPEC-led production cut has failed to significantly tighten an oversupplied market.

The dollar edged up in Asian trading on Friday but was on track for a losing month against a basket of currencies, while the euro shed some of its monthly gains after the European Central Bank maintained its easing bias.

U.S. President Donald Trump on Friday will order a review of offshore areas currently off limits to oil and gas drilling to determine which might be reopened, in his administration's latest move to expand domestic energy production.

Major Headlines of the day:

• Biocon Q4 net up 75% at Rs135 cr
• ONGC discovers more than 20 oil, gas sites in FY17
• Hudco's Rs1,200 cr IPO to open May 8.

Trend in FII flows: The FIIs were net buyers of Rs  -181.71 the cash segment on Thursday  while the DIIs were net sellers of Rs 233.31  as per the provisional figures.

UPCOMING RESULTS:  IDFC, CEAT, UPL, AMBUJA CEM, FEDERAL BANK, KITEX, NAVIN FLUORINE, VARDHAMAN, CHOLAFIN, RAYMOND.

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CS OPENING BELL : 28 Apr 2017

CS OPENING BELL : 28 Apr 2017


NIFTY SPOT DOWN 28 @9312
SENSEX DOWN 92 @29935
BANK NIFTY FUTURES DOWN 15 @22277

CS NIFTY FUTURES (MAY) OVERVIEW

TREND BULLISH
RES2:9425
RES 1:9385
SUP1:9295
SUP2:9225

CS BANK NIFTY FUTURES (MAY ) OVERVIEW

TREND BULLISH
RES 2: 22425
RES 1:22335
SUP1: 22155
SUP2: 22025

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Thursday 27 April 2017

Oil prices fall on lingering oversupply concerns : 27 Apr 2017




Oil prices dipped on Thursday, weighed down by a general sentiment of globally bloated markets, though traders said that prices seemed to have found support around current levels. 

U.S. West Texas Intermediate (WTI) crude oil futures were trading at $49.37 per barrel at 0420 GMT, down 25 cents, or 0.5 percent from their last close. WTI has lost around 8.5 percent in value from its April peak. 

Brent crude futures, the international benchmark for oil prices, were at $51.62 per barrel, down 20 cents, or 0.4 percent. Brent is almost 9 percent below its April peak. 

Traders said the falls in recent weeks were due to a realisation that global oil markets remained oversupplied, despite efforts led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia to cut output by 1.8 million barrels per day (bpd) during the first half of the year to tighten the market and prop up prices. 

"It is clear that the world has plenty of oil in stock, making OPEC's life that much harder ahead of its June production cut rollover date," said Jeffrey Halley, senior market analyst at futures brokerage OANDA in Singapore. 

While the United States reported a drop in its commercial crude oil stocks on Wednesday, albeit from near-record highs, its gasoline inventories surged as refiners produced more fuel than the market could consume. 

Meanwhile, U.S. crude oil production continued its relentless rise, and is now up 10 percent since mid-2016 at 9.27 million bpd, at comparable levels to the peak oil glut between late 2014 and early 2016. 

"U.S. crude oil production climbed for a tenth straight (week) ... to an 87-week high," said Stephen Schork of the Schork report. 

Still, with an expectation that OPEC would lobby for an extension of the production cuts to cover all of 2017, analysts said there was support for prices around current levels. 

Reuters technical commodities analyst Wang Tao said that "Brent oil looks neutral in a range of $51.30-$52.32 per barrel." 


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Markets may remain cautious ahead of F&O Expiry : 27 Apr 2017



Indian Indices:

Indian shares are likely to witness a cautious opening as the global markets look slightly supportive with SGX Nifty trading 4 points higher. Today we have April series expiry, so we might see some volatility throughout the day, Sgx is trading marginal up by 4 points@9350.

The Indian rupee extended gains further as it has opened at 64.05 per dollar today, higher by 7 paise over 64.12 a dollar in previous session. 

Equity benchmarks opened Thursday's trade on a flat note after yesterday's record closing high and ahead of expiry of April futures & options contracts.

Mohan Shenoi of Kotak Mahindra Bank said global equity markets were continuing to rally reflecting risk-on sentiment and Asian currencies were also rallying on the back of the equity market rally.

The 30-share BSE Sensex was up 42.84 points at 30,176.19 and the 50-share NSE Nifty gained 7.60 points at 9,359.45.

Global Market:

US stocks ticked lower on Wednesday following two sessions of strong gains as strong corporate earnings were offset by uncertainty over the feasibility of a proposed business tax cut.

Asian shares ticked down from a near two-year high on Thursday after a long-awaited US tax plan failed to inspire investors, though sentiment remains supported by global growth prospects and receding worries about political risks in Europe

Major Headlines of the day:

• Petron Engineering gets order worth Rs110 Cr from Guruashish Construction.
• Tata Motors ready with BS-IV engines for entire CV range.
• Divis Vizag unit fails USFDA audit on alleged reluctance to share drug testing data.

Trend in FII flows: The FIIs were net buyers of Rs  -492.52 the cash segment on Wednesday while the DIIs were net sellers of Rs 1011.38  as per the provisional figures.

UPCOMING RESULTS:  MARUTI, UJJIVAN, TATAELXSI, IBREALEST, TVSMOT, MOTILAL OSWAL, KOTAK BANK, RELCAP, BIOCON, UTTAMSUGAR

Securities in Ban For Trade Date 27-APR-2017:    

1.ADANIPOWER
2.BANKINDIA
3.IBREALEST
4.ICIL
5.INDIACEM
6.JINDALSTEL
7.JPASSOCIAT
8.ORIENTBANK
9.RCOM
10.TV18BRDCST
11.UJJIVAN
12.WOCKPHARMA



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CS OPENING BELL : 27 Apr 2017



NIFTY SPOT DOWN 7 @9342
SENSEX DOWN 10 @30125
BANK NIFTY FUTURES DOWN 32 @22175

CS NIFTY FUTURES (APRIL) OVERVIEW

TREND BULLISH
RES2:9415
RES 1:9365
SUP1:9275
SUP2:9225

CS BANK NIFTY FUTURES (APRIL) OVERVIEW

TREND BULLISH
RES 2: 22375
RES 1:22245
SUP1: 22025
SUP2:21775


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Wednesday 26 April 2017

India steel booms as JSW aims to double capacity : 26 Apr 2017



JSW Steel became India’s largest steelmaker this year as production surged. It wants to get bigger still, much bigger.


The Mumbai-based company plans two plants of 10 million metric tonnes each in Odisha and Jharkhand, part of a drive to more than double in size to 40 million tonnes by 2030, according to joint managing director Seshagiri Rao. To fund growth and lower costs, the steelmaker will tap the bond market more frequently, with larger issues of possibly longer tenures, he said in interview, building on its recent successful overseas debut. These are boom times for steelmakers in Asia’s third-largest economy as firms including JSW wager that Prime Minister Narendra Modi’s plan to build cities, an industrial corridor and a railway-freight network will bolster demand. Nationwide steel output is forecast to more than double over the next decade and a half, aided by the country’s growing economy and increasing urbanisation, according to the Indian Steel Association.

“If we want to become a 40-million-ton company, we have to do either greenfield or brownfield expansions or acquisitions,” Rao said at his office in Mumbai’s Bandra-Kurla Complex. “Our balance sheet is strong. We can make investments.” Sajjan Jindal-owned JSW Steel would be looking to invest 400 billion rupees ($6.2 billion) in each plant, and is in talks to acquire land and plans to participate in auctions to secure raw materials, Rao said. 

The company has already won a coking coal block and iron ore mine in Jharkhand, he said. “History has shown that JSW Steel can keep capex intensity low, so the street will definitely view this positively,” Ritesh Shah, an analyst at Investec Capital Services said by phone on Tuesday. 


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Flat to positive start likely on Dalal Street; SGX Nifty trades higher : 26 Apr 2017



Indian Indices:

Indian shares are likely to witness a positive opening as the global markets look supportive with SGX Nifty trading 14 points higher Key benchmark indices logged strong gains yesterday, 25 April 2017, in sync with upbeat global equities after centrist candidate Emmanuel Macron won the first round of the French presidential election on Sunday, 23 April 2017.

The barometer index, the S&P BSE Sensex, jumped 287.40 points or 0.97% to settle at 29,943.24. The Nifty 50 index surged 88.65 points or 0.96% to settle at 9,306.60. The Sensex hit its highest closing level in almost three weeks. The Nifty hit a record high on intraday as well as closing basis.

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 13.50 points at the opening bell on positive global cues. Among corporate news, Wipro's consolidated net profit rose 7.2% to Rs 2267 crore on 4.86% rise in total income to Rs 15033.80 crore in Q4 March 2017 over Q3 December 2016. The result was announced after market hours yesterday, 25 April 2017.

Global Market:

Asian indices traded higher following the rise in US stocks on the back of strong earnings announcements and on expectations for US President Donald Trump's impending tax reforms.

In the US, stocks soared as McDonald's and Caterpillar reported strong earnings, with the Nasdaq surpassing the 6,000 mark for the first time. The Dow Jones industrial average surged 1.12% to close at 20,996.12.

Major Headlines of the day:

• LIC Housing Q4 net up 18%.
• S Chand and Company raises Rs 219 cr from anchor investors.
• Reliance Industries becomes Rs5,242 cr richer in one day as stock gains 1%.

Trend in FII flows: The FIIs were net buyers of Rs  178.82 the cash segment on Monday while the DIIs were net sellers of Rs 998.26  as per the provisional figures.

UPCOMING RESULTS:  KPIT, KSB PUMP, LAXMI VILAS, GIC HSGFIN, TATA SPONGE, STERLITE TECH

Securities in Ban For Trade Date 26-APR-2017:    

1.ADANIENT
2.BANKINDIA
3.HDIL
4.IBREALEST
5.ICIL
6.INFIBEAM
7.JINDALSTEL
8.JPASSOCIAT
9.JSWENERGY
10.RCOM
11.TV18BRDCST
12.UJJIVAN
13.WOCKPHARMA

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CS OPENING BELL : 26 Apr 2017


NIFTY SPOT UP 32 @9338
SENSEX UP 112@30057
BANK NIFTY FUTURES UP 150@22157

CS NIFTY FUTURES (APRIL) OVERVIEW

TREND BULLISH
RES2:9345
RES 1:9305
SUP1:9242
SUP2:9205

CS BANK NIFTY FUTURES (APRIL) OVERVIEW

TREND BULLISH
RES 2: 22175
RES 1:22025
SUP1: 21865
SUP2:21775

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Tuesday 25 April 2017

Indian Rupee: Edges higher on increased dollar sales : 25 Apr 2017



The Indian rupee appreciated against the dollar in early trades on Monday, 24 April 2017 on increased selling of the American currency by exporters and banks amid a higher opening in the domestic equity market.

Besides, the dollar's weakness against some currencies overseas also supported the rupee.

The domestic currency opened at Rs 64.50 against the dollar and registered an intraday high and low of 64.4875 and 64.54 respectively so far during the day.

In the spot currency market, the Indian unit was last seen trading at 64.52. On Friday, the rupee had slipped by 5 paise to 64.61 a dollar due to demand uptick for the American currency and persistent capital outflows.

Domestic benchmark indices were trading higher in early trade on positive cues from Asian stocks. At 9:22 IST, the barometer index, the S&P BSE Sensex, was up 108.53 points or 0.37 percent at 29,473.83. The Nifty 50 index was currently up 32.55 points or 0.36 percent at 9,151.95.

Overseas, most Asian shares rose on improved risk appetite after centrist Emmanuel Macron took the lead in the French presidential election.

A snap Ipsos survey late on Sunday, 23 April 2017, indicated that the pro-growth centrist Macron would win by 62 percent to 38 percent for Le Pen, who wants to take France out of the euro and clamp down on immigration. The two candidates will now face off in a 7 May 2017 runoff.

Meanwhile, the US dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, was down 0.05 percent to 99.66.

In the week ahead, political developments in France ahead of the May 7 second round of the presidential polls will set the tone for the euro ahead of Thursday's European Central Bank meeting and Friday's euro zone inflation data.

Last week, the dollar slid against the yen and the Swiss franc late Friday as investors moved into safe haven assets ahead of the first round of voting in a tight French presidential election race.



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