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Icra sees growth inching up to 6.3% in Q2

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Economic expansion in terms of gross value added (GVA) is expected to improve to 6.3 percent in the three months to September from 5.6 percent in the previous quarter, on the back of a rise in industrial growth. Headline GVA growth, however, is likely to trail the 6.8 percent recorded in the second quarter of FY17.

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“We expect GVA growth at basic prices to record a sequential recovery to 6.3 percent in the second quarter from 5.6 percent in the first quarter, led by a broad-based pick up in industrial growth, even as agriculture, forestry and fishing and services are likely to moderate,” rating agency Icra said in a report. Industrial growth improved to over 5.8 percent in the period from 1.6 percent in the first quarter.

Icra’s principal economist Aditi Nayar said the second quarter was a period of adjustment for the s economy, following the goods and services tax (GST) rollout. “Improved corporate earnings, partly reflecting milder discounts and higher commodity prices, and a pick-up in mining and electricity, are expected to contribute to a sequential recovery in Q2, offsetting the moderation in government spends and a tepid Kharif harvest for several crops,” Nayar said.

The significant turnaround in mining, a favorable base-effect, and supportive commodity prices, should boost mining and quarrying sub-sectors to a healthy 7.5 percent in the quarter, she added. Electricity generation also recorded an improvement led by the thermal segment. However, the real estate sector remains subdued on account of weak consumer sentiment, led by factors such as the note-ban-led drag, full implementation of the Rera and GST. This will cap construction sector remaining low at near 2.5 percent in the quarter.

The agency expects services growth to ease to 7.3 percent from 8.7 percent in the first quarter. Government’s non-interest revenue spend slid sharply to 0.8 percent in Q2 from 26.8 percent in Q1, reflecting the waning effect of front-loading of spending. However, available data for 12 states indicates a pickup in their revenue spends grew to 14.1 percent in Q2 from 10.7 percent in Q1. The report expects GVA growth in public administration and defense to ease to around 6.3 percent from 9.5 percent in Q1, weighing upon the overall GVA expansion.


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Asia Stocks supported by Global Growth Optimism, Dollar strong

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South Korea’s KOSPI rose 0.25 percent, Australian stocks climbed 0.15 percent and Japan’s Nikkei advanced 1.25 percent.

Asian stocks edged higher on Tuesday as investors took heart from further evidence of strength in the global economy, while the Dollar hovered near a one-week high against its peers thanks to higher US yields and a floundering Euro.

Gains on Wall Street overnight also helped MSCI’s broadest index of Asia-Pacific shares outside Japan tack on 0.15 percent.

South Korea’s KOSPI rose 0.25 percent, Australian stocks climbed 0.15 percent and Japan’s Nikkei advanced 1.25 percent.

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Equity markets have enjoyed strong support this year thanks to rising corporate earnings on the back of an improving global economy.

That confidence was again on display overnight, with upbeat data in Germany helping the benchmark DAX brush off worries over the collapse of German coalition government talks.

German data showed strong industrial activity, while the Conference Board’s leading economic index for the United States rose 1.2 percent in October, double the rate economists.

Wall Street was led up by telecom and tech shares, with the Dow edging back towards record highs scaled two weeks ago.

In currencies, the Dollar index against a basket of six major currencies stood near a one-week peak of 94.104 touched overnight.

The greenback was boosted by rising bond yields, with the two-year US Treasury yield touching a nine-year high of 1.755 percent overnight.

The yield has risen as investors priced in more interest rate hikes by the Federal Reserve, while the Treasury is expected to increase debt issuance with a focus on short- and intermediate-dated maturities.

The two-year yield appears to have risen too high now, as the Fed is only likely to hike rates twice at most next year considering current trends in US wages and prices.

The Dollar was also boosted as the Euro has been weakened by political risks arising from German Chancellor Angela Merkel’s failure to form a three-way coalition government, thrusting Europe’s biggest economy into a political crisis.

Merkel, whose conservatives were weakened after they won an election in September with a reduced number of seats, said she would inform the German president that she could not form a coalition after the pro-business Free Democrats withdrew from negotiations.

The Euro stood little changed at USD 1.1736 and in close reach of a six-day low of USD 1.1722 touched on Monday.

The Dollar was steady at 112.565 yen, having bounced from a one-month low of 111.890 set overnight.

The Australian and New Zealand dollars were little changed at USD 0.7551 and USD 0.6809, respectively.

US crude futures were 0.15 percent lower at USD 56.34, extending losses from overnight when wariness towards next week’s OPEC meeting and a bounce by the Dollar hurt broader commodities.


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Indian ADRs: HDFC Bank, Dr. Reddy’s Lab, ICICI Bank down

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Indian ADRs ended mostly lower on Monday. ICICI Bank fell 1.56 percent and Wipro added 1.09 percent.


Indian ADRs ended mostly lower on Monday. In the IT space, Infosys was unchanged at USD 14.64 and Wipro added 1.09 percent at USD 5.09.

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In the banking space, ICICI Bank fell 1.56 percent at USD 9.46 and HDFC Bank shed 0.44 percent at USD 93.61.

In the other sectors, Tata Motors was unchanged at USD 33.09 and Dr. Reddy’s Laboratories was down 0.28 percent at USD 35.51.


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Tech gains help propel Wall Street to record highs

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The Dow Jones Industrial Average rose 160.5 points, or 0.69 percent, to 23,590.83, the S&P 500 gained 16.89 points, or 0.65 percent, to 2,599.03 and the Nasdaq Composite added 71.76 points, or 1.06 percent, to 6,862.48.


US stocks jumped on Tuesday, pushing all three major indexes to record closing highs, led by gains in this year’s top-performing technology sector.

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Healthcare stocks also rose after bullish results from medical device maker Medtronic, whose shares rose 4.8 percent after the company reported better-than-expected results and backed its full-year forecast.

The S&P technology index gained 1.2 percent, helped by a nearly 1.9 percent rise in Apple. The index has risen 38.6 percent this year, by far more than any other sector. The S&P 500 is up 16.1 percent for the year so far.

“We’re at a seasonal time of the year where investors are looking to add holdings rather than sell, so we have that upward bias,” said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama.

“There’s money that’s been on the sidelines most of the year, and stocks have the best risk-adjusted profile right now. Stocks have had little volatility and the trend is upward,” he said, adding: “Tech is something people feel comfortable with right now and so you see money going into it.”

The CBOE Volatility index closed down 0.9 points at 9.73, its lowest close in more than two weeks.

The S&P 500 hit a record closing high for the first time in about two weeks. Indexes posted losses last week as investors worried whether the tax plan in Washington will see progress.

With the third-quarter earnings season winding down and no major economic data insight, trading activity slowed ahead of Thursday’s Thanksgiving holiday.

The Dow Jones Industrial Average rose 160.5 points, or 0.69 percent, to 23,590.83, the S&P 500 gained 16.89 points, or 0.65 percent, to 2,599.03 and the Nasdaq Composite added 71.76 points, or 1.06 percent, to 6,862.48.

The small-cap Russell 2000 index rose 1 percent and also hit a record closing high.

Goldman Sachs raised its earnings estimate for S&P 500 companies in 2018 and 2019 based on expectations of US corporate tax reform, above-trend global and US economic growth and slowly rising interest rates from a low base.

Shares of Urban Outfitters gained 3.7 percent while Hormel Foods was up 3.4 percent. Both reported quarterly results.

Signet Jewelers tanked 30.4 percent after reporting a surprise quarterly loss, pulling down Tiffany 0.8 percent.

Advancing issues outnumbered declining ones on the NYSE by a 2.10-to-1 ratio; on Nasdaq, a 1.92-to-1 ratio favored advancers.

About 6.2 billion shares changed hands on US exchanges. That compares with the 6.8 billion daily average for the past 20 trading days, according to Ripples Advisory Private Limited.


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22nd November 2017- OPENING BELL- IT Was Top Performing Sector, Datamatics Zoomed 9.5% & Trigyn Was Up By 4.96%.

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Yesterday IT was top performing sector, it rose by 1.30%, where Data matrics rose by 9.50%, Trigyn zoomed by 4.96%, Mastek was up by 6.58%, Sonta Software was up by 2.94% and Genesys gained by 5.42%.

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Among the minor sectors, Gold & Jewellery and Consumer Goods were top performing sectors gaining 3.38% and 2.37% respectively. Tribhovandas gained 2.56%, Mirza International zoomed by 8.06% and Vmart Retail rose by 3.72%.

Yesterday, Nifty opened at 10329 and closed at 10327 after making a high of 10359.Smallcap Index opened at 8522 and closed at 8494 after making a high of 8551.

Nifty Future is opening gap-up by 40 points against yesterday close of 10351 as indicated by SGX Nifty which is currently trading at 10391.

NIFTY OUTLOOK & OPEN INTEREST IN INDEX OPTION

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In the Current Expiry, FII and PRO in combined have sold 273821 contracts in Index Options. In last 10 days also they have sold 116959 contracts.

FII and DII activity in Cash Segment

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In last 10 days, FII and DII in combined have bought stocks worth Rs. 6166.40 Crore in cash segment.


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Sensex rises 100 pts, Nifty reclaims 10,350 at open; TeamLease up 7%

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Bata, Liberty Shoes, Relaxo Footwears, Superhouse and Mirza International gained 1-5 percent as sources told Ripples Advisory Private Limited that cabinet may consider a package for leather sector today.

TeamLease Services share price rallied 7 percent after T Rowe Price International and its International Discovery Fund bought close to 5 percent stake (85,736 and 7,50,808 shares at Rs 1,885 per share) through block deals on Tuesday.

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Gaja Capital India Fund I sold 1,53,374 shares at Rs 1,885 per share and GPE (India) sold 6,56,975 shares at Rs 1,885.04 per share.

Equity benchmarks started off trade on a positive note, with the Nifty reclaiming 10,350 level, tracking the positive lead from Asian peers.

The 30-share BSE Sensex was up 95.75 points at 33,574.10 and the 50-share NSE Nifty gained 29.80 points at 10,356.70.

About 803 shares advanced against 291 declining shares on the BSE.

Yes Bank, NTPC, Ambuja Cements, Zee Entertainment, Reliance Industries, Tata Motors and Bosch were early gainers.

Bata, Liberty Shoes, Relaxo Footwears, Superhouse and Mirza International gained 1-5 percent as sources told that cabinet may consider a package for leather sector today.

Future Retail, TeamLease Services, NCC, BGR Energy Systems and DHFL rallied 2-7 percent.

Asia markets traded higher, taking overnight cues from Wall Street where stocks rose to record highs.


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Sensex, Nifty off day’s high; PSU Bank falls 1%, HDFC Life most active

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Sun Pharma and Cipla are the top gainers, while TCS, Asian Paints, and Ambuja Cements lost the most.

ONGC Videsh (OVL), the overseas investment arm of the country’s top explorer Oil and Natural Gas Corporation, said it had acquired a 15 percent stake in Namibia’s offshore Block 2012A from Tullow Oil.

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OVL executed the deal through its subsidiary ONGC Videsh Vankorneft Pte, it said in a statement.

Tullow Namibia had a 25 percent stake in the block in Namibia’s Petroleum Exploration License area (PEL)0030. Eco Oil and Gas Namibia (Pty), with a 32.5 percent stake, is the operator of the block. ONGC Videsh last month bought a 30 percent stake in PEL 0037 from Tullow Oil.


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ONGC buys 15 percent stake in Namibia offshore block from Tullow

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ONGC Videsh Ltd (OVL), the overseas investment arm of the country’s top explorer Oil and Natural Gas Corp, said on Tuesday it had acquired a 15 percent stake in Namibia’s offshore Block 2012A from Tullow Oil.

OVL executed the deal through its subsidiary ONGC Videsh Vankorneft Pte Ltd, it said in a statement.

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Tullow Namibia Ltd had a 25 percent stake in the block in Namibia’s Petroleum Exploration License area (PEL)0030.

Eco Oil and Gas Namibia (Pty) Ltd, with a 32.5 percent stake, is the operator of the block.

ONGC Videsh last month bought a 30 percent stake in PEL 0037 from Tullow Oil.


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South Indian Bank to raise Funds up to Rs 500 Crore

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South Indian Bank said that it has received an approval to augment the capital by issue of Basel III compliant Tier II Bonds not exceeding Rs 500 crore. “The Board of Directors of the South Indian Bank Limited at their meeting held today, the 20th day of November 2017 has decided to augment the capital by issue of Basel III compliant Tier II Bonds not exceeding Rs. 500 Crores in one or more tranches with or without greenshoe option, on such terms and conditions as it may deem fit, subject to the approval of regulatory authorities if any,” the company said in a filing to the Bombay Stock Exchange.

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The Bank has reported 96.09% fall in its net profit at Rs 4.32 crore for second quarter ended September 30, 2017, under review as compared to Rs 110.52 crore for the same quarter in the previous year. However, the total income of the Bank increased by 13.82% at Rs 1816.67 crore for Q2FY18 as compared Rs 1596.08 crore for the corresponding quarter previous year.

The Bank’s gross NPA for the July-September quarter of the current fiscal improved to 3.57%, as compared to 3.96% in the same quarter of the previous year. Besides, Bank’s Net NPA stood at 2.57% in Q2FY18. Meanwhile, shares of the company were trading 31.85 apiece, up 1.27 percent from the previous close at 11:30 hours on BSE.


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YES BANK raises USD 400 Mn through Two Syndicated Loan Transactions in Taiwan and Japan

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* USD 250 Mn in Taiwan from 17 Banks, amongst the largest bank participation in a Taiwan loan transaction

* JPY 16.5 Bln (~USD 150 Mn) via YES BANK’s Maiden Samurai Loan Transaction in Japan Mumbai, November 21, 2017: YES BANK, India’s fifth largest private sector bank is raising USD 400 Mn through two Syndicated loan transactions in Taiwan and Japan – comprising of USD 250 Mn from Taiwanese banks and JPY 16.5 Bn (~USD 150 Mn) from Japan.

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YES BANK has successfully tied up the 5-year commercial loan in a syndication led by CTBC Bank, Bank of Taiwan, Mega International Commercial Bank and Land Bank of Taiwan. The syndication which was announced for an initial size of USD 200 Mn with a green-shoe option saw a total subscription of USD 355 Mn from 13 banks apart from the 4 mandated lead arrangers, amongst the largest bank participation in a Taiwan loan transaction. The issue was closed with the loan being upsized to USD 250 Mn. This is YES BANK’s second such strategic loan syndication transaction in Taiwan after a successful maiden transaction in 2016 for a 5 year, USD 130 Mn syndicated loan which saw participation from 10 banks including the mandated lead arrangers – CTBC Bank and Taiwan Cooperative Bank.

Continuing with forging successful loan syndications in global markets, YES BANK also raised its maiden Samurai loan for one year, the syndication for which was solely led by Bank of Tokyo Mitsubishi UFJ, Ltd. (“MUFG”) as mandated lead arranger and book runner. The issue was successfully closed with oversubscription and saw the total participation of JPY 16.5 Bn (~USD 150 Mn) across 8 banks.

Commenting on the development, Mr. Rana Kapoor, MD & CEO, YES BANK said, “YES BANK’s continued success in loan syndications with global banks and financial institutions reinforces the bank’s established competence in raising diversified liabilities from Multilaterals and the bilateral and commercial loan markets, based on our robust business and financial model. Our maiden Samurai transaction in Japan and strategic syndications in Taiwan demonstrate the Bank’s ability to tap varied resource pools at competitive prices.”

With these syndications, YES BANK has also demonstrated its ability to leverage newer geographies and currencies to fund the bank’s expanding franchise at YES BANK’s International Business Unit (IBU) at the GIFT City IFSC in Gandhinagar. YES BANK’s IBU continues to be the largest at GIFT City with an asset book of over USD 1.4 Bn as on 30th September 2017.


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