FLAT START FOR SENSEX, NIFTY AND IRDAI OPENS 15% LIMIT ON EQUITY:-
Moody's has affirmed India's Baa3 rating and the positive outlook but no upgrade is on the anvil.
Global cues turned weak as profit booking sets in after a week of heady gains both on the indices & bond yields. With US dollar also weakening emerging markets saw a relief rally with Brazilian index up almost 2% even as most European markets ended in the red. We could see some Asian markets also bounce from oversold territory as value buying emerges.
In the Indian context the foreign ETF flows continue to sell as weak Rupee combined with expected weakness in consumption spending see funds chase returns in developed markets. SBI has taken the lead & cut deposit rates by 25 basis points indicating that lower costs are here as it gets deposits exceeding Rs 1.25 lac crore in just 10 days of demonetisation. The transition of the cash syndrome could see a pass through effect as credit growth may lag for this quarter in the transition.
On the global front, all eyes will be on Janet Yellen as she speaks before congress today.
Nasscom cut growth guidance for the industry to 8-10 % in constant currency terms from 10-12%. According to the guidance, India will continue to gain market share of 7% of global software and IT services and 56% of global sourcing.
Among other stocks in focus:
Bharti Airtel: Bharti Airtel announced completion of the merger of its subsidiary Bangladesh telecom unit with Robi Axiata Limited.
Greenply Industries: The company informed on BSE that MSCI has announced the changes to constituents for the MSCI Global Small Cap Indexes and as part of change. Change in constituents for the MSCI Global Small Cap indices will take place as of the close of November 30, 2016.
Indraprastha Gas: The company also posted a net profit of Rs 144 crore for the quarter ended September 30, 2016 as compared to Rs 102 crore for the quarter ended September 30, 2015.
Petronet LNG: The company will announce its Q2 numbers today.
Voltas: Voltas reported 7% increase in consolidated net profit at Rs 72 crore for the quarter ended on September 30, 2016. It had posted a net profit of Rs 67 crore in the July-September quarter a year ago.
Shipping Corporation of India: The company posted standalone net loss of Rs 20 crore for the second quarter ended September 30, 2016-17. The company had posted standalone net profit of Rs 162 crore in the July-September quarter of the 2015-16 fiscal.
Engineers India: Engineers India reported a 21% jump in net profit in September quarter at Rs 94 crore as compared to Rs 77 crore in the same period a year before, and declared a 1:1 bonus share.
Crompton Greaves Consumer Electricals: The company has assigned an advertising budget of Rs1bn towards building its brand and has appointed BBDO as its advertising agency.
Axis Bank: The bank has cut marginal cost of fund-based lending rate (MCLR) by 0.15-0.20%.
Goldstone Infratech Ltd: The company has announced its move to assemble electric buses in partnership with BYD Company Ltd, based in China.
Reliance Communications Ltd: The Company through its wholly owned subsidiary Reliance Globalcom Services Inc, has acquired a newly incorporated Company named "Onyx NewCo LLC", a Delaware Registered Company.
Deepak Fertilisers & Petrochemicals Corporation: The company will announce its Q2 numbers today.
HMT: The company will announce its Q2 numbers today.
The Insurance Regulatory & Development Authority of India (IRDAI) is open to insurers surpassing the 15% limit on equity holdings in a company under some conditions. (ET)
Gross non-performing assets (NPAs) in the domestic steel sector, which accounts for 2% of India's GDP (gross domestic product), are around Rs 1.15trn. (BS)
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