Grey Market Premiums - Quick Heal, Team Lease, Precision Camshaft

Issue Name	Price Band	Grey Market Premium	Kostak Price (Minimum Application)	Kostak Price (Rs. 2 Lac Application)
Precision Camshaft	180 to 186	4 to 5	600 (Last Sauda)	--
Teamlease Services Limited	785 to 850	240 to 245	500	--
Quick Heal Technologies	311 to 321	36 to 40	550 to 600	--

 

Pre Session- Sensex may open higher amid global rebound

Indian equity benchmarks may witness a positive opening on Thursday as oil’s rebound to above the USD 32 per barrel mark fueled a resurgence in stocks across Asia and the US, renewing risk taking appetite. A positive trend across most Asian equities, coupled with strength in the CNX Nifty Index futures for February delivery which advanced by 0.97 per cent or 72.5 points at 7,442 at 10:24 am Singapore time, indicates that the three-day gloom at Dalal Street might have been overdone and local bourses may witness a gap up opening today. This week’s manufacturing and services data releases have delivered an upbeat prognosis on the health of Asia’s third biggest economy. While manufacturing returned into positive terrain, services growth hit the highest level in 19 months as the PMI rose to 54.3 in January from 53.6 in December, with a reading above 50 signaling expansion. Signs of a pickup in the Indian economy even amidst heightened global economic uncertainty should support investor sentiment. Shares of ABB India, Tata Steel, Bajaj Auto and JK Lakshmi Cement will be in focus today as these companies unveil their December quarter earnings numbers. Marking a three-day rout, the 30-share Sensex on Wednesday tumbled by 315.68 points or by 1.29 per cent to end at 24,223.32, as a global sell-off, a continued slide in oil prices and a weak rupee which plunged below the 68 mark against the dollar, soured sentiment.

Most Asian stocks rallied as weakness in the dollar helped spur a rebound in crude oil prices, bolstering the lure for risky assets. Oil returned to USD 32 per barrel amid speculation that OPEC and other major oil producing nations have reached an agreement to hold an emergency meeting to combat the ongoing market volatility. China’s Shanghai Composite soared by over 1.5 per cent led by gains in commodity producers and as the central bank pumped in 80 billion yuan into the banking system via reverse repurchase agreements to address a cash shortage before the start of the Lunar New Year holidays. Policymakers set a range for the country’s economic growth for the first time in two decades predicting China’s economy to expand by 6.5 -7 per cent in 2016, weaker than last year’s goal of about 7 per cent. Hang Seng also soared by more than 1.5 per cent but Japan’s Nikkei 225 fell as a stronger yen eroded the appeal of exporter stocks. Bullish sentiment returned to Wall Street on Wednesday as most benchmarks closed higher driven by gains in commodity producers and a renewed rally in oil. Traders cast aside mixed US economic data which showed that services in the world’s biggest economy expanded at the weakest pace in two years in January but private payrolls growth stood solid. While the American private sector added 205,000 workers in January, compared to 267,000 in December, the US services gauge fell to the lowest level since February 2014 at 53.5 in January 2016 from 55.8 in December 2015. The Dow Jones Industrial Average advanced 1.13 per cent; the Nasdaq Composite fell 0.28 per cent while S&P 500 rallied 0.50 per cent.

Top traded Volumes on NSE Nifty – Vedanta Ltd. 24379236.00, State Bank of India 24132003.00, ICICI Bank Ltd. 21447535.00, Axis Bank Ltd. 10077279.00 and Tata Steel Ltd. 7791522.00.

On BSE, total number of shares traded was 31.04 Crore and total turnover stood at Rs. 2708.89 Crore

On NSE Future and Options, total number of contracts traded in index futures was 300456 with a total turnover of Rs. 15302.19 Crore. Along with this total number of contracts traded in stock futures were 578575 with a total turnover of Rs. 25719.63 Crore. Total numbers of contracts for index options were 2924045 with a total turnover of Rs. 159814.42 Crore and total numbers of contracts for stock options were 323703 with a total turnover of Rs. 14885.73 Crore.

The FIIs on 03/02/2016 stood as net seller in equity and net buyer in debt. Gross equity purchased stood at Rs. 4102.32 Crore and gross debt purchased stood at Rs. 1255.17 Crore, while the gross equity sold stood at Rs. 4168.29 Crore and gross debt sold stood at Rs. 1158.84 Crore. Therefore, the net investment of equity and debt reported were Rs. -65.97 Crore and Rs. 96.33 Crore.

India requires $1 trn for infra projects: Min

The Indian Government has said that the country requires USD 1 trillion for the development of new roads, ports and airports over the next few years. Commenting on the issue, Union Minister Nitin Gadkari told the media, “Upgrading infrastructure is a major challenge for policy makers of the Asia's third largest economy and India needs about USD 1 trillion (about Rs 67,00,000 crore) for new roads, ports and airports over the next few years.” “The NDA Government is set to transform India's infrastructure and there is no dearth of funds for this priority area. In the next five years we are going to change the infrastructure of this country. I know my work, I am doing it,” he added. As per reports, building of infrastructure would add 2 per cent to the India's GDP growth. As per reports, the Ministry is expecting additional Rs 15-20,000 crore in the Union Budget for 2016-17, over the current year's outlay of Rs 45,000 crore.

Over Rs 93,600 cr sanctioned under MUDRA Yojana: Sinha

More than Rs 93,600 crore has been sanctioned under Pradhan Mantri MUDRA Yojana to about 2.26 crore borrowers, Minister of State for Finance Jayant Sinha said as per the PTI report. "2.26 crore loans worth Rs 93,650 crore sanctioned under PM Mudra Yojana. Rs 89,594 crore have already been disbursed. Big boost to small businesses," he tweeted. Under Pradhan Mantri MUDRA Yojana (PMMY), loans between Rs 50,000 and Rs 10 lakh are provided to small entrepreneurs. The Micro Units Development and Refinance Agency Ltd (MUDRA) focuses on the 5.75 crore self-employed who use funds totalling Rs 11 lakh crore and provides jobs to 12 crore people. The scheme was launched by Prime Minister Narendra Modi in April last year. Three products available under the PMMY are Shishu, Kishor and Tarun, to signify the stage of growth and funding needs of the beneficiary micro unit or entrepreneur. Shishu covers loans of up to Rs 50,000 while Kishor covers those above Rs 50,000 and up to Rs 5 lakh. Tarun category provides loans of above Rs 5 lakh and up to Rs 10 lakh. The banking sector has been allocated an overall disbursement target of about Rs 1.22 lakh crore during 2015-16 for MUDRA loans

Capping airfares to push ticket prices higher: Min

The Indian Government has said that putting floors and caps on airfares will push the ticket prices higher as competition among airlines has kept the fares lower. Commenting on the issue, Union Minister Ashok Gajapathi Raju told the media, "Competition has kept the prices down and we should not discourage that. In our analysis, if we take a year of ticketing, 1.7 per cent of the ticketing (air tickets) were priced high. So if you go into floors and caps, we will be pushing up the cost of tickets to about 98 per cent and bringing it down for the rest. I don't think that is how policy is formulated. We would like to keep it (ticket prices) down and things to be passed on (to passengers)." "We have been requesting airlines to pass on the benefits of lower ATF prices. Airlines had a rough time till recently, so they have out done it. Their books are better and ATF has contributed to it... Price benefits need to be given to consumers," he added. According to the Minister, airlines should pass on the benefits of lower ATF prices to the flyers.

Fund mop-up via QIP dips 58 pct at over Rs 1600 cr in Q3

Funds raised by Indian companies through Qualified Institutional Placement (QIP) plunged by 58 per cent to over Rs 1,600 crore in the third quarter of the ongoing fiscal. Firms had mopped up Rs 4,123 crore through QIP route during the October-December period of previous fiscal 2014-15. The funds have been raised for expansion, refinancing of debt and to meet working capital requirements. According to the data available with the Securities and Exchange Board of India (Sebi), Indian firms garnered Rs 1,697 crore via QIP route during October-December 2015-16, lower than Rs 4,123 crore mopped up in the same period of 2014-15. The funds mobilised by companies through QIP issues rose to Rs 1,288 crore in December from Rs 409 crore in the preceding month. During the first nine months of 2015-16 fiscal, the highest fund mobilisation was seen in July (Rs 4,824 crore), followed by September (Rs 4,338 crore). August saw the lowest amount (Rs 231 crore) garnered through institutional investors. October saw no QIP issues. In terms of numbers, four issues were witnessed during the period under review as compared to 17 issues in the corresponding quarter.

Railways to install sensors near bridges to prevent mishaps

The Indian Railways has said that ahead of monsoon, it will install solar-powered sensors near bridges to monitor the rising water level during the rainy season to prevent any mishap as railway tracks often get submerged due to the overflowing of floodwater affecting train operations during monsoon season. Commenting on the issue, a Senior Railway Official told the media, "Submerging of tracks also causes disruption of train services. At times overflowing of river washed away tracks causing derailment." “If the nearby station authorities get caution messages then preventive steps can be taken before-hand,” the official added. According to the system, the radar will sense water levels at regular intervals and send information to the electronic unit which in turn will send it to the central server here from where it will sent to local servers at stations adjacent to bridge. As per reports, the system is operational in Trichy and it has been found to be very effective in sending messages on water level.

Indian mobile users to grow at 4.4 pct CAGR to 990 mn by 2020

The number of mobile users in India is projected to grow at a CAGR of 4.4 per cent to 990.2 million, covering about 71 per cent of the country's population, by 2020 from 798.4 million last year, according to a report by networking giant Cisco.

Also, mobile data traffic generated is forecast to grow 12-fold to reach 1.7 Exabytes (about 430 million DVDs) per month by 2020, driven by availability of cheaper smartphones and affordable data tariffs, said Cisco's Mobile Visual Networking Index.

Mobile data traffic was about 148.9 Petabytes (34 million DVDs worth of data) per month in 2015, reported PTI.

"With the ever-increasing billions of people and things that are being connected, mobility is the predominant medium that's enabling today's global digitisation transformation," Cisco Vice President Service Provider Marketing Doug Webster said.

Future mobile innovations in cellular like 5G and wi-fi solutions will be needed to further address new scale requirements, security concerns, and user demands, he added.

The report said 4G connections in India are expected to grow at a compound annual growth rate (CAGR) of 144 per cent in 2015-2020, accounting for 26.2 per cent of the total mobile connections by 2020.

3G connections are forecast to be 52.6 per cent of the total mobile connections by 2020, compared to 15.7 per cent in 2015, it added.

Payment to MGNREGA workers to be done through DBT: Min

The Indian Government has said that in order to prevent leakages in the flagship rural job programme, all wage payments to MGNREGA workers will be made through Direct Benefit Transfer to bank accounts of the beneficiaries from April this year. Commenting on the issue, Rural Development Minister Chaudhary Birender Singh told the media, “From April 1, 2016 all wage payments to MGNREGA workers will be done through DBT. Currently, 94 per cent of the wage payments are directly deposited in the account of beneficiaries.” “Among the reforms responsible for revival of MGNREGA are timely release of funds to states to provide work on demand, an electronic fund management system, consistent coordination between banks and post offices besides monitoring of pendency of payments,” he added. As per reports, the focus for the upcoming years will be on simplification and strengthening of procedures and a Master Circular is being issued which consolidates all key instructions from the central government on the implementation of the Act.

'Liquidity deficit concerning, RBI needs to be proactive'

There is a liquidity deficit in the banking system and the Reserve Bank needs to be more proactive in managing this area of concern, the economic research wing of SBI said as per the media reports.

"With enhanced Liquidity Coverage Ratio kicking in from January 2016 (from 60 per cent to 70 per cent) and deposit growth lagging, RBI may have to be proactive in managing the liquidity deficit through tools available at its disposal," its economists said in a note.

Terming it as a "concern", the note said the systemic liquidity has turned into a significant deficit mode.

It said as of now, the liquidity deficit is averaging around Rs 1.5 trillion compared to around Rs 500 billion over October-November period but conceded that there might be some seasonal factors causing it.

It also acknowledged that the RBI is engaged in doing term repos for mitigating the liquidity tightness.

Household inflation expectation remains above 10 pct: RBI

Indian households expect inflation at over 10 per cent in the year ahead, twice as much as RBI's retail inflation target of 5 per cent by March 2017, according to a survey conducted by the Reserve Bank of India.

According to Reserve Bank's 'Inflation Expectations Survey of Households: December 2015' results, which were out today, Indian households expect inflation at 10.5 per cent in the next one year and 10.3 per cent each for current and next three months.

These survey results act as useful information for RBI to decide on its monetary policy, reported PTI.

At its policy review yesterday, RBI kept repo rate unchanged at 6.75 per cent, awaiting inputs from the Budget on February 29 and further data on inflation.

In general, a majority of the respondents -- 90 per cent -- expect prices to increase over the next three months and a year ahead.

The survey covered inflation expectations of 4,828 urban households' individual consumption basket across 16 cities.

RBI has been conducting Inflation Expectations Survey of Households since September 2005.

In a separate 'Consumer Confidence Survey: December 2015', RBI said the one-year outlook on economic conditions has been consistently better than a year ago.

The survey studies respondents' perception on general economic conditions and their own financial situation.

SPARC net loss widens to Rs 41.02 cr in Q3

Pharma firm Sun Pharma Advanced Research Company Ltd (SPARC) has reported that its standalone net loss widened to Rs 41.02 crore for the third quarter ended December 31, 2015, weighed down by rise in expenses.

“The standalone net loss of the company stood at Rs 18.91 crore during the same period a year ago,” Sun Pharma Advanced Research Company Ltd said in a filing to the Bombay Stock Exchange on February 3, 2016.

However, the standalone total income of the company grew 5.9 per cent at Rs 34.1 crore during Q3 FY16, as compared to Rs 32.21 crore during the same quarter last fiscal.

Meanwhile, shares of the company closed at Rs 286.20 apiece, down 3.33 per cent, from previous close on BSE.

Dust of worries! Indices set for a weak Wednesday start

If the point is sharp, and the arrow is swift, it can pierce through the dust no matter how thick. - Bob Dylan
 
RBI decided to keep repo rate unchanged at 6.75%, along expected lines. Rise in food prices, concerns over the progress of fiscal consolidation and a challenging global environment are key reasons cited in the policy. Meanwhile, the Central bank will continue with daily variable rate repos and reverse repos in order to smooth liquidity. Consumer inflation has moved higher during past five months. RBI has targeted 5% inflation by end of March 2017 but trajectory of oil prices, currency movement, monsoon and inflation resulting from hike in salaries and pensions of Central Government employees (not accounted for in current projection) hold the key.
 
The late sell-off on Tuesday is set to keep the selling pressure on at start. Nifty will attempt a recovery near the 7400 levels. The rupee could drop below the 68 mark versus the dollar today. The heartening news amidst the gloom is that China’s services sector expanded the most in six months. The Caixin-Markit services PMI was at 52.4 in January, up from 50.2 in December. Metals, oil & gas, power, healthcare and auto stocks were among the major losers on Tuesday and they could see sell-off again. Mid-cap and small-cap stocks are also bearing the brunt. Key results today include Bajaj Finance, CCL Products, Gateway Distriparks, Hexaware Technologies, Dish Tv, KEC International, La Opala, Lakshmi Machine, Mangalam Cement, Orient Cement, Meghmani Organics, Pfizer, TD Power and Redington India.
 
The NSE may reportedly announce a re-balancing of Nifty index in its semi-annual review later this month. Punjab National Bank, Vedanta, Hindalco and Cairn India could move out says a report. IndiaBulls Housing Finance, Aurobindo Pharma, Indian Oil Corporation, Eicher Motors and Bharti Infratel are among those which stand a chance to be included, the report added.
 
US stock indices tumbled on Tuesday, as weakness in Energy and Financial companies offset strength in Google parent Alphabet toy maker Mattel, and fashion retailer Michael Kors.
Alphabet officially surpassed Apple to become the most valuable company in the world.
Meanwhile, crude oil futures fell below US$30 per barrel, down 5.5% on the day following a 6% slide on Monday.
 
The Dow Jones Industrial Average sank 295.64 points, or 1.8%, to end at 16,153.54. The S&P 500 index slumped 36.35 points, or 1.9%, to close at 1,903.03. The Nasdaq Composite index plunged by 103.42 points, or 2.2%, to settle at 4,516.95.
 
Days after Prime Minister Narendra Modi defended subsidies aimed at the poor, ET reports that the government is gearing up to announce a mammoth rollout of the National Food Security Act (NFSA) with an outlay at Rs 130,000 crore, will be double the number earmarked in this year's Budget.
 
Finance Minister Arun Jaitley favoured increasing public spending to boost the economic growth. India has been growing by 7-7.5 per cent, and for the country to accelerate, all sectors have to contribute, Jaitley reportedly said at the MGNREGA Sammelan-2016.
 
Yusuf Khwaja Hamied, currently the Non-executive Chairman of drug major Cipla Ltd, has increased his stake in the company to over 20% by acquiring additional 5% stake of his wife Farida Hamied. 
 
Tata Motors is considering changing the name of its new Zica hatchback as global panic mounts over an outbreak of the identical-sounding Zika virus, the company reportedly said.
 
TeamLease Services Limited has finalized the allocation of 22,38,498 Equity Shares at Rs. 850 per share (upper end of the Price Band) aggregating to Rs. 190.28 crore to 15 anchor investors.
 
GMR Infrastructure slipped 1.8% to Rs 12.72 on BSE after the Philippines apex court upheld the decision to award Cebu Airport modernization project to the consortium of the company.
 
Coal India slipped to 3% to Rs.319 on BSE. The company and its subsidiaries on provisional basis achieved 94% of targeted production at 52.86 million tons in January 2016.
 
Yahoo is looking to cut 15 per cent of the company's headcount (about 1,600 jobs), according to media reports. The company will also shut down several business units, the reports add.
 
Microsoft Corp. is all set to buy London-based smart-keyboard maker Swiftkey for about US$250 million, according to a UK financial daily.
 
Godrej Properties Ltd. is hoping to double its full-year sales booking in the current financial year from the INR 2,600 crore levels that it recorded in 2014-15.
 
DLF: The Group has posted a net profit of Rs. 1639.50 million for the quarter ended December 31, 2015 as compared to Rs. 1317.90 million for the quarter ended December 31, 2014.
 
Maruti Suzuki: Maruti Suzuki will launched the Compact SUV Vitara Brezza at Delhi Auto Expo.
 
Lupin: Pharma Major Lupin announced that its US subsidiary, Lupin Pharmaceuticals Inc. has launched its Metformin HCl ER Tablets, 500 mg and 1000 mg to market a generic equivalent of Santarus Inc.’s Glumetza HCl ER Tablets, 500 mg and 1000 mg.
 
Tata Communication: The company posted a decline in consolidated net profit by 79.8 per cent at Rs 21.89 crore in the quarter ended December 31, 2015.
 
Adani Ent: Billionaire Gautam Adani’s mega project worth US$ 16.5 billion in Queensland, Australia, has received environmental approval from the state’s Department of Environment and Heritage Protection (EHP).
 
Hindustan Zinc: The company is looking to expand its all operations in a time-frame of 3-5 years, taking current ore production levels of 9.36 MTPA to 14.00 MTPA and finished metal production levels from 0.85 MTPA to 1.10 MTPA.
 
Birla Corporation: The proposed Rs. 5,000-crore deal by Birla Corporation Ltd. to acquire two cement manufacturing units of Lafarge India Pvt. Ltd., along with two cement brands has been called off.
 
Vedanta: Vedanta Resources will repurchase bonds worth up to $250 million of its outstanding $1.25 billion convertible bonds due this year.
 
Cipla: Yusuf Khwaja Hamied, currently the Non-executive Chairman of drug major Cipla Ltd, has increased his stake in the company to over 20% by acquiring additional 5% stake of his wife Farida Hamied.
 
RPG Life Sciences Ltd: The pharma company reported an increase of 84.58% in its standalone net profit at Rs. 4.67 crore for the third quarter ended December 31, 2015.
 
DCM Shriram Ltd: The company reported more than two-fold jump in its consolidated net profit at Rs. 60.48 crore for the quarter ended December on higher sales and fall in interest outgo.
 
Minda Industries:  Minda Industries reported a 121.5% increase in standalone net profit at Rs. 28.8 crore for the third quarter that ended on December 31, 2015.
 
Crompton Greaves: The company reported consolidated net loss of Rs.107.03 crore for the quarter ended December 31, 2015.
 
Tata Motors: Tata Motors has decided to rename its soon-to-be-launched hatchback Zica as concern grows globally over the outbreak of the identical sounding name Zika virus.
 
Grindwell Norton: The company’s consolidated revenue stood at Rs. 280.79 crore, up 0.36% yoy but down 1.06% qoq.
 
Majesco: Majesco reported consolidated net profit of Rs. 7.9 crore vs loss of Rs. 0.6 crore qoq.
 
Hero MotoCorp: Hero MotoCorp reported a marginal growth in Jan '16 sales with 5,63,348 units as against 5,58,982 units sold in Jan '15.
 
Jindal Stainless: Jindal Stainless Ltd's standalone net loss narrowed to Rs.191.25 crore for the quarter ended December 31, 2015 compared to Rs. 341.98 crore in the corresponding quarter of the previous year, but widened from Rs. 188.05 crore in preceding quarter.
 
Tube Investments: Tube Investments of India Ltd posted a net profit of Rs. 1115.00 mn for the quarter ended December 31, 2015 compared with Rs. 871.40 mn for the quarter ended December 31, 2014.
 
Escorts: Escorts, leading engineering conglomerate, reported standalone net profit of Rs.20.49 crore for the quarter ended December 31, 2015, registering decline of 42.58% yoy, but growth of 26.62% qoq.
 
Maharashtra Scooters: The company recorded a decline of 30.7% in its net profit  Rs.1.8 crore for the quarter ended December 31, 2015 compared with Rs.2.6 crore for the quarter ended December 31, 2014.
 
Amara Raja Batteries: Amara Raja Batteries reported standalone net profit of Rs. 136.18 crore for the quarter ended December 31, 2015, registering growth of 33.07% yoy and 11.1% qoq.
 
Bayer Crop: The consolidated net profit for the quarter was at Rs. 2.7 crore as against Rs. 5.5 crore. The company’s standalone revenue stood at Rs. 642.40 crore, down 9.78% yoy and 45.31% qoq.
 
AstraZeneca: AstraZeneca announced that it has completed the transaction to acquire a majority equity stake in Acerta Pharma, a privately-owned biopharmaceutical company based in the Netherlands and US.
 
HSIL: The company recorded increase 22.4% in its net profit at Rs.37 crore for the quarter ended December 31, 2015 compared with Rs.30.3 crore for the quarter ended December 31, 2014.
 
United Breweries: The company has posted a net profit of Rs. 721.20 mn for the quarter ended December 31, 2015 compared with Rs. 399.40 mn for the quarter ended December 31, 2014.
 
OCL India: OCL India, flagship company of 'Dalmia Group, reported standalone net profit of Rs. 37.07 crore for the quarter ended December 31, 2015, registering growth of 28.85% yoy and 119.74% qoq.
 
Godrej Properties: The company reported a consolidated net profit of Rs. 51.99 crore for the quarter ended  December 31, 2015, registering growth of 10.06% yoy, but declining 51.03% qoq.
 
Uflex: Uflex, flexible packaging solutions company, reported consolidated net profit of Rs. 78.68 crore for the quarter ended December 31, 2015, registering growth of 37.87% yoy.
 
Torrent Power: Torrent Power Ltd posted a net profit of Rs. 3720.10 mn for the quarter ended December 31, 2015 where as the same was at Rs. 687.70 million for the quarter ended December 31, 2014.
 
Results: Hexaware Technologies, KEC International, Hikal, Intrasoft Technologies,Sun Pharma Advanced Research Company, J.B.Chemicals & Pharmaceuticals, Hindustan Copper, Elder Pharmaceuticals, Dish TV India,Pfizer, Redington (INDIA), Gateway Distriparks,Greaves Cotton, La Opala Rg, Accelya Kale Solutions,Bajaj Finserv,Bajaj Finance,CCL Products (INDIA), Aptech, Accel Transmatic,Bajaj Hindusthan Sugar, Adi Finechem, Alchemist, Alchemist Realty, Auroma Coke, Cambridge Technology Enterprises, Dalmia Bharat, Elango Industries, Fruition Venture, Klrf,Mangalam Cement, Mangalam Organics, Neuland Laboratories, Orient Cement,Trident, Orient Cement, Religare Enterprises, Shiva Medicare, The Byke Hospitality, Thomas Cook (INDIA), TTK Healthcare 
 
Global Data: RBNZ Governor Wheeler Speech  NZD, BRC Shop Price Index (MoM) (Jan) GBP, Building Permits (MoM) (Dec) AUD, Building Permits (YoY) (Dec) AUD, Exports (Dec) AUD, Imports (Dec) AUD, Trade Balance (Dec) AUD, Caixin China Services PMI (Jan) CNY, Bank of Japan Governor Kuroda Speech  JPY, Consumer Confidence Index (Jan) JPY, Non-monetary policy's ECB meeting EUR, Markit Services PMI (Jan) EUR, Markit Services PMI (Jan) EUR, Markit PMI Composite (Jan) EUR, Markit Services PMI (Jan) EUR, Markit Services PMI (Jan) EUR, Markit PMI Composite (Jan) EUR, Markit PMI Composite (Jan) EUR, Markit Services PMI (Jan) EUR, Markit Services PMI (Jan) GBP, Consumer Price Index (YoY) (Jan)Preliminar EUR, Consumer Price Index (EU Norm) (YoY) (Jan)Preliminar EUR, Consumer Price Index (EU Norm) (MoM) (Jan)Preliminar EUR, Consumer Price Index (MoM) (Jan)Preliminar EUR, European Commission Releases Economic Growth Forecasts EUR, Retail Sales (MoM) (Dec) EUR, Retail Sales (YoY) (Dec) EUR, M3 Money Supply INR, MBA Mortgage Applications (Jan 22) USD, ADP Employment Change (Jan) USD, Markit PMI Composite (Jan) USD, Markit Services PMI (Jan) USD, ISM Non-Manufacturing PMI (Jan) USD, EIA Crude Oil Stocks change (Jan 29) USD, Foreign investment in Japan stocks (Jan 29) JPY, Foreign bond investment (Jan 29) JPY
 
Trends in FII flows: The FIIs were net sellers of Rs.11.39 bn in the cash segment on Monday. The domestic institutional investors (DIIs) were net buyers of Rs.3.23 bn as per the provisional figures released by the NSE.
 
Other news in the media:
 
Lupin Pharmaceuticals Inc launched metformin, its generic copy of diabetes drug Glumetza, in the US market. A First-to-File (FTF) product, the company will be priced 15-20% lower and enjoy 180 days of marketing exclusivity by the US Food and Drug Administration (FDA). (ET)
 
Indian Oil Corporation, is hoping to build a strong upstream portfolio as the oil rout turns assets cheaper while leaving traditional upstream companies such as Oil and Natural Gas Corporation with depleting cash reserves. (ET)
 
Tata Motors said on Tuesday that it has decided to rename its soon-to-be-launched hatchback Zica as concern grows globally over the outbreak of the identical sounding name Zika virus (BS)
 
PC Jewellers said that the Reserve Bank of India has approved increase in investment limit by foreign institutional investors/foreign portfolio investors. (BS)
 
Moving ahead with its decision to open up the coal sector for commercial mining, government has identified 15 blocks to be alloted to central and state PSUs for undertaking production and sale of the dry fuel. (ET)
 
Lupin pharmaceuticals Inc launched metformin, its generic copy of diabetes drug Glumetza, in the US market. A First-to-File (FTF) product, the company will be priced 15-20% lower and enjoy 180 days of marketing exclusivity by the US Food and Drug Administration (FDA). (ET)
 
Sale of liquor in plastic bottles has been banned in Maharashtra with effect from April 1 this year, fearing it might harm the health of consumers, the state government has told the Bombay High Court. (ET)
 
India approved the third phase of development projects being carrying out in Afghanistan. These projects are part of the 92 small-scale programmes that India had previously approved in an effort to strengthen bilateral strategic and commercial ties. (BL)

Initiatives like Digital India good opportunity for US businesses: Exim Bank

Government's initiatives like Digital India, Make in India and Smart Cities Mission present American businesses a good opportunity to sell high-tech products in the country, US Exim Bank said as per the media reports.

"I want to emphasise the potential for cooperation in three government-led initiatives.

"Digital India will present American businesses with an opportunity to sell their products towards new high-speed internet and digital infrastructure in India.

"The Make-in-India initiative offers US high-tech companies the chance to sell equipment to Indian manufacturers harnessing the globally competitive resources of innovators right here in India," Export Import Bank (EXIM) of the United States Chairman Fred P Hochberg said as per the PTI report.

Delivering the keynote address at the Global Trade Review's (GTR) India Trade and Export Finance Conference, Hochberg said the Smart Cities mission will also offer US exporters the chance to provide engineering and high-tech products towards the modernisation of the world's largest democracy.

Several American companies are looking at opportunities in the renewable energy, transportation and construction sectors.

"We are working with a number of renewable energy companies in the US and they are looking to increase their business here," Hochberg said, adding that India's commitment to renewable energy, particularly solar, is comprehensive and given the country's scale, it has the potential to change the global energy game.

He pointed out that India plans $142 billion investment in railway projects and its aviation sector is fastest growing in the world, increasing by nearly 20% every year.

This offers a huge opportunity for US locomotive and aircraft manufacturers as well as engineering and construction firms that will be bidding to build hundreds of new train stations and airports.

At a time of global economic disruption and with a diminishing number of bright spots, competition for projects among exporters will increase in places like India, he remarked.

He said export credit agencies like Exim play a key role in fostering global economic growth through infrastructure investment by filling financing gaps.

"Our mission is to support US jobs and promoting companies headquartered in the US. We also support the Indian companies to invest in the US and export from our country," he added.

Slow GDP recovery may change govt's policy stance: Report

Slower growth recovery may prompt a potential rethink of government's policy stance away from fiscal consolidation towards "reflating" aggregate demand, says a report by global financial services major UBS.

The 7th Central Pay Commission (CPC) is implicit to this change in the country's policy framework as it amounts to an increase in government support for consumption at the expense of planned fiscal consolidation, it said as per the PTI.

The report noted that investors are either "unaware of or ignoring risks" from potential change in policy stance.

"Our recent discussions with investors indicate some complacency," it said, adding that investors are presuming immediate CPC implementation as a given and looking at such a policy shift positively, ignoring risks to macro stability.

Moreover, investors looking at APAC/GEMs are largely unaware of any such policy shift or haven't realised the full impact as they are looking at the CPC narrowly from central government's fiscal perspective, said Gautam Chhaochharia, Head of India Research, UBS, and author of the report.

According to UBS, India's macro backdrop is very different now as against 2008, the last time India adopted CPC and expanded fiscally.

The report noted that financing the widening current account deficit in the present environment may not be as conducive.

Moreover, international investors in government bonds have increased many-fold and they arguably care more for macro stability when compared to near-term growth and politically, national election was in 2009, while next one due in 2019.

On RBI's policy stance, the report said that it is likely to be a "staggered/delayed/diluted" implementation and 75 bps rate cuts by RBI in 2016.

The report further noted that consumption boost is not guaranteed even with CPC, neither is it surely sustainable beyond 2-3 quarters.

"Markets may be ignoring this and also risks to currency / inflation. Any delay/dilution to CPC, as per our baseline scenario, would be a negative surprise for specific sectors/ stocks," Chhaochharia said.

UBS end-2016 Nifty target is 8,200, while, its downside scenario implies end-2016 Nifty of 7,000.