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Monday, July 2, 2018

Closing Bell (7 July 2018)

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TVS Motor June sales increase 15% to 3.13 lakh units, beat expectation

The company said its 2-wheeler sales increased 12.1 percent year-on-year to 3.01 lakh units and scooter sales jumped 13.6 percent to 1.02 lakh units.

TVS Motor Company sold 3.13 lakh units in the month of June 2018, a growth of 15 percent compared to 2.73 lakh units sold in year-ago month.

The total sales were ahead of Nomura expectation of 2.99 lakh units.

The company said its 2-wheeler sales increased 12.1 percent year-on-year to 3.01 lakh units and scooter sales jumped 13.6 percent to 1.02 lakh units.

Exports during the month grew by 48.6 percent to 65,971 units while 3-wheeler sales shot up 140.9 percent to 12,413 units compared to year-ago month.
At 14:54 hours IST, the stock price was quoting at Rs 558.80, up Rs 6.50, or 1.18 percent on the BSE.

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Source:https://www.moneycontrol.com/news/business/markets/tvs-motor-june-sales-increase-15-to-3-13-lakh-units-beat-expectation-2659931.html

MCX SUPPORT & RESISTANCE LEVEL

Tata Steel rises 3% on JV agreement with German company; CLSA maintains buy

JV company will be positioned as a leading pan European high quality flat steel producer with a strong focus on performance, quality and technology leadership to support customers’ sustainability ambitions.

Shares of Tata Steel rose more than 3 percent in the early trade on Monday as company signed joint venture (JV) agreements to create new steel champion in Europe.

Tata Steel has approved the terms to create a 50:50 joint venture which will combine the European steel businesses of the company and thyssenkrupp AG and has adopted resolutions for the signing of the definitive agreement, company said in release.

The formal execution of the definitive agreements is expected shortly.

JV company will be positioned as a leading pan European high quality flat steel producer with a strong focus on performance, quality and technology leadership to support customers’ sustainability ambitions.

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Source: https://www.moneycontrol.com/news/business/markets/tata-steel-rises-3-on-jv-agreement-with-german-company-clsa-maintains-buy-2658081.html

Market Live: Sensex falls 150 pts, Nifty falls below 10,700 amid trade concerns

India’s manufacturing conditions improved in June at the strongest pace since December 2017, supported by the sharpest gains in output and new orders in 2018 so far.

Reflecting greater production requirements, firms were encouraged to engage in purchasing activity and raise their staffing levels. On the price front, input cost inflation was the sharpest since July 2014, whilst output charges rose at a stronger pace. Business confidence eased to the weakest since last October.

The Nikkei India Manufacturing Purchasing Managers’ Index (PMI) rose from 51.2 in May to 53.1 in June. "This was consistent with the fastest improvement in the health of India’s manufacturing economy in 2018 so far. Manufacturing production rose in June, thereby extending the period of expansion to 11 months. Moreover, the rate of growth was sharp and the most pronounced since last December," Nikkei IHS Markit said.

Opening Bell (2 July 2018)

Saturday, June 30, 2018

IDBI Bank will get LIC's money, but what more will it need to turn around

Optimists see the bank's performance turning around in as early as one year, but others believe it will take 3-4 years for LIC to affect a proper turnaround

Troubled public sector lender IDBI Bank got a fresh lease of life this weak from the country's largest life insurer Life Insurance Corporation of India (LIC).

In an unprecedented move, the Insurance Regulatory and Development Authority of India's board on Friday approved a proposal for LIC to own up to 51 percent stake (as against the 15 percent limit) in the PSU bank.

The move has been hailed by many as the "most workable" solution for rescuing the ailing bank from the mountain of bad loans it is currently sitting on, which is just short of 30 percent of its entire loan book.

This is not the first time the government has come to the rescue of a public sector bank. What is different is that in IDBI Bank's case, the responsibility of a bailout has shifted from taxpayers to insurance policy holders.

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