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Fitch: Less Global Negative-Yielding Debt No Easier on Investors
Jan 31,2017

Global negative-yielding sovereign debt declined slightly to $9.1 trillion outstanding as of 29 December 2016, from $9.3 trillion as of 28 November 2016, according to Fitch Ratings. The decline came from the strengthening of the US dollar and little net change in European and Japanese sovereign long-term bond yields.

In December 2016, unchanged long-term yields were accompanied by a decline in short-term eurozone bond yields. Since short-term eurozone yields were already less than zero, this trend had little effect on the total amount of negative-yielding debt outstanding. However, it exacerbated the challenges bond investors face.

Investors with short-term liquidity needs, such as short-term money market funds (ST MMFs), were confronted with yields less than negative 1% on many short-dated eurozone bonds at year-end 2016. As seen in the chart below, the weighted average yield on eurozone debt with less than one year in remaining maturity declined to negative 77 bps from negative 38 bps at the end of June 2016. Short-term yields have risen slightly since year-end 2016, but generally remain below levels seen in June.

European ST MMFs are incentivized to hold short-term government securities as part of their eligible overnight liquidity bucket. Funds will be forced to assume additional incremental risks in their portfolios in order to maintain returns if short-term government bond yields decline further. On average, as of December 2016, Fitch-rated European prime ST MMFs held 6% of assets in short-term government securities.

Institutions such as insurance companies have significant allocations to longer-term sovereign debt. Yields on these institutions portfolios remain low and are crimping profits. Despite the slight decline in negative yielding debt, we expect these institutions to continue to assume incremental risk to compensate for negative yields.

The downward move in short- and medium-term yields was particularly strong in Italy and Spain during December 2016. Many of these bond issues returned to negative territory in these countries near year-end 2016. Combined, Italy and Spain added approximately $300 billion to the negative-yielding total between Nov. 28, 2016 and Dec. 29, 2016.

There was $5.5 trillion in Japanese government bonds yielding less than 0%, down about $2.4 trillion since the end of June 2016. Slight increases in Japanese yields and a weaker yen contributed to the ongoing decline in the amount of negative-yielding debt outstanding in Japan.

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IT stocks slide as Trump administration drafts executive order on H1B visas
Jan 31,2017

TCS (down 2.71%), HCL Technologies (down 2.29%), Wipro (down 1.6%), Infosys (down 1.4%), Persistent Systems (down 1.31%) and Oracle Financial Services Software (down 0.75%) edged lower.

Meanwhile, the S&P BSE IT index was down 1.79%. It underperformed the Sensex which was down 147.46 points or 0.53% at 27,702.10.

The BSE IT index had underperformed the market over the past one month till 30 January 2017, sliding 2.92% compared with the Sensexs 4.59% rise. The index had also underperformed the market over the past one quarter, declining 1.53% as against the Sensexs 0.29% fall.

According to reports, Donald Trumps administration has drafted an executive order to restrict work visas, H1B and L1 issued to professionals working in the US for a short period of time, as part of a larger immigration reform. The H1B visa is a non-immigrant visa that allows US companies to employ skilled foreign workers and are mostly used by Indian IT professionals. The latest move comes after Trump issued a sweeping executive order banning foreign nationals from seven Muslim-majority countries from entering the US.

US is the biggest outsourcing market for Indian IT firms.

Tech Mahindra lost 1.21%. The companys consolidated net profit rose 32.77% to Rs 856 crore on 5.4% growth in revenue to Rs 7558 crore in Q3 December 2016 over Q2 September 2016. The result was announced at the fag end of the trading session yesterday, 30 January 2017. The stock had risen 0.27% to settle at Rs 466.75 yesterday, 30 January 2017.

Tech Mahindras consolidated profit after tax rose 30.8% to $126.3 million on 4.1% growth in revenue at $1116.1 million in Q3 December 2016 over Q2 September 2016. Earnings before interest, taxation, depreciation and amortization (EBITDA) rose 9.2% to $175 million in Q3 December 2016 over Q2 September 2016. Cash and cash equivalent stood at Rs 4951 crore as of 31 December 2016.

Vineet Nayyar, Vice Chairman, Tech Mahindra said that the strong deal wins and business momentum during the quarter reaffirm that the company is on the right track to capitalize on the opportunities from the global digital transformation, and see measurable benefits from that.

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Board of Pil Italica Lifestyle to consider Q3 results and conversion of warrants
Jan 31,2017

Pil Italica Lifestyle announced that the meeting of the Board of Directors of the Company is scheduled to be held on 14 February 2017, inter alia, to transact the following businesses;

1. To consider and approve the Unaudited Financial Results of the Company for the Third Quarter and Nine Months ended 31 December 2016.

2. To issue and allot equity shares on conversion of share warrants to Promoter and Non Promoters.

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Board of Kuantum Papers to consider Q3 and 9M results
Jan 31,2017

Kuantum Papers announced that the meeting of Board of Directors and Audit Committee of the Company will be held on 11 February 2017, inter alia, to review and approve the Unaudited Financial Results for the quarter and nine months period ended 31 December 2016.

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Board of Andrew Yule & Company to consider Q3 and 9M results
Jan 31,2017

Andrew Yule & Company announced that the meeting of the Board of Directors of the Company will be held on 09 February 2017, inter alia, to consider and take on record the Unaudited Financial Results of the Company for the quarter and nine months ended 31 December 2016.

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NTPC to consider Q3 results
Jan 31,2017

NTPC announced that a meeting of the Board of Directors of the Company is scheduled to be held on 08 February 2017, inter alia, to approve and take on record the unaudited Financial Results for the quarter and nine months period ended on 31 December 2016 (Q3) as reviewed by the Audit Committee and also to consider declaration of interim dividend for the financial year 2016-17.

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Surana Industries to consider Q3 results
Jan 31,2017

Surana Industries announced that a meeting of the Board of Directors of the Company is scheduled to be held on 10 February 2017, inter alia, to consider and approve the Unaudited financial results for the 3rd Quarter and Nine Months ended 31 December 2016.

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HMT to announce Q3 results
Jan 31,2017

HMT announced that the Meeting of the Board of Directors of the Company will be held on 10 February 2017, to consider and approve the Unaudited Financial Results of the Company for the Third Quarter 31 December 2016.

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HMT to announce Q3 results
Jan 31,2017

HMT announced that the Meeting of the Board of Directors of the Company will be held on 10 February 2017, to consider and approve the Unaudited Financial Results of the Company for the Third Quarter 31 December 2016.

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Board of GAIL (India) to consider Q3 results
Jan 31,2017

GAIL (India) announced that a meeting of the Board of Directors of the Company is scheduled to be held on 10 February 2017, inter alia, to consider the unaudited financial results for the quarter ended on 31 December 2016 (Q3).

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Board of GAIL (India) to consider Q3 results
Jan 31,2017

GAIL (India) announced that a meeting of the Board of Directors of the Company is scheduled to be held on 10 February 2017, inter alia, to consider the unaudited financial results for the quarter ended on 31 December 2016 (Q3).

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Board of Regency Trust to consider December quarter results
Jan 31,2017

Regency Trust announced that the Meeting of Board of Directors of the Company will be held on 09 February 2017, inter alia, to take on record and adopt the Unaudited Financial Results of the Company for the quarter ended 31 December 2016.

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Board of Regency Trust to consider December quarter results
Jan 31,2017

Regency Trust announced that the Meeting of Board of Directors of the Company will be held on 09 February 2017, inter alia, to take on record and adopt the Unaudited Financial Results of the Company for the quarter ended 31 December 2016.

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National Aluminium Company to announce Q3 results
Jan 31,2017

National Aluminium Company announced that the Meeting of Board of Directors of the Company is scheduled to be held on 13 February 2017, inter alia, to consider the unaudited financial results for the third quarter ended 31 December 2016 (Q3).

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Board of DQ Entertainment International to consider Q3 and 9M results
Jan 31,2017

DQ Entertainment International announced that the Company propose to hold the meeting of the Board of Directors of the Company on 09 February 2017, inter alia, to consider and take on record the un-audited financial results & other related matters for the quarter and nine months ended 31 December 2016.

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