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Nikkei up 0.26%
Sep 06,2016

The Japan share market advanced for fifth straight session on Tuesday, 06 September 2016, on the back of yen weakness against greenback and possibilities for stimulus from central banks. All but five of the 33 industry groups on the Topix rose with telecommunication-service providers and banks among groups contributing the most to the gain. The Nikkei average inclined 44.35 points, or 0.26%, to end at 17081.98. The Topic index jumped 8.73 points, or 0.65%, to end at 1352.58.

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ASX200 eases 0.29%
Sep 06,2016

Australian share market ended lower for the fourth day in five on Tuesday, 06 September 2016, after the central bank kept interest rates unchanged. Sentiment remained lacklustre following the afternoon release of the Reserve Banks latest policy statement, which revealed rates had been left on hold in September. The RBA eased monetary policy in May and August. At close of trade, the benchmark S&P/ASX 200 index slid 16 points, or 0.29%, to 5,413.6, while the broader All Ordinaries index eased 14 points, or 0.25%, to 5,510.4.

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IL&FS Engineering & Construction Co announces appointment of nominee director
Sep 06,2016

IL&FS Engineering & Construction Co announced that Saudi Binladin Group, vide its letter dated 04 September 2016, has nominated Ahmed Dabbous as a Director of the Company.

The matter wrt appointment of Dabbous will be placed in the next Meeting of the Board of Directors of the Company for its approval.

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NHPC intimates of sale of equity shares to eligible employees by GoI
Sep 06,2016

NHPC announced that in accordance with the approval accorded by Cabinet Committee of Economic Affairs on 10 September 2014, Government of India (GOI) has offered 62881397 equity shares of Rs. 10/- each to the eligible employees of NHPC at discounted price of Rs. 20.66/- per share i.e. 5% discount to the cut off price of Rs. 21.75/- discovered through Offer for sale of equity shares of NHPC carried out by GOI on 27 April 2016 and 28 April 2016.

In connection with the above, action has been initiated by the Company for sale of equity shares to the eligible employees by GOI. The offer for sale of shares tentative to be launched in second/third week of September, 2016.

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Chase Bright Steel announces change in compliance officer
Sep 06,2016

Chase Bright Steel announced that Avinash Jajodia has been appointed as Compliance Officer of the Company for all the Acts, in place of Manjudevi Jajodia with immediate effect.

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HealthFore Technologies appoints director
Sep 06,2016

HealthFore Technologies announced that Nalin Nayyar has been appointed as an Additional Director (in the category of Non-Executive Non-Independent Director) on the Board of the Company with effect from 01 August 2016.

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Inox Wind tumbles to record low after dismal Q1 numbers
Sep 06,2016

The result was announced after market hours on Friday, 2 September 2016. The stock market was closed yesterday, 5 September 2016 on account of Ganesh Chaturthi.

Meanwhile, the S&P BSE Sensex was up 450.19 points or 1.58% at 28,982.30.

The stock declined on heavy volumes. On BSE, so far 4.43 lakh shares were traded in the counter as against average daily volume of 58,069 shares in the past one quarter. The stock hit a low of Rs 161 so far during the day, which is a record low for the counter. The stock hit a high of Rs 184 so far during the day. The stock had hit a 52-week high of Rs 411.55 on 26 October 2015. The stock had underperformed the market over the past one month till 2 September 2016, sliding 12.34% compared with Sensexs 1.97% rise. The scrip had also underperformed the market in past one quarter, declining 11.87% as against Sensexs 6.29% rise.

The mid-cap company has equity capital of Rs 221.92 crore. Face value per share is Rs 10.

Inox Wind announced that its wholly owned subsidiary Inox Wind Infrastructure Services has acquired RBRK Investments with effect from 1 September 2016, in tune with its expansion plans in South India.

Inox Wind is one of the leading wind enery solutions providers servicing IPPs, utilities, PSUs, corporates and retail investors.

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Asia Pacific Shows Progress in Water Security, But Challenges Remain - ADB
Sep 06,2016

Water security in Asia and Pacific has progressed overall in the past 5 years, but major challenges remain, including overexploited groundwater, demand from rising populations, and climate variability, according to a new report from the Asian Development Bank (ADB).

The new edition of the Asian Water Development Outlook (AWDO 2016) released at World Water Week in Stockholm provides a snapshot of the water security status of 48 of the regions countries, using latest data sets. According to these, the number of countries assessed as water insecure has dropped to 29, compared to 38 (out of 49 countries) identified in the previous issue of the report in 2013.

n++Asia and Pacific remains the worlds most vulnerable region to water insecurity and cannot sustain its recent economic growth without addressing this issue,n++ said ADB Vice-President for Knowledge Management and Sustainable Development Bambang Susantono, who led the launch in Stockholm. n++Meeting the regions socioeconomic challenges and achieving Sustainable Development Goal 6 on water will require bridging the gap in provision of water services between rich and poor in urban areas, and between rural and urban areas.n++

The report cites that in Asia and the Pacific, 1.7 billion people lack access to basic sanitation. Recent estimates suggest that by 2050, 3.4 billion people could be living in water-stressed areas in Asia and the Pacific while water demand will increase by 55%.

AWDO 2016 assesses water security in 5 key dimensionsn++namely household access, economic viability, urban services, restoring rivers and ecosystems, and resilience to water-related disasters. Advanced economies such as Australia, Japan and New Zealand consistently lead the way, followed by countries in East Asian++led by the Peoples Republic of China (PRC), which has taken the biggest stride to improve water security since the AWDO 2013 edition.

On household access to piped potable water and improved sanitation, the water security score in Asia and the Pacific on a 20-point scale ranges from 4.5 for South Asia to 20.0 for the advanced economies. All parts of the region improved their performance by about 2 points since 2013, except for the Pacific islands. But although the rural-urban gap has been reduced in some countries (such as Armenia and Thailand), the report says major disparities remain between rural and urban areas and between rich and poor on services and infrastructure for piped water supply and sanitation. South Asian countries particularly need to make considerable efforts to improve their performance in this dimension.

The second key dimension, economic water security, provides an assessment of the productive use of water to sustain economic growth in food production, industry and energy. Most of the change since 2013 has been positive with advanced countries again showing the highest scores and Pacific islands lagging. But there remains room for improvement across the region. Countries that merit strengthening current conditions are concentrated in Central Asia.

On No. 3, urban water security, East Asia has shown positive progress while South and Southeast Asia still have some way to go, particularly Myanmar, Pakistan, and the Philippines. Nearly half of the economies have piped water supply levels higher than 85% but less than 50% of the urban population have access to improved sanitation. In many areas, the majority of wastewater is discharged to the environment having received little to no treatment. The report says significant investment and leadership is needed to reliably meet the water needs of cities.

The fourth key dimension describes how well a country is able to manage its river basins and sustain ecosystem services. This shows a wide range of results, with the Pacific islands scoring highly due to good river health and advanced economies doing well due to strong governance. Declining river health is most evident in Bangladesh, the lower Yangtze River Basin of the PRC, Nepal, and Mekong Delta in Viet Nam, the report says.

For the fifth key dimension, resilience to water-related disasters, advanced economies show the strongest performance while much of the rest of Asia and the Pacific has been weak. Between 1995 and 2015, there were some 2,495 water-related disasters striking Asia, killing 332,000 people and affecting a further 3.7 billion. South Asia showed the lowest resilience score, but several other countries showed strong improvement since 2013. These included Pakistan; the Philippines; and Taipei,China.

The report concludes that the relationship between water security and the economy can be a virtuousn++or a viciousn++circle. n++There is a strong relationship between water management and the economy, and investments in good water management can be considered as a longer term payback for increased growth and poverty reduction,n++ the publication says. n++Water-related investments can increase economic productivity and growth, while economic growth provides the resources to invest in institutions and capital-intensive water infrastructure.n++

AWDO 2016 is produced by ADB in partnership with the Asia Pacific Water Forum and three specialist agenciesn++Asia Pacific Center for Water Security at Tsinghua University, International Water Management Institute, and International Water Centre. Key contributions have also been made by the International Institute for Applied Systems Analysis.

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Pitti Laminations enters into agreement with GE India Industrial
Sep 06,2016

Pitti Laminations has entered into an agreement with GE India Industrial valuing about Rs. 500 crore over the tenure of the agreement for supply of various parts to be used in locomotives which are to supplied to Indian Railways by GE. The duration of the agreement is up to the year 2030.

Further the Company has informed that, the above said contract is over and above the existing contracts.

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MindTree tumbles after weak outlook
Sep 06,2016

The announcement was made after market hours on Friday, 2 September 2016.

Meanwhile, the BSE Sensex was up 404.93 points, or 1.42%, to 28,937.04.

On BSE, so far 2.53 lakh shares were traded in the counter, compared with average daily volume of 41,426 shares in the past one quarter. The stock hit a high of Rs 525 and a low of Rs 504.50 so far during the day. The stock hit a record high of Rs 803.50 on 4 March 2016. The stock hit a 52-week low of Rs 546.25 on 2 September 2016. The stock had underperformed the market over the past 30 days till 2 September 2016, sliding 8.88% compared with 2.95% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 15.28% as against Sensexs 6.29% rise.

The large-cap company has equity capital of Rs 167.94 crore. Face value per share is Rs 10.

MindTree said the decline in revenue is expected due to cross-currency movements, project cancellations and slower ramp-ups in a few large clients across different verticals and continued weakness in its UK-based subsidiary Bluefin.

Margins are going to be lower than planned with a decline in earnings before interest, taxes, depreciation and amortization (EBITDA) margins in Q2 September 2016 compared to Q1 June 2016. In light of its weak revenue outlook, the Bluefin business is expected to report an EBITDA loss for the quarter. MindTree has implemented a range of operational efficiency improvements and cost control measures. The savings derived from these initiatives may not be sufficient to offset the revenue slowdown in Q2 September 2016.

The company said it believes its business fundamentals, strategic direction and market positioning continue to look strong in the medium-term especially with its investments in Digital and Managed Services. Business pipeline from its core services and Magnet 360 is amongst the strongest in the last few years. The company said it is well-placed to win some of these opportunities, including some large ones to be awarded over the next few months. The uncertainties in the Bluefin business are likely to continue for a few more months giventhe volatile macroeconomic environment in Europe. The slower revenue momentum in the first half (H1) of the financial yar ending March 2017 (FY 2017) will delay the aspiration to grow EBITDA margins over the financial yar ended March 2016. The cost saving measures and other related initiatives will help the company deliver a higher margin in the second half (H2) of FY 2017 over H1 FY 2017. Even with this change in outlook, the company said it continues to expect its annual revenue growth to be higher than the NASSCOM industry average.

MindTrees consolidated net profit declined 7.2% to Rs 123.50 crore on 0.6% growth in revenue to Rs 1327.60 crore in Q1 June 2016 over Q4 March 2016.

MindTree is a global information technology consulting firm specializing in corporate IT services and solutions.

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Good rains set to move up earnings of farm related firms: ASSOCHAM study
Sep 06,2016

Thanks to bountiful rains this year, a large part of corporate India with direct connect with the agro and the entire rural economy is set to post handsome growth in the coming two quarters in sales and profitability ranging between 15 and 45% with benefits of Monsoon accruing to several mid and large cap firms Mahindra and Mahindra, Rallis India and Jain Irrigation, according to an ASSOCHAM paper.

n++The firms benefiting directly from abundant rainfall relate to those in the irrigation infrastructure, farm equipment like tractors, seed development and the food processingn++, the ASSOCHAM comprehensive Paper Monsoon Showers Fortune on Farm Related Firms noted.

It said a host of other firms engaged in fertilizers, seeds, farm equipment, food processing and consumer consumption would immensely benefit from a sizeable improvement in the demand for farm inputs as also higher farmers income leading to a significant rise in rural demand.

The paper projected that with a good monsoon, sale of tractors for Mahindra and Mahindra is expected to rise. The sale during the Sep-Mar 2017 window is expected by at least over 15 per cent, also resulting in commensurate uptick in bottom line. Other leading tractor and farm equipment firms including Escorts and VST Tillers Tractors are also expected to do well both in income and net earnings, according to the paper.

n++With Monsoon being the lifeline of the Indian economy, it is no surprise that good rains would bring good fortune not only to the companies engaged in the farm related sectors but also the entire macro picture,n++ ASSOCHAM President Mr. Sunil Kanoria said.

Likewise, for Rallis India is a subsidiary of the Tata Group which is a key player in the agriculture business, bountiful rains are expected to generate 33.58% higher sales during the monsoon months. Positive monsoon sentiment has already started showing its results. The company has reported a profit of Rs 174.20 crores for its first quarter of 2016, implying a 55% increase in sales.

Similarly, Coromandel International, a mid cap company operating in fertilizers sector is likely to see a trend of surge in sale during the months Sep-March, post the active period of monsoon and sowing of seeds. The company is expected to see a rise in sales by 5.13% for the period March -September 16, and a 19.82% for the period September 16-March 17.

Jain Irrigation Systems is a leading manufacturer of micro irrigation systems, piping, tissue cultured plants, solar photovoltaic and solar water heating systems. Micro irrigation systems and related products make up about 40% of the total sales of the company. Piping is also partly dependent on water and monsoon rains. A positive monsoon for the year 2016 is projected to put the irrigation business in good shape. A growth of 17-18% is expected in the sales during the monsoon season as well as the lean season.

Likewise, the leading sugar firms like Balram Chini and Mawana Sugar are projected to improve their performance significantly in the coming months, thanks to rain Gods and firming of prices.

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Reliance Capital hits 52-week high
Sep 06,2016

The announcement was made during market hours today, 6 September 2016.

Meanwhile, the S&P BSE Sensex was up 355.27 points or 1.25% at 28,887.38.

On BSE, so far 4.26 lakh shares were traded in the counter as against average daily volume of 4.89 lakh shares in the past one quarter. The stock hit a high of Rs 560.85 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 545.50 so far during the day. The stock had hit a 52-week low of Rs 303.60 on 12 February 2016. The stock had outperformed the market over the past one month till 2 September 2016, surging 25.11% compared with Sensexs 1.97% rise. The scrip had also outperformed the market in past one quarter, jumping 34.6% as against Sensexs 6.29% rise.

The large-cap company has equity capital of Rs 252.63 crore. Face value per share is Rs 10.

Reliance Capital announced completion of a fund raising exercise of Rs 2000 crore through private placement of secured redeemable non-convertible debentures (NCD) for a period of 5 years and 10 years respectively. The issue size offered was Rs 1000 crore ($150 million) with an option to retain oversubscription, by way of greenshoe option, of upto Rs 1000 crore. The issue was fully subscribed, including the greenshoe option, and will be listed on BSE. The secured redeemable NCDs offer an annual coupon rate of 8.9% for 5 years, and 9% for 10 years.

Sam Ghosh, ED and Group CEO of Reliance Capital said that the funds will be used to refinance the companys existing debt and also grow its lending businesses.

On a consolidated basis, Reliance Capitals net profit rose 3% to Rs 207 crore on 48.3% growth in total income to Rs 3663 crore in Q1 June 2016 over Q1 June 2015.

Reliance Capital, a part of the Reliance Group, is one of Indias leading private sector financial services companies.

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HCC corrects on profit booking
Sep 06,2016

Meanwhile, the BSE Sensex was up 301.40 points, or 1.06%, to 28,833.51.

On BSE, so far 43.72 lakh shares were traded in the counter, compared with average daily volume of 15.49 lakh shares in the past one quarter. The stock hit a high of Rs 37.95 so far during the day, which is also a 52-week high for the counter. The stock hit a low of Rs 34.15 so far during the day. The stock hit a 52-week low of Rs 16.60 on 12 February 2016. The stock had outperformed the market over the past 30 days till 2 September 2016, rising 56.61% compared with 2.95% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 91.13% as against Sensexs 6.29% rise.

The small-cap company has equity capital of Rs 77.92 crore. Face value per share is Re 1.

Shares of HCC rose 54.90% in three trading sessions to settle at Rs 35.55 on Friday, 2 September 2016, from its close of Rs 22.95 on 30 August 2016. Recent gains were triggered by fresh initiatives by the government to revive the construction sector.

The company announced after market hours on 31 August 2016, that the Union Cabinets latest decision requiring the government agencies to pay 75% of arbitral awards will result in HCCs debt being reduced by half.

HCC has arbitration awards for over Rs 3200 crore and with the latest cabinet decision, the company will get 75% of this amount immediately. HCCL also has claims worth around Rs 5,000 crore are in arbitration process. The cabinet decision will further help HCC to secure these awards within a duration of 12 months.

HCCs chairman and managing director said that the company will immediately be able to reduce its debt by almost half. The debt burden will reduce further within the next 12 to 24 months. With this, HCC will be able to participate in countrys infrastructure development in a much bigger way. HCC currently has standalone debt of Rs 4900 crore.

The Cabinet Committee on Economic Affairs (CCEA) on 31 August 2016 approved a series of initiatives to revive the construction sector. As per the new initiatives, CCEA allowed contractors to move to the new speedier arbitration process, approved release of 75% of the amount in dispute against margin free bank guarantee and provided for a conciliation board comprising of independent subject experts in order to ensure speedy disposal of pending or new cases.

Net profit of HCC rose 17.5% to Rs 10.88 crore on 1.7% rise in net sales to Rs 899.32 crore in Q1 June 2016 over Q1 June 2015.

HCC is into infrastructure development in transportation, power and water segments. HCC is developing a planned hill city named Lavasa near Pune in Maharashtra.

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Demand for Air Cargo Strengthens in July 2016: IATA
Sep 06,2016

The International Air Transport Association (IATA) released data for global air freight markets in July 2016 showing robust growth in demand. Measured in freight tonne kilometers (FTKs), demand increased 5.0% in July 2016, compared to July 2015. This was the fastest pace in almost 18 months. Freight capacity measured in available freight tonne kilometers (AFTKs) increased by 5.2% year-on-year, outstripping demand and keeping yields under pressure.

Despite the subdued global trade backdrop, carriers in the worlds four biggest air cargo markets - Asia-Pacific, Europe, North America and the Middle East - reported an increase in freight demand. The strongest growth occurred in Europe and the Middle East, with July demand up by 7.2% and 6.7% respectively, compared to the same period last year.

July was a positive month for air freight - which is an all too rare occurrence. Despite that, we must recognize that we face some strong headwinds on fundamental aspects of the business. Global trade growth is sluggish and business confidence is weak. And the political rhetoric on both sides of the Atlantic is not encouraging for further trade liberalization, said Alexandre de Juniac, IATAs Director General and CEO.

Regional Performance

Asia-Pacific airlines reported a 4.9% increase in demand for air cargo in July compared to last year. In particular, growth has been driven by strong increases in the large within Asia market in recent months, but the latest business surveys from the region paint a mixed picture. Capacity in the region expanded 2.7%.

North American carriers saw freight volumes expand 4.1% in July 2016 compared to the same period last year, and capacity increase by 3.4%. International freight volumes (which grew 1.3% in July) continue to suffer from the strength of the US dollar which has kept the US export market under pressure.

European airlines posted the largest increase in freight demand of all regions in July, 7.2% year-on-year. Capacity increased 3.8%. The positive European performance corresponds with an increase in export orders in Germany over the last few months. Europes freight volumes have now surpassed the level reached during the air freight rebound following the Global Financial Crisis. The only other region to achieve this is the Middle East.

Middle Eastern carriers saw air freight demand increase by 6.7% in July 2016 year-on-year. Capacity increased by 11%. The regions growth rate, while still strong, has eased to half the 14% recorded annually between 2012 and 2015. This is mainly attributable to slower freight growth between the Middle East and Asia.

Latin American airlines saw demand contract by 5.6% in July 2016 compared to the same period last year and capacity increase by 10.1%. The region continues to be blighted by weak economic and political conditions, particularly in the regions largest economy, Brazil.

African carriers recorded a 6.8% decrease in year-on-year freight demand in July 2016 - the largest decline in seven years. African airlines capacity surged by 31.3% on the back of long-haul expansion (from a small base).

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Expansion of India - Chile Preferential Trade Agreement (PTA)
Sep 06,2016

An agreement on the expansion of India-Chile Preferential Trade Agreement (PTA) was signed between India and Chile in a meeting held between Ms. Rita Teaotia, Commerce Secretary and Mr. Andrn++s Barbn++ Gonzn++lez, Ambassador, Embassy of Chile on 6th September, 2016.

A Preferential Trade Agreement (PTA) between India and Chile was earlier signed on March 8, 2006 and came into force with effect from August, 2007. In the original PTA concluded in March 2006, Indias offer list to Chile consisted of 178 tariff lines the Margin of Preference (MoP) ranging from 10%-50% at 8-digit level and Chiles offer list to India consisted of 296 tariff lines with MoP ranging from 10% - 100% at 8-digit level.

Under the expanded PTA, Chile has offered concessions to India on 1798 tariff lines with Margin of Preference (MoP) ranging from 30%-100% and India has offered concessions to Chile on 1031 tariff lines at 8-digit level with MoP ranging from 10%-100%. Indias export basket with Chile is diversified and keeping in view the wide variety of tariff lines offered by Chile, the expanded PTA would immensely benefit India.

Among the LAC countries, Chile was the third largest trading partner of India during 2015-16. Indias bilateral trade with Chile stood at US$ 2.64 billion with exports at US$ 0.68 billion and imports at US$ 1.96 billion respectively during 2015-16(P). Indias exports to Chile are diverse which consist of transport equipment, drugs and pharmaceuticals, yarn of polyester fibres, tyres and tubes, manufacture of metals, articles of apparel, organic/inorganic and agro chemicals, textiles, readymade garments, plastic goods, leather products, engineering goods, imitation jewellery, sports goods and handicrafts. Major items of Import from Chile are copper ore and concentrates, iodine, copper anodes, copper cathodes, molybdenum ores & concentrates, lithium carbonates & oxide, metal scrap, inorganic chemicals, pulp & waste paper, fruits & nuts excluding cashews, fertilizers and machinery.

India has friendly relations with Chile. Chile has been cooperating with India at the International fora and expansion of India Chile PTA will enhance the trade and economic relations between the two countries. The expansion would be an important landmark in India-Chile relations and consolidate the traditional fraternal relations that have existed between India and LAC countries.

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