need2know: 10 macro triggers that market may watch today

Indian auto firms were warned by the government on Thursday to switch to production of vehicles that run on non-polluting alternative fuels or risk being overtaken by inevitable policy change. NSEBSENBCCLoading data…

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    ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESMaruti SuzukiLoading data…

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      ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESJaypee InfratechLoading data…

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            ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESBharti AirtelAirtelEXPAND TO VIEW ALL The country’s current account deficit is likely to widen to 3% in the second quarter of 2017 due to sharp deterioration in trade deficit, says a report. In the quarter ended March or first quarter of 2017, current account deficit widened to $3.4 billion, or 0.6% of gross domestic product (GDP).

            Here’s a lowdown on ten macro triggers that are likely to impact the market on Friday. This report was compiled from agency feeds.

            Compulsory Demat For Unlisted Cos Soon
            The government is planning to make it mandatory for unlisted companies to dematerialise their shares as part of the broader crack down on black money. “It’s a large exercise. Initially, the plan is to cover public limited companies,” said an official with knowledge of the development. “Today it is optional — if an unlisted company wants to dematerialise, they can do it.” The Ministry of Corporate Affairs (MCA) is in talks with the Securities and Exchange Board of India (Sebi) and depositories on the matter. Sebi rules require all listed companies to dematerialise shares. About 70,000 public limited companies are unlisted and more than 1 million private limited companies are registered with the corporate affairs ministry.

            Govt To Go After Petrol, Diesel Cars
            Indian auto firms were warned by the government on Thursday to switch to production of vehicles that run on non-polluting alternative fuels or risk being overtaken by inevitable policy change. Automakers have to move to vehicles that run on electricity, biodiesel, ethanol and compressed natural gas “whether they like it or not”, transport minister Nitin Gadkari said. “And I am not going to ask you. I will bulldoze it (through),” Gadkari told auto industry executives at an annual convention organised by the Society of Indian Automobile Manufacturers (Siam).

            NBCC Help for Jaypee Homebuyers?
            NBCC may just emerge as a white knight for over 30,000 homebuyers that are afraid of never getting the dream home they booked with the Jaypee Group. NBCC, the central government’s engineering and construction undertaking, is in initial and informal talks with the Finance Ministry as well as lenders to Jaypee Infratech to complete the construction of 27 stalled residential projects in Noida and Greater Noida. In return, NBCC wants Jaypee Infra’s land parcels adjacent to the Yamuna Expressway between Noida and Agra, as the PSU believes this could turn out to be lucrative when monetised in the future. NBCC is also seeking to use Jaypee’s homebuyers’ outstanding receivables to fund the construction of the 27 projects and also be paid a portion from unsold inventory of flats.

            Viral Acharya’s Drastic Cure For PSB Laggards
            Reserve Bank of India deputy governor Viral Acharya has suggested that deposit franchise of state run banks which are in the ‘intensive care unit’ be sold off to private sector banks as the time may be running out for state-run banks to clean-up their balance sheets and recapitalise. The Indradhanush was a good plan, but to end the Indian story differently, we need soon a much more powerful plan – “Sudarshan Chakra” – aimed at swiftly, within months if not weeks, for restoring public sector bank health, in current ownership structure or otherwise,” Acharya said.

            Anti-dumping Probe Against Indian Steel
            The Trump administration has said it will initiate new anti-dumping and countervailing duty probe to determine whether imports of stainless steel flanges from India and China are being dumped in the US. These investigations were initiated based on petitions filed by the Coalition of American Flange Producers and its individual members — Core Pipe Products and Maass Flange Corporation on August 16, according to the Commerce Department. The estimated dumping margins alleged by the petitioners range from 99.23 to 257.11% and 78.49% to 145.25% for China and India, respectively.

            Festive Sales Boom
            Automakers are expecting strong double-digit sales growth this festive season, driven by a positive sentiment brought to the rural markets by good monsoon rains and benign interest rates, though the prospects of an increase in cess pose a threat to manufacturers of large vehicles. India’s largest carmaker, Maruti Suzuki, is predicting sales growth of 15-17% during the festivals. yundai Motor and Honda Motor are also expecting similar or faster growth in the fourmonth period that accounts for a third of industry’s annual sales. The passenger vehicle market crossed a million mark in August-November, 2016. It may touch as much as 1.2 million this year going by the estimates from carmakers.

            Airtel Goes VoLTE Way, Takes On Jio
            Bharti Airtel is set to take on bitter rival Reliance Jio Infocomm at its own game by launching, as early as next week, voice services using the same 4G technology employed by the industry newcomer, people familiar with the matter said. The services will be expanded across India well within this fiscal year, they said. The Voice over LTE (VoLTE) technology offers more clarity on voice through high definition calling, using the same network used for carrying data. The Sunil Mittal-owned market leader is the first of the established telecom carriers to adopt the technology, and it is expected to take the competition to the Mukesh Ambani-owned new entrant that has highlighted free VoLTE calls and unlimited data as USPs to garner a 130-million user base within a year of its commercial launch.

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            FUNDAMENTALS
            Rupee Up
            : The rupee closed at 64.05 a dollar on Thursday, up 0.09% from its Wednesday’s close of 64.11.

            Bonds Down : Government bonds (G-Secs) dropped on selling pressure from banks and corporates. The 6.79% G-Secs maturing in 2027 declined to Rs 101.9350 from Rs 102.00, while its yield edged up to 6.52% from 6.51%. The 6.79% G-Secs maturing in 2029 eased to Rs 99.73 from Rs 99.7550, while its yield remained steady at 6.82%. The 6.68% G-Secs maturing in 2031 dipped to Rs 100.39 from Rs 100.52, while its yield rose to 6.64% from 6.62%. The 7.35% G-Secs maturing in 2024 rose to Rs 103.44 from Rs 103.43, while its yield remained steady at 6.71%.

            Call Rates Up : The overnight call money rates ended higher at 5.80% from Wednesday’s level of 5.75%. It resumed higher at 5.95% and moving in a range of 6.00% and 5.70%.

            Liquidity : The Reserve Bank of India, under the Liquidity Adjustment Facility, purchased securities worth Rs 2055 crore in 3-bids at the overnight repo operation at a fixed rate of 6.00% as on Thursday, while it sold securities worth Rs 8178 crore in 38-bids at the overnight reverse repo auction at a fixed rate of 5.75% as on September 06.

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