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Nifty scales, metal & bank stocks under scanner

Unlike the falling prices for imports on Friday, the NSE Nifty has deterred countries like China from undercutting local mills. Lenders such as State Bank of India have played a huge role in sky-rocketing NSE Nifty trades. With the overall sentiment remaining fragile, a majority of investors are pointing out global factors to put an impact on local shares until the government unveils its 2016/17 budget on 29 February 2016.

Sensex expected to open lower today

With the Nifty futures trading on the Singapore Stock Exchange (SGX) lower to 32 points or 0.43 percent, today the domestic markets are expected to open at a lower price. A greater focus on the steel stocks will lead to its gain with a minimum import price being set for over 173 steel products. Also, this would help the domestic producers from cheap Chinese imports.

Hong Kong seeks to strengthen Bilateral Trade and Business ties with India

Margaret Fong, Executive Director of Hong Kong Trade Development Council (HKTDC), has said India is 7th largest global trading partner of Hong Kong and reminded the business community that last year the bilateral trade between the two countries was $ 23.7 billion. Export shipments to India increased by 8.1 per cent y-o-y. Hong Kong Special Administration Region Chief Executive C Y Leung said negotiation on Investment Promotion and Protection Agreement (IPPA) will start between two countries to strengthen bilateral economic and investment ties.

Deutsche Bank Report expects India to meet 2015-2016 Fiscal Deficit Target

Report published by Deutsche Bank says it expects India to achieve its 3.9 per cent fiscal target in 2016 financial year. The report said that the fiscal arithmetic is credible because of the incorporation of realistic expenditure and revenue growth assumptions. Deutsche Bank report expects the Union Government to tighten its fiscal deficit target further in 2017 financial year to 3.8 per cent. Revised fiscal consolidation roadmap says government plans to set 3.5 per cent fiscal deficit target for 2016-17.

"Make in India" Week Seminar held in Chicago

Consul General of Indian Consulate in Chicago Ausaf Sayeed while addressing “Make in India Week” seminar in Chicago said that India is striving to transform from a service driven economy to a manufacturing-driven one to become an international manufacturing hub and also increase productivity. He went on to say that US companies can set up manufacturing bases in at least 30 important economic sectors and the total investment opportunity in India is worth US$ 1 trillion.

InFocus launches new budget smartphone

InFocus has unveiled a new smartphone in India. The budget smartphone, named InFocus Bingo 21, is priced at Rs 5,499. The phone is available in colours of white, blue and orange and can be bought from online stores. InFocus Bingo 21 supports dual-SIM and runs on Android 5.1 Lollipop. The phone is powered by a 1.5GHz quad-core Shark L (SC9830) SoC and has 2GB of RAM.

Arun Jaitley says GST would soon become a reality

Finance minister Arun Jaitley, who inaugurated a two-day India Investment Summit in New Delhi, expressed hope that the opposition parties will see reason and the Goods and Services Tax will become a reality. The Minister said that most parties have supported the GST, however, he expressed confidence that others would see reason and the law will soon become a reality.

Uttar Pradesh government to bring new act for the safety of tourists

To ensure the safety and security of tourists, the government of Uttar Pradesh will be bringing a new act under the tourism policy 2016. Commenting on the new act, Navneet Sehgal, Principal Secretary Tourism, said that it is being brought for the security of tourists who visit the state. He further said the act will save them from any kind of exploitation.  

Maruti Suzuki reports decline of 2.6 percent in sales in January

Carmaker Maruti Suzuki India has reported a decline of 2.6 percent in total sales during January at 1,13,606 units against 1,16,606 units in the same month during the year 2015. Media reports quoted the company as saying the domestic sales had marginally risen by 0.8 percent to 1,06,383 units compared to the 1,05,559 units during January 2015.

Specific Relief Act, 1963 to be reviewed by Law Ministry to make India Business Friendly

Union government has started reviewing Specific Relief Act, 1963, a 50 year old law that deals with specific fulfillment of a contract. This move by the Law ministry comes within days after establishment of commercial courts and amendment of arbitration law to dispose business disputes faster. Law Ministry’s Legislative Department has set up a committee in reviewing the concerned Act, keeping into consideration the present scenario that involves high investment public projects, contract based infrastructure, PPP projects, and others.

Business Climate Survey shows Slight Dampening Sentiment but continued Investment

Swedish Chamber of Commerce in India in association with Embassy of Sweden has conducted a Business Climate Survey. It found out that private companies are continuing their investment as well as expansion of both operation and manufacturing in India in spite of slight dampening of sentiment this year with respect to previous year. Harald Sandberg, Ambassador of Sweden to India, has said that findings of the survey are based on the views of 141 Swedish companies that are operating in India.

Airtel Q3 lowers by 22%

Bharti Airtel’s third quarter net profit has lowered by 22% due to higher expenses on debt servicing and one-time exceptional costs towards troubled African operations. Considered as the first drop in nine quarters, Airtel’s consolidated revenues have rose nearly 4% to Rs. 24,066 crore in contrast with Rs. 23,217 crore in the corresponding quarter in 2014-15.

Sensex & Nifty set to open higher

While the futures and options contracts for the month of January are about to expire, both BSE Sensex and Nifty are expected to open on a positive note. The Nifty futures traded on the Singapore Exchange showcase a positive start for the Indian benchmark indices with SGX Nifty scaling by 0.28 percent or 20 points to close at 7,452. 

India Inc witnesses 4-fold jump

Having raised the capital both via external commercial borrowings (ECBs) and foreign currency convertible bonds(FCCBs), India Inc. has jumped to $3.03 billion. Recorded as an increase of more than four times from a year ago, this hike includes the domestic firms rising to $637.29 million. Out of total borrowings, a sum of $1.13 billion was raised via the approval route and $1.90 billion came from automatic route.

India defies falling Steel Production Trend of the World, Increases by 2.6 Per Cent

Steel Ministry’s report shows that India (3rd largest producer of steel) is the only country among the major steel producing countries of the world that witnessed growth in steel production (2.6 per cent increase - from 87.3 million tonnes in 2014 to 89.6 million tones in 2015). World steel output witnessed its first ever fall (by 2.8 per cent to a dismal 1,622.8 million tonnes) last year since 2009. In terms of total steel production, India has surpassed USA.

S&P says India less vulnerable to External Global Shocks

Standard & Poor's Rating Services has observed that Indian economy is not dependant on hot money but is primarily dependant on government spending as well as domestic household consumption. Underlining this fact, S&P has said that this makes Indian economy less vulnerable to external financial as well as economic shocks. S&P also believes that India’s current account deficit at the end of current fiscal as well as by end of 2018 will remain at a modest 1.4 per cent level.

Sensex set to gain today

Both BSE Sensex and Nifty are likely to open on a positive note, basis the global cues and positive trading of Nifty futures on the Singapore stock exchange. While Nifty futures trades on the Singapore Exchange traded 0.2 per cent i.e. at 7.441; other Asian markets also traded higher. HDFC Bank- India’s leading private sector back would be in focus today, and is expected to record a profit of Rs. 3,345 crore along with the net interest of Rs. 6,870 crore.

Moody's believes Small Fiscal Deficit Target Slippage will not affect India's Credit Profile

Atsi Sheth, Associate Managing Director (Sovereign Risk Group) of Moody’s Investors Service, has said while replying to a question that India will be able to meet fiscal deficit target of 3.5 per cent of GDP, earmarked for the year 2016-17, only if there is increase in corporate profits followed by bouncing back of government revenues. Moody’s will be looking closely at the 2016-17 Union Budget that Finance Minister Arun Jaitley is going to place on February 29, 2016.

Pradhan Mantri Jan DhanYojana accounts witness spike in Deposits

Dispelling the apprehension that most of the 20.38 crore bank accounts opened till January 20 under Pradhan Mantri Jan DhanYojana will remain unutilized, recent available reports show that the actual number of zero-balance-maintained Basic Savings Bank Deposit Accounts have actually declined (from 76.81 per cent by September end of 2015 to around 32 per cent by December-end last year. Total deposit in these accounts has surpassed the Rs 30,000 crore mark, currently standing at Rs 30,638.29 crore or approximately $4.5 billion.

Sustained buying shoots up Sensex by 450+ Points

The BSE metal index has witnessed a hike of 4.2 percent with Vedanta as the other top gainer. While the stocks jumped 5.52 percent to reach to Rs. 65.95, firms which advanced 2.35-4.84 percent comprised SAIL, Tata Steel, Jindal Steel, Hindalco, Hindustan Zinc, JSW Steel, NMDC and NALCO. Persistent buying in banking, oil and gas, capital goods and auto stocks has been quoted as the reason behind the Sensex upsurge.