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Tata Motors shares extended rally on Tuesday after solid performance in Q4 by Jaguar Land Rover & its China JV and revival of India business.
Brokerages revised EPS growth forecast, citing strong outlook over JLR and likely further recovery in domestic business. The stock surged 10 percent intraday today, in addition to 4 percent rally in previous session.
With maintaining buy rating and target price of Rs 545 (implying 30 percent potential upside), CLSA says the stage is now set for a strong FY17 in both JLR/India and it believes more positive surprises on volumes and margins are possible.
The brokerage expects Tata Motors to deliver a strong 21 percent EPS CAGR over FY16-18 driven by strong JLR volume growth, improving JLR margins and a recovering India business.
The US dollar added to gains while US Treasury yields hit session highs on Friday after Federal Reserve Chair Janet Yellen said a US interest rate hike will likely be appropriate in the coming months. US stocks pared their advance.
"It's appropriate ... for the Fed to gradually and cautiously increase our overnight interest rate over time, and probably in the coming months such a move would be appropriate," Yellen told an audience of Harvard University professors and alumni.
Numerous Fed officials in recent weeks have talked up expectations that an increase in borrowing costs may be near.
After Yellen's speech, traders raised their expectations of a June rate hike to 34 percent from 30 percent, according to CME Group. “People think June or July are very much alive now,” said Stephen Massocca, chief investment officer at Wedbush Equity Management LLC in San Francisco.
Wall Street treaded water on Thursday following two days of strong gains as advancing utilities offset declines in materials, banks and other cyclical industries.
Investors this week have grown more comfortable with expectations the Federal Reserve could raise interest rates as soon as June, with many taking the view that such a hike would reflect improvement in the country's economy.
After gaining 2 percent over the previous two sessions, the S&P 500 traded flat, with a 1.1 percent dip in the materials index partly offset by a 1.06 percent rise in utilities .
"People are taking their foot off the gas after making a bunch of money, and now they're waiting for the next data point," said Phil Blancato, chief executive of Ladenburg Thalmann Asset Management in New York.
Tata Steel said it posted fourth quarter consolidated revenues of Rs 29,507 crore (down 12.4 percent from Rs 33,666 crore year-on-year), EBITDA of Rs 2,270 crore (up 43.7 percent from Rs 1,580 crore) and a net loss of Rs 3,279 crore (compared to Rs 5,702 crore).
Revenues and net loss were worse than analysts' estimates, which expected the company to post a loss of Rs 870 crore on revenues of Rs 30,813 crore.
EBITDA was ahead of estimates of Rs 1,430 crore. The company said its operating performance remained strong, especially in the India business, and that fourth quarter earnings were impacted due to one-off costs associated with the UK business, such as impairment of non-current assets (Rs 1,724 crore), employee separation compensation (Rs 239 crore) and restructuring and other provisions (Rs 856 crore), among others.
Asia markets opened higher on Thursday, led by advances in the energy sector, after overnight gains in oil prices pushed US stocks higher.
In Japan, the Nikkei 225 traded up 0.75 percent, while across the Korean Strait, the Kospi was higher by 0.34 percent. Down Under, the S&P/ASX 200 gave up most of its nearly 0.4 percent gains to trade flat.
Oil prices gained in the US session after US government data showed a larger-than-expected drop in crude inventories.
Reuters reported the U.S. Energy Information Administration said crude inventories fell 4.2 million barrels in the week to May 20. Analysts polled by Reuters expected a drop of 2.5 million barrels in inventory.
Wall Street rose robustly for a second straight session on Wednesday, helped by higher oil prices and investors becoming more comfortable with the prospect of an interest rate hike as early as next month.
Combining Tuesday and Wednesday's performances, the S&P 500 gained 2 percent, its strongest two-day run since early March. The energy sector.
SPNY led the way in the latest session, up 1.51 percent as oil prices rose toward $50 a barrel.
That followed a report of a larger-than-expected drop in US crude inventories, adding to expectations that a steep selloff in the commodity may be over.
Wall Street surged more than 1 percent on Tuesday and the Nasdaq had its strongest day in three months as investors made peace with the possibility that the US Federal Reserve might soon raise interest rates.
Comments from policymakers in recent days have investors expecting a rate hike potentially in June, much sooner than previously thought, given sluggish economic growth.
Wall Street has benefited from historically low borrowing costs since the 2008 financial crisis and higher rates could choke further gains.
But strategists on Tuesday said they were reassured by expectations the Fed would tighten borrowing costs only gradually.
L&T Infotech, an arm of engineering giant Larsen and Toubro (L&T), has received capital markets regulator SEBI's approval for its proposed initial public offering (IPO).
The company had filed its draft red herring prospectus (DRHP) with Securities and Exchange Board of India (SEBI) in April.
The regulator issued its final 'observations' on the draft offer documents on May 20, which is necessary for any company to launch a public offer. The company's IPO comprises an offer-for-sale of up to 17,500,000 equity shares of the subsidiary by L&T Ltd.
The issue is being managed by Kotak Mahindra Capital Company, Citigroup Global Markets India and ICICI Securities. L&T Infotech, the IT services unit of L&T, figures among India's top 10 IT service providers.
Japanese stocks fell in thin trade on Tuesday morning as the yen's gains on the dollar overnight and indications Tokyo is reluctant to intervene to weaken the currency soured the mood, taking a toll on exporters and other currency-sensitive shares.
The Nikkei share average .N225 slid 0.7 percent to 16,540.52 in late morning trade.
Risk-appetite was further weakened by receding expectations that Japan can act to weaken its currency after a fresh warning from the United States last week against intervention.
That sentiment was reinforced by comments from Japanese Finance Minister Taro Aso, who said on Tuesday that Japan has no intention to devalue the yen sharply and consistently.
U.S. equities were lower at the close on Monday, as losses in the Utilities,Telecoms and Consumer Services sectors propelled shares lower.
At the close in NYSE, the Dow Jones Industrial Average fell 0.05%, while the S&P 500index fell 0.21%, and the NASDAQ Composite index lost 0.08%.
The biggest gainers of the session on the Dow Jones Industrial Average were EI du Pont de Nemours and Company (NYSE:DD), which rose 1.90% or 1.25 points to trade at 67.00 at the close. Apple Inc (NASDAQ:AAPL) added 1.27% or 1.21 points to end at 96.43 andCaterpillar Inc (NYSE:CAT) was up 0.76% or 0.53 points to 70.40 in late trade.
Biggest losers included Microsoft Corporation (NASDAQ:MSFT), which lost 1.17% or 0.59 points to trade at 50.03 in late trade. Verizon Communications Inc (NYSE:VZ) declined 1.05% or 0.52 points to end at 49.14 and Nike Inc (NYSE:NKE) shed 0.87% or 0.49 points to 55.99.
US stocks dropped on Wednesday and the Dow Jones industrial average suffered its worst day since February as feeble quarterly reports from Walt Disney, Macy's and Fossil undermined confidence across the consumer sector.
The consumer discretionary index fell 1.98 percent, notching its worst day in three months, with all but three of its 88 components losing ground.
The biggest drag on the Dow, Disney dropped 4.04 percent after it posted a rare earnings miss.
Department store Macy's tumbled 15.17 percent to its lowest since 2011, while watch maker Fossil sank as much as 34 percent to a 2009 low after the two companies slashed their full-year forecasts.