Coal India Signs Agreements with SECI for Solar Projects

Coal India Ltd (CIL) on Wednesday said it has signed two agreements with Solar Energy Corporation of India (SECI) for implementation of 200 MW solar power projects in Madhya Pradesh. 

"CIL and SECI have signed two agreements for implementation of 200 MW solar power project in the state of Madhya Pradesh for the beneficial utilisation of solar power by Northern Coalfields Ltd 100 MW and South Eastern Coalfields Ltd 100 MW, two subsidiaries of CIL, at an estimated cost of Rs 650 crore," the miner said in a BSE filing.

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Tata Power Commissions Solar Plant at Toyota firm

Tata Power Solar on Wednesday commissioned a 100 kilowatt (kW) rooftop solar plant at Toyota Kirloskar Auto Parts Ltd. at Bidadi on the city's outskirts, the solar firm said on Wednesday. "The rooftop plant was installed in a record 21 days on the top of the administrative building of the Japanese auto parts factory in the Bidadi industrial estate, about 30 km from the city centre," the Tata Group company said in a statement here. 

To be used for captive consumption, the 340 modules used for the project will generate 146,000 units of power and offset 117 tonnes of carbon dioxide annually. 

"We believe adoption of solar in the industry by Toyota's joint venture will help build momentum and could be a tipping point for other auto component manufacturing companies to go green,a Tata Power chief executive Ashish Khanna said on the occasion. 

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Cement Demand to Grow 6% in FY17

Demand for cement is likely to grow by 6 percent in the current fiscal and further rise to 7 percent in 2017-18, on improvement in infrastructure segment, says a report. According to rating agency Icra, cement demand was relatively muted at 5 percent in 2015-16. 

"Cement demand growth will pick up to 6 percent in 2016-17 and further to 7 percent in 2017-18... during the current fiscal, it is likely to be driven by the pick-up in the infrastructure segment -- primarily road projects and housing segment," Icra Ratings Senior Vice President Sabyasachi Majumdar said. 

"This apart, there is a likelihood of recovery in rural demand from the second half of the current fiscal given the expectations of a better monsoon," Majumdar added. 

Icra also noted that cement demand would also be supported by the construction of a new capital for Andhra Pradesh and the focus on irrigation and water grid schemes by Telangana. 

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Nifty Opens Above 8250 on Expiry day, Sensex Strong

The market has opened higher on June Future & Options expiry day. 

The Sensex is up 190.43 points or 0.7 percent at 26930.82, 

and the Nifty is up 58.30 points or 0.7 percent at 8262.30. 

About 447 shares have advanced, 62 shares declined, and 27 shares are unchanged. Bharti, SBI, Dr Reddy's Labs, GAIL and BHEL are top gainers.

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Asia stocks Gain as post-Brexit Bounce Continues, yen Pulls back

Asia stocks rose on Thursday, tracking an overnight rally on Wall Street, while the safe-haven Japanese yen retreated as global markets regained a semblance of calm after last week's Brexit shock. 

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.4 percent, pulling further away from a one-month low on Friday when it plunged more than 3 percent in reaction to Britain's decision to leave the European Union. Australian stocks added 0.3 percent and Japan's Nikkei climbed 1.2 percent. 

Overnight, the Dow had risen 1.6 percent while Britain's FTSE rallied for the second day, retracing all the losses suffered in reaction to Brexit. US President Barack Obama said on Wednesday he expects the world economy will be steady in the short run after Britain's decision but expressed concern about longer-term global growth. Still, expectations that major central banks will go easier on monetary policy in anticipation of another hit to global growth due to Brexit have buoyed risk assets globally. 

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Nifty 8200 Call sheds 10.6 Lk shares in Open Interest

Nifty 8100 Call shed 14.9 lakh shares in Open Interest on June 29 

Nifty 8200 Call shed 10.6 lakh shares in Open Interest 

Nifty 8300 Call added 9.6 lakh shares in Open Interest 

Nifty 8100 Put added 8.9 lakh shares in Open Interest 

Nifty 8150 Put added 17.9 lakh shares in Open Interest 

Nifty 8200 Put added 16.9 lakh shares in Open Interest 

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Rupee Opens at 67.55 per Dollar; up 13 Paise

The Indian rupee opened higher by 13 paise at 67.55 per dollar on Thursday versus 67.68 Wednesday. 

"Consolidation is expected to continue in a choppy currency market. Rupee has recovered well post Brexit vote and has settled in a range." 

"Trading range for the day is seen at 67.30-67.60/dollar," he said. The pound extended its advance from a three-decade low as traders took advantage of the global market rout to go on a buying spree. The dollar index slips to 95 levels.

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Indian ADRs: Wipro, ICICI Bank, Dr Reddy's Lab Rise

Indian ADRs ended higher on Wednesday. In the banking space, ICICI Bank advanced 2.90 percent at USD 7.10 and HDFC Bank was up 0.74 percent at USD 65.37.

In the IT space, Infosys rose 1.31 percent at USD 17.78 and Wipro added 2.02 percent at USD 12.14. 

In the other sectors, Tata Motors rose 0.87 percent at USD 33.66 and Dr Reddy's Laboratories rose 1.12 percent at USD 49.57.

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Wall Street Rebounds from Brexit with Second day of Big Gains

Wall Street recorded big gains for a second day on Wednesday as investors continued to scour for bargains and digest the fallout from Britain's stunning vote to leave the European Union. 

The S&P 500 has recouped more than half of its losses from the two-day equities rout sparked by the British referendum, which had erased USD 3 trillion in value from global equity markets, according to S&P Dow Jones Indices. 

The S&P financial sector .SPSY, which was beaten up in the wake of the vote, gained 2.3 percent, leading all sectors. Energy shares .SPNY jumped 2 percent, supported by higher oil prices. All 10 industry groups closed higher. 

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Nifty Opens above 8150, Sensex Up Over 100pts

The market has opened on a strong note supported by strong global cues.

 The Sensex is up 138.86 points or 0.5 percent at 26663.41 

and the Nifty is up 40.50 points or 0.5 percent at 8168.35. 

About 660 shares have advanced, 98 shares declined, and 39 shares are unchanged.

 Tata Motors, ICICI Bank, Dr Reddy's Labs, L&T and Sun Pharma are top gainers while GAIL and HDFC Bank are losers in the Sensex.

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Nifty 8200 Call Adds 5.7 lakh Shares in Open Interest

Nifty 8000 Call shed 3.8 lakh shares in Open Interest on June 28

Nifty 8200 Call added 5.7 lakh shares in Open Interest

Nifty 8300 Call added 5 lakh shares in Open Interest

Nifty 8050 Put added 6.6 lakh shares in Open Interest

Nifty 8100 Put added 7.8 lakh shares in Open Interest

FIIs in F&O on June 28 

FII net sell Rs 792 crore in Index Futures

FII net buy Rs 1404 crore in Index Options

FII net sell Rs 309 crore in Stock Futures

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Rupee Rises 17 Paise, Opens at 67.78 per Dollar

The Indian rupee opened higher by 17 paise at 67.78 per dollar on Wednesday versus previous close 67.95. 

"Positive cues from global equity market will govern today's move in the rupee and it is likely to appreciate for the day."

"We expect the USD-INR pair to trade in the range of 67.50-68/dollar today," he added.

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Asia Stocks Join Rally, Uncertainty keeps Bonds bid

Asian share markets joined a global rally on Wednesday as the immediate impact of Britain's vote to leave began to wane and investors wagered central banks would have to ride to the rescue with more stimulus measures. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.5 percent, but remained a long way from its pre-vote levels. 

Japan's Nikkei climbed 1.1 percent, while Australian stocks added 1 percent. Any bounce was welcome, given global equity markets shed USD 3 trillion in value in the two days following Britain's shock vote, according to S&P Dow Jones Indices. Investors also pointed to solid US economic data as helping to steady the ship. 

Yet Britain's course out of the EU remains unknown, leaving the future of the entire bloc and its currency an open question. "The only certainty in Europe is uncertainty," said analysts as Australia and New Zealand Bank in a note. "European leaders appear to want to move forward with Brexit plans as quickly as possible, but political turmoil within Britain suggests a quick turnaround is unlikely."

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Indian ADRs: Tata Motors, ICICI Bank Rise 3.5%, Dr Reddy's up

Indian ADRs ended higher on Tuesday. In the IT space, Infosys was up 1.27 percent at USD 17.55 and Wipro added gained 1.45 percent at USD 11.90. 

In the banking space, ICICI Bank rose 3.76 percent at USD 6.90 and HDFC Bank added 1.90 percent at USD 64.89.

In the other sectors, Tata Motors rose 3.57 percent at USD 33.37 and Dr Reddy's Laboratories was up 2.57 percent at USD 49.02.

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Wall Street Bounces Back After Two-day Brexit Rout

Wall Street bounced back on Tuesday, recouping some recent losses, as investors sought cheap assets after a two-day equities rout sparked by Britain's decision to leave the European Union. US indexes joined stock markets around the world in the rebound after global equity markets had shed USD 3 trillion in value in the two days following Britain's shock vote, according to S&P Dow Jones Indices. 

Investors also pointed to solid US economic data as helping to stabilize stocks. Financials and tech stocks, hit hard in the wake of the referendum, were among the top gaining sectors on Tuesday.

"People are starting to say maybe this is going to take longer than they thought and maybe the impacts on the US market won’t be nearly as great as feared," said Rick Meckler, president of LibertyView Capital Management in Jersey City, New Jersey. "So I think you’ve seen a bit of bargain-hunting." The Dow Jones industrial average .

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Top Gainers And Losers

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Nifty Ends Below 8150, Sensex Up 122 pts

The market ended with gains but the Nifty ended below 8150. 

The 50-share closed up 33.15 points or 0.4 percent at 8127.85 

and the Sensex is up 121.59 points or 0.5 percent at 26524.55. 

About 1579 shares have advanced, 1020 shares declined, and 189 shares are unchanged. 

Lupin, HUL, ITC, M&M and Bharti Airtel were top gainers while Tata Motors, Wipro, Sun Pharma, TCS and Adani Ports were top losers in the Sensex.

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Need to Create Jobs in line With Middle class Aspirations

Prime Minister Narendra Modi said his government needs to create jobs to keep up to the aspirations of the middle class. "The middle class has its aspirations. We have to create jobs?

 How will job creation happen? 

Till I invest in the development of infrastructure, there be no job creation," Modi said in an interview to Times Now, a news channel. 

He said the maximum electricity generation since Independence has occurred this year, as well as the maximum amount of coal mined, the maximum length of roads being constructed daily and the fastest loading and unloading of ships at ports. 

"All these changes are creating opportunities for employment like in Start-up India, Stand Up India. For instance in Stand Up India, I have said that every bank should give an economic opportunity to one woman, one Dalit or one tribal person to become entrepreneurs. 

This will create many job opportunities. So this is the basis of my economic philosophy,” the prime minister said.

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Reliance May oil Imports Down 13.2 Percent

Reliance Industries Ltd, owner of the world's biggest refining complex, imported 13.2 percent less oil in May compared with a year earlier, as it shut a crude unit at its 580,000-barrel-per-day (bpd) refinery for three weeks, according to tanker arrival data from trade sources and ship-tracking services on the Thomson Reuters terminal.

Reliance, which has a diversified crude slate and shifts purchases to maximise revenue, bought 1.15 million bpd last month, a decline of 4.5 percent from April. Last month, Reliance received about 98,700 bpd oil and condensate from Iran after skipping purchases from Tehran in the previous month. 

The Indian conglomerate in March resumed purchases from Tehran after a six-year gap. Reliance is looking for long-term supplies from Iran. 

The share of Latin American and African oil in Reliance's overall imports declined in the first five months of 2016, as the company shifted away from dated-Brent linked oil to Middle Eastern grades, the data showed. 

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Rules for Creating RBI Monetary policy Committee Notified

The government on Monday notified the rules for setting up of the Reserve Bank of India's monetary policy committee (MPC), giving effect to amendments to the RBI Act in this regard.

"Government has decided to bring the provisions of amended RBI Act regarding constitution of MPC into force on 27th June, 2016 so that the statutory basis of MPC is made effective," a finance ministry statement here said. 

The RBI's benchmark interest rates, which are currently decided by the governor, will now be determined by a six-member MPC. As per the amendments to the RBI Act through the Finance Bill passed in the Lok Sabha, the committee will have six members, with three appointed by the RBI and three government appointees nominated by an external selection committee. 

The RBI governor will have the casting vote in case of a tie. From the RBI, the committee will consist of the governor, the deputy governor in charge of monetary policy and one official nominated by the central bank.

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Next RBI Chief Faces Balancing act on bank Clean-up

India's next central bank chief faces a tricky task completing a bank clean-up spearheaded by outgoing Governor Raghuram Rajan, while coping with the demands of a government that is desperate to see a revival in lending to businesses. 

Rajan was feted by investors for his efforts to deal with a mountain of bad debt clogging India's financial system, but his critics say an excessive focus on asset quality has scared banks out of lending and is partly to blame for credit growth slumping to a near two-decade low. 

"The bad thing is that funding by banks has almost stopped. There's too much negativity. The government may not want it to precipitate more," said a senior banker, adding it would be hard for the new governor to push balance sheet reform much further. Senior officials have told Reuters the government has narrowed down to four its list of candidates to replace Rajan, who stunned markets when he announced on June 18 he would not seek reappointment in September. 

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Nifty Opens above 8100, Sensex flat; Bharti, Coal India Gainers

The market has opened flat but the Nifty managed to scale 8100. 

The 50-share index is up 9.30 points at 8104 

and the Sensex is up 7.59 points at 26410.55. 

About 573 shares have advanced, 164 shares declined, and 40 shares are unchanged. 

Bharti Airtel, Hero MotoCorp, Coal India, Asian Paints and BHEL are top gainers while Tata Motors, Wipro, ICICI Bank, Infosys and TCS are losers in the Sensex.

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Nifty 8000 Put adds 7.9 lakh Shares in Open Interest

Nifty 8200 Call added 5.5 lakh shares in Open Interest on June 27 

Nifty 8300 Call added 5.8 lakh shares in Open Interest 

Nifty 8400 Call added 5.3 lakh shares in Open Interest 

Nifty 7900 Put shed 5.7 lakh shares in Open Interest 

Nifty 8000 Put added 7.9 lakh shares in Open Interest 

Nifty 8100 Put added 5.5 lakh shares in Open Interest 

FIIs in F&O on June 27 

FII net sell Rs 287 crore in Index Futures 

FII net sell Rs 404 crore in Index Options 

FII net buy Rs 60.6 crore in Stock Futures

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Rupee Gains 18 Paise, Opens at 67.77 per Dollar

The Indian rupee gained in the early trade on Tuesday. It has opened higher by 18 paise at 67.77 per dollar against 67.95 Monday.

"The markets continue to be in a risk-off mode after the recent Brexit referendum. The dollar index has moved to recent highs with most of major and EM currencies touching their recent lows." He further added, 

"The USD-INR pair after briefly going above 68/dollar levels has settled below it on the back of some aggressive support from RBI. We expect the USD-INR pair to trade in the 67.50-68/dollar range in the near term."

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Indian ADRs: Tata Motors Slips 5%, Infosys Down 4%

Indian ADRs ended lower on Monday. In the IT space, Infosys was down 4.15 percent at USD 17.33 and Wipro shed 1.18 percent at USD 11.73.

In the banking space, ICICI Bank shed 2.92 percent at USD 6.65 and HDFC Bank declined 2.54 percent at USD 63.68.

In the other sectors, Tata Motors slipped 4.93 percent at USD 32.22 and Dr Reddy's Laboratories was up 1.16 percent at USD 47.79.

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TCS, Accenture, Cognizant may feel Brexit Pinch

Post the Brexit, both short-term and long-term impact on the UK and Euro Zone will have to be closely watched, says Moshe Katri, independent IT expert.

The scenario for IT companies, post Brexit, looks pessimistic. The recovery in the second half for the sector could be challenging, Katri told. In Indian context, three major IT firms — Accenture, Tata Consultancy Services and Cognizant — are likely to be most impacted as their exposure to UK is high, Katri says.

However, it is too early to cut down earnings expectation for these firms. “Investors will look at India as a safe heaven now,” he says, adding that rupee will strengthen in such a scenario. He expects 2016 to be slower.

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Wall Street Sings Brexit Blues with Brutal two-day Slide

Wall Street tumbled again on Monday after Britain's shock vote to leave the European Union, sending major U.S. stock indexes to their worst two-day swoon in about 10 months. All three main indexes fell at least 1.5 percent in the wake of Thursday's referendum that has roiled global markets and led investors to seek safe-haven assets. 

The Nasdaq dropped more than 2 percent, underperforming the other major indexes, amid fears that fallout from Britain's decision could hit business investment spending in the technology sector. 

Along with tech, materials, financials and energy were the worst-performing sectors. "The momentum has continued downward because there continues to be a lot of uncertainty," said Eric Kuby, chief investment officer at North Star Investment Management in Chicago. 

"It’s important to note that it’s orderly. It doesn’t feel panic-inspired." The Dow Jones industrial average fell 260.51 points, or 1.5 percent, to 17,140.24, the S&P 500 lost 36.87 points, or 1.81 percent, to 2,000.54 and the Nasdaq Composite dropped 113.54 points, or 2.41 percent, to 4,594.44.

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Nifty ends Below 8100, Sensex Flat

The market has ended flat with the Sensex up 5.25 points at 26402.96. 

The Nifty was up 6.10 points at 8094.70. 

About 1822 shares have advanced, 791 shares declined, and 177 shares are unchanged. 

 Dr Reddy's Labs, Cipla, SBI, Sun Pharma and L&T were top gainers while TCS, Infosys, Wipro, Asian Paints and Bajaj Auto were losers in the Sensex.

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L&T wins Orders worth Rs 2416 Crore

Share prices of Larsen and Toubro (L&T) gained 1.5 percent intraday as its construction arm won orders worth Rs 2416 crore across various business segment in the month of June 2016. 

The building & factories business of the company has won orders worth Rs 1165 crore, including the high rise residential project in Mumbai and construction of two towers in Kolkata.

The company's power transmission & distribution segment won order of Rs 1120 crore from domestic and international markets. The company has bagged an order from a reputed customer in the middle east, which includes construction of a medium voltage overhead line which will enhance the reliability of the existing network. 

On the domestic side, it received orders from Paschimanchal Vidyut Vitaran Nigam in Utter Pradesh.

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Indian ADRs: Tata Motors, ICICI Bank Slip 7%, Infosys Down 4%

Indian ADRs ended lower on Friday. In the IT space, Infosys shed 4.74 percent at USD 18.08 and Wipro declined 3.65 percent at USD 18.08. 

In the banking space, ICICI Bank plunged 7.18 percent at USD 18.08 and HDFC Bank fell 1.44 percent at USD 18.08. 

In the other sectors, Tata Motors slipped 7.88 percent at USD 33.89 and Dr Reddy's Laboratories was down 1.54 percent at USD 47.24.

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Rupee opens lower at 68.08 per Dollar

The Indian rupee opened lower by 12 paise at 68.08 per dollar on Monday versus 67.96 Friday.

"We expect the rupee to trade with negative bias. Brexit will put more pressure on the rupee." 

"The trading range for the USD-INR pair is seen between 67.80-68.20/dollar," he said.

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