RaghuramRajan Declining Second RBI term won`t Affect Indian Economy

World Bank chief Jim Yong Kim here on Thursday said that Reserve Bank of India Governor Raghuram Rajan's decision to not take a second term at the bank will not affect the Indian economy. 

"I think the (Narendra) Modi government has made it clear that they will continue with the important principle of having an independent central bank. There are many things that they (Indian government) have said that confirms in my opinion, that it is not about a single person," he said on the sidelines of the press briefing about his India visit. "It's about certain principles, practices that they would adhere to. 

I don't expect there will be a major shift because the principles of an independent central bank will continue." Kim appreciated Rajan's work saying that he is well respected and has done a great job.

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एसडीआर की प्रक्रिया शुरू, जेपी ग्रुप की मुश्किल बढ़ी

कर्ज के बोझ तले दबे जेपी ग्रुप की मुश्किल और बढ़ती जा रही है। ऐसा माना जा रहा है कि ग्रुप को कर्ज देने वाले आईसीआईसीआई बैंक ने एसडीआर यानि स्ट्रैटेजिक डेट रीस्ट्रक्चरिंग की प्रक्रिया शुरू कर दी है। अल्ट्राटेक-जेपी डील अटकने के बाद आईसीआईसीआई बैंक ने एसडीआर शुरू किया है। मंगलवार को ज्वाइंट लेंडर्स फोरम में आईसीआईसीआई बैंक ने इस बात के संकेत दिए थे। हालांकि आईसीआईसीआई ने एसडीआर की खबर पर टिप्पणी करने से इनकार कर दिया है।

बता दें कि जेपी एसोसिएट्स पर 30 हजार करोड़ रुपये से ज्यादा कर्ज है। कर्ज का बोझ घटाने के लिए कंपनी के सीमेंट कारोबार की बिक्री जरूरी हो गई है।

गौरतलब है कि इस बिक्री के लिए अल्ट्राटेक-जेपी सीमेंट डील का एलान फरवरी में हुआ था। पूरे भुगतान के लिए जून तक का वक्त दिया गया था। इस डील के तहत अल्ट्राटेक, जेपी सीमेंट के चुनिंदा एसेट्स लेना चाहती है। 

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Maruti Suzuki Disappoints; June Sales Skid 14%, Exports Fall 45%

Maruti Suzuki , the country's largest car manufacturer, has disappointed analysts with its June auto sales data on Friday. The company sold 98,840 vehicles in June, down 13.9 percent compared with 1,14,756 vehicles sold in year-ago period, impacted by fire at key vendor's site. 

Passenger cars and exports hit overall sales growth. Domestic sales declined 10.2 percent to 92,133 units and exports fell 44.7 percent to 6,707 units on yearly basis. "The growth in quarterly sales is despite the disruption in production during June 2016, due to the unfortunate incident of fire at Subros, a key vendor of the company," says Maruti in its filing. The company expects to recover its production loss during the course of year.

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Adani Ports' Board Meeting on July 02, 2016

Adani Ports and Special Economic Zone Ltd has informed BSE that the meeting of the Board of Directors of the Company will be held on July 02, 2016, to consider certain business transactions;

Further, as per the Company's Code of Conduct for Prohibition of Insider Trading, the trading window for dealing in the securities of the Company will be closed for all directors / officers / designated employees of the Company from July 01, 2016 to July 04, 2015 (both days inclusive).

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Nifty Inches Towards 8350, Sensex Strong

Equity benchmarks rallied for the fifth consecutive session today with the Nifty inching towards 8350 level, tracking positive global cues. 

The Sensex rose 183.79 points or 0.68 percent to 27183.51 

and the Nifty climbed 53 points or 0.64 percent to 8340.75. 

The broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices rising 0.8-0.9 percent. 

About 1351 shares advanced against 500 declining shares on Bombay Stock Exchange.

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Nifty 8500 Call adds 5.5 lakh Shares in Open Interest

Nifty 8400 Call added 6.5 lakh shares in Open Interest on June 30 

Nifty 8500 Call added 5.5 lakh shares in Open Interest 

Nifty 8700 Call added 19.5 lakh shares in Open Interest 

Nifty 8000 Put added 10.3 lakh shares in Open Interest 

Nifty 8100 Put added 10.5 lakh shares in Open Interest

 Nifty 8200 Put added 10.8 lakh shares in Open Interest

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Rupee opens Marginally Higher at 67.50 per Dollar

The Indian rupee opened marginally higher at 67.50 per dollar on Friday against previous close of 67.52. 

"We expect the USD-INR pair to remain rangebound today. The trading range for the USD-INR is seen between 67.50-67.70/dollar." 

Pound is headed for a second weekly drop as traders mull the political fallout from the brexit vote, along with signs the Bank Of England may cut interest rates in the coming months.

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Asia Markets open Higher; Nikkei up 0.8%

Asia markets opened higher on the first day of the new quarter, tracking global stocks' third day of recovery from the post-Brexit sell-off. Australia's ASX 200 was up 0.7 percent, with most sectors trading up. 

In Japan, the Nikkei 225 was up 0.77 percent, while across the Korean Strait, the Kospi was higher by 0.79 percent. In the currency market, the British pound continued to wobble amid fresh political surprises and after Bank of England Governor Mark Carney said in a speech that the economic outlook of the UK has deteriorated following its decision to quit the European Union. 

He said some monetary policy easing will likely be required over the summer. The British pound climbed to USD 1.3343, compared with Thursday's levels near USD 1.3405 during Asian hours. Cable had tumbled to near USD 1.3225 in the wake of Carney's remarks overnight.

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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 Rallies for Third day as Brexit Bruises Fade

Wall Street rolled to a third straight day of gains on Thursday as Britain's central bank raised the prospect of stimulus and consumer staples shares gained on news of Mondelez International's USD 23 billion bid for Hershey. 

The major US indexes each closed up more than 1 percent, tallying their best three-day run in four months. They have erased the bulk of their losses in the wake of Britain's shock vote a week ago to leave the European Union that had set off the worst two-day decline for Wall Street in 10 months. 

In the wake of the referendum, Bank of England Governor Mark Carney said on Thursday that the central bank would probably need to pump more stimulus into Britain's economy over the summer.

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