Special Report by www.epicresearch.co- 11th February 2014

Global markets at a glance

European stocks steadied on Monday in thin trade, taking a breather after a two-session bounce, as investors awaited clarification on the pace at which the U.S. Federal

Reserve plans to further trim stimulus.

The FTSEurofirst 300 index of top European shares ended 0.1 percent higher, at 1,301.09 points, following a 2.2 percent rally in two sessions. Trading volumes were thin, rep-

resenting about only 82 percent of the index’s 90-day daily average volumes. The euro zone’s blue-chip Euro STOXX 50 index ended 0.2 percent lower, at 3,032.53 points.

Wall Street Update

US stocks ended with modest gains on Monday as investors digested recent market gains and looked ahead to new Federal Reserve Chair Janet Yellen’s first testimony before lawmakers. The Nasdaq was boosted by strength in large-cap tech and pharma names, but most market participants took a wait-and-see attitude ahead of the testimony, looking for confirmation that the Fed would not change its schedule for ending its support.

MACRO NEWS

• TATA MOTORS Consolidated revenue for the firm stood at Rs 63,877, rising 38 percent year-on-year from Rs 46,090 crore. Operating profit came in at Rs 9,948 crore versus Rs 5,657 crore in the year-ago quarter (a jump of 75 percent) while net profit surged 195 percent, from Rs 1,627 crore to Rs 4,805 crore.

• Labour Bureau to revise outdated wage, price indices.

• In terms of consumer confidence among emerging market economies, India has been ranked fifth in a list that was topped by China.

• TV18 reported its highest ever quarterly operating profit (EBITDA) at Rs. 77.5 crores (up 61 percent year-on-year) with both the Entertainment and News businesses turning in strong quarters. Quarterly profit before tax rose 168 percent y-o-y to Rs 54.3 crore, and quarterly net profit rose 177 percent to Rs 51.2 crore. Proforma EBITDA from broadcast operations crossed Rs. 100 crore.

• The growth, profitability, and asset quality of Indian banks are likely to remain subdued in the next 12 months, despite a likely uptick in economic growth. Indian banks will need sizable capital to support growth and meet Basel III requirements.

STOCKS IN NEWS

• Essar Oil is keen to diversify its retail presence by launching petrol pumps in cities where land cost is not exorbitant.

• RESULTS TODAY: AB Nuvo, BF Utilities, Bajaj Electric, DB Realty, Dr Reddys Labs, Fortis, GMR Infra, Guj Gas, HMT, HPCL, Hinduja Global, Indian Hotels, JB Chemicals, KEC, Intl, KSB Pumps, MOIL, NBCC, Prism Cement, SE Investments, SRF, STC India, Tata Steel.

• Ashok Leyland to cut MD pay by 21 percent, calls for postal ballot.

   

COMMODITY ROUNDUP

Gold futures traded broadly higher in the Asia electronic trades yesterday propelled by the weak nonfarm payrolls data released last week, which created a perception that

the Federal Reserve may not rush to taper stimulus program. Meanwhile, hefty surge in the China gold consumption is also boosting the yellow metal.

Data from the industry association also showed that China’s gold output in 2013 rose 6.2 percent from the previous year to a record high 428.163 tonnes, making the country the

world’s biggest producer for a seventh straight year. China’s foreign exchange reserves, the world’s largest, rose to $3.82 trillion at the end of 2013. An ounce of gold on the COMEX division of New York Mercantile Exchange is trading up $9.4 at $ 1272.3. Last week, it ended up 1.5% at $ 1262.90 per ounce. The non-farm payrolls data showed that the US economy added 113,000 jobs in January, the Labor Department said Friday, falling well below expectation of 185,000 jobs.

CURRENCY ROUNDUP

The rupee has slightly depreciated to Rs 62.35 versus the dollar, compared with its previous close of Rs 62.29, as currency dealers believe dollar demand from oil marketing companies may emerge.

The dollar wallowed near a two-week low against a basket of major currencies early on Tuesday, following a subdued U.S. session trade as markets hunkered down ahead of congressional testimony by new Federal Reserve Chief Janet Yellen. The dollar index last traded at 80.640, having inched down overnight to 80.590, a low not seen since Jan. 30. Against the yen, the dollar eased to 102.21 from a one week high of 102.65.

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