Special Report by www.epicresearch.co- 14th February 2014

Global markets at a glance

European shares rose early on Friday, up for the seventh time in eight sessions, as data showing better-than-expected economic growth in Germany and France fuelled expectations of a rebound in corporate profits in Europe this year. The pan-European FTSEurofirst 300 index closed up 0.5 percent at 1,332.30 points to mark its seventh rise in eight sessions, while the euro zone’s bluechip Euro STOXX 50 index advanced by 0.7 percent to 3,119.06 points.

Asian shares edged higher in early trading on Friday, shrugging off downbeat U.S. economic data.

Wall Street Update

US stocks closed higher on Friday, with major indexes notching a second straight week of gains as investors were once again willing to overlook some soft economic data stemming from bad weather. Gains were broad, with the Nasdaq closing at its highest level since 2000 and nine of the 10 major S&P 500 sector indexes rising on the day.

The Dow Jones industrial average was up 126.86 points, or 0.79 percent, at 16,154.45. The Standard & Poor’s 500 Index was up 8.78 points, or 0.48 percent, at 1,838.61. The Nasdaq Composite Index was up 3.35 points, or 0.08 percent, at 4,244.03.

MACRO NEWS

• In the Interim Rail budget the minister announced 17 new premium trains and 38 express trains, but did not announce anything on freight rate or passenger fare, extending rail connectivity to the North East states has been the focus area, adding that Meghalaya and Arunachal Pradesh are set to come on the railway map. Rail- ways targets record Rs 1.6 lakh cr revenue in FY15

• HT Media reported a consolidated net profit of Rs 67.02cr for Q3. It had posted a consolidated net profit of Rs 53.61cr. in same period last fiscal.

• The index of industrial production for December 2013 came in at a negative 0.6 percent, better than the -1.3 percent (revised) figure recorded in November while consumer price inflation stood for January at 8.79 percent, a two-year low, versus 9.87 percent in the previous month. poll of economists was expecting IIP to come in -0.8 percent and inflation to clock 9.1 percent.

• CCEA allows Rs 3333 per tonne subsidy for raw sugar exports.

• The Reserve Bank of India said on Wednesday it accepted all 63 bids for 406.67 billion rupees at its oneday repo auction, through which it injects liquidity into the banking system.

STOCKS IN NEWS

• United Bank of India to test government’s commitment to Basel III norms.

• Kesoram Industries Q3 net loss narrows at Rs 88 cr.

• Lakshmi Vilas Bank Q3 net down 76% at Rs 7.42 crore on bad loans.

• Somany Ceramics Q3 net profit down 41 pc to Rs 4.78 crore.

• SpiceJet posts Rs 171cr loss in Q3 on forex loss, ATF spike.

   

COMMODITY ROUNDUP

Gold hit three–and-a-half-month high in the international market on renewed investors’ confidence as safe haven avenue after favourable US economic data that trailed ear-

lier estimates.. Gold opened tad higher on Friday tracking global cues but gains were capped as the rupee was trading stronger against the dollar. Gold surpassed $1,300 an oz to hit $1,319 an oz in the afternoon trade on Friday but, soon fell marginally from this level on profit booking. Similar trend was witnessed in India as well. Gold shot up by 1.46%

or Rs 440 to close on Friday at Rs 30550 per 10 gms, a level not seen after December 14, 2013. Silver followed suit to gain 3.53% or Rs 1,600 to close on Friday at Rs 46950 a kg.

CURRENCY ROUNDUP

The partially convertible rupee closed at 61.925/935 per dollar, after hitting 61.92, its strongest since Jan. 23 and up 0.8 percent on the day. This is the rupee’s biggest single-day gain since Jan. 28 when it rose 0.9 percent The unit closed at 62.42/43 on Thursday. On the week, the rupee rose 0.6 percent, its second straight weekly gain.

GBP/USD ended Friday’s session up 0.55% at 1.6748, the highest since November 2009. For the week, the pair jumped 2.10%. The dollar was lower against the yen, with USD/JPY down 0.33% to 101.84 at Friday’s close. For the week, the pair was down 0.30%. The drop in the dollar came

after data on Friday showed that U.S. industrial production fell 0.3% from a month earlier in January, compared to expectations for a 0.3% gain.

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