7 safe stocks for the volatile market condition :Business Standard

In a worsening macroeconomic situation and volatile markets, there has been a flight to safety, with investors parking their funds in stocks perceived to be safe havens with a reasonable amount of growth visibility.

With a lower risk appetite, investors have parked a larger share of their funds in large caps.

Not surprisingly, the broader markets have outperformed, with the Sensex gaining 11.3 per cent over the last one year, while the BSE Midcap index has lost 9.5 per cent in the same period.

Consequently, pockets of value have emerged within the mid cap space defined here as stocks with a market cap less than Rs 25,000 crore (Rs 250 billion).

And, experts say, given the environment, if investors follow a bottom-up approach, it should work well and deliver better results.

G Chokkalingam, chief investment officer & executive director, Centrum Broking & Wealth Management, sees the bottom-up approach to invest in stocks that have seen valuations become cheap as a good strategy.

While advising to avoid the infrastructure sector, he says investors should consider companies with a sound business model, export-oriented or companies with no debt, sustainable profit growth and good corporate governance.

In a bid to select investment-worthy stocks, we looked at BSE 200 companies. Based on Bloomberg earnings estimates, there are companies with pretty healthy earnings visibility - wherein average annual EPS growth for FY14 and FY15 is over well 15 per cent.

However, given the higher risk, investors have to be cautious, keeping in mind parameters such as a strong balance sheet and healthy cash flows from operations, relatively higher resilience to economic slowdowns and reasonable valuations.

The seven stocks listed here not only meet these parameters but are either market leaders or have carved out a niche for themselves in their respective sectors with strong brand equity.

Sept 12 -Tax Talk :: Business Line

My wife has some money which has been gifted by her father and brothers on various festivals.

Now, if she puts that money in a bank's fixed deposit, would the interest income so generated be considered totally her income or would any clubbing provisions come into play?

I have learnt that gifts obtained from some relatives attract tax for the donor (clubbing provisions). Gifts obtained from which type of relatives are taxable?

- Suresh Vegda

NPPP Update - Ceiling prices declared - Sanofi India and Merck set to benefit: Centrum

Sanofi India and Merck set to benefit

Our analysis of National Pharmaceutical Pricing Policy (NPPP) shows
Sanofi India and Merck will benefit as their major brands Combiflam
and Evion will be out of price control. Vitamin E API of Merck will
also be out of price control. Ceiling prices declared by NPPA reveals
that leading brands of Abbott India, Cadila Healthcare, Glaxo SK
Pharma, Ranbaxy Labs and Wyeth will be majorly hit. Domestic pharma
companies face risks from NPPP as prices of many major products have
dropped by 20-50%. Also, material cost for pharma companies is set to
move up by 100-200bps due to the rise in API costs.

$ Sanofi India and Merck to benefit:  Sanofi’s major brand Combiflam
(revenues ~Rs1.21bn; 7% of total) has come out of price control and
now the company can increase its price by 10% annually as per NPPP
provisions. The company has also launched a line extension, Combiflam
plus, which is also outside price control. Merck’s major brand Evion
(revenues ~Rs503mn; 6% of total) and its API vitamin E have also come
out of price control.

$ Major brand revenues to suffer: On the basis of ceiling prices
declared by NPPA some major products will face between 6 and 48%
decline in the revenues. Wyeth’s Folvite tablets will face 48% decline
while Sanofi India’s Clexane’s (40mg/0.4ml) revenue is set to decline
by 6%. We expect major brands of Abbott India, Cadila Healthcare,
Glaxo SK Pharma, Ranbaxy Labs and Wyeth to get majorly hit by NPPP.

$ Trade margin set to decline: For drugs outside price control and
classified under price control in NLEM, wholesalers’ margin has come
down to 8% from 10% and the retailer’s to 16% from 20%. Moreover, the
prices of these products have also fallen considerably, affecting
trade. But trade will benefit from price increases of 3-10% by
manufacturers for products outside price control.

$ Benefits & risks: We expect Sanofi India and Merck to benefit as
their major brands Combiflam and Evion are out of price control. Merck
will also benefit from vitamin E API coming out of price control.
Indian pharma companies face considerable risk from NPPP as prices of
some major products have declined by 20-50%, affecting sales and
profitability. The companies are also likely to get hit by the
expected 100-200bps rise in the material cost.



Thanks & Regards,

--
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Morgan Stanley Research, India Economics: Macro View Chartbook Rise in Real Rates To Reduce Funding Risks But Will Extend Growth Slowdown

Bad growth mix at the heart of the macro challenges: The macro environment in India has been challenging since the credit crisis,
with slowing growth and stretched macro stability indicators (persistently high inflation, widening current account deficit and weak
deposit growth). As we have been highlighting, we believe poor policy choices on both the fiscal and monetary fronts (sustaining high
fiscal deficit for longer, maintaining high rural wage growth and keeping real interest rates lower for longer) have led to the challenging
macro environment.
Policy makers have taken efforts to change the bad growth mix since September 2012…: Since mid-September, the government
has initiated measures to achieve fiscal consolidation in F2013 and has also initiated some policy reforms, such as liberalizing FDI
limits, reduction in fuel subsidies, setting up a Cabinet Committee on Investment to accelerate the investment approval process to
improve the growth mix.
… But rapid rise of US real rates and US dollar since May 2013 have adversely impacted India: Despite the measures taken by
the government, the growth and inflation data indicates that more time was needed for the economy to heal and come out of the
stagflation-type environment. However, the rapid pace at which US interest rates and the US dollar have risen since early May has
taken away the luxury of time for policy makers to improve the macro stability indicators and correct the growth mix effectively. Given its
high current account deficit, India is significantly exposed to the trend of a rising US dollar and real rates to funding risks.
RBI thus had to tighten monetary policy in a pro-cyclical manner…: The increase in the pace of currency weakness since May was
leading to a risk of one-sided bearishness on the rupee taking it below fair value on our metric of CPI-based real effective exchange
rate, REER (CPI adjusted implied fair value of the rupee is about 60). We believe that to prevent a vicious loop of currency confidence,
the RBI was forced to initiate explicit monetary tightening in July 2013 pushing up short term rates by 300bps.
… leading to even more downward pressures on growth…: The pro-cyclical tightening has meant that real rates in India will
continue to rise even while GDP growth has remained below 5% for the past three quarters. Although we do expect an improvement in
domestic demand in the US in the second half of 2013, supporting a gradual recovery in external demand, we believe that a meaningful
recovery in private capex in the next six months will be difficult considering the recent pro-cyclical tightening in monetary policy. While
we expect strong growth in farm output during the quarter ending September and December (of about 5.5%), we believe the weakness
in non-farm output will mean GDP will remain below 5% until QE Jun-14.
…extending the duration of the growth slowdown which will increase the viciousness of this cycle: The longer duration of the
growth slowdown will likely lead to: (1) an increased stress on the banking sector as non-performing assets rise; (2) make it difficult to
achieve the fiscal deficit target as revenue growth slows and divestment targets become harder to meet in the context of weak capital
market environment; and (3) reduce foreign investor’s confidence in India and thus exacerbating the funding risks

Don’t fall for tall claims by insurance agents :: Business Line

If you are deceived and the insurance company doesn’t redress your grievance, you can approach the IRDA.

Rahul was thrilled when he received an SMS offering him a 10-year interest-free loan for Rs 10 lakh. All he needed to do was to sign up for an insurance policy.

Beware of such messages! These are dubious messages sent by fraudsters waiting to swindle money. There have been similar cases of unsolicited mails, messages and phone calls in recent months where people have been cheated with promises such as interest-free loan, guaranteed returns and gifts on surrender of insurance policies. Three out of every 10 complaints that the Insurance Regulatory and Development Authority receives today are on unfair business practices by insurance agents. To avoid falling prey to these temptations, conduct a background check on the agent and go through the details of the contract.

IDBI Bank: CS fundamental view – Negative : Credit Suisse

 Low Tier 1 ratio (7.7% as of June
2013) and CAR of 12.6% but regular infusion of equity by the government.
 Profitable track record with net interest
margin of more than 2% and adequate liquidity.
 We have a Negative fundamental view
on IDBI, though eventual credit/default
risk is low.
Neel Gopalakrishnan
neel.gopalakrishnan@credit-suisse.com, +65 6212 2045
Q1 results show further asset quality weakness
IDBI Bank’s results for the first quarter of FY 2014 (year ending March) showed further deterioration in its asset quality.
While this is a trend seen in most Indian banks, we view IDBI’s
asset quality as below-par relative to most Indian banks. The
reported gross non-performing loans ratio (NPL) was 4.3% as
of June 2013, up from 3.2% in March 2013 and 2.5% in
March 2012. However, the bank also reported restructured assets amounting to around 7.5% of gross loans (around 7% as
of March 2013). Hence, the aggregate weak loans of around
12% is relatively high, though the bank does not expect a significant slippage of restructured loans back into NPLs. Given
the slowdown in the Indian economy following a period of rapid
credit growth, we believe NPLs will likely rise further in the
near term. Indeed, at the conference call following Q1 earnings, IDBI management said that it has one large exposure to
a textile company that will likely turn non performing near term.
While it said it had no other major single-name exposures, we
believe on an aggregate basis, asset quality has room to deteriorate further before stabilizing.
IDBI Bank’s capitalization is relatively low. As of June
2013, it reported a Tier 1 capital ratio of only 7.7% and a total
CAR of 12.6%. However, the Indian government has a track
record of recapitalizing banks when the T1 ratio falls below

Morgan Stanley Research, Help to Buy: More beneficial than the market thinks

Banks & Economics
Help to Buy: More beneficial
than the market thinks
The controversial ‘Help to Buy’ scheme may prove
one of the more beneficial unconventional policies
to reach ‘escape velocity’, we think. It could help lift
housing starts 30-40% higher by 2015 vs 2012,
provided ‘exit’/retention is addressed well. It could
also add a powerful macro-prudential tool
We think Help to Buy (HtB) could stimulate far more
house building than many believe. As in the 1930s,
we see house building, still 25% below long-term
averages, as crucial for a broader economic recovery.
We estimate a 30-40% increase in housing starts by
2015 vs 2012 (or up 15-25% on H1 13). We think the
market underestimates how new bank regulations
disincentivise UK banks to offer even 80-90%
mortgages for affordable homes. Our global review of
similar schemes suggests that HtB can address a real
gap for affordable homes and work well in practice.
Two-thirds of all mortgages in Canada and one-third in
Australia are insured.
But for maximum effect, the ‘exit’ or retention
strategy needs to be clear within 18 months. To
maximise HtB’s potentially positive effect on building,
the ‘exit’ or retention strategy needs to be clear within 18
months, not three years. Lead times to bring new builds
to sale average ~12-18 months. Our global review leads
us to believe that over time the private sector could take
on much, or all, of this role, reducing policy error fears.
HtB has the makings of a powerful macro-prudential
tool. Banks on average would no longer have new
mortgages with effective LTVs >80%. The BoE and FPC
could control / move parameters of loan indemnification,
even if privatised, helping medium-term stability.
Implications: Economics – Supply outlook and a
potential long-term future for HtB adds conviction to our
UK GDP forecasts of 1.4% 2013, 2.4% 2014. Banks –
This adds to our above-consensus view on Lloyds’ loan
growth. We are 18% ahead of 2015 consensus EPS

INR: The myth of EM linkage : Credit Suisse

■ Trade deficit shrinking in India, expanding in other EMs: INR has been
the weakest EM currency since talk of the taper started. This has been
attributed to India's high CAD, but there has been no correlation between the
fall in an EM currency and the country's CAD. In fact, India stands out in that
its trade deficit shrunk sharply between May and August, but it widened for
most other EMs. This should have meant the rupee does better than others.
■ Could India have been Current Account Surplus in August? With August
trade deficit likely below $10.5 bn, accelerating "invisibles" (i.e., remittances
and software exports) could have driven a monthly current account surplus.
Gold imports being zero for the month helped, but so did falling imports of oil
(demand falls whenever government cuts subsidies), capital goods (sharp
slowdown in investment demand), fertilizer (lower prices) and metals. Some
were due to falling demand, some others due to price declines, and the rest
due to import substitution. Rising exports (metals, textiles, etc) helped too.
■ INR stability to be followed by appreciation: Gold imports cannot stay at
zero, and oil prices are rising again. But it is now clear that directionally we
are headed for a sharp reduction in the CAD. A $35bn CAD can be funded
by just FDI and NRI deposits, both of which are holding up. The rupee's fall
was due to fear: a period of stability should thus be followed by strong
appreciation as the fear trade reverses. We would use the rally in banks to
trim positions and not add, and buy IT, Pharma, RIL, Bajaj Auto and Bharti.

INR: Note what went wrong :: Business Line

India rested on its laurels during the ‘good’ years of 2008-10, spending money on NREGA and not on infrastructure.

August was horrible for the rupee. The market saw unprecedented volatility and the dollar-rupee touched an all-time high of 68.81.

Has the India-story gone terribly wrong?

How has the dream turned into a nightmare? It is important to understand this to find a way out of the current mess.

A look at what really went wrong.

RBI launches credible NRI deposit scheme…: BofA Merrill Lynch

RBI launches credible NRI
deposit scheme… at last
Bottom line: FX reserves – not rates - key to INR stability
We welcome Governor Raghuram Rajan's proposal to offer a swap at a
concessional 3.5% to banks for FCNRB deposits of 3+ years on his very first day.
This should add about US$10bn to FX reserves and rein in INR expectations
around current levels (Table 1). This brings to fruition our standing call that the
RBI would need to mobilize FX reserves by launching a NRI deposit scheme in
which the INR risk is borne by it (or the government). This begs the question, can
the Governor roll back the July 15 tightening in his first policy on September 20?
Not unless the Fed defers tapering - as is indeed our house call - or the markets
decide that tapering is priced in. We would otherwise expect the RBI to unwind
the July 15 tightening only in end-October or December after sufficient visibility
that today’s measures are working. Do read our last Rupee Dilemma report here.
FCNRB deposits, with RBI swap, to mobilize US$10bn
The RBI will swap FX-denominated FCNRB deposits, of 3+ years, at a fixed
hedge cost of 3.5 % a year till November 30. This should fetch US$8-10bn with
the incidence of INR risk shifting away from the NRI and the bank at a time of
extreme volatility. Banks are raising these deposits from NRIs at Libor/swap rate +
400bp. In sum, the cost of FCNRB deposit mobilization works out to about 8.5%.
If banks lend at, say, 11%, they will likely make the entire 250bp spread as
FCNRB deposits will not attract CRR or SLR for now. Do read our last FCNRB
report here.
The RBI has also raised banks’ current overseas borrowing limit of 50% of the
unimpaired Tier I capital to 100%. This can also be swapped with RBI at a
concessional rate of 100bp below the ongoing swap rate prevailing in the market.
Exporters will be permitted to re-book cancelled forward exchange contracts to
the extent of 50%, up from 25% earlier, of the value of cancelled contracts. This
facility will be introduced for importers up to 25%.
Finally, eligible borrowers will be allowed to avail of external commercial
borrowings under the approval route from their foreign equity holder company with
minimum average maturity of 7 years for general corporate purposes.
RIBs, IMDs stabilized INR
We expect the FCNRB deposit-cum-swap facility to stabilize INR expectations in
absence of a major FX shock. After all, similar schemes, like the 1998 Resurgent
India Bonds and the 2001 India Millennium Deposits – each of which raised
US$5bn - had been extremely effective in this regard (Charts 1 and 2). In fact, we
have been urging a similar step for the past 18 months.
Monetary policy, NPAs, bank licenses, inflation hedges
Monetary policy framework. Deputy Governor Urjit Patel will head a task force
to strengthen the monetary policy framework.

Morgan Stanley Research, India Telecommunications Analysing the impact of FX movement on Bharti and Idea

India
Telecommunications
Analysing the impact of FX
movement on Bharti and Idea
The macro environment is getting tougher with INR
depreciation over 25% since early May and
expectations of lower GDP growth. We reiterate our
bullish stance on Indian telcos with better earnings
growth visibility, improving tariffs and margins. Idea
remains our top pick, followed by Bharti.
INR has depreciated by over 25% vs. US$ since
early May and ~15% since the close of F1Q14: We
have now revised our average INR/US$ assumptions
from Rs58/US$ to Rs62/US$ for F2014, and from
Rs60/US$ to Rs67/US$ for F2015. For balance sheet
impact, we have assumed a closing rate of Rs68/US$
for F2014E as compared to Rs59.7/US$.
Bharti is the most affected: However, the forex loss is
largely negated by the higher African EBITDA in Indian
currency in the P&L in F2014E. The balance sheet
impact is Rs73bn or ~Rs18/share, which brings down
our price target. In our bear case, assuming a closing FX
rate of Rs80/US$ for F2014E, the balance sheet impact
is Rs179bn or Rs45/share.
Idea is least affected: We estimate P&L impact at only
~2% and balance sheet impact at We remain bullish on Indian telcos: 1) Competitive
intensity has eased; voice tariffs should inch up. 2)
Traffic growth continues for incumbents. 3) Data
volumes are picking up. 4) Incremental revenues are at
higher margins, implying margin upside. 5) Capex is
under control, aiding FCF.
Prefer Idea, then Bharti: Idea is likely to have the highest
revenue growth and margin improvement via earnings
sensitivity to ARPMs. For Bharti, despite slowdown in
Africa and lower INR, at close to an all-time low valuation
(6.7x F2014E EV/EBITDA), much is priced in.
Key risks remain: Regulations, RIL’s Jio Infocomm entry

Morgan Stanley Global Insurance Monthly: Issue #23

Morgan Stanley Global
Insurance Monthly: Issue #23
August saw a reversal of the July rise in share
prices across all insurance sub-sectors, with US
Life underperforming peers, but retaining its
outperformance YTD – helped by favourable macro
conditions and rising yields.
European insurers’ results were mixed with few
surprises – for most names, we saw a decline in book
value driven by the uptick in yields, which resulted in volatile
net income figures, given the impact from hedge losses and
unrealized losses on bond portfolios. In the reinsurance
sub-sector, we believe that rising yields will benefit the
more asset levered names (we prefer Munich Re, Swiss
Re). However, in our view, reinsurance pricing, especially
US cat, will fall in 1/1 renewals.
In US Life, Nigel Dally believes that the fundamental
outlook continues to strengthen, reflecting stronger
macro conditions, favourable operating leverage, and
robust capital management. 2Q results continued to show
strength, where RoEs have now moved back to just over
12% - just shy of the 13% peak achieved in 2007.
Higher interest rates also drove declines in US P&C
carrier portfolio values, with an average decline of 2%.
However, operating RoEs benefitted from better
underwriting and accretive capital management, and our
US P&C analyst Greg Locraft now expects P&C carriers to
deliver an average 11% Op ROE in 2013.
In Asia, the Chinese regulator has officially announced
the pricing deregulation for traditional life products –
meaning that life insurers can now set their own interest
rate assumptions in the pricing of non-participating
products (albeit with a limit). Furthermore, the cap on life
product commission rates was removed, and the regulator
guided that future policies will be particularly focused on
growing the P&C sector.

India financials The long and winding road:: JPMorgan

We see value in Indian financials, though this may not be an instant gratification
trade. We think near-term challenges persist – a near-inevitable NPL uptick, weak
GDP growth, bond market volatility and currency tail risk. The positives are: a)
the rate cycle seems to have peaked out and b) valuations discount unrealistic
distress levels on asset quality. We adjust our EPS estimates and PTs to the new
post-July reality - our top picks are now ICICI, SBI and IDFC.
 Strong underperformance. The CNXBANK has corrected 27% from the midMay peak, and 17% since the RBI tightening on 15 July. The PSUs have led the
correction, along with Yes Bank and IDFC.
 Asset quality deterioration. We believe valuations overestimate asset quality
pressures, acute as they seem to be at this stage. Our estimates are that current
valuations build in ~2x rise in adjusted NPLs (NPLs +30% of restructured
loans) from here, while we forecast expansion of only 30-40%. This is on the
basis of a detailed analysis of the composition of credit in the system, and its
comparisons with 2001-03, when NPLs rose to 15%. The infra segment should
see large restructuring over the next 6-7 quarters, but that’s likely to be at lower
losses to lenders than manufacturing NPLs.
 PPOP risk limited. We see very limited risk to PPOP (ex-M2M losses). We see
loan growth at ~15%—helped by higher inflation, the weaker rupee and the
issuer migration from bonds to loans. There will be some margin pressures from
higher funding costs but pricing power on lending should largely mitigate that.
 Impact of M2M losses minimal. We think that current levels of bond yields are
unsustainable and should decline significantly before FY14-end. Moreover, the
RBI has given significant leeway to the banks to mitigate the provisioning via
amortization and HTM transfers, though these may be ignored by the market as
cosmetic factors. PSU banks have a significant offset via pension provisions.
 Weak macro discounted. We expect the macro to remain weak through
FY14E—the currency/rates shock of July/August has pushed back the recovery
to FY15E at the earliest. This will have a negative impact on asset quality but
we believe this is in the price. Also, we think the weak macro should drive
declining rates in CY14E, with or without RBI easing

India: Trade deficit narrows in August; oil imports surge: Nomura

India‟s trade deficit narrowed to USD10.9bn in August (Nomura: USD8.5bn) from
USD12.3bn in July due to strong exports. Exports rose 13% y-o-y in August, following
11.6% growth in July, led by improving global demand. Even as global demand
improved, weak domestic demand and the clampdown on gold imports kept imports
under check, contracting by 0.7% y-o-y in August compared with a decline of 6.2% in
July. Within imports, gold imports moderated sharply to USD0.65bn from USD2.2bn in
July; non-oil imports contracted 10.4% y-o-y versus a decline of 5.3% in July; while oil
imports rose sharply to 17.9% y-o-y from - 8%. Hence, higher oil imports (due to high
oil prices) largely offset the benefit of lower gold imports and slowing domestic
demand.
Looking ahead, a seasonal rise in imports during the festive season and higher oil
prices should result in a slightly higher trade deficit in Q4 2013, relative to Q3.
However, an environment of better global growth and weak domestic demand should
correct the current account deficit this fiscal year. We expect the current account
deficit to moderate to USD65bn in FY14 (year ending March 2014) from USD88.2bn in
FY13. Even as the current account deficit moderates, we expect financing of the deficit
to remain difficult. We would expect weak growth to result in a slowdown in growthsensitive flows, both equity and overseas borrowing by corporates, which can offset
inflows through other routes. Hence, we expect the balance-of-payment pressure to
persist (see our Asia Special Report, India and Indonesia: External funding gaps and
policy responses, 30 August 2013). According to Craig Chan, our head of Asian FX
strategy, the recent measures announced (on FCNR(B) deposits and the dollar swap
window for oil companies) provide a near-term respite, but we remain cautious on a
sustained rally in INR because of the continued negative fundamentals, mainly from
weak growth and the high level of foreign investor equity positioning.
Hence, even as the macro backdrop appears to be stabilizing, we do not expect a
sustainable turnaround. Continuing concerns over the growth outlook, rising credit
risks, deteriorating bank asset quality and worsening fiscal pressures suggest that
risks remain skewed to the downside over the next six months.

The House View – September Struggle : Deutsche Bank’s Global Strategy Group

The global economy is gaining momentum. The Eurozone has emerged from its longest recession on record,
China’s slowdown appears to have stabilised, while US data continues to support our view of a strengthening
recovery. With the major regions exhibiting signs of stability, the risks of an economic dislocation has fallen
However, the recovery brings its own concerns. Global rates have spiked following Bernanke's May 21 speech
to Congress, which opened the door to a reduction, or ‘tapering’, of the Fed’s Quantitative Easing bond
purchases. Central banks are increasingly turning to ‘forward guidance’ as a tool to keep rates low to prevent
headwinds to the recovery. Nevertheless, volatility in some markets has picked-up amid fears of a liquidity
withdrawal. Emerging Markets, a key beneficiary of the abundant liquidity environment, have seen the most
dramatic moves as capital has exited the region amid general risk aversion and as investors chase higher
rates in developed markets. The weakness has been broad-based, although countries with current account
deficits have been hit disproportionately, especially the BIITS (Brazil, India, Indonesia, South Africa and
Turkey). However, so far the sell-off is consistent with a slowdown, not a collapse.
September, which is historically the worst month for stocks, has a minefield of possible event risks for the
market. In addition to a decision on Fed tapering, this month also sees the commencement of US budget
negotiations ahead of the impending debt ceiling and possibly the nomination of the next Fed Chair. We also
have federal elections in Germany. In the Middle East, tensions could escalate given the potential for imminent
military action in Syria. All of these risks are likely to keep volatility elevated in the near-term.
Ultimately, we do not see a systemic threat emerging from these events and expect any ‘September struggle’
to be short-lived. Over the long term, we remain positive on equities and retain our bias towards developed
markets, and expect earnings expectations will rise along with the economic recovery
David Folkerts-Landau, Group Chief Economist

SGX Nifty 5,960.50 +28.50; markets to OPEN UP today

SGX Nifty 5,960.50 +28.50;
Singapore exchange
12 Sept
8:20 AM
NSE, BSE markets to OPEN UP today