3 NOV: News roundup

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Business Standard


Ø  Bank of England hikes rates for first time in a decade

Ø  US jobless claims near 44-1/2-year low

Ø  CBI probe sought against Infosys over GSTN glitches

Ø  Airtel opposes change in spectrum band cap

Ø  RBI asks large borrowers to get unique code from banks

Ø  Modi govt plans war on bitcoin dealers in India

Ø  Relief for RCom as TechM withdraws insolvency case

Ø  Govt cuts capex 2 months in a row to contain fiscal deficit

Ø  Vedanta Q2 PAT lower-than-expected at Rs 2,036 cr, up 43% y-o-y

Ø  Piramal Group in race to buy stakes in Binani Cement, Electrosteel Steels

Ø  USFDA lifts import alert on Divi's Vizag plant

Ø  Adani seeks $1.54 bn from Chinese firm for funding Australia coal project

Ø  Alibaba says profit up 132% in 'outstanding' quarter amid soaring sales

Business Line

Mint


Ø  SEBI launches awareness campaign for new investors

Ø  Rs. 5 lakh cr bond sale planned for funding infra projects: Nitin Gadkari

Ø  Lenovo agrees to buy 51% stake in Fujitsu PC unit for $269 million

Ø  ONGC gets government nod for acquiring HPCL

Ø  SBI brings home loan rate to lowest in industry to 8.30%

Ø  Andhra Bank Q2 loss at Rs. 385 cr on higher bad loan provisions

Ø  UPI transaction volume hits 76.8 million in October

Ø  Airtel earmarks Rs25,000 crore capex in FY18 for 4G network expansion

Ø  SBI cuts interest rates for home, auto loans by 5 basis pts

Ø  LIC puts $1 bn bid for shares in New India Assurance IPO

Ø  NTPC power plant blast: Death toll rises to 29, NHRC serves notice to UP govt

Ø  Cognizant Q3 profit up 11% to $495 million, revises revenue growth outlook

Financial Express

Financial Chronicle


Ø  Bank recapitalisation: Government may turn to RBI for Rs 43,000 crore as bad loans “swelled” under their watch

Ø  Taxman imposes rigorous regime of compliance on MNCs in India

Ø  European development bank to sign solar pact with International Solar Alliance

Ø  Ramco Systems to tap United Kingdom, Ireland markets: CEO

Ø  Trump selects Powell for Fed Chairman, replacing Yellen

Ø  Bitcoin skyrockets above $7,000 for first time ever

Ø  More global entities, banks need to join hands with ISA: FM

Ø  FSSAI launched Food Regulatory portal for businesses

Ø  India emerges number one vibrant start-up landscape: Nasscom

Mkt. Update :

Today’s Major Results to be announced:
BHARATGEAR, EDELWEISS, GODREJAGRO, GODREJPROP, HINDALCO, KIRLFER, PFC, PNB, SCI, SFL, SICAL, SPICEMOBI, STOVACQ, SUCROSA, TATAPOWER, TITAN, TORNTPHARM, TRIDENT, UCOBANK, UNICHEMLAB, UNIONBANK, VRLLOG, ZENSARTECH, etc…

SGX: 10482: +27: +0.26%
Sensex : 33573 (-27) (-0.08%)
Nifty : 10424 (-17) (-0.16%)
Nikkei : 22539 : shut
Dow : 23516 : +81 : +0.35%
S&P : 2580 : +0.5 : +0.02%
Nas : 6715 (-2) (-0.02%)
Brazil : 73824: shut
Ftse : 7555: +67 : +0.90%
Dax : 13441 (-25) (-0.18%)
Cac : 5511 (-4) (-0.07%)
WTI Oil : $ 54.54 : +0.4%
Brnt : $ 60.62 : +0.21%
Gold : $ 1277 (-0.05%)
Silver : $ 17.14
Copper : $ 314.7 (-0.6%)
Eur- $ : 1.1657
GBP- $ : 1.3052
$-Jpy : 114.00
Re : 64.61 : +0.02%
US10yr :  2.35%
GIND10YR : 6.861 (-0.46%)
$ Index : 94.685 (-0.14%)
Vix : 9.93 (-2.65%)
BalticDry : 1496 (-26) (-1.71%) (2 days ago)

ADR/GDR

Cogni : +1.12%         Infy (-0.41%)
Wit (-0.58%)             IciciBk: +1.26%
HdfcBk : +1.78%      DrRdy: +5.47%
TataMot : +0.67%    Vedanta: +0.38%   
TatSt (%)                 Axis (-0.85%)
SBI (-0.81%)            RIL (-0.34%)


Wall Street’s Dow industrials climbed to a record high on Thursday while losses in Facebook kept the S&P 500 and the Nasdaq in check as investors assessed the long-awaited tax cut plan unveiled by U.S. President Donald Trump’s fellow Republicans.  U.S. stocks eked out a gain in the final half hour of trading.

The S&P 500 Index ended higher on the strength of gains in financial and real-estate shares that advanced amid a drop in 10-year Treasury yields. Investors parsed the tax plan details for winners and losers, giving a boost to small caps on speculation they will benefit most from a proposal to cut the corporate tax rate. The housing sector was walloped on changes to how mortgage interest will be treated.

The bill called for slashing the corporate tax rate to 20 percent from 35 percent but also ending certain tax breaks for companies and individuals.  The bill would cut corporate tax rate to 20 percent and impose a tax of as much as 12 percent on multinational companies’ accumulated offshore earnings.

While many market watchers have pointed to a corporate tax cut as further fuel for a record-setting run for equities, investors said the bill was just a starting point with significant negotiations likely ahead.  Maybe people think there’s not enough things to raise revenue in there, which is going to be bad for the deficit which is bad for the dollar.  This is the House version of the bill, so whatever it is it has to match up with the Senate, and we’ll get a clearer picture.

The message from the market is there are still a lot of unknowns out there, it’s kind of hard to draw too many conclusions at this point from what exactly the bill will end up being.

Gains in shares of industrial stalwarts Boeing (BA.N) and 3M (MMM.N) and bank Goldman Sachs (GS.N) helped boost the Dow.

In after-hours trade, shares of Dow component Apple (AAPL.O) gained as the iPhone maker’s revenue forecast for the holiday shopping quarter was largely above market expectations.

In the regular session, U.S. housing sector stocks tumbled amid concerns over the tax plan’s cap on deductions for mortgages.

Trump officially nominated Federal Reserve Governor Jerome Powell to head the U.S. central bank, a pick that had been widely anticipated.

Powell has supported current Chair Janet Yellen’s general direction in setting monetary policy and has been viewed as relatively dovish on interest rates.

Markets showed little reaction to President Donald Trump’s nomination of Jerome Powell to lead the Federal Reserve. The pound slumped and gilts surged after the Bank of England indicated its first rate hike in a decade might be the last for a while. U.S. crude closed at the highest level in more than two years.

Third-quarter earnings season was also in focus, with investors citing corporate profit growth as supporting the market’s rally in 2017.

With more than three-fourths having reported, S&P 500 companies are expected to have increased profits by
7.

7 percent in the third quarter, up from an expectation of 5.9 percent growth at the start of October, according to Thomson Reuters.

Tesla Inc (TSLA.O) shares dropped 6.8 percent after the carmaker pushed back its production target for its Model 3 sedan and reported its biggest quarterly loss ever.

Elsewhere, bitcoin extended gains for the fourth consecutive day, hitting $7,000 to establish a fresh record before paring the advance.

About 7.4 billion shares changed hands on U.S. exchanges, well above the 6.2 billion daily average over the last 20 sessions.

Here are some of the remaining scheduled events this week:

Trump starts an 11-day trip to Asia, his first as president, on Friday. Trade and security issues -- particularly North Korea -- will probably be in focus.
The slew of earnings releases will culminate with Apple Inc. results.

Commodities

West Texas Intermediate crude rose by 0.4 percent to settle at $54.54 a barrel, the highest since July 2015.
Gold futures declined less than 0.05 percent to $1,276.90 an ounce.
Copper decreased 0.6 percent to $3.12 a pound.