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Our markets did well yesterday to bounce back from the days lows to close firmly in the green.
Our markets did well yesterday to bounce back from the days lows to close firmly in the green.
The U.S. markets have bounced back with nearly 1% gains led by a 3.3% rally in Crude prices that enabled the commodity to close at its best level this year. The rally was sparked by a change in Goldman Sachs viewpoint that the Crude oil supply could balance out sooner than expected.
This would obviously help our indices begin on a buoyant note.
But cheering the markets would be the exit poll results that indicate that the BJP could storm to power in Assam. Coming after the Bihar debacle, this would be a shot in the arm for the BJP.
The markets had gone into the polls with no expectations from the BJP.
But the morning surge would still keep the Nifty well short of the 7980 resistance.
A close above this could result in massive short covering.
Wholesale inflation turns positive after 17 falling months
Inflation as measured by Wholesale Price Index turned positive at 0.34% in April, after reporting negative growth in the past 17 consecutive months, primarily driven by all the three constituents of the index.
In the previous month it stood at -0.85% from which it was expected to come at -0.23% in April. While, the overall inflation for the month of February revised upward to -0.85% from provisional growth of -0.91%. However, the core inflation (ex-food) still remained in negative at -0.77% in April as compared to -1.07% a month ago.
Primary Articles inflation accelerated to 3 months high at 2.34% in April from 2.13% of previous month on increased prices food products. The food index inched up to 4.2% during the month from 3.7% of previous month, mainly on account of high prices of cereals, pulses, vegetables and milk.
The fuel inflation came at -4.83% during the month vs -8.3% a month ago as petrol, diesel and ATF prices jumped during the month. Whereas, manufactured inflation that contributes around 65% in total inflation, also turned positive at 0.71% after following negative trend for 13 months on higher metal, sugar and beverages and tobacco prices.
Hike in Petrol, Diesel prices
Petrol price was hiked by 83 paise a litre and diesel rate by Rs 1.26 per litre - the second increase in rates this month.
Petrol in Delhi will cost Rs 63.02 per litre from the midnight of May 16-17, while a litre of diesel will cost Rs 51.67, said Indian Oil Corporation (IOC).
TCS and Siemens to collaborate on big data analytics for manufacturing sector
TCS and Siemens are leveraging their longstanding partnership to expand and enhance the delivery of big data analytics to the global manufacturing industry. Siemens product lifecycle management (PLM) software business will support TCS big data experts in the delivery and effective use of the Siemens Omneo performance analytics solution. By leveraging Omneo big data analytics, which is provided as a cloud-based software as a service (SaaS) offering, manufacturers will have the potential to unearth product performance intelligence that will enable them to identify and resolve complex product issues in seconds instead of days.
The rise of digital technologies including Big Data and the Internet of Things are driving radical changes across the manufacturing sector. Technologies like Siemens Omneo have the potential to revolutionise the manufacturing sector, giving businesses the ability to track and monitor product performance and then react accordingly,? said Regu Ayyaswamy, global head of engineering and industrial services, Tata Consultancy Services.
NTPC partners Coal India to foray into fertilizer sector
NTPC signed a joint venture agreement (JVA) with Coal India yesterday to revive plants of the Fertilizer Corporation of India Limited (FCIL).
The joint venture company will take up the revival of FCIL plants at Sindri in Bihar and Gorakhpur in Uttar Pradesh by setting up an ammonia urea plant at each location, said an NTPC statement.
Sobha Board to consider buyback proposal on May 19
The Board of Directors will meet on May 19 to consider a proposal for buyback of equity shares of the Company , in addition to the Audited Financial Results of the Company for the financial year ended March 31, 2016.
As on 31 March 2016, promoters holds 60.58% in the company.
L&T Finance may sell stake in MF business
Four years after acquiring Fidelity Mutual Fund in March 2012, L&T Finance Holdings is considering selling stake to a foreign partner.
The non-banking finance company of Larsen & Toubro (L&T), which operates the countrys 14th biggest asset management company (AMC), with asset size of nearly Rs 26,000 crore, is also not averse to exiting the business altogether.
For the MF business, we may look at a minority foreign partner, who can bring in funds into the business and add value to our growth strategy," said a spokesperson of L&T Finance.
Government considering incentives for leather sector
The government is considering providing incentives to the labour-intensive leather sector with a view to boosting manufacturing and exports.
The industry has informed us about their issues which includes high excise duty. This is a labour-intensive sector which has the potential to generate more jobs and push overall manufacturing," an official said.
The commerce and industry ministry may provide financial support to set up small and mega leather parks in the country.
As the sector provides employment to about 30 lakh people, the government should give special focus to this segment, Chairman of Council for Leather Exports Rafeeq Ahmed said.
A high-powered committee headed by the DIPP secretary will meet on May 23 to discuss proposals of two mega leather parks each in Haryana and Andhra Pradesh.
China is giving tough competition to Indian leather manufacturers in terms of pricing, and support is required to compete with them, he added.
Oil Lubricates The Apple Led Rally
Key U.S. Indices bounced back Monday on the back of rally in crude oil prices and Warren Buffets Hathaway Berkshire quarterly disclosure that it had bought Apple.
The Dow Jones Industrial Average surged 175 points or 1% to close at 17,711. The blue-chip index was powered by a 3.7% jump in Apple after Warren Buffetts Berkshire Hathaway disclosed in a regulatory filing it had bought a 9.8 million-share stake during the first quarter.
The S&P 500 rallied 20 points or 0.98% to finish at 2,067. All the 10 main sectors finished higher. The energy and tech sectors led the gains, up 1.6% and 1.4%, respectively.
The Nasdaq Composite Index surged 57.78 points, or 1.2%, to close at 4,775.46. Alibaba, Texas Instruments and Intel were higher, while the Technology Select Sector SPDR ETF rose 1.4%.
Apple reclaimed its crown as the worlds largest company on Monday after a Warren Buffett-inspired rally pulled the iPhone-maker back from last weeks multi-year lows.
Buffetts Berkshire Hathaway disclosed a stake in Apple worth nearly 0 million on Monday morning. The Omaha, Neb.-based company owned 9.81 million Apple shares as of March 31, according to a regulatory filing, a holding worth .07 billion at the time. The conglomerate also slightly increased its stake in IBM, reduced its stake in Wal-Mart and unloaded its stake in AT&T.
Crude oil jumped above a barrel on Monday, trading at a six-month high, after Goldman Sachs said the oil market had flipped to a deficit "much earlier than we expected." Analysts said the market likely corrected in May as sustained strong demand and sharply declining production fuelled the deficit. The firm expects crude to reach a barrel in the second half of the year.
West Texas Intermediate crude oil rose 3.3% to .72 a barrel on Monday, its highest settlement since Nov. 3.
Economic conditions in the New York region worsened in May. The Empire State index turned negative with a reading of 9 compared with a positive reading of 9.6 in April. Economists expected a positive reading of 5.8.
Homebuilder sentiment held steady in May, unchanged for the fourth month in a row as housing growth continues. The National Association of Home Builders index remained at 58, with any level above 50 indicating improvement. The steady read was as expected.
Earlier, investors were distracted after Chinas industrial production and investment readings came in below expectations for April, even as Beijing has been on an aggressive stimulus campaign. That data weighed on the Stoxx Europe 600, though Asian markets finished higher.
Chinas Shanghai Composite Index rose 0.8%, as investors found encouragement from last weeks upbeat U.S. retail sales and consumer sentiment data.
The dollar moved slightly higher against the Japanese yen, while gold prices gained slightly, settling up 0.1% at ,274.20 an ounce.