COMMODITY MARKET STRATEGY 09 July 2014

BASE METAL WRAP:

Zinc prices rose to a 35-month high as inventories dwindled amid speculation that increasing auto sales in China and the U.S. will boost metal use.

ENERGY WRAP:

West Texas Intermediate crude traded near the lowest price in more than a month before inventory data that may signal the strength of fuel demand in the U.S., the world’s biggest oil consumer. Brent was steady in London.

PRECIOUS METAL WRAP:

Gold rose as a decline in equities and the dollar spurred demand for an alternative investment amid increased holdings in the largest exchange-traded fund. Palladium headed for the longest rally in 14 years.

GLOBAL EVENTS TO WATCH:

CPI y/y, PPI y/y, Crude Oil Inventories, 10-y Bond Auction, FOMC Meeting Minutes.

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COMMODITY MARKET STRATEGY 08 July 2014

BASE METAL WRAP: Nickel led industrial metals lower, falling for the third session as some investors deemed supply of the refined metal sufficient for now, even after Indonesia banned raw ore exports in January.

ENERGY WRAP: West Texas Intermediate traded near a one-month low, capping its longest losing streak since 2009 before U.S. stockpile data that may signal the strength of demand from the world’s biggest oil user. Brent slid in London.

PRECIOUS METAL WRAP: Gold held a retreat from a three-month high as investors assessed the timing of U.S. interest-rate increases. Palladium declined from the highest price since 2001 to snap the longest rally in 10 months.

GLOBAL EVENTS TO WATCH: NZIER Business Confidence, NAB Business Confidence, Manufacturing Production m/m, NFIB Small Business Index, JOLTS Job Openings, FOMC Member Kocherlakota Speaks.

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TOP CORPORATE NEWS 07 JULY 2014

·        Elder Pharmaceuticals plans to strengthen its remaining existing brands

Elder Pharmaceuticals Limited post the Torrent Pharmaceuticals Rs. 2004 crore deal, for which the transaction for sale and transfer of its branded domestic formulations business in India and Nepal on a slump sale basis got completed last week.

·        RCom in demand as FTSE hikes weightage

Reliance Communications rose 1.15% after index provider FTSE on Friday, 4 July 2014, said it has raised the weightage of the stock in three indices.

                                                                                                        

·        IDFC gains 7% on Morgan Stanley upgrade

IDFC has surged over 7% on back of heavy volumes after Morgan Stanley raises its price target for the company to Rs 175 from Rs 115.

·        Tata Motors hits new high

Tata Motors is higher by 2% after Chairman Cyrus P Mistry said the company is working on a strong pipeline of products for the domestic market keeping in view changing customer needs to make the company more profitable over the years.

COMMODITY MARKET STRATEGY 07 July 2014

BASE METAL WRAP: Nickel fell from a six-week high in London amid speculation supply of the metal is ample for now, easing concern about a potential shortage after Indonesia barred exports of raw ores in January. London copper began the week little changed; broadly holding on to last week's 3 percent gains on tighter-than-expected supply.

ENERGY WRAP: Brent traded near the lowest price in more than three weeks as Libya prepares to increase exports and amid speculation that Iraq’s crude supplies remain safe from violence. West Texas Intermediate was steady in New York.

PRECIOUS METAL WRAP: Gold extended a decline from a three-month high as the outlook for higher borrowing costs in the U.S. strengthened the dollar. Palladium traded near the highest price since 2001 and silver dropped.

GLOBAL EVENTS TO WATCH: Building Permits m/m, Ivey PMI.

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TOP CORPORATE NEWS

·        IDBI Bank to raise Rs. 4,000 crore in FY15

IDBI Bank at its meeting held today, approved the proposal for mobilization in one or more tranches of Rs. 4000 crore.

·        Hindalco slips as a foreign brokerage retains underweight rating

Hindalco Industries fell 1.24% on reports that a foreign brokerage maintained its underweight rating on the stock.

                                                                                                        

·        Jain Irrigation up 5%

Jain Irrigation has been issued a letter of intent of project by Himachal Pradesh government involving an outlay of Rs 97.52 crore.

·        Bharti Airtel rises over 2%; FIIs can invest upto 74% in co

Shares of Bharti Airtel gained more than 2 percent after the Reserve Bank of India allowed foreign institutional investors (FIIs)/registered foreign portfolios investors (RFPIs) to invest up to 74 percent of the paid up capital of company under the portfolio investment scheme.

TOP CORPORATE NEWS

·        IFCI spikes 9%, to sell stake in subsidiary and NSE

IFCI jumped 9% after the company proposes disinvestment of partial stake in NSE and entire stake in IFCI Financial Services.

                                                                                                        

·        TVS Motor gains on bike launch in Tanzania

Shares of TVS Motor Company were up nearly 2% after the company has launched a new motorcycle, StaR HLX 125, specially designed to suit riding conditions in African Continent.

·        Orchid Chemicals up 8% on USFDA nod for insomnia drug

Shares of Orchid Chemicals and Pharmaceuticals rallied as much as 8 percent in on getting US Food and Drug Administration approval for Eszopiclone tablets.

·        ICRA up 18%, Moody's raises stake to 50.06% via open offer

Shares of rating agency ICRA up 18% after its promoter Moody's increased stake to 50.06 percent in the company via open offer.

INDIAN BENCHMARKS trim gains.

INDIAN EQUITY BENCHMARKS retreated from higher levels but continued to trade in the green zone led by by RIL, ICICI Bank.

Further, IRB Infrastructure Developers Ltd has posted a net profit of Rs. 1092.319 mn for the quarter ended March 31, 2014 as compared to Rs. 1511.374 million for the quarter ended March 31, 2013. Coal India hit their highest level in nearly three years after on speculation that PM-elect Narendra Modi, was exploring breaking up the company and opening up the sector for foreign investment.

The crucial resistance for Nifty is now seen at 7320 and above this 7360. Support for the immediate term is now placed at 7190 and next support will be 7130.

   NEWS TO WATCH:

Watch out for the quarterly earnings of HDIL, ITC, Strides Arcolab on 23^RD May 2014.  

TOP CORPORATE NEWS

Motherson Sumi Systems Q4 profit rises 54% to Rs 302.5 cr

Motherson Sumi Systems has reported a 54.5 percent growth in net profit to Rs 302.5 crore in the quarter ended March 2014 on consolidated basis, driven by higher revenue and operational performance. The profit in corresponding quarter of last fiscal was Rs 195.8 crore.

Kalindee Rail declines on merger with Texmaco Rail

Kalindee Rail Nirman is locked at the lower circuit of 10% after the company said its board approved the merger with Texmaco Rail & Engineering.

Jewellery shares rally as RBI eases gold import rules

Jewellery makers have rallied by up to 20% after the Reserve Bank of India eased gold import rules by allowing select trading houses, in addition to already permitted banks, to procure the precious metal to boost exports.

Bajaj Auto extends rally after Egypt lifts import ban

Bajaj Auto is trading higher by 3%, on reports that Egypt government has lifted the ban on imports of two-wheelers and three-wheelers into the country which was in effect since February 2014.

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