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Thursday 31 May 2018

CS OPENING BELL 1 June 2018

21:59 Clara Mellor No comments

CS OPENING BELL:

NIFTY SPOT UP 24 @ 10760
SENSEX UP 61 @ 35383
BANK NIFTY FUTURES UP 123 @ 26850

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RES2: 10850
RES 1:10790
SUP1:10660
SUP2:10580

CS BANK NIFTY FUTURES (MAY ) OVERVIEW

TREND BULLISH
RES 2: 27200
RES 1: 26990
SUP1: 26520
SUP2: 26340

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CAPITALSTARS OPENING BELL 31 May 2018

21:36 Clara Mellor No comments

CS OPENING BELL

NIFTY SPOT UP 23 @ 10637
SENSEX UP 94 @ 34999
BANK NIFTY FUTURES UP 134 @ 26385

HAPPY TRADING!!!!!!!!!!!

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+917316690000

CS NIFTY FUTURES (MAY ) OVERVIEW

TREND BULLISH
RES2: 10815
RES 1:10745
SUP1:10585
SUP2:10500

CS BANK NIFTY FUTURES (MAY ) OVERVIEW

TREND BULLISH
RES 2: 26925
RES 1: 26760
SUP1: 26240
SUP2: 26135

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Fed Officials signal June hike and caution on inflation progress 26 May 2018

22:47 Clara Mellor No comments

Inflation rose at the committee’s targeted pace of a 2% annual rate in March, yet officials were cautious on whether that was sustainable given that prices had been mostly below that goal for the past six years.

Federal Reserve officials signaled they are set to raise interest rates at their meeting in June, but sent no clear message on whether they’d hike one or two more times this year following that move.

U.S. central bankers said “it would likely soon be appropriate” to increase the benchmark policy rate, according to a record of their May 1-2 meeting released Wednesday, confirming investor expectations for a move next month. Beyond that, officials “expressed a range of views on the amount of further policy firming that would likely be required.”

“It seems like they couldn’t agree on anything beyond the next meeting,” said Stephen Stanley, chief economist at Amherst Pierpont Securities LLC in New York. “They’re really, truly going to be taking this one meeting at a time.”

Inflation rose at the committee’s targeted pace of a 2% annual rate in March, yet officials were cautious on whether that was sustainable given that prices had been mostly below that goal for the past six years.

“It was noted that it was premature to conclude that inflation would remain at levels around 2%, especially after several years in which inflation had persistently run below the committee’s 2% objective,” the minutes said. The commentary was somewhat unusual given the data in hand: unemployment at the lowest level in 17 years, wages gradually moving higher and the economic expansion apparently on a firm footing.

“There was very little concern about overheating and inflation overshooting too much,” said Julia Coronado, president of Macropolicy Perspectives LLC in New York. “There was more concern that the recent progress cannot be sustained.”

March forecasts by the Federal Open Market Committee showed the committee split between three and four hikes this year, excluding three outliers. That outlook will be updated at the FOMC’s June 12-13 meeting, after which Chairman Jerome Powell holds a press conference.

As noted in their May 2 statement, which inserted a second reference to their “symmetric” inflation target, the committee said it wouldn’t be concerned if inflation overshot the target.

A temporary period of inflation “modestly above 2% would be consistent with the committee’s symmetric inflation objective and could be helpful in anchoring longer-run inflation expectations,” the minutes said.

“They could have sounded a lot more optimistic about the economy, and confirmed expectations for four increases this year, but they didn’t do that,” said Michael Hanson, chief U.S. macro strategist at TD Securities in New York. “This is a committee that feels like it has been head-faked one too many times on inflation.”

Since the May meeting, the dollar has continued to strengthen, oil prices are higher, and 30-year mortgage rates have also moved up. Tightening U.S. financial conditions have been felt sharply in some emerging markets, with Argentine and Turkish currencies retreating sharply.

Fed officials have little foresight into what exiting from post-crisis, ultra-easy monetary policy will mean for the U.S. economy -- let alone the rest of the world -- and that may be one reason why they are reluctant to look beyond the next meeting.

“The closer you get to a normal monetary policy, the less agreement you’re going to have about continuing to slog along,” Stanley said. “I’m a little bit surprised that that discussion seems to be drawing so much disagreement already.”

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Bajaj Electricals Q4 net profit down 81% on one-time hit from loans to Starlite JV - 24 May 2018

21:38 Clara Mellor No comments

The company took a hit of Rs 89.4 crore due to an exceptional item

Bajaj Electricals posted an 81 percent drop in its March quarter standalone net profit at Rs 7.3 crore YoY missing estimates because of a one-time hit of Rs 89.4 crore from loans given to its joint venture with Starlite Lighting.

The company had posted net profit of Rs 38.42 crore in the fourth quarter of FY17. A Reuters poll of equity analysts had estimated net profit to rise by 50 percent to Rs 57.6 crore in the fourth quarter.

In its results statement, the company said that it has re-assessed the recoverability of its investments and loans provided to Starlite Lighting Limited. Consequently, it has impaired it fully in both standalone as well as consolidated financial results and disclosed as an exceptional item.

This decision has been taken by Bajaj Electricals after the reduction in the compact fluorescent lamp (CFL) business and future outlook, according to their statement.

The total income saw a 26.3 percent jump YoY to Rs 1,628.82 crore in Q4. In terms of the segment revenue, consumer products saw a 5.5 percent increase in revenue YoY to Rs 644.64 crore. Engineering, Procurement and Construction (EPC) segment saw a jump of 44.1 percent YoY in revenue to Rs 961.48 crore in Q4.

The company announced that Anant Bajaj has been elevated as the Managing Director of Bajaj Electricals.

The board has recommended a final dividend of Rs 3.50 per share, subject to approval of shareholders.

Shekhar Bajaj, Chairman and Managing Director, Bajaj Electricals said that the benefit of Range and Reach Expansion Programme (RREP) is evident from the topline and bottomline growth in consumer products segment, which is driven by strong demand for LED and few other products.

"The RREP rollout in J&K, Himachal Pradesh and North-East states is in progress and is expected to be completed by end September 2018," he added.

RREP refers to a programme wherein the sales staff is evaluated on the number of outlets and the number of stock unit covered.

An Edelweiss Securities report had said that the company’s consumer durables segment is expected to grow 5 percent as they launch new products to gain back its lost market share.