The Australian government on Monday approved Gujarat-based Adani Mining Pty Ltd’s USD 15.5 billion Carmichael coal and rail project in Queensland, subject to strict conditions to protect groundwater.
The Carmichael mine, which could become Australia’s largest coal mine producing 60 million tonne a year, has sparked protests from green groups and marine tour operators concerned about export of the coal from a port near the Great Barrier Reef. “The strict conditions will ensure the protection of the environment as a paramount concern,” Australia’s environment minister, Greg Hunt, said in a statement. The coal from the Carmichael mine will be transported via a 400-km railway line to Abbot Port, where the company owns a shipping terminal, and from there it will be exported to India. Adani says the coal will help meet the country’s rising power demands.
Adani acquired the port, which is near the Great Barrier Reef, in 2011 and will have to expand it in order to ship the coal. Post Q2FY14 results, the Adani management had indicated that in light of subdued imported coal prices, its Australian capex plans are currently on hold and no material capex is expected at least in FY14. It said the coal production may commence in FY18-19.
TATAMOTORS was the biggest loser on Friday on account of Jaguar Land Rover (JLR) taking price cut for three of its top end variants: the Range Rover, Range Rover Sport and the F-Type sold in the Chinese market.
JLR announced a 5-10 percent voluntary price cut across the board in response to a probe made by the Chinese decision making body National Development and Reform Commission (NDRC). NDRC had initiated some investigations into corporate price rigging, as well as monopoly practices on claims that some of the foreign car makers like JLR were overcharging Chinese customers.
Analysts say price cuts are a concern given the importance of profitability in China for JLR’s overall margins. However, there has been no confirmation from the JLR management. China remains a very important geography for the company. More than 25 percent of JLR’s volumes and 40 percent of its revenues come from the Chinese market. Moreover, the models in which the price cuts were taken contribute about 35 percent of the revenues.
Citi believes this creates an overhang in the short-term for the stock. There is uncertainty until the intent behind the ruling is complete understood. However, there is limited financial impact, given China’s structure expect an impact of 5 percent on FY14, JLR profits and the estimated impact of 100 million pounds post tax on 15,000 units of JLR, so it’s a limited financial impact according to them.
Macquarie maintains outperform. They have a 12-month target price of Rs 540. The 5 percent decline seen in the stock price on Friday is a good buying opportunity for Tata Motors. The total impact on JLR’s EBITDA is 1 percent and this was long coming because the average selling price in China is double that of how much JLR sells in the other market. Therefore, it was about time that they reduced prices. Edelweiss says that the worst-case scenario indicates a 4 percent impact on EBITDA and a 6 percent impact on the profitability. They have lowered their FY16 consolidated earnings per share (EPS) but they have maintained a buy with a target price of Rs 517.
NIFTY FUTURE Closed : 7785
Friday we have written Boldly Nifty Future Resistance 7840 & Support 7810
Made a high was 7832.80, Then Recommend Sell NF below 7810 Target 7765
Achieved Target & Booked 45 Points Profit!!!
U know Friday we had written All Longs keep stop-loss 7750
Made a low was 7751.30 then closed 7785.70
This week Trend Decider 7925 & 7675 levels
Overall trend is bullish, But last Two days mixed trend only
Today’s Nifty Future facing Resistance 7800 to 7810 levels
Once if crossover the levels———— we see Rally upto 7830 levels
What will do at higher levels ???
Today’s Supports 7760 & 7740 levels
Suppose once if breaks 7740 & stays below 15 minutes
Non- stop Panic selling expected up-to 7690 levels………..
101% Live market update to our clients only…….
Updated : 08.50am / 28th July’14
Banknifty Future closed : 15352
Today’s Banknifty Future facing Supports 15250 levels
Once if stays below 15250———- with volumes—— will take next support 15150
Last & Final hurdle level 15150 levels———- Thereafter Blood Bath will see!!!
Today’s Resistance 15450 & 15550 levels
If comes higher level can sell with stop-loss of ??
More live Market update to our clients only
ICICIBANK Strong supports 1465 levels
There after more panic on the card upto 1450 & 1435 levels
Updated : 08.42am / 28th July’14
HCLTECH facing Resistance at 1590
Once if crossover the level
Rally expected upto 1605, 1612 Thereafter will check 1625
Keep tight stop-loss ???
RECLTD having Support 300 & 295 levels
Higher level can sell around 310 & hold for Target
Keep stop-loss of 315
GLENMARK now near by Strong Breakout level
Today once if Breaks the level
Rally will be expected……..
Which level will break ??
Clients special call
Updated : 08.36am / 28th July’14
After the formation of the Narendra Modi government, there is a tremendous mood swing and positivity in the country, a visiting delegation of Indian CEOs from CII said describing its maiden budget as visionary.
The delegation of Indian CEOs from Confederation of Indian Industry in an interaction with the Washington audience at Carnegie Endowment for International Peace yesterday highlighted the growing sense of optimism amongst both the public and industry in India following the recent election results which brought BJP to power with a landslide majority. Ajay Shriram, CII President described the unique nature of the recent elections, in which the BJP came to power solely on the campaign promise of growth and development, which speaks to the aspirations of India’s young people.
Describing the 2014-15 annual budget as visionary, Shriram commended the new government for moving very actively to ease and facilitate the way business is done in India. “Success in India will come with leadership, mindset change, philosophy and action,” he said. In his remarks, Chandrajit Banerjee, Director General, CII also appreciated the government’s vision and receptivity to new ideas and thoughts, especially from industry.
Naushad Forbes, vice president, CII and director, Forbes Marshall Pvt Ltd focused on the promising steps being taken in India’s education sector and the increasing role of the market in this sector which is having a net positive impact on issues related to quality and equity of access.
He also specifically mentioned the community college model in the US as one worth looking at in India as well. Vikram Kirloskar, vice chairman, Toyota Kirloskar Motor, highlighted the importance of the manufacturing sector and pointed out that the role of industry in this sector related to enhancing quality, competitiveness and innovation.
Gold imports in 2013-14 stood at 638 tonnes, a decline of 25 percent over the previous fiscal, Parliament was informed today. The quantity of gold imported in 2012-13 was 845 tonnes and in 2011-12 it was 919 tonnes, Minister of State for Finance, Nirmala Sitharaman said in a written reply in the Lok Sabha.
In the April-June period of current fiscal, the quantum of gold import stood at 221 tonnes while in value terms it was Rs 54,792 crore, she said. The value of gold imported was at Rs 2.28 lakh crore during 2011-12, Rs 2.45 lakh crore in 2012-13 and Rs 1.60 lakh crore in 2013-14.
Sitharaman said the cases of gold smuggling had gone up in 2013-14 at 2,441. In 2012-13 and 2011-12 the number of such cases stood at 869 and 500 respectively. Following a sudden spurt in gold import in the beginning of 2013, the government had hiked import duty on the precious metal to 10 per cent in phases.
Also the government and the Reserve Bank imposed certain other import restrictions, including linking of imports to exports to prevent outgo of foreign exchange, adding to instances of smuggling.
Sitharaman said the Central Board of Excise and Customs (CBEC) has communicated to all field formations to keep a close watch on the trend of smuggling of gold. Other intelligence agencies, like the DRI are also keeping a close watch on gold smuggling, she added.
High gold imports also pushed up the current account deficit as it rose to USD 88.2 billion or 4.7 percent of GDP in 2012-13. Through import curbs, the CAD has been brought down to USD 32.4 billion or 1.7 percent in 2013-14.
Telecom operator Vodafone today reported increase of about 10 per cent in its services revenue at Rs 10,323 crore in first quarter ended June 30, 2014-15. “India Service revenue increased 10.3 per cent, driven by continued customer growth, strong data usage and improved voice pricing,” the UK-based Vodafone said in its financial report.
The company had registered revenue of about Rs 9,375 crore in the April-June period of the last fiscal, 2013-14. Vodafone India revenue in terms of GBP, however, declined by about 6 per cent due to about 17 per cent dip in value of the rupee against British pound. During the first quarter, the company’s mobile customers increased by 3.3 million taking its total customer base to 169.9 million.
Vodafone India saw increase in Internet services by 102 per cent during the quarter, primarily driven by mobile Internet customer growth and 46 per cent increase in usage per customer. As of June 30, active Internet customers of Vodafone India stood at 57 million, including 10 million 3G customers and 29 million smartphone users representing 17 per cent penetration of the customer base, the report said.
Vodafone has plans to increase 3G coverage in the country to 95 per cent at its targeted urban centres from 89 per cent coverage at present over period of next 2 years. “In India, where we aim to have 95% 3G outdoor coverage in targeted urban areas over the next two years, we have taken 3G coverage on this footprint to 89%, with a further 2,305 sites added,” the report said.
1. S&P 500 made a new all-time highs.
2. US Initial jobless claims came in at 284k well below the 307k expected and the lowest reading since February ‘06.
3. Existing home sales came in at 5.04M annualized, better than expected. May numbers were also revised higher.
4. European July manufacturing rose to 54, a 3-month high and above expectations.
5. AAII showed the fewest bulls since early May, healthy to shake out the weak hands.
6. June CPI rose .3% core rose .1%, in line with expectations.
7. German consumer confidence rose to the highest levels since ’06; Spain unemployment fell to a 2-year low, still a ridiculously high 24.5%;
8. China HSBC manufacturing came in at 52, an eighteen month high.
1. June New Home Sales came in at 406k, well below the 475k expected. May #s were revised down to just 442k vs the initial read of 504k.
2. Markit ISM manufacturing index fell to 56.3, a three month low.
3. French business confidence came in at the lowest levels since summer ’13.
4. Japan July manufacturing PMI fell to 50.8, from 51.5 previously.
5. Japanese exports fell 2% y/o/y vs an expected 1% gain.
6. Geopolitical tumult continues unabated