- National highway construction rates in India improved from 26.93 km/day in FY2017-18 to around 30 km/day in FY2018-19 due to large projects awarded in previous years and efficient land acquisition.
- During the first quarter of FY2019-20, 2,819 km and 1,200 km of national highways were constructed and awarded respectively, higher than the previous year.
- However, the pace of construction is expected to slow to around 26-27 km/day in FY2020 due to a slowdown in project awards under hybrid annuity and EPC models. The government needs to address risks like traffic risks to attract more private investment in build-operate-
The rupee fell 68 paise against the US dollar due to rising crude oil prices after drone attacks on Saudi oil facilities. NCLAT will hear probe agencies regarding JSW Steel's plea seeking immunity after acquiring Bhushan Power and Steel. Jet Airways lenders presented to Synergy Group, the potential sole buyer of the bankrupt airline. The government exempted cash payments over Rs. 1 crore via APMCs from a 2% TDS to provide relief to the farm sector.
The document discusses developments in oil, precious metals, and base metal markets.
In oil markets, prices fell despite the Saudi oil attack as Saudi officials said production would return to normal more quickly than expected. However, some analysts caution recovery could be slower. The confident tone from Saudi officials may be aimed at reassuring investors ahead of the planned Saudi Aramco IPO.
In precious metals, gold prices fell as risk appetite increased following the Saudi attack. The divided Fed after its interest rate decision also made the Fed seem less dovish than expected.
In base metals, the LME lead price rise put downward pressure on Indian lead premiums. Global zinc premiums were steady amid ongoing demand concerns in Europe.
This document provides a weekly sector report dated August 31, 2019. It includes the following:
- Weekly stock picks for the first week of September with entry points, targets, and potential return.
- Developments in the banking, media, energy, IT, and pharma sectors.
- Analysis and recommendations to buy specific stocks, including Aurobindo Pharma, Marico, and Britannia.
- A disclaimer about the information provided in the report.
The document provides brokerage reports from Morgan Stanley, Jefferies, Citi, UBS, and others on various companies:
- Morgan Stanley maintains a 'Buy' rating for Hindustan Zinc with a price target of Rs 1,480 and expects government initiatives to boost plastic pipe demand.
- Jefferies maintains a 'Neutral' rating for Bharati Airtel but cut the price target, as Q2 results were in-line with expectations.
- Citi maintains an 'Equal-weight' rating for Bharti Airtel as wireless revenue was slightly better than expected and ARPU was a positive surprise.
- UBS maintains an 'Overweight' rating for Petron
- The document provides an update on the Indian stock market and major news items from September 23, 2019.
- Key points include futures on the S&P 500 rising as US-China trade talks progress, the USD/INR exchange rate expected to trade between 70.8-71.47, and various company-specific announcements like rating changes, share pledges, and joint ventures.
- Asian markets are mixed in early trading with South Korea down and Australia up, while Japan is closed for a holiday.
The document provides a weekly recommendation for Coal India Limited (CIL). It summarizes that CIL is India's largest coal producer, contributing 82% of domestic coal production. It recommends buying CIL stock at 188 rupees per share with a target price of 288 rupees and a stop loss of 100 rupees.
The document provides a brokerage report from 3 October 2019 summarizing analysts' views and recommendations on various companies. Several brokerage firms maintained 'Buy' ratings for companies like INOX, M&M, and Future Consumer while also updating their price targets. Competition and pricing pressures were noted as ongoing risks for HUL. Positive synergies from acquisitions were expected to drive earnings growth for GSK.
The rupee fell 68 paise against the US dollar due to rising crude oil prices after drone attacks on Saudi oil facilities. NCLAT will hear probe agencies regarding JSW Steel's plea seeking immunity after acquiring Bhushan Power and Steel. Jet Airways lenders presented to Synergy Group, the potential sole buyer of the bankrupt airline. The government exempted cash payments over Rs. 1 crore via APMCs from a 2% TDS to provide relief to the farm sector.
The document discusses developments in oil, precious metals, and base metal markets.
In oil markets, prices fell despite the Saudi oil attack as Saudi officials said production would return to normal more quickly than expected. However, some analysts caution recovery could be slower. The confident tone from Saudi officials may be aimed at reassuring investors ahead of the planned Saudi Aramco IPO.
In precious metals, gold prices fell as risk appetite increased following the Saudi attack. The divided Fed after its interest rate decision also made the Fed seem less dovish than expected.
In base metals, the LME lead price rise put downward pressure on Indian lead premiums. Global zinc premiums were steady amid ongoing demand concerns in Europe.
This document provides a weekly sector report dated August 31, 2019. It includes the following:
- Weekly stock picks for the first week of September with entry points, targets, and potential return.
- Developments in the banking, media, energy, IT, and pharma sectors.
- Analysis and recommendations to buy specific stocks, including Aurobindo Pharma, Marico, and Britannia.
- A disclaimer about the information provided in the report.
The document provides brokerage reports from Morgan Stanley, Jefferies, Citi, UBS, and others on various companies:
- Morgan Stanley maintains a 'Buy' rating for Hindustan Zinc with a price target of Rs 1,480 and expects government initiatives to boost plastic pipe demand.
- Jefferies maintains a 'Neutral' rating for Bharati Airtel but cut the price target, as Q2 results were in-line with expectations.
- Citi maintains an 'Equal-weight' rating for Bharti Airtel as wireless revenue was slightly better than expected and ARPU was a positive surprise.
- UBS maintains an 'Overweight' rating for Petron
- The document provides an update on the Indian stock market and major news items from September 23, 2019.
- Key points include futures on the S&P 500 rising as US-China trade talks progress, the USD/INR exchange rate expected to trade between 70.8-71.47, and various company-specific announcements like rating changes, share pledges, and joint ventures.
- Asian markets are mixed in early trading with South Korea down and Australia up, while Japan is closed for a holiday.
The document provides a weekly recommendation for Coal India Limited (CIL). It summarizes that CIL is India's largest coal producer, contributing 82% of domestic coal production. It recommends buying CIL stock at 188 rupees per share with a target price of 288 rupees and a stop loss of 100 rupees.
The document provides a brokerage report from 3 October 2019 summarizing analysts' views and recommendations on various companies. Several brokerage firms maintained 'Buy' ratings for companies like INOX, M&M, and Future Consumer while also updating their price targets. Competition and pricing pressures were noted as ongoing risks for HUL. Positive synergies from acquisitions were expected to drive earnings growth for GSK.
1. The USD/INR currency pair is expected to trade sideways with a positive bias around 70.8-71.47 in the coming weeks. On Friday, USD/INR showed a recovery from lower levels and ended with an upward "Hammer" candlestick pattern, suggesting a mild bounce is likely in the coming days.
2. India's Finance Minister said there are currently no plans to revise the country's fiscal deficit target, though experts believe it will widen due to corporate tax cuts.
3. Industry leaders expect the recent reduction in corporate tax rates to boost the economy and lead to a faster turnaround, though focus is now needed on spurring demand.
1. The Sensex and Nifty indices ended higher on the day, gaining 2.83% and 2.89% respectively, led by gains in banking, infrastructure and auto stocks.
2. BPCL and Bajaj Finance were the top gainers on the indices, while Zee Entertainment and Infosys were among the top losers.
3. Trading activity was high in HDFC Bank, ICICI Bank, and Maruti Suzuki during the session.
The document provides brokerage reports from Macquarie, Morgan Stanley, HSBC, and Morgan Stanley on various companies.
Macquarie maintains an 'Overweight' rating on a company but cuts its price target, citing a focus on reducing debt and improving execution. Morgan Stanley maintains a 'Buy' rating on a company and hikes the price target, noting operating trends remain strong in telecom and retail. HSBC downgrades a company to 'Neutral' as the stock is fully valued after delivering 50% returns in the last three quarters. Morgan Stanley maintains an 'Overweight' rating on a company but says rural consumer spending remains muted.
The document provides brokerage reports and recommendations from several firms on various companies and sectors:
- CLSA maintains a 'Buy' rating on UPL but cuts its target price and expects the company's free cash flows to turn positive in 2022.
- UBS initiates an 'Overweight' rating on UPL with a high target price, citing synergies from the Arysta acquisition and the need for earnings execution.
- For the Indian telecom sector, JPMorgan notes rising 4G penetration and data adoption as long-term drivers but changes in leadership and tariff hike uncertainty.
- HSBC downgrades Apollo Tyres to 'Neutral' due to uncertainty around mines and lower
- Bharti Airtel reported its quarterly financial results for Q1 FY2020, ending September 30, 2019.
- Key highlights include a customer base of 404 million across 16 countries, revenue growth in India and Africa, and increased mobile data traffic and ARPU in India.
- However, the company reported a net loss of Rs. 2,866 crore for Q1 FY2020 due to ongoing price competition from Reliance Jio in India.
1. Several public sector banks like Canara Bank and Corporation Bank announced the launch of new repo rate linked loan products to comply with RBI's mandate and faster transmission of interest rate cuts.
2. SpiceJet will take four Boeing 737 MAX aircraft that were previously operated by now-defunct Jet Airways as the airline continues its expansion plans.
3. Ultra-clean BS-VI grade fuel supplies will be expanded to seven more districts in Haryana from October 1st to cover the entire National Capital Region as oil companies extend coverage nationwide in a phased manner ahead of the April 2020 deadline.
- The rupee slipped 10 paise against the US dollar to 71.34.
- Yes Bank saw promoter group Morgan Credits sell a 2.3% stake.
- DHFL received a proposal from a developer to manage certain projects including slum rehabilitation schemes.
- Bank unions have called a strike at Andhra Bank from September 25-27 opposing proposed mergers which will affect bank functions.
This document provides technical analysis and charts for several stocks, including HDFC AMC, SRTRANSFIN, TCS, and KALPATARU POWER. For HDFC AMC, the analysis notes that the stock is within 6% of its two year high and up over 15% in the last month. Charts show daily and weekly trends. For SRTRANSFIN, the analysis provides details on moving averages and candlestick patterns, and charts the daily and weekly trends. Similar analysis is provided for the other stocks.
This document provides a daily market update for October 17th, 2019. It includes the following key points:
- US markets dipped on Wednesday as energy and tech shares retreated and Treasury yields continued to fall.
- In India, the rupee strengthened against the US dollar, settling 11 paise higher at 71.43.
- Asian stocks were drifting on Thursday after a modest US decline as investors considered a weak US retail sales report.
- Upcoming company earnings reports and other corporate news are mentioned.
The stock price of UPL has broken out of a downward trend and closed at its highest level since November 6, 2019. Technical indicators on the daily and weekly charts show strength. The document recommends buying UPL with a target price of Rs. 640 and a stop loss below Rs. 560.
- The Dow Jones Industrial Average declined on Tuesday as investors took a step back from recent gains to digest earnings reports and upcoming announcements from the Federal Reserve.
- The Indian rupee opened marginally lower at 71.56 per dollar on Monday compared to Friday's close of 71.14.
- Bharti Infratel's net profit for the fourth quarter of 2018-19 remained flat at Rs 607.6 crore amid proposed mergers and acquisitions in the telecom tower industry due to industry consolidation.
The brokerage report discusses analysis and recommendations from Morgan Stanley and other brokerages on various companies. Morgan Stanley maintained an 'Overweight' rating on Zee Entertainment with a price target of Rs. 416 and believes the market should start re-pricing the company based on its strong fundamentals. The government approved a two-year moratorium on spectrum payments which provides relief to Vodafone Idea but telcos still need to pay remaining spectrum dues for 2019-20.
This document provides a weekly stock picks report for the third week of February 2019. It recommends buying shares of Tata Motors at Rs. 200 with a target of Rs. 220, Balkrishna Industries at Rs. 1120 with a target of Rs. 1140, and Mahindra & Mahindra at Rs. 570 with a target of Rs. 590. It also includes sector developments on banking, media, energy, telecom, and pharma. Finally, it provides technical analysis justifying the stock pick recommendations.
HCL Technologies reported strong revenue growth of 18.4% year-over-year for the first quarter of fiscal year 2020, beating analyst estimates. However, operating margins declined due to higher costs. While revenue increased due to recent acquisitions and strong growth across business segments, net profit declined 8.3% due to lower margins. The company expects margins to improve in the coming quarters as the benefits of investments are realized.
This document provides a summary of key economic data and events for the week of December 23, 2019 to December 27, 2019. It lists the dates and times of upcoming economic reports and data releases from countries including Canada, Japan, Australia, and the United States. These include figures on job advertisements, construction indexes, crude oil inventories, consumer credit, building permits, unemployment claims, retail sales, and employment changes. It also notes some manufacturing indexes.
The brokerage report provides updates and analysis on several companies from various brokerage firms. Morgan Stanley maintained an underweight rating on Yes Bank but upgraded Infosys to a buy rating. Nomura maintained a hold on Maruti Suzuki. All three major private telecom operators signaled intention to increase tariffs, which could significantly alleviate stress in the industry. HSBC maintained a buy on Dr. Reddy's with a higher target price.
The document discusses three topics:
1. Energy - The oil market may not be fully pricing in the geopolitical risks from tensions between Saudi Arabia and Iran. While disruptions so far have been temporary, an escalation could impact oil production.
2. Precious Metals - Gold and silver prices increased on Friday due to concerns about the US-China trade talks and Middle East tensions fueling a flight to safety.
3. Base Metals - Copper hit a 2-1/2 week low as the US-China trade war continues to dominate market sentiment. China's economy is still slowing and demand for base metals is correlated with industrial activity.
- In the first half of fiscal year 2020 (H1 FY20), automobile sales in India witnessed their sharpest decline in 5 years at 14.4% year-over-year due to factors like price hikes from new safety regulations, higher insurance costs, and high dealer inventories.
- Commercial vehicle sales declined the most at 24.8% year-over-year in H1 FY20 due to increased axle load capacity and reduced lending by non-banking financial companies.
- While September 2019 sales continued to decline year-over-year, they increased month-over-month for passenger vehicles, commercial vehicles, and three-wheelers, indicating a potential recovery.
The document summarizes key points about the logistics sector in India:
1) The logistics sector is fundamental to India's economic development and is expected to reach $215 billion by 2020, driven by growth in manufacturing, retail, FMCG and e-commerce.
2) Transportation accounts for over 85% of the logistics sector currently, though development of infrastructure may improve efficiency over time.
3) The government has set a target to reduce India's high logistics costs from 14% to 9% of GDP by 2022 through coordinated efforts across various transportation ministries.
1. The USD/INR currency pair is expected to trade sideways with a positive bias around 70.8-71.47 in the coming weeks. On Friday, USD/INR showed a recovery from lower levels and ended with an upward "Hammer" candlestick pattern, suggesting a mild bounce is likely in the coming days.
2. India's Finance Minister said there are currently no plans to revise the country's fiscal deficit target, though experts believe it will widen due to corporate tax cuts.
3. Industry leaders expect the recent reduction in corporate tax rates to boost the economy and lead to a faster turnaround, though focus is now needed on spurring demand.
1. The Sensex and Nifty indices ended higher on the day, gaining 2.83% and 2.89% respectively, led by gains in banking, infrastructure and auto stocks.
2. BPCL and Bajaj Finance were the top gainers on the indices, while Zee Entertainment and Infosys were among the top losers.
3. Trading activity was high in HDFC Bank, ICICI Bank, and Maruti Suzuki during the session.
The document provides brokerage reports from Macquarie, Morgan Stanley, HSBC, and Morgan Stanley on various companies.
Macquarie maintains an 'Overweight' rating on a company but cuts its price target, citing a focus on reducing debt and improving execution. Morgan Stanley maintains a 'Buy' rating on a company and hikes the price target, noting operating trends remain strong in telecom and retail. HSBC downgrades a company to 'Neutral' as the stock is fully valued after delivering 50% returns in the last three quarters. Morgan Stanley maintains an 'Overweight' rating on a company but says rural consumer spending remains muted.
The document provides brokerage reports and recommendations from several firms on various companies and sectors:
- CLSA maintains a 'Buy' rating on UPL but cuts its target price and expects the company's free cash flows to turn positive in 2022.
- UBS initiates an 'Overweight' rating on UPL with a high target price, citing synergies from the Arysta acquisition and the need for earnings execution.
- For the Indian telecom sector, JPMorgan notes rising 4G penetration and data adoption as long-term drivers but changes in leadership and tariff hike uncertainty.
- HSBC downgrades Apollo Tyres to 'Neutral' due to uncertainty around mines and lower
- Bharti Airtel reported its quarterly financial results for Q1 FY2020, ending September 30, 2019.
- Key highlights include a customer base of 404 million across 16 countries, revenue growth in India and Africa, and increased mobile data traffic and ARPU in India.
- However, the company reported a net loss of Rs. 2,866 crore for Q1 FY2020 due to ongoing price competition from Reliance Jio in India.
1. Several public sector banks like Canara Bank and Corporation Bank announced the launch of new repo rate linked loan products to comply with RBI's mandate and faster transmission of interest rate cuts.
2. SpiceJet will take four Boeing 737 MAX aircraft that were previously operated by now-defunct Jet Airways as the airline continues its expansion plans.
3. Ultra-clean BS-VI grade fuel supplies will be expanded to seven more districts in Haryana from October 1st to cover the entire National Capital Region as oil companies extend coverage nationwide in a phased manner ahead of the April 2020 deadline.
- The rupee slipped 10 paise against the US dollar to 71.34.
- Yes Bank saw promoter group Morgan Credits sell a 2.3% stake.
- DHFL received a proposal from a developer to manage certain projects including slum rehabilitation schemes.
- Bank unions have called a strike at Andhra Bank from September 25-27 opposing proposed mergers which will affect bank functions.
This document provides technical analysis and charts for several stocks, including HDFC AMC, SRTRANSFIN, TCS, and KALPATARU POWER. For HDFC AMC, the analysis notes that the stock is within 6% of its two year high and up over 15% in the last month. Charts show daily and weekly trends. For SRTRANSFIN, the analysis provides details on moving averages and candlestick patterns, and charts the daily and weekly trends. Similar analysis is provided for the other stocks.
This document provides a daily market update for October 17th, 2019. It includes the following key points:
- US markets dipped on Wednesday as energy and tech shares retreated and Treasury yields continued to fall.
- In India, the rupee strengthened against the US dollar, settling 11 paise higher at 71.43.
- Asian stocks were drifting on Thursday after a modest US decline as investors considered a weak US retail sales report.
- Upcoming company earnings reports and other corporate news are mentioned.
The stock price of UPL has broken out of a downward trend and closed at its highest level since November 6, 2019. Technical indicators on the daily and weekly charts show strength. The document recommends buying UPL with a target price of Rs. 640 and a stop loss below Rs. 560.
- The Dow Jones Industrial Average declined on Tuesday as investors took a step back from recent gains to digest earnings reports and upcoming announcements from the Federal Reserve.
- The Indian rupee opened marginally lower at 71.56 per dollar on Monday compared to Friday's close of 71.14.
- Bharti Infratel's net profit for the fourth quarter of 2018-19 remained flat at Rs 607.6 crore amid proposed mergers and acquisitions in the telecom tower industry due to industry consolidation.
The brokerage report discusses analysis and recommendations from Morgan Stanley and other brokerages on various companies. Morgan Stanley maintained an 'Overweight' rating on Zee Entertainment with a price target of Rs. 416 and believes the market should start re-pricing the company based on its strong fundamentals. The government approved a two-year moratorium on spectrum payments which provides relief to Vodafone Idea but telcos still need to pay remaining spectrum dues for 2019-20.
This document provides a weekly stock picks report for the third week of February 2019. It recommends buying shares of Tata Motors at Rs. 200 with a target of Rs. 220, Balkrishna Industries at Rs. 1120 with a target of Rs. 1140, and Mahindra & Mahindra at Rs. 570 with a target of Rs. 590. It also includes sector developments on banking, media, energy, telecom, and pharma. Finally, it provides technical analysis justifying the stock pick recommendations.
HCL Technologies reported strong revenue growth of 18.4% year-over-year for the first quarter of fiscal year 2020, beating analyst estimates. However, operating margins declined due to higher costs. While revenue increased due to recent acquisitions and strong growth across business segments, net profit declined 8.3% due to lower margins. The company expects margins to improve in the coming quarters as the benefits of investments are realized.
This document provides a summary of key economic data and events for the week of December 23, 2019 to December 27, 2019. It lists the dates and times of upcoming economic reports and data releases from countries including Canada, Japan, Australia, and the United States. These include figures on job advertisements, construction indexes, crude oil inventories, consumer credit, building permits, unemployment claims, retail sales, and employment changes. It also notes some manufacturing indexes.
The brokerage report provides updates and analysis on several companies from various brokerage firms. Morgan Stanley maintained an underweight rating on Yes Bank but upgraded Infosys to a buy rating. Nomura maintained a hold on Maruti Suzuki. All three major private telecom operators signaled intention to increase tariffs, which could significantly alleviate stress in the industry. HSBC maintained a buy on Dr. Reddy's with a higher target price.
The document discusses three topics:
1. Energy - The oil market may not be fully pricing in the geopolitical risks from tensions between Saudi Arabia and Iran. While disruptions so far have been temporary, an escalation could impact oil production.
2. Precious Metals - Gold and silver prices increased on Friday due to concerns about the US-China trade talks and Middle East tensions fueling a flight to safety.
3. Base Metals - Copper hit a 2-1/2 week low as the US-China trade war continues to dominate market sentiment. China's economy is still slowing and demand for base metals is correlated with industrial activity.
- In the first half of fiscal year 2020 (H1 FY20), automobile sales in India witnessed their sharpest decline in 5 years at 14.4% year-over-year due to factors like price hikes from new safety regulations, higher insurance costs, and high dealer inventories.
- Commercial vehicle sales declined the most at 24.8% year-over-year in H1 FY20 due to increased axle load capacity and reduced lending by non-banking financial companies.
- While September 2019 sales continued to decline year-over-year, they increased month-over-month for passenger vehicles, commercial vehicles, and three-wheelers, indicating a potential recovery.
The document summarizes key points about the logistics sector in India:
1) The logistics sector is fundamental to India's economic development and is expected to reach $215 billion by 2020, driven by growth in manufacturing, retail, FMCG and e-commerce.
2) Transportation accounts for over 85% of the logistics sector currently, though development of infrastructure may improve efficiency over time.
3) The government has set a target to reduce India's high logistics costs from 14% to 9% of GDP by 2022 through coordinated efforts across various transportation ministries.
The document provides an economic spotlight report on the state of Indian states' finances. It notes that states have managed to keep their fiscal deficits within mandated limits but their outstanding debt as a percentage of GDP has risen in the last five years. It recommends that states continue planned capital expenditures to support overall economic activity and pursue measures to improve tax collection and debt management.
- The document discusses the financial performance of Timken India in the previous fiscal year and provides an outlook for the coming years.
- While all segments performed solidly in FY19, headwinds in the automotive sector are expected to impact growth in the mobile segment.
- The railway segment is expected to report robust growth over the next two years, supported by increased railway capex.
- Timken has successfully integrated its acquisition of ABC Bearings and plans additional capex to utilize ABC's capacities.
The cement sector in India is the second largest in the world. Production capacity was 502 MTPA in 2018 and is expected to increase by 20 MTPA by 2021. Cement production is projected to grow 5-7% in 2020 due to demand from infrastructure projects. Exports of cement have increased at a CAGR of 10.54% between 2012-2019 while imports have risen 7.99% annually. Major strategies in the sector include expanding regional presence, partnerships for more efficient production, and mergers and acquisitions.
- DBL reported lower than expected revenue of Rs22.9bn due to delays in receiving appointed dates for its HAM projects. EBITDA was ahead of estimates but PAT declined 51% YoY due to higher costs.
- Despite the weak quarter, the company maintained its 10-15% revenue growth guidance as it has received dates for 10 of 12 HAM projects and expects the remaining two by October.
- The Shrem deal is expected to be concluded over the next two quarters as DBL nears completion of under construction HAM projects that were part of the deal.
The document provides an overview and key points about Bharat Electronics Ltd from a 19 September report:
- Revenue growth of 12-15% is guided for FY20 driven by a strong order backlog of Rs576 bn. Order inflow for FY20 is expected to be Rs130-150 bn.
- New areas of growth include space electronics, solar, homeland security and more to drive future non-defense revenue.
- The company is focusing on artificial intelligence projects and increasing indigenization.
- Two large upcoming orders are LRSAM (Rs150bn) and Akash (Rs53.6bn) missile systems.
The RBI approved trading of rupee derivatives with settlement in foreign currency at the International Financial Services Centre in GIFT City, Gujarat on October 4, 2019. This is expected to improve revenue prospects for onshore international exchanges located in GIFT-IFSC by attracting some offshore currency derivatives trading onshore. It also aims to make exchange rate management more effective and reduce disjointed price discovery. The decision was made in light of sharp growth in offshore rupee trading volumes exceeding onshore volumes, with around 50% of rupee derivatives traded offshore in exchanges like DGCX and SGX.
The document provides information on recent changes to foreign direct investment (FDI) norms in India. It discusses reforms that have helped improve India's ease of doing business ranking. It then outlines the government's decision to relax FDI rules for several sectors, including coal mining, retail, digital media, and contract manufacturing. The goal is to attract more foreign investment and boost sectors that require significant capital. The changes are expected to make FDI easier for foreign investors and retailers.
- Petronet LNG's revenue declined 6.1% YoY to Rs86 bn in Q1FY20, while adjusted EBITDA declined 3% YoY to Rs9.1 bn and adjusted PAT grew 4.3% YoY to Rs6.1 bn.
- The company has expansion plans such as setting up additional tanks at Dahej terminal and exploring upstream LNG assets, to boost future growth.
- Sales volume rose 165% YoY with strong volume support from long-term contracts until 2028 and petronet's current market position gives it an edge over competitors.
This document summarizes a study analyzing the impact of India's new corporate tax regime on 2,377 companies that had positive profits before tax in fiscal year 2019. Some key findings of the study include:
- The new 25.17% corporate tax rate would result in estimated tax savings of Rs. 41,555 crore for 1,192 companies previously paying over 25.2% tax.
- Total tax paid by the 2,377 companies was Rs. 2.37 lakh crore at an effective tax rate of 27.5%.
- Private banks could see tax savings of Rs. 12,000 crore, allowing potential lending capacity of Rs. 1.2 lakh crore if reserves are increased
The document summarizes investment patterns of Indian mutual funds in October 2019. It notes that the largest share (47%) of debt assets under management (AUM) were invested in short-term instruments under 90 days. The second highest category was corporate debt papers at 27.4% of debt AUMs. It also analyzes fund deployment across various debt instruments like commercial papers, government securities, and exposures to sectors for equity AUMs.
This document summarizes a study analyzing the impact of India's new corporate tax rate of 25.17% on companies' tax savings for the 2019 fiscal year. Key findings of the study include:
- 1,192 companies would see tax savings of Rs 41,555 crore from the new lower tax rate.
- Total tax paid by the 2,377 companies studied was Rs 2.37 lakh crore at an effective tax rate of 27.5%.
- The tax savings could increase banks' ability to lend by up to Rs 1.2 lakh crore if reserves increase due to lower taxes.
- The S&P 500 ended flat on Tuesday while the Nasdaq rose to a new high, amid disappointing reports from some US retailers. Oil prices dropped over 3%.
- The Indian rupee recovered by 13 paise against the US dollar. Several Indian companies including Wipro, Shree Cement, and Siemens reported earnings.
- Asian stocks retreated and US futures fell after the US Senate supported Hong Kong protesters, which could complicate US-China trade talks. Bonds rose.
The document summarizes the liquidity conditions in the Indian banking system for the week ending September 20, 2019. It notes that while the banking system maintained an overall liquidity surplus, the surplus declined sharply from the previous week due to tax payments and higher government borrowings. It also mentions that liquidity conditions are expected to improve slightly in the current week but could still be weighed on by various outflows.
The World Bank has revised down its price forecasts in line with subdued global growth. Crude oil prices fell 8% in the third quarter despite attacks on Saudi oil infrastructure, and almost all major commodity price indexes declined due to slowing global demand from trade tensions, weak trade, slowing manufacturing and lower output growth. Global oil consumption is projected to grow by 1% in 2019, with non-OECD countries accounting for all the increase and China alone half the rise, while OECD consumption is expected to remain flat.
The document analyzes interest costs for Indian states and the central government from 2014 to 2020. It finds that:
- State interest expenditures have grown 12% annually on average and stood at Rs. 3.2 lakh crore in FY2019, projected to reach Rs. 3.5 lakh crore in FY2020.
- Outstanding state liabilities have also grown 12.3% annually on average, reaching Rs. 47.1 lakh crore in FY2019 and projected to be Rs. 52.5 lakh crore in FY2020.
- Average interest costs have been higher for states than the central government in most years, though this difference has narrowed over time.
- Yields on long-term and short-term government securities as well as corporate bonds declined in October 2019, with the fall being larger for corporate bonds and commercial papers.
- The central government's borrowings in October 2019 were 48% lower than in the previous month, though borrowings for April-October 2019 were 48% higher than the previous year.
- Both issuances and yields declined for government securities and corporate debt in the primary and secondary markets in October 2019, while bank credit growth also contracted.
This document provides a summary of key economic data being released during the week of March 9-14, 2020. It lists the date, time, and country/region that the economic indicator is being released for, along with the specific indicator such as consumer confidence, GDP, manufacturing PMI, etc. There is also a disclaimer at the end related to the information provided and legal terms of using the website.
The document provides a report on gold and silver prices and analysis from the MCX (Multi Commodity Exchange) on March 21, 2020.
The 3 sentence summary is:
Gold prices on the MCX rose 0.75% to Rs. 40,129 per 10 grams as speculators created new positions amid a firm global trend, while silver prices soared Rs. 914 to Rs. 36,016 per kg as participants widened bets due to a firm global trend. The report provides technical analysis and recommendations to sell gold at Rs. 38,400 and silver at Rs. 33,047 based on support and resistance levels.
The document provides details of an option trading strategy for Ultratech Cement. It recommends buying 3400 call options of Ultratech Cement at Rs. 299 with a lot size of 200, maximum loss of Rs. 63,100, and unlimited profit potential. The strategy rationale is that Ultratech Cement has broken resistance and sustained above that level, indicating a high probability of the stock price rising further.
- The USD was higher against the INR on Friday after the Indian Prime Minister announced a nationwide curfew on Sunday to combat the spread of coronavirus.
- USD/INR was trading at 75.15, up 0.50% for the day. The research recommendation was to buy USD/INR at 75.24 with a target of 76.5 and stop loss of 74.2.
- The document provided a technical analysis of USD/INR along with a research recommendation for trading the currency pair.
The document provides analysis and recommendations on the Indian stock market and some specific stocks. It discusses key support and resistance levels for indexes like Nifty and Bank Nifty. It provides both short term and medium term buy recommendations for stocks like Reliance, Tata Steel, and Maruti among others. The document also summarizes global market conditions and movements in crude oil prices.
Silver, gold and crude oil futures prices rose on Friday according to the commodity snapshot document. Natural gas markets fluctuated after rising on Thursday. Nickel futures also gained on Friday due to rising demand. The aluminum industry may see reduced production and loads due to the automotive sector slowing down as a result of the coronavirus crisis in Germany and Europe. Rubber prices declined as tyre makers and domestic stockists were not interested in increasing commitments.
- The document provides a sector-wise breakdown of the movement in the Indian stock market on March 21, 2020. Most sectors saw gains ranging from 3.4% to 10.1%.
- It also lists support and resistance levels for the Nifty and Bank Nifty indexes. Foreign and domestic institutional investor activity is shown for the past few days.
- The indexes saw gains on March 20 on hopes of a government stimulus and positive global cues, breaking a four-day losing streak. However, the market remains sell-on-rally due to coronavirus pessimism.
JSW Steel is an Indian steel company and one of the fastest growing in India. It has a footprint in over 140 countries. JSW Steel is India's second largest private sector steel company with an installed capacity of 18 MTPA. The document provides a rating of "Buy" for JSW Steel with a target price of INR 250 and discusses the company's financial performance, growth, capacity expansion plans, and valuation compared to peers.
- The stock market indices in India ended lower for the fourth consecutive session on March 19 due to concerns over the COVID-19 pandemic and its economic impact. The Sensex closed down 581 points and Nifty fell 205 points.
- The economic impact of the COVID-19 pandemic is being felt globally via supply chain disruptions and a slowdown in demand as more countries implement lockdowns and social distancing measures. This will likely weaken the global economy in the first half of 2020.
- The effects of the pandemic are expected to be prolonged, with supply chain disruptions in China gradually easing by mid-April but the impact on travel and tourism likely lasting until June. Weak demand from lockdowns
- Gold futures rose on Friday due to safe haven demand amid the accelerated spread of COVID-19, lower US equities, and a weaker US dollar.
- The Dow Jones fell 0.8% and the US Dollar Index fell 0.25%, both lending support to gold prices.
- Silver markets also rallied, piercing the $13 level and looking to build a base as the market has been oversold, though industrial demand for silver will be negatively impacted by the pandemic.
Sector weekly perfomance 21 st mar - 2020stockquint
This document provides a weekly sector performance report covering several industries in India. It discusses how the continued spread of COVID-19 is negatively impacting the automobile sector through supply chain disruptions from China and potential declines in demand. It also notes challenges for the banking sector from the pandemic's economic effects. The FMCG sector continues to see a slowdown, especially in rural areas. The pharmaceutical industry may need to reduce dependence on China for active pharmaceutical ingredients. The NBFC, oil and gas, and stressed asset management sectors are also addressed.
Derivative weekly report 21 st mar - 2020stockquint
The document provides analysis of the Indian stock market and recommends buying Hindustan Unilever Limited futures. It analyzes technical indicators for the Nifty 50 index and Bank Nifty index, noting support and resistance levels. It also discusses currency movements between the Indian rupee and US dollar. Open interest data for various securities is presented.
- Several key sectors saw declines last week, with the BSE PSU index falling -133.2 points and the BSE Bankex index declining -236.68 points.
- The Nifty index failed to break above previous highs and closed the week down 32.6 points at 12,080.85. Technical indicators suggest the potential for further declines in the short term.
- Mobile carriers including Vodafone Idea were ordered to pay thousands of crores in dues following a Supreme Court ruling. Official macroeconomic data will be monitored for signs of economic revival.
This document provides a weekly sector analysis and stock picks for the third week of February 2020. It includes:
- A performance summary of various sectors for the week.
- Potential stock picks to buy or sell for the week, including entry prices and targets.
- A discussion of developments in sectors such as banking, auto, energy, and telecom.
This document provides a summary of key economic data being released for the week of February 24, 2020 to February 29, 2020 from various countries including New Zealand, Eurozone, Australia, Canada, China, and the United States. It also includes disclaimers about investment risks and responsibilities for the information provided.
- The weekly market report provides an overview of the performance of key indices like Nifty and Bank Nifty for the week ending February 20, 2020. Nifty ended the week lower by 32 points at 12,080 levels while Bank Nifty closed lower by 287 points at 30,942 levels.
- Most sectors ended in red for the week with auto, metal and PSU banking indices falling the most. IT was the only sector in green, gaining over 1%. Foreign institutional investors were net sellers in the cash market during the week.
- Going forward, analysts will monitor official economic data for signs of recovery in the slowing Indian economy. The report provides technical levels for the indices along with details of sector performances.
1. The Sensex closed up 428 points and the Nifty closed up 133 points, with both indices breaking a four-day losing streak.
2. On the Nifty, gainers included Bharti Infratel, Grasim Industries, Coal India, HUL and Zee Entertainment. Losers included Tata Motors, JSW Steel, Sun Pharma, TCS and Bharti Airtel.
3. The short term resistance for the Nifty is expected at 12,250 with support at 12,000, while the RSI showed a rise reaching 51 levels.
1) Bajaj Finance beat analyst estimates with its Q3 profit rising 52.2% YoY to Rs. 1,614 crore and net interest income increasing 41.4% YoY. Provisions increased sharply by 83% YoY and 40% QoQ.
2) The stock recommendation is to buy Bajaj Finance at Rs. 4780 with price targets of Rs. 5000 within 15 days as the price is trading above the 50 and 200 day moving averages and MACD is showing a bullish crossover.
3) The company added 182 new locations in Q3FY20 taking its total geographic presence to 2,179 locations in India as of December 31, 2019.
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
2. 1
National Highways(NH)construction rate improved to around 30 kmper day in
FY2018-19 compared to 26.93 km in FY2017-18 and further improved to around
31 kmper dayin Q1FY2019-20owing to hugeprojects awardedduring
previousyears, sturdypace of land acquisition during FY2018-19and slew of
reforms taken by government.
During Q1FY2019-20, 2,819 km and 1,200 km of NHs were constructed and
awarded respectively as against 2345 and 892 duringcorresponding period a year
ago. Out of 2,819 km of NHs, 1,848 km of NHs were constructed by Ministry of
Roads Transport and Highways (MoRTH), 928 km by National Highways Authority
of India (NHAI) and 45 km by National Highways & Infrastructure Development
Corporation Limited (NHIDCL).
In view of slowdown in pace of awards underHybrid Annuitymodeland Engineering
Procurement Construction (EPC) model, CARE Ratings opines that to keep the pace of
construction at current rate of 30 km per day entailsprivate investment under Build operate
transfer (BOT) model. However, road developers and lenders are waryof BOT road projects
due to traffic and construction risksin BOT model. Government needs to mitigateor
eliminatetrafficrisksand construction risks to attract private investment in BOT road
projectsviz. by way of extending concession period in case of shortfall in traffic estimates.
Highwaysconstruction to slow down to 26-27km per day in FY2020.
Economic Spotlight
23 October 2019
3. 2
During FY2018-19, 10,855 km length of NHs were constructed compared to 9829 km in FY2017-18.
The construction target for FY2019-20 has been set at 11,000 km, of which 7,000km will be
constructed by MoRTH, 3,350 km by NHAI and 650 km by NHIDCL. During FY2018-19, 5,493 km
length of NHs were awarded, which was 67.8% lower than 17,055 km of NHs awarded during
previous year FY2017-18. Furthermore, projects award target has been reduced to 6,000 km for
FY2019-20 from 20,000 km for FY2018-19.
Pace of land acquisition wasstrongduring FY2018-19 and NHAI has acquired 13,982hectare, which
was about 47% higher than 9,494 hectares acquired in FY2017-18.Total expenditure for land
acquisitionincreasedfrom INR 29,200 crores(INR 3.07 crore per hectare)in FY2017-18 to INR 34,527
crores(INR 2.47 crore per hectare)in FY2018-19. Cost of land acquisition has increased by almost
three times in recent years compared to INR 0.9 crore per hectare in FY2013-14.
As a result of this, cost of land acquisition continues to hover around 25 to 30 % of total capital
expenditure for NHs construction. Meanwhile, average capital outlay of NHs increased by 16 percent
to INR 11.8 crore per km in FY2018-19 from INR 10.2 crore per km in FY2017-18. Furthermore,
average capital outlay of NHs is higher at INR 15.4 crore per km for projects under Bharatmala
Pariyojana.
During FY2019-20, at an average capital outlayof INR 13-14crore per km, NHs entailinvestment of
about INR 1.4-1.5trillion, which is much higher thanthebudgetary support. Funds allocatedfor
constructionor development of highwaysincluding Internal and Extra
BudgetaryResources(IEBR)increased fromINR 1,27,993crore (IEBR of IN 62,000 crore) for FY2018-19
to INR 1,32,760crore (IEBR of 75,000 crore)for FY19-20.
UnderBharatmala Pariyojana,the government awarded 178 projects having an aggregate length of
7,998 kmtill March, 2019which was mere 23 percent of planned length of 34,800 km.As on June 30,
2019, there were 46 projects wherein appointed date was due for more thanthree months.Delay in
awards is mainly on account of delay in obtaining pre-requisite land for awarding projects under
EPCmodel (90 percent) and Hybrid Annuity Model (80 percent).
Land acquisition and compensation
Economic Spotlight
23 October 2019
4. 9
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Economic Spotlight