NDPMS Wealth Management

Jaguar and Land Rover (JLR) registered better-than-expected wholesale volume growth of 30.3% yoy (18.2% mom) to 38,173 units; against our expectations of 35,500 units. The growth was driven by strong performance across the Jaguar and Land Rover brands. Jaguar sales registered a robust 41.6% yoy (18.3% mom) growth led by the introduction of the model year 2013 models - XF Sportbrake, XF AWD and smaller engine variants of XF and XJ. Land Rover sales too grew at a robust rate of 28.2% yoy (18.2% mom) primarily driven by Evoque, Freelander and the new Range Rover. While, the Evoque and Freelander models continue to benefit from the availability of additional capacity (due to third shift at Halewood plant); the new Range Rover grew on the back of ramp-up in deliveries. We expect the volume performance to improve in 4QFY2013 led by ramp-up at the Halewood plant which would boost the production of Evoque and Freelander. Further dispatches of the new Range Rover, and AW...

Food security scheme likely to get Rs 5,000 cr in Budget The UPA-2 government’s most ambitious social security programme, the national food security scheme, is likely to get Rs 5,000 crore as initial allocation in the 2013-14 Budget, to be presented by Finance Minister P Chidambaram on February 28. The programme will start in 2013-14 and the Budget would provide this allocation, said officials in the know. “This sum has been kept aside for food security and will be different from the usual allocation of food subsidy,” an official said. The Food Security Bill, which seeks to provide legal entitlement for cheap grain to almost 67 per cent of the population, has been vetted by a standing committee of Parliament. The department of food and consumer affairs is preparing a Cabinet note for a revised Bill, likely to be moved in the Budget session. Officials estimate the yearly food subsidy at Rs 1,20,000 crore to Rs 1,40,000 crore, depending on the quantity of food allocated under the ...

Nik's Diary The Indian market opened flat to positive, mirroring SGX Nifty which is trading marginally higher in the opening trades. Other Asian markets had a mixed opening today with markets remaining alert for G-7/G-20 meeting. The US markets ended mostly higher after a lackluster performance through the day. Reports showing contractions in fourth quarter GDP in Germany, France, and Japan led to renewed concerns about the global economy. German GDP fell by 0.6% in the fourth quarter, while French GDP dropped by 0.3; both decreases were slightly steeper than expected. A separate report showed that Japanese GDP edged down by 0.1% in the fourth quarter compared to economists’ estimates of a 0.1% growth. However, an upbeat jobs report from the US helped to offset the negative sentiment, with the Labor Department report showing that initial jobless claims fell to 341,000, a decrease of 27,000 from the previous week's revised figure of 368,000. Meanwhile Indian markets fell ...

Nik's Diary The Indian market opened in the green, mirroring SGX Nifty which is trading marginally higher in the opening trades. Other Asian markets have also opened in the green. The US markets extended the trend seen over the past few sessions and the stocks turned in another lackluster performance during trading on Wednesday. The major averages eventually ended the day mixed for the second consecutive session. Meanwhile, the European markets finished in positive territory on Wednesday. Investors were encouraged by the slower pace of decline in Eurozone industrial production and by retail sales data from the United States. Some better than expected earnings data also provided a boost to investor sentiment Meanwhile Indian shares rose modestly on Wednesday, paring early gains, with IT stocks leading the gainers. The benchmark BSE Sensex ended the session up 47 points or 0.24% at 19,608, while the broader Nifty index rose by 10 points or 0.18% to 5,933.  Trade defi...

Nik's Diary The Indian market opened flat to positive, mirroring SGX Nifty which is trading marginally higher in the opening trades. The US markets witnessed relatively lackluster performance throughout the trading session as traders seemed to be staying on the sidelines ahead of President Barack Obama's State of the Union address later in the evening. Markets are likely to take cue from the president's remarks regarding the automatic government spending cuts looming at the end of the month. Investors will be also watching for any developments from the G-20 meeting, which will be held on Friday. Meanwhile, Moody's Investors Service said the downside risks to the global economic recovery have diminished since the end of last year, but a slow pace of economic growth is still likely in many economies. Meanwhile Indian shares rose in yesterday’s trading session, snapping an eightday losing streak, with investors shrugging off disappointing IIP (-0.6% for December 201...

Nik's Diary The Indian market opened flat with a negative bias, mirroring SGX Nifty which is trading lower in the opening trades. Major Asian indices except Nikkei are still closed for the Lunar New Year holiday. The US market saw modest weakness throughout the trading session. Selling pressure prevailed although subdued.  The major averages climbed near the unchanged line in the final hour of trading but still ended the day in the red. The European markets finished Monday's trading session with mixed results. Some negative news for pharmaceutical company Novo Nordisk weighed on investor sentiment at the start of the new trading week. Meanwhile Indian shares swung between gains and losses before ending modestly lower on Monday, dragged down by capital goods, IT and FMCG stocks. Adding to growth concerns, Reserve Bank of India Governor cautioned that the country was headed for the highest ever current account deficit this fiscal year. ONGC - RU3QFY2013 ONGC reporte...

Nik's Diary The Indian market opened flat, mirroring SGX Nifty which is trading flat to marginally lower in the opening trade. Major Asian markets – Hong Kong, China, Taiwan, Malaysia and Japan are closed today. US markets ended higher on Friday partly due to a positive reaction to a commerce department report showing a much narrower than expected US trade deficit for the month of December, with the data potentially leading to an upward revision to the disappointing fourth quarter GDP data. The report showed that the US trade deficit fell almost 21% in December to US$38.5bn, marking the biggest drop in four years, from a revised US$48.6bn in November, while economists had expected the deficit to shrink to US$46.0bn. In another positive sign for the global economy, a separate report released by the Chinese National Bureau of Statistics showed that the Chinese trade surplus came in at US$29.2bn in January compared to the US$24.2bn surplus expected by economists. The Indian mar...