Indian market: Nifty 50 Future opened a minor 20 points gap up at 7782 from previous day's close of 7765. The possibility of higher U.S. interest rates after data overnight which indicated that “most” of the central bank’s members are ready to raise rates if economic data points to stronger second-quarter growth as well as firming inflation and employment along. Nifty made a low of 7737 today, below its previous day's low of 7754 to end at 7739 a 0.32% down from previous close. INR has given a continued breakout above its previous month high of 66.95 after making a high of 67.47 today.
International Market: Stocks seesawed on Monday while oil, the dollar and bond yields all fell as investors began the week cautious about prospects that U.S. interest rates could soon be raised. The FTSEuroFirst 300 index of leading shares, Germany's DAX and France's CAC 40 all fell as much as 1 percent in early trade but then rebounded into positive territory. Purchasing manager’s index data showed that euro zone business growth slipped in May to a 16-month low, the latest evidence to suggest a strong acceleration in growth in the first three months of the year was only temporary.
Markit's flash Composite Purchasing Managers' Index, one of the first growth indicators in a month, edged down to 52.9 from April's 53.0, essentially stable but still the lowest since the start of 2015. Germany's private sector growth accelerated in May to the highest level so far this year, but activity elsewhere failed to keep pace.
Earlier in Asia shares mostly rose, with MSCI's broadest index of Asia-Pacific shares outside Japan up 0.3 percent, but Japan's Nikkei ended down 0.5 percent. The Markit/Nikkei flash Japan manufacturing PMI showed Japanese manufacturing activity contracted at the fastest pace in more than three years in May, while a slump in Japanese trade and reports that Japan's sales tax increase would indeed be implemented all weighed on the Nikkei.
Himatsingka Seide (NS: HMSD ) Financial Results: Quarterly & Yearly
The Consolidated PAT for the quarter was Rs 42.70 Crores vs. Rs 25.86 Crores in the corresponding quarter of the previous year, showing a growth of 64.1 per cent. The Consolidated EBIT grew by 58 per cent and stood at Rs 71.89 Crores vs. Rs 45.49 Crores in the corresponding quarter of the previous year. The Consolidated EBITDA (including other income) grew by 52.9 per cent and stood at RS 85.33 Crores as compared to Rs 55.80 Crores in the corresponding quarter of the previous year. The Consolidated Revenues for the quarter was RS 449.55 Crores. A reduction of 1.2 per cent was witnessed as compared to Consolidated Revenues of RS 455.01 Crores for the corresponding quarter of the previous year. Revenues from the Global Retail and Distribution Business across North America, Europe and Asia for the quarter dropped by 2.9 per cent to Rs 397.36 Crores vs. Rs 409.23 Crores in the corresponding quarter of the previous.
Siemens (NS: SIEM ) strengthens partnership with Sri Lanka
Siemens, a renowned global leader in the area of Smart Cities, has signed a Memorandum of Understanding (MoU) with Ministry of Megapolis and Western Development to strengthen its partnership with Sri Lanka. This will offer expertise and best practices from its globally-proven, state-of-the-art, Sustainable, Smart City solutions portfolio to the country. Siemens is now a part of Sri Lanka’s future as it focusing strongly on the region-specific needs of the industry with the right systems and solutions. The company has started numerous pioneering projects in Sri Lanka together with key stakeholders such as the government, local industry and business partners in order to deliver the benefits of the latest global technologies to its citizens.
Lumax Industries makes strategic move in Taiwan
Lumax Industries, the Flagship Company of D.K. Jain Group, has made strategic business move in “Taiwan” and inaugurated its state-of-the-art Design Centre in Taiwan to strengthen its in-house design capabilities. Mr. D.K. Jain, the Chairman of the Group has inaugurated this new centre.The opening of the design centre is seen as a strategic step towards Company’s self-reliance initiatives and to make designing cost competitive. The new establishment shows the close ties between Lumax and its business partnerships with Taiwan that is known to be in existence for the last 36 years. Besides facilitating the communication between Taiwanese companies and the Indian headquarters, the well calculated move will serve as Lumax’s springboard for doing business in Japan, South Korea and mainland China in future. Taiwan offers many advantages viz. an excellent geographic location, comprehensive supply chain, industrial clusters, strong manufacturing technology, a hardworking quality workforce, innovative R&D and management capabilities. The company annually purchases roughly NT$350 million from Taiwan’s tooling, machinery and equipment suppliers.
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