NSE - WEEKLY NEWS LETTERS
TOP NEWS OF THE WEEK
RBI forecasts GDP growth of 7.6% for FY17 - RBI Governor Raghuram Rajan Forecast GDP growth of 7.6% for FY17 and 7.4% with downward bias for FY16.For 2016-17, growth is expected to strengthen gradually, notwithstanding significant headwinds. Expectations of a normal monsoon after two consecutive years of rainfall deficiency, the large positive terms of trade gain, improving real incomes of households and lower input costs of firms should contribute to strengthening the growth momentum. Yet, still weak domestic private investment demand in a phase of balance sheet adjustments, re-emergence of concerns relating to stalled projects, excess capacity in industry, sluggish external demand conditions dampening export growth could act as headwinds.

Hindustan Zinc plans to invest Rs. 8000 Crore - Hindustan Zinc is looking to expand its all operations in a time-frame of 3-5 years, taking current ore production levels of 9.36 MTPA to 14.00 MTPA and finished metal production levels from 0.85 MTPA to 1.10 MTPA. As Hindustan Zinc, a Vedanta Group company in Zinc-Lead-Silver business celebrates its Golden Jubilee, completing 50 years of its existence; the company is all set for its next phase of expansion of its mining and smelting operations with an investment of Rs.8000 crore.

We expect RBI to slice repo rate by 25 basis points after the Budget: CRISIL - As expected, the Reserve Bank of India on Tuesday kept the repo rate unchanged at 6.75% with the Union Budget on the anvil and while awaiting more data on the inflation trajectory. Since its last policy-rate cut, some room for monetary easing has opened up as global growth weakened leading to a sharp decline in crude oil and commodity prices which supported lower inflation. But the RBI also wants to tame consumer price inflation to 5% by March 2017 – or a clear percentage point lower than its March 2016 target. This will be a tough Task if the Seventh Pay Commission recommendations are implemented and the monsoon remains inadequate. A noninflationary.

China economic woes threaten WTI - WTI Oil plummeted over 6% during trading on Monday with prices edging closer to $31 as tepid manufacturing data from China, the world’s largest energy consumer, renewed fears that demand may be dwindling. These anxieties added to the rapidly fading expectations around OPEC cooperating with Russia to curb production, while ongoing concerns over the excessive oversupply of oil in the markets continued to haunt investor attraction. Although there was some initial optimism directed towards Russia’s willingness to slash production, Saudi Arabia remained defiant on the idea of any cuts, while Iran had already pledged to pump up to 1.5M barrels a day in a mission to reclaim its lost market share.

RBI continues to be "accomodative", to wait for data on inflation: Rajan - In line with the market expectations, the Reserve Bank of India has kept the key policy rates unchanged. The central bank said that it is keeping a keen eye on the Union Budget due on 29th February, before taking any decision that would rattle the market participants. The stance is akin to the policy statement from the Fifth Bi-monthly meet which reiterated that the global growth continues to be weak.

FM: GST will become a reality soon - Finance Minister Arun Jaitley is expecting that the opposition parties will “see reason” and the Goods and Services Tax, which is held up in Rajya Sabha, will become a reality soon. “GST has been supported by most political parties and I am sure others will also see reason and this law will become a reality very soon,” Jaitley said. Jaitley added that the government is also working on streamlining the direct taxation system. “We want to rationalise our direct tax system,” He said.

FDI spurts 114% to US$4.5bn in December - Foreign Direct Investment into the country more than doubled to about US$4.5 billion in December 2015. “FDI inflow to India recorded a whopping 114 per cent growth for December 2015 vs December 2014,” the Commerce & Industry Ministry said. In December 2014, India had received US$ 2.16 billion. The major sectors that attracted FDI include computer software & hardware, trading, services, automobile and telecommunications. India receives maximum FDI from Singapore, Mauritius, the Netherlands and Japan. In 2014-15, FDI grew by 27 per cent to US$30.93 billion as against US$24.29 billion in 2013-14."India is seen as one of the best places to invest, when globally you have a 16 per cent fall in FDI. It is only in India we are growing. FDI which is coming to India is growing at 38 per cent," Union Commerce and Industry Minister Nirmala Sitharaman said on Thursday.
India has potential to grow much faster than current pace: Jaitley - Finance Minister Arun Jaitley stated that India has the potential to grow much faster than the current pace. India has displayed a great deal of resilience in challenging situations, Jaitley said. FM said that it expects to pass bankruptcy law in the budget session.We are actively working on our taxation system, added Jaitley.
Oil prices surge as USD falls...Russia open to meet OPEC - US traded crude oil futures rallied on Wednesday, rising by 8%, after the US dollar declined and amid news reports of Russia raising the prospect of a meeting with OPEC. Earlier, Nymex oil futures had dipped in response to a steep advance in American crude inventories - their fourth weekly increase in a row. March WTI crude gained US$2.40, or 8%, to settle at US$32.28 per barrel on the New York Mercantile Exchange, recouping much of the more than 11% drop it suffered in the previous two sessions.

India's exports may fall to $265-270 billion in FY16: FIEO - The country's exports will range between $ 265-270 billion in 2015-16, sharply lower than the $310.5 billion achieved in the previous fiscal, exporters' body FIEO said today. "According to our assessment exports for the current fiscal will range between $265-270 billion. If this trend continues it may lead to job losses," FIEO Director General Ajay Sahai said. Exports contracted for 13th month in a row in December 2015 as outward shipments shrank 14.75 per cent to $22.2 billion amid a global demand slowdown. Sahai demanded that the corpus of the exports development fund which currently stands at Rs 200 crore should be enhanced to Rs 3,000-5,000 crore as it was inadequate. "The export development fund which currently has a corpus of Rs 200 crore is inadequate and should be enhanced to 0.5 to 1 per cent of export value which is anywhere between Rs 3,000 to Rs 5,000 crore. Commerce Ministry has supported this demand. We are now awaiting a response of Finance Ministry. He said.

Jaitley woos sovereign funds to invest in infra, railways - Inviting foreign capital in sectors like roads, railways and energy, Finance Minister Arun Jaitley today met sovereign wealth funds from Singapore and the UAE and pitched a stable policy regime and resilience of Indian economy amid a global slowdown. Opening the two-day India Investment Summit 2016 here, the minister highlighted opportunities the country presents to investors and sought investment in sectors like road, highways, oil&gas, urban infrastructure and railways.

Growth in India's services activity at 19-month high in Jan: PMI - Activity in India's services sector increased at its fastest pace in over a year and a half in January as demand accelerated, allowing firms to build up a much bigger backlog of orders, a business survey showed on Wednesday. The Nikkei/Markit Services Purchasing Managers' Index rose to 54.3 in January from 53.6 in December, the seventh straight month above the 50-level that distinguishes growth from contraction.



TOP ECONOMY NEWS
The combined output of eight crucial infrastructure sectors rose by a slight 0.9 percent in December after contracting the month before.

Telecom regulator Trai has recommended a public private partnership model for rolling out government’s ambitious project BharatNet — which involves setting up of a broadband network in rural India.

India has signed two bilateral advance pricing agreements with the United Kingdom in its efforts to provide certainty and stability in tax policies to foreign investors.

The target for infrastructure investment during the 12th Five-year Plan would fall short of the target by 30% owing to slippages in Telecom, Electricity, Renewable Energy, Ports and Railways, according to a financial newspaper.

The government banned duty-free import of capital goods for power generation and transmission projects under the EPCG Scheme.



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