India Weekly Market Updates from 2nd July to 8th July 2016

India Market Weekly Economy: Government is expected to go ahead with the strategic divestment in public sector units (PSUs) within the next six months besides closing down sick firms that are beyond revival, NITI Aayog Vice Chairman Arvind Panagariya said. Britain will start trade talks with India for a bilateral deal as it redraws economic ties with the world after being forced by a referendum vote to leave the EU The total sown area as on 8th July, 2016 as per reports received from States, stands at 406.27 lakh hectare as compared to 431.82 lakh hectare at this time last year. (PIB) The water storage available in 91 major reservoirs of the country for the week ending on July 06, 2016 was 28.208 BCM, which is 18% of total storage capacity of these reservoirs.  This was 55% of the storage of corresponding period of last year and 74% of storage of average of last ten years. The Union Cabinet has approved the Interest Subvention Scheme for farmers for the year 2016-17. The Government has earmarked a sum of Rs. 18,276 Crore for this purpose. This will help farmers getting short term crop loan payable within one year up to Rs. 3 lakhs at only 4% per annum. The Union Cabinet has given its 'in-principle' approval for setting up a Major port at Enayam near Colachel in Tamil Nadu.  A SPV will be formed for development of this Port with initial equity investment from the three Major Ports in Tamil Nadu i.e. V.O.Chidambaranar Port Trust, Chennai Port Trust, and Kamarajar Port Limited. Exports of gems and jewellery grew 25.5 per cent to USD 5.78 billion during the first two months of the current fiscal, largely driven by demand in India''s major markets like the US. India witnessed the fastest domestic air passenger growth at 18.8 per cent in 2015, way ahead of neighbouring China and the United States, according to IATA. Delhi-NCR has recorded 39% increase in net office space absorption at 2.4 million sq ft in the first half of this year on the back of a few large-sized leasing transactions, according to property consultant Cushman & Wakefield. Gold imports fell by about 51 per cent to USD 2.7 billion in April-May this fiscal, which is expected to keep a lid on the current account deficit.  India's tea output declined by 15 per cent to 67.21 million kg in April this year, mainly due to fall in production in southern states.  MRP of DAP and MOP fertilizers to come down with immediate effect; Enough availability of all the required fertilizers in the country, said the Minister of Chemicals and Fertilizers Raising concerns over jobless economic growth, Bajaj Auto Chairman Rahul Bajaj has said that although India''s GDP can hit a steady-state of around 8.5 per cent for several years, employment "will not rise at anywhere close to that rate of growth". Terming India's GDP number as "overstated", Morgan Stanley's Chief Global Strategist Ruchir Sharma has called for more private investment for the economy to get back on track. RBI Monday said it has appointed Sudarshan Sen as an Executive Director in place of N S Vishwanathan, who has been elevated as Deputy Governor at the central bank.  A latest breakthrough treatment for the deadly Hepatitis C virus could soon be available in India as 11 Indian firms have been given licenses by its American manufacturer following an approval from US authorities. The Kandla Port has achieved the 6% growth in traffic during the first quarter of financial year 2016-17, as compared to the corresponding quarter of last year. Corporates:  The Cabinet Committee on Economic Affairs has approved increase in foreign investment from the current approved level of 62% to 74% of the total paid up share capital of the Axis Bank on a fully fungible basis. Punjab National Bank’s subsidiary PNB Housing Finance has approached Sebi for an initial public offer to raise Rs 2,500 crore. Adani Ports and SEZ Ltd (APSEZ) Tuesday said it has raised Rs 252 crore through issuance of NCDs on a private placement basis. L&T Tuesday said it has bagged export orders worth USD 71.3 million (nearly Rs 480 crore) from Mitsubishi Hitachi Power Systems Ltd through its two joint venture (JV) firms. The Union Cabinet has approved redevelopment of seven General Pool Residential Accommodation (GPRA) colonies i.e. Sarojini Nagar, Netaji Nagar, Nauroji Nagar through National Buildings Construction Corporation Limited (NBCC) Petronet LNG Ltd has plans to set up a Rs 5,000 crore LNG import terminal at Kutubdia islands in Bangladesh as it looks to build terminals to feed demand in neighbouring countries. Hero MotoCorp has inked a wage settlement pact with its permanent workers at Gurgaon plant, entailing an hike of Rs 12,500 spread over three years. Bharat Financial Inclusion Ltd, formerly known as SKS Microfinance, may raise Rs 10,000 crore during the current fiscal to meet the lending requirements, a top executive of the micro-lender said Wednesday Maruti Suzuki India today said its mid-sized sedan, Ciaz, has crossed the one lakh cumulative sales mark in the domestic market in June, nearly two years after its launch. Indian Oil Corporation (IOC) will invest Rs 40,000 crore to expand its refining capacity to over 100 million tonnes by 2022 After a four-year hiatus, Shipping Corporation of India (SCI) will resume sailing to Iran to ferry ''transport crude oil'' from the Persian Gulf nation for state refiners. Dhanlaxmi Bank today said it will raise Rs 200 crore through issuance of equity shares on preferential basis. C K Birla Group firm Orient Electric is eyeing 20-25 per cent growth in top line this fiscal on the back of increasing demand for its LED lightings and fans, a senior company executive said today. Global events: Hillary Clinton has a lead of nine points over her Republican rival Donald Trump with roughly four-in-ten voters saying it is difficult to choose between them because neither would make a good US president, according to a latest survey by a nonpartisan American think tank. IMF Chief has warned in an interview published on Thursday that anti-trade policies like those championed by Republican presidential candidate Donald Trump risked a protectionist movement that could severely damage global growth. Politics: France submits fresh plan for six nuclear plants in Jaitapur Reshuffling of cabinet took place during the week