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Mobile banking, arriving with a bang (30-08-2015)

Incumbent banks have cautiously reacted to new payments bank licences. Payments banks will compete on savings and payments; we believe access to better customer data could also help them milk some income from lenders’ assets business. The key opportunity for new banks is to identify and offer highly relevant products/services to unmet needs in underserved customer segments.

A recent analysis by BCG highlights that a combination of existing financial suppression, expansion of mobile connectivity, financial autonomy and supportive regulatory framework has led to a rapid expansion of digital finance in China. This has forced Chinese banks to react by specialising vertically and/or entering into the turf of e-commerce companies.

In India, the RBI will continue to raise competitive intensity in the banking industry, thereby raising risks for the incumbent banks’ profitability. It is too early to call winners, but a differentiated niche will provide some safety.

Since the RBI, for the first time, laid out its vision in May 2014 on the coming competitive landscape in the banking sector, it has consistently attacked two grand bargains in the banking system by pushing for: (i) PSU bank reforms and (ii) making deposit financing more competitive. Issuance of payments bank licences has hastened the process, with small finance bank licences to be announced soon.

Whilst the extent, timelines and sources (cost of deposits, yields, cost of operations) of pressure on profitability are yet uncertain, we believe these new players would raise competitive intensity in the segment.

In the last two years, the number of transactions through mobile wallets has expanded at a CAGR of 179% to 255m in FY15. The growth in mobile wallet transactions indicates the potential of growth that digital channels can facilitate if the unmet needs of customers are met through targeted products/ services. Payments banks, in our view, would also focus on specific customer needs that are currently underserved by banks.

In the context of issuance of 11 new payments bank licences, we met a few FinTech companies and visited the recently-held Ficci/ IBA conference. Whilst trends in technological innovations are quickly evolving, some widely expected trends are forcing incumbent banks to take note.

Gr4

Cautious response to new payments bank licences: At the Ficci/IBA event. SBI was the most vocal on the challenges that new payments banks will pose to existing banks; these challenges are: (i) Uncertainty around the unknown disruptive practices of new banks; (ii) Strategy to acquire customers at any cost, facilitated by the large investors willing to ‘burn’ significant amount of capital initially; (iii) Lack of legacy issues at new banks, unlike, for example, existing banks’ asset quality challenges; and (iv) New banks’ agility to use a range of systems and delivery modes.

Origin of m-wallet industry: The origin of the mobile wallet industry in India lies in the prepaid mobile re-charging industry, where B2B and B2C mobile apps replaced the old paper-based prepaid mobile scratch cards. This drastically lowered the cost of distribution. Mobile wallets further evolved into DTH recharging, utilities payment and e-commerce payments. Yet, mobile recharging (estimated to be a $25 bn industry) likely accounts for 50% of mobile wallet transaction in India.

China—According to BCG, in the last 18 months, 18 digital-only banks have been launched in China. Existing banks also face fierce competition from a host of internet companies in all aspects of banking . The drivers of the digital channel for financial services are: (i) pervasive presence of digital channels in all aspects of life (e.g. shopping, eating, communication, entertainment and education); (ii) extent of current financial suppression; (iii) expansion of mobile connectivity to “anywhere and anytime”; (iv) spread of cloud computing and ‘big data’ as facilitators; (v) financial autonomy; and (vi) supportive regulatory framework. The banks have begun to respond by identifying and strengthening their niche in the banking value chain. The Big-4 banks have also entered into online marketplaces.
M-wallets not popular in the West: The Western world’s experience with mobile wallets has not been as successful as has been the case in India. In the West, plastic money was pervasive as a mode of payment due to the penetration of credit cards and point-of-sales (POS) terminals. In India, lack of velocity of transactions has not allowed a wide POS roll-out. Thus, in India, a section of cash economy (used for mobile recharging) moved to mobile wallets, but there was no such opportunity in the West. In that sense, mobile wallets seem to be leap-frogging plastic money and POS network, as mobile telephony earlier did for fixed-line in India.

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FPIs press exit button, take out Rs 17,555 cr in August (30-08-2015)

fpi

FPIs have been wary since the beginning of August and been net sellers in the last seven trading sessions. (Reuters)

Overseas investors have pulled out Rs 17,555 crore (USD 2.65 billion) from the Indian capital markets in the month due to sharp global sell-off triggered by a rout in Chinese equities.

The net outflow by Foreign Portfolio Investors (FPIs) come following a net investment of Rs 5,323 crore last month.

FPIs withdrew a net amount of Rs 16,936 crore from the equities till August 28, while they pulled out Rs 619 crore from the debt markets during the same period, translating into a net outflow of Rs 17,555 crore (USD 2.65 billion), according to data available with the depositories.

The final figure for August is likely to change as there is still one trading session left.

Of this total, FPIs withdrew a net amount of Rs 5,173 crore on the ‘Black Monday’ alone, when the benchmark BSE Sensex had crashed over 1,624 points, while 50-share NSE Nifty plunged 491 points.

FPIs have been wary since the beginning of August and been net sellers in the last seven trading sessions.

Experts attributed the huge outflow from the Indian capital markets to sharp global sell-off triggered by a rout in Chinese equity markets.

However, they believe that sell-off by FPIs is unlikely to continue for a long time.

Since the beginning of the year, FPIs have made a net investment of Rs 27,463 crore in the equities and Rs 38,732 crore in the debt markets.

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Sebi to review surveillance systems; fast-track enforcements (30-08-2015)

sebi

Sebi expects the newly set-up special courts for securities markets to further speed up the prosecutions.(Express Archive)

To further tighten its noose on manipulators and black money launderers in the stock markets, regulator Sebi will undertake a comprehensive review of its surveillance systems including with help from independent experts and also fast-track its enforcement actions.

Sebi has been asked by a Supreme Court appointed Special Investigation Team (SIT) on Black Money to take additional measures to catch those evading taxes and laundering black money through trading in illiquid stocks and P-Notes.

The regulator is also pitching for a greater coordination among various watchdogs and enforcement agencies to bring to book the rogue elements that misuse the stock market platform, a senior official said.

Sebi would soon discuss with the government the details regarding the existing safeguards against this menace, as also the proposed new measures, after which same would be communicated to the SIT, he added.

Amid a sharp surge in volatility in Indian stock markets, Sebi has stepped up its surveillance to ensure that no unscrupulous players take genuine investors for a ride.

The enhanced vigil has resulted into identification of broadly four distinct ways adopted by the manipulators.

In one typical modus operandi, certain entities seeking Long Term Capital Gain (LTCG) were misusing the stock exchange mechanism, while the second one involves Offshore Derivative Instrument (ODI) holders trading on the basis of Unpublished Price Sensitive Information.

Also, certain Indian and overseas entities were engaged in fraudulent activities of manipulating GDR route, while the fourth modus operandi involves unregistered entities being involved in fraudulent act of luring investors to securities market through false or unrealistic SMS claims.

While Sebi’s existing surveillance systems are already generating over 100 alerts a day to facilitate detection of market manipulation, it has been felt there is a constant need to enhance capabilities of surveillance both in terms of systems and skill sets so as to address challenges emerging out of extremely dynamic Indian securities market.

Towards this continuous endeavour, Sebi has decided to upgrade its existing surveillance infrastructure by enhancing the system capacity this year.

“Further, a comprehensive review of surveillance systems is also proposed by engaging outside experts. In addition, a world class data centre for hosting Sebi IT Infrastructure (specifically Data Warehouse set up of SEBI) is also proposed to be built during the year,” the official said.

Simultaneously, continuous skill enhancement program and training would also be undertaken during the year.

For faster action against the manipulators, Sebi is also adopting a time-bound approach to complete its probes as also other enforcement actions including prosecution proceedings.

Sebi expects the newly set-up special courts for securities markets to further speed up the prosecutions.

At a board meeting last week, the Securities and Exchange Board of India (Sebi) took stock of all the checks and balances it has put in place to check such manipulations.

The board members, which include nominees from the government and the RBI as also independent members, were apprised of the action initiated by Sebi against those suspected to be evading taxes and laundering black money through stock markets.

Sebi has barred over 1,000 entities so far in such cases through interim orders, while further proceedings are underway and all these matters have been referred to other agencies including Income Tax Department, Financial Intelligence Unit and the Enforcement Directorate.

While the government and Sebi are of the view that sufficient measures are in place to deal with such cases, further consultations would be held to ascertain whether additional safeguards are need to be put in place.

The SIT had suggested last month that further steps might be required to check misuse of P-Notes route to launder unaccounted money from abroad. It also suggested that Sebi needs to further strengthen its monitoring mechanism to detect instances of the stock market platform being misused for tax evasion.

Sebi is also of the view that it has put in place a robust system to check any misuse of the P-Note route.

P-Notes are issued by foreign portfolio investors registered with Sebi to other overseas investors who want to take a position in the Indian markets without any direct registration for trading in Indian markets.

These instruments are popular as they provide a low-cost and easier route for investing in the country’s markets.

Sebi says it has put in place strong checks and balances to avoid misuse of this route, and P-Notes can be issued only after strong KYC requirements are followed and they can not be issued to high-risk investors. The norms have been tightened considerably for P-Notes over the years.

In May, investments through P-Notes hit a seven-year high of Rs 2.85 lakh crore. It stood at Rs 2.75 lakh crore at the end of June. The offshore derivative instrument accounts for nearly 15-20 per cent of the total FII investment in India since 2009.

Its share has fallen over the years after Sebi tightened disclosure norms and other related regulations. It was as high as over 50 per cent at the peak of stock market bull run in 2007.

In the recent months, Sebi has also stepped up its crackdown on tax evasion and laundering of black money by HNIs and other domestic entities through the stock markets.

Suspecting tax evasion of over Rs 5,000-6,000 crore, Sebi has clamped down on a large number of organised syndicates who had set up ‘shops’ to convert black money into legitimate-looking funds through the stock market platform.

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Mutual fund managers buy shares worth Rs 9,500 crore in August (30-08-2015)

mutual funds

Mutual funds collect money from investors and buy stocks, including IPOs (primary market) and bonds. (Thinkstock)

Mutual fund managers have stepped up their buying this month and purchased shares worth nearly Rs 9,500 crore amid a sharp correction in equity markets.

This was higher than Rs 5,442 crore pumped into the equity markets last month.

According to the latest data provided by the Securities and Exchange Board of India (Sebi), fund managers bought shares worth about Rs 9,490 crore in this month.

Of this, a net investment of Rs 7,188 crore was witnessed during August 24-27, when the bechmark Sensex plunged by 1,135 points or over four per cent.

Experts said that fund managers have made intensive buying last week, when the domestic market crashed due to rout in Chinese equities. The sell-off by overseas investors in the Indian equity markets has given an opportunity to mutual fund managers.

Fund managers have been bullish on the stock markets ever since the Narendra Modi-led BJP government came into power at the Centre. Since then, they have made a net investment of more than Rs 1 lakh crore in the equity markets.

In addition, robust inflows from retail investors in the equity segment have helped fund managers to invest in stocks. Till April last year, they were liquidating holdings due to redemptions from investors.

Mutual Funds collect money from investors and buy stocks, including IPOs (primary market) and bonds.

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BSE to auction investment limits for Rs 561 cr for govt bonds (30-08-2015)

bse auction

A mock bidding session was conducted on Friday to check the system performance, BSE (formerly known as Bombay Stock Exchange) said.(PTI)

Leading bourse BSE will auction, tomorrow, investment limits for foreign investors to buy government debt securities worth Rs 561 crore.

The auction will be conducted on BSE’s ebidxchange platform from 1530 hours to 1730 hours after close of normal market hours on August 31, the exchange said in a circular.

The debt auction quota gives overseas investors the right to invest in the debt up to the limit purchased.

Depository data showed that total investments, including limits acquired by foreign investors through the auction route, stood at Rs 1,23,876 crore till August 6, which is 99.5 per cent of the total permitted investment limit of Rs 1,24,432 crore in government debt securities.

Consequently, exchange would conduct an auction for the allocation of unutilised debt limits on August 31.

A mock bidding session was conducted on Friday to check the system performance, BSE (formerly known as Bombay Stock Exchange) said.

During earlier auctions, government bonds have always been subscribed multiple times, given the huge interest among foreign investors, while the demand for corporate bonds remains less.

Earlier this month, National Stock Exchange (NSE) conducted an auction for government bonds worth Rs 556 crore, which attracted bids worth Rs 974 crore.

Foreign investors are allowed to invest up to USD 25 billion (Rs 1,24,432 crore) in government debt securities through auction while an investment of up to USD 5 billion (Rs 29,137 crore) is permitted ‘on tap’.

Further, the Reserve Bank of India (RBI) is in talks with the government to reset FII limit in government bonds in rupee terms.

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Sensex firms miss Corporate Social Responsibility threshold by 30%; only 7 firms comply (30-08-2015)

Sensex Nifty

At least two companies, Vedanta Ltd and Tata Motors, did not have any obligation to meet the CSR threshold as they did not meet the requirement due to losses. The exact figures for Sun Pharma could not be ascertained. (PTI)

In a disappointing start to the much-touted CSR regime, a vast majority of the country’s top blue-chip companies have failed to spend the minimum 2 per cent of profits on social responsibility activities in the first year by missing the target by one-third on an average.

Collectively, the 30 Sensex companies are estimated to have spent about Rs 3,500 crore on CSR initiatives during the 2014-15 fiscal, when they were required to spend nearly Rs 5,000 crore on such activities under the new Companies Act.

Together, they are estimated to have clocked a three-year-average net profit of Rs 2.5 lakh crore, of which they were required to spend 2 per cent on Corporate Social Responsibility (CSR).

Making the scorecard even worse, just seven of them could meet this two per cent threshold in time. These firms include Mukesh Ambani-led Reliance Industries, ITC, Mahindra and Mahindra, Wipro, Hindustan Unilever, Tata Steel and Coal India, while Infosys also managed to meet the target although after a delay by a few days for a small amount of Rs 3 crore.

Interestingly, quite a few companies have also tried to defend their failure to meet the threshold with reasons like ‘money already having been earmarked’ and ‘delays in getting requisite approvals for spending the prescribed amounts’.

Quite a few public sector companies have also failed to meet the target.

The companies whose actual CSR spending was less than 2 per cent during the year included HDFC Bank, ICICI Bank, Axis Bank, SBI, Dr Reddy’s, HDFC, Bajaj Auto, Bharti Airtel, Hero Motocorp, Hindalco, Larsen and Toubro, TCS, Lupin, Cipla, Maruti Suzuki, GAIL, NTPC, BHEL and ONGC.

All of them have expressed commitment to the CSR work.

Corporate giant Reliance Industries Ltd (RIL) spent the the maximum amount (Rs 761 crore) among the Sensex companies on CSR during 2014-15 – the first financial year for which the new law has been in force.

RIL is followed by ONGC in terms of absolute amount at Rs 495 crore, although it could spend only 1.5 per cent of its three-year-average net profit.

There is no penalty as such for missing this threshold, but the company needs to explain the reasons for its failure to spend at least 2 per cent on CSR. The government has set up a six-member panel to suggest steps for improved monitoring of social welfare activities done under the Companies Act.

At least two companies, Vedanta Ltd and Tata Motors, did not have any obligation to meet the CSR threshold as they did not meet the requirement due to losses. The exact figures for Sun Pharma could not be ascertained.

Vedanta said there was “no obligation for the company to spend on CSR as the average profit computed as per provisions of the Companies Act for last three years is negative”.

Still, it had spent Rs 25.5 crore (1.3 per cent of its last fiscal profit after tax) in CSR projects and initiatives.

The new law applies to companies with a net worth of Rs 500 crore or more, or a turnover of Rs 1,000 crore or more or a net profit of Rs 5 crore or more in a financial year.

They are also required to constitute a CSR committee with three or more directors, at least one of whom should be an independent director. If a company fails to spend full or part of the prescribed amount, it needs to explain the shortfall.

Bharti Airtel spent Rs 41.1 crore (0.6 per cent), Hero MotoCorp’s CSR spending was Rs 2.37 crore (0.1 per cent), Hindalco’s was Rs 32.42 crore (1.86 per cent), L&T spent Rs 76.54 crore (1.44 per cent), TCS’s CSR bill was Rs 219 crore (1.5 per cent) and Lupin spent Rs 12.6 crore (0.6 per cent).

Among others, Cipla could spend Rs 13.43 crore (0.8 per cent) and Maruti Suzuki spent Rs 37.25 crore (1.5 per cent).

Among PSUs, NTPC spent only 1.45 per cent (Rs 205.18 crore) and BHEL spent Rs 102.06 crore (1.24 per cent).

Bharti Airtel said, “Being the initial year, the company was in the process of evaluating the focus areas/locations of intervention for CSR activities to cater to the pressing needs of society and deliver optimal impact.”

“As a socially responsible company, your firm is committed to increase its CSR impact and spend over the coming years, with its aim of playing a larger role in India’s sustainable development by embedding wider economic, social and environmental objectives,” the company informed investors in its Annual Report.

Hero MotoCorp said it “has in place a robust plan, monitoring mechanism and enabling infrastructure to ensure that CSR activities initiated by the company are sustainable and truly beneficial to the society in the long run.”

“However, the formal initiatives on CSR could start only in the later part of the financial year after the approval of CSR policy by the Board. While the work was initiated only on few programmes, pre-work activities have been detailed out for most of the initiatives and during 2015-16 your company would see a huge action and corresponding spend on CSR.

“The current financial year will not only see the statutory spending but will also make up the deficiency of 2014-15, wherein the ground work has taken place,” it added.

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FDI in services sector dips 14% in April-June quarter (30-08-2015)

fdi in service sector

Total FDI in April-June, however, soared 31 per cent year-on-year to USD 9.50 billion on the back of higher investment in computer software and hardware, trading, automobile and power sectors.(Reuters)

Country’s services sector witnessed around 14 per cent decline in FDI at USD 636 million (Rs 4,036 crore) in the first quarter of the current fiscal.

The services sector — which includes banking, insurance, outsourcing, R&D, courier and technology testing — had received a foreign direct investment (FDI) of worth USD 738 million (Rs 4,421 crore) during April-June 2014, Department of Industrial Policy and Promotion (DIPP) data showed.

The (services) sector contributes about 60 per cent to the India’s economic growth. In FY 2013-14, foreign investment in the sector increased to USD 3.25 billion from USD 2.22 billion in the preceding fiscal.

The FDI in the sector may pick up in the coming months as the government has relaxed norms in insurance and other areas, an official said.

Introduction of composite cap concept may also help in attracting portfolio investments in the sector.

Other sectors that recorded decline in foreign investment during the first three months of this fiscal include construction development, telecommunication, pharmaceuticals and metallurgical industries.

Total FDI in April-June, however, soared 31 per cent year-on-year to USD 9.50 billion on the back of higher investment in computer software and hardware, trading, automobile and power sectors.

Foreign investments are considered crucial for India, which needs around USD 1 trillion over five years to overhaul its infrastructure sector such as ports, airports and highways to boost growth.

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Nine top-valued Sensex companies see Rs 93,000 crore m-cap erosion (30-08-2015)

BSE Sensex

Rattled by global concerns over Chinese economy, the Sensex last Monday registered its biggest single-day fall of 1,624.51 points that also wiped out investors’ wealth to the tune of over Rs 7 lakh crore. (Photo: PTI)

Nine out of the top ten most valued Sensex companies saw their combined valuation erode by a staggering Rs 93,000 crore last week, amid steep market fluctuation on account of weak global cues.

After seeing a bloodbath on August 24 when Sensex recorded the biggest single-day fall, the 30-share benchmark Sensex managed to recover the lost ground during the week even as volatility persisted.

Among the top 10 firms in terms of market capitalisation, state-run Coal India was the lone gainer. The miner saw its valuation jump by Rs 5,495.23 crore to Rs 2,25,746.86 crore in the week ended August 28.

The remaining nine bluechip firms, including Reliance Industries and ONGC, witnessed an erosion of Rs 93,003.47 crore in their combined market capitalisation.

Last week, the country’s largest software exporter TCS’ valuation plunged by Rs 20,458.91 crore to Rs 5,03,520.41 crore.

Reliance Industries’ market capitalisation slumped by Rs 11,689.71 crore to Rs 2,82,107.36 crore while that of state- owned lender State Bank of India plummeted by Rs 13,732.69 crore to Rs 1,88,587.97 crore.

Similar trends were seen with respect to other top Sensex companies. The market worth of Sun Pharma fell by Rs 12,826.31 crore to Rs 2,12,957.58 crore and that of ONGC declined by Rs 10,608.81 crore to Rs 2,08,368.96 crore.

In case of IT major Infosys, the market capitalisation dropped by Rs 9,164.81 crore to Rs 2,55,121.64 crore.

The fall in valuations was relatively less in HDFC Bank where it declined by Rs 8,320.91 crore to Rs 2,58,362.90 crore and that of HDFC slipped by Rs 4,398.1 crore to Rs 1,89,268.16 crore.

ITC saw its worth decline by Rs 1,803.22 crore to Rs 2,62,807.03 crore.

Rattled by global concerns over Chinese economy, the Sensex last Monday registered its biggest single-day fall of 1,624.51 points that also wiped out investors’ wealth to the tune of over Rs 7 lakh crore.

Managing to recoup the losses, the Sensex rose 161 points to close above the 26,000 mark on Friday (August 28).

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Private equity deals gain traction as volumes double in July: Report (30-08-2015)

private equity

Major PE deals in July include TA Associates and India Value Fund Advisors’ investment of around USD 500 million in broadband services provider Atria Convergence Technologies (ACT) and Warburg Pincus’ USD 28 million in Ajay Piramal Group’s Piramal Realty.

Private equity deals worth USD 2.1 billion were sealed in July, taking the tally to USD 9.21 billion for January-July of 2015, according to a Grant Thornton report.

According to the tax and advisory firm, there were 110 PE deals worth USD 2.15 billion in July this year as against 55 transactions worth USD 1.85 billion in the year-ago period.

“Volumes in PE investments have shown a 100 per cent growth over the corresponding month last year with a steady 16 per cent year-on-year increase to USD 2.2 billion in deal values, marking the highest activity in 2015,” the report said.

“PE activity continues to show promising trends as overall macro level indicators look positive whereas domestic M&A activity has been slipping,” said Grant Thornton India Partner Prashant Mehra.

Sector-wise, PE players continued to prefer IT and ITeS, which saw more than 60 per cent jump in volume, while telecom, real estate and manufacturing sectors witnessed some big-ticket deals worth over USD 100 million.

The IT and ITeS sector remains in a sweet spot, contributing more than 35 per cent of total deal values, followed by telecom (23 per cent) and real estate (15 per cent).

Mehra added: “… with the GST Bill’s clearance a possibility, inflation under control, an expected increase in government spending, likely more rate cuts and better earnings prospects, M&As will perhaps swell. IPOs will probably also witness an upward movement as companies raise both primary and balance-sheet repair capital.”

Major PE deals in July include TA Associates and India Value Fund Advisors’ investment of around USD 500 million in broadband services provider Atria Convergence Technologies (ACT) and Warburg Pincus’ USD 28 million in Ajay Piramal Group’s Piramal Realty.

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Outlook: Macro data points, global leads to set market trend (30-08-2015)

market outlook

Market analysts said whenever such aggressive corrections happen, the bottoming-out becomes a slow and steady process.(Thinkstock)

Stock markets would largely be dictated this week by macroeconomic data, foreign fund flows and global cues while the volatility in the market is not likely to end anytime soon, experts say.

Besides, the progress of monsoon, movement of the rupee against the dollar, crude oil prices and auto sales numbers will also be key factors determining the trend on the bourses.

“Movement of index in the near term will depend on further reforms initiatives to be taken by the government and monthly auto sales numbers to be announced starting September 1, 2015,” said Vivek Gupta, CMT – Director Research, CapitalVia Global Research.

In the trading week gone by, volatility ruled. In weekly terms, the Sensex lost 973.69 points, or 3.55 per cent, and the NSE Nifty 298 points, or 3.59 per cent.

However, the markets staged a smart recovery, with the Sensex closing in the green.

“The recent bout of weakness in the Indian stock market has largely come about on account of global factors,” Gupta said, adding that the market breadth indicates that its overall health is strong.

The BSE benchmark index closed at 26,392.38, up 161.19 points, while the wider Nifty ended at 8,001.95, up 53 points, on August 28.

Market analysts said whenever such aggressive corrections happen, the bottoming-out becomes a slow and steady process.

Moreover, the heavy outflows over the last week are not likely to come back soon. Ditto with volatility, which is likely to stay.

“In the near term, investor focus will remain on news emanating from China and the US, especially from the Fed, as market participants have started to bake in the probability of the rate hike getting pushed to December in the wake of the recent global developments,” Reliance Securities Head Research Hitesh Agrawal said.

“Furthermore, from an investment point of view, in such volatile times, the most prudent strategy is to stick with quality companies as they are relatively better placed to weather economic challenges,” Agrawal added.

Market analysts said India’s GDP data for the June quarter, scheduled for Monday, 2015 will also dictate the trend.

In addition, the Nikkei India manufacturing PMI for August 2015 is due on Tuesday (September 1).

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