 "Markets likely to rebound on MAT relief")
Markets are likely to see a rebound in today’s session after government accepted the recommendation of the AP shah panel report stating that minimum alternate tax (MAT) should not be imposed on overseas portfolio investors retrospectively.
However, concerns regarding China’s economic slowdown and fears of an interest rate hike by the US Fed amid a crash in the overnight US markets are likely to dictate the trend on the bourses later during the session.
STOCKS IN FOCUS
Tata Motors' sales growth remained flat at 40,680 units in August compared to 40,883 vehicles in the same month last year. Domestic sales of Tata Motors' commercial and passenger vehicles declined by 3 per cent at 35,478 units during the month as against 36,403 units sold in August, 2014.
Coal India recorded an output of 36.21 million tonnes (MT) in August, missing the target by 3.82 per cent. The company's production target for August was 37.65 million tonnes, Coal India (CIL) said in a regulatory filing.
Sun Pharmaceuticals completed the acquisition of GlaxoSmithKline's (GSK's) opiates business in Australia, strengthening its active pharmaceutical ingredients (API) and analgesic drug segments.
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One of Australia's oldest coal mines was shut by its Indian owner Jindal Steel and Power as market conditions in the sector continue to deteriorate and financial pressures on producers mount.
Maruti Suzuki launched its first hybrid vehicle yesterday, upgrading the diesel Ciaz with hybrid features at a price cheaper by up to Rs 20,500 than the variant being phased out.
Oil exploration major, Oil and Natural Gas Corporation (ONGC) may approach the government to seek premium pricing on natural gas produced from its KG basin.
The Maharashtra State Electricity Distribution Company (MahaVitaran) has received 11 bids for the installation of agriculture solar pumps including Tata Power, Jain Irrigation, SunEdison, Claro Energy, Rajasthan Electronics and Instruments Limited (REIL), AR Solar, Premier Solar, Lubi Electronics, Raudra Technocrats, Shakti Group and Sant Gajanan Techno Invention.
Financial Technologies India Limited (FTIL) signed a perpetual license agreement with the Indian Energy Exchange (IEX) for application software at a total consideration of Rs 108 crore.
Airline stocks are likely to remain in focus after the state oil marketing companies cut the price of jet fuel by 11.7%.
YES Bank overhauled its organisational structure to lay special emphasis on the retail and the small & medium enterprises (SME) business.
NTPC imay acquire the Sarni thermal power station of a state government company, in Madhya Pradesh's Betul district.
Rating agency Fitch Ratings on Tuesday downgraded Punjab National Bank (PNB)'s Viability Rating by one notch to 'bb' on the growing risk to the bank's capital position from a mounting stock of stressed assets.
Tata Consultancy Services (TCS) inaugurated a delivery center at its Pune facility to primarily cater to the need of Japanese corporates.
Attivo Economic Zones, part of Kolkata-based Srei Infrastructure Finance and in the business of developing managing and marketing industrial parks, has readied projects worth Rs 3,000 crore. The company plans to raise Rs 1,000 crore equity to support these.
TVS Motor reported a marginal increase in two-wheeler sales during the month of August 2015 at 216,781 units as compared to 215,244 units, a year ago.
Mahindra & Mahindra today reported a 22.03% decline in its tractor sales at 11,699 units in August as against 15,006 units in the same month last year.
GLOBAL MARKETS
Asian shares are trading largely lower following the weak manufacturing activity reports from both the US and China. Hang Seng and Shanghai Composite are down 1.5% and 3% each. However, Nikkei is up 1%.
Data showing US factory activity hit a more than two-year low in August dampened the sentiments amid China's manufacturing sector that shrank at its fastest pace in three years last month.
Wall Street crashed on Tuesday with renewed concerns about China's economy pushing major indexes down. The Dow Jones Industrial Average closed down 2.8% at 469 points, the S&P 500 closed down 2.95% and the Nasdaq down 2.95%.