Trading of CNX Nifty futures on the Singapore stock exchange indicates a flat opening. Interest rate sensitive auto, bank and realty stocks will be in focus ahead as the Reserve Bank of India undertakes mid-quarter review of the monetary policy today, 17 June 2013.
PSU OMCs will be in focus as petrol price was hiked on Saturday, 15 June 2013, by Rs 2 a litre, the second increase in rates this month, as devaluation of rupee against the dollar made imports costlier.
IndusInd Bank turns ex-dividend today, 17 June 2013, for dividend of Rs 3 per share for the year ended 31 March 2013.
UCO Bank turns ex-dividend today, 17 June 2013, for dividend of Rs 1.60 per share for the year ended 31 March 2013.
Tech Mahindra after market hours on Friday, 14 June 2013, announced the appointment of Milind Kulkarni as Chief Financial Officer, and Manoj Bhat as Deputy Chief Financial Officer of the company. Sonjoy Anand, who has served as Chief Financial Officer of Tech Mahindra moves on having decided to pursue opportunities internationally, Tech Mahindra said in a statement. Milind Kulkarni has been Senior Vice President, Finance till now of the company. He will take charge of the CFO's office with immediate effect. Manoj Bhat who is leading the Corporate Planning (including Mergers and Acquisitions) and also Investor Relations portfolio, will now take up the additional responsibility of Deputy CFO.
Infosys said after market hours on Friday, 14 June 2013, its US-based subsidiary Infosys Public Services has bagged a one-year contract valued at $49.5 million from the US District of Columbia to develop a new health benefit exchange, a crucial component of the Affordable Care Act. Infosys Public Services is the prime systems integrator of this healthcare system transformation that will bring critically important benefits to nearly one quarter million district residents, Infosys said in a statement. Individuals, families, and small businesses can purchase healthcare coverage through an online marketplace, the company said.
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The Mahindra Group and CIE Automotive S. A. (Spain) on Saturday, 15 June 2013, announced the signing of a global alliance agreement between Mahindra's automotive component businesses (held under its Systech Sector) and CIE Automotive (involving also its subsidiary Autometal). The agreement will see the formation of a global automotive component supply network with combined annual sales of approximately Rs 15000 crore or $3 billion with operations in North America, South America, Europe and Asia held through listed businesses in Spain, Brazil and India.
As part of the transaction, CIE Automotive, through one of its subsidiaries, will acquire from Mahindra Group a stake in its listed and unlisted companies belonging to Systech Automotive Component business and CIE Automotive will contribute its forging businesses in Spain and Lithuania and together consolidate all companies under Mahindra Forgings (MFL) which will be rechristened Mahindra CIE. Mahindra CIE will continue to be listed on BSE (Bombay Stock Exchange) and NSE (National Stock Exchange).
The share sale by Mahindra group will trigger open-offer provisions under the Securities Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations 2011. The proposed business transaction will be carried out in a series of steps over the next year that will culminate in Mahindra & Mahindra (M&M) taking a stake of 13.5% in CIE Automotive, which is listed in Spain making it the second largest shareholder in CIE and CIE Automotive taking a majority stake in a single listed entity in India which will continue to operate the current Systech automotive component businesses globally and include CIE's European forgings operations. Post acquisition of 13.5% stake, M&M will be second largest shareholder in CIE. M&M will nominate 2 directors to the CIE board.
The Mahindra Systech business consists of five companies viz. Mahindra Forgings, Mahindra Ugine Steel Company, Mahindra Composites, Mahindra Hinoday Industries and Mahindra Gears.
Maruti Suzuki India on Saturday, 15 June 2013, announced the launch of the CNG variant of Ertiga, 7-seater utility vehicle named Ertiga Green. With this launch, Ertiga will now be available in all three fuel variants: CNG, petrol and diesel. Ertiga Green will be available in two variants viz. Ertiga Green LXi CNG and Ertiga Green VXi CNG with ex-showroom price of Rs 6.52 lakh and Rs 7.30 lakh respectively at Delhi. Ertiga Green will be available in states with CNG infrastructure including Delhi, NCR, Gujarat, Mumbai, Pune and parts of Andhra Pradesh, Uttar Pradesh and Madhya Pradesh.
The Tata Motors Group global wholesales in May 2013, including Jaguar Land Rover, were 81,783 units. Global wholesales of all commercial vehicles -- Tata, Tata Daewoo and the Tata Hispano Carrocera range -- were 38,641 units. Cumulative commercial vehicles wholesales for the fiscal were 78,610 units.
Key benchmark surged on the last trading session of the week on Friday, 14 June 2013 as the latest data showing further easing of inflation in May 2013 triggered expectations that the central bank may cut its key policy rate at mid-quarter monetary policy review on Monday, 17 June 2013. The S&P BSE Sensex jumped 350.77 points or 1.86% to 19,177.93 on that day, its highest closing level since 10 June 2013.
Foreign institutional investors (FIIs) sold shares worth a net Rs 305.68 crore on Friday, 14 June 2013, as per provisional data from the stock exchanges.
Advance tax numbers for the first quarter reported on 15 June 2013 reportedly paint a picture of mixed corporate health in the country. While private banks and defensive sectors such as pharmaceuticals and fast-moving consumer goods (FMCG) continue to report higher advance tax outgo, indicating managements' strong earnings growth expectations, the manufacturing and consumer discretionary firms seem to be struggling.
The Reserve Bank of India (RBI) will unveil its mid-quarter review of the monetary policy today, 17 June 2013. The RBI on 3 May 2013 cut its key policy rate viz. the repo rate by 25 basis points (bps) to 7.25% and kept the cash reserve ratio for banks unchanged at 4% after a monetary policy review. RBI said at that time that the balance of risks stemming from its assessment of the growth-inflation dynamic provides little space for further monetary easing. The RBI said it will endeavour to condition the evolution of inflation to a level of 5% by March 2014, using all instruments at its command.
On the political front, the 17-year long relationship between the BJP and Janata Dal (United) ended on Sunday, 16 June 2013, as Bihar Chief Minister Nitish Kumar remained adamant against elevation of Narendra Modi to the BJP's election campaign committee. Janata Dal (United), rules in Bihar state in a coalition with the BJP. The split is unlikely to bring down Bihar's state government. Mr. Kumar said on Sunday he had asked the state's governor to sack the BJP's ministers. He said his party would seek a vote of confidence in Bihar's state assembly on June 19 to show it has a majority even without the BJP.
Asian stocks rose for a second day on Monday as investors await this week's Federal Reserve meeting. Key benchmark indices in Hong Kong, Indonesia, Japan, Taiwan and Singapore rose by 0.34% to 1.24%. South Korea's Kospi was flat. China's Shanghai Composite declined 0.59%.
Singapore's exports fell more than economists estimated in May as manufacturers shipped fewer electronics after an uneven global recovery hurt demand. Non-oil domestic exports slid 4.6% from a year earlier, after falling 1% in April, the trade promotion agency said in a statement today.
US stocks fell on Friday as the International Monetary Fund cut its 2014 outlook for the US and urged the central bank to carefully manage its exit from stimulus plans. The Washington-based IMF lowered its US growth forecast for 2014 to 2.7%, from 3% predicted in April. It left its predication for growth this year unchanged at 1.9%. The IMF sees the Federal Reserve maintaining large monthly bond purchases until at least the end of this year and urged the central bank to carefully manage its exit plan to avoid disrupting financial markets.
The Thomson Reuters/University of Michigan June preliminary index of consumer sentiment fell to 82.7 from a final reading of 84.5 the prior month. Other reports showed US industrial production was unchanged in May and wholesale prices climbed for the first time in three months.
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