Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could gain 1.15 points at the opening bell amid mixed Asian stocks.
Overseas, Asian stocks were mixed while investors viewed Chinese shares with caution after their big fall the previous day. Japanese manufacturing activity expanded at the fastest pace in more than three years in November, a preliminary survey showed. The Markit/Nikkei Japan Manufacturing flash Purchasing Managers Index (PMI) rose to 53.8 in November on a seasonally adjusted basis from a final reading of 52.8 in October. US markets remained closed yesterday, 23 November 2017 on account of Thanksgiving holiday.
US crude futures hovered near a two-year high hit in thin trade on the shutdown of a major crude pipeline from Canada and a draw on fuel inventories.
Back home, key benchmark indices settled with tiny gains after range bound trading session yesterday, 23 November 2017, as the Government constituting a task force to review the Income-tax Act, 1961 and to draft a new Direct Tax Law in consonance with economic needs of the country supported gains on the bourses. The Sensex rose 26.53 points or 0.08% to settle at 33,588.08, its highest closing level since 6 November 2017. Indices gained for the sixth straight day.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 73.22 crore yesterday, 23 November 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) also bought shares worth a net Rs 222.21 crore yesterday, 23 November 2017, as per provisional data.
Among corporate news, Cox & Kings said that the company owned MEININGER Hotels and Peter Simmel signed an agreement for a hotel in Dresden in Germany. The 165 rooms and 639 beds hotel is scheduled to open in the second quarter of 2021. The announcement was made after market hours yesterday, 23 November 2017.
Swaraj Engines said that a meeting of its board of directors will be held on 28 November 2017, to consider the proposal of buyback of equity shares of the company. The announcement was made after market hours yesterday, 23 November 2017.
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Camlin Fine Sciences said that its qualified institutional placement (QIP) committee at its meeting held on 23 November 2017 approved the allotment of 1.72 crore equity shares to eligible qualified institutional buyers (QIBs) at the issue price of Rs 87 per share, aggregating to Rs 149.99 crore. The announcement was made after market hours yesterday, 23 November 2017.
Reliance Marcellus II, LLC, a subsidiary of Reliance Holding USA, Inc., and Reliance Industries announced the closing of recently announced sale of its interest in certain upstream assets; which were operated by Carrizo Oil & Gas, Inc to BKV Chelsea LLC, an affiliate of Kalnin Ventures.
In a transaction announced on 6 October 2017, Reliance agreed to sell its entire working interest in these upstream assets to BKV Chelsea for purchase consideration of $126 million with an effective date of 1 April 2017. Additionally, under the definitive documents, a contingent amount of up to $11.25 million may be paid to Reliance between years 2018 to 2020 based on certain gas price thresholds being achieved.
The transaction closed on 21 November 2017 and Reliance received the purchase consideration subject to usual and customary purchase price adjustments. The announcement was made before market hours today, 24 November 2017.
On the macro front, the Government of India promulgated yesterday, 23 November 2017, the Ordinance to amend the Insolvency and Bankruptcy Code, 2016 (the Code). Earlier the President of India had given his assent to the Ordinance to amend the Code.
The Ordinance aims at putting in place safeguards to prevent unscrupulous, undesirable persons from misusing or vitiating the provisions of the Code. The amendments aim to keep-out such persons who have wilfully defaulted, are associated with non-performing assets, or are habitually non-compliant and, therefore, are likely to be a risk to successful resolution of insolvency of a company.
In addition to putting in place restrictions for such persons to participate in the resolution or liquidation process, the amendment also provides such check by specifying that the committee of creditors ensure the viability and feasibility of the resolution plan before approving it. The Insolvency and Bankruptcy Board of India (IBBI) has also been given additional powers.
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