Key benchmark indices edged lower in early trade as weakness in Asian stocks weighed on sentiment adversely. The barometer index, the S&P BSE Sensex, was down 78.91 points or 0.36%, up about 80 points from the day's low and off close to 10 points from the day's high. The market breadth, indicating the overall health of the market, was negative.
Bharti Airtel rose after the company announced that its wholly-owned subsidiary Bharti Airtel International (Netherlands) B.V. has successfully priced CHF 350 million 3% Guaranteed Senior Notes due 31 March 2020. Tech Mahindra gained after the Reserve Bank of India on Thursday, 13 March 2014 notified that Foreign Institutional Investors (FIIs), through primary market and stock exchanges, can now purchase up to 48% (revised from earlier limit of 45%) of the paid up capital of Tech Mahindra under the Portfolio Investment Scheme (PIS).
Asian stocks fell on Friday on concern China's economy is faltering.
At 9:39 IST, the S&P BSE Sensex was down 78.91 points or 0.36% to 21,695.70. The index shed 160.61 points at the day's low of 21,614 in early trade. The index dropped 68.04 points at the day's high of 21,706.57 in early trade.
The CNX Nifty was down 24.15 points or 0.37% to 6,468.95. The index hit a low of 6,442.60 in intraday trade. The index hit a high of 6,472.95 in intraday trade.
The BSE Mid-Cap index fell 17.41 points or 0.26% to 6,654.13, outperforming the Sensex. The BSE Small-Cap index declined 35.90 points or 0.54% to 6,614.29, underperforming the Sensex.
The market breadth, indicating the overall health of the market, was negative. On BSE, 693 shares fell and 461 shares rose. A total of 46 shares were unchanged.
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Sun Pharmaceutical Industries (down 2.58%), AXIS Bank (down 1.69%) and Sesa Sterlite (down 1.24%) edged lower from the Sensex pack.
Punjab National Bank shed 0.45%. The bank announced after market hours on Thursday, 13 March 2014 that Dr. R. S. Sangapure has been appointed as Executive Director of the bank in terms of Department of Financial Services, Ministry of Finance, Government of India Notification dated 13 March 2014 for a period upto 28 February 2018 i.e. the date of attaining the age of superannuation or until further orders, whichever is earlier. Further the Bank has informed that, Dr. Sangapure has assumed the charge of Executive Director on 13 March 2014.
Cipla gained 0.2%. The company announced after market hours on Thursday, 13 March 2014 that the board of directors of the company at its meeting held on 13 March 2014, inter alia has approved retirement of Mr. M. K. Hamied as Executive Vice-Chairman Mr. M. K. Hamied has expressed his desire to retire as Executive Vice-Chairman of the company. The board unanimously acknowledges the outstanding contribution of Mr. M. K. Hamied to the company over the past 30 years, and in deference to his wishes, has accepted his proposal to retire as Executive Vice-Chairman effective 31 March 2014.
Mr. M. K. Hamied however continues to be the Vice-Chairman of the company in a non-executive role effective 1 April 2014.
The board also appointed Mr. Rajesh Garg as Executive Director and Global Chief Financial Officer Mr. Rajesh Garg has been designated as "Executive Director and Global Chief Financial Officer" and appointed as an Additional Director and Whole-time Director of the company with effect from 1 April 2014. Mr. Rajesh Garg joined the company as its Global Chief Financial Officer on 3 June 2013.
Tata Motors declined 0.75%. The company announced after market hours on Thursday, 13 March 2014 group global wholesales in February 2014, including Jaguar Land Rover, were 79,996 units.
Global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range -- were 29,221 units. Global wholesales of all passenger vehicles in February 2014 were 50,775 units.
Global wholesales of Tata Motors' passenger vehicles in February 2014 were 11,764 vehicles. Global wholesales for Jaguar Land Rover for the month were 39,011 vehicles. Jaguar wholesales for the month were 6,634 vehicles, while Land Rover wholesales for the month were 32,377 vehicles.
Oil India rose 0.32%. The company said after market hours on Thursday, 13 March 2014 that a meeting of the board of directors of the company will be held on 21 March 2014, inter alia, to consider the declaration of second interim dividend for the year ending 31 March 2014. Oil India has set 27 March 2014 as the record date for the purpose of payment of the second interim dividend for the year ending 31 March 2014.
Larsen & Toubro dropped 0.64%. L&T Finance Holdings dropped 3.54% to Rs 76.40. L&T, the promoter of L&T Finance Holdings has submitted to BSE a Notice of offer for sale up to 5.55 crore shares of face value of Rs 10 each, constituting 3.23% of the equity share capital of the company (Sale Shares) today, 14 March 2014 exclusively through the Seller's broker on the separate window provided by the stock exchanges. In addition to the Sale Shares, L&T may also sell up to 2.77 crore shares of face value Rs 10 each of L&T Finance in the Sale on 14 March 2014 (the additional shares, and together with the Sale Shares). The sale shall take place at the separate window of the Stock Exchanges and shall commence today, 14 March 2014 at 9.15 IST and shall close on the same day at 15.30 IST.
The floor price for the sale has been set at Rs 70 per share of L&T Finance Holdings.
Tech Mahindra gained 0.81% after the Reserve Bank of India on Thursday, 13 March 2014 notified that Foreign Institutional Investors (FIIs), through primary market and stock exchanges, can now purchase up to 48% (revised from earlier limit of 45%) of the paid up capital of Tech Mahindra under the Portfolio Investment Scheme (PIS). Tech Mahindra has passed resolutions at the board of directors' level and a special resolution by the shareholders, agreeing for enhancing the limit from 45% to 48% for the purchase of its equity shares and convertible debentures by Foreign Institutional Investors (FIIs).
The Reserve Bank has notified this under FEMA 1999, regarding raising of aggregate ceiling for investments by FIIs in Indian companies under Portfolio Investment Scheme (PIS).
Castrol India rose 3.77%. Trading in shares of Castrol India resumed on the bourses today, 14 March 2014. Trading in the shares of the company was suspended late last month to give effect to the company's capital reduction scheme. As per the capital reduction scheme, the company had returned Rs 5 per share to shareholders from the initial fully paid-up face value of Rs 10 per share. After returning Rs 5 per share to each shareholder, the face value of the shares has now been reduced to Rs 5 per share. The scrip was last traded at Rs 289 on BSE on 26 February 2014 when the face value per share was Rs 10.
Bharti Airtel rose 0.37% after the company announced after market hours on Thursday, 13 March 2014 that its wholly-owned subsidiary Bharti Airtel International (Netherlands) B.V. has successfully priced CHF 350 million 3% Guaranteed Senior Notes due 31 March 2020. The Notes will be fully and unconditionally guaranteed by Bharti Airtel. Bharti will apply the net proceeds to refinance its existing debt.
The Notes carry an Investment Grade rating from Moody's, Standard &Poor and Fitch. The Notes received considerable investor interest, witnessing a strong and balanced demand across high quality Institutional Investors and Swiss Private Banks, highlighting the broad support base that the Bharti credit has attracted.
The Notes have been priced at 230 basis points over 6 year CHF Mid Swaps with a fixed coupon of 3% per annum to yield 2.98%.
Mr. Harjeet Kohli, Group Treasurer, Bharti Airtel said, "It is extremely heartening to have a third listing of our credit in just one year with yet another largest debut issuance from India. With this issuance, Bharti now has the largest debut USD, EURO and CHF denominated bond issuances by an Indian issuer ever."
Separately, Bharti Airtel announced after market hours on Thursday, 13 March 2014 that Nikesh Arora has resigned from the board and Dinesh Kumar Mittal has been appointed as an Additional Director in the category of Independent Director from 13 March 2014.
Inflation based on the wholesale price index (WPI) is seen easing at 4.9% in February 2014, from 5.05% in January 2014, as per the median estimate of a poll of economists carried out by Capital Market. The data on inflation based on the wholesale price index (WPI) for February 2014 is due at 12:00 IST today, 14 March 2014.
The Reserve Bank of India will conduct a 21-day term repo variable rate auction for a notified amount of Rs 50000 crore today, 14 March 2014, in its bid to address the anticipated tightening in liquidity conditions in the banking system on account of advance tax payments by corporates commencing mid-March 2014 and with a view to providing flexibility to the banking system in its liquidity management towards March-end 2014. The reversal will be on 4 April 2014, the central bank said early this week. The auction will be conducted as per the revised guidelines issued on 13 February 2014, the RBI said. There will be no term repo auction on 18 March 2014 when the existing 28-day term repo of Rs 30004 crore matures, the RBI said.
The Reserve Bank of India next undertakes monetary policy review on 1 April 2014. Citing price pressures, the Reserve Bank of India raised its key lending rates by 25 basis points after Third Quarter Review of Monetary Policy for 2013-14 on 28 January 2014.
The next major trigger for the stock market is the outcome of the upcoming Lok Sabha elections. Lok Sabha elections will be held between 7 April 2014 and 12 May 2014 in nine phases. The counting of votes will be take place on 16 May 2014. The term of the current Lok Sabha expires on June 1 and the new House has to be constituted by May 31. Along with the Lok Sabha election, Andhra Pradesh (AP), including the regions comprising Telangana, Odisha and Sikkim will go to polls to elect new assemblies. AP, Odisha and Sikkim assemblies come to end on June 2, June 7 and May 7 respectively.
Asian stocks fell on Friday led by Japanese stocks on concern China's economy is faltering. Key benchmark indices in China, Indonesia, South Korea, Taiwan, Hong Kong, Japan and Singapore were off 0.46% to 3.02%.
US stocks dropped on Thursday as weaker- than-forecast data from China and tension in Ukraine overshadowed reports showing an improving American economy.
Global concerns overshadowed better-than-forecast data in the US retail sales rose in February for the first time in three months, as Americans ventured out to shop last month even as colder-than-normal temperatures and severe snowstorms blanketed parts of the US.
The number of Americans filing applications for unemployment benefits unexpectedly fell last week to the lowest level since the end of November, a sign of further improvement in the labor market. Jobless claims dropped by 9,000 to 315,000 in the week ended March 8, a Labor Department report showed in Washington.
The Federal Open Market Committee (FOMC) next undertakes monetary policy review on 18-19 March 2014. After a monetary policy review, the FOMC on 29 January 2014 announced it will reduce monthly bond purchases by another $10 billion to $65 billion.
The Black Sea region of Crimea votes March 16 on becoming independent or rejoining Russia, with the US and Germany threatening Moscow with sanctions over its support for the secession. Russia launched new military exercises near its border with Ukraine on Thursday, showing no sign of backing down in its plans to annex its neighbour's Crimea region despite a stronger than expected drive for sanctions from the EU and United States.
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