Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 20.50 points at the opening bell buoyed by overnight rally on Wall Street.
The sixth bi-monthly monetary review from the Reserve Bank of India (RBI) is scheduled today, 3 February 2015. The RBI surprised financial markets by announcing a cut in its main lending rate viz. the repo rate by 25 basis points in an unscheduled monetary policy review on 15 January 2015, citing easing of inflationary pressures in the economy. The annual rate of inflation based on the combined consumer price indices (CPI) for urban and rural India rose to 5% in December 2014 from 4.4% in November 2014. Over the long term, the RBI aims to restrict consumer price inflation to 4%, within a two-per-cent band.
Among corporate news, ACC, Britannia Industries, Crompton Greaves, Hero MotoCorp, Jindal Steel & Power, Lupin, Marico, NHPC, Punjab National Bank, Shree Cement and TVS Motor Company will unveil their October-December 2014 results today, 3 February 2015.
Reliance Industries (RIL) has applied for payments banking license. RIL will be the promoter and State Bank of India (SBI) will be the joint venture partner with equity investment of upto 30%, RIL and SBI issued a joint statement after market hours yesterday, 2 February 2015.
The payments bank will leverage SBI's nationwide distribution network and risk management capabilities alongwith the substantial investments made by RIL in its retail and telecom businesses, the two companies said in a press release. It will deploy state-of-the-art technology, build scalable infrastructure and create extensive branch and business correspondent network in order to provide last-mile access and intuitive user experience to all sections of society, the press release added.
Besides promoting financial inclusion by providing banking and transaction services to unbanked, underbanked and small businesses, the partners see formation of the payments bank as an opportunity to lead and co-create an eco-system to provide accessible, simple and affordable banking solutions, digitize payments and act as catalyst towards a cashless society and democratise banking and payment services through massive adoption and low transaction costs, the joint press release indicated.
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NTPC after market hours yesterday, 2 February 2015 in a clarification with regard to news item titled "NTPC Shortlists GVK, Essae, Avantha Plants for Stake Buy" said that the news item is media speculation based on the companies who applied against the Expression of Interest issued by NTPC in early 2014, which is in process. It is difficult for NTPC to comment on genesis of such information, the company said.
Indian Oil Corporation (IOC) after market hours yesterday, 2 February 2015 said that its board of directors at its meeting held on 29 January 2015 approved two projects. The first project involves laying of Paradip-Hyderabad Product Pipeline. The product pipeline is proposed for evacuation of the products from the upcoming Paradip Refinery to storage depots in Andhra Pradesh and Telangana. The pipeline having a length of 1150 kms would have a capacity of 4.5 MMTPA. The pipeline with allied facilities is estimated to cost Rs 2789 crore and would be completed in a period of 36 months after receipt of statutory clearances, IOC said.
The second project involves construction of 0.6 MMTPA LPG Import Facility at Paradip and augmentation of Paradip-Haldia-Durgapur LPG Pipeline. In order to meet the deficit of LPG supply in eastern sector, the Corporation would construct 0.6 MMTPA LPG Import facility at Paradip at an estimated cost of Rs. 690 crore, IOC said. In addition, the existing Paradip-Haldia-Durgapur LPG Pipeline would be augmented and extended to Patna and Muzaffarpur to ensure smooth supply of LPG in the region. The pipeline augmentation and extension is estimated to cost Rs 1823 crore. The project would be completed within 36 months from the date of statutory approvals, the company said.
Canara Bank after market hours yesterday, 2 February 2015 said that as per the powers delegated by the Board of the bank, the Bond Committee, during the course of its meeting held on 2 February 2015, decided to raise additional Tier- I instruments amounting to Rs 1500 crore through issue of BASEL-III complaint additional Tier-I perpetual bonds by way of private placement.
Hero MotoCorp reported 0.4% fall in sales to 5.58 lakh units in January 2015 over January 2014. The despatches were severely impacted during the two-day long transporters' strike during January 2015, Hero MotoCorp said. The announcement was made after market hours yesterday, 2 February 2015.
The Eight Core Industries comprise nearly 38% of the weight of items included in the Index of Industrial Production (IIP). The combined Index of Eight Core Industries stands at 172.7 in December, 2014, which was 2.4% higher compared to the index of December, 2013. Its cumulative growth during April to December, 2014-15 was 4.4%.
Meanwhile, data released by the Ministry of Statistics & Programme Implementation after trading hours on 30 January 2015, showed that the Indian economy witnessed a strong recovery in the fiscal year ended 31 March 2014 (FY 2014). Based on a new series of national accounts with revision in base year from 2004-05 to 2011-12, India's gross domestic product (GDP) expanded 6.9% in FY 2014 compared with 5.1% expansion in FY 2013. Based on the previous data, the GDP grew 4.7% in FY 2014, from 4.5% expansion in FY 2013. Changes in the base year are made every five years. The dramatic revision could shake up the way the current trajectory of India's economy is perceived both at home and abroad. It also remains to be seen if the revised data will influence the Reserve Bank of India's (RBI) future monetary policy decisions. The RBI surprised financial markets by announcing a cut in its main lending rate viz. the repo rate by 25 basis points in an unscheduled monetary policy review on 15 January 2015, citing easing of inflationary pressures in the economy. The annual rate of inflation based on the combined consumer price indices (CPI) for urban and rural India rose to 5% in December 2014 from 4.4% in November 2014. Over the long term, the RBI aims to restrict consumer price inflation to 4%, within a two-per-cent band. The sixth bi-monthly monetary review from the RBI is scheduled today, 3 February 2015.
Trading for the week and the month began on a subdued note yesterday, 2 February 2015. The barometer index, the S&P BSE Sensex regained the psychological 29,000 level after alternately moving below and above that level. The Sensex fell 60.68 points or 0.21% to settle at 29,122.27, its lowest closing level since 22 January 2015.
Meanwhile, Foreign portfolio investors sold shares worth a net Rs 629.97 crore yesterday, 2 February 2015, as per provisional data.
Asian stocks were mixed today, 3 February 2015. Key indices in China, Taiwan, and Indonesia were up 0.36% to 0.68%. Key indices in Japan, Hong Kong, South Korea, and Singapore were off 0.06% to 0.36%.
US stocks ended sharply higher yesterday, 2 February 2015 after a late rally driven by hopes for a Greek debt deal and as energy shares bounced with oil prices.
In Europe, Greece's new government has proposed ending a standoff with its international creditors by swapping its outstanding debt for new growth-linked bonds, Finance Minister Yanis Varoufakis was quoted as saying yesterday, 2 February 2015.
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