The market is likely to open higher on positive Asian stocks. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 9.50 points at the opening bell. Asian markets were trading higher on Friday tracking gains in US markets on Thursday.
ONGC's wholly owned subsidiary ONGC Videsh (OVL) after market hours on Thursday, 21 November 2013 announced that it has on 20 November 2013 signed Memorandum of Understanding (MOU) with Petrovietnam to promote the joint cooperation in hydrocarbon sector in Vietnam, India and other countries. The MOU signing was witnessed by Prime Minister of India and Secretary General of Communist Party of Vietnam. The MOU was signed by Mr D.K. Sarraf, CEO & MD of OVL and Mr. Nguyen Vu Truong Son, Vice President of Petrovietnam. This MOU is in furtherance to the agreement signed between the OVL and Petrovietnam on 12 October 2011. Under the MOU, Petrovietnam has offered 5 blocks to OVL. OVL would assess these blocks and if these are of interest, it would make a proposal to Petrovietnam.
ONGC said that Vietnam is one of the focus countries for OVL where it would like to acquire stakes in oil and gas assets depending on techno-commercial viability.
ONGC Chairman Mr. Sudhir Vasudeva, noted that it should be seen in the context of long standing strategic partnership with Vietnam. This partnership will help achieve medium to long terms goals set for OVL and energy security of India.
Cairn India before market hours today, 22 November 2013 said that a meeting of the board of directors of the company will be held on 26 November 2013, to consider the proposal for buy back of equity shares of the company.
Ambuja Cements after market hours on Thursday, 21 November 2013 announced that it had received shareholders' approval to buy a 24% stake in Holcim (India) from Holderind International for Rs 3500 crore, and the amalgamation of Holcim (India) with it. Ambuja Cements said that 68.52% of minority shareholders voted in favour of Ambuja buying a 24% stake in Holderind International for Rs.25.63 a share. The voting took place on 19 November 2013.
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The second resolution, for approving the scheme of amalgamation between Holcim (India) with Ambuja, also got shareholders' approval, with 68.53% of minority shareholders voting in its favour, Ambuja Cements said.
Meanwhile, another round of voting will take place at Ambuja Cements' extraordinary general meeting (EGM) as well as at a court-convened meeting tomorrow, 23 November 2013. At the EGM, where the Ambuja Cements' board is proposing a special resolution for reduction in share capital because of the cancellation of Ambuja's shares held by Holcim (India) after the merger, the promoters can also vote.
On 25 July 2013, Holcim decided to restructure its India operations to get Ambuja Cements and ACC to work better together, saving around Rs 900 crore. In a complex deal announced at that time, Holcim planned to raise its stake in Ambuja Cements to 61.39% from just over 50%. Once the deal is completed, Ambuja will hold a 50.01% stake in ACC.
Dabur India said after market hours on Thursday, 21 November 2013 that the company has agreed to purchase the business undertaking (including manufacturing facility and all assets and liabilities relatable to the said facility) situated at Plot no. 16, Sector -2, IIE, Pantnagar, Uttarakhand, on a going concern basis from Northern Aromatics (Dabur's existing vendor) on a slump sale basis at a consideration of Rs 15 crore. The said facility will be used to manufacture food products, ayurvedic medicines and cosmetics. Agreement to sell in this respect has been executed on 18 November 2013.
Siemens will announce its financial year ended 30 September 2013 results today, 22 November 2013.
The Reserve Bank of India (RBI) said on Thursday it would focus on the monitoring of banks' asset quality and help improve the poor debt recovery process in the country, underlining the central bank's growing discomfort with rising bad loans. Bad debts have surged in India as economic growth has slowed to a decade low, while investments have also stalled.
The focus on asset quality comes as bad debts at Indian banks have nearly doubled since 2009 to 4.2% of total loans at the end of September, central bank data showed, while debt restructuring is also at a record high. The RBI said the situation required "priority attention".
Meanwhile, RBI has advised banks to put in place mechanisms for early detection of signs of distress and to use early warning signals to avoid non-performing loan. It has also advised banks to strengthen information sharing, making it compulsory to receive and share information on borrowers before loans are approved. The central bank also cited an urgent need to speed up operations at fast-track government courts for lenders that deal with cases involving the recovery of debt called Debt Recovery Tribunals and Asset Reconstruction Companies.
Key benchmark indices slumped on Thursday, 21 November 2013 after minutes from the Federal Reserve's last meeting signaled US stimulus may be reduced in coming months. The S&P BSE Sensex lost 406.08 points or 1.97% to settle at 20,229.05, its lowest closing level since 13 November 2013.
Foreign institutional investors (FIIs) sold shares worth a net Rs 59.80 crore on Thursday, 21 November 2013, as per provisional data from the stock exchanges.
Asian markets were trading higher on Friday tracking gains in US markets on Thursday. Key benchmark indices in Taiwan, Hong Kong, China, Japan, Indonesia and South Korea rose by 0.03% to 1.23%. Singapore's Straits Times index fell 0.09%.
The Dow Jones Industrial Average achieved its first-ever close above 16,000 on Thursday as US stocks rallied, boosted by better-than-expected data on weekly jobless claims and as investors reconsidered their concerns about the Federal Reserve's potential reduction in its bond-buying program.
The Labor Department said weekly jobless claims fell by 21,000 to 323,000. In addition, wholesale prices dropped 0.2% last month. On the downside, the Philadelphia Fed's index of manufacturing conditions dropped to 6.5 in November. Among Thursday's Fed speeches, Richmond Fed President Jeffrey Lacker reiterated his opposition to the central bank's bond buys.
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