Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 14 points at the opening bell.
Bank stocks will be in focus after the Reserve Bank of India (RBI) yesterday, 5 February 2015, said in its guidelines for implementation of Countercyclical Capital Buffer (CCCB) that the CCCB may be maintained in the form of Common Equity Tier 1 (CET 1) capital or other fully loss absorbing capital only, and that the amount of the CCCB may vary from 0 to 2.5% of total risk weighted assets (RWA) of the banks. While the framework for CCCB takes immediate effect, the activation of CCCB will take place when circumstances warrant, the RBI said. Currently, circumstances do not warrant activation of CCCB, the central bank said. All banks operating in India should maintain capital for Indian operations under CCCB framework based on their exposures in India, the RBI said. For all banks operating in India, CCCB shall be maintained on a solo basis as well as on consolidated basis, the central bank said.
The credit-to-GDP gap will be the main indicator in the CCCB framework in India. However, credit-to-GDP gap shall not be the only reference point and shall be used in conjunction with gross non-performing assets (GNPA) growth, the RBI said. Credit-to-GDP gap is the difference between credit-to-GDP ratio and the long term trend value of credit-to-GDP ratio at any point in time. The same set of indicators that are used for activating CCCB may be used to arrive at the decision for the release phase of the CCCB, the RBI said.
Among corporate news, HDFC Bank after market hours yesterday, 5 February 2015 said that the special committee of the bank, at its meeting held on 5 February 2015, inter alia, declared the closure of the issue period for the QIP on 5 February 2015. The committee approved the issue price of Rs 1,067 per equity share for the equity shares to be allotted to determined and approved eligible qualified institutional buyers (QIBs) in the QIP.
Separately, HDFC Bank after market hours yesterday, 5 February 2015 said that the special committee of the bank, at its meeting held on 5 February 2015, inter alia, declared the closure of the issue period for the ADR offering on 5 February 2015. The committee approved the issue price of $57.76 per ADR to be issued to eligible investors in the ADR offering.
Indusind Bank after market hours yesterday, 5 February 2015 said that it has on 5 February 2015 inaugurated a new branch in Chandigarh. The bank plans to further strengthen its presence and customer reach in Punjab and Haryana with more branches in the coming quarters. With the inauguration of a new branch, IndusInd Bank now has 9 branches in Chandigarh.
Tata Motors' consolidated net profit declined 25.5% to Rs 3581 crore on 9.6% growth in revenue (net of excise) to Rs 69973 crore in Q3 December 2014 over Q3 December 2013. The result was announced after market hours yesterday, 5 February 2015. Tata Motors said that its topline in Q3 December 2014 grew despite continuing weak operating environment in the standalone business which was more than offset by, increase in wholesale volumes, richer product mix and market mix at Jaguar Land Rover (JLR).
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Tata Motors' British luxury car unit JLR's net profit declined 4.2% to GBP 593 million on 10.3% growth in revenues to GBP 5879 million in Q3 December 2014 over Q3 December 2013. Operating profit (EBITDA) rose 7.8% to GBP 1096 million in Q3 December 2014 over Q3 December 2013. Continued strong revenue and operating performance were driven by wholesale volume increase, richer product mix supported by the ongoing success of Range Rover Sport, Range Rover and Jaguar F-TYPE and rich market mix, Tata Motors said.
With respect to media reports titled "Adani, JSW in race for Rs. 350 cr. Project" JSW Steel replied that the company is not engaged in any port dredging operations. A group company 'JSW Infrastructure' is pursuing port related business and the company is in no way connected with that business, JSW Steel said.
With respect to media reports titled "Advent leads race for Crompton arm," Crompton Greaves after market hours yesterda, 5 February 2015, stated that the company has no information regarding the rumoured news.
Hindustan Copper reported 84.64% fall in net profit to Rs 10.59 crore on 42.14% fall in total income to Rs 257.17 crore in Q3 December 2014 over Q3 December 2013.
Amid intense volatility during the second half of the trading session, key benchmark indices registered small losses at close yesterday, 5 February 2015. The BSE Sensex fell 32.14 points or 0.11% to settle at 28,850.97, its lowest closing level since 20 January 2015.
Meanwhile, Foreign portfolio investors sold shares worth a net Rs 27.43 crore yesterday, 5 February 2015, as per provisional data.
Asian stock markets were mixed today, 6 February 2015, ahead of the closely-watched US jobs report while apprehension about Greece's bailout program also weighed on sentiment. Key indices in Japan, Singapore, and Indonesia were up 0.58% to 0.71%. Key indices in China, Hong Kong, Taiwan, and South Korea were off 0.09% to 0.9%.
US stock markets advanced yesterday, 5 February 2015, encouraged by stabilization in oil and shaking off concerns about Greece ahead of US jobs report.
The US government is schedule to release nonfarm payroll data for January 2015 later in the global day today, 6 February 2015.
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