Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 7.50 points at the opening bell. Most Asian stocks edged higher today, 17 July 2014 as material and industrial shares led the advance.
TCS, Bajaj Auto, Bajaj Holdings and Investment, MindTree, Rallis India and Reliance Industrial Infrastructure will announce their April-June 2014 results today, 17 July 2014.
Reliance Industries (RIL) after trading hours on Wednesday, 16 July 2014, issued a clarification to recent news reports that said that the government has imposed an additional penalty of $579 million on RIL for the year 2013-14 for failing to meet the gas production target for its flagship KG-D6 block. RIL said that media reports have been apparently misquoting the cost recovery disallowance as levy of fine/penalty on RIL, while the two are entirely different. RIL said that the government had in 2012 wrongly sought to disallow cost recovery of investments made by the contractor (RIL 60%; BP 30%; NIKO 10%) in the block KG-DWN-98/3 for the period FY 2011 and FY 2012. RIL said that the potential impact to the contractor is the additional payment of profit petroleum to the Government of India (GoI), when and if the disallowed cost is added to the profit petroleum. The GoI's share of profit petroleum is currently pegged at 10% based on a formula prescribed in the Production Sharing Contract (PSC). RIL said that the company and its partners in the block believe that the purported rationale of GoI in proportionately disallowing the cost in the ratio of actual production to the estimated production from D1-D3 fields in the KG D6 block is not as per the PSC. RIL said that the company and its partners in the block had commenced arbitration process under the terms of the PSC over the wrongful disallowance of cost recovery by the GoI in November 2011.
Kotak Mahindra Bank said after market hours on Wednesday, 16 July 2014, that the Board of Directors of the bank at its meeting held on 16 July 2014, increased the ceiling limit for investment by foreign institutional investors (FIIs)/ sub-accounts of FIIs, foreign portfolio investors (FPIs) and qualified foreign investors (QFIs) in the share capital of the bank, through primary or secondary route to 40% with immediate effect after the shareholders of the bank at the Annual General Meeting held on 16 July 2014, approved increase in ceiling limit.
The total shareholding of FIIs/FPIs and QFIs as per the shareholding data received from R&T Agent as on 15 July 2014 was 33.57%.
Tech Mahindra after market hours on Wednesday, 16 July 2014 said it has signed a memorandum of understanding (MoU) with Wichita State University (WSU), a state educational institution of Kansas in the areas of aerospace engineering, certification, information technology and automotive testing.
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Tech Mahindra will collaborate with WSU and its National Institute for Aviation Research (NIAR), the largest academic aviation R&D institution in the United States, on multiple areas of engineering including composites, advanced materials and structural testing.
IDFC will be watched after the Reserve Bank of India on Wednesday, 16 July 2014, notified that IDFC has agreed to decrease the limit for purchase of its equity shares and convertible debentures by Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs), through primary market and stock exchanges under the Portfolio Investment Scheme (PIS) up to 50.50% of the paid up capital. Earlier limit for such investments in IDFC was 51.50%. IDFC has passed resolutions at the Board of Directors' level and a special resolution by the shareholders, agreeing for decreasing the limit for the purchase of its equity shares and convertible debentures by Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs). IDFC was placed in ban list for FIIs/RFPIs on 8 July 2014 and continue to remain in that list.
Also, IDFC turns ex-dividend today, 17 July 2014, for dividend of Rs 2.60 per share for the year ended 31 March 2014.
The board of Crompton Greaves proposed to demerge its consumer products business unit into a separate listed company. The board believes that such a demerger will create better growth opportunities for its two large but significantly different businesses - Power, Industrial and Automation which is a B2B business, and the Consumer Products business which is B2C. The board also believes that this will create a more flexible capital structure for the two businesses to grow independently, allow them to pursue more ambitious strategic goals and, thus, create further value for existing shareholders. The board has constituted a Committee of Directors to examine all relevant aspects of the process of demerger and listing and make suitable recommendations to the board, the company said.
Lakshmi Vilas Bank's net profit rose 11.08% to Rs 28.15 crore on 10.26% rise in total income to Rs 587.12 crore in Q1 June 2014 over Q1 June 2013. The result was announced after market hours on Wednesday, 16 July 2014
Lakshmi Vilas Bank said after market hours on Wednesday, 16 July 2014, that the Board of Directors of the bank at its meeting held on 16 July 2014, have approved the rights issue of shares at Rs 50 per share (including premium of Rs 40 per share) in the ratio of 5 shares for every 6 shares held.
Adani Ports and Special Economic Zone (APSEZ), said after market hours on Wednesday, 16 July 2014, it had received the environment and coastal regulation zone clearance from the Union Ministry for Environment and Forests, for its 8,481 hectares special economic zone (SEZ) in Mundra.
The clearance will now allow APSEZ, which operates India's only port-based SEZ, to set up a mega desalination plant, an effluent treatment plant and intake of sea water, all of which constitute primary infrastructure to be provided for companies setting up business units in the special economic zone.
Mahindra & Mahindra turns ex-dividend today, 17 July 2014, for total dividend of Rs 14 per share for the year ended 31 March 2014.
Aegis Logistics turns ex-dividend today, 17 July 2014, for final dividend of Rs 2.75 per share for the year ended 31 March 2014 (FY 2014).
Alstom India turns ex-dividend today, 17 July 2014, for dividend of Rs 10 per share and special dividend of Rs 4 per share for the year ended 31 March 2014 (FY 2014).
Alembic Pharmaceuticals turns ex-dividend today, 17 July 2014, for dividend of Rs 3 per share for the year ended 31 March 2014 (FY 2014).
Apollo Tyres turns ex-dividend today, 17 July 2014, for final dividend of Rs 0.75 per share for the year ended 31 March 2014 (FY 2014).
Cadila Healthcare turns ex-dividend today, 17 July 2014, for dividend of Rs 9 per share for the year ended 31 March 2014 (FY 2014).
Carborundum Universal turns ex-dividend today, 17 July 2014, for final dividend of Rs 0.50 per share for the year ended 31 March 2014 (FY 2014).
Reserve Bank of India's (RBI) incentives for banks to raise long term bonds for financing infrastructure projects and data showing a decent growth in India's merchandise exports in June 2014 triggered a rally on the domestic bourses on Wednesday, 16 July 2014. The S&P BSE Sensex garnered 321.07 points or 1.27% to settle at 25,549.72, its highest closing level since 8 July 2014.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 621.68 crore on Wednesday, 16 July 2014, as per provisional data from the stock exchanges.
Most Asian stocks edged higher today, 17 July 2014 as material and industrial shares led the advance. Key benchmark indices in Japan, Indonesia, Singapore and South Korea rose by 0.02% to 0.51%. Key benchmark indices in China, Taiwan and Hong Kong fell by 0.18% to 0.7%.
US stocks advanced on Wednesday, 16 July 2014 sending the Dow Jones Industrial Average to an all-time high, as companies from Time Warner Inc. to Intel Corp. rallied amid deals and earnings reports.
The Federal Reserve said in its Beige Book business survey released on Wednesday, 16 July 2014 that economic growth was modest to moderate in the latest period as all 12 of its districts reported stronger consumer spending and expanded manufacturing.
Federal Reserve Chairwoman Janet Yellen concluded her two-day appearance testifying on Capitol Hill. In her comments, she reportedly stressed a softer line on stock valuations, saying the Fed doesn't have a target for equity values. The central bank instead looks to see if valuations are outside historical norms. In that sense, I am not seeing alarming warning signals, she said Wednesday, 16 July 2014.
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