Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 52 points at the opening bell.
Among corporate news, on a consolidated basis, TCS reported 5.8% fall in net profit to Rs 5244 crore on 7.7% growth in revenue to Rs 23816 crore in Q2 September 2014 over Q1 June 2014. The result was announced after market hours on Thursday, 16 October 2014.
TCS said that growth in Q2 September 2014 was broad-based with all industries growing on a sequential basis. The impact of the integration of newly merged entity in Japan also provided additional growth to units like manufacturing, hi-tech. All core markets like North America, Europe and UK grew smartly. Emerging markets continued to be volatile with India growing while Latin America faltered in Q2 September 2014. There was balanced growth across IT and other service lines led by Infrastructure Services and Engineering Services, TCS said.
Commenting on the Q2 performance, Chief Executive Officer and Managing Director, N Chandrasekaran said: "Driven by strong volumes and robust utilization rates, this has been a quarter of steady, consistent performance. Our well-rounded showing has been highlighted by broad-based growth in our key markets, industries and services as we continued to deepen our engagement with customers."
Hero MotoCorp's net profit jumped 58.56% to Rs 763.37 crore on 21.69% growth in total income to Rs 7108.85 crore in Q2 September 2014 over Q2 September 2013. The result was announced after market hours yesterday, 16 October 2014.
Tata Motors Group global wholesales in September 2014, including Jaguar Land Rover (JLR), were 80,104 units. Global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range in September 2014 were 34,918 units. Global wholesales of all passenger vehicles in September 2014 were 45,186 units. Global wholesales of Tata Motors' passenger vehicles in September 2014 were 12,328 units.
Global wholesales for Jaguar Land Rover for September 2014 were 32,858 vehicles. Jaguar wholesales for September 2014 were 5,715 vehicles, while Land Rover wholesales for the month were 27,143 vehicles.
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Axis Bank on Thursday, 16 October 2014, said that the bank has reduced its base rate by 10 basis points to 10.15% per annum (p.a.) from 10.25% with effect from 15 October 2014. The bank attributed the reduction in base rate to decline in cost of funds. The cost of funds has eased due to softening of interest rates based on improving liquidity and other macroeconomic developments, Sidharth Rath, President (Treasury, Business Banking & Capital Markets), Axis Bank said in a statement.
Tata Steel after market hours yesterday, 16 October 2014 said that its 100% indirect subsidiary Tata Steel UK Holdings (TSUKH) executed agreements for the refinancing of its bank debt through term loan and revolving credit facilities of euro 3.05 billion. The debt was originally incurred in relation with the acquisition of Corus Group plc in 2007. The new financing structure consists of a 5-year loan of euro 370 million, a 6 year revolving credit facility for working capital purposes of 700 million pounds and a 7-year loan of euro 1.8 billion, with more favourable terms and pricing relative to the earlier debt, Tata Steel said.
Further, Tata Steel Global Holdings Pte (TSGH), another 100% indirect subsidiary of Tata Steel incorporated in Singapore has also executed agreements today for loan facilities of US$1.5 billion comprising of a 5 year loan of $700 million and a 7 year loan of $800 million. The proceeds of this loan will be used to repay term debts, term out working capital and fund investment needs of the Tata Steel Group outside India, Tata Steel said.
Ranbaxy Laboratories after market hours yesterday, 16 October 2014 in a clarification with regard to a news item titled "Sun, Ranbaxy may be asked to sell some business for CCI approval to merger" said that the news article suggests that the Competition Commission of India (CCI) may ask the parties to the merger to sell parts of their businesses as a pre-condition to approve the merger. As on date, the company has not received any such communication from the CCI to divest any part of the business(s), Ranbaxy said. The parties have made certain submissions to the CCI on which decision of the CCI is awaited, it added.
UltraTech Cement after market hours yesterday, 16 October 2014 in a clarification with regard to news item titled "UltraTech eyes Holcim-Lafarge assets to cement global position" said that in the course of business, the company evaluates various proposals on a regular basis. There is no proposal which has reached the stage which would trigger Clause 36 of the Listing Agreement, the company said.
Indian Oil Corporation (IOC) after market hours yesterday, 16 October 2014 in a clarification with regard to news item titled "IOC to Invest $4 b in British Columbia Province in Canada" said that the company, through its wholly owned affiliate Indoil Montney., Canada had signed transaction agreements with Progress Energy Canada (Progress Energy Canada), PETRONAS Carigall Canada BV (PCC BV) wholly owned affiliates of PETRONAS for the acquisition of a 10% interest in Progress Energy Canada's LNG-destined natural gas reserve in British Columbia and in the proposed Pacific North West LNG Project on 7 March 2014. IndianOil shall offtake 1.2 MMTPA of LNG from the project. Hence, the company does not foresee impact of this article on it at present, IOC said.
A sharp slide in European stocks and US index futures pulled key equity benchmark indices in India sharply lower yesterday, 16 October 2014. The S&P BSE Sensex had lost 349.99 points or 1.33% to settle at 25,999.34 on that day, its lowest closing level since 13 August 2014.
Meanwhile, the provisional data released by the stock exchanges after trading hours on Thursday, 16 October 2014, showed that foreign portfolio investors (FPIs) sold shares worth a net Rs 1128.37 crore on that day.
Asian bourses today, 17 October 2014, mirrored the choppy trade overnight in the US. Key indices in Japan, China, Taiwan, and South Korea were off 0.35% to 1.01%. Key indices in Hong Kong, Singapore, and Indonesia were up 0.04% to 0.19%.
US stocks ended little changed yesterday, 16 October 2014 with the Dow recouping much of a 206-point deficit, as investors balanced worries about global growth against mostly better-than-expected US earnings and economic reports.
The Federal Reserve may want to extend its bond-buying program beyond October to keep its policy options open given falling US inflation expectations, Federal Reserve Bank of St. Louis President James Bullard said on Thursday, 16 October 2014.
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