Market is seen opening higher. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 44.50 points at the opening bell.
In overseas stock markets, Asian stocks witnessed a mixed trend. US stocks closed higher on Friday, 27 May 2016, after Federal Reserve Chair Janet Yellen said an interest rate hike in the next few months would probably be appropriate. The Fed has kept the benchmark fed funds rate unchanged after raising it for the first time in nearly a decade in December 2015. The Federal Open Market Committee next undertakes monetary policy review on 14-15 June 2016.
Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 479.89 crore on Friday, 27 May 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 69.34 crore on Friday, 27 May 2016, as per provisional data.
Among key corporate earnings, Tata Motors, Mahindra & Mahindra, Sun Pharmaceutical Industries, Aurobindo Pharma and NTPC are scheduled to announce Q4 March 2016 results today, 30 May 2016.
Coal India's consolidated net profit rose 0.22% to Rs 4247.93 crore on 0.72% decline in total income to Rs 22898.79 crore in Q4 March 2016 over Q4 March 2015. The result was announced on Saturday, 28 May 2016.
Coal India's board of directors at its meeting held on 28 May 2016, approved about 6.29% increase in coal prices over the current prices with effect from 30 May 2016. This will be applicable to all subsidiaries of Coal India and NEC for regulated and non-regulated sectors. Due to this revision, Coal India will earn additional revenue of about Rs 3234 crore for the balance period of current financial year i.e. from 30 May 2016 to 31 March 2017. The board has also approved the differential price for non-regulated sector at a reduced rate of 20% over the price of regulated sector for G6 to G17 grades of coal for all subsidiaries of Coal India.
Tata Steel will be in focus after global credit rating agency Moody's Investors Service on Friday, 27 May 2016, said that the proposed sale of Tata Steel UK's long products Europe business to Greybull Capital and Tata Steel Europe's decision to sell its UK business are credit positive on its ratings on Tata Steel and Tata Steel UK. Moody's said that the divestment of the loss-making operations will reduce the drag on the European business' profitability, which has been under strain for a while. Tata Steel Europe has initiated the process of selling its entire holding in Tata Steel UK due to the deteriorating financial performance of the UK subsidiary. Moody's said that it will watch out for clarity on divestment of liabilities including pensions and erasing the negative EBITDA impact of the UK facilities on Tata Steel UK's credit metrics would be critical for any change in outlook to its rating on Tata Steel UK.
Metal maker Hindalco Industries' net profit jumped 123.36% to Rs 356.33 crore on 7.6% fall in total income to Rs 8871.66 crore in Q4 March 2016 over Q4 March 2015. The result was announced on Saturday, 28 May 2016. The revenue from operations dropped 7.51% to Rs 8667.52 crore in Q4 March 2016 over Q4 March 2015. The company attributed the decline in revenue to a sharp decline in both aluminium and copper realizations. In aluminium, the impact was much severe due to a sharp fall in local market premium and a sharp surge in imports of aluminium in the country. The company said its operational performance was strong. A strong increase in aluminium volumes, a thrust on value addition across businesses, lower cost of raw materials and a weaker rupee helped the company partially offset the impact of a sharp fall in realizations. The bottom line was boosted by base effect. The company's bottom line in Q4 March 2015 was adversely impacted by a non-recurring expenditure of Rs 146.48 crore.
With regard to the future business outlook, Hindalco said that the uncertain global macros pose several challenges for the company. The management will continue its un-relented focus on operational excellence, enhanced value addition and cash conservation to tide over these circumstances.
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Bharat Heavy Electricals' (Bhel) net profit fell 59.52% to Rs 359.58 crore on 18.36% decline in total income to Rs 10418.64 crore in Q4 March 2016 over Q4 March 2015. Bhel's order backlog stood at about Rs 1.10 lakh crore as on 31 March 2016. The company removed orders amounting Rs 3783 crore from the order book in Q4 March 2016. It removed orders amounting Rs 7429 crore from the order book in the year ended 31 March 2016, which are not likely to commence. The result was announced after trading hours on Friday, 27 May 2016.
Shares of ITC turn ex-dividend today, 30 May 2016, for dividend of Rs 8.50 per share for the year ended 31 March 2016.
Shares of Yes Bank turn ex-dividend today, 30 May 2016, for final dividend of Rs 10 per share for the year ended 31 March 2016.
Maruti Suzuki India said that the company is all set to start exports of its much awaited Light Commercial Vehicle "Super Carry" to South Africa and Tanzania. The announcement was made after market hours on Friday, 27 May 2016. The first lot of nearly 100 Super Carry Light Commercial Vehicles has been dispatched for shipment, Maruti Suzuki India said. The shipment to South Africa and Tanzania is of the petrol variant of Super Carry, the company said. The petrol variant for export market is powered by G12B engine. Besides African markets, the company also plans to export the Super Carry to South Asian Association for Regional Cooperation (SAARC) nations, it added. Based on the feedback, the company will explore export opportunities for Super Carry in other international markets, Maruti Suzuki India said. The India launch for Super Carry is planned in the second quarter of the current fiscal. To begin -with, it will be launched in select parts of the country. For the domestic market Super Carry will be powered by the E08 diesel engine. The company is setting up a separate retail channel in the Indian market, exclusively for the Super Carry, it added.
Tech Mahindra has entered into an agreement to acquire UK based Target Group for an enterprise value of GBP 112 million. The transaction is expected to close by 31 October 2016, subject to the receipt of regulatory approvals. Target Group is a financial technology (Fintech) and BPaaS (Business Process as a Service) provider in the banking, asset management, government and insurance sectors. Tech Mahindra said that the acquisition will broaden its service offerings in the banking, financial services and insurance (BFSI) domain and strengthen its presence in Europe. The acquisition will enhance Tech Mahindra's capabilities and allow Tech Mahindra to capture a larger share of the GBP 45-60 billion annual spend by UK BFSI companies on software and services.
Target Group had revenue of GBP 51 million in the year ended 31 December 2015 (FY 2015). After the completion of the acquisition by Tech Mahindra, Target Group will remain a standalone entity retaining its existing brand, which has a strong reputation in the marketplace. The entire management team at Target will stay with the business and continue to have full operational responsibility. Tech Mahindra made the announcement of the acquisition after trading hours on Friday, 27 May 2016.
Adani Ports and Special Economic Zone (APSEZ) said that it has raised Rs 200 crore by allotment of 2,000 rated, listed, secured, taxable, redeemable, non-convertible debentures (NCDs) of the face value of Rs 10 lakh each on private placement basis. The said NCDs will be listed on the wholesale debt market segment of BSE. The announcement was made after market hours on Friday, 27 May 2016.
Sun Pharmaceutical Industries (Sun Pharma) announced that one of the company's US subsidiaries Sun Pharmaceutical Industries, Inc (SPII) has received a grand jury subpoena from the United States Department of Justice, Antitrust Division seeking documents from SPII and its affiliates relating to corporate and employee records, generic pharmaceutical products and pricing, communications with competitors and others regarding the sale of generic pharmaceutical products, and certain other related matters. SPII is currently responding to the subpoena, Sun Pharma said. Sun Pharma said it is of the opinion that the outcome of the referred enquiry is unlikely to have any material adverse impact on the consolidated operations or consolidated financial results of the company. The announcement was made after market hours on Friday, 27 May 2016.
Power Grid Corporation of India said that the board of directors at its meeting held on 26 May 2016 have accorded approval for investment of 'North Eastern Region Strengthening Scheme - IV (NERSS - IV)' at an estimated cost of Rs 364.60 crore with commissioning schedule of 24 months from the date of investment approval. The announcement was made after market hours on Friday, 27 May 2016.
Rural Electrification Corporation's net profit rose 5.79% to Rs 1160.03 crore on 13.29% rise in total income to Rs 6084.47 crore in Q4 March 2016 over Q4 March 2015. The announcement was made after market hours on Friday, 27 May 2016.
Stocks of public sector banks, pharma companies, crude oil refiners and index heavyweights Infosys and HDFC led the upmove on the bourses on Friday, 27 May 2016. The Sensex rose 286.92 points or 1.09% to settle at 26,653.60, its highest closing level since 30 October 2015.
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