The market may edge lower in early trade tracking mostly lower Asian stocks. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 26 points at the opening bell. Most Asian stocks declined today, 29 September 2014, led by a rout in Hong Kong, after clashes between police and pro-democracy protesters in the Chinese city.The Prime Minister, Narendra Modi meets US President Barack Obama at the White House on 29-30 September 2014. He is on a five-day official visit to US.
Among news of prominent companies, Bank of Baroda announced on Saturday, 27 September 2014, that the board of directors of the bank at its meeting held on 27 September 2014, have considered and accorded it's in-principle approval to the bank for 5-for-1 stock split, which is subject to prior approval of Reserve Bank of India (RBI) and other statutory / regulatory / Government of India approvals as may be required.
ONGC announced on Saturday, 27 September 2014, that ONGC Videsh, a wholly owned subsidiary of ONGC and Pemex-Exploracion Y Produccion (PEP), the upstream subsidiary of Pemex, the national oil company of Mexico, have entered into a Memorandum of Understanding and Cooperation (MoU) on 25th September 2014 to cooperate in the hydrocarbon sector in Mexico. Under the MoU, the two companies plan to discuss future cooperation and collaboration in the upstream sector in Mexico. The MoU also envisages cooperation in the fields of technology, human resources, research & development. Mexico is the largest crude oil producing country in Latin America. It has excellent potential for both conventional and unconventional hydrocarbon. As a result of recent Energy Reforms in the country, the oil and gas sector is being opened for participation by foreign firms.
IDBI Bank's board of directors at its meeting held on Friday, 26 September 2014, approved for infusion of additional capital of Rs 58.34 crore by way of equity in IDBI Asset Management (IAML), bank's subsidiary company, to meet the growth requirements of IAML besides maintaining net worth as stipulated by Sebi in terms of clause (f) of amended Regulation 21(1) of SEBI (MF) Regulations, 1996. The board also approved enhancement in Rupee borrowing limit from the present limit of Rs 4000 crore (approved by the shareholders on 2 September 2014) to Rs 15000 crore subject to compliance with all applicable laws, regulations & guidelines as well as the approval of shareholders to be obtained in terms of Section 42 of the Companies Act, 2013 by Postal Ballot.
The Prime Minister, Narendra Modi, while addressing to Indian Community at Madison Square Garden, New York on Sunday, 28 September 2014, exhorted Indians to join in the development effort as a mass movement. The Prime Minister unveiled a series of facilitation initiatives aimed at making travel from America to India easier. He said one of his key initiatives was to remove redundant laws, and he would be happy if he could do so at a pace of one a day.Prime Minister Narendra Modi is on a five-day official visit to United States starting 26 September 2014. The Indian Prime Minister will meet US President Barack Obama at the White House on 29-30 September 2014. The two leaders will discuss a range of issues of mutual interest in order to expand and deepen the US-India strategic partnership. They will discuss ways to accelerate economic growth, bolster security cooperation, and collaborate in activities that bring long-term benefits to both countries and the world.
The Reserve Bank of India (RBI) undertakes fourth bi-monthly monetary policy review tomorrow, 30 September 2014. The central bank's policy stance after the review could provide cues on the direction of interest rates in the coming months. The central bank is targeting consumer price inflation at 8% by end January 2015 and 6% by end January 2016.
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Key benchmark indices edged higher in choppy session on Friday, 26 September 2014, after global credit rating agency Standard & Poor's (S&P) revised upwards its outlook on India's sovereign credit rating to stable from negative. The S&P BSE Sensex rose 157.96 points or 0.6% to settle at 26,626.32 on that day, its highest closing level since 24 September 2014.
The provisional data released by the stock exchanges after trading hours on Friday, 26 September 2014, showed that foreign portfolio investors (FPIs) sold shares worth a net Rs 1133.64 crore on that day.
Most Asian stocks declined today, 29 September 2014, led by a rout in Hong Kong, after clashes between police and pro-democracy protesters in the Chinese city. Key benchmark indices in Indonesia, South Korea, Hong Kong, and Taiwan were off 0.18% to 1.74%. Key benchmark indices in Japan, China and Singapore rose 0.16% to 0.43%.
US stocks closed higher on Friday, 26 September 2014, after a read on second-quarter GDP showed that the economy grew at its fastest pace in 2-1/2 years.
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