Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could slide 57 points at the opening bell, tracking weakness in Asian stocks and subdued growth in India's industrial production in August 2014.
India's Index of industrial production (IIP) growth remained subdued at 0.5% in August 2014, from 0.4% (revised) increase in July 2014, data released after market hours on Friday, 10 October 2014 showed. The manufacturing sector's output declined for second straight month at 1.4%, mainly contributing to the subdued IIP growth in August 2014. However, mining sector output increased 2.6%, while electricity generation posted a double-digit growth for the third straight month, at 12.9%, in August 2014.
The annual rate of inflation based on the combined consumer price indices (CPI) for urban and rural India is seen further decelerating to 7.2% in September 2014, from 7.8% in August 2014, as per the median estimate of a poll of economists carried out by Capital Market. The government will release the CPI data for September 2014 at 17:30 IST today, 13 October 2014.
The inflation data based on the Wholesale Price Index (WPI) is seen further decelerating to 3.3% in September 2014, from 3.74% in August 2014, as per the median estimate of a poll of economists carried out by Capital Market. The government will release the inflation data based WPI at 12 noon tomorrow, 14 October 2014.
Among corporate news, Index heavyweight Reliance Industries and IndusInd Bank are scheduled to unveiled their Q2 September 2014 results today, 13 October 2014.
Bharti Airtel after market hours on Friday, 10 October 2014 in a clarification with regard to news item titled "Ericsson Bags 4G Deal from Bharti Airtel" said that the said news item does not have a material impact on the company. Bharti Airtel ( Airtel ) has a long term strategic partnership with Ericsson for network equipment for more than a decade including 2G and 3G, the company said. As part of ongoing business requirements, Airtel has engaged Ericsson to assist in the rollout of LTE (FD) in certain circles while some other partners were awarded other territories to enhance the existing LTE footprint, Bharti Airtel said.
Mahindra & Mahindra (M&M) after market hours on Friday, 10 October 2014 said that as part of aligning its production with sales requirements, the company would be observing no production days at its tractor plants located at Rudrapur and Jaipur for four days during the balance period of October 2014. The Management does not envisage any adverse impact on availability of tractors in the market due to adequacy of tractor stocks to serve the market requirements, M&M said.
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Tata Power Company (Tata Power) after market hours on Friday, 10 October 2014 in a clarification with regard to news item titled "Tatas, ICIC Venture may Team up for Power Play"said that Tata Power continues to look at various such options to improve stakeholders value and a proposal similar to one that appeared is at consideration stage, where no binding agreements or any commitments have been made by the company. The contents appearing in the newspaper report is largely speculative, Tata Power said.
ACC after trading hours on Friday 10 October 2014, said that after a Supreme Court ruling on renewal of mining leases, the Jharkhand and Odisha state governments have served notices on the company to suspend limestone mining operations at Chaibasa and Bargarh cement plants. The clinker production at Chaibasa and Bargarh plants has stopped. However, the operations of cement grinding units associated with these plants are continuing with transfer of clinker to them from sister works, ACC said. The company said it is awaiting further developments in the matter. Whilst the company has complied with the court order seeking stopping mining activities, the company is in the process of seeking relief in the matter and is hopeful of a positive outcome, ACC said.
Weakness in global stocks triggered a sell-off on the domestic bourses on Friday, 10 October 2014. The S&P BSE Sensex had declined 339.90 points or 1.28% to settle at 26,297.38 on that day, its lowest level since 8 October 2014.
Meanwhile, the provisional data released by the stock exchanges after trading hours on Friday, 10 October 2014, showed that foreign portfolio investors (FPIs) sold shares worth a net Rs 719.77 crore on that day.
Asian stocks dropped today, 13 October 2014 as worries about global economic growth sapped confidence. Key benchmark indices in China, Singapore, Hong Kong, Taiwan, Indonesia and South Korea fell by 0.55% to 2.34%.
US stocks slumped on Friday, 10 October 2014, extending the steep decline that was seen in the previous session, amid concern over Europe's economy.
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