Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 72 points at the opening bell, tracking weakness in Asian stocks and overnight decline in US markets.
India's merchandise export rose 2.7% to $28.90 billion in September 2014, data released after market hours on Tuesday, 14 October 2014 showed. However, the merchandise imports surged at more than two-and-half year pace of 26% to $43.15 billion in September 2014. Thus, the trade deficit more than doubled to $14.25 billion in September 2014 from $6.12 billion in September 2013, while also galloped from $10.84 billion in August 2014.
Among corporate news, Bajaj Auto reported 29.41% fall in net profit to Rs 590.90 crore on 14.67% rise in total income to Rs 6076.70 crore in Q2 September 2014 over Q2 September 2013. The result was announced after market hours on Tuesday, 14 October 2014. The Q2 September 2014 net profit was weighed by an exceptional item of Rs 340.29 crore of National Calamity Contingency Duty (NCCD). Excluding exceptional item, profit after tax, would have rose 1.91% to Rs 853 crore in Q2 September 2014 over Q2 September 2013, Bajaj Auto said.
It may be recalled that Bajaj Auto had filed a writ petition before the Uttarakhand High Court in October 2011, claiming benefit of exemption from payment of NCCD by Pantnagar plant. On 9 October 2014, the court ruled otherwise, the company said. Accordingly in Q2 September 2014, the company recognised liability for the last seven and a half years (1 April 2007 to 30 September 2014) aggregating to Rs 340.29 crore. This is a one time only charge and going forward, the monthly charge towards NCCD is expected to be around Rs 3 crore per month, it added.
The company's export revenue rose 28.75% to Rs 2736 crore in Q2 September 2014 over Q2 September 2013. Operating earnings before interest, taxes, depreciation and amortization (EBITDA) before mark-to-market loss and CSR spends rose 3.65% to Rs 1248 crore in Q2 September 2014 over Q2 September 2013. Operating EBITDA margin before mark-to-market (MTM) gain/loss was reported at 20.8% in Q2 September 2014, lower than 23.1% in Q2 September 2013.
Total vehicles sales rose 9.8% to 10.55 lakh units in Q2 September 2014 over Q2 September 2013.
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The company's cash and cash equivalents as on 30 September 2014 stood at Rs 8313 crore.
Given the initial response to the Discover 150, the company looks forward to a very rewarding future, Bajaj Auto said.
Tata Steel before market hours today announced the signing of a Memorandum of Understanding with Klesch Group to undertake detailed due diligence and negotiations for the potential sale of its long products Europe business and associated distribution activities.
The memorandum covers several UK-based assets including Tata Steel's Scunthorpe steelworks, mills in Teesside, Dalzell and Clydebridge in Scotland, an engineering workshop in Workington and a rail consultancy in York, as well as other operations in France and Germany.
Tech Mahindra after market hours on Tuesday, 14 October 2014, said that Pursuant to Clause 17(C) of the Scheme of Amalgamation and Arrangement of Mahindra Engineering Services with Tech Mahindra and their respective shareholders and creditors ('the Scheme'), the company's board of directors has extended the validity of the scheme by a further period of three months i.e. upto 31 January 2015.
Sesa Sterlite after market hours on Tuesday, 14 October 2014 in a clarification with regard to news item titled "Sesa Sterlite slumps on Supreme Court Order" said that the latest developments in Supreme Court does not relate to Sesa Sterlite. The written order of the Supreme Court is still awaited, the company said. As per the company's understanding, the situation, which is prevailing since 21 April 2014 judgment of Supreme Court, remains the same even today, Sesa Sterlite said.
TCS and Hero MotoCorp unveil Q2 results today, 16 October 2014.
Key benchmark indices registered small losses after witnessing high intraday volatility on Tuesday, 14 October 2014. The S&P BSE Sensex had declined 34.74 points or 0.13% to settle at 26,349.33 on that day, its lowest closing level since 10 October 2014.
Meanwhile, the provisional data released by the stock exchanges after trading hours on Tuesday, 14 October 2014, showed that foreign portfolio investors (FPIs) sold shares worth a net Rs 694.67 crore on that day.
Mounting anxiety over global growth and the spread of Ebola dragged Asian bourses lower today, 16 October 2014. Key indices in Hong Kong, Singapore, Japan, South Korea, Indonesia, and Taiwan were down 0.48% to 1.81%. In China, the Shanghai Composite was up 0.1%.
China attracted $9.0 billion of foreign direct investment in September, up 1.9% from a year earlier, the Ministry of Commerce said in a statement today, 16 October 2014. The figure was up from August's $7.2 billion, which was down 14% from a year earlier and the lowest level since July 2010.
US stocks closed lower on Wednesday, 15 October 2014, but retraced some lost ground in late trading from historic intraday losses, as disappointing economic data fueled growth fears, which were compounded by the spread of Ebola after a second case was reported in the US.
According to the Fed's Beige Book of economic conditions data released yesterday, 15 October 2014, officials there see the economy moving at a modest-to-moderate pace, with consumer spending gaining at a slight-to-moderate pace.
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