Market may extend gains

The market may extend recent rally tracking firmness in Asian stocks. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 40 points at the opening bell.Cairn India announces Q1 results today, 23 July 2014.

IT stocks may gain on positive economic data in US, the biggest outsourcing market for the Indian IT firms.

TCS on Tuesday, 22 July 2014 announced a new partnership with MapR Technologies, Inc., provider of the top-ranked distribution for Apache Hadoop, to help enterprise customers easily and rapidly capture critical big data insights. The partnership's new big data offerings will shift the IT cost curve and allow companies to strategically reimagine their business models, TCS said. The announcement was made after market hours on Tuesday, 22 July 2014.

Tata Power after trading hours on Tuesday, 22 July 2014, said that the Appellate Tribunal for Electricity (APTEL) in its interim order has directed procurer states to make electricity payments raised during and after March 2014 by Mundra ultra mega power project (UMPP) as per the compensatory tariffs directed by the Central Electricity Regulatory Commission (CERC) in February this year. Coastal Gujarat Power (CGPL) which operates the 4,000 megawatts (MW) Mundra project has to keep an account of the amount received from procurers as compensatory tariff until further notice. The next hearing of the matter is scheduled on 19 August 2014. CGPL is a subsidiary of Tata Power.

Tata Power said that CGPL has been delivering the full potential of Mundra across beneficiary states despite incurring losses. The company said that the indicative compensatory tariff of about Rs 2.80 per unit is much lower and very competitive compared to the average purchase price in all five states and is also substantially lower than the current market rate for providing replacement power at a cost upwards of Rs 4.10 per unit, which could leave all five states prone to load shedding. If Mundra UMPP were to be rendered unviable, the cost of purchasing replacement power would mean higher tariffs by at least Rs 1 per unit for all five states, Tata Power said.

Axis Bank after market hours on Tuesday, 22 July 2014 reported 18.29% rise in net profit to Rs 1666.76 crore on 10.17% rise in total income to Rs 9980.47 crore in Q1 June 2014 over Q1 June 2013.

Axis Bank's gross non-performing assets (NPAs) were at 1.34% of gross advances as on 30 June 2014, higher than 1.22% as on 31 March 2014 and 1.1% as on 30 June 2013. Net NPAs were 0.44% of net advances as on 30 June 2014, higher than 0.4% as on 31 March 2014 and 0.35% as on 30 June 2013.

ING Vysya Bank after market hours on Tuesday, 22 July 2014 reported 18.11% fall in net profit to Rs 143.40 crore on 4.77% rise in total income to Rs 1627.28 crore in Q1 June 2014 over Q1 June 2013.

Tata Power Company turns ex-dividend today, 23 July 2014, for dividend of Rs 1.25 per share for the year ended 31 March 2014 (FY 2014).

Abbott India turns ex-dividend today, 23 July 2014, for final dividend of Rs 23 per share for the year ended 31 March 2014 (FY 2014).

Britannia Industries turns ex-dividend today, 23 July 2014, for dividend of Rs 12 per share for the year ended 31 March 2014 (FY 2014).

EIH turns ex-dividend today, 23 July 2014, for dividend of Rs 1.10 per share for the year ended 31 March 2014 (FY 2014).

Telecom stocks and index heavyweight Reliance Industries (RIL) led rally as the barometer index, the S&P BSE Sensex, surged past the psychological 26,000 level on Tuesday, 22 July 2014. The S&P BSE Sensex garnered 310.63 points or 1.21% to settle at 26,025.80 on that day, its highest closing level since 7 July 2014.

Foreign portfolio investors (FPIs) bought shares worth a net Rs 412.03 crore on Tuesday, 22 July 2014, as per provisional data from the stock exchanges.

Asian stocks advanced for a third day today, 23 July 2014, boosted by better-than-expected inflation and housing reports in US. Key benchmark indices in Hong Kong, South Korea, China, Indonesia, and Japan rose by 0.01% to 1.02%. South Korea's Kospi fell 0.03%.The stock market in Taiwan was closed due to a typhoon.

US stocks closed modestly higher on Tuesday, 22 July 2014, boosted by better-than-expected inflation and housing reports as well as a flood of second-quarter earnings reports.

The US consumer price index increased 0.3% in June 2014 after a 0.4% gain in May 2014, figures from the Labor Department showed yesterday, 22 July 2014, in Washington. Purchases of existing houses advanced 2.6% to a 5.04 million annual rate in June 2014, the National Association of Realtors reported.

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