The market may extend gains on firm Asian stocks. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 17.50 points at the opening bell. The market may remain volatile today, 28 August 2014, as traders roll over positions in the futures & options (F&O) segment from the near month August 2014 series to September 2014 series. The near-month August 2014 F&O contracts expire today, 28 August 2014.
The stock markets remain close tomorrow, 29 August 2014, on account of Ganesh Chaturthi.
Among corporate news, Reliance Industries (RIL) after market hours on Wednesday, 27 August 2014 said it has scheduled a planned turnaround at its Hazira manufacturing site. The cracker unit will be shut for a period of about 4 week, starting from the last week of September 2014, RIL said. This opportunity will be utilized to carry out other routine maintenance and turnaround activities to enhance productivity, the company added. RIL's crackers at other locations will continue at normal levels of operations, the company said. With advance planning and inventory management, impact on external sales is likely to be minimal, RIL added.
Sun Pharmaceutical Industries said before market hours that the company has received direction under Section 29(2) of the Competition Act, 2002 from Competition Commission of India (CCI), directing Sun Pharma to publish the details of the proposed combination of Sun Pharma and Ranbaxy Laboratories within 10 working days from 27th August 2014 in Form IV contained in Schedule II to the Combination Regulations. In April 2014, Sun Pharma acquired Ranbaxy in $ 4 billion landmark transaction.
DLF after market hours on Wednesday, 27 August 2014 said that the Appeal filed by DLF against the Order of the COMPAT has been admitted on Wednesday, 27 August 2014, by the Supreme Court of India. The Supreme Court directed DLF to deposit Rs 630 crore in an interest-bearing fixed deposit with the court for the duration of the appeal proceedings. The amount is to be deposited within a period of three months, of which Rs 50 crore is to be deposited within three weeks, DLF said. The entire deposit is subject to the final decision of the Supreme Court, DLF added. The copy of the order passed by the Supreme Court is still awaited, DLF said. DLF will take all steps to comply with the directions of the Supreme Court and remains confident of the merits of its case, DLF added.
Central Bank of India after market hours on Wednesday, 27 August 2014 in a clarification with regard to news item titled "CBI books Electrotherm for cheating Central Bank' of Rs. 436 crore" said that as on 31 July 2014, total outstanding loans to Electrotherm (India) was Rs 385.26 crore. The account has been classified as non-performing assets (NPAs) on 31 March 2012 and is presently under doubtful category. Central Bank of India said it has already made 100% provision and written off the account in previous financial year ended 31 March 2014. Accordingly, any development in the account will not affect the bank's profit & loss account, Central Bank of India said. The bank further said that Electrotherm (India) has been declared as willful defaulter on 2 April 2014. Bank has already initiated legal proceedings against the company, promoters, directors and its guarantors and filed suit in DRT for recovery of bank's dues on 24 January 2014. Bank has also filed FIR with Central Bureau of Investigation (BS&FC) vide letter dated 3 January 2014. Forensic audit of the company has been entrusted to Deloitte in January 2014, Central Bank of India said.
Shares of railway infrastructure companies will be in focus after the Department of Industrial Policy and Promotion (DIPP) yesterday, 27 August 2014, issued a notification allowing 100% foreign direction investment (FDI) through the automatic route in railway infrastructure viz. suburban corridor projects, high speed train projects, dedicated freight lines, rolling stock, locomotives manufacturing, railway electrification, signaling systems, freight terminals, passenger terminals, infrastructure in industrial park pertaining to railway line/sidings and mass rapid transport systems.
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In macro economic data, the government will release Q1 June 2014 GDP data tomorrow, 29 August 2014. India's Gross Domestic Product (GDP) rose at steady pace of 4.6% in Q4 March 2014. The GDP grew 4.7% in the fiscal year ended 31 March 2014 (FY 2014).
Key benchmark indices edged higher on Wednesday, 27 August 2014, amid expectations that further monetary stimulus in the euro zone could trigger more foreign fund flows to emerging markets. The Sensex garnered 117.34 points or 1.44% to settle at 26,560.15 on that day, a record closing high.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 290.18 crore on Wednesday, 27 August 2014, as per provisional data from the stock exchanges.
Asian stocks climbed for a third day today, 28 August 2014, as telecommunication and technology shares led gains and Qantas Airways surged. Key benchmark indices in Indonesia, Hong Kong, China, Singapore and South Korea rose 0.08% to 0.43%. Key benchmark indices in Japan and Taiwan fell 0.17% to 0.52%.
China's industrial profits rose 13.5% in July after climbing 17.9% in June, the fastest pace since September, according to data released by the National Bureau of Statistics today.
Most US stocks edged higher on Wednesday, 27 August 2014, with the S&P 500 index creeping up to another record closing high in a lethargic session, though a number of retail stocks traded heavily after reporting results.
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