Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 5 points at the opening bell.
Among corporate news, metal stocks may decline on negative economic data in China. China is the world's largest consumer of steel, copper and aluminum
Zee Entertainment Enterprises will replace United Spirits in the 50-share CNX Nifty index from 19 September 2014.
Reliance Industries (RIL) announced after market hours on Wednesday, 20 August 2014, that the Shale Gas industry, in North America has grown exponentially in the past 5 years. As a result Ethane has become the dominant feedstock for crackers replacing liquids. Reliance's investments in Shale Gas and its existing crackers portfolio in India are a natural fit for sourcing Ethane from North America and shipping it to India to attain long term feedstock competitiveness.
RIL is implementing a project to source 1.5 MMTPA of Ethane from US to feed its crackers in India. RIL has now executed storage and capacity agreements for liquefaction and export of ethane with a North American Terminal, which is expected to commence operations in the second half of 2016, the company said in a statement.
For the purpose of transporting liquefied ethane to India in a safe and cost efficient manner, RIL has ordered six state-of-the-art Very Large Ethane Carriers (VLECs) which will be the largest vessels ever built in the world. The ships are expected to be delivered starting last quarter of 2016 in synchronisation with the readiness of terminal in North America.
RIL is also building a world-scale receiving and storage facility in India for liquefied ethane and pipeline to deliver ethane to the company's crackers. RIL will be upgrading its crackers to maximize cracking of Ethane, have maximum operational flexibility and capability to optimize feed stocks with complete control of supply chain. The project will significantly improve the long term competitiveness of the company's cracker portfolio through dedicated feedstock, enhanced margins, higher capacity and end to end integration, RIL said in a statement.
Also Read
Bharti Airtel turns ex-dividend today, 21 August 2014, for total dividend of Rs 3.43 per share. Bharti Airtel had on 13 August 2014 declared an interim dividend of Rs 1.63 per share for the year ending 31 March 2015. Bharti Airtel had on 29 April 2014 declared dividend of Rs 1.80 per share for the year ended 31 March 2014
Bosch announced after market hours on Wednesday, 20 August 2014, that work has resumed from 2nd shift on 20 August 2014 after workmen of the company's Jaipur Plant had restored to an illegal 'Tool Down' strike from end of second shift of 18 August 2014, without giving any prior notice to the management. Efforts were made to resolve the matter with the Union and restore normalcy.
Bharat Forge turns ex-dividend today, 21 August 2014, for final dividend of Rs 2.50 per share for the year ended 31 March 2014.
Dishman Pharmaceuticals and Chemicals turns ex-dividend today, 21 August 2014, for final dividend of Rs 1.20 per share for the year ended 31 March 2014.
Exide Industries turns ex-dividend today, 21 August 2014, for interim dividend of Rs 1.50 per share for the year ending 31 March 2015.
GNFC turns ex-dividend today, 21 August 2014, for dividend of Rs 3.50 per share for the year ended 31 March 2014.
Jubilant Life Sciences turns ex-dividend today, 21 August 2014, for dividend of Rs 3 per share for the year ended 31 March 2014.
MOIL turns ex-dividend today, 21 August 2014, for final dividend of Rs 3.50 per share for the year ended 31 March 2014.
Muthoot Finance turns ex-dividend today, 21 August 2014, for dividend of Rs 4.50 per share for the year ended 31 March 2014.
Neelamalai Agro Industries turns ex-dividend today, 21 August 2014, for dividend of Rs 40 per share for the year ended 31 March 2014.
Oberoi Realty turns ex-dividend today, 21 August 2014, for dividend of Rs 2 per share for the year ended 31 March 2014.
Tide Water Oil (India) turns ex-dividend today, 21 August 2014, for final dividend of Rs 200 per share for the year ended 31 March 2014
Aries Agro said that the company has commissioned on Wednesday, 20 August 2014 its first captive solar power generation unit with a capacity of 100 KW at its second largest manufacturing facility in Hyderabad. Set up at a project cost of Rs 80.51 lakh, this solar power generation will streamline the availability of power for manufacturing operations. The project was considered essential to reduce the dependence on fossil fuels and erratic grid power supply in the State of Telangana and is expected to also result in an appreciable savings in power and fuel expenses, Aries Agro said.
Jindal Saw after market hours on Wednesday, 20 August 2014 announced the acquisition of assets in US by its overseas step down subsidiary through bankruptcy proceedings.
Jindal Saw said that Jindal Tubular USA LLC, an entity incorporated in Delaware, USA and a step down subsidiary of the company (it is wholly owned by S.V Trading, Navis which in turn is a wholly owned subsidiary of the company), had entered into an asset purchase agreement on 16 June 2014 with PSL-North America LLC for the acquisition of identified assets and liabilities of PSL-North America LLC.
The acquisition was subject to the outcome of a voluntary petition for relief filed by PSL-North America LLC under Chapter 11 of Title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware including counter bids made by various other bidders and possible objections raised by lenders and creditors of PSL-North America LLC.
The United States Bankruptcy Court for the District of Delaware has passed an order on 15 August 2014 authorizing and approving the sale of substantially all of PSL- North America LLC's assets to Jindal Tubular USA LLC in accordance with the terms of the asset purchase agreement, free and clear of all liens, claims, encumbrances and other interests; approving the assumption and assignment of contracts; approving entering into ancillary agreements; and granting related relief.
The acquisition is now expected to be completed on or prior to 31 August 2014, Jindal Saw said.
Huhtamaki PPL said that the company has allotted 1 crore equity shares at a price of Rs 134.08 per share aggregating to Rs 134.41 crore to Huhtavefa B. V., as approved by the shareholders of the company at extra-ordinary general meeting (EGM) of the company held on 6 August 2014.
The Cabinet on Wednesday, 20 August 2014. at the meeting chaired by the Prime Minister, Narendra Modi gave its approval for Digital India - A programme to transform India into digital empowered society and knowledge economy. This is a follow up to the key decisions taken on the design of the programme during the meeting of the Prime Minister on Digital India Programme on 7 August 2014, and to sensitize all ministries to this vast programme touching every corner of the government. This programme has been envisaged by Department of Electronics and Information Technology (DeitY). The programme will be implemented in phases from the current year till 2018. The Digital India is transformational in nature and would ensure that Government services are available to citizens electronically. It would also bring in public accountability through mandated delivery of government's services electronically, a Unique ID and e-Pramaan based on authentic and standard based interoperable and integrated government applications and data basis.
Key benchmark indices dropped on Wednesday, 20 August 2014, as caution prevailed ahead of the release of minutes from the US Federal Reserve's latest meeting. The S&P BSE Sensex fell 106.38 points or 0.4% to settle at 26,314.29 on that day, its lowest closing level since 14 August 2014.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 251.36 crore on Wednesday, 20 August 2014, as per provisional data from the stock exchanges.
Asian shares fell today, 21 August 2014, as a disappointing survey on Chinese manufacturing stoked concerns about the regional giant. Key benchmark indices in Taiwan, Hong Kong, Indonesia, China, and South Korea fell 0.13% to 1.18%. Key benchmark indices in Japan and Singapore rose 0.09% to 0.79%.
The HSBC/Markit Flash China Manufacturing Purchasing Managers' Index (PMI) fell to 50.3 in August from July's 18-month high of 51.7, missing forecasts.
US stocks ended mostly higher on Wednesday, 20 August 2014, after minutes from the Federal Reserve's July meeting gave investors reason to believe that the central bank is in no rush to raise interest rates.
The minutes were from the two-day meeting of the Federal Open Market Committee in late July, when the Fed trimmed its monthly bond-buying program by an additional $10 billion.
Federal Reserve Chairwoman Janet Yellen will give a speech tomorrow, 22 August 2014, at the annual Fed summit in Jackson Hole, Wyo.
Powered by Capital Market - Live News