Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 29.50 points at the opening bell. The stock market remained closed on Thursday, 1 May 2014, on account of May Day.
Grasim Industries announces its Q4 results today, 2 May 2014.
HCL Technologies, a global IT services provider, continues to focus on local hiring and workforce training & development to build a vast talent pool as it expands its presence in the United States, its largest market. The company made announcement non 1 May 2014. The company has created a distinctive culture of employee-driven innovation to yield excellent business outcomes for both HCL and its customers. This culture known as 'Ideapreneurship 'reflects grassroots innovation that is business-driven and customer-focussed, where employees create value for customers by leveraging the role based learning curriculum HCL offers, developing innovative solutions and adding value to the strategic IT initiatives of an expanding U.S. client base of Fortune 500 companies.
"AT HCL, we believe in engaging and enabling our employees who epitomize the distinctive and lasting beliefs that form the foundation of what HCL offers, said Anant Gupta, President and CEO, HCL Technologies. Our vision is to create growth multipliers for clients by empowering our employees to achieve excellence and create differentiated value," he added.
HCL continues to grow its operations, employee base and customer relationships across the United States. During the quarter ended March 31st 2014, HCL America contributed 55.4% of HCL's global revenues and grew 11% Year on Year.
Mahindra & Mahindra's Farm Equipment Sector's (FES) domestic sales fell 10% to 19.895 units in April 2014 over April 2013. Total tractor sales (domestic + exports) dropped 11% to 20,731 units in April 2014 over April 2013. Exports declined 17% to 836 units in April 2014 over April 2013.
Commenting on the monthly performance, Rajesh Jejurikar, Chief Executive, Farm Equipment and Two Wheeler Division, Mahindra & Mahindra said, "We have registered a sale of 19895 units during April 2014. Unseasonal rains and hail during March in some parts of the country has impacted sentiment leading to lower sales of tractors in April. We do hope that the onset of monsoon brings cheer to farmers and the agriculture industry alike".
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The company's auto sales declined 12% to 36274 units in April 2014 over April 2013. Exports rose 42% to 2167 units in April 2014 over April 2013. Domestic sales declined 15% to 34107 units in April 2014 over April 2013.
Commenting on the monthly performance, Pravin Shah, Chief Executive, Automotive Division, Mahindra & Mahindra said, "It is unfortunate that the auto industry has not seen an upturn over the last couple of months in spite of a reduction in excise duty. We do hope that post the general elections, sentiments improve leading to a better economic situation and hence increased demand. At Mahindra, we are happy with our Exports performance for the month and we continue to be optimistic going forward and expect to witness a gradual upswing on the back of our product offerings and customer centric initiatives". The sales figures were announced on 1 May 2014.
Car market leader Maruti Suzuki India's total sales declined 11.4% to 86,196 units in April 2014 over April 2013. Exports sales rose 4.4% to 7077 units in April 2014 over April 2013. Domestic sales declined 12.6% to 79,119 units in April 2014 over April 2013. The sales figures were announced on 1 May 2014.
Hero MotoCorp, India's largest two-wheeled vehicle maker, said its April sales rose 14.4% to 571,054 units in April 2014 over April 2013.
PSU OMcs will be in focus as the under-recovery on High Speed Diesel (HSD) applicable for 1st fortnight of May effective 1 May 2014 will go up to Rs 6.80 per litre. This was Rs 5.49 per litre during 2nd fortnight of April 2014 from 16 April 2014. In the case of PDS Kerosene and Domestic LPG the under-recoveries for the first fortnight of May 2014 will be Rs 33.85 per litre (Rs 34.43 per litre in last fortnight) and Rs 449.13 per cylinder(Rs 506.06 per cylinder in last fortnight) respectively. Oil Marketing Companies (OMCs), effective 1st May 2014, are now incurring combined daily under-recovery of about Rs 342 crore on the sale of Diesel, PDS Kerosene and Domestic LPG. This is higher than Rs 337 crore daily under-recoveries during previous fortnight. The Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas has reviewed international prices of crude oil and petroleum products during the 2nd fortnight of April 2014.
IDBI Bank's net profit fell 6.53% to Rs 518.23 crore on 4.28% increase in total income to Rs 7866.52 crore in Q4 March 2014 over Q4 March 2013. Net profit fell 40.42% to Rs 1121.40 crore on 4.57% increase in total income to Rs 29576.27 crore in the year ended March 2014 over the year ended March 2013.
On a consolidated basis, JSW Energy's net profit fell 47.98% to Rs 174.62 crore on 10.57% decline in total income to Rs 2113.03 crore in Q4 March 2014 over Q4 March 2013. Consolidated net profit fell 16.48% to Rs 754.74 crore on 2.62% decline in total income to Rs 8907.63 crore in the year ended March 2014 over the year ended March 2013.
Castrol India turns ex-dividend today, 2 May 2014, for a final dividend of Rs 3.50 per share for the year ended 31 December 2013.
TVS Motor Company turns ex-dividend today, 2 May 2014, for second interim dividend of Rs 0.75 per share for the year ending 31 March 2014.
NTPC announced that balance 20 megawatts (MW) Solar unit of Rajgarh Solar PV Power Station is declared on commercial operation with effect from 00:00 hrs of 30 April 2014. With this, the capacity of Rajgarh Solar PV Power Station has become 50 MW and the total capacity of non-conventional energy projects of NTPC Ltd. has become 95 MW. Further, with the commissioning and commercial declaration of 20 MW Solar unit at Rajgarh, the total commissioned and commercial capacity of NTPC group has become 43039 MW and 41879 MW respectively, the company said.
CMI said that its board will meet on 7 May 2014, to consider issue of equity shares on preferential basis to promoter, promoter group, associates and others and to decide the relevant date for the purpose of preferential issue.
Eight core sector industries increased 2.5% in March as against 7% in the same month in 2013. On account of higher outputs from coal, petroleum, steel and electricity, the eight key infrastructure industries grew by 2.5% in March. The eight core sector grew by 4.5% in February, while in January, the industries had grown by 1.6%. Overall, the core sector industries grew by 2.6% in FY14 compared to the 6.5% in FY13. Coal production grew by 0.7% in March 2014 compared to the same month in 2013. Steel production and electricity generation also grew by 5.4% each in March 2014 compared to March 2013.
The Reserve Bank of India (RBI) next undertakes monetary policy review on 3 June 2014. The RBI left its main lending rate viz. the repo rate unchanged at 8% after a monetary policy review on 1 April 2014, as consumer-price inflation eased to a two-year low and as the rupee firmed up against the dollar.
A major near term trigger for the stock market is the outcome of the upcoming Lok Sabha elections. The 36 days long voting process began on 7 April 2014 and will conclude on 12 May 2014. The results will be declared on 16 May 2014 after which India will get a new government. The term of the current Lok Sabha expires on 1 June and the new House has to be constituted by 31 May.
Key benchmark indices settled lower on Wednesday, 30 April 2014 after fluctuating between positive and negative terrain throughout the session. The S&P BSE Sensex fell 48.39 points or 0.22% to 22,417.80 on that day, its lowest closing level since 16 April 2014.
Foreign institutional investors (FIIs) bought shares worth a net Rs 454.48 crore on Wednesday, 30 April 2014, as per provisional data from the stock exchanges.
Asian stocks swung between gains and losses on Friday as investors weighed corporate earnings before the release of US non-farm payrolls today. Key benchmark indices in Taiwan, Hong Kong, and Indonesia rose 0.19% to 0.65%. Key benchmark indices in Singapore Japan, and South Korea were off 0.19% to 0.23%.
China's official manufacturing purchasing managers' index rose to 50.4 in April.
US stocks ended little changed on Thursday, with the Dow Jones Industrial Average falling from a record, as data showed an increase in jobless claims before the government's monthly labor report.
The Federal Reserve after a two-day meet on Wednesday, 30 April 2014 said it would continue to trim the pace of bond purchases as the economy gains momentum. The central bank cut its monthly asset purchases to $45 billion and said further reductions in measured steps are likely.
Fed Chair Janet Yellen is winding down record stimulus as the world's largest economy shows signs of rebounding from a first-quarter standstill.
Data showed applications for US unemployment benefits unexpectedly climbed to a nine-week high last week, while consumer spending surged in March by the most in almost five years as warmer weather brought shoppers back to auto-dealer lots and malls.
The US non-farm payrolls data due later today.
The Institute for Supply Management's factory index rose to 54.9 in April from 53.7 in the prior month, the Tempe, Arizona-based group's report showed today. Readings above 50 indicate expansion. The ISM's factory gauge averaged 53.9 for all of last year.
The US economy barely grew in the first quarter as the severe winter hampered exports and led businesses to curtail investment spending, but activity already appears to be bouncing back. Gross domestic product expanded at a 0.1% annual rate, the slowest since the fourth quarter of 2012, the Commerce Department said on Wednesday.
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