Market may edge higher in early trade. Trading of Nifty 50 futures on the Singapore stock exchange indicates that the Nifty could gain 54.50 points at the opening bell.
In overseas stock markets, Asian markets were mostly higher. US stocks closed slightly higher yesterday, 2 March 2016, after previous trading session's sharp rally.
Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 1437.50 crore yesterday, 2 March 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 593.67 crore yesterday, 2 March 2016, as per provisional data.
Among corporate news, TCS announced that as a new member of the GE Digital Alliance Program created by GE Digital, it will develop innovative digital solutions that increase the productivity of mobile workforces and assets in motion by leveraging Predix, GE's cloud platform for the industrial internet. TCS and GE will work together to create an innovative industry solutions ecosystem by leveraging TCS' comprehensive business and digital expertise to enrich GE's Predix platform, TCS said. The announcement was made after market hours yesterday, 2 March 2016.
Adani Ports and Special Economic Zone (APSEZ) will be in focus. With reference to the media reports titled "Govt approves Adani Port's proposal to club 3 SEZs in Gujarat," Adani Ports and Special Economic Zone after market hours yesterday, 2 March 2016, clarified that the company has not received any formal communication from the central government about the consolidation of the special economic zones (SEZ). APSEZ said that the clubbing of the three SEZs at Mudra will result in higher operating flexibility for the SEZs and is not a material event. News reports suggested that APSEZ had submitted a proposal to the government for clubbing of three SEZs at Mudra.
Coal India said that Northern Coalfields, a subsidiary of Coal India in its board meeting held on 1 March 2016, revised the standard stripping ratio for OBR accounting for 10 opencast projects. The financial impact due to the change in stripping ratio till December 2015 would be around Rs 59.76 crore. The announcement was made after market hours yesterday, 2 March 2016.
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HDFC announced that the company has filed term sheet for issuing secured redeemable non-convertible debentures worth Rs 2000 crore on private placement basis. The coupon rate on debentures is 8.75% per annum. The tenor of the debentures is five years. The issue opens and closes on the same day on 4 March 2016. The object of the issue is to augment long term resources of the company, HDFC said. The announcement was made after market hours yesterday, 2 March 2016.
Shares of BPCL turn ex-dividend today, 3 March 2016 for second interim dividend of Rs 3.50 per share for the year ending 31 March 2016.
HPCL announced that a meeting of the board of directors of the company will be held on 11 March 2016, to consider declaration of second interim dividend, if any, for the year ending 31 March 2016. The company has fixed 19 March 2016 as the record date for the purpose of payment of second interim dividend. The announcement was made after market hours yesterday, 2 March 2016.
Banking, metal sector stocks along with index heavyweights Infosys, HDFC and Reliance Industries (RIL) powered the rally on the bourses yesterday, 2 March 2016. The Sensex jumped 463.63 points or 1.95% to settle at 24,242.98, its highest closing level since 8 February 2016.
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