Key indices may open higher on positive Asian stocks. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could gain 28 points at the opening bell. Among macro economic data, the government will announce data on industrial production for May 2016 after market hours today, 12 July 2016.
In overseas stock markets, Asian markets were positive in early trade. US stocks rose yesterday, 11 July 2016 with the S&P 500 Composite index hitting an all-time intraday and closing highs, after global equities received a boost from broad indications that Japan could approve fresh stimulus measures following a resounding victory from Shinzo Abe's party in upper house elections over the weekend.
Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 1055.80 crore yesterday, 11 July 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 610.57 crore yesterday, 11 July 2016, as per provisional data.
Index heavyweight and housing finance major HDFC announced after market hours yesterday, 11 July 2016 that it will issue its first unrated synthetic rupee denominated Notes aggregating Rs 2000 crore with an option to retain oversubscription of upto Rs 1000 crore. The bonds will bear a fixed coupon and will have a tenor of 3 years and 1 month. The company proposes to list the Notes on the London Stock Exchange. Pricing will take place on or before 15 July 2016, subject to market conditions. The settlement shall be in the next week.
Coal India announced that its board of directors at a meeting held yesterday, 11 July 2016, approved the buyback of equity shares not exceeding 10.89 crore shares of the company, from all the shareholders holding equity shares of the company as on record date on a proportionate basis through the tender offer route at a price of Rs 335 per share payable in cash for an aggregate consideration not exceeding Rs 3650 crore which is not exceeding 25% of the aggregate fully paid up share capital and free reserves of the company as per audited accounts of the company for the financial year ended 31 March 2016. The announcement was made after market hours yesterday, 11 July 2016.
Tata Power Company announced that its board of directors at a meeting held yesterday, 11 July 2016, approved issuance in one or more tranches, of non-cumulative, redeemable, taxable, listed, rated securities in the form of non-convertible debentures upto an aggregate amount not exceeding Rs 3500 crore and for tenor not exceeding 3 years (debentures) from the date of issue on private placement basis to any persons, entities, bodies corporate, companies, banks, financial institutions and any other categories of eligible investors permitted to invest in the debentures under applicable laws. The announcement was made after market hours yesterday, 11 July 2016.
Quess Corp makes its debut on the secondary equity markets today, 12 July 2016. The company had priced its initial public offer (IPO) at Rs 317 per share -- the top end of the Rs 310 to Rs 317 per share price band for the issue. The IPO had received strong response from investors. The proceeds from the IPO will be used for funding expansion of business, potential acquisition opportunities, for repayment of loan from the Bank of Nova Scotia and for meeting working capital requirements. Quess Corp provides comprehensive solutions including recruitment, temporary staffing, technology staffing, IT products and solutions, skill development, payroll, compliance management, integrated facility management and industrial asset management services. Based on consolidated financial performance, Quess Corp registered net profit of Rs 88.52 crore on revenue from operations of Rs 3435.01 crore for the year ended 31 March 2016.
Among macro economic data, the government will announce data on industrial production for May 2016 after market hours today, 12 July 2016. India's industrial production (IIP) contracted by 0.8% in April 2016. On the same day, the inflation based on the consumer price index (CPI) for June 2016 is scheduled to be released by the government. CPI inflation increased to 21-months high of 5.76% in May 2016, recording rise for second straight month.
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Banking, auto sector stocks and index heavyweights HDFC, ITC and Infosys led rally for the two key benchmark indices yesterday, 11 July 2016 triggered by firm global stocks. The Sensex jumped 499.79 points or 1.84% to settle at 27,626.69, its highest closing level since 19 August 2015.
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