The market may edge higher in early trade on firm Asian stocks. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 16.50 points at the opening bell. The market may remain volatile today, 25 September 2014, as traders roll over positions in the futures & options (F&O) segment from the near month September 2014 series to October 2014 series. The near-month September 2014 F&O contracts expire today, 25 September 2014. Prime Minister Narendra Modi will launch Make in India initiative today, 25 September 2014 and later today leaves for a five-day visit to the United States. Asian stocks rose today, 25 September 2014, as surging US new-home sales signaled improvement in the world's biggest economy.
Among news of prominent companies, State Bank of India after market hours close on Wednesday, 24 September 2014, said that the central board of the bank at its meeting held on Wednesday, 24 September 2014, approved a 10-for-1 stock split.
Tata Power Company announced after market hours on Wednesday, 24 September 2014, that Tata Power had two coal blocks jointly allocated to it, along with other co-allocatees. The Supreme Court by its order on 24 September 2014, has cancelled all but four blocks. Tata. Power would study the order and discuss the same with board before having a view point. Tata Power would look forward to opportunities of having a new, legally enforceable framework by which coal blocks could be awarded, perhaps at an early time, company said.
With respect to the media report titled "Bhel wins 2 power plant deals from Telangana", Bharat Heavy Electricals (Bhel) clarified after market hours on Wednesday, 24 September 2014, that Bhel has not announced the same as no firm order has been placed on the company. Senior Bhel officials met Chief Minister of Telangana on 22nd September 2014. During the course of the meeting, Chief Minister discussed the placement of orders for the execution of two power projects in Telangana, namely Kothagudem (800 MW) and Manuguru (1,080 MW) on Bhel. It is also understood that the Chief Minister's office communicated in this regard to media persons in a briefing. The orders are to be finalized by TSGENCO.
Prime Minister Narendra Modi will launch Make in India initiative today, 25 September 2014. The launch will be at both national level, state level and in Missions abroad. The initiative is one of the several steps which government has announced in order to improve ease of doing business in India and attract investments to boost manufacturing in the country.
Modi leaves for a five-day visit to the United States today, 25 September 2014, hours after the launch of the "Make in India" campaign in Delhi. The Indian Prime Minister will meet US President Barack Obama at the White House on 30 September 2014. The two leaders will discuss a range of issues of mutual interest in order to expand and deepen the US-India strategic partnership. They will discuss ways to accelerate economic growth, bolster security cooperation, and collaborate in activities that bring long-term benefits to both countries and the world.
After seeing intraday volatility, key benchmark indices registered small losses at close on Wednesday, 24 September 2014, after the Supreme Court in its verdict announced on Wednesday, 24 September 2014, scrapped 214 out of 218 coal blocks allocated between 1993 and 2010 it had already declared illegal due to irregularities in the allocation of the blocks. The S&P BSE Sensex lost 31 points or 0.12% to settle at 26,744.69 on that day, its lowest closing level since 17 September 2014.
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The provisional data released by the stock exchanges after trading hours on Wednesday, 24 September 2014, showed that foreign portfolio investors (FPIs) sold shares worth a net Rs 793.65 crore on that day.
Asian stocks rose today, 25 September 2014, as surging US new-home sales signaled improvement in the world's biggest economy. Key benchmark indices in China, Indonesia, Japan and South Korea rose by 0.05% to 1.22%. Key benchmark indices in Hong Kong, Taiwan and Singapore fell 0.15% to 0.56%.
US stocks jumped in a broad advance on Wednesday, 24 September 2014, with the S&P 500 index snapping a three-day losing streak after data showed new home sales jumped sharply in August.
The data showed new-home sales in US surged in August to the highest level in more than six years.
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