Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 22.50 points at the opening bell. The latest data showed that the growth of Eight Core Industries output has moderated in July 2014.
Among corporate news, Tata Steel said after market hours on Monday, 1 September 2014, Jamshedpur Continuous Annealing and Processing Company (JCAPCPL) Continuous Annealing & Processing Line, a 6 lakh tonnes per annum facility for manufacturing 'Automotive Grade Continuous Annealed Products', was inaugurated on 1 September 2014 at Steelennium Hall inside Tata Steel 's Jamshedpur Works. JCAPCPL is a 51:49 Joint Venture of Tata Steel and Nippon Steel & Sumitomo Metal Corporation (NSSMC). The project has been set up at a capital investment of about Rs 2750 crore.
Tata Motors' total sales (including exports) of Tata commercial and passenger vehicles declined 18% to 49,611 vehicles in August 2014 over August 2013. The company's domestic sales of Tata commercial and passenger vehicles fell 19% to 36,403 units in August 2014 over August 2013.
The company's sales of commercial vehicles in the domestic market fell 23% to 25,428 units in August 2014 over August 2013.. LCV sales declined 35% to 16,287 units in August 2014 over August 2013, while M&HCV sales rose 11% to 9,141 units in August 2014 over August 2013.
Sales of passenger vehicles fell 5% to 10,975 units in August 2014 over August 2013. Sales of the passenger cars were down 6% to 8,229 units in August 2014 over August 2013. The sales of utility vehicles declined 2% to 2,746 units in August 2014 over August 2013.
The company's sales from exports declined 8% to 4,480 units in August 2014 over August 2013.
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Hero MotoCorp's total sales rose 21% to 5.58 lakh units in August 2014 over August 2013.
All the recent launches - including the new Karizma, ZMR Xtreme, Passion Pro TR and the New Pleasure scooter - have received overwhelming response from customers, and the Splendor iSmart continues to drive volumes in the market, Hero MotoCorp said.
TVS Motor Company after market hours on Monday, 1 September 2014, said its total sales jumped 46% to 2.27 lakh units in August 2014 over August 2013. The company's total exports jumped 28% to 35,074 units in August 2014 over August 2013
Metal and power generation stocks will be in focus as the Attorney General has asked the Supreme Court to leave 40 of the 218 coal blocks allocations the court declared illegal with companies that operate mines that are either producing or close to doing so. Supreme Court ruled last week that the country's decades-old method of allocating coal mining concessions was illegal and arbitrary, putting investments worth billions of dollars at risk. The court asked the government to submit a list of operational mines and said the next hearing will be held on 9 September 2014.
Japanese Prime Minister Shinzo Abe yesterday, 1 September 2014, expressed his intention to realize 3.5 trillion yen of public and private investment and financing from Japan, including Overseas Development Assistance (ODA) to India in five years, to finance appropriate public and private projects of mutual interest including in the areas of next generation infrastructure, connectivity, transport systems, Smart Cities, rejuvenation of Ganga and other rivers, manufacturing, clean energy, skill development, water security, food processing and agro industry, agricultural cold chain, and rural development. This was stated in a joint statement issued yesterday, 1 September 2014, after a meeting between Prime Minister Narendra Modi and Abe. Modi is currently on a five-day visit to Japan. The Prime Ministers of the two countries have decided to set a target of doubling Japan's foreign direct investment and the number of Japanese companies in India within five years as an objective to be jointly achieved.
The Eight Core Industries output has increased 2.7% in July 2014, showing moderation in growth from 7.3% increase in June 2014. However, the cumulative growth has remained steady at 4.1% in April-July 2014 over April-July 2013. The data was announced after market hours on Monday, 1 September 2014.
India's current account deficit (CAD) narrowed sharply to $7.8 billion or 1.7% of GDP in Q1 June 2014, from $21.8 billion or 4.8% of GDP in Q1 June 2013. The lower CAD was primarily on account of a contraction in the trade deficit contributed by a rise in exports and a decline in imports. On sequential basis, the CAD rose from $1.2 billion or 0.2% of GDP in Q4 March 2014.
The preliminary data on India's balance of payments (BoP) also showed that foreign direct investment (FDI) in India rose to $8.2 billion in Q1 June 2014, from $6.5 billion in Q1 June 2013. The data was announced after market hours on Monday, 1 September 2014.
Key benchmark indices surged to fresh record high at the onset of the week on Monday, 1 September 2014 triggered by the latest data showing recovery in India's economy and hopes that a wholesale cancellation of coal blocks may not be announced by the Supreme Court as it resumed a hearing in the coal blocks. The S&P BSE Sensex rose 229.44 points or 0.86% to settle at 26,867.55, a record closing high.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 554.14 crore on Monday, 1 September 2014, as per provisional data from the stock exchanges.
Asian stocks were mixed today, 2 September 2014. Key benchmark indices in Singapore, Japan, Indonesia, and China were up 0.12% to 1.53%. Key benchmark indices in Hong Kong, Taiwan, and South Korea were off 0.44% to 0.85%.
US stock markets were closed on Monday, 1 September 2014, for Labor Day holiday.
According to reports, the Russian officials pressed Ukraine on Monday, 1 September 2014, to declare a cease-fire with separatists, but Ukrainians say they are locked in a war not just against the rebels but also against Russia on behalf of Europe. Ukraine and its Western allies have surmised that Russian forces are significantly aiding pro-Russian separatists.
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