Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 12 points at the opening bell. Inflation based on the combined consumer price index (CPI) for urban and rural India for January 2014 eased to 24-month low level, data announced after market hours on Wednesday, 12 February 2014 showed.
ONGC, Sun Pharmaceutical Industries and Hindalco Industries will unveil Q3 results today, 13 February 2014.
Cipla's consolidated net profit fell 17% to Rs 284 crore on 22% rise in income from operations to Rs 2581 crore in Q3 December 2013 over Q3 December 2012. The result was announced after market hours on Wednesday, 12 February 2014.
Coal India's consolidated net profit fell 11.39% to Rs 3894.09 crore on 2.91% fall in total income to Rs 19110.74 crore in Q3 December 2013 over Q3 December 2012. The result was announced after market hours on Wednesday, 12 February 2014.
Lupin turns ex-dividend today, 13 February 2014 for the interim dividend of Rs 3 per share for the year ending 31 March 2014.
Index heavyweight Reliance Industries (RIL) will be in focus as media reports suggested that the Anti-Corruption Bureau of the Delhi state government has registered a First Information Report (FIR) on Chief Minister Arvind Kejriwal's complaint on gas pricing. No individual has been named in the FIR even as Kejriwal's complaint mentioned Reliance Industries Chairman Mukesh Ambani and Union Minister Murli Deora and Verappa Moily. The FIR has been registered under sections dealing with criminal conspiracy, cheating and other sections of the Prevention of Corruption Act, reports added. Kejriwal had Tuesday, 11 February 2014, called for an investigation into what he alleged was collusion between government policymakers and Reliance Industries in a plan to raise natural gas prices this year.
In a statement issued after trading hours on Tuesday, 11 February 2014, RIL said that the direction of the Delhi state government to order the registration of an FIR in relation to the decision of Union Cabinet to revise the price of gas is shocking. The complaint and each of the allegations on the basis of which the Delhi government has taken such action are completely baseless and devoid of any merit or substance whatsoever, RIL said on Tuesday. The allegations appear to have been made by persons who are also Petitioners in the Supreme Court of India in a petition in which similar allegations have been made, RIL said. The issue of gas pricing is also a contentious issue between the contracting parties being the Government of India and the contractors, RIL said. "We deny these irresponsible allegations and propose to resort to the available legal remedies to protect our reputation and preserve the pioneering efforts and investment made by Reliance so far. We also remain fully committed to the development of oil and gas sector in India within the parameters of law", RIL said.
ONGC Videsh (OVL), the overseas arm of Oil and Natural Gas Corporation (ONGC), has entered into separate agreements with two consortiums of international banks to raise $2.5 billion by way of offshore borrowings to finance its acquisition of 10% participating interest in Rovuma Area I Block in Mozambique offshore.
More From This Section
The first facility for a five year term amounting to $1.775 billion was signed with consortium of reputed international banks, including ANZ, Bank of Nova Scotia, BTMU, DBS, Mizuho, RBS, Societe Generale, SBI and SMBC. The company had initially planned to raise $1 billion through this long-term facility; however, decided later to upsize the same in view of overwhelming response from the banks. SMBC took the leadership role in this facility with commitment of $700 million and acting as Facility and Escrow Agent. This is the single largest offshore 5-year loan facility arranged by an Indian company during the last three years.
The second facility is in the nature of a bridge finance of $725 million for a one year term with consortium of reputed international banks including ANZ, BNP Paribas, BTMU, Citi, DBS, RBS and SBI. In this Facility Citi took the leadership with Facility and Escrow Agency roles.
In April 2013, the Company had made its inaugural offshore USD bond offering of dual-tranche Reg-S notes in international markets aggregating $ 800 million to finance its acquisition of participating interest in ACG field in Azerbaijan and the associated cross-country BTC pipeline.The 5-year tranche of $300 million was priced at T+190 bps and the 10-year tranche of $500 million was priced at T+210 bps. The yields of these tranches were 2.574% and 3.756% respectively. The notes were issued at the lowest-ever coupon achieved by an Indian issuer in the 5- year and 10-year tenor in the USD bond market. This was also the largest-ever Reg-S only transaction by an Indian issuer in the USD bond market.
In January 2014, the company had raised $1.5 billion 1-year bridge loan facility from a consortium of 9 banks to finance the acquisition of participating interest of 6% in the Rovuma Area I Block in Mozambique offshore from Videocon.
With these three offshore loan facilities and the bond transaction, OVL has raised $4.8 billion from the international market in the current financial year.
"We are extremely pleased with the strong enthusiasm shown by top global banks at extremely fine pricing leading to market defining transactions. In the backdrop of a volatile global economic environment, such interest is reflective of ONGC's robust credit profile and underlines the strong India story" said Mr Sudhir Vasudeva, CMD, ONGC and Chairman, OVL.
Power Grid Corporation of India said its board in their meeting held on 5 February 2014 approved System Strengthening in Southern Region - XXII at an estimated cost of Rs 243.53 crore, with commissioning schedule of 30 months from the date of investment approval.
The board also approved Sub-station Extension Works associated with Transmission System required for evacuation of power from Kudgi TPS (3400 MW in Phase-1) of NTPC Limited' at an estimated cost of Rs 167.40 crore, with commissioning schedule of 22 months from the date of investment approval.
The board also approved Northern Region System Strengthening Scheme - XXX at an estimated cost of Rs 539.82 crore, with commissioning schedule of 28 months from the date of investment approval.
Further, the board approved Northern Region System Strengthening Scheme - XXXII at an estimated cost of Rs 908.08 crore, with commissioning schedule of 28 months from the date of investment approval.
The board approved expansion/upgradation of SCADA/EMS system of SLDCs of North Eastern Region at an estimated cost of Rs 56.18 crore, with commissioning schedule of 27 months from the date of investment approval.
Bata India's net profit rose 3.61% to Rs 52.75 crore on 8.83% increase in total income to Rs 562.17 crore in Q4 December 2013 over Q4 December 2012.
The company's net profit rose 11.15% to Rs 190.74 crore on 11.97% increase in total income to Rs 2096.52 crore in the year ended December 2013 over the year ended December 2012.
On a consolidated basis, Bata India's net profit rose 10.94% to Rs 190.90 crore on 11.97% increase in total income to Rs 2096.66 crore in the year ended December 2013 over the year ended December 2012.
Mr. Rajeev Gopalakrishnan, Group Managing Director, Bata India Limited said, "To cater to the diverse needs of the fast growing and evolving consumer base we have been relentlessly working on our product offerings. The new Spring Summer'14 collection is contemporary, stylish, on trend and aspirational targeted to appeal the sensibilities of young generation. Complementing our new range of products is the global concept store at the DLF Place Saket Mall in Delhi. The first global concept store of Bata in India, this new easy to navigate and shop retail format is a step towards making shopping a pleasurable experience for our customers. Additionally, we also have a brand new marketing strategy in line with our overall growth strategy."
Bata India will be opening over 100 new stores this year.
MOIL said that Government of India, Ministry of Steel has upgraded MOIL from Schedule-B to Schedule-A company with effect from 28 January 2014.
Hindustan Copper's net profit fell 9.07% to Rs 68.96 crore on 16.84% increase in total income to Rs 444.52 crore in Q3 December 2013 over Q3 December 2012.
On a consolidated basis, Apollo Tyres' net profit rose 87.16% to Rs 338.01 crore on 11.25% increase in total income to Rs 3608.93 crore in Q3 December 2013 over Q3 December 2012.
Max India's net profit surged 176.68% to Rs 73.68 crore on 16.58% increase in total income to Rs 295.54 crore in Q3 December 2013 over Q3 December 2012.
Finance Minister P Chidambaram will present the Vote-on-Account or interim budget on 17 February 2014. The objective of a Vote-on-Account is to get Parliament's nod for expenditure to be incurred in the months prior to elections. The next full-fledged budget will be presented by the new government which comes to power after the Lok Sabha polls in April-May 2014.
Inflation based on the combined consumer price index (CPI) for urban and rural India for January 2014 eased to 24-month low level at 8.79% (y-o-y), marking an deceleration from 9.87% (y-o-y) seen in previous month. Moreover, the index for December decreased to 0.43% (m-o-m) from 1% (m-o-m) seen previous month. The fall in index of food category, especially vegetables helped the CPI inflation to ease. The falling vegetable prices helped the combined CPI to record single digit growth.
Industrial output fell 0.6% in December 2013. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of December 2013 were 0.4%, - 1.6% and 7.5% respectively.
Inflation based on the wholesale price index (WPI) is also expected to ease in January 2014. WPI inflation is seen easing to 5.9% in January 2014 from 6.16% in December 2013, as per the median estimate of a poll of economists carried out by Capital Market. The government will unveil data on inflation based on the wholesale price index (WPI) for January 2014 at 12 noon tomorrow, 14 February 2014.
The Reserve Bank of India next undertakes monetary policy review on 1 April 2014. Sighting elevated consumer price inflation, the Reserve Bank of India raised its key lending rates by 25 basis points after Third Quarter Review of Monetary Policy for 2013-14 on 28 January 2014.
Key benchmark indices edged higher on Wednesday, 12 February 2014 as world stocks rose after better-than-estimated Chinese trade data eased concern that the global economy is slowing. China is the world's second biggest economy after the United States. The S&P BSE Sensex garnered 85.12 points or 0.42% to settle at 20,448.49 on that day, its highest closing level since 31 January 2014.
Foreign institutional investors (FIIs) bought shares worth a net Rs 211.99 crore on Wednesday, 12 February 2014, as per provisional data from the stock exchanges.
Asian stocks dropped on Thursday after the recent advances. Key benchmark indices in China, Japan, Hong Kong, South Korea and Taiwan fell by 0.15% to 0.98%. Key benchmark indices in Singapore and Indonesia were up 0.06% to 0.35%.
US stocks edged lower on Wednesday on weak earnings from tobacco company Lorillard and household products maker Procter & Gamble.
The Federal Open Market Committee (FOMC) next undertakes monetary policy review on 18-19 March 2014. After a monetary policy review, the FOMC on 29 January 2014 announced it will reduce monthly bond purchases by another $10 billion to $65 billion. The Fed also signaled that it is likely to keep reducing bond purchases in the coming months, citing a pickup in US economic activity and improvement in the US labor market.
Powered by Capital Market - Live News