Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could rise 3.50 points at the opening bell.
Shares of cement and metal companies and power generation firms will be in focus as the government plans to introduce the Coal Mines (Special Provisions) Bill, 2014 to replace the Coal Mines (Special Provisions) Ordinance, 2014 in Lok Sabha this week. The Ordinance was promulgated for auction of coal mines that were cancelled by the Supreme Court. It may be recalled that the Supreme Court had in September cancelled allocation of 204 coal blocks, including 42 operational mines and another 32 ready-to-start blocks.
Steel Authority of India (Sail) will be in focus after the finance ministry after trading hours on Friday, 5 December 2014, said that the offer for sale (OFS) for divestment of 5% of Government of India equity in Sail was successfully concluded on that day. The issue was oversubscribed more than two times. In addition, retail investors were given 10% allocation and this category was also hugely oversubscribed more than 2.5 times, a record for any retail participation in any OFS, the finance ministry said. The divestment of 5% stake in Sail will fetch about Rs 1715 crore for the government. With this divestment, the Government of India's stake in Sail would come down to 75% and the company has become compliant to the public shareholding norms of 25% for listed companies, the finance ministry said in a statement.
Shares of companies involved in mining of iron ore, manganese, bauxite and limestone and those of steel, aluminium and cement companies which are the end-user industries of these minerals will be in focus after Mines & Steel Minister Narendra Singh Tomar on Friday, 5 December 2014, said that the objective of proposed MMDR Amendment Bill, 2014 is to kick-start the mining sector by removing the bottlenecks that are preventing mining industry from becoming a growth-multiplier in the country. The government is working towards bringing in transparency in the systems, ensuring fair share of value for the government and creating an investor-friendly environment in the mining industry, Tomar said. Tomar stated that the auction route suggested in the proposed bill has been included after active discussions and inputs from the state governments. The government's intention is to bring the bill in the ongoing session of parliament, Tomar said after the conclusion of several rounds of discussion on the bill with representatives of miners, end-user industries and other associated organizations.
State Bank of India (SBI) after market hours on Friday, 5 December 2014 said it has decided to issue bond under reverse enquiry up to $300 million for 3 year/5 year/10 year at T+140 bps, T+160 bps, T+185 bps respectively, through issuance of senior unsecured fixed rate notes. According, the bank has finalized the pricing of $100 million 10 year senior unsecured fixed rate note at a fixed pricing of T+175 with a fixed yield of 4.045. The bonds will carry an interest rate of 3.95% per annum, that will be paid semi-annually.
ICICI Bank after market hours on Friday, 5 December 2014, said that the board of directors has approved a proposal for the sale of ICICI Bank's shareholding in ICICI Bank Eurasia Limited Liability Company (IBEL), a non-material wholly-owned banking subsidiary in Russia, to Sovcombank, an unrelated third party Russian bank. At 30 September 2014, IBEL had total assets of RUB 4.5 billion and paid-up equity capital of RUB 1.6 billion. IBEL's profit after tax in the six months ended 30 September 2014 was RUB 28 million. IBEL accounted for less than 0.1% of ICICI Bank's consolidated total assets at that date and consolidated profit after tax for the period.
Indian Oil Corporation (IOC) after market hours on Friday, 5 December 2014 in a clarification with regard to news item titled "IOC scouts for partners in $ 1bn Guj plant after BP exit" said that IOC was exploring the possibilities of setting up of acetic acid plant in Gujarat for which purpose, an MoU was entered into with British Petroleum. IOC said that it was only a non-binding MoU to evaluate the feasibility of the project. However, BP did not feel it feasible to proceed for the project. IOC is exploring to tie-up with alternate technology providers, the company said. Based on the technical information of such licences, techno-economic feasibility for setting up of acetic acid project based on petcoke gasification will be re-assessed, IOC said. Further progress towards the project will be undertaken subject to establishment of viability including support from the state government, it added.
Thermax after market hours on Friday, 5 December 2014. Said it has won a repeat order from a leading African industrial major. The new order worth Rs 351 crore is also for supplying a captive power project for one of the conglomerate's cement plants. The scope of work includes system design, manufacture, supply and supervision of erection and commissiong of the plant. As a back-to-back repeat order, it further strengthens Thermax's credentials to provide lump sum turnkey solutions for African customers, the company said in a statement.
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Aurobindo Pharma after trading hours on Friday, 5 December 2014, announced the completion of acquisition of assets of nutritional supplement maker, Natrol Inc. and other affiliate entities (Natrol) through its wholly owned subsidiary Aurobindo Pharma USA Inc. (APUSA). APUSA emerged as the highest and best bidder to acquire assets of Natrol under the auction process by the United States Bankruptcy Court for the District of Delaware was previously announced on 12 November 2014. APUSA expects its profitability to improve by combining the strength of both enterprises in creating a fully integrated nutraceuticals platform in the USA and other international markets
Nestle India turns ex-dividend today, 8 December 2014, for third interim dividend of Rs 8 per share for the year ended 31 December 2014 (FY 2014).
Prime Minister Narendra Modi yesterday, 7 December 2014, said it is impossible for the nation to develop unless states develop. In his opening remarks at the consultation meeting with Chief Ministers of state governments on replacing the Planning Commission, Modi said that state governments should have a key role in the new body to replace the Planning Commission. He also said there should be an effective mechanism to address inter-state disputes. The Prime Minister also recalled his own speech on Independence Day, and said that the Planning Commission should be replaced by an organization which can think creatively, strengthen the federal structure, and energize states.
The government intends to get the Insurance Laws Amendment Bill that seeks to enhance FDI limit in capital starved insurance sector passed during the winter session of parliament which began on 24 November 2014. The government is also likely to introduce the constitutional amendment bill for the goods & services tax in the winter session of parliament.
Among macro-economic data, the government will unveil industrial production data for October 2014 on Friday, 12 December 2014. Industrial production growth improved to 2.5% in September 2014, from a revised 0.5% growth in August 2014.
The government will release annual rate of inflation based on the combined consumer price indices (CPI) for urban and rural India for November 2014 on Friday, 12 December 2014. CPI for urban and rural India eased to 5.52% in October 2014, from 6.46% in September 2014.
The government will release the inflation data based on wholesale price index (WPI) for November 2014 on Monday, 15 December 2014. WPI eased to 1.77% in October from 2.38% in September 2014.
Export oriented IT and pharma stocks led decline as key benchmark indices edged lower on Friday, 5 December 2014. The S&P BSE Sensex fell 104.72 points or 0.37% to settle at 28,458.10, its lowest closing level since 3 December 2014.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 109.45 crore on Friday, 5 December 2014, as per provisional data.
Asian stocks were mostly higher today, 8 December 2014 but trade was choppy as investors digested disappointing data from Japan and China.
Japan's revised third-quarter gross domestic product (GDP) showed the economy shrank more than initially estimated, with growth contracting an annualized 1.9%.
Chinese trade data painted a gloomy picture for the world's second-largest economy with both exports and imports slowing sharply in November. Exports rose just 4.7% on year, compared to October's 11.6% rise. Still, China maintained its trend of trade surpluses with a reading of $54.5 billion, data showed today, 8 December 2014.
US stocks rose on Friday, 5 December 2014, lifting the Dow and S&P 500 to record high as investors embraced a stronger-than-forecast November payrolls report as backing the view the economy can handle rate hikes by the Federal Reserve in 2015.
The Labor Department reported on Friday, 5 December 2014 that employers added 321,000 jobs in November, a much stronger number than economists had predicted and the tenth consecutive month of net job gains above 200,000.
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