Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 8 points at the opening bell.
Shares of public sector banks (PSBs) may edge higher after the Department of Financial Services, Ministry of Finance, after trading hours yesterday, 6 January 2015, said it has issued a circular to the Chief Executive Officers (CEOs) of all public sector banks (PSBs), financial institutions (FIs) and insurance companies assuring them of freedom of non-interference in matters of commercial decisions, transfers, and postings etc. PSBs should take all commercial decisions in the best interest of the organization without any fear or favour, according to the circular. The Department of Financial Services has also stated in the circular that each bank/FI should have a robust grievance redressal mechanism for borrowers, depositors as well as staff. The aggrieved person should have an opportunity to represent his case at least at two levels.
State-run Power Grid Corporation of India (PGCIL) will be in focus after Minister of Road Transport & Highways and Shipping Nitin Gadkari yesterday, 6 January 2015, laid the foundation of 400/220 kV sub-station with 2000 MVA capacity of PGCIL at Tughlakabad, Delhi. In order to facilitate handling of increasing quantum of power with reliability, four nos. of 400/220kV substations along with associated 400kV transmission network under Inter State Transmission System (ISTS) are being implemented within the periphery of Delhi to import power from various sources outside Delhi. These ISTS 400/220 kV substations are planned to be established at Rajghat, Tughlakabad, Karampura and Papankalan in Delhi by PGCIL, the Ministry of Power said after trading hours yesterday, 6 January 2015.
Punjab National Bank (PNB) after market hours yesterday, 6 January 2015 said it has decided to realign its interest rates in case of single domestic and NRE deposits for domestic term deposits of less than Rs 1 crore, in the maturity bucket of 7-14 days to 4.5% from 4%, in the maturity bucket of 30-45 days to 5% from 4.5%, in the maturity bucket of 180-270 days to 7.75% from 7.5%, in the maturity bucket of 271 days and less than one year to 7.75% from 8.25%, in the maturity bucket of 1-3 years to 8.75% from 9% and in the maturity bucket of 5-10 years to 8.5% from 8.75%.
For domestic term deposits of Rs 1 crore to Rs 10 crore, the bank has realigned its interest rates in the maturity bucket of 91-179 days to 7.5% from 8%, in the maturity bucket of 180-270 days to 7.75% from 8%, in the maturity bucket of 271 days to 1 year to 8.25% from 8.5% and in the maturity bucket of 1-3 years to 8.5% from 8.75%. The changes are applicable from 8 January 2015, PNB said.
Tech Mahindra after market hours yesterday, 6 January 2015 announced that it has teamed-up with global telecom technology firm Avion Systems, to provide Network Design and Engineering Services to major Communications Service Providers. Tech Mahindra has been chosen as a minority investor at Avion Systems and the new joint venture will be called Avion Networks Inc. The joint venture aims to play a significant role as a strategic supplier of choice to the Carriers in the final deployment and management of current mobile networks and their planned transformation into the next-generation cloud enabled, virtual and software driven networks.
Lupin after market hours yesterday, 6 January 2015, announced that its US subsidiary Lupin Pharmaceuticals Inc. has launched its Valsartan Tablets USP, 40 mg, 80 mg, 160 mg and 320 mg strengths, the generic version for Novartis Pharmaceuticals Corporation's (Novartis) Diovan Tablets, 40 mg, 80 mg, 160 mg and 320 mg strengths, having received final approval from the United States Food and Drug Administration (FDA). Lupin's Valsartan Tablets 40 mg, 80 mg, 160 mg and 320 mg are the AB rated generic equivalent of Novartis's Diovan Tablets and is indicated for treatment of hypertension and heart failure. Diovan tablets had annual US sales of $2.08 billion (IMS MAT September, 2014), Lupin said.
Aurobindo Pharma after market hours yesterday, 6 January 2015, announced that the company has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Valsartan Tablets USP, 40mg, 80mg, 160mg and 320mg. The product is ready for launch, Aurobindo Pharma said. Aurobindo now has a total of 195 abbreviated new drug application (ANDA) approvals from USFDA, which includes 170 final approvals and 25 tentative approvals, the company said.
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As a steep slide in global crude oil prices stoked fears about deflation and as the prospect of Greece dropping the euro weighed on global equity markets, key equity benchmark indices in India registered heavy losses yesterday, 6 January 2015. The S&P BSE Sensex lost 854.86 points or 3.07% to settle at 26,987.46, its lowest closing level since 17 December 2014.
Foreign portfolio investors sold shares worth a net Rs 1570.76 crore yesterday, 6 January 2015, as per provisional data.
Asian equity markets were mostly higher amid choppy trade today, 7 January 2015, after steep losses yesterday, 6 January 2015. Key indices in Japan, Taiwan, Singapore, South Korea, and Indonesia were up 0.21% to 0.69%. Key indices in China and Hong Kong were off 0.12% to 0.2%.
The US stock market endured another day of selling yesterday, 6 January 2015, due to slumping oil prices. Investors appear to discount positive effect of lower oil prices on broader economy and continue to view the slide in crude as a symptom of slower global growth, which will threaten improving US economy.
The US services sector expanded in December at its slowest rate since February as growth in new business and employment declined, an industry report showed yesterday, 6 January 2015. Markit said the final reading of its Purchasing Managers Index for the service sector was 53.3 in December, down from its flash reading of 53.6 and November's reading of 56.2. Markit's composite PMI, a weighted average of its manufacturing and services indexes, fell to 53.5 in December from a flash reading of 53.8 and 56.1 in November.
The Fed will release minutes of the Federal Open Market Committee (FOMC) meeting held on 16 and 17 December 2014 today, 7 January 2015. The Fed minutes may shed light on policy makers' views on the appropriate timing of the first interest-rate increase since 2006 and the conditions that would prompt them to tighten policy. At the two-day meeting in December, the FOMC had said it would be patient on the timing of an increase, replacing an earlier pledge to keep borrowing costs low for a "considerable time".
The US Labor Department reports monthly payroll data for December 2014 on Friday, 9 January 2015.
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