Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 11.50 points at the opening bell.
The index of Eight Core Infrastructure Industries rose at moderate pace of 1.8% January 2015, compared with 2.4% growth recorded in December 2014, data showed yesterday, 2 March 2015. Meanwhile, the cumulative growth stood at 4.1% in April-January 2014-15.
Aviation stocks will be watched. Minister of State for Civil Aviation, Dr. Mahesh Sharma in a written reply in Lok Sabha yesterday, 2 March 2015 said that presently, there is no proposal to privatize airports in the country. However, based on the recommendations of Task Force on Financing Plan for Airports during 12th Five Year Plan period, set up by erstwhile Planning Commission, Government of India has initiated the process for undertaking operation, management and development of Chennai, Kolkata, Ahmedabad and Jaipur airports through Public Private Partnership (PPP), Sharma said. Airports Authority of India (AAI) has issued Request for Qualification documents on 30 December, last year. The Government has asked AAI management to evolve a mechanism for protection of the interests of the employees deployed at the above four airports, Dr. Sharma said.
Among corporate news, M&M after market hours yesterday, 2 March 2015, said that the company's auto sales declined 10% to 38,033 units in February 2015 over February 2014. Domestic sales fell 11% to 34,918 units in February 2015 over February 2014. Exports rose 10% to 3,115 units in February 2015 over February 2014.
Speaking on the monthly performance; Pravin Shah, Chief Executive, Automotive Division, Mahindra & Mahindra said that looking at the overall Union Budget 2015-16 proposals including planned spend on infrastructure and social reforms, the company expects positive sentiments going forward. Further, with an expected revision in lending rates in the RBI policy in early April, the industry should see better times ahead, Pravin Shah said.
Separately, M&M during market hours yesterday, 2 March 2015, said that the company's total tractor sales fell 35% to 11,437 units in February 2015 over February 2014. Domestic sales declined 38% to 10,267 units in February 2015 over February 2014. Exports rose 13% to 1,170 units in February 2015 over February 2014.
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Commenting on the monthly performance, Rajesh Jejurikar, Chief Executive, Farm Equipment and Two Wheeler Division, Mahindra & Mahindra said that the industry continues to witness de-growth with negative sentiments and low crop output during February 2015.
Sun Pharmaceutical Industries and GlaxoSmithKline (GSK) announced that their respective wholly owned subsidiaries have reached an agreement related to GSK's Opiates business in Australia. The current GSK Opiates business including related manufacturing sites in Latrobe (Tasmania) and Port Fairy (Victoria) and its portfolio of opiates products along with inventory, will transfer to a subsidiary of Sun Pharma. The product portfolio consists of poppy-derived opiate raw materials that are primarily used in the manufacture of analgesics for the treatment of moderate to severe pain. All employees from both sites will also be offered employment by Sun with the Opiates business.
Both Sun Pharma and GSK believe that the future of the Opiates business will be secured as part of Sun Pharma, a company with a global footprint. The transaction will allow GSK to simplify its operations in Australia and allow it to focus on delivering its innovative product portfolio that will be central to the company's growth strategy in this country.
The financial terms of the transaction are confidential. The transaction closure is subject to customary closing conditions and requisite regulatory and other approvals, and is expected to close by August 2015.
Coal India will be in focus. With respect to media reports titled CIL Board Approves East corridor Railway Project, Coal India after market hours yesterday, 2 March 2015, clarified that at the company's board meeting held on 27 February 2015, the board considered project report on East Rail Corridor Railways Project for construction of rail line at Chhattisgarh state and accorded its approval to first year expenditure. The minutes of the meeting is under preparation and it will take some time to finalize. The company is waiting for the final minutes to disseminate the information to stock exchanges, Coal India said.
Meanwhile, shares of coal India turn ex-dividend today, 3 March 2015 for an interim dividend of Rs 20.70 per share for the year ending 31 March 2015.
TVS Motor Company reported 15% rise in total sales to 2.04 lakh units in February 2015 over February 2014.
Godrej Consumer Products said that the company has completed the acquisition of 100% of the business of Frika Hair (Pty) in South Africa.
Hero MotoCorp after market hours yesterday, 2 March 2015, reported 3.85% fall in sales to 4.84 lakh shares in February 2015 over February 2014. Hero MotoCorp is set to launch a slew of new models in the coming months, including a range of scooters, the company said.
GMR Infrastructure after market hours yesterday, 2 March 2015, said that the company has fixed Record Date as 12 March 2015 for the purpose of rights issue in the ratio of 3 equity shares for every 14 equity shares.
Cement, construction and capital goods led gains for key benchmark indices yesterday, 2 March 2015, after the government provided a thrust on the infrastructure sector and sharply increased the government's capital expenditure for 2015-16 in Union Budget 2015-16 tabled by Finance Minister Arun Jaitley in parliament on Saturday, 28 February 2015. The 50-unit CNX Nifty attained record closing high. The S&P BSE Sensex gained 97.64 or 0.33% to settle at 29,459.14, its highest closing level since 19 February 2015.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 424.79 crore yesterday, 2 March 2015, as per provisional data. Domestic institutional investors (DIIs) bought shares worth a net Rs 180.35 crore yesterday, 2 March 2015, as per provisional data.
Asian stock markets were mixed today, 3 March 2015, as cautious sentiment prevailed ahead of a keenly-anticipated policy decision by Australia's central bank. Key indices in China, Japan, and Taiwan were off 0.2% to 1.15%. Key indices in Hong Kong, Singapore, South Korea, and Indonesia were up 0.01% to 0.72%.
US stocks closed higher yesterday, 2 March 2015, with the Nasdaq above the psychologically key level of 5,000 for the first time since March 2000 and the Dow and S&P 500 at records as investors cheered US economic data and an interest rate cut in China.
Outlays for US construction projects declined 1.1% in January to a seasonally adjusted annual rate $971.4 billion, led by public spending, the US Commerce Department said yesterday, 2 March 2015.
In Europe, Greece is reportedly preparing to tap its final pension reserves at the country's central bank if needed to avert a devastating default to the International Monetary Fund (IMF) and keep the government going over the next two weeks.
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