Key benchmark indices could rise today, 24 December 2014, on positive global cues. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could rise 3.50 points at the opening bell.
Indian stocks may remain volatile as traders roll over positions in the futures & options (F&O) segment from December 2014 series to January 2015 series. The near month December 2014 derivatives contracts expire today, 24 December 20014. The stock market remains closed on Thursday, 25 December 2014, on account of Christmas.
IT shares may edge higher on positive economic data in US, the biggest outsourcing market for the Indian IT firms.
UltraTech Cement has signed a memorandum of understanding (MoU) to buy two cement plants of Jaiprakash Associates in Madhya Pradesh, a deal that will help UltraTech Cement increase its presence in Satna cluster of Madhya Pradesh. The enterprise value of the acquisition has been agreed at Rs 5400 crore.
Ambuja Cements said after market hours today, 23 December 2014, that the company has filed a Special Leave Petition in the Supreme Court, challenging a demand notice for Rs 248 crore arising from disallowance of a sales tax incentive availed by the company in Rajasthan for the period 2001-02 to 2008-09. Ambuja Cements said that the company had availed sales tax incentives under the incentive schemes of the Rajasthan state government for the period 2001-02 to 2008-09 pursuant to the order passed by the Board of Industrial and Financial Rehabilitation (BIFR) while sanctioning the Scheme of Rehabilitation of erstwhile Ambuja Cements Rajasthan which was subsequently merged with Ambuja Cements. Later, the Assistant Commissioner, Commercial Taxes Department, Rajasthan issued demand notices on the company for Rs 248 crores (including the interest of Rs. 134 crores) by rejecting the company's claim of availing sales tax incentives under the BIFR order. The company had subsequently filed Writ Petitions in the Jodhpur bench of the Rajasthan High Court challenging the demand notices. On 19 December 2014, the Rajasthan High Court passed an order dismissing the writ petitions filed by the company.
ONGC after market hours yesterday, 23 December 2014 in a clarification with regard to news item titled "Technip wins Rs 800 crore contract to build onshore terminals in AP for ONGC" said that in a press release issued by the company on 29 May 2013, it was stated that ONGC board approved an investment of $751.65 million (Rs 4124.35 crore) for integrated development of Vashista S-1 Fields. Subsequently, ONGC has awarded execution of Vashista & S1 onshore terminal through international competitive bidding to Technip on 9 May 2014 on lump sum turn key (LSTK) basis, including taxes and duties with total financial impact of Rs 786.08 crore. ONGC said that it has not put out any press release with regard to above award of the contract to Technip. Further, award of such contracts are in the ordinary course of business of ONGC and this need not be intimated to the stock exchanges, ONGC added.
Manappuram Finance announced after market hours yesterday, 23 December 2014, that the board of directors of the company at its meeting held on 23 December 2014 has approved the acquisition of 70% stake in Asirvad Micro Finance, Chennai subject to approvals from Reserve Bank of India and to execute necessary agreements to conclude the transaction. The company also intends to increase its stake up to 85% by infusion of additional capital. The total capital commitment will be close to Rs 136 crore.
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With the government unable to get key legislative reforms bills passed during the winter session of the parliament which ended on Tuesday, 23 December 2014, key equity benchmark indices edge lower that day. The S&P BSE Sensex dropped 195.33 points or 0.71% to settle at 27,506.46. The CNX Nifty shed 57 points or 0.68% to settle at 8,267.
Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 444.93 crore yesterday, 23 December 2014, as per provisional data.
On the political front, the results for Jammu & Kashmir (J&K) and Jharkhand assembly polls came out yesterday, 23 December 2014, with the People's Democratic Party (PDP) emerging as the single-largest party in Jammu & Kashmir and the BJP with its ally the All Jharkhand Students Union (AJSU) getting simple majority in Jharkhand. PDP got 28 seats in Jammu & Kashmir with the BJP coming second with 25 seats in the states. With no party getty clear majority in the northern state, J&K opens up the possibility all kinds of combinations to form the new government.
Jharkhand, a state that was formed 14 years ago, got its first stable government with the BJP winning in 37 in the 81-seat assembly. It ally AJSU has won five seats giving the alliance 42 seats, one more than the required majority of 41.
Asian stocks were trading higher after US equities climbed to all-time highs as the world's biggest economy grew at the fastest pace in 11 years. Key benchmark indices in Hong Kong, Indonesia, Japan, Singapore, South Korea and Taiwan were up by 0.11% to 1.13%. China's Shanghai Composite was down 1.55%.
US stocks soared Tuesday, 23 December 2014, with the blue-chip Dow Jones Industrial Average smashing the psychologically important 18,000 milestone for the first time, after the US economy grew at its quickest pace in more than a decade last quarter.
The final estimate of the US gross domestic product (GDP) for the third quarter was revised up to a 5% annual pace, its quickest in 11 years, from 3.9% reported last month, on stronger consumer and business spending, Commerce Department said in its third and final estimate Tuesday.
Meanwhile, data Tuesday showed consumer spending, which accounts for nearly two-thirds of the US economy, jumped to its largest gain in three months in November as falling gasoline prices has left more discretionary income in consumers' pockets during the holiday shopping season. Consumer spending rose 0.6% last month while October was upwardly revised to a 0.3% increase, the Commerce Department said Tuesday.
Further, US consumer sentiment jumped to its highest level in nearly eight years as cheaper gasoline prices boosted consumer optimism. Consumer sentiment rose to 93.6, its highest reading since January 2007, according to the University of Michigan's final December reading.
Separate data on Tuesday painted a mixed picture on the US housing market as sales of new single-family homes fell for a second straight month in November. Sales fell 1.6% to a seasonally adjusted annual rate of 438,000 units, the Commerce Department said Tuesday. Last months figures declined 1.6% from October's report, which was revised down to 445,000 units from 458,000 units.
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