The market is likely to open higher on positive Asian stocks. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could rise 29 points at the opening bell. Marketmen will closely watch the ruling Congress at the Centre's release its 2014 manifesto today, 26 March 2014. Asian shares edged higher on Wednesday on fresh signs of strength in the U.S. economy and diminishing concerns over the diplomatic standoff between the West and Russia.
Tata Steel after market hours on Tuesday, 25 March 2014 that the company had launched the bid-cum-auction process for the sale of its land parcel in Borivali on 18 December 2013 by public advertisements in national dailies. The site measuring roughly 25 acres is located at the junction of Western Express Highway and Dattapada road in Borivali (E), Mumbai and is abutting both these roads. The neighborhood predominantly comprises medium to high-end residential developments. Tata Steel said it has completed the e-auction process on Monday, 24 March 2014 for the sale of its above land with the participation of several well-known developers. The Committee of Independent Directors appointed for the oversight and governance of the sale process by the Tata Steel Board on Tuesday, 25 March 2014 declared Oberoi Realty as the highest bidder of the auction on the basis of their final bid of Rs 1155 crore, after several rounds of bidding. As per the laid down process, the sale will be concluded after all requisite permissions are obtained.
Tech Mahindra announced after market hours on Tuesday, 25 March 2014 the launch of Managed Data Service (MDS), a fully managed end-to-end reference data management Business Process as a Service (BPaaS) solution for the financial services industry in North America. This solution has already witnessed a significant traction in European markets.
The Managed Data Service (MDS) solution is designed around a utility model and comprises 3 integrated components - technology infrastructure, operational outsourcing and specialized software IP. The key benefits include assured data quality, operating cost reduction, CAPEX to OPEX transformation and improved operational efficiency.
Ram Chatty, Head - BFSI (North America), Tech Mahindra said: The process of managing securities data and pricing has evolved towards platform-based offerings. Financial institutions in the North America are increasingly looking to acquire these services from best-in-class service providers. By leveraging the Tech Mahindra's MDS solution, we can provide substantial cost savings and process efficiencies while maintaining our focus on delivering high quality services to our financial services clients.
In Europe, the MDS platform is the first of its kind to be live at a major Tier 1 bank and offers a true utility-based solution for instrument reference, pricing, corporate actions and tax data. Tech Mahindra MDS offers a proven offshore facility with established connections to all the major data vendors.
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Following the Board Meeting held on Tuesday, 25 March 2014, Britannia Industries after market hours on Tuesday, 25 March 2014, announced that as planned, Vinita Bali, Managing Director will retire at the end of this fiscal year to pursue a variety of roles in the corporate and development sectors. She will be succeeded by Varun Berry as Managing Director, consistent with the succession plan put in place last year. Varun joined Britannia in January 2013 from Pepsico, as Chief Operating Officer and was made Executive Director in November 2013. He has been handling domestic operations since June 2013. Vinita will continue to serve on the Boards of the other Wadia Group Companies like Bombay Dyeing, Bombay Burmah Trading Corporation and Go Airlines (India), as also continue to be associated with the Britannia Nutrition Foundation.
Vinita joined Britannia in January 2005 and during the last 9 years has steered the business of the company, and pursued significant social initiatives like the creation of the Britannia Nutrition Foundation to address malnutrition. Her tenure also saw the setting up of several greenfield units and the induction of new talent into the company, Britannia Industries said.
Neyveli Lignite Corporation turns ex-dividend today, 26 March 2014, for interim dividend of Rs 1 per share for the year ending 31 March 2014.
Oil India turns ex-dividend today, 26 March 2014, for second interim dividend of Rs 10 per share for the year ending 31 March 2014.
Fortis Healthcare announced after market hours on Tuesday, 25 March 2014 that the board of directors of the company at its meeting held on 25 March 2014, inter-alia, considered and approved purchase of operations of Fortis Hospital, Shalimar Bagh by the company from its subsidiary, Fortis Hospitals on slump sale basis, as a going concern.
Siti Cable Network announced after market hours on Tuesday, 25 March 2014 that as per the terms of 16.2 crore warrants issued by the company on 19 March 2013 on preferential basis, the Allotment Committee of the board of directors of the company at the meeting held on 25 March 2014 has upon receipt of balance of 75% consideration aggregating to Rs 102.75 crore approved allotment of 6.85 crore shares upon conversion of equivalent number of warrants at an issue price of Rs 20 per share to the allottees. A total of 4.22 crore shares at a consideration of Rs 84.56 crore was allotted to Essel Media Ventures and 2.62 crore shares at a total consideration of Rs 52.43 crore was allotted to Essel International.
Unity Infraprojects announced after market hours on Tuesday, 25 March 2014 that the board of directors of the company at its special meeting held on 25 March 2014, inter alia, has considered and approved to make a reference to Corporate Debt Restructuring (CDR) Cell of Reserve Bank of India under CDR System.
JBM Auto announced after market hours on Tuesday, 25 March 2014 that the commercial production / commercial operation of the company's new project (Bus Project) is likely to start from October, 2014. As and when the commercial production / commercial operation of the unit starts the same will be intimated to the exchange, company said.
Trident announced after market hours on Tuesday, 25 March 2014 that the Scheme of amalgamation of Trident Corporation with Trident has been sanctioned by Punjab and Haryana High Court at Chandigarh vide its Order dated 14 March 2014. The certified copy of the aforesaid Order has been received on 25 March 2014. The Appointed Date of the Scheme of amalgamation is 1 April 2014.
Indian stocks may remain volatile in the near future as traders roll over positions in the futures & options (F&O) segment from the near-month March 2014 series to April 2014 series. The near-month March 2014 F&O contracts expire tomorrow, 27 March 2014.
The ruling Congress at the Centre will release its 2014 manifesto today, 26 March 2014. The Congress president, Sonia Gandhi, and Prime Minister Manmohan Singh would be present during the release function.
The Reserve Bank of India (RBI) on Tuesday made investments in India easier for foreign investors by allowing them to open special rupee as well as foreign currency accounts with local banks. For this purpose, RBI clubbed foreign institutional investors (FII) and qualified foreign investors (QFI) under one category called Registered Foreign Portfolio Investor (RFPI).
To invest money in the domestic market, an RFPI can transfer its money from the foreign currency account to the rupee account. After investing through the rupee account, the investment proceeds can again be transferred to the foreign currency account for repatriation purpose.
In both the legs, the fund will be converted at the prevailing exchange rate. This will cut the clutter for foreign investors who used to avail the services of a custodian.
Earlier, foreign funds were not allowed to open local bank accounts and the proceeds on sale or purchase in the local debt or equity market would have to be kept with a custodian bank.
A divergent trend was witnessed as the barometer index, the S&P BSE Sensex, settled almost unchanged for the day on Tuesday, 25 March 2014 while the 50-unit CNX Nifty registered small gains. The S&P BSE Sensex lost 0.27 points to settle at 22,055.21, its lowest level since 22 March 2014.
Foreign institutional investors (FIIs) bought shares worth a net Rs 1223.28 crore on Monday, 25 March 2014, as per provisional data from the stock exchanges.
The Reserve Bank of India will announce the First Bi-monthly Monetary Policy Statement, 2014-15 on 1 April 2014. Citing price pressures, 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.
The next major trigger for the stock market is the outcome of the upcoming Lok Sabha elections. Lok Sabha elections will be held between 7 April 2014 and 12 May 2014 in nine phases. The counting of votes will be take place on 16 May 2014. The term of the current Lok Sabha expires on June 1 and the new House has to be constituted by May 31. Along with the Lok Sabha election, Andhra Pradesh (AP), including the regions comprising Telangana, Odisha and Sikkim will go to polls to elect new assemblies. AP, Odisha and Sikkim assemblies come to end on June 2, June 7 and May 7 respectively.
Asian shares edged higher on Wednesday on fresh signs of strength in the U.S. economy and diminishing concerns over the diplomatic standoff between the West and Russia. Key benchmark indices in Taiwan, Hong Kong, Singapore, Japan, Indonesia and South Korea rose by 0.27% to 0.96%. In China, the Shanghai Composite fell 0.32%.
US stocks Tuesday finished a choppy trading session higher, boosted by stronger-than-expected consumer confidence data. The main indexes recorded small gains after two days of losses.
Markets were reassured by comments from Philadelphia Fed president Charles Plosser, who said in a television interview that short-term interest rates should hit 4% at the end of 2016.
Led by rosier expectations, a gauge of US consumer confidence jumped in March 2014 to the highest level in more than six years. The Conference Board on Tuesday reported that its gauge of consumer confidence reached 82.3 in March the highest level since January 2008 compared with an upwardly revised 78.3 in February.
US home prices slipped in January for a third straight month after a particularly harsh winter, according to data released Tuesday, as strong year-over-year appreciation showed signs of moderating. New U.S. homes sold at an annual rate of 440,000 in February, down 3.3% from January's one-year high, the government said Tuesday.
The Federal Reserve's first hike of short-term interest rates will likely occur in the second half of 2015, said Dennis Lockhart, the president of the Atlanta Federal Reserve, on Tuesday, according to news reports. Lockhart said the timing of the first rate hike would exceed the six-month timetable laid out by Fed chairwoman Janet Yellen at her press conference last week. Her timetable starts at the end of the central bank's bond-buying program, expected in the fourth quarter. Six months is "really a minimum, not a maximum," Lockhart reportedly said.
The Federal Open Market Committee (FOMC) next undertakes monetary policy review at a two-day meeting on 29-30 April 2014. The Federal Reserve on 19 March 2014 said after the conclusion of a monetary policy review that it will trim its monthly bond purchases by $10 billion to $55 billion. The Federal Reserve will end its bond-buying program before the end of the year with an interest-rate increase likely to follow in "around six months," Chair Janet Yellen said on 19 March 2014. Quarterly Fed forecasts on 19 March 2014 showed more officials predicting that the benchmark interest rate, now close to zero, will rise to at least 1% by the end of 2015 and 2.25% a year later.
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