Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could rise 5 points at the opening bell. Kotak Mahindra Bank and NMDC are set to unveil Q2 results today, 24 October 2013. Asian markets were trading mostly lower today, 24 October 2013 sparked by concerns about China's economic outlook.
Bharti Airtel before market hours today, 24 October 2013 said that subject to the requisite approvals (including approvals of the relevant High Courts, if any), the board of directors of the company has approved the Scheme of Amalgamation of Airtel Broadband Services (formerly known as Wireless Business Services) a wholly owned subsidiary with the company.
GAIL (India) announced after market hours on Wednesday, 23 October 2013 that in a landmark development to expand the natural gas footprint in eastern India, GAIL (India) has signed a Gas Cooperation Agreement (GCA) for natural gas infrastructure and city gas distribution with the Department of Industries, Government of Bihar. Under the provisions of the GCA, GAIL and the Bihar Government will evaluate the feasibility for cooperation for the development of the use of eco-friendly fuel, especially natural gas, in the state as well as development of natural gas distribution and city gas infrastructure in identified urban areas and cities after obtaining due authorization from the Petroleum and Natural Gas Regulatory Board (PNGRB).
GAIL (India) is constructing the 2,050 km. Haldia-Jagdishpur pipeline from transmission and distribution of natural gas, of which about 621 km. will pass through 14 districts of Bihar. The mainline of the Haldia Jagdishpur will cover 4 districts of Bihar such as Kaimur, Rohtas, Aurangabad, Gaya and 10 districts for the spur lines. GAIL will explore the possibility of City Gas Distribution in major towns of Bihar along this pipeline route.
GAIL (India) and Industries Department, Bihar will also work towards promotion of joint venture for City Gas Distribution projects for domestic, commercial, industrial and transport sectors with the participation of GAIL or its wholly owned subsidiary GAIL Gas Limited and concerned departments of the Bihar Government, other state agencies or private players.
As per the GCA, Natural Gas Demand Assessment and Preliminary Techno Economic Feasibility Study will be undertaken for evaluation of medium and long term gas demand potential for the state for industrial, commercial, transport and residential sectors; assessment of pipeline infrastructure and associated facilities required for supply of natural gas including optical fibre network; and evaluation of natural gas supply options to Bihar on a long-term and competitive basis.
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Ambuja Cements reported 45.4% fall in net profit to Rs 166 crore on 7.4% fall in net sales to Rs 2005 crore in Q3 September 2013 over Q3 September 2012. The result was announced after market hours on Wednesday, 23 October 2013.
Sales volume of cement and clinker rose 2.1% to 4.89 million tonne in Q3 September 2013 over Q3 September 2012. Operating EBITDA (earnings before interest, tax, depreciation and amortization) fell 48.7% to Rs 268 crore in Q3 September 2013 over Q3 September 2012.
Subsequent to the quarter ended 30 September 2013, the company has commissioned a bulk packing terminal of 1 million tonne capacity at Mangalore in Karnataka.
Ambuja Cements said that the cement industry is going through subdued demand on account of overall economic slowdown. Lower realisation and higher logistics cost impacted profitability.
"The outlook continues to remain challenging due to difficult macro-economic condition and resultant subdued demand. The company will continue working on improving efficiencies. It has also been able to cap its production cost increase to about 4.5% quarter on quarter," the company said.
Shares of PSU banks will be in focus as the Ministry of Finance after trading hours on Wednesday, 23 October 2013, said that the Government of India (GoI) has approved infusion of a total of Rs 14000 crore in 20 public sector banks (PSBs) during Financial Year 2013-14 through preferential allotment of equity shares. The largest capital infusion will be SBI at Rs 2000 crore, followed by Rs 1800 crore each in Central Bank of India and IDBI Bank, Rs 1200 crore in Indian Overseas Bank and Rs 1000 crore in Bank of India. GoI will infuse Rs 550 crore in Bank of Baroda and Rs 500 crore in Punjab National Bank.
Personal care products maker Emami after trading hours on Wednesday, 23 October 2013, reported 35.06% growth in consolidated net profit to Rs 79.96 crore on 13.59% growth in total income to Rs 423.17 crore in Q2 September 2013 over Q2 September 2012.
Key benchmark indices edged lower in choppy trade on Wednesday, 23 October 2013 with market sentiment hit adversely by weakness in Asian and European stocks and as trading in US index futures indicated a lower opening of US stocks later in the global day. The S&P BSE Sensex shed 97.09 points or 0.47% to settle at 20,767.88, its lowest closing level since 17 October 2013.
Foreign institutional investors (FIIs) bought shares worth a net Rs 644.80 crore on Wednesday, 23 October 2013, as per provisional data from the stock exchanges.
Asian markets were trading mostly lower today, 24 October 2013 sparked by concerns about China's economic outlook. Key benchmark indices in Taiwan, Hong Kong, China, Singapore and Japan rose by 0.05% to 0.82%. Key benchmark indices in Indonesia and South Korea fell 0.07% to 0.29%.
China's manufacturing is extending its rebound into October, according to a preliminary reading of the sector released Thursday from HSBC and Markit, with the results helping ease local stocks off their lows.
The flash reading of October's China manufacturing Purchasing Managers' Index (PMI) rose to a seven-month high of 50.9, up from September's final reading of 50.2, though it remained just below the Chinese government's own PMI, which hit 51.1 last month. The result also remained above the 50 level, indicating growth rather than contraction.
US stocks closed lower on Wednesday, with the S&P 500 falling from a record, as investors assessed mixed results from U.S. corporations, including a disappointment from equipment-maker Caterpillar Inc.
The Federal Open Market Committee (FOMC) holds a two-day policy meeting on 29-30 October 2013. On 18 September 2013, the Fed surprised economists and investors with its decision to delay scaling back its stimulus amid concerns about the strength of the economic recovery.
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