Stocks may edge higher at opening bell, tracking positive cues in global market. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could rise 16.50 points at the opening bell.
In overseas markets, most Asian shares rose today, 22 September 2015, as US markets bounced back and the European Central Bank said it was prepared to ease monetary policy further. US stocks rose overnight as St. Louis Fed President James Bullard and Atlanta Fed President Dennis Lockhart separately made the case for an increase in US interest rates this year, boosting financial shares. Investors will be looking for more clarity on the Fed's decision with a number of central bank officials, including Lockhart and Chair Janet Yellen, slated to speak this week. Meanwhile, in Europe, ECB Chief Economist Peter Praet reiterated the bank's readiness to modify its trillion-euro bond-buying program should economic turbulence merit action.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 154.87 crore yesterday, 21 September 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 104.08 crore yesterday, 21 September 2015, as per provisional data.
Minuscule losses were recorded for key benchmark indices as decline for index heavyweights Reliance Industries (RIL), ITC and HDFC offset gains for banking and power sector stocks yesterday, 21 September 2015. The barometer index, the S&P BSE Sensex, dropped 25.93 points or 0.1% to settle at 26,192.98. The 50-unit CNX Nifty fell 4.80 points or 0.06% to settle at 7,977.10.
Among corporate news, TCS said after market hours yesterday, 21 September 2015 that pursuant to the scheme of merger of CMC with the company, TCS has fixed 1 October 2015 as the record date to determine the names of the public shareholders of CMC (i.e. shareholders other than TCS) who would be entitled to receive the equity shares of TCS in lieu of equity shares held in CMC. As per the scheme, all equity shares held by TCS in CMC constituting 51.12% of the total paid-up share capital of CMC shall automatically get cancelled. For the balance shareholding of 48.88% held by the public shareholders in CMC, 79 equity shares of Rs 1 each of TCS will be issued and allotted as fully paid up equity shares for every 100 equity shares of Rs 10 each held by the public shareholders of CMC as on the record date.
Infosys after market hours yesterday, 21 September 2015, announced that it has signed a three-year agreement with TOMS to become its partner to maintain and develop its digital platform. The agreement will enable TOMS to streamline the management of its web-based properties and introduce automation technologies to lower overall support and development costs, Infosys said in a statement.
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MindTree said after market hours yesterday, 21 September 2015 that it has been selected by MoInlycke Health Care, a world-leading provider of single-use surgical and wound care solutions, to enhance business efficiency using the SAP application suite. This will help MoInlycke Health Care optimize the time to market of its products, MindTree said in a statement.
Oracle Financial Services Software (OFSS) after market hours yesterday, 21 September 2015 said that its subsidiary has filed an appeal before the court of competent jurisdiction, against an earlier award passed by the Arbitrator. It may be recalled that OFSS had on 18 June 2015 said that in an arbitration proceeding between one of its subsidiaries and one of its vendors, an award has been passed by the Arbitrator against OFSS' subsidiary for a sum of about Rs 80.40 crore inclusive of interest.
IDFC announced after market hours yesterday, 21 September 2015, that the company has fixed record date as 5 October 2015 for the purpose of entitlement of shares of IDFC Bank. Pursuant to the demerger scheme, IDFC Bank will issue and allot shares to the shareholders of IDFC, whose name is recorded in the Register of Members of IDFC as on the Record Date, 1 share of of IDFC Bank for every 1 share held by them in IDFC.
MMTC announced after market hours yesterday, 21 September 2015, that the board of directors of the company in its meeting held on 11 September 2015 has approved the proposal for sale of 10% of ICEX equity i.e. 5% each, to the two bidders who participated in the global tender against the present holding of 26% in ICEX by MMTC at Rs 10 per share subject to the approval by the Government and Forward Markets Commission.
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