Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 74.50 points at the opening bell. The market may remain volatile this week as traders roll over positions in the futures & options (F&O) segment from the near month September 2013 series to October 2013 series ahead of the expiry of the September 2013 F&O contracts on Thursday, 26 September 2013.
Sesa Goa after market hours on Friday, 20 September 2013 said that the name of the company has been changed to Sesa Sterlite following approval by the Registrar of Companies, Goa on 18 September 2013. The change of name is consequent to the approval of the Scheme of amalgamation and arrangement amongst Sterlite Industries (India), Madras Aluminium Company, Sterlite Energy, Vedanta Aluminium and Sesa Goa and their respective shareholders and creditors and the Scheme of Amalgamation of Ekaterina with the company and their respective shareholders and creditors.
Hindalco Industries after market hours on Friday, 20 September 2013, said that the committee of the board of directors of the company at its meeting held on Friday, 20 September 2013, has allotted 15 crore equity shares of Re 1 each at a premium of Rs 143.35 per share to the promoter group companies subsequent to the promoters exercising warrants and paid the balance 75% of the purchase price.
It may be recalled that the company's board had on 22 March 2012 allotted 15 crore warrants on preferential basis to promoters group companies under Sebi (Issue of Capital & Disclosure Requirements) Regulations 2009 at Rs 144.35 per share. As per Sebi Regulation, the promoters had paid 25% of the purchase price at the time of allotment of warrants.
Metal stocks may edge higher after a preliminary reading of private measure of Chinese manufacturing jumped more than forecast in September. China is the world's largest consumer of copper and aluminum. HSBC's preliminary reading on Chinese manufacturing for September climbed to 51.2 compared with a final score of 50.1 in August. A score above 50 on the purchasing managers index indicates increasing factory activity, while a score below 50 points to a contraction. This early indicator is the latest in a string of economic data in recent weeks that points to a recovery in Asia's largest economy.
Key benchmark indices dropped in a choppy trading session on Friday, 20 September 2013, after the Reserve Bank of India, in a surprise decision, raised its key policy rate viz. the repo rate by 25 basis points (bps) to 7.5% from 7.25% after a monetary policy review. The S&P BSE Sensex lost 382.93 points or 1.85% to settle at 20,263.71 on that day, its lowest closing level since 18 September 2013.
Foreign institutional investors (FIIs) bought shares worth a net Rs 945.76 crore on Friday, 20 September 2013, as per provisional data from the stock exchanges.
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Most Asian stocks rose on Monday, 23 September 2013, after a private measure of Chinese manufacturing jumped more than forecast in September. Key benchmark indices in China, South Korea and Taiwan rose 0.35% to 0.88%. Key benchmark indices in Indonesia and Singapore were off 0.63% to 0.93%. Trading on Hong Kong markets was delayed due to a storm and Japan is closed for a holiday. A powerful typhoon hit Hong Kong and the southern China coast on Monday, killing at least 20 people on the mainland, crippling power lines and causing flooding and gale force winds.
A Chinese manufacturing index rose to a six-month high in September, signaling that a rebound in the world's second-largest economy is gaining steam. The preliminary reading of 51.2 for a Purchasing Managers' Index released today by HSBC Holdings Plc and Markit Economics. The gauge was at 50.1 in August.
US stocks fell on Friday, 20 September 2013, after Federal Reserve Bank of St. Louis President James Bullard said that the Fed could make a small stimulus reduction at its next meeting in October. 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. Kansas City Fed President Esther George on Friday, 20 September 2013, said markets were ready for reduced stimulus to begin, and the central bank;s failure to follow through on expectations hurt its credibility on Wall Street.
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