Trading of CNX Nifty futures on the Singapore stock exchange indicates a flat opening on the domestic bourses today, 30 December 2014. Market sentiment may get boosted due to Prime Minister Narendra Modi-led Cabinet's approval yesterday, 29 December 2014 to Land Acquisition Act through the ordinance route for amendments. Asian stocks edged lower today, 30 December 2014 as a sharp selloff in commodities and political uncertainty in Greece made investors less willing to take risks in the final trading days of 2014.
Infrastructure stocks will be in focus as the Union Cabinet, chaired by the Prime Minister Narendra Modi, has approved certain amendments in the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013. Proposed amendments meet the twin objectives of farmer welfare; along with expeditiously meeting the strategic and developmental needs of the country.
Hindustan Unilever (HUL) announced after market hours yesterday, 29 December 2014, HUL and Housing Development Finance Corporation (HDFC) have signed an agreement for assignment of HUL's leasehold rights of the land and building situated on Plot Nos. 165 and 166 of the Backbay Reclamation Estate, Fort Division, Mumbai.
Oil India (OIL) announced after market hours yesterday, 29 December 2014, that it successfully completed the installation and commissioning of its 5 megawatts (MW) solar power plant at Village Raghwa, Ramgarh, Rajasthan. The plant was setup at a total cost of Rs 41.49 crore with an operations and maintenance (O&M) contract for 25 years for an amount of Rs 20.63 crore. The plant consisting of 20408 solar modules each having a capacity of 245 watts, has been contributing towards the growing energy needs of our country since its commissioning. An over head transmission line of 11.49 kilometres has been constructed to feed in the generated power to the DISCOM grid.
Reliance Capital will be watched. With respect to news titled, "RCap eyes foreign funds in insurance ventures," Reliance Capital clarified after market hours yesterday, 29 December 2014, that it is continuously engaged in discussions with various international players for potential partnerships in relation to its business. As and when these discussions result in a disclosable event, it would promptly inform the stock exchanges as required in law.
The Union cabinet yesterday, 29 December 2014 used its executive powers to make it easier to acquire land in five key sectors including security and defence, infrastructure, power and affordable housing, even as it left the level of compensation unchanged. To be sure, these ordinances will have to be ratified once Parliament reconvenes for the budget session.
After the winter session of Parliament ended on 23 December 2014, the Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) government has pressed ahead with reform initiatives, albeit through executive orders. Last week, the government pushed through two ordinances to allow foreign insurance firms to raise their stakes in local joint ventures to 49% from a maximum of 26% and allow commercial mining of coal.
The government yesterday, 29 December 2014 said that urgency of the land acquisition ordinance was because under Section 105 of the Act, 13 pieces of legislation including the Atomic Energy Act 1962, Railways Act 1989, National Highways Act 1956, and Metro Railways (Construction of Works) Act, 1978 needed clarity on which provisions of the Act applies to them. And their exclusion deadline ends on 1 January 2015.
Signalling the intent of the government to change the entire functioning of the government machinery, Modi said the government wanted to change the ABCD (Avoid, Bypass, Confuse, Delay) culture of government to one where there is responsibility, ownership, accountability and discipline in the activities of the government.
Key benchmark indices logged gains on first trading day of the week yesterday, 29 December 2014 buoyed by positive Asian stocks. The S&P BSE Sensex rose 153.95 points or 0.57% to settle at 27,395.73, its highest closing level since 23 December 2014.
Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 204.22 crore yesterday, 29 December 2014, as per provisional data.
Asian stocks edged lower today, 30 December 2014 as a sharp selloff in commodities and political uncertainty in Greece made investors less willing to take risks in the final trading days of 2014. Key benchmark indices in China, Hong Kong, Japan, Indonesia and South Korea fell by 0.05% to 0.82%. Key benchmark indices in Taiwan and Singapore rose 0.01% to 0.06%.
US stocks were little changed in thin trading yesterday, 29 December 2014 as the S&P 500 notched its latest record high, but gains were curbed when an early rally in energy prices lost momentum.
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