IT stocks may gain on positive economic data in the US, which is the biggest outsourcing market for the Indian IT firms. In the US, the Institute for Supply Management's manufacturing index increased to 55.7 in August, the strongest since June 2011, from 55.4 a month earlier. Readings above 50 indicate growth. Another report showed construction spending in the US increased in July to the highest level in four years, propelled by gains in residential real estate.
Wipro is reportedly planning to strengthen its presence in the Nordic region by adding 500 people over the next three years.
Metal stocks may edge higher as economic data in China showed growth in China's services sector hit a five-month high in August. China is the World's largest consumer of copper and aluminum.
Realty and bank stocks will be in focus after the Reserve Bank of India said on Tuesday, 3 September 2013, housing loans from banks to individuals should be closely linked to the stages of construction. The central bank said such loan products, popularly called 80:20 or 75:25 schemes, are likely to expose the banks as well as their home loan borrowers to additional risks. Upfront disbursals of lump sum loans should not be made in case of incomplete or under-construction housing projects, the central bank added.
Strides Arcolab will be watched after the government on Tuesday, 3 September 2013, cleared the Rs 5168 crore deal of US-based Mylan Inc for acquiring Bangalore-based pharma firm Agila Specialties, a subsidiary of Strides Arcolab. The decision was taken at a meeting of the Cabinet Committee of Economic Affairs (CCEA).
Reliance Industries (RIL) is reportedly looking at oil and gas investment opportunities overseas, particularly in Venezuela, where it has offers for at least two exploration blocks. RIL, which imports about 300,000 barrels of crude oil per day from Venezuela, also plans to increase the quantity. It is exploring investment opportunities in Mexico, Iraq, Canada and Myanmar, reports added.
Gujarat Gas Company (GGCL) after market hours on Tuesday, 3 September 2013 said that the Company and Gujarat State Petroleum Corporation (GSPC) have entered into a Memorandum of Understanding (MoU) on Tuesday, 3 September 2013, for a long term gas supply deal. As per the MoU, GSPC has agreed to supply 0.85 mmscm of gas per day to GGCL from 1 January 2014 to 30 June 2025. Price of gas will be determined in the relevant Gas Sales Contracts (GSC) and it is expected to be formula based. The MoU is effective till 31 December 2013 or the signing of the relevant GSCs, whichever is earlier.
Maharashtra Seamless turns ex-dividend today, 4 September 2013, for a dividend of Rs 6 per share for the year ended 31 March 2013.
Infotech Enterprises said that the company has set up a branch office in Taiwan. This office will discharge marketing and liaison functions.
Redington (India) announced that its overseas step-down subsidiary, Arena Bilgisayar Sanayi Ve Ticaret Anonim Sirketi, Turkey (Arena), acquired 47.78% shares of ADEO Bilisim Danismanlik Hizmetleri San. ve Tic. A.S. (ADEO). The value of investment is $1.09 million. ADEO provides information technology services including consultancy, outsourcing, productive resource utilisation and training services in Turkey and abroad, to the companies and their partners operating in IT business.
Arena is also planning to make further investments of upto $150,000 in ADEO during the month, to increase its holding to 51% and make it as a subsidiary company, the company said.
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