A bout of volatility was witnessed as key benchmark indices regained positive terrain after slipping into the red after opening higher. The barometer index, the S&P BSE Sensex was currently up 26.79 points or 0.1% to 26,341.08. The market breadth indicating the overall health of the market was strong. Bharti Airtel dropped as the stock turned ex-dividend today, 21 August 2014, for total dividend of Rs 3.43 per share. Reliance Industries (RIL) rose after the company announced that it is implementing a project to source 1.5 million metric tonne per annum (MMTPA) of Ethane from US to feed its crackers in India. Zee Entertainment Enterprises rose and United Spirits fell as Zee Entertainment Enterprises will replace United Spirits in the 50-share CNX Nifty index from 19 September 2014.
At 9:22 IST, the S&P BSE Sensex was up 26.79 points or 0.1% to 26,341.08. The index rose 56.30 points at the day's high of 26,370.59 in early trade. The index fell 12.03 points at the day's low of 26,302.26 in early trade.
The CNX Nifty was up 7.65 points or 0.1% to 7,882.95. The index hit a high of 7,883.40 in intraday trade. The index hit a low of 7,868.15 in intraday trade.
The market breadth indicating the overall health of the market was strong. On BSE, 977 shares gained and 347 shares fell. A total of 40 shares were unchanged.
The BSE Mid-Cap index was up 36.68 points or 0.42% at 9,315.02. The BSE Small-Cap index was up 50.64 points or 0.49% at 10,314.15. Both these indices outperformed the Sensex.
Zee Entertainment Enterprises rose 3.68%. United Spirits shed 2.06%. Zee Entertainment Enterprises will replace United Spirits in the 50-share CNX Nifty index from 19 September 2014.
Reliance Industries (RIL) rose 0.38% after the company announced after market hours on Wednesday, 20 August 2014, that it is implementing a project to source 1.5 million metric tonne per annum (MMTPA) of Ethane from US to feed its crackers in India. Reliance's investments in Shale Gas and its existing crackers portfolio in India are a natural fit for sourcing Ethane from North America and shipping it to India to attain long term feedstock competitiveness. The Shale Gas industry, in North America has grown exponentially in the past 5 years. As a result Ethane has become the dominant feedstock for crackers replacing liquids
RIL has now executed storage and capacity agreements for liquefaction and export of ethane with a North American Terminal, which is expected to commence operations in the second half of 2016, the company said in a statement.
For the purpose of transporting liquefied ethane to India in a safe and cost efficient manner, RIL has ordered six state-of-the-art Very Large Ethane Carriers (VLECs) which will be the largest vessels ever built in the world. The ships are expected to be delivered starting last quarter of 2016 in synchronisation with the readiness of terminal in North America.
RIL is also building a world-scale receiving and storage facility in India for liquefied ethane and pipeline to deliver ethane to the company's crackers. RIL will be upgrading its crackers to maximize cracking of Ethane, have maximum operational flexibility and capability to optimize feed stocks with complete control of supply chain. The project will significantly improve the long term competitiveness of the company's cracker portfolio through dedicated feedstock, enhanced margins, higher capacity and end to end integration, RIL said in a statement.
Bharti Airtel dropped 0.73% as the stock turned ex-dividend today, 21 August 2014, for total dividend of Rs 3.43 per share. Bharti Airtel had on 13 August 2014 declared an interim dividend of Rs 1.63 per share for the year ending 31 March 2015. Bharti Airtel had on 29 April 2014 declared dividend of Rs 1.80 per share for the year ended 31 March 2014
Foreign portfolio investors (FPIs) bought shares worth a net Rs 251.36 crore on Wednesday, 20 August 2014, as per provisional data from the stock exchanges.
The Cabinet on Wednesday, 20 August 2014. at the meeting chaired by the Prime Minister, Narendra Modi gave its approval for Digital India - A programme to transform India into digital empowered society and knowledge economy. This is a follow up to the key decisions taken on the design of the programme during the meeting of the Prime Minister on Digital India Programme on 7 August 2014, and to sensitize all ministries to this vast programme touching every corner of the government. This programme has been envisaged by Department of Electronics and Information Technology (DeitY). The programme will be implemented in phases from the current year till 2018. The Digital India is transformational in nature and would ensure that Government services are available to citizens electronically. It would also bring in public accountability through mandated delivery of government's services electronically, a Unique ID and e-Pramaan based on authentic and standard based interoperable and integrated government applications and data basis.
Asian shares fell today, 21 August 2014, as a disappointing survey on Chinese manufacturing stoked concerns about the regional giant. Key benchmark indices in Taiwan, Hong Kong, Indonesia, China, and South Korea fell 0.11% to 1.25%. Key benchmark indices in Japan and Singapore rose 0.06% to 0.79%.
The HSBC/Markit Flash China Manufacturing Purchasing Managers' Index (PMI) fell to 50.3 in August from July's 18-month high of 51.7, missing forecasts.
US stocks ended mostly higher on Wednesday, 20 August 2014, after minutes from the Federal Reserve's July meeting gave investors reason to believe that the central bank is in no rush to raise interest rates.
The minutes were from the two-day meeting of the Federal Open Market Committee in late July, when the Fed trimmed its monthly bond-buying program by an additional $10 billion.
Federal Reserve Chairwoman Janet Yellen will give a speech tomorrow, 22 August 2014, at the annual Fed summit in Jackson Hole, Wyo.
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