Key benchmark indices trimmed initial gains triggered by mostly higher Asian stocks. The S&P BSE Sensex was up 21.98 points or 0.11%, off 22.90 points from the day's high and up 14.43 points from the day's low. The market breadth, indicating the overall health of the market, was strong.
State Bank of India (SBI) rose after the state-run bank said after market hours on Tuesday, 25 February 2014 that a meeting of the board of directors of the bank will be held on 3 March 2014 to consider declaration of interim dividend for the financial year ending 31 March 2014. Dr Reddy's Laboratories rose after the company announced on Tuesday, 25 February 2014 that it has launched Sumatriptan Injection USP, Autoinjector System 6 mg/0.5 mL, for subcutaneous use in the US market on 25 February 2014. NTPC rose after the company after market hours on Tuesday, 25 February 2014 said that a Memorandum of Understanding has been signed amongst Bihar State Power Generation Company (BSPGCL), NTPC and Lakhisarai Bijlee Company (LBCPL), a wholly-owned subsidiary of BSPGCL, on 22 February 2014 to take over LBCPL by NTPC after contributing 74% of share of investment divested by BSPGCL for setting up Lakhisarai Thermal Power Project (2X660 MW) near village Kajra, District Lakhisarai, Bihar under joint venture route. National Aluminium Company rose after the company after market hours on Tuesday, 25 February 2014 said that the company's board of directors at its meeting held on 25 February 2014, approved payment of interim dividend of Rs 1.10 per share for the financial year ending 31 March 2014.
Volatility may remain high today, 26 February 2014, as traders roll over positions in the futures and options (F&O) segment from the near-month February 2014 series to March 2014 series. The near month February 2014 F&O contracts expire today, 26 February 2014.
Foreign institutional investors (FIIs) bought shares worth a net Rs 423.41 crore on Tuesday, 25 February 2014, as per provisional data from the stock exchanges.
At 9:25 IST, the S&P BSE Sensex was up 21.98 points or 0.11% to 20,874.45. The index gained 44.88 points at the day's high of 20,897.35 in early trade. The index rose 7.55 points at the day's low of 20,860.02 in early trade.
The CNX Nifty was up 5.30 points or 0.09% to 6,205.35. The index hit a high of 6,211.25 in intraday trade. The index hit a low of 6,202.35 in intraday trade.
The market breadth, indicating the overall health of the market, was strong. On BSE, 569 shares gained and 308 shares fell. A total of 33 shares were unchanged.
The BSE Mid-Cap index rose 8.23 points or 0.13% to 6,470.55 and the BSE Small-Cap index rose 20.54 points or 0.32% to 6,442.24. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 122 crore by 09:25 IST.
Among the 30-share Sensex pack, 23 stocks gained and rest of them declined.
Bharat Heavy Electricals (Bhel) (up 1.51%), ITC (up 0.65%) and Hindalco Industries (up 0.71%) edged higher from the Sensex pack.
State Bank of India (SBI) rose 0.28%. The state-run bank said after market hours on Tuesday, 25 February 2014 that a meeting of the board of directors of the bank will be held on 3 March 2014, inter alia, to consider, and if thought fit, declare interim dividend for the financial year ending 31 March 2014.
Dr Reddy's Laboratories rose 0.8%. Dr Reddy's Laboratories announced on Tuesday, 25 February 2014 that it has launched Sumatriptan Injection USP, Autoinjector System 6 mg/0.5 mL, for subcutaneous use in the US market on 25 February 2014. The announcement was made after market hours on Tuesday, 25 February 2014.
The IMITREX STATdose Pen (Sumatriptan succinate) brand and generic combined had US sales of approximately $169 million MAT for the most recent twelve months ending in December 2013 according to IMS Health.
Dr Reddy's Sumatriptan Injection USP, Autoinjector System 6 mg/ 0.5 mL is available in a carton containing 2 single-dose prefilled syringes.
NTPC rose 0.35%. NTPC after market hours on Tuesday, 25 February 2014 said that a Memorandum of Understanding has been signed amongst Bihar State Power Generation Company (BSPGCL), NTPC and Lakhisarai Bijlee Company (LBCPL), a wholly-owned subsidiary of BSPGCL, on 22 February 2014 to take over LBCPL by NTPC after contributing 74% of share of investment divested by BSPGCL for setting up Lakhisarai Thermal Power Project (2X660 MW) near village Kajra, District Lakhisarai, Bihar under joint venture route.
Central Electricity Regulatory Commission (CERC) in exercise of powers conferred under section 178 of the Electricity Act, 2003 has issued CERC (Terms and conditions of tariff) Regulations, 2014 which shall come into force with effect from 1 April 2014 and shall remain in force for a period of 5 years from the date of commencement.
Some of the important provisions of the regulations computation include rate of return has been retained at 15.5% which will be grossed up with effective tax rate as per Regulation 25 of the said Regulations, additional RoE of 0.5% subject to certain conditions, rate of depreciation as per Companies Act for the first 12 years, O&M charges have been increased based on past actual expenditure and any generation beyond 85% PLF level will qualify for incentive @ Rs. 0.50 per kWh, NTPC said in a statement.
National Aluminium Company rose 1.09% after market hours on Tuesday, 25 February 2014 said that that the company's board of directors at its meeting held on 25 February 2014, have approved payment of interim dividend of Rs 1.10 per share for the financial year ending 31 March 2014. The payment of interim dividend shall be made on 25 March 2014, the company said.
The stock market remains closed tomorrow, 27 February 2014, on account of Mahashivratri.
The Securities and Exchange Board of India (Sebi) on Tuesday, 25 February 2014 proposed in a discussion paper that appointment of an agency to monitor the utilization of funds raised through an initial public offering (IPO) should be made mandatory. Currently, such an appointment is compulsory only if the public issue size exceeds Rs 500 crore. Sebi said the move is aimed at strengthening the monitoring of utilization of all the equity capital raised by selling shares to the public.
In its latest discussion paper, Sebi proposed that the appointed agency will be required to submit its report to the issuer every quarter till the full utilization of the public issue proceeds, as compared to the requirement of submission of such reports on a half-yearly basis at present. Also, such reports will be required to be put out on the stock exchanges' website to keep investors informed.
To curb misuse of money raised through a public issue, Sebi proposed to make it mandatory for the monitoring agency to assign grades to the issuer.
In order to ensure that the monitoring process is carried out effectively, Sebi proposed that a committee of board of directors of the company has to be constituted to oversee the monitoring of utilization of issue proceeds before opening of the public issue. This sub-committee will facilitate monitoring of issue proceeds by monitoring agency. A majority of the members of such a sub-committee will have to be independent directors, Sebi suggested.
Sebi has sought public comments on the proposals till 25 March 2014.
The Reserve Bank of India next undertakes monetary policy review on 1 April 2014. Citing price pressures, the Reserve Bank of India raised its key lending rates by 25 basis points after Third Quarter Review of Monetary Policy for 2013-14 on 28 January 2014.
Most Asian stocks edged higher. Key benchmark indices in Singapore, Hong Kong, South Korea and Taiwan rose by 0.14% to 0.47%. Key benchmark indices in China, Japan and Indonesia fell by 0.13% to 0.51%.
Taiwan's jobless rate nudged lower last month, as the labor force participation rate decreased, the government said today, 26 February 2014.
The island's nominal jobless rate came in at 4.02% in January, down from December's 4.08%, the Directorate-General of Budget, Accounting and Statistics said.
On a seasonally adjusted basis, the jobless rate was 4.07% in January, down from 4.12% in December, the government said.
US stocks finished a choppy trading session lower on Tuesday, 25 February 2014 as gloomy reports on home prices and consumer confidence dampened the mood.
US home prices ticked down 0.1% in December, declining for a second month, with 11 of 20 tracked cities posting drops, according to S&P/Case-Shiller's composite index. After seasonal adjustments, home prices in December rose 0.8%, down a bit from 0.9% in November.
The consumer confidence index fell to 78.1 in February from 79.4 in January, the Conference Board said Tuesday, 25 February 2014.
The Federal Open Market Committee (FOMC) next undertakes monetary policy review on 18-19 March 2014. After a monetary policy review, the FOMC on 29 January 2014 announced it will reduce monthly bond purchases by another $10 billion to $65 billion.
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