The market is likely to open higher on positive Asian stocks. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 25 points at the opening bell. The market will react to data released by government after trading hours on Monday, 14 July 2014, showing fall in annual rate of inflation based on the combined consumer price indices (CPI) in June 2014. Asian stocks edged higher on Tuesday, 15 July 2014 helped by Citigroup's better-than-expected earnings and more deals in the healthcare sector.
ITC clarified after market hours on Monday, 14 July 2014, regarding reports of ITC Hotels is close to acquiring the Ramada Caravela Beach Resort from Advani Hotels & Resorts in Goa at a cost of Rs 700 crore that the report is speculative in nature and as a matter of best practice, the company does not respond to market rumours.
The company further said it routinely scans strategic opportunities for business growth and this process involves dialogues from time to time with relevant parties across the country for different businesses. As and when there is conclusive development of a substantive nature, the company keeps the stock exchanges informed.
L&T after market hours on Monday, 14 July 2014 said that its wholly owned subsidiary dedicated to oil and gas -- L&T Hydrocarbon -- has secured an order worth Rs 5076 crore from Kuwait Oil Company (KOC). L&T Hydrocarbon will execute complete Engineer-Procure-Construct contract for a gathering centre for KOC, a subsidiary of Kuwait Petroleum Corporation (KPC) and fully owned by the State of Kuwait. Located in North Kuwait, the oil gathering facilities will receive crude from the Raudhatain fields.
Mangalore Refinery and Petrochemicals (MRPL) has clarified after market hours on Monday, 14 July 2014, regarding merger of ONGC Mangalore Petrochemicals (OMPL) with MRPL that at present MRPL holds only 3% equity in OMPL and is examining the possibility of acquiring more stake in OMPL and the company will intimate the stock exchange in case of any material development in this regard..
Other individual shareholders reportedly held 51% stake in OMPL and ONGC held 46% stake as at 31 March 2014.
Hitachi Home & Life Solutions (India) said after market hours on Monday, 14 July 2014, that the management has decided to shift the entire Jammu and Kashmir unit along with manpower, plant and machineries to its main plant situated in Karan Nagar, Kadi, Dist. Mehsana, Gujarat for centralization of production activity without adversely affecting the production capacity.
This step was taken by the management in order to maximize productivity, minimize or reduce operational costs so as to remain competitive in the market and would result in administrative convenience.
Persistent Systems said after market hours on Monday, 14 July 2014, it completed acquisition of certain assets of Hoopz Planet Info. after satisfaction of the customary closing conditions.
On the macro front, the annual rate of inflation based on the combined consumer price indices (CPI) for urban and rural India eased to 7.31% in June 2014, from 8.28% in May 2014, data released by the government after trading hours on Monday, 14 July 2014, showed. The rate of inflation based on the combined consumer food price indices (CFPI) for urban and rural India eased to 7.97% in June 2014, from 9.56% in May 2014, the data showed. Core CPI inflation which excludes food and energy prices, eased to 7.39% in June 2014, from 7.71% in May 2014.
Key benchmark indices registered small losses on Monday, 14 July 2014 after moving in a narrow range during the trading session. The S&P BSE Sensex shed 17.37 points or 0.07% to settle at 25,006.98, its lowest closing level since 4 June 2014.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 558.25 crore on Monday, 14 July 2014, as per provisional data from the stock exchanges.
Asian stocks edged higher on Tuesday, 15 July 2014 helped by Citigroup's better-than-expected earnings and more deals in the healthcare sector. Key benchmark indices in Taiwan, Hong Kong, Japan, Indonesia, South Korea, China and Singapore rose by 0.01% to 0.88%.
China will release second-quarter GDP data tomorrow, 16 July 2014.
The Bank of Japan concludes a two-day monetary policy meeting today, 15 July 2014.
US stocks ended higher on Monday, 14 July 2014 with the Dow Jones industrial average hitting an intraday record, helped by Citigroup's better-than-expected earnings and more deals in the healthcare sector.
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