Trading of CNX Nifty futures on the Singapore stock exchange indicates a flat opening on the domestic bourses today, 7 July 2015. Asian stocks were mixed today, 7 July 2015.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 149.37 crore yesterday, 6 July 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 409.66 crore yesterday, 6 July 2015, as per provisional data.
Reliance Industries (RIL) announced after market hours yesterday, 6 July 2015, that it is proposing to sell 3.25 crore shares of Network18 Media & Investments (NW18), (representing 3.10% of the equity capital of NW18) to bring down the aggregate shareholding of the promoter and promoter group to 75% and increase the public shareholding to 25% as mandated by Clause 40A of the listing agreement pursuant to Securities Contract (Regulation) Rules, 1957.
In this regard, Shinano Retail (effectively 100% owned by Reliance Industrial Investments and Holdings, a wholly owned subsidiary of RIL), a promoter group company of NW18, has issued a notice of Offer for Sale (OFS) of 3.25 crore shares of NW18 through the stock exchange mechanism.
The OFS will take place on Wednesday, 8 July 2015, exclusively through Shinano Retail's broker through a sale on the separate window provided by the BSE and NSE for this purpose. The OFS will open on 9:15 IST on Wednesday, 8 July 2015, and close on 15:30 on the same day. Shinano Retail will declare floor price at 17:00 IST today, 7 July 2015.
Power Grid Corporation of India said that its board has accorded the investment approval for 'Green Energy Corridors: Inter-State Transmission Scheme (ISTS) - Part - C' at an estimated cost of Rs 2247.37 crore, with commissioning schedule of 36 months from the date of investment approval. The announcement was made after market hours yesterday, 6 July 2015.
Shares of capital goods companies will be in focus after the Minister for Heavy Industries and Public Enterprises Anant Geete yesterday, 6 July 2015, said that his ministry is committed to bring Achche Din (good days) for the capital goods sector. Speaking at the inauguration of a workshop in Mumbai, Geete said that the Department of Heavy Industries will set up a Technology Adoption Fund to promote Research and Development in the industrial sector. He further said that the government has asked the industry to avail of the benefits of the recently launched Capital Goods Scheme which would help in acquiring or developing new technology.
Geete said that the technological capabilities of large number of players, especially in the SME sector, are limited in India and as a result India has become one of the largest importers of capital goods in the world. This has adversely affected the indigenous capital goods industry and the government wants to change this now. The Capital Goods Scheme launched under the Make in India initiative of Government of India provides support to the industry to acquire technology, set-up technology development centres in collaboration with institutes and create common infrastructure for the capital goods industry. A unique component of the scheme is technology acquisition fund where government is giving support upto 25% of the cost of technology subject to the limit of Rs 10 crore. The Capital Goods Scheme is expected to be particularly helpful for the industry in Maharashtra as a large number of engineering and capital goods clusters covering textiles machinery, machine tools, plastic machinery and engineering products are located in the state.
Banking, cement, pharma stocks and index heavyweights HDFC, ITC, Reliance Industries (RIL) and L&T led a strong intraday rebound on the domestic bourses yesterday, 6 July 2015. The S&P BSE Sensex rose 115.97 points or 0.41% to settle at 28,208.76, its highest closing level since 17 April 2015.
Meanwhile, India's weather office, the India Meteorological Department (IMD), said in its daily monsoon update issued yesterday, 6 July 2015, that the Southwest Monsoon was vigorous over West Uttar Pradesh and active over Jharkhand, Bihar, East Uttar Pradesh, Uttarakhand, Punjab and Himachal Pradesh and normal over Nagaland, Manipur, Mizoram & Tripura, Gangetic West Bengal and Haryana, Chandigarh and Delhi during past 24 hours upto 8:30 IST.
For the country as a whole, cumulative rainfall during this year's monsoon season was near normal until 6 July 2015. This is a far cry when compared to a reading 24% above the Long Period Average (LPA) for the South West monsoon until 24 June 2015. Region wise, the southwest monsoon was 12% above the LPA in Northwest India, 4% below the LPA in East & Northeast India, 2% below the LPA in Central India and 1% below the LPA in South Peninsula until 6 July 2015.
The quantum of and the spatial distribution of rainfall this month holds key, with July being a crucial month for the sowing of Kharif crops. The June-September southwest monsoon is critical for the country's agriculture because a considerable part of the country's farmland is dependent on the rains for irrigation.
Asian stocks were mixed today, 7 July 2015. Key benchmark indices in China, Hong Kong and South Korea fell by 0.06% to 2.51%. Key benchmark indices in Japan, Indonesia, Singapore and Taiwan rose by 0.06% to 1.32%.
US stocks ended yesterday's (6 July 2015) choppy session slightly lower as global equities came under pressure after Greece on Sunday, 5 July 2015 rejected its international lenders' bailout terms and moved closer to a potential exit from the eurozone.
Greece continues to remain in focus. France and Germany told Greece yesterday, 6 July 2015 to come up with serious proposals in order to restart financial aid talks, a day after Greeks voted overwhelmingly to reject more austerity. German Chancellor Angela Merkel and French President Francois Hollande, the euro zone's most powerful leaders, said Athens must move quickly if it wants to secure a cash-for-reform deal with creditors and avoid crashing out of the single currency.
Greek Prime Minister Alexis Tsipras yesterday, 6 July 2015 reportedly told German Chancellor Angela Merkel that Greece would bring a proposal for a deal to today's emergency euro zone summit. Eurozone leaders will hold an emergency meeting in Brussels today, 7 July 2015, to work out their response to the Greek vote and the next steps in any negotiations, which have been stalled since the referendum was announced. The Greece government will now try to renegotiate a new bailout package with the lenders.
Christine Lagarde, the International Monetary Fund chief, yesterday, 6 July 2015 reportedly said that the agency stands ready to assist Greece. The IMF is one of Greece's three creditors, and the country missed a payment to it at the end of last month.
Greece is due to pay 3.5 billion euros ($3.9 billion) to the ECB on 20 July 2015. If it misses that payment, the ECB is widely expected to cut off emergency funding to Greek banks, a move that would likely lead to their collapse.
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