Trading of CNX Nifty futures on the Singapore stock exchange indicates a flat opening on the domestic bourses today, 11 September 2013. Asian stocks were mostly lower on Wednesday.
TCS after market hours on Tuesday, 10 September 2013 said it has bagged a five-year multi-million euros deal from SAS Scandinavian Airlines to help transform and optimise its IT infrastructure.
HCL Technologies and Anglo American, one of the world's largest mining companies announced after market hours on Tuesday, 10 September 2013, that they have entered into an engagement where HCL will deliver IT services for Anglo American businesses across the globe. As a part of this contract, HCL will transform Anglo American's end user computing and data center landscape to improve operational efficiency, business agility and the user experience. The scope of service covers end to end infrastructure services, including data centre and hosting services, email services, service desk, local area network and security management, end user computing and on-site IT services, utilizing hybrid on-premise and cloud delivery models.
NMDC shares may decline on reports that the Income Tax Department has slapped a Rs 1631 crore demand notice on the state-owned company for assessment years 2006-07, 2007-08, 2008-09 and 2009-10, alleging that the company had under invoiced some export accounts.
The Reserve Bank of India (RBI) on Tuesday said that banks can raise funds overseas above 50% of their Tier I capital with a minimum maturity of three years and swap these borrowings with the central bank at a concessional rate for one to three years.
"The swaps shall be available at a concessional rate of a 100 basis points below the market rate for all fresh borrowing with a minimum tenor of one year and a maximum tenor of three years, irrespective of whether such borrowings are in excess of 50% of their unimpaired Tier I capital or not," the RBI said.
RBI said despite the swaps being for the entire tenor of the borrowing, the rate shall be reset after every one year from the date of the swap at 100 basis points lower than the prevailing market rate, at the time of reset.
The RBI added that banks are free to borrow in any foreign currency but the swaps will be available only for conversion of the US dollar equivalent into rupees and will be computed at relevant cross rates on that day.
Key benchmark indices galloped on Tuesday, 10 September 2013 as the rupee extended recent recovery against the dollar on receding geopolitical risks from Syria. Gains in global stocks also underpinned sentiment. The S&P BSE Sensex was up 727.04 points or 3.77% to 19,997.10, its highest closing level since 24 July 2013.
Foreign institutional investors (FIIs) bought shares worth a net Rs 2563.60 crore on Tuesday, 10 September 2013, as per provisional data from the stock exchanges.
Asian stocks were mostly lower on Wednesday. Key benchmark indices in Taiwan, Hong Kong, Indonesia, South Korea and Singapore fell by 0.18% to 0.53%. Key benchmark indices in China and Japan rose by 0.32% to 0.59%.
US stocks rallied on Tuesday, with the S&P 500 continuing its longest stretch of gains since mid-July, after upbeat data from China and amid heightened diplomacy on Syria.
Meanwhile, US President Barack Obama took his case for military action against Syria directly to the American people Tuesday, adding that recent diplomatic developments could help solve a standoff over the nation's alleged use of chemical weapons.
The president, in a prime-time address from the White House, continued to build his case for military action. He said not punishing the regime of Syrian President Bashar al-Assad for allegedly using chemical weapons would embolden other tyrants to use such weapons and could potentially put US troops in danger in the future.
But Mr. Obama also said the recent diplomatic efforts were reason to pause with military plans, and he said he had asked Congress to put off voting on military strikes against Syria.
The president said those diplomatic developments have the potential to remove the threat of chemical weapons without the use of force, particularly because Russia is one of Assad's strongest allies.
Investors across the globe are eyeing the next policy meeting of the Federal Open Market Committee (FOMC) scheduled this month, with their focus squarely on the timing of tapering of Federal Reserve's bond purchases. The FOMC holds a two-day policy meeting on 17-18 September 2013 to decide on interest rates in the United States. The US central bank currently buys $85 billion a month in US debt and mortgage-backed securities in a bid to hold interest rates low and encourage economic growth. Federal Reserve Chairman Ben Bernanke has on several occasions stressed that the tapering process is dependent on an improvement in data. Fed's bond-buying program has kept global markets flush with liquidity in recent years.
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