The market may decline at start of the trading session tracking weak Asian stocks. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 50 points at the opening bell. Asian stocks dropped today, 1 August 2014, extending the biggest global rout in six months that saw the Dow Jones Industrial Average wipe out this year's gains in one session yesterday amid weaker earnings and credit-market concerns.
Shares of public sector oil marketing companies (PSU OMCs) will be watched after PSU OMCs on Thursday, 31 July 2014, decided to cut retail petrol prices by Rs 1.09 a litre and increase retail diesel price by Rs 0.56 a litre with effect from midnight of 31 July 2014. PSU OMCs, however, reduced the diesel price for bulk consumers by Rs 0.72 a litre and price of non-subsidized LPG cylinder by Rs 2.50 for a 14.2 kg cylinder and that of commercial LPG cylinder by Rs 4 for a 19kg cylinder.
Metal stocks may gain on positive economic data in China. China is the world's largest consumer of steel, copper and aluminum.
DLF's consolidated net profit fell 29.48% to Rs 127.77 crore on 24.52% fall in total income to Rs 1851.60 crore in Q1 June 2014 over Q1 June 2013. The result was announced after market hours on Thursday, 31 July 2014.
Reliance Industries (RIL) said after market hours on Thursday, 31 July 2014 that there is no such proposal of 30% stake sale by the company in telecom unit Reliance Jio Infocomm and there is no merit in the news floating in the market. Reliance issued this clarification with regard to the report captioned "Reliance Open to 30% stake sale in Jio". Reliance Jio Infocomm is a wholly owned subsidiary of Reliance Industries. The report had said RIL is open to offloading up to 30% stake in its telecom venture, Reliance Jio, to a global strategic partner in a move to unlock value.
JSW Steel and Union Bank of India announce their April-June 2014 results today, 1 August 2014. United Spirits also announces its results for the year ended 31 March 2014 today, 1 August 2014.
Shares of automobile companies will be in focus as auto companies start unveiling sales volume data for July 2014 from today, 1 August 2014.
Tech Mahindra reported 2.7% growth in consolidated profit after tax at Rs 631 crore on 1.3% growth in revenue to Rs 5122 crore in Q1 June 2014 over Q4 March 2014. Operating profit (EBITDA) declined 13.4% to Rs 928 crore in Q1 June 2014 over Q4 March 2014. The result was announced after market hours on Thursday, 31 July 2014.
The company's cash and cash equivalents as on 30 June 2014 stood at Rs 3669 crore.
Vineet Nayyar, Executive Vice Chairman, Tech Mahindra said: "The growth momentum for Tech Mahindra continues to be powered by strategic investments and capability building. Our agility to perform in rapidly changing economic conditions speaks volumes about the trust shown by our customers in us. The results are aligned favorably towards us becoming a 'partner of choice' for developing transformational solutions and making enterprises future ready".
CP Gurnani, MD & CEO, Tech Mahindra said: "Our robust performance during the quarter sets the tone for rest of the year. Our customers have shown a remarkable appetite for the "connectedness revolution" and are readying themselves for the disruptions in future. Tech Mahindra with telecom as a horizontal differentiator augurs well with the customers in this potentially disruptive landscape".
Housing Development Finance Corporation (HDFC) after market hours on Thursday, 31 July 2014, in a clarification with regard to news item titled "Standard Life may Infuse More into HDFC Life" said that in the recent Union Budget, Finance Minister Arun Jaitley had proposed an increase in the composite cap in the insurance sector to 49% from the current level of 26%, with full management and control, through the FIPB route. On 24 July 2014, the Cabinet Committee on Economic Affairs headed by the Prime Minister Narendra Modi has cleared the said proposal and it is expected that the proposal will be tabled in Parliament in the current session. HDFC said it is monitoring the progress on this front and look forward to the details emerging.
In the meanwhile these developments have led to considerable speculation on HDFC's shareholding in its subsidiary, HDFC Standard Life Insurance Company (HDFC Life), HDFC said. The company said that there has been no decision on the change in the shareholding.
At an appropriate stage after Parliament approves and notifies the proposed amendments, HDFC may consider a revision in the shareholding pattern of HDFC Life in consultation with its joint venture partner, Standard Life Plc, HDFC said.
Gulf Oil Corporation (GOCL) after market hours on Thursday, 31 July 2014 said that Gulf Oil Lubricants India (GOLIL) was on 31 July 2014 listed on BSE and NSE, post the requisite approvals.
With the demerger of the lubricants business of GOCL to GOLIL, the new lubricant company GOLIL will manage the standalone lubricant business in India under Gulf Oil brand. The lubricant business has reached the size and scale to take up its future growth journey in a more focused manner independently, the statement said. GOLIL, which will be a company with a pure lubricants play, will bring in additional focus & resources to increase its business revenues & market shares in the lubricant space in India. Given the positive outlook for the economy - Gulf Oil is well placed to increase its market shares in Automotive and Industrial lubricants, the statement said.
Mr. Sanjay. G. Hinduja, Chairman, Gulf Oil International said, Gulf Oil Lubricants India aims to realize its vision of becoming one of the top 3 lubricant brands in the industry with expected support from the growing Indian economy. The company will continue to outperform the industry's growth by enhancing its distribution, investing in the brand & securing more OEM tie-ups. Further, this is in line with our global vision of being one of the largest independent downstream players in Lubricants & Speciality Chemicals in the world.
Mr. Ravi Chawla, Managing Director, GOLIL said, In the past 5-6 years, our strategies of leveraging our longer drain technological prowess, increasing our distribution reach & innovative brand building initiatives have resulted in volumes, revenues and profits growing multi-fold. The lubricant business has attained CAGR growth of about 15% in revenues and about 42% in profits before taxes over last 6 years. The Lubricant business has delivered an EBIDTA margin of over 12% consistently & the volume growth rates are more than double the industry growth rates during this period, to emerge as one of the fastest growing lubricant majors in India. With this demerger we have plans to further expand our current 7% market share in the 'open market' namely the bazaar channel & in the B2B related - OEM, Industrial & Infrastructure segments.
SpiceJet after market hours on Thursday, 31 July 2014 in a clarification with regard to news item titled "Caterers sues SpiceJet over Rs 8 Crores bill said that the matter is sub-judice and SpiceJet is defending the claim made by the caterer under appropriate proceedings of the Court. It may further be noted that the company has a claim of an amount exceeding the claim of the caterer owing to damage caused by the caterer to one of its Q400 aircraft and this is a resultant counter-blast to the claims made by the company on the caterer, SpiceJet said.
AstraZeneca Pharma India after market hours on Thursday, 31 July 2014 in a clarification with regard to news item titled AstraZeneca buys Almirall lung drugs" said that the aforesaid acquisition is not a acquisition made by the listed legal entity in India - AstraZeneca Pharma India. Rather, it comes under a separate legal entity established under the laws outside India, AstraZeneca Pharma India said.
Artson Engineering after market hours on Thursday, 31 July 2014 said it has received a letter of award (LOA) from Cairn India. The company's scope of works includes procurement, construction, installation and commissioning of crude oil storage tank at Hazira, Gujarat and the estimated order value is Rs 8.61 crore, Artson Engineering said.
Channel Nine Entertainment after market hours on Thursday, 31 July 2014 said it has fixed 14 August 2014 as record date for the purpose of determining the entitlement to the rights offer of 77.63 lakh equity shares of Rs 10 each for cash at par to be issued in the ratio of one equity share for every two equity share held by shareholders on the record date.
Emami turns ex-dividend today, 1 August 2014, for final dividend of Rs 4 per share for the year ended 31 March 2014.
Kirloskar Oil Engines turns ex-dividend today, 1 August 2014, for final dividend of Rs 5 per share for the year ended 31 March 2014.
Monsanto India turns ex-dividend today, 1 August 2014, for final dividend of Rs 30 per share for the year ended 31 March 2014.
Godrej Consumer Products turns ex-dividend today, 1 August 2014, for interim dividend of Rs 1 per share for the year ending 31 March 2015.
The combined index of the Eight Core Industries rose 7.3% in June 2014 over June 2013. The Eight Core Industries have a combined weight of 37.9% in the Index of Industrial Production (IIP). The data was announced after market hours on Thursday, 31 July 2014.
Markit Economics will unveil the results of a monthly survey on India's manufacturing sector for July 2014 today, 1 August 2014. The seasonally adjusted HSBC India Purchasing Managers' Index (PMI) rose marginally to 51.5 in June from 51.4 in May.
The Fiscal Deficit for the first quarter of the fiscal year ending 31 March 2015 (FY 2015) was at Rs 297859 crore, which amounted to 56.1% of the budget estimates. The month of June 2014 saw a fiscal deficit of Rs 57022 crore, against a fiscal deficit of Rs 127383 crore seen previous month. The data was released after market hours on Thursday, 31 July 2014.
Weakness during the latter part of the trading session pulled key benchmark indices lower on Thursday, 31 July 2014, as traders rolled over positions in the futures & options (F&O) segment from July 2014 series to August 2014 series. The S&P BSE Sensex shed 192.45 points or 0.74% to settle at 25,894.97 on that day, its lowest closing level since 21 July 2014.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 1654.86 crore on Thursday, 31 July 2014, as per provisional data from the stock exchanges.
Asian stocks dropped today, 1 August 2014, extending the biggest global rout in six months that saw the Dow Jones Industrial Average wipe out this year's gains in one session yesterday amid weaker earnings and credit-market concerns. Key benchmark indices in China, Hong Kong, Singapore, Japan, South Korea and Taiwan were off 0.01% to 0.76%.
China's manufacturing purchasing managers' index increased to 51.7 in July from 51 the previous month, according to data released today by the National Bureau of Statistics and China Federation of Logistics. A private gauge of factory activity from HSBC Holdings Plc and Markit Economics rose to 51.7 last month from 50.7 in June. Levels of 50 or higher signal expansion.
Developments in Latin America will be closely watched as Argentina missed a deadline yesterday to pay $539 million in interest after two full days of negotiations in New York failed to produce an accord with creditors. S&P declaring Argentina in default melded with concern over Europe's debt position as Portugal's Banco Espirito Santo SA was told to raise capital.
Banco Espirito Santo SA plunged by the most on record and the bonds slumped on Thursday, 31 July 2014, after the Portuguese lender was ordered to raise capital following a 3.6 billion euro ($4.8 billion) first-half net loss.
US stocks joined a global selloff on Thursday, 31 July 2104, erasing the year's gains in the Dow Jones Industrial Average, as Exxon Mobil Corp. to Micron Technology Inc. tumbled amid weaker corporate results.
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