Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 19.50 points at the opening bell tracking positive cues from Asian bourses and overnight gains at Wall Street.
The Prime Minister's office (PMO) yesterday, 11 December 2014, said that conscious of India's ambitious economic growth strategy, which would require a significant enhancement of power generating capacity, India and Russia have decided to fast-track the implementation of agreed cooperation projects between the two countries for nuclear power plants. India and Russia will strive to complete the construction and commissioning of not less than 12 units in the next two decades in accordance with the Agreement of 2008, the PMO said. Separately, a joint statement issued yesterday, 11 December 2014, during Russian President Vladimir Putin's visit to India stated that India and Russia will study the possibilities of building a hydrocarbon pipeline system, connecting the Russian Federation with India. At their bilateral meeting, Putin and India's Prime Minister Narendra Modi agreed to step up efforts for enhancing bilateral trade in the coming years and set a target of bilateral trade turnover of goods and services at $30 billion by the year 2025. It is expected that the level of mutual investments by then will be over $15 billion each way, according to the joint statement issued after bilateral meeting between the two leaders.
Tata Power Company after market hours yesterday, 11 December 2014 said it has signed a memorandum of understanding (MoU) with Russian Direct Investment Fund (RDIF) to develop investment opportunities in the energy sector. The agreement was signed during the state visit of Russian President Vladimir Putin to India. RDIF and Tata Power will cooperate on identifying and targeting investment opportunities in the energy sector across Russia in order to develop mutually beneficial transactions.
Wipro after market hours yesterday, 11 December 2014 said that Wipro Inc Benefit Trust sold 18.10 lakh shares of Wipro (over 9 December 2014 to 11 December 2014) at an average market price of Rs 552.43 per share.
IDFC after market hours yesterday, 11 December 2014 in a clarification with regard to news item titled "Essar Oil to sign 10-year deal with Rosneft today" said that a Memorandum of Understanding to promote joint investments helping in accelerating economic cooperation between Russia and India has been executed between IDFC and Russian Direct Investment Fund, however the company has not yet entered into any binding agreement and is subject to compliance of various conditions in this respect. Since the said transaction is at a very preliminary stage, the company is not considering the above information as price sensitive, IDFC said.
Dr Reddy's Laboratories after market hours yesterday, 11 December 2014 in a clarification with regard to news item titled "Germany bans 80 generic drugs for insufficient trials" said that the company through its local entity Betapharm is proceeding in line with the instructions of the regulator. Overall impact on the financials of this action is expected to be non-material, Dr Reddy's said.
Essar Oil and Rosneft yesterday, 11 December 2014 signed key terms of oil and oil products supplies to Essar refineries in India. Supplies may begin in 2015. Consequently Rosneft expands its distribution area and builds up deliveries to the region, where the world's economy growth zones are concentrated. This agreement grants Rosneft a secure market outlet of oil and oil products, while Essar gains a reliable and stable partner as a supplier of oil and oil products to its refining facilities.
Talking on the agreement Founder of Essar Oil, Shashi Ruia said: "This provides good long term raw material security to our refineries". The company made the announcement after market hours yesterday, 11 December 2014 in clarification to media reports titled "Essar Oil to sign 10-year deal with Rosneft today"
On the domestic macro front, inflation is seen easing further in November 2014 and growth in industrial production is seen improving a bit in October 2014. The annual rate of inflation based on the combined consumer price indices (CPI) for urban and rural India is seen easing further to 4.4% in November 2014, from 5.52% in October 2014, as per the median estimate of a poll of economist carried out by Capital Market. The government will release the data on CPI inflation for November 2014 after trading hours today, 12 December 2014.
The annual rate of inflation based on the wholesale price index (WPI) is seen easing further to 1.2% in November 2014, from 1.77% in October 2014, as per the median estimate of a poll of economist carried out by Capital Market. The government will release the inflation data based on wholesale price index (WPI) for November 2014 at 12.15 noon on 15 December 2014.
Growth in industrial production is seen inching up to 2.7% in October 2014, from 2.5% in September 2014, as per the median estimate of a poll of economist carried out by Capital Market. The government will unveil industrial production data for October 2014 after trading hours today, 12 December 2014. Industrial production growth improved to 2.5% in September 2014, from 0.5% in August 2014.
Shares of oil exploration and production companies led decline as key benchmark indices edged lower in choppy trade yesterday, 11 December 2014. The S&P BSE Sensex lost 229.09 points or 0.82% to settle at 27,602.01, its lowest closing level since 30 October 2014.
Foreign portfolio investors sold shares worth a net Rs 808.27 crore yesterday, 11 December 2014, as per provisional data.
Asian equity markets were higher today, 12 December 2014, as a positive lead from Wall Street overnight offset concerns about a further decline in oil prices. Key indices in China, Hong Kong, Japan, Singapore, Indonesia, South Korea, and Taiwan were up 0.12% to 1.36%.
US stocks advanced yesterday, 11 December 2014, cutting weekly losses, but euphoria over increased retail sales in October faded as oil fell to another five-year low and renewed worries of a government shutdown. US retail inventories excluding automobiles picked up in October, which could affect fourth-quarter growth estimates. The Commerce Department said yesterday, 11 December 2014, retail inventories excluding autos, which go into the calculation of gross domestic product, increased 0.3% in October. They had gained 0.2% in September. Overall business inventories increased 0.2%, in line with economists' expectations, after a 0.3% gain in September.
The Federal Open Market Committee (FOMC) next undertakes monetary policy review at a two-day meeting on 16-17 December 2014. The policy meeting will be keenly watched for any hints on the timing of interest rate increases in the world's biggest economy.
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