The market may edge higher in early trade on firm Asian stocks. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 49 points at the opening bell. Asian stocks rose on a report China's central bank is boosting stimulus. A two-day policy meeting of the Federal Open Market Committee (FOMC) ends today, 17 September 2014.
Prime minister, Narendra Modi, is determined to build closer relations with China, the world's second-largest economy, as Chinese President Xi Jinping visits today, 17 September 2014, with pledges to invest billions of dollars in railways, industrial parks and roads.
Among news of prominent companies, NTPC after market hours on Tuesday, 16 September 2014 said that the company has signed a MoU with Government of Andhra Pradesh (GoAP) to develop 1000 megawatt (MW) Solar Power Project(s) at suitable sites identified by GoAP in a phased manner. The projects will be implemented on Build-Own-Operate basis in the State of Andhra Pradesh, NTPC said.
Mahindra & Mahindra (M&M) issued clarification after market hours on Tuesday, 16 September 2014, with respect to the media report titled "M&M in talks to buy Peugeot Scooter business," that the company examines/pursues various opportunities in different areas, from time to time on a continuing basis and it is not practicable to comment upon every opportunity at every stage. The company is not in a position to confirm or deny the veracity of the news given its policy of not commenting on speculative news/reports that emanates from such activity, it said.
Maruti Suzuki India after market hours on Tuesday, 16 September 2014 said that the company's Manesar facility has crossed the 25 lakh production milestone this month. A Swift Zxi was the 25th lakh vehicle that was rolled out from the Manesar B Line, the company said in a statement. The company's twin facilities at Gurgaon and Manesar have together rolled out over 1.4 crore vehicles cumulatively, it added.
With reference to various news reports indicating that JSW Steel is close to buying assets/mills/plant of Italy's Lucchini, JSW Steel after market hours on Tuesday, 16 September 2014 clarified that in line with the company's long term strategy to acquire finishing mills near to the market, it has submitted binding bid for take over of rolling mills of the Piombini Plant of Lucchini in Italy subject to certain terms and conditions. The company is yet to get the response on this bid, JSW Steel said.
IDFC said after market hours on Tuesday, 16 September 2014, that the Capital Raise Committee of Directors of the company has, by a resolution dated 16 September 2014, approved the allotment of 7.30 crore shares at a price of Rs 137 aggregating to Rs 1000.10 crore, to qualified institutional buyers.
With reference to a report indicating that DiaSys to buy Piramal's diagnostic business, Piramal Enterprises after market hours on Tuesday, 16 September 2014 clarified that the company has signed an agreement for sale of its Lab Diagnostics & Point of Care Business to Diasys Diagnostics India, for a consideration of Rs 13 crore. In addition, the company would be transferring related technology for a consideration of Rs 0.30 crore. This business is a trading business, comprising buying and selling of diagnostic equipments, serving large pathological laboratories, Piramal Enterprises said further informing that it does not form part of the core manufacturing activity of the company, nor does it involve any material patented products. It comprises a small portion (about 1%) of the company's consolidated business, Piramal Enterprises said.
Aurobindo Pharma after market hours on Tuesday, 16 September 2014 said that the company has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Amoxicillin for Oral Suspension USP 125mg/5mL and 250mg/5mL.
Amoxicillin for Oral Suspension is the generic equivalent to the reference listed drug product (RLD), Amoxicillin for Oral Suspension, of Teva Pharmaceutical Industries and indicated in the treatment of infections due to susceptible aetalactamase-negative strains of the designated microorganisms. The product has a market size of approximately $19 million for the twelve months ending July 2014 according to IMS.
This ANDAs has been approved out of Unit XII, Semi-Synthetic Penicillin (SSP) formulation facility in Hyderabad, India, Aurobindo Pharma said.
A broad based decline was witnessed on the bourses as selling intensified during the latter part of the trading session on Tuesday, 16 September 2014. The S&P BSE Sensex lost 324.05 points or 1.21% to settle at 26,492.51 on that day, its lowest closing level since 26 August 2014.
The provisional data released by the stock exchanges after trading hours on Tuesday, 16 September 2014, showed that foreign portfolio investors (FPIs) sold shares worth a net Rs 828.95 crore on that day.
Asian stocks rose today, 17 September 2014, on a report China's central bank is boosting stimulus. Key benchmark indices in Hong Kong, Indonesia, South Korea, China, Singapore, Taiwan and Japan rose by 0.11% to 1.31%.
China reportedly provided 500 billion yuan ($81.4 billion) of liquidity to its five biggest banks, as leaders in Asia's largest economy seek to support growth. The People's Bank of China started providing the banks with 100 billion yuan each through standing lending-facilities with tenor of three months. The PBOC will complete the process today,17 September 2014, according to the report.
US stocks rose on Tuesday, 16 September 2014, with the Dow Jones Industrial Average hitting a record intraday high as markets reacted to wavering expectations over the language the Federal Reserve will use Wednesday, 17 September 2014, to describe its next policy move.
Investors will look to Federal Open Market Committee (FOMC) meeting for fresh guidance on US interest rates. A two-day policy meeting of the Federal Open Market Committee (FOMC) ends today, 17 September 2014. At the end of a two-day meeting, the FOMC is widely expected to announce cut in Fed's monthly bond-buying program by another $10 billion to $15 billion, staying on track to end the program at its October meeting. The Fed is likely to raise short-term interest rates next year from their current near-zero levels, where they have been since December 2008.
The Fed will also announce US economic projections after the policy meet. Fed now releases economic projections four times a year (March, June, September, and December). Traditionally, the Fed forecasts covered GDP, the PCE price index, and the civilian unemployment rate. However, the forecast report additionally now includes forecasts for the appropriate timing of the next change in the fed funds rate and the expected fed funds rate at the end of the next two years. The policy meet will be followed by a press conference by Federal Reserve Chairwoman Janet Yellen on 17 September 2014.
The Federal Reserve after two-day policy meeting on 30 July 2014, said it would reduce its purchases of mortgage and Treasury bonds by $10 billion to $25 billion monthly from $35 billion earlier, as widely expected.
Meanwhile, investors are also waiting tomorrow, (18 September 2014)'s referendum on Scottish independence.
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