The market may edge lower in early trade ahead of the Reserve Bank of India's mid-quarter policy review scheduled today, 20 September 2013. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 12 points at the opening bell. Interest rate sensitive banking, realty and auto stocks will be in focus ahead of the outcome of RBI's mid-quarter policy review.
The Reserve Bank of India will unveil its mid-quarter policy review today, 20 September 2013. At its mid-quarter monetary policy review today, 20 September 2013, the Reserve Bank of India will have to decide whether to give in to industry demands and lower interest rates in order to boost slowing economic growth, or leave interest rates unchanged for the third straight policy review as it guards against risks of a fresh rise in inflationary pressures. The RBI will release Mid-Quarter Review of Monetary Policy 2013-14 at 11:00 IST today, 20 September 2013. This will be followed by Governor Raghuram Rajan addressing the media in the afternoon.
Tata Steel after market hours on Thursday, 19 September 2013 announced a new leadership structure and a series of executive appointments, as part of its drive to accomplish its strategic business objectives. The board of Tata Steel has appointed Mr. T V Narendran as MD - Designate, India and South East Asia and has inducted him as Additional Director on the Board. On reaching superannuation on 31 October 2013, Mr. H M Nerurkar MD Tata Steel India and South East Asia will step down from the Board of Tata Steel and will be succeeded by Mr. T V Narendran from 1 November 2013.
Mr. Narendran is currently VP (Safety & Flat Products) Tata Steel. He joined the company after completing his MBA from IIM Calcutta in 1988. Mr. Narendran is a Chevening Scholar and has also attended the Advanced Management Programme in CEDEP - INSEAD, Fontainebleau, France.
The board has also appointed Mr. Koushik Chatterjee ED and Group CFO as the Group Executive Director (Finance and Corporate). In addition to maintaining responsibility for the company's finance function, Mr. Chatterjee will be responsible for the Tata Steel Group Corporate functions including Legal and Regulatory Affairs, Corporate Communications, Strategic Procurement, Information Systems, Group Investments, Global Mining Projects and Assurance. Mr. Chatterjee is an Honors Graduate in Commerce from Calcutta University and is a Fellow Member of the Institute of Chartered Accountants of India. He joined Tata Steel in 1995 as a chartered accountant working in the corporate Finance team.
The Board has put in place appropriate governance process to ensure a smooth transition of leadership.With effect from 1 November 2013, Dr Karl Koehler MD & CEO Tata Steel Europe, Mr. TV Narendran MD Tata Steel India and South East Asia and Mr. Koushik Chatterjee Group Executive Director (Finance and Corporate) will report to the Chairman and the Board of Tata Steel. The new leadership team will be responsible for defining the overall direction and strategy for Tata Steel across both its emerging and developed markets.
Key benchmark indices surged on Thursday, 19 September 2013 as world stocks rose after the US Federal Reserve after a monetary policy review on Wednesday, 18 September 2013, decided to maintain stimulus to the US economy through monthly bond purchases of $85 billion. The S&P BSE Sensex jumped 684.48 points or 3.43% to 20,646.64 on that day, its highest closing level since 10 November 2010.
Foreign institutional investors (FIIs) bought shares worth a net Rs 3543.84 crore on Thursday, 19 September 2013, as per provisional data from the stock exchanges.
Asian stocks were mixed on Friday, with most Asian indices remaining closed for holidays. Key benchmark indices in Indonesia and Singapore fell by 0.25% to 0.8%. Japan's Nikkei Average rose 0.09%. The stock markets in Mainland China, Hong Kong, Taiwan and South Korea were closed for a holiday. Asian indices had risen on Thursday after the Federal Reserve unexpectedly refrained from reducing stimulus measures on Wednesday, saying it wants more evidence of an economic recovery before paring its $85 billion-a-month in bond purchases.
U.S. stocks dipped on Thursday on profit booking a day after the S&P 500 hit a record high as the market rallied on the Federal Reserve's surprise decision to maintain its stimulus intact.
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