Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 57.50 points at the opening bell tracking weakness in Asian markets and overnight decline on Wall Street.
Indian stocks may remain volatile this week as traders roll over positions in the futures & options (F&O) segment from the near month May 2015 series to June 2015 series. The near month May 2015 F&O contracts expire on Thursday, 28 May 2015.
Foreign portfolio investors bought shares worth a net Rs 114.81 crore yesterday, 26 May 2015, as per provisional data. Domestic institutional investors (DIIs) bought shares worth a net Rs 123.85 crore yesterday, 26 May 2015, as per provisional data released by the stock exchanges.
In the overseas market, Asian stocks were trading lower today, 27 May 2015. US stock markets declined yesterday, 26 May 2015.
Among corporate news, Tata Motors' consolidated net profit fell 56.19% to Rs 1716.50 crore on 3.43% increase in total income to Rs 67821.21 crore in Q4 March 2015 over Q4 March 2014. The result was announced after market hours yesterday, 26 May 2015.
Tata Motors said its profit before tax (PBT) declined sharply to Rs 2771 crore in Q4 March 2015 from Rs 5053 crore in Q4 March 2014 due to higher depreciation and amortization and adverse mark to market of un-matured hedges not eligible for hedge accounting. The company attributed the small increase in revenue in Q4 March 2015 to increase in wholesale volumes and richer product mix both in the standalone business and Jaguar Land Rover (JLR).
JLR's profit after tax declined to GBP 302 million in Q4 March 2015 from GBP 449 million in Q4 March 2014. JLR's profit before tax (PBT) fell 31.3% to GBP 396 million in Q4 March 2015 over Q4 March 2014. The sharp decline in PBT was due to higher depreciation and amortization and unfavourable revaluation of foreign currency debt and unrealised hedges that are not eligible for hedge accounting treatment. JLR's revenue rose 8.9% to GBP 5,826 million in Q4 March 2015 over Q4 March 2014. JLR's earnings before interest, taxation, depreciation and amortization (EBITDA) rose 10.4% to GBP 1,016 million in Q4 March 2015 over Q4 March 2014.
On standalone basis, Tata Motors reported net loss of Rs 1164.25 crore for Q4 March 2015, which was sharply higher than net loss of Rs 816.61 crore in Q4 March 2014. Revenue (net of excise) jumped 26.2% to Rs 10784 crore in Q4 March 2015 over Q4 March 2014. EBITDA stood at Rs 299 crore in Q4 March 2015 as against negative EBITDA of Rs 528 crore in Q4 March 2014.
Tata Motors said that considering the continued weak operating environment in the standalone business and in view of the losses for the year, no dividend is permitted to be paid to the shareholders of the company for the year ended 31 March 2015 (FY 2015) as per the Companies (Declaration and Payment of Dividend) Rules, 2014.
Tech Mahindra's consolidated net profit before special adjustment related to Mahindra Engineering Services (MESL) fell 39.23% to Rs 472 crore on 6.33% increase in revenue from services to Rs 6116.80 crore in Q4 March 2015 over Q3 December 2014. The result was announced after market hours yesterday, 26 May 2015. The results are not comparable. The Q4 March 2015 results include the results of Lightbridge Communications Corporation (LCC), USA and SOFGEN Holdings (SOFGEN) which were acquired as 100% subsidiary effective from 2 January 2015 and 14 March 2015 respectively.
Tech Mahindra's earnings before interest, taxation, depreciation and amortization (EBITDA) fell 19.95% to Rs 928.60 crore in Q4 March 2015 over Q3 December 2014.
Tech Mahindra announced after market hours yesterday, 26 May 2015, that its board approved the proposal for amalgamation of Tech Mahindra BPO and New vC Services, wholly-owned subsidiaries, with Tech Mahindra. As per the proposal, Tech Mahindra BPO and New vC Services would be merged with Tech Mahindra. The appointed date of the merger scheme is 1 April 2015. Tech Mahindra will not issue new shares upon merger since Tech Mahindra BPO and New vC Services are its wholly owned subsidiaries. The merger is subject to the approval from High Court of Bombay and shareholders and creditors of the companies.
Punjab National Bank announced after market hours yesterday, 26 May 2015, that the additional charge of the Managing Director & CEO of the bank vested with Gauri Shankar has been extended by three months effective from 9 May 2015 or till the date of appointment of regular MD & CEO or until further orders, whichever is earlier. Gauri Shankar, executive director was vested with additional charge of Managing Director & CEO of the bank for a period of three months, effective from 9 February 2015 to 9 May 2015 as per Government order dated 9 February 2015.
On a consolidated basis, Reliance Power's net profit rose 2.82% to Rs 276.47 crore on 20.09% increase in total income to Rs 1680.77 crore in Q4 March 2015 over Q4 March 2014. The result was announced after market hours yesterday, 26 May 2015, Consolidated net profit rose 0.16% to Rs 1028.32 crore on 29.86% increase in total income to Rs 7202 crore in the year ended March 2015 over the year ended March 2014.
Cement and oil stocks led modest losses for key benchmark indices yesterday, 26 May 2015. The S&P BSE Sensex fell 112.47 points or 0.41% to settle at 27,531.41, its lowest level since 15 May 2015.
In the overseas market, Asian stocks were trading lower today, 27 May 2015. Key indices in Japan, Hong Kong, Singapore, South Korea and Indonesia were off 0.06% to 1.62%. Key indices in China and Taiwan were up 0.34% to 0.37%.
Inflation in Japan won't hit a sustained 2% pace this year and any pickup in prices could take considerable time, the Bank of Japan (BoJ) said in minutes of its April board meeting released yesterday, 26 May 2015. A key going forward will be how firms move to raise prices and wages, but for now there is no need for further easing, the minutes showed.
US stock markets declined yesterday, 26 May 2015.
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