Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 3 points at the opening bell. In overseas stock markets, Asian stocks were mixed today, 23 July 2015. US stocks closed lower yesterday, 22 July 2015 as disappointing tech earnings weighted down on the three major indices.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 450.32 crore yesterday, 22 July 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 351.77 crore yesterday, 22 July 2015, as per provisional data.
Among corporate news, Mahindra & Mahindra (M&M) after market hours yesterday, 22 July 2015 said that it will launch the New Thar CRDe, its popular true blue off-roader on 22 July 2015. Targeted at the off-roading enthusiasts and people wanting to make a unique style statement, the New Thar CRDe will come with enhanced exteriors, and all new interiors with added comfort & convenience features, all of which will take the legendary off-roader to the next level, M&M said. The Thar CRDe, reflects the company's legendary tough and rugged DNA like no other model and is the most favoured recreational 4x4 vehicle among enthusiasts, it added. Over the years, the Thar has played a significant role in shaping the lifestyle vehicle segment in India, M&M said.
Bharti Infratel's consolidated net profit rose 24% to Rs 576 crore on 6% growth in revenue to Rs 3016 crore in Q1 June 2015 over Q1 June 2014. The result was announced after market hours yesterday, 22 July 2015.
Bharti Infratel's EBITDA (earnings before interest, taxation, depreciation and amortization) rose 10% to Rs 1302 crore in Q1 June 2015 over Q1 June 2014.
Commenting on the company's Q1 performance, Mr. Akhil Gupta, Chairman of Bharti Infratel said that the company continues to partner with all the operators to rollout data networks at fast pace and continues to maintain highest service quality and uptime.
IndusInd Bank after market hours yesterday, 22 July 2015 said that it has inaugurated a new branch in Chandigarh. The bank plans to further strengthen its presence and customer reach in Punjab and Haryana with more branches in the coming quarters, IndusInd Bank said.
Meanwhile, the Rajya Sabha Select Committee on the Goods and Services Tax (GST) bill presented its report in the Rajya Sabha yesterday, 22 July 2015. The GST Bill has been passed by the Lok Sabha and was referred to the Select Committee by Rajya Sabha, where the ruling NDA government does not enjoy majority, for scrutiny. The government aims to roll out GST from 1 April 2016.
GST, touted as the single biggest indirect taxation reforms since independence, will simplify and harmonise the indirect tax regime in the country. Central taxes like Central Excise Duty, Additional Excise Duties, Service Tax, Additional Customs Duty (CVD) and Special Additional Duty of Customs (SAD), etc. will be subsumed in GST. At the state level, taxes like VAT/Sales Tax, Central Sales Tax, Entertainment Tax, Octroi and Entry Tax, Purchase Tax and Luxury Tax, etc. would be subsumed in GST.
Meanwhile, India's weather office, the India Meteorological Department (IMD), said in its daily monsoon update issued yesterday, 22 July 2015, that the Southwest Monsoon was active over Gujarat State and Konkan & Goa during past 24 hours ending until 8:30 IST.
For the country as a whole, cumulative rainfall during this year's monsoon season was 7% below the Long Period Average (LPA) until 22 July 2015. Region wise, the rainfall was 13% below the LPA in Central India, 12% below the LPA in South Peninsula, 6% below the LPA in East & Northeast India and 6% above the LPA in Northwest India until 22 July 2015.
The quantum of and the spatial distribution of rainfall this month holds key, with July being a crucial month for the sowing of Kharif crops. The June-September southwest monsoon is critical for the country's agriculture because a considerable part of the country's farmland is dependent on the rains for irrigation.
Oil and auto stocks led rally for key benchmark indices yesterday, 22 July 2015. The S&P BSE Sensex rose 322.749 points or 1.15% to settle at 28,504.93, its highest closing level since 16 April 2015.
In overseas stock markets, Asian stocks were mixed today, 23 July 2015. Key indices in Japan, China, Hong Kong and Singapore were up 0.36% to 1.01%. Key indices in Taiwan, South Korea and Indonesia were off 0.05% to 1.24%.
US stocks closed lower yesterday, 22 July 2015 as disappointing tech earnings weighted down on the three major indices.
In Europe, Greece's prime minister reportedly won a crucial vote on a third bailout programme for the debt-stricken nation early today, 23 July 2015, hours after the European Central Bank (ECB) infused cash-starved Greek banks with further emergency liquidity. A total of 230 MPs backed the economic reforms programme demanded by Greece's creditors, while 63 voted against the plan at the late-night vote, as per reports.
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