Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 18 points at the opening bell. Asian markets were mixed today, 8 April 2015.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 143.98 crore yesterday, 7 April 2015, as per provisional data. Domestic institutional investors (DIIs) sold shares worth a net Rs 326.06 crore yesterday, 7 April 2015, as per provisional data.
Among corporate news, Rural Electrification Corporation after market hours yesterday, 7 April 2015, fixed the floor price for offer for sale (OFS) of shares by its promoter viz. the Government of India (GoI) at Rs 315 per share. The floor price for the OFS is at a discount of 2.06% to the stock's closing price of Rs 321.65 yesterday, 7 April 2015. GoI after market hours on 6 April 2015, issued a notice for offer for sale (OFS) of upto 4.93 crore equity shares of the face value of Rs 10 each, representing 5% of the total paid up equity share capital of REC through a sale on the separate window provided by the stock exchanges. Retail investors will be allocated offer shares at a discount of 5% to the bid price. The offer shall take place during trading hours on a separate window of the stock exchanges and shall commence tomorrow, 8 April 2015 at 9:15 IST and close on the same date at 15:30 IST. The GoI currently holds 65.64% stake in REC (as per the shareholding pattern as on 31 December 2014).
ICICI Bank announced before market hours reduction in base rate by 0.25% to 9.75% per annum with effect from 10 April 2015. ICICI Bank also announced a reduction in interest rates for some tenors of retail fixed deposits with effect from 10 April 2015.
Dr Reddy's Laboratories and its subsidiary, Promius Pharma, LLC yesterday, 7 April 2015, announced the filing of three 505(b)(2) New Drug Applications (NDAs) with the US Food and Drug Administration (US FDA). The three NDAs - DFD-01, DFD-09, and DFN-11, are in support of Dr Reddy's Proprietary Products group, focused on developing and commercializing therapies in dermatology and neurology.
DFD-01 and DFD-09 are the first dermatology applications submitted to the NDA that have been fully developed leveraging in-house capabilities. DFN-11 is the first development program filed in support of a newly created vertical, focused on the US neurology market.
Realty stocks will be in focus. The Union Cabinet chaired by the Prime Minister, Narendra Modi, yesterday, 7 April 2015, gave its approval to amendments to the Real Estate (Regulation and Development) Bill, 2013 pending in the Rajya Sabha, and approved amendments proposed in the Bill. The Real Estate (Regulation and Development) Bill is a pioneering initiative to protect the interest of consumers, to promote fair play in real estate transactions and to ensure timely execution of projects.
The Bill provides for a uniform regulatory environment, to protect consumer interests, help speedy adjudication of disputes and ensure orderly growth of the real estate sector. The Bill contains provisions of registration of real estate projects and registration of real estate agents with the Real Estate Regulatory Authority; functions and duties of promoters and allottees; establishment of Real Estate Regulatory Authority; establishment of fast track dispute resolution mechanism through adjudication; establishment of a Real Estate Appellate Tribunal; offences and penalties etc.
These measures are expected to boost domestic and foreign investment in the sector and help achieve the objective of the Government of India to provide 'Housing for All by 2022', through enhanced private participation.
Aurobindo Pharma and Glenmark Pharmaceuticals will be in focus. The Cabinet Committee on Economic Affairs (CCEA), chaired by the Prime Minister Narendra Modi, yesterday, 7 April 2015, approved two significant foreign investments in the pharmaceutical sector, viz. in Aurobindo Pharma and Glenmark Pharmaceuticals. Approvals have been given for Qualified Institutional Buyers to infuse fresh equity of upto 7% amounting to about Rs 2165 crore into Aurobindo Pharma. The existing FII shareholding is 27.32% in the company. This will enable the company to expand its operations in the areas of anti infective, cardiovascular and central nervous system related ingredients. Aurobindo Pharma employs more than 9500 professionals from 26 countries.
In Glenmark Pharmaceutical, CCEA approved increase in the foreign investment limit by FIIs from 35.07% to 49%. This will result in an inflow of about Rs 2022 crore.
Colgate-Palmolive (India) turns ex-dividend today, 8 April 2015, for third interim dividend of Rs 8 per share for the year ended 31 March 2015.
Amid divergent trend among various index constituents, key benchmark indices eked out miniscule gains yesterday, 7 April 2015. The S&P BSE Sensex rose 12.13 points or 0.04% to settle at 28,516.59, its highest closing level since 18 March 2015.
Asian markets were mixed today, 8 April 2015. Key indices in Indonesia, Singapore, and Taiwan fell by 0.1% to 0.46%. Key indices in China, Hong Kong, Japan, and South Korea rose by 0.06% to 1.93%.
Japan posted its biggest current account surplus in almost three and a half years in February, the finance ministry said today, 8 April 2015, helped by the higher value in yen terms of income from overseas investments and a smaller trade deficit. The surplus in the current account, the broadest measure of Japan's trade with the rest of the world, stood at Y1.44 trillion in February before seasonal adjustment, the data showed, the highest since September 2011.
US stocks ended slightly lower yesterday, 7 April 2015, reversing course late in the session as strength in the dollar offset optimism about deal news.
The Federal Reserve should be extraordinarily patient and hold off on raising interest rates until the second half of 2016, Federal Reserve Bank of Minneapolis President Narayana Kocherlakota reportedly said yesterday, 7 April 2015. Kocherlakota reportedly said that it would be 'appropriate' for the Fed to "defer the initial interest-rate increase until the second half of 2016," and then raise the benchmark federal funds rate to roughly 2% by the end of 2017.
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