The market may extend recent rally on firm Asian stocks. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 54.50 points at the opening bell. Asian stocks rose today, 31 October 2014, as shares in Tokyo headed for their biggest two-week advance in more than a year after US economic growth topped estimates and investors speculated Japan's pension fund will boost equity holdings.
Among corporate news, Ambuja Cements' net profit jumped 44% to Rs 239 crore on 9.2% growth in net sales to Rs 2188 crore in Q3 September 2014 over Q3 September 2013. The company attributed increase in net sales to improved sales realization. Earnings before interest, taxation, depreciation and amortization jumped 46.1% to Rs 393 crore in Q3 September 2014 over Q3 September 2013. The result was announced after trading hours yesterday, 30 October 2014.
Ambuja Cements said that cement demand is likely to be better with expectation of higher GDP growth and improved business sentiments. The drivers for demand will continue to be housing and infrastructure, considering the government's recent push in this sector. Ambuja Cements said that the company will continue to work on improving efficiencies and focus on customer and commercial excellence. Ambuja Cements said that the company believes that these initiatives will help improve its performance.
IT stocks may gain on positive economic data in US. US is the biggest outsourcing market for the Indian IT firms.
On a consolidated basis, IDFC's net profit fell 13.43% to Rs 421.40 crore on 15.75% increase in total income to Rs 2,487.46 crore in Q2 September 2014 over Q2 September 2013.
The board of IDFC at its meeting held on Thursday, 30 October 2014, approved a proposal to demerge its financing undertaking into its wholly-owned step-down subsidiary, IDFC Bank. IDFC Bank is a recently incorporated company by IDFC with a paid up capital of Rs 5 lakh and is currently not a listed company. Post demerger, the shares of IDFC Bank will be listed on the BSE and the NSE.
IDFC Bank will issue 1 equity share of Rs 10 each, fully paid up of IDFC Bank for every 1 equity share of Rs 10 each held in IDFC as a consideration for the demerger of financing undertaking of IDFC into IDFC Bank, to the shareholders holding shares of IDFC as on the record date.
The shareholders of IDFC will continue to hold their shares in IDFC. On completion of demerger, equity share capital of IDFC Bank will be held approximately 53% by IDFC Financial Holding Company (lDFC FHCL) (being incorporated), a 100% subsidiary of IDFC and approximately 47% by the shareholders of IDFC (as on the record date).
On a consolidated basis, Bharti Airtel's net profit rose 170.2% to Rs 1383 crore on 7.1% increase in total revenue to Rs 22845 crore in Q2 September 2014 over Q2 September 2013. The results are as per International Financial Reporting Standards (IFRS). Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 12.1% to Rs 7705 crore in Q2 September 2014 over Q2 September 2013. Mobile data revenues grew 66.7% to Rs 2540 crore in Q2 September 2014 over Q2 September 2013, contributing more than two-third of the incremental revenues. The result was announced after market hours on Thursday, 30 October 2014.
Finance Minister Arun Jaitley yesterday, 30 October 2014, asked the senior officers of the Central Board of Direct Taxes (CBDT) not to lose sight of domestic black money keeping in view its much higher magnitude. He asked the senior officers of the Income Tax Department to make their best efforts to chase those sectors where the domestic black money is most prevalent. He said that the recovery of black money and taxes due thereon will also help the Department in achieving its tax collection targets. The Finance Minister was speaking at a Review Meeting of Principal Chief Commissioners, Principal Directors General, Chief Commissioners and Directors General of Income Tax in order to assess and analyse the achievements of the Budget Targets for Revenue Collections for Financial Year 2014-15. He asked the tax officials to widen the tax base in order to bring more and more people within tax domain.
Indian stocks surged on Thursday, 30 October 2014, after the government announced liberalization of foreign direct investment (FDI) norms for property development and construction sector. The S&P BSE Sensex rose 248.16 points or 0.92% to settle at 27,346.33 on that day, its record closing high.
The provisional data released by the stock exchanges after trading hours on Thursday, 30 October 2014, showed that foreign portfolio investors (FPIs) bought shares worth a net Rs 1257.49 crore on that day.
Asian stocks rose today, 31 October 2014, as shares in Tokyo headed for their biggest two-week advance in more than a year after US economic growth topped estimates and investors speculated Japan's pension fund will boost equity holdings. Key benchmark indices in Indonesia, South Korea, Hong Kong, Taiwan, Singapore, Japan and China were up 0.12% to 1.68%.
US stocks rallied on Thursday, 30 October 2014, as a report showed faster-than-estimated growth in gross domestic product, fueling speculation the economy is strong enough to withstand higher interest rates.
Among economic data in US, US GDP rose an annualized 3.5% in the three months ended September, after a 4.6% gain in the second quarter, a Commerce Department report showed yesterday. Separate data yesterday showed fewer Americans filed applications for unemployment benefits over the past month than at any time in more than 14 years.
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