Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 15 points at the opening bell. India's biggest commercial bank in terms of branch network, State Bank of India, and cigarette major ITC are scheduled to unveil Q4 March 2014 results today, 23 May 2014. Asian stocks edged higher on Friday on signs of growth in the world's largest economies.
Ashok Leyland's net profit surged 142.2% to Rs 363.39 crore on 17.31% fall in total income to Rs 3092.51 crore in Q4 March 2014 over Q4 March 2013. Net profit slumped 93.22% to Rs 29.38 crore on 20.19% decline in total income to Rs 10009.94 crore in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013). The result was announced after market hours on Thursday, 22 May 2014.
With reference to the news item appearing in a financial daily titled "HPCL to buy stake in Petronet terminal", HPCL clarified after market hours on Thursday, 22 May 2014, that it is a company dealing with various products related to petroleum and allied products and is scouting for various business opportunity in this sector in the normal course of business from time to time. In view of this as and when any development takes place on any of the matter, which would need disclosure to the stock exchange in terms of the listing agreement, the company shall comply with the same, it added in a statement.
Colgate Palmolive (India) said that the commercial production of toothpaste has commenced on 21 May 2014 at company's new manufacturing facility set up at Sanand, Gujarat. Further, the company has informed that in the month of March 2014 the new manufacturing facility was commissioned and fully tested. In the initial phase, the company intend to manufacture 15,000 MTs toothpaste from this manufacturing facility.
JSW Steel said that its board will meet on 27 May 2014 to consider issuing Non-Convertible Debentures along with warrants/convertible Securities other than warrants, convertible into Equity Shares, to eligible Qualified Institutional Buyers (QIB) in one or more tranches through a Qualified Institutional Placement (QIP)/issue of ADRs/GDRs/FCCBS/any other convertible instruments in the International Capital Market.
Cummins India's net profit declined 24.79% to Rs 141.79 crore on 18.88% fall in total income to Rs 1003.07 crore in Q4 March 2014 over Q4 March 2013. Net profit fell 21.47% to Rs 600.02 crore on 13.38% decline in total income to Rs 4154.38 crore in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013). The result was announced after market hours on Thursday, 22 May 2014.
Cummins India said that the board of directors of the company at its meeting held on 22 May 2014, inter alia, have recommended final dividend of Rs 8 per for the year ended 31 March 2014, in addition to the interim dividend of Rs 5 per share declared on 4 February 2014. The dividend warrants for the said final dividend (subject to approval of shareholders at the ensuing Annual General Meeting, scheduled on 1 August 2014) will be dispatched by 26 August 2014 and the final dividend will be paid on 28 August 2014. Cummins India said that the Register of Members & Share Transfer Books of the company will remain closed from 26 July 2014 to 1 August 2014 (both days inclusive) for the purpose of payment of final dividend & Annual General Meeting (AGM) of the company to be held on 1 August 2014.
Key benchmark indices edged higher in volatile trade on Thursday, 22 May 2014 on reports that the finance ministry is working on a proposal to cut the fiscal deficit to 3.8% to 3.9% of GDP for the year ending 31 March 2015 (FY 2015). The S&P BSE Sensex garnered 76.38 points or 0.31% to settle at 24,374.40, its highest closing level since 20 May 2014.
Foreign institutional investors (FIIs) sold shares worth a net Rs 294.99 crore on Thursday, 22 May 2014, as per provisional data from the stock exchanges.
After Bharatiya Janata Party (BJP) led National Democratic Alliance's (NDA) landslide victory in the recently concluded Lok Sabha election, investors are expecting measures from the incoming government to revive the Indian economy. There are expectations that Narendra Modi will be in a position to replicate the economic success he enjoyed in Gujarat state when he takes over as the country's Prime Minister. With Modi at the helm of affairs, Gujarat's economy expanded by 10.1% a year, on average and adjusting for inflation, from 2001 and 2012, compared with 7.7% growth a year for India's economy as a whole. India's GDP growth slowed sharply at 4.7% in Q3 December 2013. Investors hope that a BJP-led government would be able to accelerate policy reforms and overhaul the country's poor infrastructure. Investors will now be keenly watching policy announcements from the new government to drive a turnaround in the investment cycle.
Ever since NDA's victory in the election last week, speculation has been rife about the likely allocation of key ministerial portfolios in the Modi-led NDA government.
Modi will be sworn in as India's next Prime Minister on Monday, 26 May 2014, evening at the Rashtrapati Bhawan.
The first budget of the new government is expected by July 2014. An interim budget was presented by P. Chidambaram in February this year. Essentially, in the nature of a vote on account, the interim budget was intended to get Parliament approval for expenditure to be incurred during the first few months of fiscal year 2014-15 due to Lok Sabha elections.
The Reserve Bank of India (RBI) next undertakes monetary policy review on 3 June 2014. The RBI left its main lending rate viz. the repo rate unchanged at 8% after a monetary policy review on 1 April 2014, as consumer-price inflation eased to a two-year low and as the rupee firmed up against the dollar.
Asian stocks edged higher on Friday on signs of growth in the world's largest economies. Key benchmark indices in Taiwan, Hong Kong, Singapore, Japan and Indonesia rose by 0.1% to 0.94%. Key benchmark indices in China and South Korea fell 0.07% to 0.09%.
US stocks built on advances from the previous session and closed modestly higher on Thursday, with high-growth and small-cap companies leading gains. Investors appeared to shrug off softer economic data, including jobless claims and existing-home sales.
In economic news, new applications for unemployment benefits rose sharply in mid-May, reversing a big drop earlier in the month that put initial claims at a seven-year low.
Sales of existing homes rose 1.3% in April to a seasonally adjusted annual rate of 4.65 million, the National Association of Realtors reported Thursday.
The Federal Open Market Committee (FOMC) next undertakes monetary policy review at a two-day meeting on 17-18 June 2014. The Fed on 30 April 2014 said after a monetary policy review that it will keep the benchmark interest-rate target at almost zero for a "considerable time" after its bond-buying program ends. The FOMC also reduced monthly debt purchases to $45 billion, its fourth straight $10 billion cut, and said further reductions are likely in "measured steps" if the economy continues to improve.
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