Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could gain 11 points at the opening bell.
In overseas markets, Asian stocks were trading marginally higher after Chinese GDP figures were mostly in line with expectations. China's economy grew 6.8% in the fourth quarter from a year earlier, data released today, 19 January 2016 showed, easing from 6.9% in the third quarter. It is the weakest pace of expansion since the first quarter of 2009, when growth tumbled to 6.2%. Other Chinese economic data released today, 19 January 2016 showed that on a quarter-on-quarter basis, economic growth eased to 1.6% in the fourth-quarter, down from 1.8% in the third quarter. US markets were closed yesterday, 18 January 2016 for Martin Luther King Day holiday.
Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 1203.84 crore yesterday, 18 January 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1122.80 crore yesterday, 18 January 2016, as per provisional data.
Reliance Industries unveils its Q3 December 2015 results today, 19 January 2016.
Shares of Tata Motors will be in focus. Tata Motors has appointed Guenter Butschek as Chief Executive Officer & Managing Director for a period of 5 years. Butschek will lead all operations of Tata Motors in India and in international markets including South Korea, Thailand, Indonesia and South Africa. Jaguar Land Rover would continue to be managed by its Chief Executive Officer and Director, Ralf Speth, who is also on the Board of Tata Motors. Butschek is expected to join the company by 15 February 2016. The announcement was made after market hours yesterday, 18 January 2016.
Tata Motors announced that the board of directors of the company at its meeting held on 18 January 2016, approved the buy-back of unsecured non-convertible debentures (NCDs), as part of its debt restructuring programme to ensure balanced maturity profile and/or better terms that would include lower cost of debt. NCDs aggregating Rs 200 crore (2,000 NCDs of face value of Rs 10 lakhs each) due to mature on 30 November 2018 and NCDs aggregating Rs 250 crore (2,500 NCDs of face value of Rs 10 lakhs each) due to mature on 28 May 2019 will be bought back as part of the programme.
Tata Steel after market hours yesterday, 18 January 2016, said that its indirect subsidiary Tata Steel UK has announced cost-saving proposals to improve the competitiveness of its UK business. The plans would lead to the loss of 1,050 jobs - 750 jobs at its Port Talbot-based Strip Products UK business, 200 jobs in support functions and a further 100 jobs at steel mills in Trostre, Corby and Hartlepool, Tata Steel said. The proposed changes follow continued fall in the European steel price caused by a flood of cheap imports, particularly from China, the company said.
Asian Paints' consolidated net profit rose 25.82% to Rs 463.28 crore on 13.92% rise in total income to Rs 4195.82 crore in Q3 December 2015 over Q3 December 2014. The result was announced after market hours yesterday, 18 January 2016. The company has made an assessment of the fair value of investment made in its subsidiary, Sleek International Private Limited (Sleek) taking into account the past business performance, prevailing business conditions and revised expectations of the future performance given the understanding built up since acquisition. Based on these factors and as a matter of prudence, the company has recognised an impairment loss on the 'goodwill on consolidation' of Rs 52.50 crore, which was recognized on acquisition of Sleek, in Q3 December 2015. This has been considered as an exceptional outgo during the quarter.
The Q3 results include financials of Kadisco Paint and Adhesive Industry Share Company, (Ethiopia) in which the company's wholly owned subsidiary, Berger International Private, Singapore acquired 51% stake on 9 February 2015.
Losses for oil sector stocks and index heavyweight Reliance Industries (RIL) pulled key benchmark indices lower at the onset of the week yesterday, 18 January 2016. The Sensex shed 266.67 points or 1.09% to settle at 24,188.37, its lowest closing level since 16 May 2014.
Powered by Capital Market - Live News
