Trading of Nifty futures on the Singapore stock exchange indicates that the CNX Nifty could fall 17.50 points at the opening bell.
Tata Power, through its wholly-owned subsidiary Coastal Gujarat Power, on Wednesday, 6 March 2013, announced the synchronisation of the 800 MW Unit No 5 of the country's first UMPP in Mundra, Gujarat. With the synchronisation of Unit No 5, the thermal power generation capacity of Tata Power stands at 8,500 MW and the generation through clean sources such as hydro, wind and solar stands at 852 MW.
Speaking on this milestone, Anil Sardana, Managing Director, Tata Power, said: "The synchronisation of Unit No 5 of Mundra UMPP marks a milestone in India's history as the first UMPP setting an execution excellence benchmark for the Indian power sector. The synchronisation of the last unit is a significant achievement in a sector which is ridden with numerous challenges. The Mundra UMPP features a number of new and advanced technological initiatives based on super-critical technology. We eagerly await a viable solution by the CERC and look forward to an early resolution of this issue."
The 4,000 MW Mundra UMPP is the first of the UMPPs that heralds the entry of 800 MW super-critical boiler technology in India, which is environment-friendly and efficient, Tata Power said in a statement. This technology and the choice of unit sizes will help save fuel for the project and cut down greenhouse gas emissions as compared to regular coal-fired power stations, Tata Power said. In addition, the choice of imported coal significantly lowers sulphur emissions. The plant will use significantly less than the stipulated 1 percent sulphur and 10 percent ash content in coal.
Mahindra & Mahindra (M&M) after trading hours on Wednesday, 6 March 2013, announced the launch of its first tractor manufacturing plant in Zaheerabad in Andhra Pradesh. The plant has been set-up at a substantial investment of over Rs 300 crore, M&M said. The plant will have an installed capacity of 1 lakh tractors per annum, which can be scaled up to meet additional demand, M&M said in a statement. The world class facility which is equipped to meet international manufacturing standards is spread across 80 acres of land and is built over 60,000 sq.mt., making it the largest tractor plant in India, M&M said.
Speaking on the occasion, Mr Anand Mahindra, Chairman, Mahindra Group, said: "The Group has always believed in investing for the future and this new tractor plant at Zaheerabad is yet another example of our philosophy in action. Our endeavour is to be present in the entire eco system of Agri Business and this new facility will help brand Mahindra to deliver on its promise of Farm Tech Prosperity. This push towards rural prosperity will help India, which is currently poised at a tipping point, to emerge as one of the fastest growing economies in the world. The government of Andhra Pradesh and its administration have been proactive in their support to Mahindra which has helped us to set up this facility in record time."
Dr Pawan Goenka, President, Automotive and Farm Equipment Sectors, Mahindra & Mahindra said: "Our Zaheerabad tractor plant is the largest tractor plant in Asia and a major investment for Mahindra in Andhra Pradesh. With this plant we are also setting up a supplier park which will help to bring more investment and employment in the region. This plant brings us closer to our customers and hence will help us to serve them better."
Mahindra & Mahindra (M&M), the promoter of Mahindra Holidays & Resorts India, is selling 34 lakh shares of Mahindra Holidays & Resorts India, constituting 4.02% of the equity share capital of Mahindra Holidays, through Offer for Sale (OFS) via the stock exchanges mechanism today, 7 March 2013. The OFS will begin at 9:15 IST and end at 15:30 IST. The floor price for the OFS has been set at Rs 270 per share. Shares of Mahindra Holidays dropped 0.54% to settle at Rs 276.35 on Wednesday, 6 March 2013.
Hindustan Petroleum Corporation (HPCL) after market hours on Wednesday, 6 March 2013, said that the board of directors of the company at its meeting held on 5 March 2013 has considered and recommended the Rajasthan Refinery Project for the approval of Government of India for setting up of State-of-art 9 million tonnes per annum (MMTPA) Grass Root Refinery cum Petrochemical complex in Barmer in Rajasthan utilizing Rajasthan Crude at an estimated cost of about Rs 37000 crore. This refinery will also have capability to process other type of crudes, HPCL said
DLF after market hours on Wednesday, 6 March 2013, said that the board of directors of the company at a meeting held on Wednesday, 6 March 2013, has approved offering of equity shares by way of Institutional Placement Programme (IPP) and/or any other method prescribed and approved by Sebi to achieve the minimum public shareholding. The board has formed an "Equity Issuance Committee" to take all actions/steps in this regard
The promoters currently hold 78.58% stake in DLF (as per the shareholding pattern as on 31 December 2012). As per the Sebi mandated minimum public shareholding rule, private-sector companies must cut founders' stake to adhere to the rules by 13 June 2013, while the deadline for state-run firms is 13 August 2013.
State-run Bank of India after market hours on Wednesday, 6 March 2013, said that upon receipt of funds from the Government of India, the bank has on 6 March 2013 allotted 2.21 crore equity shares to the Government of India at an issue price of Rs 365.70 per share. The post issue shareholding of the Government of India stands at 64.1% in the state-run bank.
The Government of India has decided to sell 6.89 crore equity shares of Rashtriya Chemicals and Fertilizers (RCF), constituting about 12.5% of the total equity share capital of RCF, through Offer for Sale (OFS) via the stock exchanges mechanism tomorrow, 8 March 2013. The floor price for the OFS will be announced after trading hours today, 7 March 2013.
Key benchmark indices edged higher on Wednesday, 6 March 2013, as world stocks rose as a bullish report on the US service sector on Tuesday, 5 March 2013, fed into indications that the US economy is gradually improving. The S&P BSE Sensex jumped 109.44 points or 0.57% to 19,252.61 on that day, its highest closing level since 25 February 2013.
Foreign institutional investors (FIIs) bought shares worth a net Rs 524.05 crore on Wednesday, 6 March 2013, as per provisional data from the stock exchanges.
Data on advance tax payment for the final installment of the current fiscal year which is 15 March 2013, could provide cues on the likely Q4 March 2013 corporate earnings.
Reduction of promoter stake to meet the Securities & Exchange Board of India (Sebi) mandated minimum public shareholding of 25% for private companies and 10% for state-run firms will result in supply of equity in the market over the next few months. As per the Sebi mandated minimum public shareholding rule, private-sector companies must cut founders' stake to adhere to the rules by 13 June 2013, while the deadline for state-run firms is 13 August 2013. PSU divestment will also add to share sale glut in FY 2014. The government has set a target of Rs 40000 crore from divestment of government stake in state-run firms and Rs 14000 crore from divestment of stake in non-government companies for FY 2014.
The Central Statistics Office (CSO) will unveil data on industrial production for January 2013 and also data on the combined consumer price index for rural and urban India for February 2013 on 12 March 2013. The CSO will unveil data on inflation based on the wholesale price index for February 2013 on 14 March 2013.
The Budget Session of the Parliament which began on 21 February 2013 will conclude on 10 May 2013. In order to enable the Standing Committees to consider the Demands for Grants of Ministries/Departments and prepare their Reports, the two Houses will adjourn for recess on 22 March 2013 to meet again on 22 April 2013.
The government has lined up a number of key bills for consideration and passing during the Budget session of the parliament, which include The Forward Contracts (Regulation) Amendment Bill, 2010, The Pension Fund Regulator and Development Authority Bill, 2011, The Land Acquisition, Rehabilitation and Resettlement Bill, 2011, The National Food Security Bill, 2011 and The Insurance Laws (Amendment) Bill, 2008.
The Reserve Bank of India (RBI) undertakes mid-quarter review of Monetary Policy 2012-13 on 19 March 2013. The central bank on 29 January 2013 signaled after a monetary policy review that there is less room for aggressive policy rate cuts amid any negative surprise emanating from inflation and the twin deficits viz. the current account deficit and the fiscal deficit.
Asian stocks edged higher on Thursday, 6 March 2013, as data showing an improvement in a private-payrolls growth in the United States (US) and a smaller-than-expected drop in factory orders in the US added to optimism for a gradual recovery in the US economy which is the world's biggest economy. Key benchmark indices in Hong Kong, Indonesia, Japan, Taiwan and Singapore rose by 0.04% to 0.6%. Key benchmark indices in China and South Korea fell by 0.63% to 0.78%.
A two-day meeting of the Bank of Japan concludes today, 7 March 2013.
US stocks edged higher on Wednesday after an improvement in a private-payrolls growth and smaller-than-expected drop in factory orders added to optimism for a gradual recovery in the US economy.
The influential US non-farm payroll data for February 2013 is due on Friday, 8 March 2013.
The Federal Open Market Committee (FOMC) holds a two-day meeting on the interest rates in the United States on 19 and 20 March 2013.
In Europe, the Governing Council of the European Central Bank (ECB) holds a meeting on euro area interest rates today, 7 March 2013. The euro area comprises the 17 European Union countries that have introduced the euro since 1999.
The Monetary Policy Committee (MPC) of the Bank of England (BoE) holds a meeting on interest rates in the UK today, 7 March 2013.
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