The market may open lower tracking weakness in Asian stocks. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 10.50 points at the opening bell. Asian stocks edged lower on Wednesday as US service-industry growth fueled speculation the US Federal Reserve will taper US stimulus earlier than previously expected.
State-run power equipment major Bharat Heavy Electricals (Bhel) unveils Q2 September 2013 results today, 6 November 2013.
Tata Consultancy Services (TCS) announced after market hours on Tuesday, 5 November 2013, that Zions Bancorporation, one of America's premier financial services companies, has chosen TCS BaNCS for its core banking transformation program to achieve standardization, centralization and straight through processing across the enterprise. In addition to the cost saving benefits, the ability to have a single, 360 degree view of its end-user customers is a key focus of the core replacement program.
The depth of TCS BaNCS' capabilities, its implementation track record and overall quality of banking and technology experts were among the major factors that influenced this selection by Zions Bancorporation, which consists of a collection of great banks in select Western U.S. markets with combined total assets exceeding $50 billion. The transformation will be completed in phases, with Zions' management expecting significant improvements in operational efficiency and customer experience, and reduced operational and financial risk stemming from older legacy systems.
"ICS' demonstrated commitment and focus during the engagement process and earnestly showed us how we could leverage TCS BaNCS technology to achieve our objectives," said Joe Reilly, CIO of Zions Bancorporation. "The flexibility of the solution and speed of deployment were key criteria in our selection process. The modular components and multi-entity capability of TCS BaNCS tightly fits into our technology landscape."
"We are delighted that Zions Bancorporation has chosen TCS as technology partner to transform their enterprise," said N Ganapathy Subramaniam, President of TCS Financial Solutions. "We are taking the model bank approach to translate Zions Bancorporation's vision into a reality. By deploying TCS BaNCS, they can streamline and standardise their entire suite of products from both the bank's and the customer's point of view in the United States."
IT stocks will be in focus as IT services firm Cognizant Technology Solutions Corp, a Teaneck, New Jersey-based company, which has most of its employees in India, reported a better-than-expected 22% rise in revenue in third quarter, helped by contracts from insurers setting up online exchanges as part of President Barack Obama's healthcare reforms. The company, which also raised its full-year forecast for both profit and revenue, said it would focus on winning more business from governments. The company's net income rose to $319.6 million, or $1.05 per share in the third quarter, from $276.9 million, or 91 cents per share, a year earlier. The company said it expects earnings of at least $4.01 per share on revenue growth of at least 20.3% to $8.84 billion. It had previously forecast earnings of at least $3.96 per share on revenue growth of at least 19% to $8.74 billion.
State Bank of India said before market hours it has revised upwards the base rate by 20 basis points (bps) from 9.80% per annum (p.a.) to 10% p.a. and benchmark prime lending rate by 20 bps from 14.55% p.a. to 14.75% p.a. with effect from 7 November 2013.
Colgate-Palmolive (India) turns ex-dividend today, 6 November 2013, for first interim dividend of Rs 9 per share for the year ending March 2014.
Key benchmark indices edged lower on Tuesday, 5 November 2013, snapping a five-day winning streak, after a survey showed that India's vast service sector activity remained weak in the month just gone by. Weakness in European stocks also dampened sentiment on the domestic bourses. The S&P BSE Sensex lost 264.57 points or 1.25% to settle at 20,974.79 on that day, its lowest closing level since 29 October 2013.
Foreign institutional investors (FIIs) bought shares worth a net Rs 162.53 crore on Tuesday, 5 November 2013, as per provisional data from the stock exchanges.
Asian stocks edged lower on Wednesday as US service-industry growth fueled speculation the US Federal Reserve will taper US stimulus earlier than previously expected. Key benchmark indices in Hong Kong, Taiwan, China, Indonesia, Japan and Singapore shed 0.03% to 0.31%. South Korea's Kospi rose 0.01%.
China's leaders will meet in Beijing on November 9-12 to map out economic policies as the country heads for its slowest annual growth in more than two decades.
US stocks closed mainly down on Tuesday, with Wall Street pausing after a two-session rise, as data showing the US services industry expanded more-than-expected in October offset softer economic headlines from Europe.
The US Institute for Supply Management's gauge of service industries climbed more than strategists predicted, data showed yesterday, stoking concern that the world's biggest economy is faring well enough for the Fed to consider reducing asset purchases. Fed policy makers last week signaled diminishing concern over higher borrowing costs as they maintained their $85 billion in monthly bond-buying and sought more evidence of sustained growth before paring stimulus.
The US government will on Friday, 8 November 2013, release nonfarm payrolls figures for October 2013. The job data is a key economic indicator that has been watched closely in recent months to see whether the US Federal Reserve will roll back its bond-buying program.
In Europe, the European Union yesterday cut its forecast for euro-area growth next year and raised its unemployment estimate as the economy struggles to regain momentum after a record-long recession.
The European Central Bank (ECB) holds a monetary policy meeting tomorrow, 7 November 2013. The ECB is seen retaining its key policy rate at a record-low 0.5%.
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