The market is likely to open lower as most Asian stocks declined. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 30.50 points at the opening bell. The Reserve Bank of India (RBI)'s Third Quarter Review of Monetary Policy for 2013-14 today, 28 January 2014, will dictate market trend. Sesa Sterlite, Jindal Steel & Power, NTPC and Maruti Suzuki India unveil Q3 results today, 28 January 2014. Most Asian stocks fell on Tuesday on lower-than-expected earnings by Apple Inc. and signs of economic slowdown in China.
Interest rate sensitive auto, bank and realty stocks will be in focus ahead of the Reserve Bank of India (RBI)'s Third Quarter Review of Monetary Policy for 2013-14 at 11:00 IST today, 28 January 2014.
Idea Cellular's consolidated net profit jumped 104.63% to Rs 467.73 crore on 18.54% rise in total income to Rs 6613.06 crore in Q3 December 2013 over Q3 December 2012. The result was announced after market hours on Monday, 27 January 2014.
On a consolidated basis, Idea Cellular's profit after tax (PAT) rose 4.49% to Rs 467.70 crore on 4.58% increase in total revenue to Rs 6613.10 crore in Q3 December 2013 over Q2 September 2013. Total EBITDA (Earnings Before Interest Taxes Depreciation and Amortization) rose 4.27% to Rs 2055.70 crore in Q3 December 2013 over Q2 September 2013. EBITDA margin stood at 31.1% in Q3 December 2013, lower than 31.2% in Q2 September 2013.
Cairn India after market hours on Monday, 27 January 2014 said that the Income Tax Department has assessed that Cairn Energy Plc of UK did not pay tax on Rs 24503.50 crore of capital gains made on transferring India assets to a new company.
The department, in a seven-page order dated 22 January 2014, said the gains came after the Edinburgh-based firm transferred its entire India business from subsidiaries incorporated in Jersey, a tax haven, to newly incorporated Cairn India for Rs 26681.87 crore in 2006.
This payment that the UK firm received was against its entire investment of Rs 2178.36 crore (251.22 million pounds) in India business.
Since Cairn India has paid an amount of Rs 26,681.87 crore to Cairn UK Holdings for acquiring 25.12 crore shares of Cairn India Holdings, there is a prima facie short-term capital gain of Rs 24503.50 crore, the order said.
The I-T Department, ordered Cairn India not to allow the transfer of Cairn Energy's stake in the company. It also ordered that the shares cannot be pledged or mortgaged.
In 2011, Cairn Energy sold its majority stake in Cairn India to mining group Vedanta for $8.67 billion. It still holds a 10.3% stake in Cairn India.
Cadila Healthcare announced after market hours on Monday, 27 January 2014 that the company has recently completed portfolio and strategy review of its business and has decided to exit from its business in Japan, which is through 100% subsidiary company.
Just Dial's net profit rose 86.40% to Rs 29.75 crore on 25.92% increase in total income from operations to Rs 119.86 crore in Q3 December 2013 over Q3 December 2012.
Corporation Bank turns ex-dividend today, 28 January 2014, for the interim dividend of Rs 4.50 per share for the year ending 31 March 2014.
Vijaya Bank turns ex-dividend today, 28 January 2014, for the interim dividend of Re 1 per share for the year ending 31 March 2014.
The Reserve Bank of India announces Third Quarter Review of Monetary Policy for 2013-14 at 11:00 IST today, 28 January 2014. The RBI kept its main lending rate viz. the repo rate unchanged after its last policy review in December and said at that time that it expected inflation to ease in the following months.
The market may remain volatile this week as traders roll over positions in the futures & options (F&O) segment from the near month January 2014 series to February 2014 series. The January 2014 F&O contracts expire on Thursday, 30 January 2014.
Key benchmark indices slumped on the first trading session of the week on Monday, 27 January 2014 as emerging-market stocks fell and currencies weakened amid concern that slower Chinese growth and reduced Federal Reserve stimulus will spark more capital outflows. The S&P BSE Sensex plunged 426.11 points or 2.02% to settle at 20,707.45, its lowest closing level since 7 January 2014.
Foreign institutional investors (FIIs) sold shares worth a net Rs 1334.21 crore on Monday, 27 January 2014, as per provisional data from the stock exchanges.
Most Asian stocks fell on Tuesday on lower-than-expected earnings by Apple Inc. and signs of economic slowdown in China. Key benchmark indices in Taiwan, Hong Kong, Indonesia and Singapore fell by 0.08% to 0.58%. Key benchmark indices in South Korea, China and Japan rose by 0.08% to 0.22%.
US stocks edged lower in a volatile session on Monday, 27 January 2014 as worries over emerging-markets currencies unsettled investors. Stocks began the day on a higher note following upbeat results from Caterpillar, but fell after home sales data showed a larger drop in December than anticipated.
A two-day monetary policy meeting of the Federal Open Market Committee (FOMC) begins today, 28 January 2014. By a 9-to-1 vote, the Fed on 18 December 2013 decided to trim its asset-purchase program by $10 billion to $75 billion per month starting in January 2014.
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