The market is likely to begin on an upbeat note on positive Asian stocks. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could surge 69 points at the opening bell.
In overseas stock markets, Asian shares were trading higher as prospects for a US interest-rate increase this month remained subdued. US markets were closed yesterday, 5 September 2016 for Labour Day holiday.
Meanwhile, the Group of 20 major economies (G20) wrapped up their annual summit, held in Hangzhou, China, yesterday, 5 September 2016 with a stronger commitment to coordinate policies to support growth and promote trade liberalization.
Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 231.19 crore on Friday, 2 September 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 134.88 crore on Friday, 2 September 2016, as per provisional data. The stock markets had remained closed yesterday, 5 September 2016 on account of Ganesh Chaturthi holiday.
Meanwhile, Urjit Patel assumed charge as the 24th governor of Reserve Bank of India (RBI), succeeding Raghuram Rajan whose three-year controversy-ridden tenure ended on Sunday, 4 September 2016. Patel has assumed charge effective from Sunday after serving as deputy governor since January 2013, RBI said.
Infosys announced that it has entered into a joint venture (JV) agreement with Saudi Prerogative Company (SPC) in the Kingdom of Saudi Arabia to conduct IT services for customers located in the Kingdom of Saudi Arabia. Infosys holds 70% while the rest 30% will he held by SPC in this JV. Infosys' 70% in this JV is at a cash investment of $312,671 (SAR 1,172,501) by the company in the equity share capital of the proposed JV company. The agreement is subject to the approval of Saudi Arabian General Investment Authority (SAGIA). The announcement was made after market hours on Friday, 2 September 2016.
Reliance Industries (RIL) after market hours on Friday, 2 September 2016, announced that the company's telecom arm Reliance Jio Infocomm (Jio) has intimated the Department of Telecommunications (DOT), Telecom Regulatory Authority of India (TRAI) and the security agencies regarding the commencement of its wireless telecommunication services in all 22 service areas from 5 September 2016. The company has also filed the tariff plans for wireless services with TRAI. With these steps, the company has fulfilled all the requirements of Unified License for commencement of services, RIL said in a statement. It may be recalled that Jio had earlier announced its tariff plans under the Jio Welcome Offer.
Sun Pharmaceutical Industries (Sun Pharma) announced the initiation of a phased transfer of manufacturing & marketing rights in Japan for the 14 long-listed/established prescription brands acquired from Novartis. These 14 prescription brands acquired by the company earlier this year will be transferred from Novartis Pharma K.K. to Sun Pharma's subsidiary in Japan beginning October 2016. Sun Pharma has also signed a strategic distribution alliance with Mitsubishi Tanabe Pharma Corporation for these 14 prescription brands. Under this alliance, following the transfer of manufacturing & marketing rights to Sun Pharma's subsidiary in Japan, Mitsubishi Tanabe Pharma Corporation will market and distribute all the 14 brands as well as provide information on their proper use to healthcare professionals. The announcement was made before market hours today, 6 September 2016.
Isao Muramatsu, President & Representative Director, Sun Pharma Japan said that through this alliance the company has the opportunity to leverage Mitsubishi Tanabe Pharma Corporation's specialized expertise to create a strong business foundation for Sun Pharma in Japan. Sun Pharma will focus on expanding its sales channels in Japan's pharmaceutical market while continuing to ensure a stable supply of medicines and healthcare information, Muramatsu said.
Maruti Suzuki India (Maruti) announced that its total production rose 3.25% to 1.27 lakh units in August 2016 over August 2015. The announcement was made yesterday, 5 September 2016. The market was closed on that day on account of Ganesh Chaturthi.
Dr Reddy's Laboratories (DRL) after market hours on Friday, 2 September 2016 announced that it has launched Bupropion HCI extended-release tablets, USP (SR) in 100mg, 150mg and 200mg, a therapeutic equivalent generic version of Wellbutrin SR (bupropion HCI) sustained-release tablets in the United States market approved by the US Food and Drug Administration (USFDA). The Wellbutrin SR brand and generic had US sales of about $109.6 million for the recent twelve months ended July 2016 according to IMS Health data. DRL's Bupropion SR tablets are available in 100mg, 150mg and 200mg, in bottle count sizes of 60, 100 and 500.
HDFC announced that it has closed the third issue of rupee denominated bonds to overseas investors, aggregating up to Rs 1000 crore. The yield to investor from the bonds is 7.5% per annum payable semi-annually. Maturity date for these bonds is 9 January 2020. The announcement was made after market hours on Friday, 2 September 2016.
Shares of Hindalco Industries turn ex-dividend today, 6 September 2016, for final dividend of Rs 1 per share for the year ended 31 March 2016.
Trading for the week ended on a positive note on Friday, 2 September 2016 as key benchmark indices settled higher led by gains in auto stocks as firmness in European stocks boosted sentiment. The Sensex rose 108.63 points or 0.38% to settle at 28,532.11, its highest level since 16 April 2015.
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