The market may edge higher in early trade tracking firmness in Asian stocks. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 7.50 points at the opening bell. The market may remain volatile this week as traders roll over positions in the futures & options (F&O) segment from the near month July 2014 series to August 2014 series. The near-month July 2014 F&O contracts expire on Thursday, 31 July 2014.
India's stock market remains closed tomorrow, 29 July 2014, on account of Ramzan Id.
Metal stocks may gain on positive economic data in China. China is the world's largest consumer of steel, copper and aluminum.
ACC turns ex-dividend today, 28 July 2014, for dividend of Rs 15 per share for the year ending 31 December 2014 (FY 2014).
Axis Bank turns ex-split, 28 July 2014, for stock split of 5 for 1.
TCS turns ex-dividend today, 28 July 2014, for interim dividend of Rs 5 per share and special dividend of Rs 40 per share for the year ending 31 March 2015 (FY 2015).
Hindustan Unilever, Larsen & Toubro, Bank of Baroda, Vijaya Bank, Dabur India and Godrej Consumer Products will announce their April-June 2014 results today, 28 July 2014.
Jindal Steel & Power (JSPL) after market on Friday, 25 July 2014, said that the Board of Directors of its subsidiary Jindal Power (JPL) at a meeting held on 28 April 2014 gave in-principle approval for sale of JPL's entire equity share in Kamala Hydro Electric Power Company. As and when some proposal is finalized, the same will be appropriately disclosed to stock exchanges, JSPL said. The company clarified this with respect to media reports, "Jindal Power seeks to sell entire stake in Arunachal hydro project".
Cairn India after market hours on Friday, 25 July 2014 in a clarification issued with regard to news item titled "Cairn tanks on $1.25-b Loan to Sesa arm" said that the company has complied with the applicable regulatory requirements in respect of the said transaction. This being a related party transaction (RPT), prior approval of the audit committee was taken and the transaction is being effected on arm's length principle. The said loan has been extended by subsidiaries of Cairn India and the coupon rate is commensurate with the market rate for such transaction, Cairn India said.
Cairn India said that the amended Clause 49, which will be effective from, 1 October 2014, has introduced concept of "material" RPT and also the requirement for seeking approval of shareholders by special resolution for such cases. The transaction in question is not a "material" transaction. Accordingly, no approval of shareholders/disclosure is required, Cairn India said.
Cairn India further said that the loan has been extended for 2 years at floating rate of 3% plus LIBOR. The return from the said facility is benchmarked with return of similar rated instruments and is higher than returns the company was earning from the deposits, Cairn India added.
The Reserve Bank of India on Friday, 25 July 2014, penalised as many as 12 banks for flouting banking norms while doing business with Deccan Chronicle Holdings. The highest penalty of Rs 40 lakh has been imposed on ICICI Bank. A penalty of Rs 15 lakh each has been imposed on Axis Bank and IDBI Bank. A penalty of Rs 10 lakh each has been imposed on Andhra Bank, Canara Bank, Corporation Bank, IndusInd Bank, Kotak Mahindra Bank, Yes Bank and State Bank of Hyderabad. A penalty of Rs 5 lakh each has been imposed on HDFC Bank and Ratnakar Bank.
The RBI said it had carried out a scrutiny of the loan and current accounts of Deccan Chronicle Holdings in certain branches of these banks in late 2013. Based on the findings of the scrutiny, the RBI issued show cause notices to these banks in March 2014, to which the individual banks submitted written replies. After considering the facts of each case and the individual bank's reply, as also, the personal submissions etc., by some of the banks before a Committee of Executive Directors, the RBI came to the conclusion that some of the violations were substantiated and warranted imposition of monetary penalty, the RBI said.
Oriental Bank of Commerce after trading hours on Friday, 25 July 2014, said that the bank's board of directors at a meeting held on 18 July 2014 approved the capital raising programme of the bank for an amount not exceeding Rs 1500 crore through various modes at the opportune time pursuant to applicable laws and regulatory approvals.
New Delhi Television (NDTV) after market hours on Friday, 25 July 2014 in a clarification issued with regard to news item titled "NDTV shares spurt 20% on takeover buzz, Trai norms" said that as part of its continuing business strategy to look for growth opportunities, the company is constantly on the look out for and in discussions with potential partners in various capacities to further its business. The company is not aware of any negotiations or transactions that require disclosure under Clause 36 of the Listing Agreement. The company will make the necessary disclosure as appropriate if and when any concrete alliance or transaction emerges out of such discussions, NDTV said. Further, the company is not aware of any other information not disclosed to the stock exchanges which could explain the speculative movement in the trading of the shares of the company as noted in the said article, NDTV added.
Key benchmark indices edged lower in choppy trade on Friday, 25 July 2014, after India blocked the World Trade Organisation's (WTO) trade facilitation agreement (TFA), a move that threatens to stymie a global trade deal. The S&P BSE Sensex lost 145.10 points or 0.55% to settle at 26,126.75 on that day, its lowest closing level since 22 July 2014.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 125.51 crore on Friday, 25 July 2014, as per provisional data from the stock exchanges.
Asian stocks rose on Monday, 28 July 2014, as investors await data on US services before the Federal Reserve meets this week. Key benchmark indices in China, Hong Kong, Japan, Taiwan and South Korea were up by 0.13% to 2.12%. Singapore's Straits Times fell 0.11%.
Chinese industrial-company profits jumped the most last month since September, data yesterday showed. Profits at industrial companies in Asia's largest economy increased by 17.9% in June from a year earlier, after gaining 8.9% in May, data from China's statistics bureau showed. It was the biggest gain since an 18.4% climb in September of last year and came after a private gauge of Chinese manufacturing advanced to an 18-month high, data last week showed.
US stocks fell on Friday, 25 July 2014, on disappointing earnings reports from Amazon and Visa and Starbucks.
Powered by Capital Market - Live News
