The market may open higher on firm Asian stocks. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 9 points at the opening bell.
Among corporate news, IT stocks may gain on positive economic data in US, the biggest outsourcing market for the Indian IT firms.
TCS after market hours on Thursday, 21 August 2014, said that its TCS BaNCS customer, National Employment Savings Trust (NEST) in the UK, has crossed the 1 million member mark. TCS is NEST's IT solutions partner and scheme administrator. NEST was established under UK law as part of the UK government's workplace pension reforms that require all UK employers to enroll their eligible workforce into a qualifying workplace pension scheme and make contributions along with the employee contribution component.
Gammon India's Board of Directors at its meeting held on 21 August 2014, approved sale of 52.8,0 crore equity shares held by the company in its subsidiary viz. Gammon Infrastructure Projects to its another subsidiary viz. Gammon Power, subject to all the necessary approvals. The Board has also, at the aforementioned meeting, approved convening of an Extra Ordinary General Meeting of the shareholders of the company on 20 September 2014 to transact the aforementioned business.
CEAT said that a meeting of the Board of Directors of the company will be held on 26 August 2014, for considering further issue of securities through issuance of equity shares or debentures or equity linked securities and/or any instrument convertible into equity shares by way of private or public offerings, including qualified institutes placement and/or on a preferential allotment basis. The announcement was made after market hours on Thursday, 21 August 2014.
Genus Power Infrastructures said that the Board of Directors of the company at its meeting held on 21 August 2014, has decided to transfer/sell/dispose of company's Home & Industrial Products (HIP) business i.e. manufacturing of a complete range of Inverters/UPS, Solar PCU and Batteries, subject to approval of members and other regulatory authorities, if any. The announcement was made after market hours on Thursday, 21 August 2014.
Adi Finechem said that with effect from 21 August 2014, the company has taken a shut down of its plant for completion of first phase of its ongoing capacity expansion programme. The manufacturing activity will remain suspended for about 8 to 10 days from 21 August 2014. The announcement was made after market hours on Thursday, 21 August 2014.
Maharashtra Seamless turns ex-dividend today, 22 August 2014 for dividend of Rs 6 per share for the year ended 31 March 2014.
Prakash Industries turns ex-dividend today, 22 August 2014 for dividend of Re 1 per share for the year ended 31 March 2014.
Solar Industries turns ex-dividend today, 22 August 2014 for final dividend of Rs 7 per share for the year ended 31 March 2014.
The Reserve Bank of India in its Annual Report for the year ended 30 June 2014 released after trading hours on Thursday, 21 August 2014, said that the acceleration in consumer price inflation (CPI) in July 2014 driven by vegetable price spike indicate that the upside risks persist to RBI's disinflationary glide path of taking CPI inflation to 8% by January 2015. However, some of the increase in food prices could be temporary and there are early indications that the price corrections are underway in select items like tomato, the RBI said. The central bank also said that the recent decline in oil prices could partly offset the pressure from food prices.
The central bank said that while the disinflationary momentum that set in since December 2013 has taken inflation to a lower trajectory, downside risks to growth and upside risks to inflation arise from the sub-normal monsoon and the geopolitical situation in the Middle East. Though the balance of risks around the medium-term inflation path, and especially the target of 6% CPI inflation by January 2016 are still to the upside, the RBI remains committed to supporting the disinflationary process, the RBI said. To secure a sustainable growth of at least 7% over the medium term, microeconomic policies that improve activity levels and productivity will be needed so that they can work in tandem with a supportive macroeconomic regime with a reasonably positive real interest rate, low inflation, moderate CAD and low fiscal deficit, the RBI said.
According to RBI, an increase in interest rates in the United States may trigger a reversal in carry trade flows to emerging market and developing economies (EMDEs) and trigger higher volatility in the foreign exchange, equity and bond markets in EMDEs.
The Prime Minister, Narendra Modi, on Thursday, 21 August 2014, outlined a vision for solid waste management and waste water management in 500 urban centres across India, through the PPP model. He said this would enable cleanliness in towns and cities, while facilitating ample water supply for agriculture to the nearby rural hinterland.
The Prime Minister said India is urbanizing rapidly, and he sees this not as a challenge but as an opportunity for economic development. The Prime Minister was addressing a gathering in Nagpur after laying the foundation stone for Nagpur metro and Pardi grade separator and flyover on NH-6.
Key benchmark indices edged higher in choppy trading session on Thursday, 21 August 2014, on the back of small gains in European stocks and further fall in crude oil prices. The S&P BSE Sensex rose 45.82 points or 0.17% to settle at 26,360.11 on that day, its highest closing level since 19 August 2014.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 412.77 crore on Thursday, 21 August 2014, as per provisional data from the stock exchanges.
Asian stocks rose today, 22 August 2014, after reports from US housing to manufacturing showed the world's largest economy is strengthening. Key benchmark indices in Taiwan, Hong Kong, Japan, Singapore and South Korea rose 0.08% to 1.04%. Key benchmark indices in Indonesia and China fell 0.11% to 0.12%.
US stocks ended higher on Thursday, 21 August 2014, with the S&P 500 index at a record high after a flurry of positive economic data
A report in the US yesterday showed fewer Americans than forecast applied for unemployment benefits last week. Data yesterday also showed existing home sales rose last month to the most since September, while the Conference Board's gauge of the economic outlook for the next three to six months increased 0.9%. Separately, the Markit Economics preliminary index of US manufacturing in August jumped to the highest level since April 2010.
Federal Reserve Chairwoman Janet Yellen will give a speech today, 22 August 2014, at the annual Fed summit in Jackson Hole, Wyo. Fed Chair Janet Yellen is reportedly expected to acknowledge during the conference that while economic data has generally been supportive, she remains concerned about slack in the labor market.
Minutes from the Federal Reserve's July meeting on Wednesday, 19 August 2014, showed policymakers debated whether interest rates should be raised earlier given a surprisingly strong job market recovery.
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