The market is likely to open slightly higher as trading resumes after a long weekend. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 8 points at the opening bell. In economic data, HSBC Services PMI for August 2014 will be released today, 7 October 2014.
Tata Motors after market hours on Wednesday, 1 October 2014 said that its total sales (including exports) of Tata commercial and passenger vehicles declined 8% to 46,118 units in September 2014 over September 2013. Domestic sales of Tata commercial and passenger vehicles declined 11% to 40,874 units in September 2014 over September 2013. Exports rose 18% to 5,244 units in September 2014 over September 2013.
The company's sales of commercial vehicles in the domestic market fell 13% to 28,943 units in September 2014 over September 2013. Light commercial vehicle (LCV) sales declined 24% to 18,539 units in September 2014 over September 2013. Sales of medium and heavy commercial vehicle (M&HCV) rose 18% to 10,404 units in September 2014 over September 2013.
Sales of passenger vehicles fell 7% to 11,931 units in September 2014 over September 2013. Sales of passenger cars remained flat at 9,766 units. Sales of utility vehicles declined 30% to 2,165 units in September 2014 over September 2013.
Maruti Suzuki India on Monday, 6 October 2014, unveiled globally the mid-size premium sedan segment, Ciaz. Ciaz's petrol variants are priced from Rs 6.99 lakhs to Rs 9.34 lakhs while diesel variants are priced from Rs 8.04 lakhs to Rs 9.80 lakhs, ex-showroom Delhi.
Infosys said on Monday, 6 October 2014, that the company's former employee, Jack Palmer's current complaint in the United States District Court in New Jersey is a repetition of issues that were tried and dismissed by a federal court in 2012. Palmer resigned in November 2013 and released the company from the charges he has alleged in the complaint. The company said it believes current complaint is without any legal merit and will vigorously defend this complaint. The company expects the issue to be resolved at the earliest. As per reports, in a fresh case filed by Palmer in a New Jersey District Court last week, the American national claimed to have been discriminated because he raised the issue of breach of US visa rules. Palmer had earlier sued Infosys in an Alabama state court, accusing the company of harassment and breach of contract after he raised concerns about possible visa violations by the firm.
Cipla said on Saturday, 4 October 2014, that the company has signed a definitive agreement with its existing Iranian distributor for setting up a manufacturing facility in Iran. The total contribution from the company over the next three years will include machinery, equipment, technical know-how and is expected to be approximately Rs 225 crore for a 75% stake. The proposed investment is subject to completion of certain conditions precedent and applicable regulatory approvals, Cipla said.
Bharat Heavy Electricals (Bhel) bagged a contract worth Rs 359 crore for setting up a plant power distribution system package for an NMDC steel plant in Chattisgarh. The work pertains to state-owned NMDC's three million tonnes per annum integrated steel plant at Nagarnar in Chattisgarh. The order win was announced on Thursday, 2 October 2014.
NTPC said on Saturday, 4 October 2014, that a memorandum of understanding (MoU) has been entered on 1 October 2014, amongst Ministry of New and Renewable Energy (MNRE), National Institute of Wind Energy (NIWE) and consortium of partners consisting of NTPC (as lead partner), Power Grid Corporation of India, Power Finance Corporation (PFC), Indian Renewable Energy Development Agency (IREDA), PTC India (PTC) and Gujarat Power Corporation (GPCL) for undertaking development of offshore wind power projects and its evacuation & integration into the grid though a joint venture company to be incorporated in this regard.
Lupin after market hours on Wednesday, 1 October 2014 said that the closing conditions for acquisition of 100% equity stake in Laboratorios Grin, S.A. DE C.V., Mexico (Lab Grin) were completed on 30 September 2014. Consequent to which, Lab Grin has become a wholly-owned subsidiary of Lupin with effect from 30 September 2014.
Meanwhile, the provisional data released by the stock exchanges after trading hours on Wednesday, 1 October 2014, showed that foreign portfolio investors (FPIs) sold shares worth a net Rs 63.24 crore on that day.
Key benchmark indices settled lower on Wednesday, 1 October 2014 after hovering in red for most part of the trading session on weak global cues. The S&P BSE Sensex declined 62.52 points or 0.23% to settle at 26,567.99, its lowest closing level since 25 September 2014.
Indian financial markets had remained closed on Thursday, 2 October 2014, on account of Mahatma Gandhi Jayanthi and on Friday, 3 October 2014, on account of Dussehra. Financial markets again remained shut on Monday, 6 October 2014, on account of Bakri Id.
In economic data, HSBC Services PMI for August 2014 will be released today, 7 October 2014. Adjusted for seasonal influences, the headline HSBC India Services Business Activity Index posted 50.6 in August, down from 52.2 in July.
Economic growth in South Asia is forecast to accelerate to 2016 led by an increase in activity in India, the biggest economy in a region, a World Bank report on Monday, 6 October 2014 said. In the twice-a-year South Asia Economic Focus, the World Bank said that India's economy will expand by a real 6% in 2015 and by 6.4% in 2016 compared to 5.4% this year, potentially making it the second fastest growing region in the world after East Asia and the Pacific. The Indian economy, 80% of the region's output, is set to grow by 6.4% in fiscal year (FY) 2015/16 after 5.6% in FY2014/15, the World Bank said.
India is benefiting from a "Modi dividend", the World Bank report said, with economic activity buoyed by expectations from the newly elected government of Prime Minister Narendra Modi.
Indicating a sharp improvement for the second consecutive quarter, the CII Business Confidence Index (CII-BCI) for July-Sept quarter FY15 shot up to 57.4, up from 53.7 in April-June quarter and 49.9 in Jan-March quarter this year. During the same quarter last fiscal, the index had touched the all-time low value of 45.7. The number 50 is the dividing line on the index between positive and weak business confidence. The result of the 88th Business Outlook Survey based on responses from over 150 industry members was declared on Monday, 6 October 2014.
Cumulative rainfall during this year's monsoon from 1 June 2014 up to 30 September 2014 was 12% below the Long Period Average (LPA), India Meteorological Department said on 1 October 2014. India's farming sector accounts for around 14% of the economy, but two-thirds of the nation's 1.2 billion people depend on farming for a livelihood and more than half of its arable land needs the summer rains.
Most Asian stocks rose today, 7 October 2014. Key benchmark indices in Hong Kong, Japan, Indonesia and South Korea rose by 0.02% to 0.33%. Key benchmark indices in Taiwan and Singapore fell by 0.2% to 0.51%. China's Shanghai Composite was closed for holiday.
US stocks edged lower in volatile trade on Monday, 6 October 2014 as investors book profits after last week's rally.
Employers added a higher-than-expected 248,000 workers to their payrolls in September, pushing the jobless rate down to 5.9%, the lowest level since July 2008, according to Labor Department data on Friday, 3 October 2014.
The US Federal Reserve will release minutes of its Sept. 16-17 meeting tomorrow, 8 October 2014 at which it decided to cut its monthly bond purchases to $15 billion. Policy makers next begin their two-day meeting on Oct. 28.
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