Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 20.50 points at the opening bell.
Bharat Heavy Electricals and Power Grid Corporation of India will announce Q3 results today, 5 February 2014. Ranbaxy Laboratories will also announce its Q4 December 2013 results today, 5 February 2014.
Jindal Steel and Power (JSPL) after market hours on Tuesday, 4 February 2014, said that as per Regulation 14(3) of the Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998, as amended (the "Buy-Back Regulations"), the company has utilized at-least 50% of the amount earmarked for buy-back as specified in the resolution passed by the board of directors at its meeting held on 30 August 2013, i.e., the minimum buy-back Size of Rs 500 crore. Accordingly, the duly authorized Sub-Committee of Directors of the company at its meeting held on Tuesday, 4 February 2014, unanimously approved that the buy-back offer of equity shares of the company be closed on 18 February 2014, being a date earlier than the last date for the completion of buy-back mentioned in the announcement, i.e. 15 March 2014. Subject to the maximum buy-back price of Rs 261 per share, the company will not place buy orders under the buy-back after 13 February 2014, JSPL said.
Tech Mahindra after market hours on Tuesday, 4 February 2014, said its consolidated profit after tax (PAT) jumped 40.6% to Rs 1010 crore on 2.7% increase in revenue to Rs 4899 crore in Q3 December 2013 over Q2 September 2013. The sharp rise in net profit on sequential basis in Q3 December 2013 was due write back of excess provision for contingencies of Rs 120 crore provided in earlier years in Q3 December 2013. This is non-recurring item. Another reason for the sharp surge in net profit on sequential basis in Q3 December 2013 was a reversal of tax provision of Rs 226.60 crore no longer required.
Operating profit (EBITDA) rose 2.3% to Rs 1136 crore in Q3 December 2013 over Q2 September 2013. EBITDA margin declined to 23.19% in Q3 December 2013, from 23.28% in Q2 September 2013.
Commenting on the financial performance, Vineet Nayyar, Executive Vice Chairman, Tech Mahindra, said: "We are pleased to report another successful quarter where growth has come from our main verticals -- Telecom, Manufacturing and BFSI. We remain confident of the success of our differentiated offerings."
C P Gurnani, Managing Director & CEO, Tech Mahindra said: "Our results are a testimony to the fact that our strategy and investments are aligned with market drivers and demands. Our focus on connected solutions for digital enterprises will continue to drive this momentum".
Meanwhile, Tech Mahindra's board of directors of the company at its meeting held on Tuesday, 4 February 2014, approved increase in limit of investment by FIIs from the existing 45% to 48% of the paid up capital of the company.
The auction of spectrum in the 1800 MHz and 900 MHz band that began on Monday, 3 February 2014, has completed ten rounds. Auction recommenced with the 8th round on Tuesday at 9:00 IST and bidding is continuing, the Ministry of Communications & Information Technology said in a statement issued at 17:04 on Tuesday, 4 February 2014.
Engineers India said after market hours on Tuesday, 4 February 2014 that the Empowered Group of Ministers (EGoM) in its meeting held on 4 February 2014 has fixed the price band for further public offer of 3.3 crore shares of the company through an offer for sale by the President of India of Rs 145 to Rs 150 and the discount of Rs. 6 per share on the issue price to the retail Investors and employees of the company.
Cummins India after market hours on Tuesday, 4 February 2014, reported 37.1% fall in net profit to Rs 147.23 crore on 6.09% fall in total income from operations (net) to Rs 1023.01 crore in Q3 December 2013 over Q3 December 2012.
The sharp fall in net profit was due to base effect. The company's bottom line in Q3 December 2012 was boosted by exceptional profit of Rs 47.50 crore on sale of long term (trade) investments. The operating profit declined 5.3% to Rs 197.56 crore in Q3 December 2013 over Q3 December 2012. The operating profit margin edged up to 19.31% in Q3 December 2013, from 19.14% in Q3 December 2012.
Markit Economics will unveil the result of a monthly survey on the performance of India's services sector for January 2014 today, 5 February 2014. The HSBC Services Business Activity Index, compiled by Markit, fell to 46.7 in December, from 47.2 in November.
The second part of the Winter Session of Parliament begins today, 5 February 2014. The session, subject to exigencies of business, may conclude on 21 February 2014. The UPA hopes to approve the splitting of the state of Andhra Pradesh into two states as well as a number of corruption bills during the Winter Session of Parliament.
The Finance Ministry will present the Vote-on-Account or interim budget during the Winter Session of Parliament. The objective of a Vote-on-Account is to get Parliament's nod for expenditure to be incurred in the months prior to elections. The next full-fledged budget will be presented by the new government which comes to power after the Lok Sabha polls in April-May 2014.
The Reserve Bank of India next undertakes monetary policy review on 1 April 2014. Sighting elevated consumer price inflation, the Reserve Bank of India raised its key lending rates by 25 basis points after Third Quarter Review of Monetary Policy for 2013-14 on 28 January 2014.
Key benchmark indices finished almost unchanged for the day after staging a strong intraday rebound on Tuesday, 4 February 2014. The S&P BSE Sensex garnered 2.67 points or 0.01% to settle at 20,211.93 on that day, its highest closing level since 31 January 2014.
Foreign institutional investors (FIIs) sold shares worth a net Rs 1234.02 crore on Tuesday, 4 February 2014, as per provisional data from the stock exchanges.
Asian stocks rose on Wednesday after US shares rebounded overnight and Japanese companies posted earnings that cheered investors. Key benchmark indices in Hong Kong, Indonesia, Japan, Singapore and South Korea were up 0.19% to 0.72% Taiwan's Taiwan Weighted fell 2.28%.
Stock markets in mainland China remain closed until 7 February 2014 for the Lunar New Year holiday.
US stocks rose Tuesday as investors breathed a sigh of relief following the biggest one-day drop in more than six months, but traders remained cautious as global-growth concerns lingered.
The Federal Open Market Committee (FOMC) next undertakes monetary policy review on 18-19 March 2014. After a monetary policy review, the FOMC on 29 January 2014 announced it will reduce monthly bond purchases by another $10 billion to $65 billion. The Fed also signaled that it is likely to keep reducing bond purchases in the coming months, citing a pickup in US economic activity and improvement in the US labor market.
Powered by Capital Market - Live News
