The market may edge lower in early trade on weak Asian stocks. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 10 points at the opening bell. Most Asian stocks declined today, 1 October 2014, after consumer confidence in the US unexpectedly declined and Hong Kong braced for bigger protests as Chinese holidays started. The Prime Minister of India Narendra Modi ends his five-day official trip to US on Tuesday, 30 September 2014, with Modi and the President of the United States of America Barack Obama holding their first bilateral meet on that day.
Back home on macro front, the eight core industries, comprising nearly 38% of the weight of items included in the index of industrial production (IIP), has shown accelerated pace of growth at 5.8% in August 2014 up from 2.7% growth posted in July 2014, data showed on Tuesday, 30 September 2014. Meanwhile, the growth figure for August 2013 has been revised upwards to 4.7% from 3.8% reported earlier.
Among news of prominent companies, Hero MotoCorp after trading hours yesterday, 30 September 2014, said that the company has clocked sales of 6 lakh units of two-wheelers in the month of September 2014. This is a robust growth of more than 30% over the corresponding month last year, Hero MotoCorp said. As despatches will continue till midnight of 30 September 2014, the final tally for the month is expected to be much higher, Hero MotoCorp said. The company further said that it has clocked over 1.7 lakh units in retail sales during the first six days of Navratri this year, which is a growth of more than 15% over the corresponding period last year. Hero MotoCorp further said that the company has lined up over 10 new product launches, including refreshes and variants, which will reach all dealerships across the country during the current festive season.
Maruti Suzuki India announced after market hours on Tuesday, 30 September 2014, that it will proactively inspect and repair the wiring harness fitment of 69,555 diesel vehicles (55,938 units of old Dzire, 12,486 units of old Swift and 1,131 units of Ritz) manufactured between 8 March 2010 and 11 August 2013. This exercise is limited to vehicles within the above specified range and does not pertain to any other vehicle of the company or its exports. This exercise does not pertain to any other model of the company or its exports. The problem was noticed based on feedback monitoring and internal checks by the company. Accordingly proactive action has been initiated in the interest of customers, the company said in a statement.
Infosys announced before market hours that it is extending its relationship with Oracle to enhance support for a range of innovative solutions and services on new technology platforms. These platforms will enable enterprises to use Oracle products to reshape their business and create new innovation ecosystems. Infosys and Oracle will expand their relationship across digital marketing, big data and Oracle Cloud Applications, underpinned by investments from Infosys in Oracle technology.
Hindalco Industries after trading hours yesterday, 30 September 2014, clarified that the company has not obtained any benefit under the SEZ Scheme and hence, there is no financial obligation on the company arising from cancellation of SEZ. Hindalco issued the clarification after media reports stated that the government has cancelled approvals of nine special economic zones, including that of Hindalco Industries, as no satisfactory progress was made to execute the projects. Hindalco said that the company had initiated setting up of two aluminium projects, viz., Aditya Aluminium in Orissa and Mahan Aluminium in Madhya Pradesh under SEZ Scheme. Subsequently, it was observed that establishing the projects under Domestic Tariff Area (DTA) was more attractive for the company. Accordingly, the company decided to exit from the SEZ Scheme and established the projects under DTA.
State Bank of India (SBI) announced before market hours it has decided to cut retail term deposit interest rates for deposit below Rs 1 crore of 7 days to 45 days tenure to 6% from 7% earlier from 7 October 2014. For the other tenures retail deposit rates has been kept same as earlier.
IDFC will be in focus after the Reserve Bank of India (RBI) yesterday, 30 September 2014, notified decrease in the ceiling for purchase of equity shares and convertible debentures by Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) in IDFC from 50% to 48%. RBI said that IDFC has passed resolutions at the Board of Directors' level and a special resolution by the shareholders agreeing for decreasing the limit for investment in the company by FIIs/RFPIs. RBI further said that IDFC will remain included in the ban list for FIIs/RFPIs as the 48% ceiling has been reached.
The fiscal deficit in April-August for the fiscal year ending 31 March 2015 (FY 2015) stood at Rs 397929 crore, which was 74.9% as a proportion of Budget Estimate (BE) same as 74.6% in the same period last year. The Budget has set the fiscal deficit target at 4.1% of GDP for fiscal 2015, down from 4.6% the previous fiscal.
The Prime Minister of India Narendra Modi and the President of the United States of America Barack Obama met on the last day of Modi's trip on Tuesday, 30 September 2014 to US. Marking their first bilateral summit, the two leaders extolled the broad strategic and global partnership between the United States and India, which will continue to generate greater prosperity and security for their citizens and the world. Noting that two-way trade has increased five-fold since 2001 to nearly $100 billion, President Obama and Prime Minister Modi committed to facilitate the actions necessary to increase trade another five fold. In order to raise investment by institutional investors and corporate entities, the leaders pledged to establish an Indo-U.S. Investment Initiative led by the Ministry of Finance and the Department of Treasury, with special focus on capital market development and financing of infrastructure.
After witnessing a roller coaster ride, key benchmark indices settled near the flat line on Tuesday, 30 September 2014. The S&P BSE Sensex rose 33.40 points or 0.13% at 26,630.51 on that day, its highest closing level since 24 September 2014.
The provisional data released by the stock exchanges after trading hours on Tuesday, 30 September 2014, showed that foreign portfolio investors (FPIs) sold shares worth a net Rs 485.93 crore on that day.
Most Asian stocks declined today, 1 October 2014, after consumer confidence in the US unexpectedly declined and Hong Kong braced for bigger protests as Chinese holidays started. Key benchmark indices in Indonesia, Taiwan, and Japan fell 0.01% to 0.41%. Key benchmark indices in South Korea and Singapore rose 0.23% to 0.71%. Hong Kong is closed today and tomorrow for holidays, while mainland China's markets are shut through 7 October 2014.
Hong Kong's Chief Executive Leung Chun-ying faces a deadline to respond to demands for his resignation and for free elections in the city as pro-democracy protests entered a sixth day.
Growth in China's manufacturing sector held up in September as large state factories benefitted from steady domestic demand, welcome news for investors a day after China cut mortgage rates for the first time since 2008 to lift its flagging economy. The official Purchasing Managers' Index (PMI) hovered at 51.1, the National Bureau of Statistics said today, 1 October 2014. A PMI reading above 50 indicates growth on a monthly basis, and a reading below that points to contraction.
To shore up growth, China cut mortgage rates and downpayment levels for some home buyers on Tuesday, 29 September 2014, for the first time since the 2008 global financial crisis, making one of its biggest moves this year to boost an economy increasingly threatened by the sagging housing market.
US stocks declined on Tuesday, 29 September 2014, as energy producers sank with the price of oil.
Confidence among US consumers fell to a four-month low in September as Americans' views of the labor market deteriorated. The Conference Board's index decreased to 86 last month. A separate report indicated home prices in 20 US cities rose in the year ended in July at the slowest pace in almost two years.
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