Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 5.50 points at the opening bell. Indian stocks may remain volatile today, 30 October 2014, as traders roll over positions in the futures & options (F&O) segment from the near month October 2014 series to November 2014 series. The near month October 2014 derivatives contracts expire today, 30 October 2014.
Among corporate news, Tech Mahindra's net profit rose 14.1% to Rs 720 crore on 7.2% increase in revenue to Rs 5488 crore in Q2 September 2014 over Q1 June 2014. Operating profit jumped 18.2% to Rs 1097 crore in Q2 September 2014 over Q1 June 2014. The result was announced after market hours on Wednesday, 29 October 2014.
Sesa Sterlite's consolidated net profit before exceptional items rose 15% to Rs 1658 crore on 8% rise in net sales/income from operations to Rs 19448 crore in Q2 September 2014 over Q2 September 2013. The Sesa Sterlite merger and the Vedanta Group consolidation was completed in August 2013, hence Q2 and H1 FY 2015 performance is compared with the adjusted proforma numbers of respective period, which are more representative of the performance during the period, Sesa Sterlite said in a press release. The result was announced at the fag end of session on Wednesday, 29 October 2014.
ACC, Ambuja Cements, Andhra Bank, Bharti Airtel, Castrol India, Ceat, Glenmark Pharmaceuticals, ICICI Bank, IDFC, Indian Overseas Bank, Jubilant Food Works, Maruti Suzuki India, NHPC, Shriram City Union Finance will announce their July-September 2014 earnings today, 30 October 2014.
Realty and construction stocks will be in focus as the Union Cabinet chaired by the Prime Minister, Narendra Modi, on Wednesday, 29 October 2014, gave its approval for amending the existing Foreign Direct Investment (FDI) policy on the 'Construction Development Sector' in line with the Budget announcement of the Government.The amendments in the relevant paragraphs of the extant FDI policy as contained in the Consolidated FDI Policy Circular 2014 included among others, 100% FDI under automatic route will be permitted in the construction development sector, subjecting to the conditions that minimum area to be developed in case of development of serviced plots, there is no condition of minimum land, in case of construction-development projects, a minimum floor area of 20,000 sq. meters is allowed. In case of a combination project, any one of the aforestated two conditions will need to be complied with.
The investee company will be required to bring minimum FDI of $5 million within six months of commencement of the project. Subsequent tranches of FDI can be brought till the period of ten years from the commencement of the project or before the completion of the project, whichever expires earlier.
The investor will be permitted to exit on completion of the project or after three years from the date of final investment, subject to development of trunk infrastructure. The Government may, in view of facts and circumstances of a case, permit repatriation of FDI or transfer of stake by one non-resident investor to another non--resident investor, before the completion of the project. These proposals will be considered by FIPB on case to case basis.
The Indian investee company will be permitted to sell only developed plots. These measures are expected to result in enhanced inflows into the Construction Development sector consequent to easing of sectoral conditions and clarification of terms used in the Policy. It is likely to attract investments in new areas and encourage development of plots for serviced housing given the shortage of land in and around urban agglomerations as well as the high cost of land. The measure is also expected to result in creation of much needed low cost affordable housing in the country and development of smart cities. It is clarified that 100% FDI under the automatic route is permitted in completed projects for operation and management of townships, malls/ shopping complexes and business centres.
Gains in world stocks aided rally on the domestic bourses as the barometer index, the S&P BSE Sensex, pierced the psychological 27,000 mark on Wednesday, 29 October 2014. The S&P BSE Sensex rose 217.35 points or 0.81% to settle at 27,098.17 on that day, its highest closing level since 22 September 2014.
The provisional data released by the stock exchanges after trading hours on Wednesday, 29 October 2014, showed that foreign portfolio investors (FPIs) bought shares worth a net Rs 785.61 crore on that day.
Asian stocks were mixed today, 30 October 2014. Key benchmark indices in Indonesia, South Korea, Hong Kong and Taiwan were down 0.31% to 0.62%. Key benchmark indices in Singapore, Japan and China rose 0.03% to 0.53%.
US stocks closed with slight losses on Wednesday, 29 October 2014, after the Federal Reserve ended its stimulative monthly bond-buying program and expressed confidence in US economic prospects.
The Federal Reserve on Wednesday ended its monthly bond purchase program and signaled confidence the US economic recovery would remain on track despite signs of a slowdown in many parts of the global economy. "The Committee continues to see sufficient underlying strength in the broader economy to support ongoing progress toward maximum employment in a context of price stability," the central bank's policy committee said in a statement following a two-day meeting. The timing and pace of rate hikes would depend on incoming economic data, the Fed said.
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