Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could slide 8 points at the opening bell. Asian stocks declined today, 11 March 2015, on worries about an earlier US interest rate hike..
The preliminary data on India's balance of payments (BoP) released by the Reserve Bank of India (RBI) after trading hours yesterday, 10 March 2015, showed that India's current account deficit (CAD) narrowed to $8.2 billion or 1.6% GDP in Q3 December 2014 from $10.1 billion or 2% of GDP in Q2 September 2014. However, on a year-on-year (y-o-y) basis, the CAD rose sharply from $4.2 billion or 0.9% of GDP in Q3 December 2013.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 748.13 crore yesterday, 10 March 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 290.48 crore yesterday, 10 March 2015, as per provisional data.
Among corporate news, Maruti Suzuki India announced that it will proactively inspect and replace the 'right hand door latch assembly' of 33,098 vehicles (comprising 19,780 units of Alto 800 and 13,318 units of Alto K10) manufactured between 8 December 2014 and 18 February 2015.
Maruti Suzuki dealers in the domestic market will contact owners of all the affected vehicles. The dealer workshop technicians will inspect the condition and carry out the necessary replacement, free of cost. The problem was noticed on the basis of internal quality checks undertaken by the company. Accordingly, proactive action has been initiated in the interest of customers.
From customer perspective, there is no concern if the right hand side door (front and rear) is completely latched. If however, the door is half-latched then the door may open if pressure is applied from inside. Although it is a rare condition, but in view of customer safety, the company is undertaking replacement of the door latch assembly, proactively.
Hero MotoCorp announced that it further strengthened its leadership team with the induction of Ashok Bhasin as the Head of Sales, Marketing & Customer Care function for the key India market. Bhasin will report directly to Pawan Munjal, Vice Chairman, Managing Director & Chief Executive Officer, and will be part of the leadership team, the apex decision making body at Hero MotoCorp, the company said in a statement. All the vertical Heads in the National Sales, Marketing & Customer Care function, such as Head - National Marketing, Head - National Sales, Head - Learning & Dealer Development and Head - National Service & CRM - will report into Bhasin.
The board of Oil India will meet on 19 March 2015 to consider the declaration of interim dividend for the year ending March 2015, if any. The company has fixed 25 March 2015 as the record date for the purpose of payment of interim dividend.
HCL Technologies and Aegon, a multinational life insurance, pensions and asset management company, announced after market hours yesterday, 10 March 2015, the opening of their joint cXstudio, aimed at delivering customer experience excellence through the adoption of the latest digital technologies. Established close to Aegon's headquarters in The Hague, the 35-seat cXstudio will foster co-innovation between both companies. The aim is to pioneer new and inventive ways for Aegon's customers and potential customers to manage their financial future through digital channels, with a key focus on mobility.
HCL's experienced design, creative and technology specialists will work closely with key business-level stakeholders at Aegon, to support the development of new, more agile, customer-centric approaches to service delivery across existing and emerging digital channels. Today, digital channels drive how customer experience is delivered by organizations and as such, businesses must adopt more agile, integrated and cost-effective approaches to ensure that they can manage, optimize and grow digital channels at quality and speed. The cXstudio allows Aegon to meet this challenge by bringing together relevant capabilities to ensure that digital solutions are continuously developed and improved.
Asian Paints announced after market hours yesterday, 10 March 2015, that the Company on 10 March 2015 has entered into and signed a memorandum of understanding (MoU) with the Government of Andhra Pradesh to set up a manufacturing facility for paints and intermediates at Pudi Village, Rambilli Mandal, Vishakhapatnam District, Andhra Pradesh.
An amount of approximately Rs 1750 crore would be invested by the company in phases over a period of 12 years from the date of commencement of construction, including the cost of land admeasuring approximately 110 acres, subject to due diligence and obtaining necessary regulatory and other approvals. The maximum capacity of the said manufacturing facility would be 4 lakh kiloliters per annum, which would be achieved in phases. The company would use latest manufacturing concepts to produce paints and intermediates in the said plant in an environmentally friendly manner.
Meanwhile, the government has reportedly yesterday, 10 March 2015, managed to push through the contentious land acquisition bill in the Lok Sabha. Amendments introduced by Modi's party to soften the impact of the reforms ensured the backing of most of his coalition partners and victory in a Lok Sabha vote. The bill will now taken up for a vote in Rajya Sabha where government is in minority. However, opposition demanded that the Mines and Minerals (Development and Regulation) Amendment Bill, 2015, be referred to a select committee. The bill, passed by the Lok Sabha last week, was to replace the ordinance promulgated by the government on 12 January 2015.
Meanwhile, preliminary data on India's balance of payments (BoP) released by the Reserve Bank of India (RBI) after trading hours yesterday, 10 March 2015, showed that India's current account deficit (CAD) narrowed to $8.2 billion or 1.6% GDP in Q3 December 2014 from $10.1 billion or 2% of GDP in Q2 September 2014. However, on a year-on-year (y-o-y) basis, the CAD rose sharply from $4.2 billion or 0.9% of GDP in Q3 December 2013.
The reduction in the CAD in Q3 December 2014 on a quarter-over-quarter (q-o-q) basis was primarily on account of net exports of services which picked up in q-o-q terms on the back of an improvement in net earnings through travel and software services and lower net outflows under primary income (profit, dividend and interest), the RBI said in a statement. Gross private transfer receipts, representing remittances by Indians employed overseas, amounted to $17.5 billion in Q3 December 2014 and provided sustained support to the BoP with a share of 12.6% of current receipts, broadly the same level as in the preceding quarter and a year ago.
On a BoP basis, there was a net accretion of $13.2 billion to India's foreign exchange reserves in Q3 December 2014, almost double the accretion in the preceding quarter, but lower than the accretion in Q3 December 2013 which was bolstered by special non-resident and banks' overseas borrowings.
The government will unveil industrial production data for January 2015 tomorrow, 12 March 2015. The government will release the combined consumer price index (CPI) data (rural/urban) for February 2015 on the same day.
Asian stocks declined today, 11 March 2015, on worries about an earlier US interest rate hike. Key indices in Hong Kong, South Korea, Indonesia, and Singapore fell 0.24% to 0.69%. Key indices in China, Japan and Taiwan rose by 0.04% to 0.77%.
Japan's core machinery orders fell 1.7% in January from the previous month, underscoring the challenges facing the government as it attempts to nudge firms into boosting spending on wages and equipment with its aggressive stimulus policies. Compared with a year earlier, core orders, a highly volatile data series regarded as an indicator of capital spending in the coming six to nine months, increased 1.9% in January, data by the Cabinet Office showed today, 11 March 2015.
US stocks tumbled yesterday, 10 March 2015, as the dollar rose to a nearly 12-year high against the euro and bond yields in Europe hit record lows.
A two-day meeting of the Federal Open Market Committee (FOMC) to review US monetary policy is scheduled on 17-18 March 2015. Upbeat February US job data has heightened speculation that the Fed's statement after the conclusion of two-day meeting on 17-18 March might drop a reference to being patient before raising interest rates.
Riskier assets both in the United States and elsewhere have come under pressure after Friday's robust US employment data increased expectations that the Federal Reserve could raise rates as soon as June 2015.
Among macroeconomic data, US wholesale inventories unexpectedly rose in January as sales recorded their biggest decline since 2009, lifting the number of months it would take to clear warehouses to its highest level in more than 5-1/2 years. The Commerce Department said yesterday, 10 March 2015, wholesale inventories increased 0.3% in January after being unchanged in December.
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