Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 13 points at the opening bell. The stock markets remained closed on Thursday, 2 April 2015, on account of Mahavir Jayanti and on Friday, 3 April 2015, on account of Good Friday.
The government after trading hours on Wednesday, 1 April 2015, in its five-year Foreign Trade Policy 2015-20 (FTP 2015-20) announced the launch of a new Merchandise Exports from India Scheme (MEIS) for export of specified goods to specified markets. The data showed on Thursday, 2 April 2015, the headline HSBC India Purchasing Managers' Index (PMI) nudged higher at 52.1 in March 2015 from 51.2 in February 2015.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 209.87 crore on Wednesday, 1 April 2015, as per provisional data. Domestic institutional investors (DIIs) bought shares worth a net Rs 197.25 crore on Wednesday, 1 April 2015, as per provisional data.
Among corporate news, shares of Tata Motors turn ex-rights today, 6 April 2015. It may be recalled that the company's board of directors at its meeting held on 25 March 2015 approved rights issue of equity shares in the ratio of 6 shares for every 109 shares held on the book closure date. The rights issue price has been set at Rs 450 per share.
Tata Motors after market hours on Wednesday, 1 April 2015 said that the company saw strong growth in certain key segments, as passenger cars (excluding UV's), M&HCV and Exports grew by 33%, 20% and 5%, respectively, in March 2015 over March 2014. The total commercial and passenger vehicles sales (including exports) rose 3% to 52,479 vehicles in March 2015 over March 2014. The company's domestic sales of Tata commercial and passenger vehicles rose 2% to 47,044 units in March 2015 over March 2014.
Tata Motors' passenger vehicles sales rose 19% to 15,039 units in March 2015 over March 2014. The trend of growth in passenger vehicles continued with the strong Zest and Bolt sales, Tata Motors said. Sales of the passenger cars rose 33% to 12,977 units in March 2015 over March 2014. UV sales declined 28% to 2,062 units in March 2015 over March 2014.
The company's sales of commercial vehicles in the domestic market fell 4% to 32,005 units in March 2015 over March 2014. LCV sales fell 18% to 17,127 units in March 2015 over March 2014. M&HCV sales rose 20% to 14,878 units in March 2015 over March 2014.
The company's sales from exports rose 5% to 5,435 units in March 2015 over March 2014.
Hero MotoCorp after market hours on Wednesday, 1 April 2015, said that its total two-wheeler sales rose 1.33% to 5.31 lakh units in March 2015 over March 2014.
NTPC after market hours on Wednesday, 1 April 2015 said that the Unit-I of 195 megawatts (MW) of Muzaffarpur Thermal Power Station, Stage-II of Kanti Bijlee Utpadan Nigam, a subsidiary company of NTPC, has been commissioned on 31 March 2015. With this, the total installed capacity of Muzaffarpur Thermal Power Station has become 415 MW and the total installed capacity of NTPC group has become 44398 MW.
Infosys will be focus. With respect to media reports titled Infosys show interest in buying Sierra Cedar that operates in US, Canada & India. HCL & Tech Mahindra also looking for buyouts, Infosys after market hours on Wednesday, 1 April 2015 clarified that the company does not comment on speculation.
IndusInd Bank after market hours on Wednesday, 1 April 2015 said that the bank has allotted 5,000 Rated, Listed, Senior Unsecured Redeemable, Non-Convertible Bonds in the nature of Debentures for face value of Rs 10 lakh each on 31 March 2015 to the identified investor(s) on private placement basis, for an amount of Rs 500 crore. The aforesaid Bonds / Debentures will be issued in dematerialised form.
Steel Authority of India (Sail) will be in focus. Prime Minister Narendra Modi on 1 April 2015, dedicated to the nation, Sail's 4.5 million tonnes per annum (MTPA) Rourkela Steel Plant (RSP) modernised and expanded with an investment of Rs 12000 crore. Speaking on this occasion, Union Minister of Steel & Mines Narendra Singh Tomar said that by September 2015, Sail's production capacity will be enhanced to 23 MTPA, which will be further augmented to 50 MTPA by 2025.
Sun Pharmaceutical Industries said that the company and certain of the company's subsidiaries have executed a settlement agreement with 'The Medicines Company USA' settling the lawsuit filed against the company and the company's subsidiaries regarding submission of abbreviated new drug application (ANDA) by one of the company's subsidiaries, for a generic version of Angiomax, Bivalirudin injection. This product is a direct thrombin inhibitor indicated for use as an anticoagulant. Under the terms of the settlement agreement, the company's subsidiary is entitled to launch its version of Angiomax in the United States on 30 June 2019, or earlier in certain limited circumstances. The agreement is subject to customary regulatory review, Sun Pharmaceutical Industries said.
Bank stocks will be in focus after the Reserve Bank of India (RBI) on 1 April 2015 announced that the entire amount due to a bank in respect of fraud committed by borrowers shall be provided for over a period not exceeding four quarters commencing with the quarter in which the fraud has been detected. This is irrespective of the quantum of security held against such fraud accounts, the RBI said. The RBI also said that in case of delay by the concerned bank in reporting the fraud to the RBI, the entire provisioning is required to be made at once. In addition, in such cases, the RBI may also initiate appropriate supervisory action where there has been a delay by the bank in reporting the fraud or provisioning there against.
Meanwhile, RBI governor Raghuram Rajan on Thursday, 2 April 2015, said the nation has enormous financing needs in infrastructure and far too many of banks already have too much exposure to the infrastructure sector. The required national push to finance infrastructure should not override financial stability, which is key to national security, Rajan said in his opening remarks at Financial Inclusion Conference held at RBI headquarters in Mumbai on the occasion of 80th anniversary of the RBI. Rajan said that India needs to develop new sources of risk capital to finance infrastructure development.
Meanwhile, Markit Economics will unveil the result of a monthly survey on the performance of India's services sector for March 2015 today, 6 April 2015.
Manufacturing activity in India witnessed an overall improvement last month, the outcome of a survey showed on Thursday, 2 April 2015. The headline HSBC India Purchasing Managers' Index (PMI) nudged higher at 52.1 in March 2015 from 51.2 in February 2015. Underpinning the expansion in output was a quicker rise in new order flows. There was a marked increase in input costs for manufacturing companies which has resulted in firms raising their tariffs once again. Markit economist Pollyanna De Lima said that greater cost burdens add to the pressure on margins which could potentially be squeezed by competitive pressures. Faster increases in incoming new work, buying levels and backlogs at manufacturing firms indicate that the subdued labour market is likely to recover in coming months, according to the survey.
The government after trading hours on Wednesday, 1 April 2015, in its five-year Foreign Trade Policy 2015-20 (FTP 2015-20) announced the launch of a new Merchandise Exports from India Scheme (MEIS) for export of specified goods to specified markets. For grant of rewards under MEIS, the countries have been categorized into 3 groups whereas the rates of rewards under MEIS range from 2% to 5%. MEIS has replaced 5 different schemes of earlier Foreign Trade Policy. Under the FTP 2015-20, Served from India Scheme (SFIS) has been replaced with Service Exports from India Scheme (SEIS) for increasing exports of notified services from India. Under SEIS, the selected services would be rewarded at the rates of 3% and 5%.
The Reserve Bank of India (RBI) announces the first bi-monthly Monetary Policy for 2015-16 tomorrow, 7 April 2015. The RBI had surprised financial markets by announcing reduction in its benchmark lending rate viz. the repo rate by 25 basis points to 7.5% in an unscheduled monetary policy review on 4 March 2015. Earlier, the RBI had on 15 January 2015 announced a cut in the repo rate by 0.25% to 7.75%.
Banking, telecom and pharma stocks led gains as key benchmark indices surged on the last trading session of the truncated trading week and the first trading session of the new financial year 2015-16 on Wednesday, 1 April 2015. The S&P BSE Sensex advanced 302.65 points or 1.08% to settle at 28,260.14 on that day, its highest closing level since 20 March 2015.
Among overseas markets, Asian markets were mixed today, 6 April 2015. Key indices in Japan and Singapore fell by 0.02% to 0.19%. Key indices in Indonesia and South Korea rose by 0.24% to 0.46%. Chinese stock markets remain closed today, 6 April 2015. Markets in Australia and Hong Kong remain closed for Easter today, 6 April 2015. Hong Kong will also be closed tomorrow, 7 April 2015, for Ching Ming Festival.
In China, data on Friday, 3 April 2015, showed that a gauge of service sector activity, the HSBC China Services Purchasing Managers' Index, came in stronger at 52.3 in March 2015 from 52 in February 2015.
US stock markets remained closed on Friday, 3 April 2015, on account of Good Friday.
US employers added the fewest number of jobs in more than a year in March, the latest sign of weakness in the economy and one likely to further delay an anticipated interest rate increase by the Federal Reserve Nonfarm payrolls rose 126,000 last month, less than half February's pace and the smallest gain since December 2013, the Labor Department said on Friday, 3 April 2015.
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