Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 33 points at the opening bell. The market may remain volatile as traders roll over positions in the futures & options (F&O) segment from the near month October 2015 series to November 2015 series. The near month October 2015 derivatives contracts expire today, 29 October 2015.
Asian stocks were trading lower after the US Federal Reserve bolstered prospects for a December interest-rate increase. Meanwhile, Japanese factory output unexpectedly rose in September from a month earlier, data released today, 29 October 2015 showed. US stocks rallied yesterday, 28 October 2015 after the US Federal Reserve dropped previous warnings about global risks but signaled that it will consider a rate increase at its next meeting in December. The US Federal Reserve kept interest rates unchanged after the conclusion of its two-day monetary policy meeting yesterday, 28 October 2015. The central bank downplayed recent global financial market turmoil and said the US labour market was still healing despite a slower pace of job growth.
Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 731.17 crore yesterday, 28 October 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 160.17 crore yesterday, 28 October 2015, as per provisional data.
Dr Reddy's Laboratories and NTPC are scheduled to announce their Q2 results today, 29 October 2015.
Sun Pharmaceutical Industries (Sun Pharma) after market hours yesterday, 28 October 2015, announced the successful completion of the cash tender offer by Thea Acquisition Corp (Thea), an indirect wholly owned subsidiary of Sun Pharma, for all outstanding shares of common stock of InSite Vision Incorporated (InSite). Sun Pharma said that, following receipt by the depository of the requisite documents in respect of the shares of InSite common stock that were tendered in accordance with the guaranteed delivery procedures, Thea intends to exercise its option under the merger agreement (the top-up option) to purchase directly from InSite an additional number of shares sufficient to give it ownership of one share more than 90% of InSite's outstanding shares of common stock when combined with the shares of InSite common stock purchased in the tender offer, will represent at least 90% of the outstanding shares of InSite common stock. After the merger, InSite would be an indirect wholly owned subsidiary of Sun Pharma and InSite will no longer have reporting obligations under the Securities Exchange Act of 1934, as amended, Sun Pharma said in a statement.
Ambuja Cements' net profit fell 35.6% to Rs 154 crore on 4.3% decline in net sales to Rs 2095 crore in Q3 September 2015 over Q3 September 2014. The result was announced after market hours yesterday, 28 October 2015.
The company's operating EBITDA (earnings before interest, taxation, depreciation and amortization) fell 21.1% to Rs 310 crore in Q3 September 2015 over Q3 September 2014.
Ambuja Cements attributed the decline in bottom line during the quarter to lower operating EBITDA and due to additional depreciation charge of Rs 28 crore on implementation of Schedule II of the Companies Act, 2013.
A provision of Rs 40 crore has been recognised in Q3 September 2015 towards contribution to District Mineral Foundation and National Mineral Exploration Trust as per The Mines and Mineral (Development and Regulation) Amendment Act, 2015. This includes Rs 27 crore up to previous quarters.
With regard to the update on scheme of amalgamation of Holcim India with the company, by which Ambuja Cements will acquire 50.01% shareholding in ACC, Ambuja Cements said that the scheme was recommended by the Foreign Investment Promotion Board (FIPB) and is awaiting approval of the Cabinet Committee on Economic Affairs (CCEA).
On future business outlook, Ambuja Cements said that the long term outlook for cement demand remains positive considering the Government's focus on housing, concrete roads, smart cities and infrastructure development. Ambuja Cements said it will continue to focus on improving operational efficiencies.
Caution ahead of the outcome of a monetary policy meeting of the US Federal Reserve pulled equity key benchmark indices in India lower yesterday, 28 October 2015. The Sensex fell 213.68 points or 0.78% to settle at 27,039.76, its lowest closing level since 15 October 2015.
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