The market is likely to see a negative start on mostly lower Asian stocks. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 38 points at the opening bell. Markit Economics will unveil the result of a monthly survey on the performance of India's services sector for December 2013 today, 6 January 2014. Most Asian stocks declined after a private services report pointed to slower growth in the world's second-largest economy.
Infosys after market hours on Friday, 3 January 2014 said that it has appointed Mr. B. G. Srinivas and Mr. U. B. Pravin Rao as Presidents of the company, reporting to Mr. S. D. Shibulal, Chief Executive Officer & Managing Director. These appointments are effective immediately. The business portfolios will be realigned under the two Presidents.
Financial services, insurance, manufacturing, engineering services, energy & communications, Infosys public services, Infosys Lodestone, strategic global sourcing, marketing and alliances will report to Mr. Srinivas.
Retail, consumer packaged goods and logistics, life sciences, resources and utilities, services, growth markets, cloud & mobility, quality & productivity and Infosys Leadership Institute wil report to Mr. Rao.
In addition, Mr. Srinivas will focus on global markets and Mr. Rao will focus on global delivery and service innovation. In view of these changes, the Executive Council, as a forum, will cease to exist with effect from 1 April 2014, Infosys said.
Infosys unveils Q3 December 2013 results on 10 January 2014. At the time of announcement of Q2 September 2013 results in October 2013, Infosys had forecast 9% to 10% growth in revenue in dollar terms for the year ending 31 March 2014 (FY 2014). At that time, the company had issued a forecast of 21% to 22% growth in revenue in rupee terms based on the assumption of rupee dollar conversion rate of 62.61 for the rest of the fiscal year.
Tata Consultancy Services on Saturday, 4 January 2014 announced that it is setting up the world's largest corporate learning and development center with a total capacity to train 15,000 professionals at one time and 50,000 professionals annually.
The proposed TCS Learning Campus in Thiruvananthapuram will be located on a 97-acre property in the Technopark area of the city. The campus will be built over an area of 6.1 million square feet and feature residential accommodation for professionals and faculty at the center.
N Chandrasekaran, Chief Executive Officer and Managing Director, TCS, said, TCS has been present in Thiruvananthapuram since 1997 and since then it has been the hub of our global learning and development efforts. The TCS Learning Campus will be the new benchmark for corporate learning worldwide and this iconic facility will produce world class professionals to meet the future needs of the IT industry.
We are grateful to the Kerala government officials and other stakeholders whose energy and commitment has helped make this project a reality today, he added.
The project will boost the local economy in the region and during the construction period alone, it is expected that this project will provide direct employment to over 2,000 skilled and unskilled local people for a period of four years. An integral part of the project will be the skill development programs run by TCS to upgrade the skills of local youth and facilitate opportunities to work in the construction project, through contractors.
The proposed TCS Learning Campus will provide a natural, contemporary vision for education by linking elegant design, ecological thinking and modern technology. The integrated design has been organized around a centralized, iconic training facility with collaboration rooms and libraries on the high plateau at the middle of the site with residential and support buildings around it. The master plan of the campus, inspired by the rich regional heritage, incorporates the local architecture influences and used local materials in construction. It incorporates several green concepts such as zero waste discharge with 100% recycling of sewage, energy efficient systems, large area of green cover, rain water harvesting systems and integrated building management systems.
Public sector oil marketing companies (PSU OMCs) have increased the price of petrol by 75 paise a litre and diesel by 50 paise a litre as global crude prices went up and the rupee value fell. The hikes, effective midnight Friday, 3 January 2014 are excluding local sales tax or VAT and actual increase will be higher and vary from city to city.
Tata Motors will be in focus after Jaguar Land Rover North America on Friday, 3 January 2014 said that US sales for both brands - Jaguar and Land Rover rose 17% to 7,308 units in December 2013 over December 2012. Jaguar sales rose 47% to 1,544 units in December 2013 over December 2012. Land Rover sales rose 11% to 5,764 units in December 2013 over December 2012.
"The combination of a strong luxury market and a dramatic increase in consumer interest in both of our brands has led Jaguar Land Rover's U.S. business to outpace the general market with a 20 percent full year increase," said Joe Eberhardt, President, Jaguar Land Rover North America. "The Jaguar brand has been one of the fastest growing brands driven by multiple products enhancements and the addition of the award-winning F-TYPE convertible. Land Rover has its best sales year in its U.S. history with the next generation Range Rover and Range Rover Sport SUVs establishing new benchmarks for luxury and capability. Congratulations to all of Jaguar Land Rover's U.S. retailers and employees for a fantastic achievement in 2013."
Canara Bank after market hours on Friday, 3 January 2014 said that it has successfully raised Rs 1500 crore under BASEL-III complaint Tier-II Bonds.
Key benchmark indices registered small losses on Friday, 3 January 2014 after staging a strong intraday rebound. Gains in European stocks aided intraday rebound on the domestic bourses. The S&P BSE Sensex lost 37 points or 0.18% to settle at 20,851.33, its lowest closing level since 19 December 2013.
Foreign institutional investors (FIIs) sold shares worth a net Rs 18.06 crore on Friday, 3 January 2014, as per provisional data from the stock exchanges.
Markit Economics will unveil the result of a monthly survey on the performance of India's services sector for December 2013 today, 6 January 2014. The HSBC Services Purchasing Managers' Index (PMI), compiled by Markit, nudged up to 47.2 in November from 47.1 in October.
The next major trigger for the stock market is Q3 December 2013 corporate earnings. The Q3 earnings season will begin around mid-January 2014 and continue till mid-February 2014. Investors and analysts will closely watch the management commentary that would accompany the result to see if there is any revision in their future earnings forecast of the company for the current year and/or the next year.
The Reserve Bank of India's Third Quarter Review of Monetary Policy for 2013-14 is scheduled on 28 January 2014.
Most Asian stocks declined after a private services report pointed to slower growth in the world's second-largest economy. Key benchmark indices in Taiwan, Hong Kong, China, Japan and Indonesia fell by 0.38% to 2.08%. Key benchmark indices in Singapore and South Korea rose 0.09% to 0.1%.
The HSBC China services Purchasing Managers' Index fell to 50.9 in December from 52.5 in November, HSBC Holdings PLC said on Monday. A reading above 50 indicates on-month expansion and a reading below that indicates contraction.
The moderation of the headline services PMI reflected slower new business growth, HSBC chief economist for China Qu Hongbin said in a statement.
New order growth reported by the service providers in December was the weakest in six months, but the services sector saw an increase in payroll numbers for the fourth month in a row, HSBC said.
"We expect the steady expansion of manufacturing sectors to lend support to service sector growth," Mr. Qu said.
China's official nonmanufacturing PMI fell to 54.6 in December from 56.0 in November, according to a statement on Friday, 3 January 2014 from the China Federation of Logistics and Purchasing.
US stocks ended a choppy trading session mostly lower on Friday, 3 January 2014 after Federal Reserve Chairman Ben Bernanke defended the extraordinary measures undertaken by the central bank to boost the economic recovery.
Bernanke, who steps down as head of the Fed at month's end, gave an upbeat assessment of the US economy in coming quarters, but he tempered the good news in housing, finance and fiscal policies by repeating that the overall recovery "clearly remains incomplete".
The US Federal Reserve said after a two-day monetary policy review on 18 December 2013 that it will cut its monthly bond purchases to $75 billion from $85 billion starting in January 2014 amid an improved outlook for the job market in the world's largest economy. The US central bank is poised to continue winding down its stimulus measures gradually over the next year.
The Federal Open Market Committee (FOMC) holds a two-day monetary policy meeting on 28 and 29 January 2014.
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