The market is likely to open sharply lower on weak Asian stocks. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could slide 62 points at the opening bell. Asian stocks fell on Wednesday as concerns about growth in China's services sector added to the selling pressure amid caution ahead of US jobs data later in the week.
The government has announced an offer for sale (OFS) of Hindustan Copper shares to comply with minimum public shareholding norms. It has announced a base price of Rs 70 for the issue after markets closed on Tuesday. The panel of ministers on disinvestment cleared 4.01% stake sale in Hindustan Copper and the issue will hit the market today, 3 July 2013. The stock fell 6.62% to Rs 72.65 on Tuesday, 2 July 2013. The government currently holds 94.01% in Hindustan Copper. The stake-sale would make the company complaint to the minimum 10% public holding norm of market regulator Sebi. Sebi has mandated minimum public shareholding of 10% for state-run firms by 8 August 2013. Telecom stocks will be in focus after the Telecom Commission has reportedly approved the enhancement of the foreign direct investment (FDI) limit in the telecom sector from 74% to 100%.
TTK Prestige turns ex-dividend today, 3 July 2013, for dividend of Rs 17.50 per share for the year ended 31 March 2013 (FY 2013).
Adani Ports and Special Economic Zone (APSEZ), on Tuesday, 2 July 2013 said its subsidiary Adani Kandla Bulk Terminal has signed a concession agreement with the Kandla Port Trust, to set up a dry bulk terminal at the Kandla Port on build, operate and transfer basis, thus emerging as the only private sector port operator with presence across six ports in India.
This is a testimony of the Government of India's trust and confidence in Adani and its execution and operating skills to set up world class port infrastructure. This modern and mechanized cargo bulk terminal will act as a game changer for exim trade of the north-west hinterland and contribute to Adani's goal of reaching 200 million tonnes of cargo handling by 2020. said Rajeeva Sinha, Wholetime director at APSEZ.
This facility will reduce cargo handling cost at Kandla Port due to increased productivity and proximity to cargo generating centers. Mr Sinha added. The project, which will be the one of largest bulk terminal on the west coast of India, will have a capacity of over 20 million tonnes a year and will be built at the cost of about Rs 1200 crores approx and be commissioned within a period of 24 months. The dry bulk terminal will be located off Tekra near Tuna outside Kandla Creek at the Kandla Port, India's number one port by volumes. The terminal, will handle cargo like coal, fertilizer, salt, minerals and other agri-products.
With this, APSEZ's bulk cargo capacity gets enhanced and it can now tap the ever increasing cargo of the hinterland as well as at Kandla. The existing customer base, including the large trader community at Kandla as well as customers at the nearby ports, can now enjoy a hassle free, mechanised handling services of Adani at the new bulk terminal. The direct berthing at Tuna would address the present issues at Kandla relating to anchorage/barge operations which lead to increased cost per tonne, double handling, loss of cargo and lower productivity. The automated and mechanised processes at the new terminal at Tuna would ensure transparency.
Key benchmark indices snapped three-day winning streak on Tuesday, 2 July 2013 as weakness in European stocks weighed on sentiment. The S&P BSE Sensex lost 113.57 points or 0.58% to 19,463.82, its lowest closing level since 28 June 2013. Foreign institutional investors (FIIs) sold shares worth a net Rs 43.20 crore on Tuesday, 2 July 2013, as per provisional data from the stock exchanges.
Asian stocks fell on Wednesday as concerns about growth in China's services sector added to the selling pressure amid caution ahead of US jobs data later in the week. Key benchmark indices in China, Hong Kong, Indonesia, South Korea, Taiwan, Singapore and Japan were down 0.94% to 1.8%.
A pair of surveys monitoring China's services sector released Wednesday showed weak growth for June. The government-sponsored version of China's services Purchasing Managers' Index fell to 53.9 for June from May's 54.3, though it remained above the 50 level dividing expansion from contraction.
Later in the morning, HSBC said its privately compiled China Services Business Activity Index ticked up to 51.3 last month, compared to 51.2 the previous month.
US stocks ended lower Tuesday, losing steam gained from reports showing solid growth for car sales and factory orders as investors anticipated the jobs report at the end of the week.
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