Volatility ruled the roost in early trade as the key benchmark indices trimmed initial gains triggered by a sharp slide in global crude oil prices on Friday, 28 November 2014. The 50-unit CNX Nifty scaled record high. The barometer index, the S&P BSE Sensex was up 8.56 points or 0.03% at 28,702.55. The market breadth indicating the overall health of the market was strong.
Indian government's decision in October 2014 to decontrol diesel prices and a sharp decline in global crude oil prices over the past few months will help reduce the government's fuel subsidy burden and help contain its fiscal deficit. The steep slide in global crude oil prices will also help India in containing its current account deficit and fuel price inflation. India imports 80% of its crude oil requirement. However, a weakness in rupee against the dollar will restrict the benefit of falling global crude oil prices to that extent. A weak rupee raises the cost of imports.
Asian stocks were mostly lower today, 1 December 2014 as a Chinese manufacturing gauge dropped, American holiday spending slowed and oil tumbled to a five-year low.
At 9:25 IST, the S&P BSE Sensex was up 8.56 points or 0.03% at 28,702.55. The index gained 115.65 points at the day's high of 28,809.64 at onset of the day's trading session. The index shed 1.18 points at the day's low of 28,692.81 in early trade.
The CNX Nifty was up 2 points or 0.02% at 8,590.25. The index hit a high of 8,623 in intraday trade, a record high for the index. The index hit a low of 8,589 in intraday trade.
The market breadth indicating the overall health of the market was strong. On BSE, 803 shares gained and 425 shares fell. A total of 40 shares were unchanged.
The BSE Mid-Cap index was up 48.70 points or 0.47% at 10,319.31. The BSE Small-Cap index was up 44.89 points or 0.4% at 11,315.68. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 271 crore by 09:30 IST.
Among the 30-share Sensex pack, 19 stocks gained and rest of them declined.
Sun Pharmaceutical Industries rose 0.77%. Shares of Ranbaxy Laboratories gained 1.76%. Sun Pharmaceutical Industries before market hours today, 1 December 2014 announced that Foreign Investment Promotion Board (FIPB) has approved the proposal of the company for issuing equity shares of the company to the non-resident investors of Ranbaxy Laboratories pursuant to the merger of Ranbaxy Laboratories into Sun Pharmaceutical Industries through the scheme of arrangement between Ranbaxy Laboratories and Sun Pharmaceutical Industries.
In April 2014, Sun Pharmaceutical Industries acquired Ranbaxy Laboratories in a $4 billion landmark transaction.
Shares of public sector oil marketing companies (PSU OMCs) gained as global crude oil prices dropped on Friday, 28 November 2014. HPCL (up 2.02%), BPCL (up 0.95%) and Indian Oil Corporation (up 0.36%) edged higher. Lower crude oil prices could reduce under-recoveries of PSU OMCs on domestic sale of LPG and kerosene at controlled prices. However, a weakness in rupee against the dollar will restrict the benefit of falling global crude oil prices to that extent. A weak rupee raises the cost of imports. The government has already freed pricing of petrol and diesel.
Meanwhile, petrol prices were reduced by Rs 0.91 per litre and diesel prices by Rs 0.84 with effect from midnight of 30 November 2014 and 1 December 2014. PSU OMCs review fuel prices during the middle of the month and on the last day of the month based on the average imported oil price in the preceding fortnight.
Hero MotoCorp rose 1.14%. Hero MotoCorp launched six of its best-selling bikes in Colombia as part of its target to clock 1.2 million unit sales from global business by 2020. The announcement was made after market hours on Friday, 28 November 2014.
"Colombia is one of the top two-wheelers market in South America and therefore, it is going to play a significant role as we continue to expand our footprint in the region," Hero MotoCorp Vice Chairman and MD & CEO Pawan Munjal said. "Going forward, we will aim at making Colombia a base for expanding our operations to neighbouring countries in the region," he added.
The two-wheelers rolled out include the 100 cc bikes -Splendor iSmart, Eco Deluxe, and Passion-Pro; the 125 cc Glamour; the 150 cc Hunk and the 225 cc Karizma ZMR. The bikes will be sold in 120 outlets spread across the country. The company plans to expand its distribution network to over 150 outlets in a year's time.
Hero MotoCorp is also setting up a manufacturing plant in Colombia. The company plans to launch its operations in Europe by 2015 and in the US by 2016. It also became the first two-wheeler company in Colombia to offer 4-year warranty on all its models.
Shares of Reliance Industries (RIL) shed 0.39%. The union auditor has reportedly raised a red flag over allowing Reliance Industries (RIL) to recover $970 million of the investment it has made in the KG-D6 oil and gas block off the Andhra coast. In its latest audit report on the performance of the government's production sharing contracts with private operators, the comptroller and auditor general has reportedly observed that Reliance has recovered $9.2 billion out of the $10.44 billion invested in the field till March 2013.
Meanwhile, RIL clarified on the stock exchanges that there are obvious differences between the Comptroller & Auditor General (CAG) and RIL on certain basic issues concerning the Production Sharing Contract (PSC). Once the company receives a formal communication of audit exceptions by the Government, it will respond to the Government in accordance with the provisions of the accounting procedure under the PSC and also exercise such other rights as are available to the company in law.
DLF fell 1.21%. DLF after trading hours on Friday, 28 November 2014, said that the Supreme Court has passed an order to maintain status-quo with respect to allotment of land to the company in Gurgaon in 2009. DLF had filed a petition before the Supreme Court challenging the judgment dated 3 September 2014 passed by the Punjab and Haryana High Court which disapproved the allotment of land admeasuring 350 acres in Wazirabad village, Gurgaon by the Haryana state government to DLF. The land was allotted to DLF through an international competitive bidding process in the year 2009. The matter will come up for hearing in Supreme Court in due course, DLF said in a statement.
Steel Authority of India (Sail) slipped 0.11%. Jaiprakash Associates rose 1.56%. Sail on 28 November 2014 sold its entire 26% equity shareholding of 3.47 crore equity shares of Rs 10 each in Bokaro Jaypee Cement, a joint venture company of Sail and Jaiprakash Associates to Shri. Rangam Securities & Holdings (SRSHL) at Rs 67.50 per equity share. SRSHL is an indirect wholly-owned subsidiary of Dalmia Cement (Bharat), a subsidiary of Dalmia Bharat. Sail has received a sum of Rs 234.56 crore as consideration for sale of the above shares. In a separate announcement, Jaiprakash Associates said it received a consideration of Rs 667.56 crore from the transaction.
Brent for January settlement dropped $2.43 a barrel to settle at $70.15 on Friday, 28 November 2014, the lowest close since 25 May 2010, after Organization of Petroleum Exporting Countries (OPEC) on Thursday, 27 November 2014 decided to keep the cartel's production levels unchanged at a meeting in Vienna.
HSBC India Manufacturing Purchasing Managers' Index (PMI) for November 2014 will be released today, 1 December 2014. Adjusted for seasonal influences, the headline HSBC India PMI - a composite indicator designed to give a single-figure snapshot of manufacturing operating conditions - rebounded from September's nine-month low of 51 to 51.6 in October.
India's economic growth eased in Q2 September 2014 mainly due to moderation in the growth of the agricultural and industrial sectors, data released by the Central Statistical Office after trading hours on Friday, 28 November 2014, showed. The GDP grew 5.3% in Q2 September 2014, compared with 5.7% expansion in Q1 June 2014. The services sector growth has shown improvement for the second straight quarter in Q2 September 2014. On the demand side, the net foreign demand weakened, while the domestic investment demand growth slowed sharply to remain flat from 7% in Q1 June 2014. However, the domestic private consumption and government consumption growth improved in Q2 September 2014.
GDP growth in the first half of current fiscal year stood at 5.5%, compared with 4.9% expansion during the corresponding period in the previous year. India's GDP grew 4.7% in 2013-14.
April-October 2014-15 fiscal deficit was Rs 4.76 lakh crore a astonishing 89.6% of the Budget Estimate (BE) of Rs 5.31 lakh crore, government data released after market hours on Friday, 28 November 2014. For April-October 2013-14, the fiscal deficit was 84.4% of the FY14 BE. The month of October 2014 saw a fiscal deficit of Rs 36,925 crore, against a fiscal deficit of Rs 40,897 crore seen previous month.
Finance Minister Arun Jaitley reportedly said on Saturday, 29 November 2014 that the government is committed to going ahead with reforms measures to take India back to the original potential of 8% economic growth. The effect of the various measures the government has taken will be visible on the ground, he reportedly added. In the ongoing Winter Session of Parliament, Jaitley outlined the government's priorities like introduction of GST (Goods and Services Tax), changes in the land acquisition law, auction of non-coal minerals and elimination of non-deserving sections from subsidy net, saying the key economic portfolios are being handled by people who have no baggage of the past, reports indicated. The government is working on the e-auction route for allocation of non-coal minerals like iron ore to remove discretionary allotments, the Finance Minister was quoted as saying.
The government plans to introduce the nationwide Goods and Service Tax (GST) in April 2016, the Minister of State for Finance, Jayant Sinha, said in written reply to a question in Lok Sabha on Friday, 28 November 2014. The various aspects of GST design are being discussed in the Empowered Committee of State Finance Ministers so that there is broad consensus regarding modalities of its implementation, the government said. GST has been so designed that credit of taxes paid at every stage of value addition from the point of manufacture to the point of consumptions can be availed at the next stage. GST is essentially a tax on value addition and there is seamless transfer of input tax credit across the value chain. Due to the seamless transfer of input tax credit from one stage to another in the chain of value addition, there is an in-built mechanism in the design of GST that would incentivize tax compliance by traders.
According to the government, GST will simplify and harmonise the indirect tax regime in the country. It is expected to reduce cost of production and inflation in the economy, therby making the Indian trade and industry more competitive domestically as well as internationally. It is also expected that introduction of GST will foster a common or seamless Indian market and contribute significantly to the growth of the economy, according to the government.
The government is likely to introduce the constitutional amendment bill for GST during the ongoing winter session of parliament.
Sinha also said in written reply to another question in Lok Sabha on Friday, 28 November 2014, that a series of reforms have been initiated by the government and that many more reforms are on the anvil.
The Reserve Bank of India (RBI) undertakes monetary policy review tomorrow, 2 December 2014. The central bank aims to limit consumer-price gains to 8% by January 2015 and 6% by January 2016. Over the longer term, the RBI aims to limit consumer-price gains to 4%, within a 2% band. The annual rate of inflation based on the combined consumer price index (CPI) for urban and rural India eased to 5.52% in October 2014 from 6.46% in September 2014, data released by the government on 12 November 2014 showed.
The Indian government intends to get the Insurance Laws Amendment Bill that seeks to enhance FDI limit in capital starved insurance sector passed during the winter session of parliament which began on 24 November 2014. The government is also likely to introduce the constitutional amendment bill for the goods & services tax in the winter session of parliament.
The provisional data released by the stock exchanges after trading hours on Friday, 28 November 2014, showed that foreign portfolio investors (FPIs) bought shares worth a net Rs 935.86 crore on that day.
Asian stocks were mostly lower today, 1 December 2014 as a Chinese manufacturing gauge dropped, American holiday spending slowed and oil tumbled to a five-year low. Key benchmark indices in Singapore, Taiwan, Japan, Indonesia and South Korea fell by 0.47% to 1.8%. Key benchmark indices in China and Hong Kong rose 0.73% to 0.87%.
The HSBC China manufacturing Purchasing Managers' Index, a gauge of nationwide manufacturing activity, fell to a six-month low of 50 in November from 50.4 in October, HSBC Holdings PLC said today, 1 December 2014. A reading below 50 indicates a contraction in manufacturing activity from the previous month, whereas a reading above indicates expansion.
China's official manufacturing Purchasing Managers Index fell to 50.3 in November compared with 50.8 in October, the National Bureau of Statistics, said today, 1 December 2014.
South Korea's exports unexpectedly shrank in November, data showed today, 1 December 2014. Exports in November fell 1.9% from a year earlier to $46.99 billion, following a revised 2.3% gain in October, provisional data at the trade ministry showed. Imports fell 4% from a year earlier to $41.38 billion in November, compared with a 3% decrease in October. Trade surplus narrowed to $5.61 billion in November from the previous month's revised $7.38 billion.
US stocks posted a mixed finish in a holiday-shortened session on Friday, 28 November 2014 as energy shares got slammed a day after the Organization of the Petroleum Exporting Countries (OPEC) did nothing to alleviate a global supply glut.
The US economy expanded at a 3.9% annualized rate in the third quarter, up from an initial reading of 3.5%
The German Manufacturing Purchasing Managers' Index (PMI) for November 2014 will be released today, 1 December 2014. It measures the activity level of purchasing managers in the manufacturing sector. PMI for the manufacturing sector, which accounts for about a fifth of the economy, climbed to 51.4 in October from 49.9 in September, bouncing back above the 50 mark that denotes growth.
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