Market is likely to extend its recent rally triggered by Bharatiya Janata Party (BJP) led National Democratic Alliance (NDA) securing landslide victory in Lok Sabha election. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 38 points at the opening bell. Most Asian stocks edged higher on Tuesday.
Wipro announced after market hours on Monday, 19 May 2014 a strategic partnership with Takeda Pharmaceutical Company, the largest pharmaceutical company in Japan and one of the global leaders of the industry.
This strategic partnership will build advanced value in Takeda's operations by consolidating IT platforms across the organization. As a strategic partner, Wipro will build and maintain an "as-a-service" global platform for Takeda that will drive synergies across its global entities through standardization of IT architecture. Wipro will be primary provider of IT Infrastructure management services covering Takeda's entities across the world, touching 30,000 users in 16 different languages, operating out of data centers in Asia, Europe and America.
Speaking on the engagement, Sangita Singh, Chief Executive - Healthcare and Life Science Business Unit at Wipro said, "We are thrilled to partner with Takeda in its business transformation journey. Wipro is leveraging its experience in enabling global pharma companies to achieve a leaner & standardized IT workplace and implement newer business models that put patient at the core. We look forward to collaboratively partnering with the Takeda team in enabling this unique platform across its global operations."
"Wipro will deliver the "as-a-service" on demand model, which is redefining the way organizations purchase technology. With our global delivery capabilities, Wipro will drive Takeda's IT infrastructure, consolidating and optimizing resources across the organization," added G K Prasanna, Chief Executive - Global Infrastructure Services & Product Engineering Services.
ICICI Bank has reportedly cut home loan rates by 10-15 basis points for the salaried and women borrowers in a bid to improve its market share by attracting new customers. One bps is 0.01 percentage point. The new offer is limited till 30 June 2014, and for loans up to Rs 75 lakh. The revised rates will be applicable only for new customers, reports added.
Tata Motors will be watched. Moody's Investors Service has affirmed the Ba3 corporate family rating of Tata Motors and maintained the stable outlook.
JSW Steel said after market hours on Monday, 19 May 2014 that crude steel production rose 14% to 9.9 lakh tonnes in April 2014 over April 2013. Production of flat rolled products rose 14% to 7.76 lakh tonnes in April 2014 over April 2013. Production of long rolled products rose 28% to 1.64 lakh tonnes in April 2014 over April 2013.
Reliance Power's consolidated net profit rose 1% to Rs 269 crore on 11% rise in total income to Rs 1400 crore in Q4 March 2014 over Q4 March 2013. Consolidated net profit rose 2% to Rs 1,027 crore on 5% rise in total income to Rs 5546 crore in the year ended 31 March 2014 (FY 2014) over the year ended 31March 2013 (FY 2013). The result was announced after market hours on Monday, 19 May 2014.
Reliance Infrastructure's consolidated net profit fell 14.3% to Rs 621.42 crore on 20.73% decline in total income to Rs 5036 crore in Q4 March 2014 over Q4 March 2013. The result was announced after market hours on Monday, 19 May 2014.
Shipping Corporation of India (SCI) with respect to the news item appearing in the media titled "Shipping Corporation of India to sell its stake in Iranian JV to its partner". has clarified that currently as per cabinet decision, the process for dissolution of Irano Hind Shipping Company (IHSC) is on. However, the final exit has not been done. Once that is finalised, SCI shall inform the stock exchange.
Key benchmark indices edged higher in choppy trade on Monday, 19 May 2014 with the market sentiment boosted by Narendra Modi's comments in his victory speeches in his home state of Gujarat on Friday, 16 May 2014, where he stressed on the country's development and good governance. The S&P BSE Sensex garnered 241.31 points or 1% to settle at 24,363.05, a record closing high for the index.
Foreign institutional investors (FIIs) bought shares worth a net Rs 1350.04 crore on Monday, 19 May 2014, as per provisional data from the stock exchanges.
After Bharatiya Janata Party (BJP) led National Democratic Alliance's (NDA) landslide victory in Lok Sabha election, investors' focus has shifted to the likely allocation of key ministerial portfolios in the National Democratic Alliance (NDA) government. Investors will now be keenly watching policy announcements from the new government to drive a turnaround in the investment cycle.
The first budget of the new government is expected by July 2014. An interim budget was presented by P. Chidambaram in February this year. Essentially, in the nature of a vote on account, the interim budget was intended to get Parliament approval for expenditure to be incurred during the first few months of fiscal year 2014-15 due to Lok Sabha elections.
The Reserve Bank of India (RBI) next undertakes monetary policy review on 3 June 2014. The RBI left its main lending rate viz. the repo rate unchanged at 8% after a monetary policy review on 1 April 2014, as consumer-price inflation eased to a two-year low and as the rupee firmed up against the dollar.
Most Asian stocks edged higher on Tuesday. Key benchmark indices in Taiwan, Hong Kong, China, Singapore and Japan rose by 0.11% to 0.86%. Key benchmark indices in Indonesia and South Korea fell 0.47% to 0.78%.
Singapore's gross domestic product expanded an annualized 2.3% in the three months through March from the previous quarter, when it climbed a revised 6.9%, the trade ministry said in a statement today, 20 May 2014.
US stocks ended Monday's thinly traded session higher with small-cap and tech companies leading the gains.
Federal Reserve Bank of San Francisco President John Williams said it will likely be more than a year before the central bank begins raising interest rates. Dallas Fed President Richard Fisher lamented the performance of Congress, which he said was acting like a brake on growth that the Fed cannot overcome with its aggressive stimulus policies
The Federal Reserve releases minutes from the April 29-30 meeting of Federal Open Market Committee tomorrow, 21 May 2014. The Federal Open Market Committee (FOMC) next undertakes monetary policy review at a two-day meeting on 17-18 June 2014. The Fed on 30 April 2014 said after a monetary policy review that it will keep the benchmark interest-rate target at almost zero for a "considerable time" after its bond-buying program ends. The FOMC also reduced monthly debt purchases to $45 billion, its fourth straight $10 billion cut, and said further reductions are likely in "measured steps" if the economy continues to improve.
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