Market likely to open on a flat note; TCS Q1 result eyed

Trading of CNX Nifty futures on the Singapore stock exchange indicates a flat opening on the domestic bourses today, 9 July 2015. IT major TCS declares its Q1 June 2015 result today, 9 July 2015. Most Asian stocks edged lower today, 9 July 2015.

Foreign portfolio investors (FPIs) sold shares worth a net Rs 354.32 crore yesterday, 8 July 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 346.71 crore yesterday, 8 July 2015, as per provisional data.

Manpasand Beverages debuts on the secondary equity market today, 9 July 2015. The company had priced the initial public offer (IPO) at the top end of the Rs 290 to Rs 320 price band.

The initial public offer (IPO) of Manpasand Beverages closed on 26 June 2015. It was subscribed 1.4 times and received bids for a total of 1.05 crore shares.

Manpasand Beverages, promoted by Dhirendra Singh, is a fruit drink manufacturer focusing on mango. Mango-based fruit drink, Mango Sip, is the flagship brand of the company, which is strategically aimed at customers in semi urban and rural markets. In addition, the company also sells fruit drink in apple flavor under the brand Apple Sip.

Tech Mahindra announced after trading hours yesterday, 8 July 2015, that it has collaborated with PNMsoft, a global provider of Intelligent BPM Software (iBPMS) solutions, to benefit from synergies in key vertical markets.

PNMsoft is a global provider of Intelligent BPM Software (iBPMS) solutions. PNMsoft SequenceTM, our Intelligent Business Process Management Suite, uses unique HotChange technology to enable rapid build and change of high availability workflow applications, while maintaining lifecycle governance. PNMsoft is on Gartner's iBPMS Magic Quadrant.

Meanwhile, India's weather office, the India Meteorological Department (IMD), said in its daily monsoon update issued yesterday, 8 July 2015, that the Southwest Monsoon was active over Jharkhand and Bihar and was normal over Nagaland, Manipur, Mizoram & Tripura, West Bengal & Sikkim, East Uttar Pradesh, Uttarakhand, Haryana, Chandigarh & Delhi, Himachal Pradesh, Rajasthan, East Madhya Pradesh, Chhattisgarh and South Interior Karnataka during the past 24 hours until 8:30 IST.

Induslnd Bank announced after trading hours yesterday, 8 July 2015, that it unveiled a currency chest in Kolkata. This initiative will help the bank to execute functions like acceptance of cash from branches, ATM replenishments, arrangement of fresh note remittances and remitting soiled notes to Reserve Bank of India, Kolkata. The bank has ambitious plans to increase current network of 129 branches and 217 ATMs in East Zone, post opening of Kolkata Currency Chest. The chest in Kolkata will enable customers to exchange their notes into those of higher or lower denominations or to obtain fresh notes by replacing soiled ones which may be unfit for re-use. With this facility, lndusInd Bank will be able to work on fine cash balances and manage funds according to requirement.

The bank's first currency chest was opened in Thane in June 2012, the second in New Delhi in February 2013 and the third in Chennai in June 2014. With the new currency chest in Kolkata, Induslnd Bank has four currency chests across the country. Induslnd Bank has drawn up an ambitious plan for setting up a sizeable number of Currency Chests across India in line with the bank's business growth.

For the country as a whole, cumulative rainfall during this year's monsoon season was 4% below the Long Period Average (LPA) until 8 July 2015. Region wise, the southwest monsoon was 9% above the LPA in Northwest India, 8% below the LPA in Central India and 7% below the LPA in South Peninsula and 4% below the LPA in East & Northeast India until 8 July 2015.

The quantum of and the spatial distribution of rainfall this month holds key, with July being a crucial month for the sowing of Kharif crops. The June-September southwest monsoon is critical for the country's agriculture because a considerable part of the country's farmland is dependent on the rains for irrigation.

Metal and banking stocks led losses as key benchmark indices plunged yesterday, 8 July 2015. The S&P BSE Sensex fell 483.97 points or 1.72% to settle at 27,687.72, its lowest closing level since 29 June 2015.

Most Asian stocks edged lower today, 9 July 2015. Key benchmark indices in Singapore, Taiwan, Japan, Indonesia and South Korea fell by 0.07% to 1.15%. Key benchmark indices in China and Hong Kong rose 0.57% to 3.14%.

The Chinese central government and the People's Bank of China (PBOC) yesterday, 8 July 2015 unveiled a bunch of new measures to stem market rout, including the PBOC providing loans to the state-backed margin financing entity -- China Securities Financing Corporation, the top securities regulator banning large shareholders from reducing their stakes on stock markets within six months, and the police department launching a joint investigation with the securities regulator against "malicious short-selling of stocks.

South Korea's central bank today, 9 July 2015 reportedly lowered its growth forecast for this year, highlighting strong headwind facing Asia's fourth-largest economy. The central bank now forecasts the country's gross domestic product will expand 2.8% in 2015--lower than its April estimate of 3.1%, as per reports. South Korea's economy expanded 3.3% in 2014.

US stocks closed sharply lower yesterday, 8 July 2015 after trading on the New York Stock Exchange was halted for three-and-a-half hours. Stock prices were trading sharply lower even before the trading suspension as investors grappled with a precipitous selloff in Chinese shares and nervousness over unresolved Greece debt crisis.

Minutes of the US central bank's meeting released yesterday, 8 July 2015 showed that only one of the 10 Fed officials with votes this year was reportedly ready to hike rates in June, but that official expressed a willingness to wait "another meeting or two". All of the other voting members said they needed more evidence that "economic growth was sufficiently strong and labor-market conditions had firmed enough to return inflation to the committee's longer-run objective over the medium term," according to the minutes. A number of Fed officials reportedly warned against a "premature" increase in interest rates.

Investors continue to monitor developments on Greece's debt crisis. Greece will submit a detailed reform proposal in the next few days, in a bid to unlock further bailout aid, the country's Prime Minister Alexis Tsipras reportedly told the European Parliament yesterday, 8 July 2015. Referring to his country's resounding "no" in Sunday's referendum, Tsipras stressed the vote wasn't a signal for Greece to break with Europe, but to return to the negotiating table with a stronger mandate.

Following the emergency euro zone summit in Brussels on 7 July 2015, European leaders gave debt-stricken Greece a final deadline of Sunday to reach a new bailout deal and avoid Greece's exit from the euro zone. Representatives of the 19-country euro zone said all 28 European Union leaders would meet on Sunday, 12 July 2015, to decide Greece's fate.

Greece's last bailout expired last Tuesday and Greece missed a euro 1.6 billion payment to the IMF.

Powered by Capital Market - Live News