Flat opening on the cards

Trading of CNX Nifty futures on the Singapore stock exchange indicates a flat opening on the domestic bourses today, 16 April 2015. Among key results, TCS and IndusInd Bank announce their Q4 March 2015 results today, 16 April 2015. Most Asian stocks edged higher today, 16 April 2015 tracking overnight gains in US markets.

Foreign portfolio investors (FPIs) bought shares worth a net Rs 108 crore yesterday, 15 April 2015, as per provisional data as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 60.18 crore yesterday, 15 April 2015, as per provisional data.

 

Tata Motors after market hours yesterday, 15 April 2015 said that Tata Motors group global wholesales, including Jaguar Land Rover (JLR) rose 9% to 1.03 lakh units in March 2015 over March 2014. Global wholesales of Tata Motors' passenger vehicles rose 17% to 15,373 units in March 2015 over March 2014. Global wholesales of JLR rose 15.65% to 50,093 units in March 2015 over March 2014.

Shares of public sector oil marketing companies (PSU OMCs) and automobile firms will be in focus after PSU OMCs announced a reduction in retail selling price of petrol and diesel after trading hours yesterday, 15 April 2015. Indian Oil Corporation (IOCL) announced a reduction in retail selling price of petrol by 80 paise per litre at Delhi (including state levies) with corresponding price revision in other states. With this change, the price of petrol in Delhi will become Rs 59.20 per litre. IOCL has announced a reduction in retail selling price of diesel by Rs 1.30 per litre at Delhi (including state levies) with corresponding price revision in other states. With this change, the price of diesel in Delhi will become Rs 47.20 litre. The reduction in petrol and diesel prices became effective from the midnight of 15/16 April 2015. Since the last reduction in petrol and diesel prices on 2 April 2015, the trend of international prices of petrol and diesel and the rupee-dollar exchange rate warrant a further downward revision in prices, the impact of which is being passed on to the consumers with this price decrease, IOCL said. The movement of prices in international oil market and the rupee-dollar exchange rate shall continue to be closely monitored and developing trends of the market will be reflected in future price changes, IOCL said.

Hero MotoCorp before market hours today, 16 April 2015 said that it had invested $25 million in Erik Buell Racing, Inc., a Delaware corporation (EBR), through a wholly owned subsidiary in Delaware, USA by the name of HMCL (NA), Inc. EBR has a wholly owned subsidiary, Erik Buell Racing LLC, a limited liability company organized in Wisconsin (Subsidiary). On 16 April 2015, the Board of Directors of EBR has passed a resolution for an assignment for the benefit of creditors under Chapter 128 of the Wisconsin Statutes for itself and the subsidiary (in its capacity as the sole member and manager of the subsidiary) and to direct the proposed assignee or his counsel, to file such assignment in the Court for the County of Walworth, State of Wisconsin, Hero MotoCorp said. EBR and Subsidiary will also be ceasing their operations with effect from 16 April 2015, Hero MotoCorp added.

Sun Pharmaceutical Industries and the Technion - Israel institute of technology, after market hours yesterday, 15 April 2015, announced that their respective subsidiaries have entered into an exclusive worldwide research and license agreement. This agreement aims at the development of a joint project, based on new findings by Nobel Prize laureate Distinguished Professor Aaron Ciechanover, Dr. Gila Maor and Professor Ofer Binah, that can potentially lead to the development of novel anti-cancer drugs. The pre-clinical research was funded thus far by Dr. Alfred Mann, Sun Pharma said.

Tech Mahindra and Comverse announced after market hours yesterday, 15 April 2015, that they have reached an agreement in principle on a strategic relationship, whereby Comverse will accelerate its transformation as a global innovator in digital services by leveraging Tech Mahindra's expertise and scale in development and delivery of digital offerings. As part of this initiative, employees from certain functions within Comverse's Digital Services business unit are anticipated to join Tech Mahindra. Tech Mahindra is a specialist in digital transformation, consulting and business re-engineering, particularly in the global technology industry.

DLF after market hours yesterday,, 15 April 2015 said that the Securities Appellate Tribunal (SAT) has passed an order taking on record Securities and Exchange Board of India's (Sebi) undertaking that Sebi will not take any action to enforce the payment of penalty amount against the company during the pendency of the appeal and has posted the appeal on 9 July 2015 for hearing. It may be recalled that DLF has filed an appeal before SAT against Sebi's order imposing a penalty of Rs 26 crore against the company.

Pharma, telecom and realty stocks led losses for key benchmark indices yesterday, 15 April 2015. The S&P BSE Sensex dropped 244.75 points or 0.84% to settle at 28,799.69, its lowest closing level since 8 April 2015.

Most Asian stocks edged higher today, 16 April 2015 tracking overnight gains in US markets. Key benchmark indices in China, Taiwan, Hong Kong, Indonesia and South Korea rose by 0.09% to 1.16%. Key benchmark indices in Japan and Singapore fell 0.12% to 0.48%.

US stocks closed higher yesterday, 15 April 2015 fueled by gains in oil companies and speculation that upcoming first-quarter earnings reports might not be quite as weak as previously thought.

In economic news, the Empire State manufacturing index plunged, falling to a negative reading, while, industrial production fell by more than expected in March. Both reports suggested a deceleration in economic growth. Meanwhile, a gauge of confidence among home builders rose in April, according to the National Association of Home Builders/Wells Fargo housing-market index released yesterday, 15 April 2015

Reports indicated that St. Louis Fed President James Bullard, speaking at the annual Hyman Minsky conference yesterday, 15 April 2015, made a case for raising interest rates soon, arguing the level needs to be appropriate for the coming boom for the US economy. Federal Reserve Bank of Richmond President Jeffrey Lacker reportedly said yesterday, 15 April 2015, that a good argument can still be made to raise rates at the US central bank's mid-June policy meeting.

In Europe, the European Central Bank (ECB), as expected, left official interest rates unchanged yesterday, 15 April 2015. The bank's refi rate remains at 0.05%, while the interest rate on its marginal lending facility stands at 0.3% and the deposit rate at minus 0.2%.

Meanwhile, ECB President Mario Draghi said in a news conference yesterday, 15 April 2015 that the bank's stimulus efforts are beginning to take hold in the European economy and batted away concerns in financial markets that the bank may have to end its more than 1 trillion ($1.1 trillion) asset purchase program early.

In Greece, Germany's finance minister reportedly said yesterday, 15 April 2015 that there was no prospect of the euro zone reaching a deal with Athens next week on economic reforms that would unlock bailout funds, potentially leaving Greece perilously short of money. Both the Greek government and its creditors have said they need to reach at least an outline agreement at an 24 April 2015 meeting of euro zone finance ministers in Latvia's capital Riga.

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