Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 16 points at the opening bell. Asian stocks edged higher today, 10 June 2015.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 645.02 crore yesterday, 9 June 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 692.29 crore yesterday, 9 June 2015, as per provisional data.
Tata Consultancy Services (TCS), a leading IT services, consulting and business solutions company, announced after market hours yesterday, 9 June 2015, the launch of TCS BaNCS Digital, a solution designed specifically for financial institutions in North America. US-based banks can now use TCS BaNCS Digital to deliver an intuitive, interactive and insightful customer experience. TCS BaNCS Digital also allows seamless integration of various stakeholders in the financial supply chain and its ecosystem, TCS said in a statement.
TCS BaNCS Digital is a modern banking platform enabling convenient, insightful and Any Place Banking to customers at large across segments, be it individuals, corporations, SMEs, or the affluent. The solution is conceptualized as a series of secure enterprise and consumer apps that can be highly personalized and white-labeled. The embedded Digital Insights Layer enables integration to the existing core systems, as well as to the external social world, providing complete information at the hands of client's (e.g., convenience and control). The technology can be deployed on top of existing core banking infrastructure, launched as a new digital bank or as a mobile only bank.
ICICI Bank announced after market hours yesterday, 9 June 2015, that its board approved the appointment of M. K. Sharma as the non-executive Chairman of the Board for a period of five years, in place of K. V. Kamath who would shortly step down from the board consequent to his nomination as the first President of the New Development Bank being established by the BRICS nations. The appointment of the new non-executive Chairman is subject to the prior approval of Reserve Bank of India (RBI) and would be effective 1 July 2015 or the date of receipt of RBI approval, whichever is later.
M. K. Sharma was formerly the Vice Chairman of Hindustan Unilever. He is an independent director of several leading companies and has been a member of Government committees relating to corporate law and corporate governance. He was an independent Director on the board of ICICI Bank for eight years from 2003 to 2011. He is currently an independent Director of two subsidiaries of the Bank, ICICI Lombard General Insurance Company and ICICI Prudential Asset Management Company. The Board felt that Mr. Sharma's long experience & expertise in legal & corporate governance matters as well as companies in diverse businesses would prove invaluable in providing guidance & leadership to the Board, and his long association with the ICICI Group would provide stability & continuity.
DLF announced after market hours yesterday, 9 June 2015, that its subsidiary, DLF Utilities has entered into definitive agreements to sell its cinema exhibition business operated under the brand name of "DT Cinemas", to PVR, on a slump sale basis for an aggregate consideration of Rs 500 crore approximately. The proposed transaction will be subject to approval of applicable statutory and regulatory approvals and satisfaction of customary conditions precedent.
Separately, PVR announced after market hours yesterday, 9 June 2015, that its board has approved acquisition of the cinema exhibition business of DLF Utilities. Accordingly, PVR executed definitive agreements with DLF Utilities to acquire its cinema exhibition business, which is operated under the brand name of "DT Cinemas", on slump sale basis for an aggregate consideration of Rs 500 (five hundred) crore approximately.
DT Cinemas currently operates 29 screens with approximately 6,000 seats across 8 properties in the National Capital Region and Chandigarh. In the next 12 months, DT proposes to add 10 new screens at two properties in the National Capital Region. Currently, PVR has 467 screens across 105 locations in 43 cities. As a result of the proposed acquisition, PVR will have a presence in 44 cities with 115 multiplexes and 506 screens.
The proposed transaction will be subject to approval of applicable statutory and regulatory approvals and satisfaction of customary conditions precedent.
GlaxoSmithkline Consumer Healthcare will be watched. With respect to news titled "FSSAI orders testing of GSK, ITC fast food brands," GlaxoSmithkline Consumer Healthcare clarified after market hours yesterday, 9 June 2015, that the company has not received any communication from FSSAI Authorities regarding our brand Foodles. The company said it will provide all support to the authorities and ensure that it remain in complete compliance with the law.
Key benchmark indices registered small losses yesterday, 9 June 2015 as IT and pharma stocks dropped. The S&P BSE Sensex fell 41.84 points or 0.16% to settle at 26,481.25, its lowest closing level since 20 October 2014.
Asian stocks edged higher today, 10 June 2015. Key benchmark indices in Singapore, Taiwan, Hong Kong, Japan, Indonesia and South Korea rose by 0.02% to 1.15%. China's Shanghai Composite index fell 0.46%.
Global stock-index compiler MSCI Inc yesterday, 9 June 2015 said that it had decided not to include China's A-shares in its global benchmarks until some market issues are worked out. MSCI offered a list of some issues it would discuss with the regulators, including the allocation of investing quotas for large investors, capital mobility and details over beneficial ownership. However, recognizing the significant progress to date and ongoing reform efforts, China A-shares will remain on the 2016 review list for potential inclusion into Emerging Markets, MSCI said.
US stocks ended yesterday's choppy session virtually unchanged, after the main indexes gave up earlier modest gains.
In economic data, US job openings surged to a record high in April and small business confidence perked up in May, suggesting the economy was regaining speed after stumbling at the start of the year. Other data yesterday, 9 June 2015 showed a solid rise in wholesale inventories in April, in part as oil prices stabilized.
A two-day meeting of the Federal Open Market Committee (FOMC) to review US monetary policy is scheduled on 16-17 June 2015.
In Europe, the UK industrial production data for the month of April 2015 is scheduled to be announced today, 10 June 2015.
Meanwhile, the head of the Eurogroup reportedly said yesterday, 9 June 2015 that Greece and its creditors were not yet on the verge of a deal to resolve Athens' cash crunch. Greece is rapidly running out of cash but its creditors are unwilling to release any more funds to support it until Athens agrees to reforms that they believe are essential if it is to balance its budget and stabilize its debt. Greece deferred a payment to the International Monetary Fund last week and needs to crack a deal or get another extension before its euro-area bailout package expires on 30 June 2015.
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