Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 40.50 points at the opening bell.
The annual rate of inflation based on the combined consumer price indices (CPI) for urban and rural India eased to 6.46% in September 2014, from 7.73% in August 2014, data released by the government after trading hours yesterday, 13 October 2014, showed. The rate of inflation based on the combined consumer food price indices (CFPI) for urban and rural India eased to 7.67% in September 2014, from 9.35% in August 2014, the data showed. Core CPI inflation which excludes food and energy prices, eased to 5.9% in September 2014, from 6.82% in August 2014.
The inflation data based on the Wholesale Price Index (WPI) is seen further decelerating to 3.3% in September 2014, from 3.74% in August 2014, as per the median estimate of a poll of economists carried out by Capital Market. The government will release the inflation data based on WPI at 12 noon today, 14 October 2014.
Among corporate news, Reliance Industries' consolidated net profit rose 1.7% to a record Rs 5972 crore in Q2 September 2014 over Q2 September 2013. Turnover declined 4.3% to Rs 113396 crore in Q2 September 2014 over Q2 September 2013. RIL attributed the decline in turnover to lower crude prices and decline in volumes in the refining and oil & gas businesses. RIL's other income or non-operational income dropped 14.36% to Rs 2009 crore in Q2 September 2014 over Q2 September 2013. RIL said the decline in non-operational income was primarily on account of lower investible surplus.
RIL's net profit rose 0.3% to a record Rs 5972 crore on 5.1% growth in turnover to Rs 113396 crore in Q2 September 2014 over Q1 June 2014. Other income rose 1.77% to Rs 2009 crore in Q2 September 2014 over Q1 June 2014.
RIL's gross refining margins (GRM) edged up to $8.3 a barrel in Q2 September 2014, from $7.7 a barrel in Q2 September 2013. The GRM was lower than $8.7 a barrel in Q1 June 2014.
The net addition to RIL's fixed assets for the half year ended 30 September 2014 was Rs 44895 crore, including exchange rate difference capitalization. Capital expenditure was principally on account of ongoing expansion projects in the petrochemicals and refining business at Jamnagar, Dahej and Hazira, Broad band Access and US Shale gas projects, RIL said.
Bajaj Auto, Bajaj Finserv, and Bajaj Finance are scheduled to announce their Q2 September 2014 earnings today, 14 October 2014.
Tata Steel after trading hours yesterday, 13 October 2014, said that the company's saleable steel production rose 0.31% to 2.21 million tonnes in Q2 September 2014 over Q2 September 2013. The company's hot metal production rose 4.78% to 2.58 million tones in Q2 September 2014 over Q2 September 2013. Crude steel production declined 0.91% to 2.26 million tones in Q2 September 2014 over Q2 September 2013. Tata Steel's steel deliveries rose 3.53% to 2.11 million tones in Q2 September 2014 over Q2 September 2013.
Hero MotoCorp on Monday, 13 October 2014 announced the appointment of Dr. Markus Braunsperger as the Chief Technology Officer (CTO). This move builds on Hero's vision to further augment its world-class technology capabilities through the best of global talent, global alliances and state-of-the-art infrastructure, Hero MotoCorp. The announcement was made after market hours on Monday, 13 October 2014.
Dr. Braunsperger, comes from BMW, Germany where he spent 25 years in various roles covering the entire gamut of R&D, production and corporate strategy.
Fall in Brent crude oil prices and intraday recovery in European stocks and US index futures aided strong intraday rebound on the domestic bourses during the second half of the trading session yesterday, 13 October 2014. The S&P BSE Sensex had gained 86.69 points or 0.33% to settle at 26,384.07 on that day, its highest closing level since 9 October 2014.
Meanwhile, the provisional data released by the stock exchanges after trading hours yesterday, 13 October 2014, showed that foreign portfolio investors (FPIs) sold shares worth a net Rs 671.06 crore on that day.
Asian shares were higher in early trading today, 14 October 2014, despite US stocks posting their third straight decline as investors awaited earnings and fretted about signs of slowing global growth. Key indices in China, Hong Kong, Taiwan, Singapore, South Korea, and Indonesia were up 0.16% to 0.88%. In Japan, the Nikkei 225 was down 1.38%.
US stocks slumped yesterday, 13 October 2014 as airlines sank on Ebola concerns and energy shares plunged as Brent dropped to the lowest in almost four years.
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