Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could gain 54 points at the opening bell on positive global cues.
In overseas stock markets, Asian stocks edged higher, extending previous trading session's gains. In China, the Shanghai Composite index was currently off 0.77%. Latest data showed that China's Caixin manufacturing PMI inched up to 48.4 last month, a slight pick-up from a reading of 48.2 in December 2015. The January reading was still below the 50-point neutral level, which separates a contraction from an expansion. US stocks closed sharply higher on Friday, 29 January 2016 after the Bank of Japan unexpectedly adopted a negative interest rate policy for the first time.
Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 571.70 crore on Friday, 29 January 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 240.02 crore on Friday, 29 January 2016, as per provisional data released by the stock exchanges.
Among corporate news, shares of state-run oil marketing companies (PSU OMCs) will be in spotlight after the government on Saturday, 30 January 2016, hiked the excise duty on petrol by Rs 1 per litre and Rs 1.50 on diesel. Basic excise duty on unbranded or normal petrol has been increased from Rs 8.48 per litre to Rs 9.48 and the same on unbranded diesel from Rs 9.83 per litre to Rs 11.33.
L&T's consolidated net profit rose 19% to Rs 1035 crore on 8.4% growth in gross revenue to Rs 26058 crore in Q3 December 2015 over Q3 December 2014. The result was announced after market hours on Friday, 29 January 2016.
The company garnered fresh orders worth Rs 38528 crore at the group level in Q3 December 2015. The international order inflow during the quarter at Rs 11115 crore constituted 29% of the total order inflow, L&T said. Major orders during the quarter were secured by the infrastructure segment, the company said in a statement.
L&T's consolidated order book rose 14% on year-on-year basis at Rs 256458 crore as at 31 December 2015. International order book constituted 27% of the total order book.
L&T said that it is focusing on profitable execution of projects and is confident of its growth in the near to medium term.
Grasim Industries' consolidated net profit rose 95% to Rs 650 crore on 13% growth in net revenue to Rs 9044 crore in Q3 December 2015 over Q3 December 2014. The result was announced on Saturday, 30 January 2016.
Grasim Industries' earnings before interest, taxation, depreciation, and amortization (EBITDA) rose 43% to Rs 1795 crore in Q3 December 2015 over Q3 December 2014.
Aditya Birla Chemicals (India) (ABCIL) has been merged with the company on 4 January 2016 from the appointed date of 1 April 2015. Therefore, the current quarter results are not comparable with corresponding previous quarter.
On like-for-like basis excluding ABCIL numbers, Grasim Industries' consolidated net profit rose 3% to Rs 650 crore on 4% growth in net revenue to Rs 9044 crore in Q3 December 2015 over Q3 December 2014. EBITDA rose 4% to Rs 1795 crore in Q3 December 2015 over Q3 December 2014.
With regard to future business outlook, Grasim Industries said that the cement demand is expected to pick up in the near term with the Government's focus on infrastructure development, housing sector, smart cities, roads etc. The company is well positioned across the country to cater to the growth in demand, Grasim said in a statement.
Wipro before market hours today, 1 February 2016 announced that it has achieved a significant milestone in its ongoing Internet of Things (IoT) deployment for JCB India, a leading construction equipment manufacturer. JCB's Livelink telematics system has successfully connected over 10,000 construction equipment and machines, such as backhoe loaders, excavators and compact wheel loaders, deployed for its customers across India, Wipro said in a statement.
On the macro front, the Reserve Bank of India (RBI) will announce its sixth bi-monthly monetary policy for the year 2015-16 at 11:00 IST tomorrow, 2 February 2016. In the fifth bi-monthly monetary policy on 1 December 2015, the RBI kept its benchmark interest rate viz. the repo rate unchanged at 6.75% and the cash reserve ratio (CRR) for commercial banks unchanged at 4% of net demand and time liability (NDTL).
The Nikkei India Manufacturing Purchasing Managers' Index (PMI) data for the month of January 2016 is due at 10:30 IST today, 1 February 2016. The seasonally adjusted Nikkei India Manufacturing Purchasing Managers' Index (PMI) had slipped to 49.1 in December 2015 from 50.3 in November 2015.
Trading for the week ended on an upbeat note on Friday, 29 January 2016, as key equity benchmark indices in India surged, joining in a global rally after the Bank of Japan said it would adopt a negative interest rate policy for the first time. The Sensex jumped 401.12 points or 1.64% to settle at 24,870.69, its highest closing level since 8 January 2016.
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