Key benchmark indices could see a flat opening today, 21 October 2014. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could rise 5.50 points at the opening bell.
Brent crude slipped below $86 a barrel on Monday, resuming a downward move that took the global oil benchmark to near a four-year low last week as supply overwhelmed weak demand in several key markets. The global Brent contract ended the day down 76 cents or 0.9% at $85.40 a barrel on the ICE Futures Europe exchange.
HDFC Bank, Cairn India and Punjab National Bank, among others, will declare Q2 results today, 21 October 2014.
Shares of Coal India will be in focus after Finance Minister Arun Jaitley yesterday, 20 October 2014, said in comments to a television news channel that he personally believes the time is right to dilute nationalisation of the country's state-run coal industry. It is easier to carry out economic reforms in the first year of a government, Jaitley said.
Idea Cellular's consolidated profit after tax (PAT) rose 3.8% to Rs 755.90 crore on 0.11% growth in total revenue to Rs 7569.90 crore in Q2 September 2014 over Q1 June 2014. The result was announced after market hours yesterday, 20 October 2014.
The company said it has reversed the last 2 years trend of sequential revenue decline during the seasonally weak July-September quarter due to contraction in 'Voice Minutes of Use', with an absolute revenue growth of Rs 11.10 crore.
Total EBITDA declined 0.52% to Rs 2490.70 crore in Q2 September 2014 over Q1 June 2014. EBITDA margin declined to 32.9% in Q2 September 2014, from 33.1% in Q1 June 2014.
Idea Cellular's consolidated PAT including Indus 16% contribution sharply surged 68.9% to Rs 755.90 crore in Q2 September 2014 over Q2 September 2013. EBITDA on year-on-year (YoY) jumped 27.2% in Q2 September 2014 driving the EBITDA margin to 32.9%. Revenue rose 19.7% YoY in Q2 September 2014.
The strong consumer demand & brand association, expanding 2G & 3G network footprint, competitive spectrum portfolio with steady cash flows from operations affirms Idea's ability to deliver consistent, competitive, responsible and profitable growth, the company said. The company is well geared to meet all volatile, uncertain, complex and ambiguous developments and remains on course of its mission to improve its market standing both in Mobile voice and data business, Idea Cellular said in a statement.
Infosys after market hours yesterday, 20 October 2014 in a clarification with regard to media news item titled Infosys violated SEZ rules at Chandigarh tech park, says revenue department report" said that it has not issued any press release on this subject. Indian Express sent the company a query on this subject and the company issued its comments, Infosys said. Infosys has denied any wrong doing. Infosys said it doesn't consider this event as a material event and added that this has no impact on the operations or performance of the company.
Tata Motors after market hours yesterday, 20 October 2014 in a clarification with regard to media news item titled "Tata bags orders from state RTCs" said that it has got the orders as per the news published viz. CSTC order was for 120 Nos Low floor buses order received in April deliveries to start in October. Tripura order for 73 Buses Midi buses, order received in July 2014. Meghalaya order for 120 Buses Mini and Midi order received in August 2014. Assam order for 270 Buses Midi buses order received in August 2014. Chattisgarh order for 40 Buses AC Standard BRTS order received in May 2014. Total order received from All India till date under JNNURM 2 are 2,760 Nos. This includes 30 Nos received in September end for Articulated buses, Tata Motors said.
Jindal Steel & Power (JSPL) after market hours yesterday, 20 October 2014, in a clarification with regard to media news item titled "Coal Scam : CBI files fresh case against Jindal Steel" reiterated that all its actions are in keeping with the legal framework of the country & that the company complies with the law in letter & in spirit. JSPL continues to co-operate with all the authorities in a responsive manner, it added.
The government's announcement at the weekend of deregulation of diesel prices and increase in gas prices sent key benchmark indices surging on Monday, 20 October 2014. Investors also cheered a strong showing of the Bharatiya Janata Party (BJP) in assembly election in Maharashtra and Haryana.The S&P BSE Sensex jumped 321.32 points or 1.23% to settle at 26,429.85. The CNX Nifty surged 99.70 points or 1.28% to settle at 7,879.40.
Meanwhile, the provisional data released by the stock exchanges after trading hours on Monday, 20 October 2014, showed that foreign portfolio investors (FPIs) bought shares worth a net Rs 1,040.08 crore on that day.
Asian stocks were mixed in early trade on Tuesday, 21 October 2014, as investors looked past solid gains on Wall Street overnight to Chinese economic growth figures due later in the session. China will also release data on industrial output and retail sales for September. Key benchmark indices in China, Hong Kong, Singapore and Taiwan were up by 0.06% to 0.47%. However, key benchmark indices in Indonesia, Japan and South Korea were down by 0.06% to 0.54%.
US equity investors began the week on an optimistic, albeit cautious, note on Monday, 20 October 2014, with gains in broader markets led by defensive sectors such as consumer staples and utilities. The Dow Jones Industrial Average closed 19.26 points, or 0.1%, higher at 16,399.67. The S&P 500 gained 17.25 points, or 0.9% to 1,904.01. The Nasdaq Composite rose 57.64 points, or 1.4%, to 4,316.07, led by gains in biotech and internet stocks.
The Federal Open Market Committee (FOMC) next undertakes a monetary policy review at a two-day meeting on 28-29 October 2014.
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